MONTHLYMARKETMONITORSEPTEMBER2026SPACE&NATIONALSECURITYTHISMONTHATAGLANCEEV/NTMEBITDAEV/NTMEBITDA14.1x13.3x▼-9.3%MoMNatSecMedianM&ATRANSACTIONSACTIVITYVENTUREFUNDING16$3,754M▼-0.1%MoM▼8dealsMoM▲30.4%MoMSpaceMedian$15,387Mtotaldisclosedvalue23rounds·LTMdisclosed$30,800MSUBSECTORVALUATIONCHANGE·MONTHOVERMONTH+8.2%+0.4%-8.2%-6.3%-5.9%-5.8%PrimesDef.Elec.Gov'tIntelGov'tTech-4.0%NatSecSWLaunchSpaceSys-0.9%-2.0%SatcomGround-6.7%EO&DataMatched-basketchangeinmedianEV/Revenue,Aug-26–Sep-26.TOPTAKEAWAYSValuations:thepullbackwasbroad,withtwoexceptions.MedianEV/Revenuedeclinedineightoftensubsectors.Launch&Infra(+8.2%)andNationalSecuritySoftware&AI(+0.4%)weretheonlygainers.M&A:16transactions,with$15.4Bdisclosedacrossfourdeals.National-securitytargetsaccountedfor13transactionsand$14.8Bofdisclosedvalue;spacetargetsaccountedforthreetransactionsand$587M.Venture:Septemberfundingreached$3.8Bacross23rounds,up30.4%MoM.StokeSpace,MachIndustriesandTheExplorationCompanyraisedacombined$2.05B—about55%ofthemonth’stotal.DealInsight:CesiumAstroacquisitionsof1AardvarkandJarietTechnologies(August2026)INTELLIGENCEBEHINDEVERYMANDATE.InAugust,CesiumAstro,averticallyintegratedproviderofspacecommsandsatellitesystems,acquired1Aardvark(missionsoftware&autonomy)andJarietTechnologies(advancedRFsemis).Whilerelativelysmall—thetargetshadonly~100employeescombined—thetransactionshighlightimportantshifts:Ouradvisoryworkissupportedbyaproprietaryintelligenceplatform1)Emergingspaceprimesareacceleratingtheirverticalintegrationincriticalsubsystemsandcapabilities.2)CriticalenablingtechnologiesareincreasinglystrategicM&Atargets.JarietbringsRF-SoCs,high-speeddataconvertersandbeamforming.1Aardvarkaddsdistributedmissionprocessing,edgecomputingandautonomousoperationsforcontestedenvironments.3)Strategicvaluecanoutweighfinancialscale.ThesedealsaredrivenbyscarceIP,engineeringtalentanddifficult-to-replicatecapabilities.thattracksthecompanies,buyers,investors,programs,capitalflowsandpolicyshiftsshapingspace,defenseandintelligencemarkets.300+20+PUBLIC&PRIVATECOMPANIESTRACKEDYEARSOFSECTORCOVERAGEEmergingspacecompaniesareincreasinglyactiveandviableacquirersinthespacesector.Contactustolearnmore.Visitquiltyspace.com→Visitquiltyspace.com→R.LEEPRIEST,JR.JUSTINCADMANHARRISONPOWELLlpriest@southwindquilty.comjcadman@southwindquilty.comhpowell@southwindquilty.comSQADVISORS|Space&NationalSecurity|www.southwindquilty.comDataasof30-Sep-26·CapitalIQpull10/01/26

MONTHLYMARKETMONITORSEPTEMBER2026SPACE&NATIONALSECURITYTABLEOFCONTENTSPublicCompanyValuations·NationalSecurity02PublicCompanyValuations·Space03IndexSharePricePerformanceandValuation04VentureFunding·Space,NationalSecurity&Dual-Use05M&AActivity·Space&NationalSecurity06MiddleMarketPrivateEquity·EstimatedDryPowder07Appendix·IndexConstituents,Definitions&Disclosures08SPACEPERFORMANCE·COREVS.FRONTIERNATIONALSECURITYPERFORMANCE·COREVS.FRONTIER12025011022019010016090130801007070Sep-25Dec-25CoreNatSecMar-26Jun-26FrontierNatSecSep-26Sep-25Base100Dec