U.S. Diversified Financials Undervalued over 20% based on DCF

Berkshire Hathaway

Market Cap: US$1.0t

Through its subsidiaries, engages in the insurance, freight rail transportation, and utility businesses worldwide.

Capital One Financial

Market Cap: US$136.1b

Operates as the financial services holding company for the Capital One, National Association, which engages in the provision of various financial products and services in the United States, Canada, and the United Kingdom.

Apollo Global Management

Market Cap: US$82.5b

A private equity firm specializing in investments in credit, private equity, infrastructure, secondaries and real estate markets.

Fiserv

Market Cap: US$72.9b

Provides payments and financial services technology solutions in the United States, Europe, the Middle East and Africa, Latin America, the Asia-Pacific, and internationally.

PayPal Holdings

Market Cap: US$66.3b

Operates a technology platform that enables digital payments for merchants and consumers worldwide.

Ameriprise Financial

Market Cap: US$47.9b

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

Fidelity National Information Services

Market Cap: US$36.5b

Fidelity National Information Services, Inc.

Synchrony Financial

Market Cap: US$25.8b

Operates as a consumer financial services company in the United States.

T. Rowe Price Group

Market Cap: US$23.2b

A publicly owned investment manager.

Corpay

Market Cap: US$22.2b

Operates as a payments company that helps businesses and consumers manage vehicle-related expenses, lodging expenses, and corporate payments in the United States, Brazil, the United Kingdom, and internationally.

Corebridge Financial

Market Cap: US$18.4b

Provides retirement solutions and insurance products in the United States.

Annaly Capital Management

Market Cap: US$13.2b

A diversified capital manager, engages in the mortgage finance business.

AGNC Investment

Market Cap: US$9.8b

Provides private capital to housing market in the United States.

Starwood Property Trust

Market Cap: US$7.1b

Operates as a real estate investment trust (REIT) in the United States and internationally.

Voya Financial

Market Cap: US$7.0b

Provides workplace benefits, and savings solutions and technologies in the United States and internationally.

SLM

Market Cap: US$6.6b

Through its subsidiaries, originates and services private education loans to students and their families to finance the cost of their education in the United States.

WEX

Market Cap: US$5.9b

Operates a commerce platform in the United States and internationally.

Lazard

Market Cap: US$4.9b

Operates as a financial advisory and asset management firm in the Americas, Europe, the Middle East, Africa, and the Asia Pacific.

StoneCo

Market Cap: US$3.6b

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

Bread Financial Holdings

Market Cap: US$2.7b

Provides tech-forward payment and lending solutions to customers and consumer-based industries in North America.

PagSeguro Digital

Market Cap: US$2.5b

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.

Arbor Realty Trust

Market Cap: US$2.4b

Invests in a diversified portfolio of structured finance assets in the multifamily, single-family rental, and commercial real estate markets in the United States.

EVERTEC

Market Cap: US$2.2b

Provides transaction processing and financial technology services in Latin America, Puerto Rico, and the Caribbean.

LendingClub

Market Cap: US$1.8b

Operates as a bank holding company, that provides range of financial products and services in the United States.

Central Securities

Market Cap: US$1.4b

Central Securities Corp. is a publicly owned investment manager.

General American Investors Company

Market Cap: US$1.3b

A publicly owned investment manager.

PROG Holdings

Market Cap: US$1.2b

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

Guild Holdings

Market Cap: US$1.2b

Through its subsidiary, originates, sells, and services residential mortgage loans in the United States.

Ellington Financial

Market Cap: US$1.2b

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.

Alerus Financial

Market Cap: US$529.0m

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

Diamond Hill Investment Group

Market Cap: US$386.4m

Through its subsidiary, Diamond Hill Capital Management, Inc., provides investment advisory and fund administration services in the United States.

Greystone Housing Impact Investors

Market Cap: US$250.6m

Acquires, holds, sells, and deals in a portfolio of mortgage revenue bonds (MRBs) that are issued to provide construction and permanent financing for multifamily, student, and senior citizen housing; skilled nursing properties; and commercial properties in the United States.

Angel Oak Mortgage REIT

Market Cap: US$213.9m

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.

Athena Bitcoin Global

Market Cap: US$81.5m

Provides various crypto asset transaction platforms in the United States, El Salvador, Argentina, Colombia, and Mexico.

Manhattan Bridge Capital

Market Cap: US$64.1m

A real estate finance company, originates, services, and manages a portfolio of first mortgage loans in the United States.

Sachem Capital

Market Cap: US$54.9m

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