PropTech Market Update - GCA Advisors...2 EXECUTIVE SUMMARY –2020 PROPTECH» Despite a decline from 2019’s record capital raising levels, investment into the U.S. PropTech market

PropTech Market Update

2020 Year-End Review

22

EXECUTIVE SUMMARY – 2020 PROPTECH

» Despite a decline from 2019’s record capital raising levels, investment into the U.S. PropTech market remains incredibly active with ~$7.3Bn of equity and debt raised across nearly 300 deals in the category in 2020

» 58 deals of $20M+ in equity invested and 28 deals with $50M+ in equity investment ➔ scale leaders emerging across all sub-categories within PropTech and investors backing established category leaders

» $100M+ investment rounds in 2020 into Vacasa, Sonder, Better, Hippo, Katerra, Procore and many others

» M&A market remained highly active with ~100 U.S. PropTech M&A deals in 2020 ➔majority of M&A activity was driven by strategic buyers, but private equity activity increasing

» Valuation multiples in the market continue to remain strong, especially for software businesses, with the NASDAQ up ~44% in 2020(1) – Rise of SPACs (Special Purpose Acquisition Companies) with focus on PropTech

‒ Opendoor, Porch, Open Lending, Vivint and United Wholesale Mortgage all announced SPAC mergers with multiple additional PropTech-focused SPACs looking for targets

‒ Successful and pending IPOs reflect continued significant public market demand for PropTech companies

» GCA expects continued strong PropTech market activity in 2021 given the momentum and tailwinds in the sector

Source: (1) Reflects percent change from 1/2/2020 to 12/31/2020.(2) As of 1/22/2021.

/$10,200MM

/$11,000MM

/$250MM

/$1,800MM

/$350MM

Market Cap(2): ~$110Bn Market Cap(2): ~$9Bn Market Cap(2): ~$40Bn Filed for IPO

Significant Strategic & Private Equity M&A Transactions

Successful & Pending IPOs

/Undisclosed

33

Lizzie [email protected]

LEADING ADVISORY TEAM FOCUSED ON THE PROPTECH MARKET

Key Sub-Sector Coverage Verticals

Residential RE Software Commercial RE Software

Mortgage / Lending Title / Insurance

Home Services Facilities Management

Construction Tech IWMS

Chris GoughManaging Director

Head of Real Estate TechnologyPhone: (415) [email protected]

Leader in PropTech Advisory – 25+ Global PropTech Deals Announced since 2017

Adrian ReedManaging Director

Phone: +44 (161) [email protected]

Dominic Orsini, [email protected]

GCA European PropTech Team

GCA U.S. PropTech Team

Acquired by

We advised the seller

Acquired by


Acquired by


Investment from

We advised Capsilon

Investment from

We advised Mobysoft

Acquired

We advised the buyer

Acquired by


Acquired by


Acquired by


Acquired by


Acquired by


Acquired by


A Portfolio Company of

Acquired by


Majority interest acquired by


Acquired by



Majority interest acquired by


Acquired

We advised the buyerWe advised Mobysoft

Investment from


Investment from


Majority investment from


44

GCA ADVISES LONE WOLF TECHNOLOGIES ON ITS STRATEGIC INVESTMENT F ROM STONE POINT CAPITAL

Transaction Overview End-to-End Real Estate Software Platform

» On October 23rd, Lone Wolf Technologies announced that funds managed by Stone Point Capital will become Lone Wolf’s lead institutional investor

» Lone Wolf Technologies is the North American leader in residential real estate software

» The Company provides agents, brokers, franchises, MLSs and associations the tools they need to build their business and improve profits

Company Highlights

1.4M+Agents

22M+eSignatures

Per Year

8,000+Brokerage Customers

1,000+Association Customers

99%North American Forms

Coverage

15M+Completed

Transactions

Forms

Creates, manages and auto-populates legally compliant online forms and contracts by leveraging the industry’s most comprehensive offering of form coverage and types

eSignature Cloud-based, electronic signature for real estate transactions with over 22 million eSignatures filed annually

Back-Office Management

Purpose-built back-office accounting software combining traditional accounting with real estate transaction functionality that results in sticky relationships throughout any macroeconomic climate

Insights & Analytics

First-of-its-kind broker command center, delivering AI-enabled predictive insights, built upon a data lake leveraging 30+ years of proprietary, industry-specific data from Lone Wolf’s existing product suite

Marketplace

All-in-one platform of over 30 partners, offering curated upstream and downstream services and tools to significantly improve the entire real estate transaction experience and deliver unique agent differentiation

Transaction Management

Transaction management tools – MLS integration, forms, eSignatures, etc. – designed to enhance agent productivity, drive compliance and manage transactions from contract to close

GCA acted as financial advisor to Lone Wolf Technologies on its strategic investment from Stone Point Capital

Source: Company websites and press releases.

55

Launch ofInsight’s AI-enabled system delivers on-demand snapshots of sales forecasts, GCI and company dollar

Select Transaction Commentary

History of Strategic Acquisitions and Product Development

Marketplace Partners

Brokerages & Franchises

Select Partners and Customers

MLSs & AORs We’re excited to work with the team at Stone Point to continue our strategic

growth. Stone Point’s investment aligns with our vision to create a truly

connected, fully digital real estate experience. We are thankful for the

partnership and leadership of Vista Equity Partners over the last five years,

and we remain committed to serving the real estate industry going forward.”Jimmy Kelly,

President and CEO,

Lone Wolf Technologies

“

Acquisition of zipLogix brought breadth to existing forms business, with complementary transaction management solutions and unique customer relationships (NAR, CAR)

Investment byVista Equity partners completed a majority investment and focused on executing a core organic plan while simultaneously looking for inorganic pieces

Investment byVista Equity Partners completed a minority investment

Launch of Seamless integration of Lone Wolf’s transaction management solutions with brokerWOLF enables agents to communicate with back-office processes in real-time

Acquisition ofLone Wolf added cloud-based transaction management products and extensive forms coverage (i.e., Canada)

Apr 2015 Oct 2017 May 2020

Jul 2016 Apr 2019

Apr 2019

Jan 2020

Lone Wolf Link Launch ofMarketplace hosts a variety of digitaltools, services and partner solutionsfor real estate agents and brokerages

We are enthusiastic about the long-term opportunities within the real estate

services and technology industry. This industry is undergoing rapid digital

transformation, and we are pleased to partner with Jimmy and his

colleagues, who together have built a remarkable company and have

demonstrated the vision to continue to grow and better serve their clients.

Chuck Davis,

CEO,

Stone Point Capital

“

”

GCA ADVISES LONE WOLF TECHNOLOGIES ON ITS STRATEGIC INVESTMENT F ROM STONE POINT CAPITAL (CONT.)


66

GCA ADVISES CONSTRUCTION TECH LEADER EQUE2 ON INVESTMENT FROM WESTBRIDGE

Background

• Eque2 are the UK market-leading supplier of business management software to the construction, contracting and house building industries

• The Company targets businesses across a range of sizes from SMB (small and medium-sized businesses) to UMM (upper mid-market) within construction & related industries

• The investment from WestBridge will support Eque2’s management team to deliver its go to market strategy and SaaS platform growth

About the Transaction

• GCA Altium was appointed in early 2020 to assess exit options and prepare for a marketing process to both trade and PE

• Preparation and trade outreach commenced in early 2020, with financial, commercial and technology vendor due diligence commissioned

• The shareholders viewed WestBridge’s offer as the most compelling based on price, relationship, timetable and overall strategy to pursue Eque2’s go to market strategy and SaaS growth opportunity

• The buyout was led by a five-strong senior management team and provided a full exit for LDC, which acquired a minority stake in the company in November 2017, and other institutional shareholders within three weeks after receiving offers

LocationUK

DateDecember 2020

Deal TypeSell-side M&A

ConstructionTechnology

GCA Altium acted as exclusive financial advisor to Eque2, a portfolio company of LDC, on the sale to WestBridge

77

GCA ADVISES MOBYSOFT ON ITS INVESTMENT FROM ECI

Background

• Based in Manchester, Mobysoft is a fast-growing, highly recurring provider of cloud-based rent arrears management software to the UK social housing sector

• Mobysoft’s flagship product, RentSense, processes payment patterns for more than 1.6m properties on a daily and weekly basis and uses predictive analytics software to provide recommendations and optimise workflows for over 140 social housing providers