-25CoreSpaceMar-26FrontierSpaceJun-26Sep-26Base100*RebasedIndex*RebasedIndexDEFENSE·SPACE·INTELLIGENCESPECIALISTM&AADVISORYFORTHESPACE&NATIONALSECURITYECONOMY.SouthwindQuilty(SQA)advisesfounders,boards,investors,andcorporateexecutivesonM&A,capitalraising,andstrategictransactionsacrossthespaceandnationalsecurityecosystem.120+120+TRANSACTIONSADVISEDTRANSACTIONSADVISEDR.LEEPRIEST,JR.JUSTINCADMANHARRISONPOWELLlpriest@southwindquilty.comjcadman@southwindquilty.comhpowell@southwindquilty.comSQADVISORS|Space&NationalSecurity|www.southwindquilty.comDataasof30-Sep-26·CapitalIQpull10/01/261

PUBLICCOMPANYVALUATIONS·NATIONALSECURITYSEPTEMBER2026SUBSECTORVALUATIONSUMMARYSubsectorEV/EBITDALTMEV/EBITDAForwardEV/RevenueLTMΔEV/RevMoMPrimes14.8x13.4x2.0x▼-8.2%DefenseElectronics&Components26.2x23.8x5.5x▼-6.3%Gov'tServices·Intel&Mission10.5x10.4x1.1x▼-5.9%Gov'tServices·Technical&Infra.10.3x8.2x0.6x▼-5.8%NationalSecuritySoftware&AINMNM7.4x▲+0.4%Mediansofconstituentmultiples.NM=negativeorabove100x;amedianrequiresatleastthreemeaningfulvalues.S&PAEROSPACE&DEFENSEINDEX·TEV/FORWARDEBITDAOneyear·vs.50-daymovingaverageTenyears·vs.200-daymovingaverage24x23x23x22x18x21x20x13x19x8x18xOct-25Feb-262018Jun-26TEV/ForwardEBITDA20202022TEV/ForwardEBITDA50-daymovingaverage20242026200-daymovingaverageLARGESTMONTHLYMOVERS·SHAREPRICE,31-AUG-26–30-SEP-26TOPFIVEBOTTOMFIVECompanyTickerSubsectorPriceEV/RevCompanyTickerSubsectorPriceEV/RevSpace42SPACE42Satcom20.5%13.7xRedCatRCATDef.Elec.(24.8%)9.5xContecA451760EO&Data14.4%1.9xKarmanKRMNDef.Elec.(21.8%)8.7xSatellogicSATLEO&Data13.6%36.4xComtechCMTLGround(18.9%)1.0xAstroscale186ALaunch13.2%29.7xPlanetLabsPLEO&Data(17.4%)15.6xFireflyAerospaceFLYLaunch9.6%12.3xSidusSpaceSIDUSpaceSys(16.6%)6.3xCONSTITUENTDETAIL·ALL41NATIONALSECURITYCONSTITUENTSCompanyTickerEV/RevEV/EBITDANTMPRIMESLockheedMartinRTXNorthropGrummanGeneralDynamicsBoeingL3HarrisHuntingtonIngallsAirbusBAESystemsThalesSafranLeonardoRheinmetallCompanyTickerEV/RevEV/EBITDANTMDEFENSEELECTRONICS&COMPONENTSLMTRTXNOCGDBALHXHIIAIRBA.HOSAFLDORHM1.7x3.0x1.9x1.7x1.9x2.4x1.0x2.0x2.1x2.0x4.1x1.6x4.3x13.9x17.9x11.4x14.4xNM13.2x11.5x16.9x16.1x15.2x22.5x14.2x21.0x11.8x18.3x13.4x14.0x40.2x12.5x12.5x14.1x12.6x12.2x17.0x11.3x15.7xTeledyneCurtiss-WrightMercurySystemsKratosAeroVironmentHEICOTransDigmHexcelWoodwardMoogRedCatOndasKarmanLoarHoldingsSQADVISORS|Space&NationalSecurity|www.southwindquilty.comTDYCWMRCYKTOSAVAVHEITDGHXLWWDMOG.ARCATONDSKRMNLOAR4.7x5.7x5.4x4.4x3.7x7.6x9.1x3.7x4.9x3.1x9.5x16.5x8.7x11.3xCompanyTickerEV/RevEV/EBITDANTM9.5x15.7x8.9x10.5x12.5x10.0x15.5x8.6x10.4x11.2x10.3x9.9x10.8xNM7.8x10.4x6.9x8.7x7.8x8.9x7.0x9.6xNMNMNM91.0xNMNMGOV'TSERVICES·INTEL&MISSION18.9x24.6x65.9x77.8x34.1x26.7x17.8x18.7x25.7x21.1xNMNM33.3x31.0x18.3x24.4x36.0x38.5x24.7x26.0x16.3x18.0x22.4x20.5xNMNM23.3x24.5xBoozAllenHamiltonBAH1.1xCACICACI1.9xLeidosLDOS1.2xSAICSAIC1.1xParsonsPSN0.9xGOV'TSERVICES·TECHNICAL&INFRA.KBRKBR0.9xV2XVVX0.6xAECOMACM0.7xFluorFLR0.3xAmentumAMTM0.6xICFInternationalICFI1.1xNATIONALSECURITYSOFTWARE&AIPalantirPLTR73.9xC3.aiAI5.1xBigBear.aiBBAI7.4xSource:S&PCapitalIQPro,asof30-Sep-262

