MONTHLYMARKETMONITOROCTOBER2026SPACE&NATIONALSECURITYTHISMONTHATAGLANCEEV/NTMEBITDAEV/NTMEBITDA14.9x12.8x▲+5.2%MoM▼-3.6%MoMNatSecMedianSpaceMedianM&ATRANSACTIONSACTIVITYVENTUREFUNDING22$807M▲6dealsMoM▼-78.5%MoM$1,310Mtotaldisclosedvalue16rounds·LTMdisclosed$30,780MSUBSECTORVALUATIONCHANGE·MONTHOVERMONTH+24.1%+6.8%+7.6%+1.4%-9.2%PrimesDef.Elec.Gov'tIntelGov'tTechNatSecSW-9.6%-6.0%-9.3%-6.6%LaunchSpaceSysSatcomGround-19.2%EO&DataMatched-basketchangeinmedianEV/Revenue,Sep-26–Oct-26.TOPTAKEAWAYSValuations:nationalsecurityre-rated,spacede-rated.MedianEV/Revenueroseinfouroffivenational-securitysubsectors,ledbyGov'tServices·Intel&Mission(+24.1%),andfellinallfivespacesubsectors,mostinEarthObservation&SpaceData(-19.2%).M&A:22transactions,with$1.3Bdisclosedacrosstwodeals.National-securitytargetsaccountedfor21transactionsandallofthedisclosedvalue:Maximus/AgileDefense($660M)andTTM/OphirOptics($650M).Spaceaccountedforoneundiscloseddeal.Venture:Octoberfundingreached$807Macross16rounds,down78.5%MoM.XonaSpaceSystems($250M)andFirehawkDefense($150M)raisedacombined$400M,abouthalfofthemonth'stotalDealInsight:MaximustoacquireAgileDefensefor$660M(October2026)INTELLIGENCEBEHINDEVERYMANDATE.On19October,MaximusFederalServicesagreedtoacquireAgileDefense,aU.S.providerinGov'tServices·Technical&Infrastructure,for$660M.ItwasthelargestM&Atransactionofthemonthandoneofonlytwowithdisclosedterms(announced,notyetclosed).Thedealhighlights:Ouradvisoryworkissupportedbyaproprietaryintelligenceplatform1)Strategicbuyerssetthevalue.BothdisclosedOctoberdealswerestrategicacquisitions,togetheraccountingforthefull$1.31Bofdisclosedvalue.2)Governmenttechnicalservicesarebeingre-rated.MedianEV/RevenueforGov'tServices·Technical&Infra.rose7.6%inOctober,andIntel&Missionrose24.1%.3)Disclosureremainsthin.20of22Octobertransactionsdidnotdiscloseterms,soasingledealcandrivethemonth'svalue.thattracksthecompanies,buyers,investors,programs,capitalflowsandpolicyshiftsshapingspace,defenseandintelligencemarkets.300+20+PUBLIC&PRIVATECOMPANIESTRACKEDYEARSOFSECTORCOVERAGEVisitquiltyspace.com→Scaledgovernmentservicesplatformsremainindemandfromstrategicacquirers.Contactustolearnmore.Visitquiltyspace.com→R.LEEPRIEST,JR.lpriest@southwindquilty.comSQADVISORS|Space&NationalSecurity|www.southwindquilty.comJUSTINCADMANjcadman@southwindquilty.comDataasof30-Oct-26·CapitalIQpull11/01/26