• RentSense has achieved significant penetration of the UK social housing market (>30% on a properties basis) and Mobysoft expects to generate annual recurring revenue of c.£11.5m by December 2020

• Mobysoft was founded in 2003 by Derek Steele

About the Transaction

• GCA Altium has advised Mobysoft since 2016, successfully facilitating minority investment from Livingbridge in 2017 followed by a debt refinancing process in 2019, and was appointed in late 2019 to assess exit options

• The shareholders viewed ECI’s offer as the most compelling based on relationship, price and overall strategy to pursue Mobysoft’s key growth opportunities

• ECI will take a significant stake alongside a minority reinvestment by Livingbridge and management

LocationUK

DateSeptember 2020

Deal TypeMinority Investment

Multi-FamilySoftware

GCA Altium advises multi-family software provider Mobysoft on investment from ECI

8

I. PROPTECH MARKET SUMMARY

II. PUBLIC MARKETS

III. M&A AND MARKET COMPS BACK-UP

99

2020 PROPTECH SECTOR SUMMARY – KEY SUBSEGMENT TRENDS

Source: (1) Mortgage Bankers Association Mortgage Market Forecast. (2) Capital IQ as of 1/22/2021.(3) CBRE, Global Real Estate Market Outlook 2021 Review.

− COVID-19 accelerating “digitization” of the transaction ➔virtual showings, performance / data-driven customer capture, virtual notary, transaction management, broker management tools, tech-driven escrow / title all will benefit from adoption tailwinds in post-COVID market

− Record activity in the mortgage vertical driving significant momentum in the market. Mortgage Bankers Association expects $3.6Tn in total originations in 2020 ($2.2Tn refi / $1.4Tn purchase) ➔ fueled continued interest in mortgage tech / mortgage originators(1)

− Brokerages have been the best performing public market segment in PropTech in 2020 ➔ continued verticalization of the market with brokerages working to expand attach rates on title / mortgage and adjacent transaction related products

Residential Real Estate Technology Commercial Real Estate Technology

− Commercial RE investment activity fell 44% through the first three quarters of 2020, but activity remains highly end-market dependent – investors have favored multi-family and industrial assets relative to retail, office and hotels(3)

− Despite a challenging 2020, low interest rates, significant dry power and government stimulus should support the CRE market in 2021

− CRE office solutions that deliver operational efficiency drive high ROI and are in high demand (energy efficiency, utilities bulling, predictive maintenance, visitor management, etc.)

− Tenant engagement, tenant experience and tenant safety tools are also critical in post-COVID environment

− Continued activity and strong momentum in multifamily management software, especially for firms that are using tech to enhance tenant experience

Up 207% in LTM(2) Up 57% in LTM(2)Up 837% in LTM(2)

1010

$4,226 $4,833

$6,955

$5,938

$250

$475

$2,060

$1,345

$2,748

$1,823

$4,477

$5,308

$9,015

$7,284

2015 2016 2017 2018 2019 2020

Q4$1,808

Q3$815 Q2

$3,933

Q1$728

$7,284

Source: Capital IQ as of 12/31/2020, Pitchbook, press releases.Excludes Oyo Rooms and The We Company financing rounds.Represents data across CRE / Investment, Residential Real Estate and Mortgage Technology.

ANOTHER RECORD YEAR – REFLECTED IN 2020 DEAL FLOW

($MM)

Avg. Deal Value:

$20.6$8.0$10.6 $20.1 $21.3 $20.1

Equity Raise Value Debt Raise Value

U.S. Real Estate Technology Venture Investment (2015 - 2020)

295 U.S. PropTech deals in

2020, totaling $7.3Bn in

equity and debt

1111

Date CompanySelect

Investor(s) Amt. Invested Funding to Date

Latest Reported Valuation

4/6$1,000(1) Equity / $1,000 Debt

$6,400(2) NA

11/24 $350 $710 $1,500

5/19 $200 $1,491 NA

11/10 $200 $410 $4,000

6/24 $170 ~$560 $1,300

4/20 $150 $155 NA

4/30 $150 ~$400 $5,000

7/21 $150 $709 $1,500

5/21 $123 ~$230 $623

6/2 $108 ~$635 NA

ANOTHER RECORD YEAR – REFLECTED IN 2020 DEAL FLOW

Top 10 U.S. Equity Rounds of 2020U.S. Growth Capital Raises Greater than $20MM

($MM)

Strong deal activity in 2020 in an

unpredictable economic environment

Source: Capital IQ as of 12/31/2020, Pitchbook, press releases.Excludes Oyo Rooms and The We Company financing rounds.Represents data across CRE / Investment, Residential Real Estate and Mortgage Technology.

(1) AirBnB raised $1Bn in debt and equity (mix not disclosed) and $1Bn of debt on 4/6/2020.(2) Debt and equity mix not disclosed.

15 16

32

39

79

58

2015 2016 2017 2018 2019 2020

1212

1

PROPTECH PRIVATE COMPANY FUNDING LEADERS

$50MM - $100MM

$100MM - $200MM

$200MM - $500MM

>$500MM

$25MM - $50MM

Equity Raised to Date:

($614MM) ($3.0Bn) ($8.9Bn Equity / $6.1Bn Debt)

Other Mega Funding Leaders

($468MM)

51 companies

raised $100MM+

157 companies

raised $25MM+

Source: PitchBook, CB Insights, company filings, company websites, press releases. Funding totals exclude secondary transactions. Equity raised to date as of 1/16/2021.

2020 IPO / SPAC

Movers

(2021)

1313

$15 $40 $110

$195 $320

$15 $25 $70

$100

$150

$350

$15 $40 $110

$210

$360

$710

Dec-16 Jan-18 Nov-18 Jul-19 Jul-20 Nov-20

Previously Raised New Funding

− On November 24, Hippo Enterprises (“Hippo”) announced a capital investment of $350 million from Mitsui Sumitomo Insurance Company, Limited, a subsidiary of MS&AD Insurance Group Holdings, Inc.

− The investment solidifies the strategic partnership between the two companies, which began with MS&AD Ventures’ initial investment in Hippo’s Series E funding round

− The investment will support Hippo’s product roll out in additional states and Mitsui Sumitomo will take on a portion of risk to support Hippo through a reinsurance treaty

Received Strategic Investment from

Transaction Overview Hippo Overview

$350MM Invested

Headquarters: Mountain View, CA

Founded: 2015

Description: Hippo Enterprises is a licensed national property and casualtyinsurer in the United States. The Company provides an onlineplatform that enables homeowners to obtain customized homeinsurance coverage, ongoing home-care services andmaintenance.

Current Investors:

HIPPO SECURED $350MM FROM MS&AD INSURANCE GROUP

Hippo Fundraising Timeline

Source: PitchBook, CB Insights, Crunchbase, company website, press releases.

A B C D ESeries:

Product Overview

Modern Home Insurance Policies provided by Hippo set a new standard of

home insurance and offer protection for everything

from traditional property & liability coverage to

individual devices and appliances

Home WellnessHippo helps care for your home and prevent small

issues from becoming expensive headaches with

complimentary smart home monitoring systems

and virtual home maintenance services, DIY guides

and on-demand bookings

60-secondsTo receive a quote

Up to 25%Savings

5 minutesTo purchase a policy

E-II

1414

HIPPO SECURED $350MM FROM MS&AD INSURANCE GROUP (CONT’D)

Source: PitchBook, CB Insights, Crunchbase, company website, press releases.

Select Deal Commentary

We value the innovation that Hippo brought to the home

insurance space through its advanced classification of risk. We

look forward to learning from one another through our strategic

partnership, providing high value-added products and services

to customers of both companies in the U.S. and Japan, and to

continue to support Hippo, which quickly became a top

insurtech in the U.S. home insurance space and is beloved by its

customers.

We have been very thoughtful on the people that we’ve

bought into the capital structure and how can they help us build

the biggest franchise. Mitsui Sumitomo is one of the best when

it comes to risk management and shares our desire to leverage

data and analytics to create better outcomes for homeowners.

We’re excited to deepen our partnership and gain additional

catastrophe modeling expertise from one of the world’s largest

insurers.”

