International Public Partnerships Valuation Multiples

Brookfield Corp is an investment firm focused on building long-term wealth for institutions and individuals, operating through seven segments: Asset Management, Wealth Solutions, Renewable Power and Transition, Infrastructure, Private Equity (which generates the highest revenue), Real Estate, and Corporate Activities. The company invests in real assets that form the backbone of the economy to deliver risk-adjusted returns to stakeholders, with the majority of its revenue coming from Asset Management. It has a presence across the United Kingdom, the United States (which contributes the highest revenue), Australia, Canada, Brazil, India, Colombia, Germany, other parts of Europe, other parts of Asia, and additional countries.

Brookfield Asset Management is one of the world's largest alternative-asset managers, with USD 1.151 trillion in total managed assets, including USD 580.7 billion in fee-earning AUM, at the end of September 2025. The company has three main business segments: private credit (USD 349.0 billion in total AUM and USD 262.8 billion in fee-earning AUM), private equity (USD 151.0 billion/USD 46.3 billion), and real estate/real assets (USD 651.0 billion/USD 271.6 billion). The firm primarily serves institutional investors (90% of AUM) and high-net-worth individuals (10%), and is diversified globally, with 67% of revenue from the Americas, 20% from EMEA, and 13% from Asia-Pacific. Canadian-based Brookfield Corporation owns 73% of Brookfield's outstanding Class A shares.

American Healthcare REIT Inc is a healthcare-focused real estate investment trust. It owns a diversified portfolio of clinical healthcare real estate properties, focusing on medical office buildings, skilled nursing facilities, senior housing, hospitals, and other healthcare-related facilities. It has four reportable business segments: integrated senior health campuses, outpatient medical, triple-net leased properties and SHOP. It generates majority of its revenue through Integrated Senior Health Campuses segment.

Non-banking finance company of the Larsen & Toubro group. It lends to rural households, farm equipment buyers, two-wheeler buyers, small businesses, and for housing and infrastructure projects. Headquartered in Mumbai.

Charter Hall Group is the umbrella group of over 40 retail and institutional unlisted funds, as well as three listed REITs: Charter Hall Long WALE REIT, Charter Hall Retail REIT, and Charter Hall Social Infrastructure REIT. Investment management fees and property services fees from these investment vehicles are the main sources of revenue for Charter Hall. The aggregate portfolio across the platform has one third exposure to office, one third to logistics, and the remainder in retail, social infrastructure and listed equities. Charter Hall co-invests in many of the vehicles, so a portion of its earnings come from rent and fund distributions. The group also earns development revenue on projects that it manages, but this income stream is relatively small.

Piramal Finance Ltd main business is providing loans to customers for construction or purchase of residential property, loans against property, loans to real estate developers, loans to SMEs, Consumption loans, etc. Its loan products are Home Loan, Construction Loan, Renovation Loan, Extension Loan, Business Loans, Loan Against Property, Small Business Loan, Working Capital Loan, Personal Loan, Used Car Loan, Group Loan, Loan Against Securities, Loan Against Car, Insurance Services, Interest Rates & Disclosures, Wholesale Lending, Alternatives, etc. The company's business segments are Retail Lending, Wholesale Lending, Alternatives, and Life Insurance. The Company has identified only one reportable business segment & geographical segment as it deals mainly in lending business within India.

Mirvac started off as a residential property developer and over time expanded into property investment, funds management, and commercial property development. Investment is the major earnings driver, generating about two-thirds of group earnings. The investment portfolio, by book value, is made up of 51% office, 21% retail, 20% industrial and the rest is build-to-rent and land lease assets. Longer term, Mirvac aims to increase exposure to the industrial and living sectors and own fewer offices and retail centers. Development income is volatile and was around one-third of fiscal 2026 group earnings. Besides developing apartments and houses, which Mirvac is best known for, it is also involved in commercial and mixed-use precinct developments.

Rithm Capital Corp operates as a real estate investment trust that provides capital and services to the real estate and financial services industries. The company aims to generate attractive risk-adjusted returns in all interest-rate environments through a complementary portfolio of investments and operating businesses. Its investment portfolio is composed of mortgage servicing-related assets (full and excess MSRs and servicer advances), residential securities (and associated call rights), loans (including single-family rental), and consumer loans. Its operating segments are Origination and Servicing; Investment Portfolio; Residential Transitional Lending; and Asset Management.

Millrose Properties Inc is a Holding Company. The company along with its subsidiaries engages in providing operational and capital solutions for home builders and land development companies to finance the acquisition and development of land assets through its Homesite Option Purchase Platform.