PUBLICCOMPANYVALUATIONS·SPACESEPTEMBER2026SPACESUBSECTORVALUATIONSUMMARYEV/EBITDALTMEV/EBITDAForwardEV/RevenueLTMΔEV/RevMoMLaunch&InfraNMNM27.9x▲+8.2%SpaceSystems&ManufacturingNM19.2x5.0x▼-4.0%SatcomOperators10.4x9.8x3.9x▼-0.9%GroundSegment12.8x11.4x1.3x▼-2.0%EarthObservation&SpaceDataNM31.2x11.8x▼-6.7%SubsectorCOREVS.FRONTIERSPACE·LTMREBASEDPERFORMANCESEPTEMBERMOVESBasket/Subsector22517512575Oct-25Dec-25Feb-26Apr-26CoreSpaceFrontierSpaceMSCIACWorldRussell2000Jun-26Aug-26PriceMoMEO&SpaceData-4.9%SpaceSystems&Mfg-7.3%SQFrontierSpace-7.1%Launch&Infra5.7%SQCoreSpace-0.3%GroundSegment-7.8%SatcomOperators-0.4%S&P500SPACECOMMENTARYCoreheldupbetterthanFrontier.CoreSpacefell0.3%inSeptember,comparedwitha7.1%declineforFrontierSpace.Bothoutperformedtheirnational-securitycounterparts:CoreNatSecfell6.9%,andFrontierNatSecfell10.5%.Launch&Infrawastheonlyspacesubsectortogain.Itrose5.7%forthemonth.GroundSegment(-7.8%)andSpaceSystems&Manufacturing(-7.3%)recordedthesteepestdeclines.Valuationmultiplesfellinfouroffivespacesubsectors.MedianEV/RevenuecontractedmostinEarthObservation&SpaceData(-6.7%).Launch&Infrawastheexception,expanding8.2%.SPACECONSTITUENTDETAIL·ALL35CONSTITUENTSCompanyTickerEV/RevEV/EBITDANTMLAUNCH&INFRARocketLabRKLB51.9xFireflyFLY12.3xVirginGalacticSPCENMAvioAVIO1.4xispace934827.9xAstroscale186A29.7xSPACESYSTEMS&MANUFACTURINGRedwireRDW5.0xVoyagerTechVOYG11.9xIntuitiveMach.LUNR7.8xSidusSpaceSIDU6.3xMDASpaceMDA3.7xAACClydeAAC2.3xGomSpaceGOMX3.9xCompanyTickerEV/RevEV/EBITDANTMSATCOMOPERATORSNMNMNM35.5xNMNMNMNMNM22.9xNMNMNMNMNMNM32.3xNM94.5xNMNMNMNM19.2x15.7x28.7xIridiumViasatASTSpaceMobileSESEutelsatTelesatSpace42SKYPerfectOvzonGROUNDSEGMENTComtechGilatIntellianC-ComBaylinCompanyTickerEV/RevEV/EBITDANTMNMNMNMNMNMNM43.2xNMNM45.3xNMNM31.2xNM25.1x31.3xEARTHOBSERVATION&SPACEDATAIRDMVSATASTSSESGETLTSATSPACE429412OVZON7.6x3.2xNM2.5x2.7x14.2x3.7x4.1x4.1x15.8x10.8xNM6.3x5.4x38.0x26.3x9.9x9.9x13.5x9.7xNM5.5x5.5x47.5x9.1x9.9x9.9xCMTLGILTA189300CMIBYL1.0x1.3x2.3x4.1x1.1x12.8x10.9x14.5xNMNM13.1x9.7x13.1xNM8.3xPlanetLabsBlackSkySpireGlobalSatellogiciQPSSynspectiveSatrecInit.ContecPLBKSYSPIRSATL464A290AA099320A45176015.6x7.9x5.7x36.4x33.4x66.6x3.6x1.9xAll35spaceconstituents,includingnon-USlistings.SQADVISORS|Space&NationalSecurity|www.southwindquilty.comSource:S&PCapitalIQ;SQAdvisorsproprietaryindices3

INDEXSHAREPRICEPERFORMANCEANDVALUATIONSEPTEMBER2026SUBSECTORSPillarSubsectorNamesEV/EBITDALTMEV/RevenueLTMΔEV/RevMoMPriceMoMPriceLTMNatSecPrimes1314.8x2.0x-8.2-10.2-7.2NatSecDefenseElectronics&Components1426.2x5.5x-6.3-7.1-5.6NatSecGov'tServices·Intel&Mission510.5x1.1x-5.9-8.2-30.5NatSecGov'tServices·Technical&Infra.610.3x0.6x-5.8-8.8-17.4NatSecNationalSecuritySoftware&AI3NM7.4x0.40.4-36.6SpaceLaunch&Infra6NM27.9x8.25.7-21.8SpaceSpaceSystems&Manufacturing7NM5.0x-4.0-7.316.1SpaceSatcomOperators910.4x3.9x-0.9-0.420.5SpaceGroundSegment