U.S. Diversified Financials Potentially Undervalued Companies

XP

Market Cap: US$9.8b

Provides financial products and services in Brazil.

FinVolution Group

Market Cap: US$2.1b

An investment holding company, operates in the online consumer finance industry in the People’s Republic of China, Indonesia, and internationally.

Angel Oak Mortgage REIT

Market Cap: US$230.5m

A real estate finance company, focuses on acquiring and investing in first lien non- qualified mortgage loans and other mortgage-related assets in the United States mortgage market.

Exor

Market Cap: US$17.9b

Engages in the automotive, agriculture and construction, sports car, commercial vehicle, and powertrain businesses worldwide.

Kaspi.kz

Market Cap: US$17.7b

Provides payments, marketplace, and fintech solutions for consumers and merchants in Kazakhstan, Azerbaijan, and Ukraine.

Qfin Holdings

Market Cap: US$3.8b

Qfin Holdings, Inc., together with its subsidiaries, operate AI- driven credit-tech platform under the Qifu Jietiao brand in the People’s Republic of China.

Jackson Financial

Market Cap: US$6.8b

Through its subsidiaries, provides suite of annuities to retail investors in the United States.

Banco Latinoamericano de Comercio Exterior S. A

Market Cap: US$1.7b

Banco Latinoamericano de Comercio Exterior, S.

Edenred

Market Cap: US$5.9b

Provides digital platform for services and payments for companies, employees, and merchants worldwide.

ORIX

Market Cap: US$4.3t

Provides financial services in Japan, the United States, Asia, Europe, and Australasia.

Ameriprise Financial

Market Cap: US$48.7b

Operates as a diversified financial services company in the United States and internationally.

Merchants Bancorp

Market Cap: US$1.5b

Operates as the diversified bank holding company in the United States.

Federal Home Loan Mortgage

Market Cap: US$30.3b

Operates in the secondary mortgage market in the United States.

Burford Capital

Market Cap: US$3.0b

Provides legal finance products and services worldwide.

UP Fintech Holding

Market Cap: US$2.3b

Provides online brokerage services focusing on Chinese investors in New Zealand, the Cayman Island, Singapore, the United States, and internationally.

Trinity Capital

Market Cap: US$1.1b

A business development company specializing in term loans, equipment financing, and private equity-related investments.

IGM Financial

Market Cap: US$11.7b

Engages in the asset management business in Canada.

Alerus Financial

Market Cap: US$565.8m

Operates as the bank holding company for Alerus Financial, National Association that provides various financial services to businesses and consumers in the United States.

Jefferson Capital

Market Cap: US$1.1b

Provides debt recovery solutions and other related services in the United States, the United Kingdom, Canada, and Latin America.

Ellington Financial

Market Cap: US$1.4b

Through its subsidiary, Ellington Financial Operating Partnership LLC, acquires and manages mortgage-related, consumer-related, corporate-related, and other financial assets in the United States.

Worldline

Market Cap: US$806.5m

Provides payments and transactional services for financial institutions, merchants, corporations, and government agencies in Northern Europe, Central and Eastern Europe, Southern Europe, and internationally.

StoneCo

Market Cap: US$4.4b

Provides financial technology and software solutions to merchants and integrated partners to conduct electronic commerce across in-store, online, and mobile channels in Brazil.

T. Rowe Price Group

Market Cap: US$23.8b

A publicly owned investment manager.

3i Group

Market Cap: US$38.8b

A private equity firm specializing in mature companies, growth capital, middle markets, infrastructure, and management leveraged buyouts and buy-ins.

Alaris Equity Partners Income Trust

Market Cap: US$846.2m

A private equity firm specializing in management buyouts, growth capital, lower & middle market, later stage, industry consolidation, growth capital, and mature investments.

Enact Holdings

Market Cap: US$5.5b

Operates as a private mortgage insurance company in the United States.

PROG Holdings

Market Cap: US$1.4b

A financial technology holding company, provides payment options to consumers in the United States.

Rithm Capital

Market Cap: US$6.5b

Operates as an asset manager focused on real estate, credit, and financial services in the United States.

Seven Hills Realty Trust

Market Cap: US$162.3m

A real estate investment trust, focuses on originating and investing in first mortgage loans secured by middle market and transitional commercial real estate in the United States.

NewtekOne

Market Cap: US$323.0m

Operates as the bank holding company for Newtek Bank, National Association that provides various business and financial solutions under the Newtek and NewtekOne brands to the small- and medium-sized business market.

Ready Capital

Market Cap: US$724.2m

Operates as a real estate finance company in the United States.

HAL Trust

Market Cap: US$11.4b

Operates through multi-sectors in Europe, the United States, Canada, Asia, and internationally.

Chicago Atlantic Real Estate Finance

Market Cap: US$297.8m

Chicago Atlantic Real Estate Finance, Inc.

PagSeguro Digital

Market Cap: US$2.6b

Engages in the provision of financial and payment solutions for consumers, individual entrepreneurs, micro-merchants, and small and medium-sized companies in Brazil and internationally.

CaliberCos

Market Cap: US$5.9m

A real estate investment, and an asset management firm specializes in middle-market assets.

3i Group

Market Cap: US$38.8b

A private equity firm specializing in mature companies, growth capital, middle markets, infrastructure, and management leveraged buyouts and buy-ins.