Embassy Office Parks REIT is involved in real estate activities including renting, buying, selling, and operating leased or self-owned real estate properties. The group's portfolio comprises office parks and prime city-center office buildings. Geographically, the activities are carried out throughout India.

Fibra Mty S.A.P.I. DE C.V. acquires and manages a portfolio of first-class corporate properties with a focus on the office and industrial sectors. Its property portfolio includes Monza 2, Prometeo, Nico 1, Fortaleza, La Perla, Patria and Cienega 3 among others.

State Grid Yingda Co Ltd, formerly Shanghai Zhixin Electric Co Ltd specializes in the development, production and sale of amorphous alloy transformers in China.

PennyMac Financial Services Inc is a specialty financial services firm with a comprehensive mortgage platform mainly focused on the production and servicing of U.S. residential mortgage loans. The firm is also engaged in managing investments related to the U.S. mortgage market and provides products and services that leverage technologies to support customers. The company operates through two reportable operating segments: production and servicing. The production segment performs loan origination, acquisition, and sale activities, while the servicing segment performs servicing and subservicing of loans, early buyout transactions, and servicing of loans sourced and managed for PMT. The majority of revenue comes from the production segment.

State-owned housing and urban infrastructure financier. It lends to state housing boards, development authorities, municipal bodies and public agencies for housing and urban projects. Headquartered in New Delhi.

Keppel REIT is a commercial real estate investment trust with a SGD 11.7 billion portfolio of assets (as of Dec. 31, 2025) across Singapore, Australia, South Korea, and Japan. The majority of its assets are in Singapore, where it owns a 100% stake in Keppel Bay Tower, a 79.9% stake in Ocean Financial Centre, 66.7% stake in Marina Bay Financial Centre 3 and a 33.33% stake in Marina Bay Financial Centre 1 and 2 and One Raffles Quay. The trust is externally managed by Keppel REIT Management, a subsidiary of Keppel Capital. Parent Keppel Ltd. currently retains an approximate 38% stake in Keppel REIT.

Non-banking finance company focused on gold loans, home loans and loans to small businesses. It lends mainly to retail and small-business customers through a large branch network across India. Headquartered in Mumbai.

Dream Industrial Real Estate Investment Trust is an unincorporated, open-ended real estate investment trust. Its portfolio comprises industrial properties located in key markets across Canada, Europe and the USA. Its objective is to build upon and grow its portfolio and to provide stable and sustainable cash distributions to its unitholders.The reportable operating segments of its investment properties and results of operations are segmented into the following components: Ontario, Quebec, Western Canada, Europe, the U.S., Dream Summit JV and Development JV.

Affordable housing finance company serving low and middle income and self-employed home buyers with home and home improvement loans. Branches mainly in tier 2 and 3 cities. Headquartered in Mumbai.

Mortgage-focused non-banking finance company, formerly Indiabulls Housing Finance. It offers home loans, loans against property and loans to developers and small businesses.

IndiGrid Infrastructure Trust, formerly India Grid Trust is an infrastructure investment trust established to own inter-state power transmission assets in India. The projects comprise extra high voltage (EHV) overhead power transmission lines, comprising approximately seven 765 kV transmission lines and thirty 400 kV transmission lines. The company has two distinct reportable segments: Power Transmission and Power generation. The power Transmission segment generates the majority of revenue and is engaged in the business of owning and maintaining transmission assets. The power Generation segment includes entities in the business of generating power through renewable sources such as solar etc.

Ellington Financial Inc is a specialty finance company. Its primary investment objective is to generate attractive, risk-adjusted total returns for its shareholders by making investments. The company has two reportable segments; The Investment Portfolio Segment is focused on investing in a diverse array of financial assets, including residential and commercial mortgage loans, residential mortgage-backed securities, non-mortgage- and mortgage-related derivatives, debt and equity investments in loan origination companies, and other strategic investments, and The Longbridge Segment is focused on the origination and servicing of reverse mortgage loans. It acquires reverse mortgage loans both through its origination activities and through secondary market purchases.

Walker & Dunlop Inc is a United States-based commercial real estate finance company. It is principally engaged in originating, selling, and servicing a number of multifamily and other commercial real estate financing products that are sold under the programs of Freddie Mac, Fannie Mae, Ginnie Mae, and the Federal Housing Administration. The company is managed based on three reportable segments: Capital Markets (CM), Servicing & Asset Management (SAM), and Corporate. The company generates a majority of total revenue from gains from mortgage banking activities and servicing fees. It conducts business solely in the United States.

Home First Finance is an affordable housing finance company lending to low and middle income buyers in urban India. It funds itself through banks and debt markets. Headquartered in Mumbai.

Housing finance company promoted by Canara Bank. It gives home loans, plot loans and home improvement loans to salaried and self-employed individuals, mainly in South India. Headquartered in Bengaluru.