MONTHLYMARKETMONITOROCTOBER2026SPACE&NATIONALSECURITYTABLEOFCONTENTSPublicCompanyValuations·NationalSecurity02PublicCompanyValuations·Space03IndexSharePricePerformanceandValuation04VentureFunding·Space,NationalSecurity&Dual-Use05M&AActivity·Space&NationalSecurity06MiddleMarketPrivateEquity·EstimatedDryPowder07Appendix·IndexConstituents,Definitions&Disclosures08SPACEPERFORMANCE·COREVS.FRONTIERNATIONALSECURITYPERFORMANCE·COREVS.FRONTIER12025011022019010016090130801007070Oct-25Jan-26CoreNatSecApr-26Jul-26FrontierNatSecOct-26Oct-25Base100Jan-26CoreSpaceApr-26Jul-26FrontierSpaceOct-26Base100*RebasedIndex*RebasedIndexDEFENSE·SPACE·INTELLIGENCESPECIALISTM&AADVISORYFORTHESPACE&NATIONALSECURITYECONOMY.SouthwindQuilty(SQA)advisesfounders,boards,investors,andcorporateexecutivesonM&A,capitalraising,andstrategictransactionsacrossthespaceandnationalsecurityecosystem.R.LEEPRIEST,JR.lpriest@southwindquilty.comSQADVISORS|Space&NationalSecurity|www.southwindquilty.com120+TRANSACTIONSADVISEDJUSTINCADMANjcadman@southwindquilty.comDataasof30-Oct-26·CapitalIQpull11/01/261

PUBLICCOMPANYVALUATIONS·NATIONALSECURITYOCTOBER2026SUBSECTORVALUATIONSUMMARYSubsectorEV/EBITDALTMEV/EBITDAForwardEV/RevenueLTMΔEV/RevMoMPrimes16.4x14.3x2.1x▲+6.8%DefenseElectronics&Components25.9x21.7x5.0x▼-9.2%Gov'tServices·Intel&Mission12.1x12.4x1.4x▲+24.1%Gov'tServices·Technical&Infra.10.9x8.4x0.7x▲+7.6%NationalSecuritySoftware&AINMNM7.0x▲+1.4%Mediansofconstituentmultiples.NM=negativeorabove100x;amedianrequiresatleastthreemeaningfulvalues.S&PAEROSPACE&DEFENSEINDEX·TEV/FORWARDEBITDAOneyear·vs.50-daymovingaverageTenyears·vs.200-daymovingaverage24x23x23x22x18x21x20x13x19x18x8x17xNov-25Mar-262018Jul-26TEV/ForwardEBITDA20202022TEV/ForwardEBITDA50-daymovingaverage20242026200-daymovingaverageLARGESTMONTHLYMOVERS·SHAREPRICE,30-SEP-26–30-OCT-26TOPFIVEBOTTOMFIVECompanyTickerSubsectorPriceEV/RevCompanyTickerSubsectorPriceEV/RevContecA451760EO&Data40.1%2.5xSatellogicSATLEO&Data(40.0%)20.5xBoozAllenHamiltonBAHGov'tIntel27.5%1.4xSidusSpaceSIDUSpaceSys(39.8%)NMLockheedMartinLMTPrimes25.1%2.0xBaylinTechnologiesBYLGround(36.1%)0.8xParsonsPSNGov'tIntel23.7%1.1xASTSpaceMobileASTSSatcom(30.4%)NMKarmanKRMNDef.Elec.23.2%10.4xRedCatRCATDef.Elec.(28.3%)5.6xCONSTITUENTDETAIL·ALL41NATIONALSECURITYCONSTITUENTSCompanyTickerEV/RevEV/EBITDANTMPRIMESLockheedMartinRTXNorthropGrummanGeneralDynamicsBoeingL3HarrisHuntingtonIngallsAirbusBAESystemsThalesSafranLeonardoRheinmetallCompanyTickerEV/RevEV/EBITDANTMDEFENSEELECTRONICS&COMPONENTSLMTRTXNOCGDBALHXHIIAIRBA.HOSAFLDORHM2.0x3.2x2.1x1.9x1.7x2.6x1.1x2.0x2.2x2.1x3.4x1.7x4.6x16.4x17.8x12.6x15.6x81.4x14.3x12.1x17.1x17.0x16.0x18.5x14.8x22.7x14.3x18.7x14.9x15.4x46.7x14.0x13.5x14.3x13.2x12.8x14.0x11.9x16.8xTeledyneCurtiss-WrightMercurySystemsKratosAeroVironmentHEICOTransDigmHexcelWoodwardMoogRedCatOndasKarmanLoarHoldingsSQADVISORS|Space&NationalSecurity|www.southwindquilty.comTDYCWMRCYKTOSAVAVHEITDGHXLWWDMOG.ARCATONDSKRMNLOAR4.9x5.0x5.0x4.2x3.3x8.0x9.4x3.4x4.6x2.9x5.6x13.2x10.4x11.4xCompanyTickerEV/RevEV/EBITDANTM12.1x16.0x10.0x11.9x14.2x12.4x16.6x9.7x11.7x12.6x10.4x10.9x11.4xNM8.8x11.5x7.1x9.6x8.3x8.6x7.8x10.6xNMNMNM88.9xNMNMGOV'TSERVICES·INTEL&MISSION19.3x21.7x61.8x74.4x30.4x28.0x18.5x16.7x23.9x19.5xNMNM39.7x31.2x19.1x21.4x33.7x36.8x22.0x27.3x16.8x17.2x20.7x18.9xNMNM27.9x24.7xBoozAllenHamiltonBAH1.4xCACICACI2.1xLeidosLDOS1.4xSAICSAIC1.2xParsonsPSN1.1xGOV'TSERVICES·TECHNICAL&INFRA.KBRKBR0.9xV2XVVX0.7xAECOMACM0.7xFluorFLR0.3xAmentumAMTM0.6xICFInternationalICFI1.2xNATIONALSECURITYSOFTWARE&AIPalantirPLTR72.7xC3.aiAI5.7xBigBear.aiBBAI7.0xSource:S&PCapitalIQPro,asof30-Oct-262

PUBLICCOMPANYVALUATIONS·SPACEOCTOBER2026SPACESUBSECTORVALUATIONSUMMARYEV/EBITDALTMEV/EBITDAForwardEV/RevenueLTMΔEV/RevMoMLaunch&InfraNMNM25.2x▼-9.6%SpaceSystems&ManufacturingNM17.3x4.2x▼-6.0%SatcomOperators11.2x9.6x3.5x▼-9.3%GroundSegment12.0x9.0x1.8x▼-6.6%EarthObservation&SpaceDataNM32.9x9.5x▼-19.2%SubsectorCOREVS.FRONTIERSPACE·LTMREBASEDPERFORMANCEOCTOBERMOVESBasket/Subsector22517512575Nov-25Jan-26Mar-26May-26CoreSpaceFrontierSpaceMSCIACWorldRussell2000Jul-26Sep-26PriceMoMEO&SpaceData-17.8%SpaceSystems&Mfg-12.6%SQFrontierSpace-25.0%Launch&Infra-12.4%SQCoreSpace-8.8%GroundSegment-19.3%SatcomOperators-6.2%S&P500SPACECOMMENTARYFrontierfellthreetimesasfarasCore.CoreSpacefell8.8%inOctober,comparedwitha25.0%declineforFrontierSpace.Nationalsecuritymovedtheotherway:CoreNatSecrose5.8%andFrontierNatSecfell1.8%.Everyspacesubsectordeclined.SatcomOperatorsheldupbest(-6.2%);GroundSegment(-19.3%)andEO&SpaceData(-17.8%)fellmost.Valuationmultiplesfellinallfivespacesubsectors.MedianEV/RevenuecontractedmostinEO&SpaceData(-19.2%),followedbyLaunch&Infra(-9.6%).SPACECONSTITUENTDETAIL·ALL35CONSTITUENTSCompanyTickerEV/RevEV/EBITDANTMLAUNCH&INFRARocketLabRKLB40.1xFireflyFLY9.1xVirginGalacticSPCENMAvioAVIO1.6xispace934825.2xAstroscale186A26.4xSPACESYSTEMS&MANUFACTURINGRedwireRDW3.8xVoyagerTechVOYG10.5xIntuitiveMach.LUNR6.5xSidusSpaceSIDUNMMDASpaceMDA3.3xAACClydeAAC2.1xGomSpaceGOMX4.6xCompanyTickerEV/RevEV/EBITDANTMSATCOMOPERATORSNMNMNM40.3xNMNMNMNMNM27.0xNMNMNMNMNM2.8x29.1xNMNMNMNMNMNM17.3x14.6x33.6xIridiumViasatASTSpaceMobileSESEutelsatTelesatSpace42SKYPerfectOvzonGROUNDSEGMENTComtechGilatIntellianC-ComBaylinCompanyTickerEV/RevEV/EBITDANTMNMNMNMNM76.6xNM30.6xNMNM37.8xNMNM28.0xNM17.8x42.1xEARTHOBSERVATION&SPACEDATAIRDMVSATASTSSESGETLTSATSPACE429412OVZON7.6x3.4xNM2.5x2.9x13.7x3.0x3.6x4.6x17.4x11.4xNM6.2x6.3xNM21.2x8.9x11.2x13.5x10.3xNM5.5x5.9x41.3x6.8x8.9x10.3xCMTLGILTA189300CMIBYL1.8x0.9x1.9x4.2x0.8x25.3x8.0x12.0xNMNM12.2x7.1x10.9xNM6.0xPlanetLabsBlackSkySpireGlobalSatellogiciQPSSynspectiveSatrecInit.ContecPLBKSYSPIRSATL464A290AA099320A45176012.4x6.6x4.2x20.5x17.0x64.4x2.5x2.5xAll35spaceconstituents,includingnon-USlistings.SQADVISORS|Space&NationalSecurity|www.southwindquilty.comSource:S&PCapitalIQ;SQAdvisorsproprietaryindices3