“

”

“

Shinichiro Funabiki, Director, VP

Executive Officer, MS&AD Insurance

Assaf Wand, Co-Founder & CEO,

Hippo Insurance

Geographic Presence Today

− The company currently offers insurance products to more than 70 percent of homeowners in the country

Geographic Presence at Scale

− The money will be used to roll out in new states, helping Hippo get to its goal of reaching 95 percent of U.S. homeowners in the next year

Geographic Presence

1515

− On September 10, Orchard announced that it had raised $69MM in equity led by Revolution Growth, with participation from existing investors FirstMark Capital, Navitas, Accomplice and Juxtapose

− This brings the company’s total attributed funding to $155MM to date(1)

− Orchard plans to use its new funding to launch new product offerings and expand into new markets throughout the country

Series Cled by

Transaction Overview Orchard Overview

$69MM Raised

Headquarters: New York, NY

Founded: 2017

Description: Operator of home buying and selling marketplace, which digitizesthe experience of buying and selling homes. The company utilizestechnology to deliver valuation for homes and make contingency-free offers on behalf of the buyer for a new home, enablingclients to buy before they sell, while also handling the showingand sale process of the old home

Current Investors:

ORCHARD RAISES $69MM IN SERIES C ROUND

Solution Overview Orchard Fundraising Timeline

Source: PitchBook, CB Insights, Crunchbase, company website, press releases.(1) Additionally raised $200MM in debt to date.

1. Customized PlanCustomers start by answering a few questions

about their current home and the company

pairs them with an Orchard Home Advisor

2. BuyOrchard Home Advisor assist customers in

finding a new home

Make a contingency-free offer and reserve

the home with Orchard’s cash

3. SellOrchard Home Advisor finds a buyer for the old

home

Option to use Orchard Home Loans or a lender

to finalize the mortgage

A B CSeries: A-II

$30 $50

$86

$30

$20

$36

$69

$30

$50

$86

$155

May-18 Apr-19 Jan-20 Sep-20


1616

− On May 21, States Title announced that it had raised $123MM in equity led by Greenspring Associates with participation from new investors Horizons Ventures, Eminence Capital, HSCM Bermuda as well as existing investors Foundation Capital, Assurant, Fifth Wall Ventures, Lennar Ventures and SCOR Global P&C Ventures

− This brings the Company’s total attributed funding to ~$230MM to date

− States Title plans to use its new funding to transform real estate closings at lower costs

Series CLed By

Transaction Overview States Title Overview

$123MM Raised

Headquarters: San Francisco, CA

Founded: 2016

Description: Offers patented machine intelligence-enabled tech solutions todigitize and automate residential real estate closings. States Titleand its family of brands – North American Title Company (NATC)and North American Title Insurance Company (NATIC) – offerssolutions for lenders, real estate agents, title agents andhomeowners that make closings more simple and efficient

Current Investors:

STATES TITLE RAISES $123MM IN SERIES C ROUND


States Title has developed an automated, patented technology

that streamlines the laborious title and escrow process, emerging

as the market leader in an industry that historically lacks

meaningful innovation. We are thrilled to support States Title as

they advance the vision of an instant mortgage that closes with

one tap. Especially in the current economic climate, the

mortgage industry needs to be re-imagined with transformative

technological solutions to reduce costs and improve the

customer experience. States Title is leading the vanguard of this

transformation.”

“

Jim Lim, Managing General

Partner, Greenspring Associates

States Title Fundraising Timeline(1)

Source: Pitchbook, CB Insights, Crunchbase, Company website, press releases.(1) Per Crunchbase data.

$23.2$81.6 $106.6

$13.0

$58.4

$25.0

$123.0

$10.2 $23.2

$81.6$106.6

$229.6

Seed(11/25/2016)

Series A(12/20/2017)

Series B-I(1/6/2019)

Series B-II(6/20/2019)

Series C(5/21/2020)


1717

STATES TITLE RAISES $123MM IN SERIES C ROUND (CONT’D)

Source: Pitchbook, CB Insights, Crunchbase, Company website, press releases.

Product Overview

Solution Overview

Instant Title Underwriting – Predictive analytics algorithm that

utilizes a forward-thinking risk-based insurance model to clear title

commitments instantaneously

Remote Closings – To ensure

business continuity and accelerate

transactions, States Title offers

multifaceted state and lender-

specific eClosing solutions

Borrowers authorize closing

agents to sign on their behalf

Remote Online Notarization

powered by

Comprehensive gap insurance

from closing to recordation

Can reduce closing from 30 to 45 days to 20

2019A revenue of ~$200 million

1 of the top 2 largest bank lenders & 2 of the top

10 largest nonbank lenders as customers

Transaction volume grew by 100 times in 2019

compared to the year prior

For LendersPredictively underwritten title insurance

& escrow processes

White-label digital closing experience

products

Resale of direct title services and direct

settlement & escrow services

For Title AgentsQuick and straightforward underwriting

services, with a counsel that guarantees a

response back to your questions within 1

hour

Fast and transparent agency application

process for qualified agents

For Real Estate ProfessionalsExperienced services and guidance

throughout the home purchase or sale

process

Customer closing cost and mortgage

qualification calculators

For HomeownersFast efficient title and escrow services

Machine intelligence used to buy, sell or

refinance homes

1818

$4.5$20.1

$4.5

$15.6

$29.0

$4.5

$20.1

$49.1

Series A(5/26/2017)

Series A-II(7/18/2018)

Series B(5/21/2020)


− On May 21, Spruce announced that it had raised $29MM in equity led by Scale Venture Partners with participation from Zigg Capital and Bessemer Venture Partners

− This brings the Company’s total funding to ~$49MM to date

− Spruce plans to use its new funding to accelerate development of its proprietary technology and deepen integrations with client partners

Series BLed By

Transaction Overview Spruce Overview

$29MM Raised


Founded: 2016

Description: Neutral third party that helps coordinate transactions betweenhomeowners and lenders / real estate institutions with a digital-first experience. Spruce takes handles title search, policy,settlement and escrow processes by pairing intuitive softwarewith high-touch human expertise

Current Investors:

SPRUCE RAISES $29MM IN SERIES B ROUND

Solution Overview Spruce Fundraising Timeline

Source: Pitchbook, CB Insights, Crunchbase, Company website, press releases.(1) Excluding Colorado and Florida; Company website as of 7/10/2020.

LendersModern title & closing technology

Detailed audit trails of the entire transaction from

beginning to end

Integrate with current loan origination system or

proprietary transaction software

Real Estate TechPartner with industry experts to create optimal

workflows

Digital closing experience has an NPS of 60 and

allows customers to view & sign documents, link

their bank account, and schedule closing with

easeHomeowners

Spruce provides a transaction coordinator

supported by a team of in-house experts

Average closing fee of $495(1)

Safely receive funds and communicate about

transactions via secure portal

1919

− On April 15, Notarize filed that it had raised $25.7MM in equity led by Polaris Partners and Hyperplane Venture Capital

− This brings the Company’s total funding to $74MM to date

Series C

Transaction Overview Notarize Overview

$26MM Raised

Headquarters: Boston, MA

Founded: 2015

CEO: Patrick Kinsel

Description: Provider of a document management platform oriented towardsthe real estate industry, allowing consumers and enterprises suchas lenders, insurers and title agents to sign and notarizedocuments online

Current Investors:

NOTARIZE RAISES $25.7MM IN SERIES C ROUND

Notarize Highlights

Notarize has been on a trajectory from day one, influencing

legislation and building the technology, relationships and

infrastructure to change business processes, while also creating a

superior customer experience for an antiquated process. Notarize

saw the potential to address the pain points of traditional notary

with a secure, streamlined solution that is already saving

government, businesses and consumers countless hours and

dollars. ”

“


Dave Barrett, Managing Partner,

Polaris

Notarize Fundraising Timeline

Source: Pitchbook, Company website, press releases.

($MM) Seed Series A Series B-I Series B-II Series C

Date 5/15/15 7/5/16 4/20/19 9/4/19 4/15/20

Equity Raised $2.5 $8.5 $20.0 $17.0 $25.7

Total Raised to Date $2.5 $11.0 $31.0 $48.0 $73.7

Notarize Products

eSignElectronically sign any document

Free service

Online NotarizationConnect with a commissioned notary public

24x7 to sign & notarize documents

Real Estate ClosingsSigners can electronically review, sign and

notarize real estate documents

Connects the mortgage industry on 1 platform

Available 24/7

Legally Sign &

Notarize Documents

100% Online

Subscription and Per-

Notarization Pricing

Plans

2020

− On March 10, Zumper announced that it had raised $60MM in equity led by e.ventureswith participation from a number of existing investors at a post-money valuation between $400MM and $600MM, bringing the Company’s total funding to $150MM to date

− Zumper noted that is experiencing 100% y/y revenue growth and is on track to reach 80 million users on its platform in 2020

− Zumper plans to use its new funding to strengthen its engineering team and invest further in its ability to process rental payments online

Series D

Transaction Overview Zumper Overview

$60MM Raised


Founded: 2012

Description: Developer of a search-through-close rental platform where arenter can search, schedule a tour or apply through their phone.The platform also provides landlords with online tenant screeningand rent collection services

Current Investors:

ZUMPER RAISES $60MM IN SERIES D ROUND

Product Overview

Zumper’s progress so far is striking, and it has quickly become

the leading independent company focused on the rental market.

We believe that Zumper is well positioned because of its focus on

providing an exceptional product for renters and great value for

landlords and multifamily properties. ”

“


Mathias Schilling, Co-Founder &

Managing Partner, e.ventures

Zumper Fundraising Timeline

Source: Pitchbook, TechCrunch, Company website, press releases.(1) Post-money valuation estimates per Pitchbook and TechCrunch.

Acquisition Timeline

Sep 2019

Web-based software platform that automates the entire rental process for landlords, leasing agents and tenants

Jan 2016

Operates an online map-based apartment rentals search website and mobile application for consumers to search for rentals by geographic location

Find Houses, Rooms or Apartments for RentReceive real-time alerts and instantly apply

Filter by location, price range, bedroom count, pet-friendly or

amenity and set an alert to get notifications when a new listing is

posted

Post Rental Listings and Collect RentPost rental listings and screen tenants

Collect rent with online payments

Generate more leads with Zumper’s network

(1)

($MM) Seed Series A Series A-I Series A-II Series B Series C Series D

Date 5/1/12 3/3/14 6/25/15 2/1/16 10/18/16 9/17/18 3/10/20

Equity Raised $1.7 $6.8 $6.4 $11.8 $17.7 $45.7 $60.0

Total Raised to Date $1.7 $8.5 $14.9 $26.7 $44.3 $90.0 $150.0

2121

− On February 6, HouseCanary announced that it had raised $65MM in equity led by Alpha Edison, Morpheus Ventures and PSP Growth


− HouseCanary plans to use its new funding to continue to build the most accurate valuations in the housing market, continue to build its world-class team to accelerate development and broad market adoption of HouseCanary and invest in its leading-edge technology

Series C

Transaction Overview HouseCanary Overview

$65MM Raised


Founded: 2013

Description: Developer of a real estate analytics platform designed to offerresidential real estate information for every block and propertyand help people make better real estate decisions. The company'sreal estate analytics platform aggregates millions of dataelements to accurately define and forecast values and marketinfluences, enabling individual buyers and real estateprofessionals to make better buying and selling decisions

Current Investors:

HOUSECANARY RAISES $65MM IN SERIES C ROUND

Product Overview


HouseCanary Fundraising Timeline


We invest in disruptive companies that are innovative and

creative in how they tackle the changing landscape. Through their

proven software and data driven technology HouseCanary is

streamlining real estate transactions and changing the future of

the industry.

Joseph Miller, Managing Partner,

Morpheus Ventures

”

($MM) Early Stage VC Series A Series B Series C

Date 3/8/17 4/7/17 5/1/17 2/6/20

Equity Raised $0.6 $33.0 $31.0 $65.0

Total Raised to Date $0.6 $33.6 $64.6 $129.6

“

Data Explorer - Proprietary

analytics for more than 100

million US homes

Property Explorer - Data &

details around individual

homes (e.g., historic price

growth)

Market Explorer -

Interactive neighborhood

analysis (rental return,

affordability, etc.)

Agile Insights - Context

around a home’s true

value with individual

home reports

Agile Evaluation -

Condition-informed

BPO alternative

Agile Certified - Security

of high-confidence AVM

backed by transferable

insurance policy

2222

− On February 5, Cherre announced that it had raised $16MM in equity led by Intel Capital with participation from Navitas Capital, Carthona Capital, Zigg Capital, DreamitVentures and Silicon Valley Bank


− Cherre plans to use its new funding to continue powering its fully-integrated data systems

Series A

Transaction Overview Cherre Overview

$16MM Raised


Founded: 2016

Description: Provides investors, insurers, real estate advisors and other largeenterprises with a platform to collect, resolve, and augment realestate data from public, private and internal sources. Cherreallows customers to evaluate opportunities and trends faster andmore accurately, while saving on manual data collection andanalytics costs

Current Investors:

CHERRE RAISES $16MM IN SERIES A ROUND

Product Overview

We see Cherre as critical infrastructure to accelerate the future

of this industry. Our customer diligence repeatedly indicated

Cherre’s AI-enabled platform was a foundational pillar — a data

system of record for large enterprises across the real estate

segment. We’re excited to help accelerate Cherre’s global growth

trajectory.”

“


Trina Van Pelt, Vice President,

Intel Capital

Cherre Fundraising Timeline


($MM) Seed VC Series A

Date 10/1/18 2/5/20

Equity Raised $9.0 $16.0

Total Raised to Date $9.0 $25.0

CoreAugment - Data network provides updated real estate data

CoreConnect - Ability to connect internal and external data

CoreExplore - Asset, community and ownership information for

properties within the database

CorePredict - AI engine and real estate professionals available

2323

− On January 24, CREXi announced that it had raised $30MM in equity led by Mitsubishi Estate Company, Industry Ventures and Prudence Holdings with participation from Lerer Hippeau Ventures and Jackson Square Ventures


− CREXi plans to use its new funding to grow its core business of broker services across the sales, leasing and auction functions and accelerate the refinement and expansion of buyer and tenant resources

Series B

Transaction Overview CREXi Overview

$30MM Raised

Headquarters: Marina Del Rey, CA

Founded: 2014

Description: Provider of a platform that combines an active sales and leasingmarketplace with marketing, analytics and deal managementtools designed to help brokers, buyers and tenants eliminatetime-consuming processes, find properties and close deals faster

Current Investors:

CREXI RAISES $30MM IN SERIES B ROUND

Product Overview

The CRE industry is evolving, and market players, especially

younger, digitally native generations are seeking out platforms

that provide free and open access to information. CREXi directly

addresses this market need, providing fair access to a range of CRE

information. As CREXi continues to build out its stable of services,

features, and functionality, we’re thrilled to partner with them and

support the company’s continued momentum.”

“


Gavin Myers, General Partner,

Prudence Holdings

CREXi Fundraising Timeline


($MM) Seed VC Series A Series B

Date 11/17/15 5/21/18 1/24/20

Equity Raised $4.3 $11.0 $30.0

Total Raised to Date $4.3 $15.3 $45.3

Sell

Marketplace Listings

CRM

Communication & Collaboration Tools

Marketing

Data & Analytics

Support

Buy

Marketplace for commercial properties for sale and lease

Auction

Access 400,000+ qualified buyers through the live auction platform

65% sell-through rate, 100% close of escrow and 121% above the reserve price

2424

− On January 7, Roofstock announced that it had raised $50MM in equity led by SVB Capital with participation from Citi Ventures, Fort Ross Ventures, 7 Global Capital, Khosla Ventures, Bain Capital Ventures, Lightspeed Venture Partners and Canvas Ventures


− Roofstock plans to use its new funding to invest in its data science, product and engineering capabilities

Series D

Transaction Overview Roofstock Overview

$50MM Raised

Headquarters: Oakland, CA

Founded: 2015

Description: Marketplace connecting buyers and sellers of single-family rentalhomes, offering investment properties in top U.S. markets. TheCompany provides the resources for investors to buy, own andsell real estate online, including data analytics, propertymanagement oversight and other tools

Current Investors:

ROOFSTOCK RAISES $50MM IN SERIES D ROUND

Product Overview

Roofstock is in the vanguard of the rapidly-growing PropTech

space. As startups continue to broaden access to financial services,

we see real estate as an incredibly attractive asset class for retail

investors looking to go beyond the typical stock and bond

portfolio.”