AAVAS Financiers is a housing finance company that lends for home purchase and construction to low and middle income families in semi-urban and rural India. It funds itself through bank loans and debt. Headquartered in Jaipur.

Aptus Value Housing Finance is a housing finance company serving self-employed, low and middle income households in semi-urban and rural South India. It offers home purchase, construction, extension and home improvement loans, mostly through a branch network in Tamil Nadu, Andhra Pradesh, Karnataka and Telangana. Headquartered in Chennai.

Centuria Capital Group is a real estate fund manager with assets under management of AUD 22 billion as of December 2025. A range of investment products is offered on the platform, including listed funds (primarily Centuria Industrial REIT and Centuria Office REIT), unlisted property funds, and real estate credit funds. Centuria co-invests in some of these vehicles—the group is the largest securityholder of the listed office and industrial trusts. The majority of Centuria’s earnings come from management fees on its investment products and distribution income from co-investments. The real estate investments span various sectors, with roughly a third of AUM allocated to office, another third to industrial, and the rest to retail, healthcare, agriculture, and real estate finance.

RFA Financial Inc is a scaled and dynamic financial service platform positioned as an intersection of banking, mortgage, origination, and real estate.

India Shelter Finance is a housing finance company lending to low-income and self-employed borrowers for home purchase and construction in smaller towns. Income is net interest on its loan book. It operates through a branch network across several Indian states. Headquartered in Gurugram, Haryana.

MFA Financial Inc is a specialty finance company that invests in and finances residential mortgage assets. Its principal business objective is to deliver shareholder value through the generation of distributable income and through asset performance linked to residential mortgage credit fundamentals. The company selectively invests in residential mortgage assets with a focus on credit analysis, projected prepayment rates, interest rate sensitivity and expected return. The company's reportable segments include mortgage-related assets; and Lima One.

Deutsche Pfandbriefbank AG or Pbb, is a European specialist bank focused on financing commercial real estate and public investments. The company's operating segments include the Real Estate Finance (REF) segment, which provides financing to professional real estate investors, and the Non-Core (NC) segment, which encompasses financing eligible for Pfandbrief cover for the provision and enhancement of public infrastructure, as well as non-earmarked financing to the public sector (budget financing). The Consolidation & Adjustments (C&A) segment reconciles the total of the segment results to the consolidated outcome, including income from the investment of allocated equity. The majority of the bank's revenue is derived from the Real Estate Finance segment.

Enity Holding AB is a specialist mortgage provider operating in the Nordic region, creating inventive and inclusive mortgage solutions for approximately 33000 customers across Sweden, Norway and Finland. It also offer savings accounts at highly competitive rates in Sweden, Norway and Germany. Through inclusive, yet sustainable and responsible mortgage lending, the company play an important role in supporting those who are often excluded by high-street banks. Its brand portfolio includes Bluestep Bank, Bank2, and 60plusbanken.

SHL Finance Co is engaged in real estate financing activities for individuals. The principal activities of the Company are to finance the purchase of houses and residential land and apartments, financing of real estate properties and financing the establishment of commercial and industrial projects.

Apollo Commercial Real Estate Finance is a New York-based real estate investment trust listed on the New York Stock Exchange under the ticker ARI. It has originated, acquired and managed performing commercial first mortgage loans, subordinate financings and other commercial real estate debt secured by properties such as hotels, offices, residential, retail and industrial assets, earning net interest income on the loans it holds. The company has no employees of its own: it is externally managed by ACREFI Management, a subsidiary of Apollo Global Management, under a management agreement dated September 23, 2009, and pays that manager a fee. ARI was organized as a Maryland corporation in 2009 and has been taxed as a REIT since that year. In January 2026 it agreed to sell its entire $9 billion commercial real estate loan portfolio to Athene Holding, Apollo's retirement services affiliate, and the sale closed on April 24, 2026 after stockholder approval. After repaying its financing facilities it was left with about $2.2 billion of assets, mostly cash, or a book value of roughly $12.05 per share. Chief executive Stuart Rothstein and the Apollo team are evaluating new commercial real estate strategies, the management fee has been halved in the meantime, and Apollo has said it will recommend exploring alternatives including dissolution if no new strategy is announced by year-end.

Eqdom is a Moroccan consumer-finance company that provides installment credit and personal financing to households. Its products historically included vehicle finance, equipment loans and general-purpose consumer credit distributed through branches and commercial partners. The company earns interest and fee income from originated receivables while managing underwriting, collections and funding risks. Eqdom has been listed on the Casablanca Stock Exchange and is controlled by Société Générale’s Moroccan banking interests. Fipar-Holding acquired a 9.11 percent financial minority position from CDG in 2004 as part of an internal portfolio transfer. The company serves individual consumers rather than acting as an investment fund, so it is classified as consumer finance despite its institutional shareholder base.