512.8x1.3x-2.0-7.8-24.2SpaceEarthObservation&SpaceData8NM11.8x-6.7-4.99.6NMonEV/EBITDAmeansthatfewerthanthreeconstituentsinthatsubsectorhaveameaningful(positive,below100x)multiple.INDEXEDSHAREPRICEPERFORMANCEREBASEDTO100AT30-SEP-25SQProprietaryIndices225Basket175125MoMLTMSQCoreNatSec-6.9%-7.6%SQFrontierNatSec-10.5%-23.9%SQCoreSpace-0.3%+17.1%SQFrontierSpace-7.1%+11.9%MarketBenchmarksBasket75Oct-25Dec-25Feb-26Apr-26Jun-26CoreNatSecFrontierNatSecCoreSpaceS&P500MSCIACWorldRussell2000Aug-26FrontierSpaceMoMLTMS&P500-0.5%+14.4%Russell2000-5.4%+14.8%MSCIACWorld-1.3%+13.8%Equal-weightedpricereturnacrosseveryconstituentinthetier,month-endtomonth-end,ineachconstituent'slistingcurrency.RELATIVEVALUE·VALUATIONAGAINSTTWELVE-MONTHPERFORMANCEEV/LTMRevenuebySubsectorNatSecSWDef.Elec.Primes12-MonthSharePricePerformance7.4xNatSecSW5.5xDef.Elec.2.0x1.1xGov'tIntelGov'tTech0.6xGov'tTechLaunch27.9xEO&Data11.8x5.0xSatcomGround-5.6%PrimesGov'tIntelSpaceSys-36.6%3.9x1.3xLaunch-7.2%-30.5%-17.4%-21.8%EO&Data9.6%SpaceSys16.1%SatcomGround20.5%-24.2%HOWTOREADTHISEachrowrepresentsasubsector.TheleftchartshowsmedianEV/LTMrevenue;therightchartshows12-monthshare-priceperformance.Readthechartssidebysidetocomparevaluationandperformanceastwoseparatemetrics.Positiveperformanceindicatesagain;negativeperformanceindicatesadecline.SQADVISORS|Space&NationalSecurity|www.southwindquilty.comSource:S&PCapitalIQ;SQAdvisorsproprietaryindices4

VENTUREFUNDING·SPACE,NATIONALSECURITY&DUAL-USESEPTEMBER2026DISCLOSEDFUNDING·SeptemberTRACKEDROUNDS·SeptemberLTMDISCLOSEDFUNDINGLARGESTROUND$3,754M23$30.8BStokeSpace+30.4%MoM-4Oct-25–Sep-26SeriesE+$1,000MSeptember2026ROUNDS·COMBINEDUNIVERSE,TOP14BYSIZEDateCompanyRoundAmount($M)ValuationThemeRegion09/08StokeSpaceSeriesE+1,000.0NDSpaceSystems&LaunchNorthAmerica09/10MachIndustriesSeriesC600.0NDStrike&PropulsionNorthAmerica09/08TheExplorationCompanySeriesC450.0NDSpaceSystems&LaunchEurope09/14OpenCosmosSeriesC346.5NDSpaceSystems&LaunchEurope09/16ImpulseSpaceSeriesD308.0NDSpaceSystems&LaunchNorthAmerica09/30VardaSpaceSeriesD251.0NDSpaceSystems&LaunchNorthAmerica09/16EnduroSatVenture205.0NDSpaceSystems&LaunchEurope09/23HubbleNetworkSeriesC200.0NDSatcom&ConnectivityNorthAmerica09/01PLDSpaceSeriesC125.2NDSpaceSystems&LaunchEurope09/07PixxelSeriesC75.0NDEO&SpaceDataAsia09/08PoseidonAerospaceSeriesA60.0NDAutonomy&UnmannedNorthAmerica09/02AitanSeriesA41.0NDAutonomy&UnmannedNorthAmerica09/21HEORoboticsSeriesB25.0NDEO&SpaceDataOther09/17TUSKICSeriesA17.2NDSatcom&ConnectivityEuropeFUNDINGTRENDS·LASTTWELVEMONTHSMONTHLYDISCLOSEDFUNDINGBYTHEME($B)·FINANCINGROUNDCOUNTLTMBYTHEME763254213235242526242718161110SpaceSystems&LaunchAutonomy&UnmannedStrike&PropulsionEO&SpaceDataSatcom&ConnectivityAI,Software&CyberCounter-UASPower&OtherHardware40SpaceSystems&Launch3530Autonomy&Unmanned252320Strike&Propulsion15EO&SpaceData105Satcom&Connectivity0$0.2B(1%)AI,Software&Cyber$0.5B(2%)Counter-UAS$0.1B(0%)Power&OtherHardware$0.5B(2%)$16.3B(53%)$9.5B(31%)$2.4B(8%)$1.