“


Sulu Mamdani, Managing

Partner, SVB Capital

Roofstock Fundraising Timeline


Acquisition Timeline

Jul 2018

Property management firm certified by leading institutional lenders in the space as an approved property manager for large SFR portfolios

($MM) Series A Series A-I Series B Series C Series D

Date 5/1/15 12/29/15 11/21/16 4/16/19 1/8/20

Equity Raised $6.3 $7.0 $20.0 $50.0 $50.0

Total Raised to Date $6.3 $13.3 $33.3 $83.3 $133.3

BuyBuy properties, portfolios or property shares

Search, analyze, check out and close on the platform

0.5% commission for buyers

OwnThird-party property management teams vetted by Roofstock

handle day-to-day operations and tenant concerns

Sell$2Bn in transaction volume facilitated since inception

Close in an average of 15 days

2.5% commission for sellers

2525Source: Pitchbook, 451 Research, press releases.

HEALTHY M&A MARKET

Buyer Target Announced DateEnterprise

Value

12/24 NA

12/21 $10,200

12/16 NA

11/22 $250

11/9 NA

10/23 NA

9/1 $180

8/6 $11,000

7/26 $1,800

6/24 NA

5/13 $190

3/3 NA

2/25 $7,100

2/13 $350

1/22 NA

1/14 NA

• Significant 2020 M&A activity

− 71% strategic acquirers

− 29% financial acquirers

($MM)

Select U.S. 2020 PropTech M&A TransactionsAnnual U.S. PropTech M&A Activity

45

57

105 104 102

2016 2017 2018 2019 2020

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THOMA BRAVO TO ACQUIRE REALPAGE

Transaction Overview RealPage Financial Detail(1)

− On December 21, RealPage, Inc. (NASDAQ: RP) announced it has entered into a definitive agreement to be acquired by Thoma Bravo for approximately $10.2Bn in an all-cash transaction, which implies 9.1x EV / LTM Sep-20 revenue and 32.5x EV / LTM Sep-20 Adj. EBITDA

− The purchase price represents a 30.8% premium over RealPage’s closing price of $67.83 on December 18, a premium of 36.5% over RealPage’s 30-day VWAP through that date, and a premium of 27.8% over RealPage’s all-time high closing stock price of $69.47 on December 7

To acquire

$10.2Bn

Source: Capital IQ as of 1/22/2021, Wall Street Research, 451 Research, company websites, press releases and earnings transcripts.(1) Projected figures per Wall Street research consensus.

($MM)

RealPage 3-Year Stock Price Performance & Select Acquisition History

April 20, 2018

August 2, 2018

October 12, 2018

June 12, 2019

July 29, 2019

November 6, 2019

August 31, 2020

January 22, 2020

Pending

Thoma Bravo to Acquire RealPage Announcement

December 21, 2020

$671

$870

$989

$1,156

$1,275

$163 $231

$281 $318 $343

CY17A CY18A CY19A CY20E CY21E

Revenues Adj. EBITDA

CAGR: 20%

CAGR: 17%

2727

We are thrilled to partner with

Steve and the RealPage team at

this exciting milestone in the

company’s journey. We look

forward to applying Thoma Bravo’s

operational and investment

expertise in software to help drive

RealPage’s continued growth and

identify attractive M&A

opportunities.

Scott Crabill,

Managing Partner,

Thoma Bravo

Founded in 1998, RealPage

provides a technology platform

that enables real estate owners

and managers to change how

people experience and use rental

space. Clients use the platform to

gain visibility and transparency in

asset performance, leverage data

insights and monetize space to

generate incremental yields.

LTM RealPage Revenue Breakdown as of September 30, 2020Strategic Rationale


THOMA BRAVO TO ACQUIRE REALPAGE (CONT’D)

Thoma Bravo is a leading private

equity firm focused on the

software and technology-enabled

services sectors, with more than

$73 billion in assets under

management as of September 30,

2020

Source: Company websites, filings, earnings transcripts and press releases.

This transaction will provide immediate and substantial value to RealPage

stockholders and will enhance the company’s ability to focus on executing its

long-term strategy

RealPage and Thoma Bravo can partner to grow the company’s market offerings

and enhance its current capabilities to capitalize on the increasingly complex

and expanding real estate market

As technology transformation takes on increasing importance in the real estate

industry, RealPage’s diverse and innovative portfolio of products and solutions

puts the company in prime position to accelerate its market leadership

I am immensely proud of that

work and also pleased that the

transaction will provide us the

opportunity to work with Thoma

Bravo, a firm with tremendous

software investment and

operational capabilities.

Steve Winn,

Chairman and CEO,

RealPage

“ “

“

“Resident Services

45%

Property Management21%

Leasing and

Marketing17%

Asset Optimization14%

Professional and Other3%

2828

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Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Jul-19 Oct-19 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21

3.3x LTM Rev.May 13, 2020

COSTAR ACQUIRES HOMESNAP

Transaction Overview CoStar Financial Detail(1)

− On November 22, CoStar Group, Inc. (NASDAQ: CSGP) announced it entered into a definitive agreement to acquire Homesnap, Inc. (“Homesnap”) for $250MM in cash

− Homesnap provides agents and homebuyers with real-time MLS data and enhanced property features alongside digital marketing tools to reinforce client-agent relationships

− Over the last six years, CoStar has expanded into the rentals space through acquisitions of Apartments.com, ApartmentFinder, ForRent, Cozy Services and RentPath

− The transaction marks CoStar’s first major step into the “for-sale” residential real estate market, shortly after it emerged as a bidder for leading property data provider CoreLogic

Acquires

$250MM

Source: Capital IQ as of 1/22/2021, Wall Street Research, 451 Research, company websites, press releases and earnings transcripts.(1) Projected figures per Wall Street research consensus.

($MM)

CoStar 3-Year Stock Price Performance & Select Acquisition History

June 20, 2019

February 11, 20202.6x LTM Rev.

November 8, 2018

October 1, 20197.0x LTM Rev.

October 26, 2020

November 22, 20206.3x 2020E Rev.

3.9x LTM Rev.September 12, 2017

7.4x LTM EBITDAApril 29, 2015

6.8x LTM Rev.March 3, 2014

$965

$1,192

$1,400

$1,648

$1,907

$280

$418 $507 $529

$663



CAGR: 24%

CAGR: 19%

2929

U.S. Commercial Real Estate ($16Tn(1))

U.S. Residential Real Estate ($27Tn(1))

COSTAR ACQUIRES HOMESNAP (CONT’D)

Strategic Rationale

Over the past 30 years, CoStar has

become the leading real estate

technology platform by working in

partnership with commercial real estate

brokers to serve their needs for data,

analytics and advertising exposure for

their property listings

Similarly, Homesnap has spent years

building tools that reinforce the agent-

client relationship and now works in very

close partnership with residential real

estate agents to serve their needs for

data, analytics and advertising exposure

for their property listings

Quadruple the number of professional,

paying brokers and active agent users on the

CoStar platforms from approximately

100,000 today to over 400,000

Select Transaction CommentaryHomesnap Highlights(2)

The tools and functionality developed by Homesnap for

residential property agents, such as lead generation, client

collaboration, and digital advertising, have direct applicability to

commercial brokers. Our goal is to make these enhanced

capabilities available to all of our audiences. ”

“

Andrew C. Florance, Founder &

CEO, CoStar Group

~$28MMCY2019A Revenue

$40MM CY2020E Revenue

1.3MM Active Listings

Triple CoStar’s U.S. total addressable market

from estimated $16 trillion today to over

$43Tn with the expansion into the

residential real estate space

Double the number of U.S. property listings

available across CoStar’s brands from 1.35

million today to over 2.6 million

Source: Company websites and press releases.(1) Value of the US Housing Market, Federal Reserve Flow of Funds and Urban Institute, March 2019. (2) The Real Deal Press Release.

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Jul-

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Sep

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INTERCONTINENTAL EXCHANGE (NYSE:ICE) ACQUIRES ELLIE MAE

Transaction Overview Intercontinental Exchange (NYSE:ICE) Financial Detail(1)

− On August 6, Intercontinental Exchange (NYSE: ICE) entered into a definitive agreement to acquire Ellie Mae, the leading cloud-based platform provider for the mortgage finance industry

− Transaction valued at an enterprise value of ~$11Bn (mix of 84% cash / 16% equity), 12.2x EV / 2020E revenue and 23.4 EV / 2020E Adj. EBITDA

Intercontinental Exchange (NYSE:ICE) 3-Year Stock Price Performance & Select Acquisition History

($MM)

Acquires

$11Bn

from

August 6, 2020

February 21, 2020June 12, 2019October 4, 2018

July 23, 2018

July 23, 2018

Source: Capital IQ as of 1/22/2021, Wall Street Research, company websites, press releases and earnings transcripts.(1) Projected figures per Wall Street research consensus. Excludes impact of Ellie Mae acquisition.

$4,638 $4,974

$5,202 $5,933

$6,694

$2,965 $3,207

$3,366 $3,852

$4,197



CAGR: 9%

CAGR: 10%

3131

Intercontinental Exchange (NYSE: ICE) is

a Fortune 500 company formed in the

year 2000 to modernize markets. ICE

serves customers by operating the

exchanges, clearing houses and

information services they rely upon to

invest, trade and manage risk across

global financial and commodity markets

INTERCONTINENTAL EXCHANGE (NYSE:ICE) ACQUIRES ELLIE MAE (CONT’D)

Ellie Mae is the leading cloud-based

platform provider for the

mortgage finance industry. Ellie

Mae’s technology solutions

enable lenders to originate more

loans, lower origination costs, and

reduce the time to close with the

highest levels of compliance,

quality and efficiency

Two combined networks establish ICE as a leading provider of end-to-end

electronic mortgage workflow solutions

Large and growing addressable market driven by demand for automation

and efficiencies

Complementary platforms drive strong network effects and customer

efficiency gains

Expanded network/digital marketplace and data sets combined with

unique tools & analytics are critical to automating disconnected and

disparate processes across the mortgage workflow

Strategic Rationale Key Financial Metrics

~$900MM 2020E revenues

(Ellie Mae)

~$470MM 2020E adjusted

EBITDA

(Ellie Mae)

Including past acquisitions of both MERS & Simplifile and, upon completion of the

acquisition of Ellie Mae, ICE will have invested a total of roughly $11.5 billion in its

strategy to automate the mortgage workflow

Expected to realize run-rate cost synergies of $50 million to $65 million by the end of

year three

Expected that the acquisition of Ellie Mae will be accretive to adjusted EPS in the first

full year of ownership

Expected Ellie Mae transaction IRR of 10%; ICE ROIC will remain above ICE WACC in

year one, growing thereafter

MERS & SimplifileEllie Mae

Lead Generation & Application

Processing & Underwriting

Pre-Closing Closing Post-Closing Secondary

Leader in End-to-End Mortgage Workflow Solutions(1)

Brokers Mtg. Insurers

Appraisers

Credit, Flood &

Other Vendors

Borrowers

Doc. Quality

Controllers

Title Insurers

Settlement Agents

Notaries

Title Agents

Counties

Servicers

Investors

Regulators

Source: Company websites and press releases.(1) Intercontinental Exchange Transaction Deck.

3232


INTERCONTINENTAL EXCHANGE (NYSE:ICE) ACQUIRES ELLIE MAE (CONT’D)

Ellie Mae Select Acquisition History Ellie Mae Offerings

Our planned acquisition represents a one-of-a-kind opportunity

to add an extraordinary enterprise with great leadership to our

family. It will also enhance ICE’s growth strategy in mortgage

technology, with complementary products and a wide array of

customers and stakeholders who will benefit from our core and

proven expertise in operating networks and marketplaces.”Jeffrey C. Sprecher,

Founder, Chairman & CEO,

Intercontinental Exchange

Nov 2015

Oct 2014

Oct 2017

Jan 2014

Aug 2011

Jan 2011

Dec 2009

Oct 2008

Ellie Mae acquired Velocify to combine Velocify’s lead management, engagement and distribution capabilities with Ellie Mae’s Encompass CRM and Consumer Connect

Mortgage Returns provided an automated marketing solution to help mortgage originators maximize profitability from clients, prospects and referral partners

Ellie Mae acquired AllRegs to expand its customer base and add a broad array of content and services that complement their portfolio of product offerings

MortgageCEO provided customer relationship management, and marketing automation solutions for the mortgage industry. The acquisition was consistent with Ellie Mae’s mission to automate every aspect of the mortgage process

Ellie Mae acquired Del Mar Datatrac in order to boost the company’s loan volume in 2011 to 1.5 million from 1 million with an expanded customer base

Mortgage Pricing Systems developed loan pricing technology for small, medium and large mortgage banks and lenders

Ellie Mae acquired Mavent to help the software developer address predatory lending protection and changes to the myriad mortgage regulations on both the state and federal level

Online Documents provided compliant electronic mortgage documents and related services to the mortgage industry

Oct 2019

With the acquisition of Capsilon, Ellie Mae is accelerating the vision of offering an end-to-end SaaS solution for companies in the mortgage industry

“

Loan Origination

Sell: Secondary Marketing & Investor

Delivery

Purchase: Correspondent Lending

Consumer & Wholesale Engagement


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May

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Jul-

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BLACK KNIGHT ACQUIRES OPTIMAL BLUE

Transaction Overview Black Knight Financial Detail(1)

− On July 26, Black Knight, Inc. (NYSE:BKI) announced it entered into a definitive equity purchase agreement with affiliates of private equity firm GTCR, LLC to purchase Optimal Blue for an EV of $1.8Bn, subject to customary purchase price adjustments

− Black Knight will combine its Compass Analytics business with Optimal Blue in a newly formed entity with minority co-investors Cannae Holdings, Inc. and Thomas H. Lee Partners, L.P. Black Knight will own approximately 60% of the new entity

Acquires

$1.8Bn

Source: Capital IQ as of 1/22/2021, Wall Street Research, company websites, press releases and earnings transcripts.(1) Projected figures per Wall Street research consensus.

Black Knight 3-Year Stock Price Performance & Select Acquisition History

March 3, 2020

September 12, 2019

February 8, 2019

November 6, 2018

June 4, 2018

from

($MM)

July 26, 2020

August 27, 2020

$1,052 $1,117

$1,178 $1,233

$1,431

$506 $543

$583 $607

$710



CAGR: 9%

CAGR: 8%

3434

Product &

Pricing Black Knight (NYSE:BKI) is a leading

provider of integrated software,

data and analytics solutions that

facilitate and automate many of the

business processes across the

homeownership lifecycle


BLACK KNIGHT ACQUIRES OPTIMAL BLUE (CONT’D)

Founded in 2002 and

headquartered in Plano, TX, Optimal

Blue is the leading SaaS mortgage

marketplace supporting secondary

transactions among the industry's

largest network of residential

mortgage originators and investors


Adds market-leading products to Black Knight's comprehensive

offerings, augmenting Black Knight's already strong origination

software franchise

Strategic Rationale Optimal Blue’s Offerings

Optimal Blue is a business that we have respected for many

years. By bringing Optimal Blue into the Black Knight family, we

will be adding industry-leading product, pricing and eligibility (PPE)

capabilities to our already robust set of solutions and enhancing

our already comprehensive data and analytics capabilities.”

“

Anthony Jabbour, CEO, Black

Knight

Expands SaaS product line and provides significant cross-selling

opportunities

Loan TradingMarketplace

Access

Counterparty

Oversight

Hedge

Analytics

Prospect

MarketingSocial Media Enterprise Data

Competitive Data Market Data Connections

Optimal Blue Select Acquisition History

Oct 2018

The product, pricing and eligibility (PPE) technology business of LoanLogics

Jul 2018

Developer of whole loan mortgage trade management software intended to bring automation and transparency to the spot market for mortgage loans

May 2017

Provides outsourced risk management and social media compliance services for the mortgage industry

(LoanDecisionsBusiness)

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INTUIT ACQUIRES CREDIT KARMA

Intuit 3-Year Stock Price Performance & Select Acquisition History

Transaction Overview Intuit Financial Detail(1)

− On February 24, Intuit Inc. (NasdaqGS:INTU) announced its acquisition of Credit Karma, Inc. for $7.1Bn

− The transaction was completed on December 3, 2020

− By agreeing to acquire Credit Karma, a company with nearly $1Bn in unaudited revenue in calendar year 2019, up 20% from the previous year, Intuit accelerates its mission of powering prosperity around the world

To Acquire

$7.1Bn

February 24, 2020

November 18, 2019

May 15, 2019

November 28, 2018

January 22, 2018

Source: Capital IQ as of 1/22/2021, Wall Street Research, Company websites, press releases and earnings transcripts.(1) Projected figures per Wall Street research consensus.