Repco Home Finance is a housing finance company offering home loans, extension and plot loans to middle and lower income households, mostly in South India. Headquartered in Chennai.

Michlol Finance Ltd is a non-bank credit company that provides financing with closed support to entrepreneurs and construction companies.

Amlak International Finance Co is engaged in the business of providing finance for real estate activities. It serves customers in Saudi Arabia. It operates through the following business segments Retail: These represent finance products granted to small and medium sized businesses under self- employed category and individuals; Corporate:These represent financing products granted to corporate, SMEs, high net worth individuals and institutional customers; and Head office: Head office is responsible for managing the surplus liquidity of the Group through short term market placements. It also provides support services to the business functions.. It derives maximum revenue from the Corporate Segment.

Valora CRI CDI FII is a Brazilian listed real estate credit fund investing primarily in real estate receivables certificates. It seeks returns benchmarked to the CDI rate and distributes income to unitholders. The fund is managed by Valora and administered by BTG Pactual; its units trade on B3 as VGIR11. Formerly named Valora RE III, it adopted its current name in March 2022.

Alkhabeer REIT is a closed-ended real estate investment traded fund. The portfolio of the REIT includes Almalga Residential Complex in Riyadh, Gallery Mall in Tabuk, Palazzo Center, B&Q Retail Company, Ahlan Court, BIN II Plaza, Elite Commercial Center, Elegance Tower, Vision Education Colleges, and others.

DH Group Nyrt is a Hungarian company and its main activities are financial product brokerage, real estate brokerage and other related services. The company's services include consumer finance solutions and Real Estate solutions.

BR Properties is a Brazilian commercial-property owner, developer and operator. It serves corporate tenants leasing office, logistics and industrial space in major Brazilian markets, and its products or services sit inside day-to-day operating or consumer workflows rather than acting as a passive holding vehicle. The business earns revenue through rental income, property-management services and gains on asset development or disposal. Founded in 2006 and based in São Paulo, BR Properties operates across Brazil with historical concentration in São Paulo and Rio de Janeiro. The company assembled a portfolio of income-producing properties and was publicly traded when GP Investments, supported by ADIA capital, completed a tender offer for control in 2016. The transaction gave the buyer group about 70% ownership after combining tendered shares with its prior position. Customers choose the company for institutional properties, tenant relationships and asset-management capabilities in Brazil’s largest commercial markets, while its capital base supports the people, technology, physical assets and regulatory capabilities needed to deliver those services. Its profile in this research is that of an operating company with identifiable customers and commercial revenue, even where long-term institutional shareholders own a material stake.

Greystone Housing Impact Investors LP engaged in acquiring a portfolio of mortgage revenue bonds (MRBs) that are issued by state and local housing authorities to provide construction and/or permanent financing for affordable multifamily housing, seniors housing, and commercial properties. It has four reportable segments, namely Affordable Multifamily MRB Investments, Seniors and Skilled Nursing MRB Investments, MF Properties, and Market-Rate Joint Venture Investments. It generates the majority of its revenue from the Affordable Multifamily MRB Investments segment.

Maroc Leasing SA provides lease financing for real estate and furniture. It also helps in financing lease for movable and immovable property professional, commercial and industrial.

Luxor AS is an investment company. Its objective is to create the possible long-term return for shareholders through investment for equity and foreign capital within the defined risk framework. The company operates through four segments namely Mortgage deeds, Bonds, Shares and Investment properties. Its mortgage deed portfolio comprises of single family-houses, flats, cooperative housing, holiday houses, farms, and residential and business properties. The bond portfolio includes various corporate bonds. Its investment property portfolio consists of offices, shops, warehouses and production facilities.

CGRE AG Formerly L-KONZEPT Holding AG is a Germany-based firm. Its business activities includes financing or acquiring a majority stake in companies in the real estate industry. It founds, acquires or invests in operating property developers and project companies and promotes their business success with management, financing and controlling services.

Brookfield Global Infrastructure Securities Income Fund is a closed-end investment fund. The investment objective of the company is to provide the unitholders with quarterly cash distributions; maximize total return for unitholders through distributions and capital appreciation, and preserve capital. It invests in a portfolio comprised of equity securities of publicly-traded infrastructure companies that own and operate infrastructure assets.

GIC Housing Finance is a housing finance company that gives home loans, loans against property and construction finance to individuals. It is promoted by General Insurance Corporation of India and other public sector insurers. Headquartered in Mumbai.