3B(4%)STRATEGICFOCUSLTMfundingisconcentratedintwothemes.SpaceSystems&Launchraised$16.3B,or53%oftrackedLTMfunding.Autonomy&Unmannedraised$9.5B,or31%.Together,thethemesaccountedfor84%.September’sreboundwasdrivenbyafewlargerounds.StokeSpace($1.0B),MachIndustries($600M)andTheExplorationCompany($450M)representedabout55%ofthemonth’s$3.8Btotal.EuropeaccountedforasignificantshareofSeptember’sspace-taggedfunding.Europeanroundstotaledapproximately$1.15B,versus$1.77BforNorthAmerica—about38%and59%ofthe$3.0Bspace-taggedtotal,respectively.AsiaandOthermadeupthebalance.Strike&Propulsionfundingwassubstantialbutconcentratedinasmallnumberofrounds.Thethemetotaled$2.4Boverthelasttwelvemonths;SeptemberincludedMachIndustries’$600Mfinancing.SQADVISORS|Space&NationalSecurity|www.southwindquilty.comSource:Crunchbase,PitchBook,publicfilings,SQAdvisorsproprietaryresearch5

M&AACTIVITY·SPACE&NATIONALSECURITYSEPTEMBER2026TOTALDEALSAGGREGATEDISCLOSEDVALUEBYSEGMENTBUYERTYPE16$15,387M13/33/11/2-8MoM4of16disclosedNationalSecurity/SpaceStrategic/Sponsor/SPACALLTRANSACTIONS·September2026#DateSegmentTargetAcquirerBuyertypeDealsize($M)109/01NatSec209/01NatSecVulcanGovernmentServices(ValiantO&M)AprivaISSInspiritEquitySponsorNDITCFederalSponsorND309/01SpaceAviotecS.r.l.TriveCapitalSponsorND409/03NatSecAmiveroLLCXpectSolutionsSponsorND509/03NatSecSchatzBearingCorporationArclineInvestmentManagementSponsorND609/03NatSecStratEdgeCorporationArclineInvestmentManagementSponsorND709/08NatSecConsolidatedPrecisionProductsGEAerospaceStrategic11,750809/12NatSecCapgeminiGovernmentSolutionsITCFederalSponsorND909/15SpaceEtanoxStellarAlpinaStrategicND1009/22NatSecIntelligentWaves,LLCB&ASponsorND1109/23NatSecOmegaAir,Inc.AugustusGlobal,LLCSponsorND1209/24NatSecAthenixSolutionsGroup,LLCDetroitDefense,Inc.SponsorND1309/24NatSecDaybreak,LLCStatecraftLabsIncStrategicND1409/25NatSecREDLatticeBoldEagleAcquisitionCorp.SPAC1,2501509/26SpaceAstroDigitalUS,Inc.ProemAcquisitionCorpISPAC5871609/29NatSecSpectrumControlGreenbriarEquityGroupSponsor1,800ND=notdisclosed.Segmentclassifiesthetarget,nottheacquirer.Buyertypeclassifiestheacquirer:Sponsorincludessponsor-backedplatforms;SPACsareshownseparately.DEALMIXANDWHATTHEMONTHSAYSBYSEGMENTNationalsecuritydrovevolumeanddisclosedvalue.National-securitytargetsaccountedfor13of16transactionsand$14.8Bofthe$15.4Bdisclosed.Spaceaccountedforthreetransactionsand$587Mofdisclosedvalue.BYBUYERTYPE131Onedealsettheheadline.GEAerospace’s$11.75BacquisitionofConsolidatedPrecisionProductsrepresented76%ofthemonth’sdisclosedvalue.$11.8B$14.8B3$587MNationalSecuritySpaceStrategic102$1.8B$1.8BSponsorSPACSponsorsandSPACswerethebuyerin13of16transactions.ElevenbuyersweresponsorsandtwowereSPACs.Threewerestrategic,ledbyGEAerospace’s$11.75BacquisitionofConsolidatedPrecisionProducts.Disclosedvalueshowninsideeachbar.SQADVISORS|Space&NationalSecurity|www.southwindquilty.comSource:S&PCapitalIQ;SQAdvisorsspacetracker6