INDEXSHAREPRICEPERFORMANCEANDVALUATIONOCTOBER2026SUBSECTORSPillarSubsectorNamesEV/EBITDALTMEV/RevenueLTMΔEV/RevMoMPriceMoMPriceLTMNatSecPrimes1316.4x2.1x6.86.7-4.0NatSecDefenseElectronics&Components1425.9x5.0x-9.2-6.9-7.1NatSecGov'tServices·Intel&Mission512.1x1.4x24.119.01.5NatSecGov'tServices·Technical&Infra.610.9x0.7x7.611.8-3.2NatSecNationalSecuritySoftware&AI3NM7.0x1.4-1.6-32.6SpaceLaunch&Infra6NM25.2x-9.6-12.4-21.4SpaceSpaceSystems&Manufacturing7NM4.2x-6.0-12.6-3.5SpaceSatcomOperators911.2x3.5x-9.3-6.216.4SpaceGroundSegment512.0x1.8x-6.6-19.3-46.3SpaceEarthObservation&SpaceData8NM9.5x-19.2-17.8-0.7NMonEV/EBITDAmeansthatfewerthanthreeconstituentsinthatsubsectorhaveameaningful(positive,below100x)multiple.INDEXEDSHAREPRICEPERFORMANCEREBASEDTO100AT31-OCT-25SQProprietaryIndicesMoMLTMSQCoreNatSecBasket+5.8%-1.0%SQFrontierNatSec-1.8%-29.5%SQCoreSpace-8.8%+4.4%SQFrontierSpace-25.0%-9.1%220170120MarketBenchmarksBasket70Nov-25Jan-26Mar-26May-26Jul-26CoreNatSecFrontierNatSecCoreSpaceS&P500MSCIACWorldRussell2000Sep-26FrontierSpaceMoMLTMS&P500-0.9%+10.8%Russell2000+0.5%+13.4%MSCIACWorld+0.7%+12.4%Equal-weightedpricereturnacrosseveryconstituentinthetier,month-endtomonth-end,ineachconstituent'slistingcurrency.RELATIVEVALUE·VALUATIONAGAINSTTWELVE-MONTHPERFORMANCEEV/LTMRevenuebySubsectorNatSecSWDef.Elec.PrimesGov'tIntelGov'tTechNatSecSW5.0x2.1x-4.0%Gov'tIntel0.7x1.5%Gov'tTech25.2xEO&Data9.5x4.2xSatcom-7.1%Primes1.4xSpaceSys-32.6%Def.Elec.LaunchGround12-MonthSharePricePerformance7.0x3.5x1.8x-3.2%Launch-21.4%EO&Data-0.7%SpaceSys-3.5%Satcom16.4%Ground-46.3%HOWTOREADTHISEachrowrepresentsasubsector.TheleftchartshowsmedianEV/LTMrevenue;therightchartshows12-monthshare-priceperformance.Readthechartssidebysidetocomparevaluationandperformanceastwoseparatemetrics.Positiveperformanceindicatesagain;negativeperformanceindicatesadecline.SQADVISORS|Space&NationalSecurity|www.southwindquilty.comSource:S&PCapitalIQ;SQAdvisorsproprietaryindices4

VENTUREFUNDING·SPACE,NATIONALSECURITY&DUAL-USEOCTOBER2026DISCLOSEDFUNDING·OctoberTRACKEDROUNDS·OctoberLTMDISCLOSEDFUNDINGLARGESTROUND$807M16$30.8BXonaSpaceSystems-78.5%MoM-7Nov-25–Oct-26SeriesD$250.0MOctober2026ROUNDS·COMBINEDUNIVERSE,TOP14BYSIZEDateCompanyRoundAmount($M)ValuationThemeRegion10/22XonaSpaceSystemsSeriesD250.0NDSatcom&ConnectivityNorthAmerica10/28FirehawkDefenseSeriesD150.0NDStrike&PropulsionNorthAmerica10/02HerthaMetalsSeriesA68.7NDPower&OtherHardwareNorthAmerica10/29ArgotecGrowth55.6NDSpaceSystems&LaunchEurope10/02FortemTechnologiesSeriesB50.0NDCounter-UASNorthAmerica10/08GallatinAISeriesA50.0NDAI,Software&CyberNorthAmerica10/09SkyloTechnologiesSeriesB++44.0NDSatcom&ConnectivityNorthAmerica10/08FortastraSeriesA30.0NDSpaceSystems&LaunchNorthAmerica10/13KaptaSpaceSeriesA24.0NDEO&SpaceDataNorthAmerica10/26NorthVectorDynamicsVenture20.7NDCounter-UASNorthAmerica10/28RendezvousRoboticsVenture20.0NDSpaceSystems&LaunchNorthAmerica10/05AventraVenture17.5NDAutonomy&UnmannedNorthAmerica10/26MPSpaceSeed16.2NDSpaceSystems&LaunchOther10/27TargetArmVenture4.6NDAutonomy&UnmannedNorthAmericaFUNDINGTRENDS·LASTTWELVEMONTHSMONTHLYDISCLOSEDFUNDINGBYTHEME($B)·FINANCINGROUNDCOUNTLTMBYTHEME763254335212416252624272318210SpaceSystems&LaunchAutonomy&UnmannedStrike&PropulsionEO&SpaceDataSatcom&ConnectivityAI,Software&CyberCounter-UASPower&OtherHardwareOther/notthemed40SpaceSystems&Launch3530Autonomy&Unmanned25Strike&Propulsion201615EO&SpaceData10Satcom&Connectivity50$2.8B(9%)$9.5B(31%)$2.5B(8%)$1.4B(5%)$0.5B(2%)AI,Software&Cyber$0.6B(2%)Counter-UAS$0.2B(1%)Power&OtherHardware$0.6B(2%)Other/notthemed$12.7B(41%)STRATEGICFOCUSAutonomy&UnmannedleadsthethemedLTMfunding.Itraised$9.5B,or31%of$30.8BtrackedLTMfunding.$12.7B(41%),Nov-25toAug-26,carriesnothemeinthemasterandisshownasOther.Octoberwasdrivenbytwolargerounds.XonaSpaceSystems($250M)andFirehawkDefense($150M)madeupabouthalfofthemonth's$807M;Skylo($44M)wasthird.NorthAmericaaccountedfor13of16Octoberrounds.EuropeaddedArgotec($55.6M)andGolbriakSpace($4.5M);MPSpace($16.2M,AUD23M)istheoneroundfromAustralia.Strike&PropulsionaddedFirehawkDefense's$150MSeriesD.Thethemetotaled$2.5Boverthelasttwelvemonths;Counter-UASaddedNorthVectorDynamics($20.7M).SQADVISORS|Space&NationalSecurity|www.southwindquilty.comSource:Crunchbase,PitchBook,publicfilings,SQAdvisorsproprietaryresearch5

M&AACTIVITY·SPACE&NATIONALSECURITYOCTOBER2026TOTALDEALSAGGREGATEDISCLOSEDVALUEBYSEGMENTBUYERTYPE22$1,310M21/110/12+6MoM2of22disclosedNationalSecurity/SpaceStrategic/SponsorALLTRANSACTIONS·October2026#DateSegmentTargetAcquirer110/02NatSecActionManufacturingCompany210/02NatSecAltaDataTechnologies,LLC310/02NatSec410/02NatSecTechnologyServiceCorporation/AppliedSystemsEngineeringOmegaOptical510/05NatSecInformationSecurityCorporation67810/07NatSec10/08NatSec10/08NatSecRedlinePerformanceSolutionsIMSAR,LLCMillennialSoftwareSolutions,Inc.910/08NatSecSNRSystems10111210/08NatSec10/13NatSec10/16NatSec1310/16NatSec1415161710/16Space10/16NatSec10/19NatSec10/26NatSec1810/26NatSec1920212210/26NatSec10/26NatSec10/28NatSec10/30NatSecPopotoModemFidelityTechnologyServicesPreciseMetalProducts,LLCPrecisionGrinding&Mfg/TCSIndustries&ElectronicsVoragoTechnologies,Inc.ADEM,LLCAgileDefense,LLCHalcyonDaysConsultingOphirOpticsbusinessofMKSInstrumentsFraserShipyards,LLCService&Sales,Inc.SalesforcebusinessofSynapticRuneTechnologiesBuyertypeDealsize($M)IgniumLLCSisTechManufacturing(LFMCapital)StrategicNDSponsorNDBlackstoneInc.SponsorNDOptikos,LLC(ArtemisCapital)ScienceApplicationsInternationalCorporationEdgewaterFederalSolutionsOceanSoundPartnersExpeditionTechnologyCNIFederalServices