MIDDLEMARKETPRIVATEEQUITY·ESTIMATEDDRYPOWDERFIRMSTRACKEDLTMINVESTMENTSREPORTEDSEPTEMBER2026LARGE-CAPTIERASSUMEDDEPLOYMENTRATE2762$67.7B27.5%Acrossmid-marketthesumoffirms’LTMinvestmentcountsVeritasCapitalandOakHill,trackedseparatelyIndustryblendof25–30%TOPTENBYESTIMATEDDRYPOWDER·AUM,LATESTAVAILABLE(SOURCEDATESVARY)AUM($M)VehiclesDrypowder($M)ArlingtonCapitalPartners18,19595,004FirmArlingtonCapitalPartners$5,004$18,195J.F.Lehman&Company$2,477OceanSoundPartners$2,255$8,200J.F.Lehman&Company9,007262,477TriveCapital$2,201$8,002OceanSoundPartners8,200202,255$7,723TriveCapital8,002112,201AEIndustrialPartners7,723222,124BrightstarCapitalPartners4,850191,334$3,339WashingtonHarbour4,725631,299$3,000FalfurriasManagementPartners3,712121,021NewSpring3,33929918CapitolMeridianPartners3,0009825AEIndustrialPartners$9,007$2,124BrightstarCapitalPartners$1,334$4,850WashingtonHarbour$1,299$4,725FalfurriasManagementPartnersNewSpringCapitolMeridianPartners$1,021$3,712$918$825AUM($M)Est.drypowder($M)TOPLTMTRANSACTIONACTIVITYDeals(LTM)DisclosedvalueGodspeedCapitalManagement8NDArlingtonCapitalPartners7$1.45B(Riverpointexit)Navaldefenseservices;aerospace&defensephotonics(alsoinfrastructure,healthcare)AEIndustrialPartners7$845M(Rocketdyne)Spacepropulsion;aerospace&defense;nationalsecurity/intelligenceWashingtonHarbour6$1.37B(HadrianSeriesD)J.F.Lehman&Company5NDFirmPrimarysectorfocusFederaltech&missionsolutions;defenseC3/JADC2;spacesystems&infrastructureSpace&satellitetech;defensetech/drones;defenseadvancedmanufacturingAerospace&defenseforgings,castingsandmanufacturingSECTOR-RELEVANTACTIVITY·SEPTEMBER2026ANDLATESTFROMLTMFirmTriveCapitalJ.F.Lehman&CompanyTransactionCanopyAerospace&Defense,aTriveportfoliocompany,acquiredAviotecS.r.l.,aTurin-basedsupplierofmultilayerinsulationblanketsandelectricalharnessesforsatellitesandspacecraft.JFLCreditpartneredwithPowerhouseEnginestolaunchanengineinvestmentprogram,withJFLinvestmentaffiliatesprovidingcapitaltosupportcommercialaircraftengineacquisitions.Value($M)SectorfocusNDAerospace/SatelliteComponentsNDAerospace/AircraftEnginesAEIndustrialPartnersLaunchedAttiliusTechnologiesthroughtheacquisitionandrebrandingofanundiscloseddataintelligenceandanalyticsprovider.NDNationalSecurity/IntelligenceWashingtonHarbourCo-ledHadrian's$1.37billionSeriesDfinancingtobuildhighlyautomatedfactoriesfordefense,aerospace,andindustrialsystems.1370Defense/AdvancedManufacturingBluestoneInvestmentPartnersPortfoliocompanyPreciseSystemsacquiredTernionCorporation,adeveloperofadvancedmodelingandsimulationsoftwareforaerospace,defense,andtransportation.NDDefenseTechnology/Modeling&SimulationAUMisthefigureS&PCapitalIQcarriesoneachfirmprofile,sourcedfromFormADVandstatedasofthelatestavailabledate,whichvariesbyfirm.Anasteriskindicatesafirmwhosemostrecentfilingpredatesthemostrecentdateshown.AdaggerindicatesafirmforwhichCapitalIQcarriesnoAUM,wherethefigureshownisthefirm’sowndisclosure.VehiclesisthenumberoffundsandpartnershipsCapitalIQtracksforeachfirm,includingformerandco-investmentvehicles,somanagersthatinvestthroughsingle-assetvehicleswillshowhighercounts.Drypowderisanestimateratherthanareportedfigure,calculatedasAUMmultipliedbyanassumed27.5%undeployedrate.Large-capgeneralistmanagersaretrackedseparately.SeverallargergeneralistmanagerswereactiveinthesectorinAugust.VeritasCapital($53.8B),OakHillCapital($13.9B)andApolloGlobalManagementallinvestinspaceandnationalsecuritywithoutbeingexclusivetoit,sotheysitoutsidethemid-marketaggregateshownabove.VeritasCapitalalonemanagesroughlythreetimestheassetsofthelargestmid-marketfirmtracked,andincludingittogetherwithOakHillwouldraisetotaldrypowderbyaboutthreequarters.NoAUMfigureisshownforApollobecauseitisapubliccompanyanddoesnotfiletheFormADVdisclosureusedhere.SpaceventurefundssuchasSeraphim,SpaceCapitalandMarlinspikearealsoexcluded,becausetheydonotpursuecontrolbuyouts.SQADVISORS|Space&NationalSecurity|www.southwindquilty.comSource:S&PCapitalIQ;firmdisclosures7

APPENDIX·INDEXCONSTITUENTS,DEFINITIONS&DISCLOSURESSEPTEMBER2026TIER1·SUBSECTORS·INDEXNATIONALSECURITYSPACEPrimes13names·7US/6intlLaunch&Infra6names·3US/3intlLockheedMartin·RTX·NorthropGrumman·GeneralDynamics·Boeing·L3Harris·HuntingtonIngalls·Airbus·BAESystems·Thales·Safran·Leonardo·RheinmetallRocketLab·FireflyAerospace·VirginGalactic·Avio·ispace·AstroscaleDefenseElectronics&Components14names·allUSSpaceSystems&Manufacturing7names·4US/3intlTeledyne·Curtiss-Wright·MercurySystems·Kratos·AeroVironment·HEICO·TransDigm·Hexcel·Woodward·Moog·RedCat·Ondas·Karman·LoarHoldingsRedwire·VoyagerTechnologies·IntuitiveMachines·SidusSpace·MDASpace·AACClydeSpace·GomSpaceGov'tServices·Intel&Mission5names·allUSSatcomOperators9names·3US/6intlBoozAllenHamilton·CACI·Leidos·SAIC·ParsonsIridium·Viasat·ASTSpaceMobile·SES·Eutelsat·Telesat·Space42·SKYPerfectJSAT·OvzonGov'tServices·Technical&Infrastructure6names·allUSGroundSegment5names·1US/4intlKBR·V2X·AECOM·Fluor·Amentum·ICFInternationalComtech·Gilat·Intellian·C-Com·BaylinTechnologiesNationalSecuritySoftware&AI3names·allUSEarthObservation&SpaceData8names·4US/4intlPalantir·C3.ai·BigBear.aiPlanetLabs·BlackSky·SpireGlobal·Satellogic·iQPS·Synspective·SatrecInitiative·ContecTIER2·CROSS-CUTTINGBASKETSRe-cutsofthesameconstituentpool,performanceonly.Abasketneverappearsinthevaluationtable,becauseitsmembersarealreadycountedthereundertheirsubsector.SQCoreNatSec31namesNationalsecuritynamesatorabove$10Bmarketcapor$2BLTMrevenue.ThecomplementofSQFrontierNatSec.All31appearunderTier1above.SQFrontierNatSec10namesBelowthatcut.IncludesthenamesformerlycarriedasSQDefenseTechDisruptors.MercurySystems·Kratos·Hexcel·RedCat·Ondas·Karman·LoarHoldings·ICFInternational·C3.ai·BigBear.aiSQCoreSpace28namesSQFrontierSpace7namesSpacenamesatorabove$1Bmarketcapor$250MLTMrevenue.Thespacenamesbelowthatcut,whicharepre-scaleandhigh-beta.ThecomplementofSQFrontierSpace.All28appearunderTier1above.VirginGalactic·SidusSpace·C-Com·BaylinTechnologies·BlackSky·SpireGlobal·SatellogicDEFINITIONS&METHODSubsectormultiplesMedianofconstituentmultiples,notanaggregate.NM=notmeaningful(negativeorabove100x);amedianrequiresatleastthreemeaningfulvalues.EV/Revenueistheprimarymetricforpre-profitsubsectors.IndexperformanceEqual-weightedpricereturn,rebasedto100at30-Sep-25,ineachconstituent'slistingcurrency.Everypricefigureinthisdeck,acrossthesubsectortables,thebasketsandbothmoverstables,comesfromasinglemonth-endclosegridcoveringall76constituents,sothechartsandthetablesagreebyconstruction.US-baseddefensetechCompaniesheadquarteredintheUnitedStatesderivingamaterialportionofrevenuefromdefense,nationalsecurity,intelligenceordual-usetechnology.DrypowderAnestimate,notareportedfigure:disclosedAUMmultipliedbyanassumed27.5%undeployedrate,anindustryblendof25to30%.Large-capgeneralistmanagers(VeritasCapital,OakHill)aretrackedseparately.VenturecountingRoundsarecountedinthemonthannounced;disclosedamountsonly.Thedefenseandspacetrackersoverlap;aroundfoundinbothiscountedonce,atthefullerdisclosure.M&AsegmentClassifiesthetarget,nottheacquirer.Satellite,launchandground-segmenttargetsareSpace.Everythingelse,includingdefense,federalIT,missionservicesandtheintelligencecommunity,isNationalSecurity.DATASOURCESS&PCapitalIQ—publiccompanyfinancials,valuationmultiples,transactionandsponsordata.spacefinancingsandspaceM&A,across300+companies.QuiltySpace—theIntelligenceLayerbehindthispublication:spaceindices,privatePitchBook/Crunchbase—early-stageventurerounds.Companyfilingsandpublicdisclosures—SECfilings,investorpresentations,pressreleasesandearningstranscripts.DISCLOSURESSecuritiestransactionsareconductedthroughAshtonStewart&Co.,Inc.,MemberFINRA/SIPC,Miami,FL.SouthwindQuiltyAdvisorsisaco-brandedadvisorycollaborationamongQuiltyAnalyticsLLCd/b/aQuiltySpaceandSouthwindCapital,LLC.Itisnotalegalentity,isnotabroker-dealer,andisnotaninvestmentadviser.MembersofSouthwindQuiltyAdvisorsareRegisteredRepresentativesofAshtonStewart&Co.,Inc.,andthoseservicesthataresecurities-relatedtransactions,requiredtobeperformedbyaregisteredbroker-dealer,areconductedthroughAshtonStewart&Co.,Inc.AshtonStewart&Co.,Inc.isnotaffiliatedwithSouthwindCapital,LLCorQuiltyAnalyticsLLCd/b/aQuiltySpace.“Southwind”andrelatedmarksareownedbySouthwindCapital,LLC.“QuiltySpace”andrelatedmarksareownedbyQuiltyAnalyticsLLCd/b/aQuiltySpace.The“SouthwindQuiltyAdvisors”compositemarkisusedunderlicensefromboth.Theinformationinthispublicationisforgeneralinformationalpurposesonlyanddoesnotconstituteanoffertosell,orasolicitationofanoffertobuy,anysecurity,norisitinvestment,legal,ortaxadviceorarecommendationofanysecuritiestransactionorinvestmentstrategy.Anyopinionsexpressedreflectourjudgmentasofthedateofpublicationandaresubjecttochangewithoutnotice.Pastperformanceisnotindicativeoffutureresults.NeitherSouthwindQuiltyAdvisorsnorAshtonStewart&Co.,Inc.providestaxorlegaladvice;prospectiveclientsshouldconsulttheirownlegal,tax,andfinancialadvisorsbeforemakinganyinvestmentortransactiondecision.SQADVISORS|Space&NationalSecurity|www.southwindquilty.comDataasof30-Sep-26·CapitalIQpull10/01/268