(ChickasawNationIndustries)AndurilIndustries,Inc.FVLCRUMFundsATLPartnersFathomDigitalManufacturing(COREIndustrial)MicrochipTechnologyInc.TalonPrecision,LLCMaximusFederalServices,Inc.NexTechSolutions,LLCSponsorNDStrategicNDSponsorSponsorSponsorNDNDNDStrategicNDStrategicSponsorSponsorNDNDNDSponsorNDStrategicStrategicStrategicSponsorNDND660NDTTMTechnologies,Inc.Strategic650WildcatEquityPartnersThreadlockPrecision,LLCOddballSalesforce,Inc.SponsorStrategicSponsorStrategicNDNDNDNDND=notdisclosed.Segmentclassifiesthetarget,nottheacquirer.Buyertypeclassifiestheacquirer:Sponsorincludessponsor-backedplatforms;SPACsareshownseparately.DEALMIXANDWHATTHEMONTHSAYSBYSEGMENTNationalsecuritydrovevolumeandalldisclosedvalue.National-securitytargetsaccountedfor21of22transactionsandthefull$1.3Bdisclosed.Spaceaccountedforoneundiscloseddeal,Microchip'sacquisitionofVoragoTechnologies.BYBUYERTYPE2110$1.3B1$0MNationalSecuritySpace12Sponsorswerethebuyerin12of22transactions.Mostwereadd-onsbysponsor-backedplatforms.Tenbuyerswerestrategic,includingbothdiscloseddeals;therewerenoSPACtransactions.$1.3BStrategicTwodealsmadeupthedisclosedvalue.Maximus'$660MpurchaseofAgileDefenseandTTM's$650MpurchaseofOphirOptics;20of22dealswereundisclosed.SponsorDisclosedvalueshowninsideeachbar.SQADVISORS|Space&NationalSecurity|www.southwindquilty.comSource:S&PCapitalIQ;SQAdvisorsspacetracker6

MIDDLEMARKETPRIVATEEQUITY·ESTIMATEDDRYPOWDERFIRMSTRACKEDLTMINVESTMENTSREPORTED2797Acrossmid-marketthesumoffirms’LTMinvestmentcountsOCTOBER2026LARGE-CAPTIERASSUMEDDEPLOYMENTRATE$67.7B27.5%VeritasCapitalandOakHill,trackedseparatelyIndustryblendof25–30%TOPTENBYESTIMATEDDRYPOWDER·AUMASOF31-MAR-26–31-JUL-26(SOURCEDATESVARY)AUM($M)VehiclesDrypowder($M)ArlingtonCapitalPartners18,19595,004FirmArlingtonCapitalPartners$5,004$18,195J.F.Lehman&Company$9,007OceanSoundPartners$8,200J.F.Lehman&Company9,007262,477TriveCapital$8,002OceanSoundPartners†8,200202,255$7,723TriveCapital8,002112,201AEIndustrialPartners7,723222,124BrightstarCapitalPartners4,850191,334$3,339WashingtonHarbour4,725631,299$3,000FalfurriasManagementPartners3,712121,021NewSpring3,33929918CapitolMeridianPartners†3,0009825AEIndustrialPartnersBrightstarCapitalPartnersWashingtonHarbourFalfurriasManagementPartnersNewSpringCapitolMeridianPartners$4,850$1,299$4,725$1,021$3,712$918$825AUM($M)Est.drypowder($M)TOPLTMTRANSACTIONACTIVITYDeals(LTM)DisclosedvalueWashingtonHarbour9NDCoreNatSec/GovConNewSpring8NDUnclear/GeneralistAEIndustrialPartners7NDCoreNatSec/GovConFalfurriasManagementPartners7NDUnclear/GeneralistArlingtonCapitalPartners6NDUnclear/GeneralistFirmPrimarysectorfocusSECTOR-RELEVANTACTIVITY·OCTOBER2026ANDLATESTFROMLTMFirmTransactionValue($M)ArlingtonCapitalPartnersAcquiredGooch&Housego,UKphotonicsandopticalcomponentsmakerforA&D(take-private)NDDefenseelectronicsBlueDeltaPortfolioco.EdgewaterFederalSolutionsacquiredRedlinePerformanceSolutionsNDGov’tservicesEnlightenmentCapitalPortfolioco.ExpeditionTechnologyacquiredMillennialSoftwareSolutionsNDNatSecsoftwareNDInfrastructureservicesNDDefenseTechnology/Modeling&SimulationGodspeedCapitalManagementAcquiredGreenVest(environmentalandecosystemrestorationservices)BluestoneInvestmentPartnersPortfoliocompanyPreciseSystemsacquiredTernionCorporation,adeveloperofadvancedmodelingandsimulationsoftwareforaerospace,defense,andtransportation.SectorfocusAUMisthelatestavailablefigureforeachfirm:theS&PCapitalIQprofile(FormADV)or,wheremorerecent,thefirm’sowndisclosure,markedwithadagger.As-ofdatesforthetenfirmsshownrangefrom31-Mar-26to31-Jul-26.VehiclesisthenumberoffundsandpartnershipsCapitalIQtracksforeachfirm,includingformerandco-investmentvehicles,somanagersthatinvestthroughsingle-assetvehicleswillshowhighercounts.Drypowderisanestimateratherthanareportedfigure,calculatedasAUMmultipliedbyanassumed27.5%undeployedrate.LTMinvestmentsarethecountsshownoneachfirm’sCapitalIQprofile.Large-capgeneralistmanagersaretrackedseparately.The27trackedmid-marketfirmsreported97investmentsoverthelasttwelvemonths,ledbyWashingtonHarbour(9),NewSpring(8),andAEIndustrialandFalfurrias(7each).InOctober,ArlingtontookGooch&HousegoprivateandGodspeedacquiredGreenVest,whileBlueDelta(Edgewater)andEnlightenment(ExpeditionTechnology)completedadd-ons;amonglarge-capsponsors,BlackstoneacquiredTechnologyServiceCorporation/AppliedSystemsEngineering.SQADVISORS|Space&NationalSecurity|www.southwindquilty.comSource:S&PCapitalIQ;firmdisclosures7

APPENDIX·INDEXCONSTITUENTS,DEFINITIONS&DISCLOSURESOCTOBER2026TIER1·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.SQCoreNatSec32namesNationalsecuritynamesatorabove$10Bmarketcapor$2BLTMrevenue.ThecomplementofSQFrontierNatSec.All32appearunderTier1above.SQFrontierNatSec9namesBelowthatcut.IncludesthenamesformerlycarriedasSQDefenseTechDisruptors.MercurySystems·Kratos·RedCat·Ondas·Karman·LoarHoldings·ICFInternational·C3.ai·BigBear.aiSQCoreSpace26namesSQFrontierSpace9namesSpacenamesatorabove$1Bmarketcapor$250MLTMrevenue.Thespacenamesbelowthatcut,whicharepre-scaleandhigh-beta.ThecomplementofSQFrontierSpace.All26appearunderTier1above.VirginGalactic·SidusSpace·Telesat·Comtech·C-Com·BaylinTechnologies·BlackSky·SpireGlobal·SatellogicDEFINITIONS&METHODSubsectormultiplesMedianofconstituentmultiples,notanaggregate.NM=notmeaningful(negativeorabove100x);amedianrequiresatleastthreemeaningfulvalues.EV/Revenueistheprimarymetricforpre-profitsubsectors.IndexperformanceEqual-weightedpricereturn,rebasedto100at31-Oct-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-Oct-26·CapitalIQpull11/01/268