$5,196

$6,025

$6,784

$7,679

$9,009

$1,980 $2,276 $2,481

$2,858 $3,010



CAGR: 11%

CAGR: 15%

($MM)


Revenues $5,196 $6,025 $6,784 $7,679 $9,009

% Growth 10.7% 16.0% 12.6% 13.2% 17.3%

Adj. EBITDA $1,980 $2,276 $2,481 $2,858 $3,010

% Margin 38% 38% 37% 37% 33%

Adj. EPS $3.78 $5.09 $6.78 $6.92 $8.35

Stock Data 1/22/21 Valuation Multiples

Closing Price $374.85 EV / CY19A Revenue 14.9x

52 Week High $398.12 EV / CY20E Revenue 13.1x

52 Week Low $187.68

EV / CY19A Adj. EBITDA 40.7x

FD Shares Outstanding 276.0 EV / CY20E Adj. EBITDA 35.3x

Equity Value $103,459

Plus: Debt & Minority Interest $2,634 Price / CY19A EPS 55.3x

Less: Cash and Equivalents ($5,174) Price / CY20E EPS 54.2x

Enterprise Value $100,919

3636

The platform, leveraging artificial intelligence and connections to over

100 financial partners, will help consumers:Founded in 2007 by Ken Lin, Credit

Karma is a consumer technology

company that provides financing

services including identity

monitoring, applying for credit

cards, shopping for loans (car, home

and personal), filing its taxes


INTUIT ACQUIRES CREDIT KARMA (CONT’D)

Founded in 1983, Intuit is a global

financial platform company with

products including TurboTax,

QuickBooks, Mint and Turbo. Its

ecosystem of financial management

solutions serves approximately 50

million customers worldwide


The combination brings together two technology leaders to help solve the

personal finance problems that consumers face today -- managing debt,

maximizing savings, access to better credit cards and loans -- with an aim to

put more money in consumers’ pockets

Strategic Rationale Combined Platform

Our mission is to power prosperity around the world with a bold

goal of doubling the household savings rate for customers on our

platform. We wake up every day trying to help consumers make

ends meet. By joining forces with Credit Karma, we can create a

personalized financial assistant that will help consumers find the

right financial products, put more money in their pockets and

provide insights and advice, enabling them to buy the home

they’ve always dreamed about, pay for education and take the

vacation they’ve always wanted.”

“

Sasan Goodarzi, CEO, Intuit

Credit Karma Business Model

Find the right financial products by matching consumers with pre-approved

offers on loans and credit cards with competitive interest rates that are right

for them.

Put more money in their pockets by connecting them to higher yield savings

accounts and, in the future, will provide faster access to their hard-earned

cash.

Provide insights and advice to help consumers make better decisions about

their money and improve their credit score.

RecommendationsScores & ReportsPaid by the Bank

or Lender

Use data to analyze

credit profile and

make product

recommendations

Get access to credit

scores and reports

from TransUnion and

Equifax, with weekly

updates

Get a product through

one of Credit Karma’s

recommendations, and

the bank or lender pays

the company

3737

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FIRST AMERICAN FINANCIAL ACQUIRES DOCUTECH

FAF 3-Year Stock Price Performance & Select Acquisition History

Transaction Overview FAF Financial Detail(1)

− On February 13, First American Financial Corporation (NYSE:FAF) announced its acquisition of Docutech for $350MM from Founder & Chairman Ty Jenkins and investor Serent Capital. The transaction closed on March 3

− The all-cash deal is expected to be accretive to FAF’s full-year 2020 EPS by $0.10

− Docutech’s leadership and staff are expected to remain with the Company following the transaction

February 13, 2020

Acquired

$350MM

Source: Capital IQ as of 1/22/2021, Wall Street Research, Company websites, press releases and earnings transcripts.(1) Projected figures per Wall Street research consensus.

($MM)


Revenues $5,772 $5,748 $6,202 $6,782 $6,352

% Growth 3.5% (0.4%) 7.9% 9.4% (6.3%)

Adj. EBITDA $777 $790 $1,091 $923 $810

% Margin 13% 14% 18% 14% 13%

Adj. EPS $3.70 $4.68 $5.81 $5.44 $4.82

Stock Data 1/22/21 Valuation Multiples

Closing Price $54.63 EV / CY19A Revenue 1.0x

52 Week High $66.78 EV / CY20E Revenue 0.9x

52 Week Low $29.36

EV / CY19A Adj. EBITDA 5.9x

FD Shares Outstanding 111.6 EV / CY20E Adj. EBITDA 7.0x

Equity Value $6,097

Plus: Debt & Minority Interest $1,851 Price / CY19A EPS 9.4x

Less: Cash and Equivalents ($1,512) Price / CY20E EPS 10.0x

Enterprise Value $6,435

$5,772 $5,748 $6,202

$6,782 $6,352

$777 $790 $1,091 $923 $810



CAGR: 1%

CAGR: 2%

3838

Founded in 1889, First American

Financial is a financial services

provider focusing on the real estate

industry, offering insurance (title

and home), lender solutions and real

estate data & analytics


FIRST AMERICAN FINANCIAL ACQUIRES DOCUTECH (CONT’D)

Founded in 1991, Docutech provides

dynamic document technologies

that streamline and financial

transactions for consumers and

lenders. The company generates

revenue on a per-order model


The acquisition of Docutech will give FAF an end-to-end digital mortgage

platform, improving connectivity with lender customers and providing

additional upside in the origination market

Strategic Rationale Select Docutech Customers / Partners

[This acquisition] reflects our dedication to improving the home-

buying experience and driving the digital transformation of the

real estate settlement process. Together, we’re uniquely

positioned to provide collateral file management from the

inception of the mortgage process through post-closing, which will

help accelerate the evolution of real estate closings.”

“

Dennis Gilmore, CEO, First

American Financial

+175 Lenders

Docutech Offerings

Docutech’s flagship solution dynamically

creates document packages, leveraging

integrations with loan origination systems

to eliminate data entry, improve

compliance, reduce operational costs and

accelerate transactions. The platform

supports first mortgage, home equity and

personal unsecured loan lending

ConformXDocument generation engine for the

lending industry

SolexeDelivery, eSign, eClose and eVault

platform, integrating with ConformX

Processes 15%+ of U.S.

mortgage volume

Solex Collaboration PlatformAutomates settlement/closing agent

fee verification for mortgage lenders

Income VerificationAutomates tax transcript processing to

verify income and improve compliance

3939


II. PUBLIC MARKETS


4040

(100%)

(50%)

0%

50%

100%

150%

200%

250%

300%

Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21

239%

66%

40%

7%

47%

4%(1%)

14%

(3%)

Commercial Brokerage

(1%)7%

Credit / Mortgage Marketing

LTM Share Price Performance

PROPTECH PUBLIC COMPANY PERFORMANCE

RE Media / Portals

Property Mgmt Software

Residential Brokerage

LTM Share Price Performance

14%

Public PropTech Ecosystem

RE Data / RE Software

40%

Broader Data

4%66%239% 47%

Source: Capital IQ as of 1/22/2021.

RDFN: 207%EXPI: 837%RLGY: 57%

RMAX: 3%PURP: (13%)

RE Sharing Economy / Travel

(3%)


Property Management

Software

Broader DataRE Media / PortalsResidential Brokerage



Traditional Mortgage / Title



4141

34.5x

28.0x

22.6x 22.6x19.9x

15.4x11.9x

8.8x6.8x

16.9x

7.9x 7.1x 6.6x

4.0x 4.0x2.9x

1.4x 1.2x

Enterprise Value / 2021E Revenue Enterprise Value / 2021E EBITDA

Public PropTech Ecosystem

PROPTECH PUBLIC COMPANY VALUATION

Source: Capital IQ as of 1/22/2021.Multiples represent median value of sector group.

2021E Revenue / 2021E EBITDA Multiple


Traditional Mortgage

/ Title

RE Sharing Economy /

Travel



Property Mgmt

Software

RE Media / Portals

Broader Data



Traditional Mortgage

/ Title



RE Sharing Economy /

Travel

Property Mgmt

Software

RE Media / Portals

Broader Data


1.2x / 11.9x7.9x / 34.5x 6.6x / 22.6x16.9x / 28.0x2.9x / 8.8x 4.0x / 15.4x 1.4x / 6.8x4.0x / 22.6x7.1x / 19.9x


Property Management

Software

Broader DataRE Media / PortalsResidential Brokerage





4242

AIRBNB COMPLETES IPO

Source: Company filings, Wall Street Journal and press releases.(1) Market Capitalization and Enterprise Value as of 1/22/2021.

Brian CheskyCo-Founder & Chief

Executive Officer

− Airbnb, Inc., the San Francisco based home-sharing platform, went public on December 10, selling 51.5MM in Class A shares at $68.00 per share for total proceeds of $3.5Bn

− The company’s shares gained ~113% on their trading debut, closing at $144.71

− The company currently trades at an enterprise value of $113.9Bn(1), which represents ~31.4x LTM (as of September 30, 2020) revenue

Goes public on 12/10 (NASDAQ: ABNB)

Market Cap$109.6Bn(1)

Transaction Overview Management Team

Company History

Joe GebbiaCo-Founder & Head of

Samara

Nathan BlecharczykCo-Founder & Chief

Strategy Officer

Dave StephensonChief Financial Officer

Aristotle BaloghChief Technology Officer

Catherine PowellGlobal Head of Hosting

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Fall-07: Brian and Joe

host first guest

March-08: Officially

launches during SXSW

March-09: Changes its

name to Airbnb

September-11: Expands internationally with

German office

Summer-13: Opens 888 Brannan Street

Headquarters

March-15: Alternative accommodations

provider for Rio 2016

March-17: Launches

Chinese brand, Aibiying

November-10:Launches mobile app

and Instant Book feature

May-12: Introduces

$1MM Host Guarantee

July-14: Introduces the

Belo

November-16: Launches

Experiences

March-19: Acquires

Hotel Tonight

April-20: Launches

Online Experiences

March-20: Launches

Frontline Stays

4343Source: Company filings, Bloomberg and press releases.

AIRBNB COMPLETES IPO (CONT’D)

Financial Profile ($MM)

$5.1$5.5 $5.6

$4.8

$7.7 $7.7 $7.5

$6.5

$10.0 $9.8 $9.7

$8.5

$6.8

$3.2

$8.0

44.4 48.9 49.5 43.062.2 64.8 65.8 57.5

81.3 83.9 85.9 75.857.1

28.061.8

$0. 0

$2. 0

$4. 0

$6. 0

$8. 0

$10.0

$12.0

$14.0

Q117A

Q217A

Q317A

Q417A

Q118A

Q218A

Q318A

Q418A

Q119A

Q219A

Q319A

Q419A

Q120A

Q220A

Q320A

Quarterly Gross Booking Value Quarterly Nights and Experiences Booked (MM)

Quarterly Gross Booking Value ($Bn)

$8.1

$13.9

$21.0

$29.4

$38.0

72.4

125.7

185.8

250.3

326.9

$0. 0

$10.0

$20.0

$30.0

$40.0

$50.0

$60.0

CY15A CY16A CY17A CY18A CY19A

Annual Gross Booking Value Annual Nights and Experiences Booked (MM)

Annual Gross Booking Value ($Bn)

$919

$1,656

$2,562

$3,652

$4,805

$(94) $(53)

$60 $171

$(253) $(1,000)

$-

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

CY15A CY16A CY17A CY18A CY19A

Revenue Adjusted EBITDA

4444Source: Company filings, Bloomberg and press releases.(1) As of 9/30/2020. (2) As of 10/2020.

AIRBNB COMPLETES IPO (CONT’D)

Platform for Hosts

Discover Hosting

Show potential hosts how much they can earn

and how to get started

listing their space

List Your Space

Hosts describe their space, add photos and

choose their booking

setting

Get Pricing Help

Offer tools that automatically adjust

hosts’ prices to help

them get more bookings

Choose When to Host

Hosts use the calendar to open dates for guests

and set customer pricing

Get Feedback

Share guests’ reviews with hosts, suggest ways

to improve and build

their business

800MM+Airbnb guest arrivals all-time(1)

4MM+Hosts on Airbnb(1)

$100Bn+Earned by hosts, all-time(2)

$7.9KAverage annual earnings per

host(1)

Platform for Guests

Search

A tight set of filters helps guests find the right type

of experience they are

looking for

Listings

Guests get to know everything they need

through photos, reviews

and detailed descriptions

Checkout

Guests review trip details and pay all on one

simplified screen with

highest security in mind

Reservation Details

One clear, easy-to-follow page with everything

guests need to know

about their trip

Messaging

Tools for guests to ask questions, get to know

their host, and easily

coordinate with hosts

Reviews

Help guests find the right fit and let hosts know

what they’re doing well

or can improve

4545

PARENT OF QUICKEN LOANS & ROCKET MORTGAGE IPO

Source: Company filings, Wall Street Journal and press releases.(1) Market Capitalization as of 1/22/2021.(2) Excludes funding facilities liabilities.

Management Team

Jay Farner, CEO

Joined Quicken Loans in 1996

Julie Booth, CFO


Robert Walters, President & COO


Dan Gilbert, Chairman

Founded Quicken Loans in 1985

− Rocket Companies, the Detroit-based mortgage giant, went public on August 6, selling 100MM in Class A shares at $18.00 per share for total proceeds of $1.8Bn

− The company’s shares gained ~20% on their trading debut, closing at $21.51

− The company currently trades at an enterprise value of $40.8Bn(2), which represents 3.1x LTM revenue and 5.2x LTM EBITDA, based on LTM revenue and EBITDA of $13.2Bn and $7.8Bn, respectively, as of September 30

− Headquartered in Detroit, MI, the company was founded in 1985 and has increased its market share to 9.5% in Q1 2020

− Rocket Companies currently has ~20,000 employees, all of whom are based in the United States

Went public on 6/8 (NYSE: RKT)

Market Cap$40.1Bn(1)

Transaction Overview Post-IPO Stock Price Performance

0mm

20mm

40mm

60mm

80mm

100mm

120mm

$0

$5

$10

$15

$20

$25

$30

$35

Au

g-2

0

Sep

-20

Oct

-20

No

v-2

0

De

c-2

0

Jan

-21

4646

Family of Companies

Source: Company filings, Bloomberg and press releases.

Quicken Loans / Rocket Mortgage Offerings

Founded in 1985, Quicken Loans offers mortgages, refinancing and loans. It

also provides technology, education and customer service to help with the

mortgage process

Flagship Home Platform

Direct to Consumer Partner Network Servicing

Product Extension Geographic Expansion

Mortgage Origination: virtually verify

financial info, customize mortgage, get

approved & lock the rate

Refinancing: online application process

with less paperwork, and ability to track

the status of the application

Mortgage Rate Tracker: email and text

updates on rates, mortgage news, etc.

Learning Center: listed articles to understand the mortgage process

RE Agent Referrals: refer clients to Quicken’s sister company, Rocket

Homes, which partners with top-rated agents in all 50 states

Calculators: downloadable mortgage calculators, affordability calculators,

refinance calculators and amortization calculators

PARENT OF QUICKEN LOANS & ROCKET MORTGAGE IPO (CONT’D)

4747

PARENT OF QUICKEN LOANS & ROCKET MORTGAGE IPO (CONT’D)

Source: Company filings and press releases.

Rocket Companies Financial Detail ($MM) Rocket Companies Revenue Breakdown ($MM)

− Track record of creating value through profitable growth with a capital-light business model

− Significant EBITDA margin expansion over the last 3 years, growing from 13% in 2018 to 56% in LTM 9/20

Total 2019 Servicing Clients: 1.8MM

$2,928

$4,911

$12,367

$820

$950

$1,028

($229)

($1,597) ($2,051)

$588

$739

$1,519

$4,210

$5,120

$12,967

($3,000)

($1,000)

$1, 000

$3, 000

$5, 000

$7, 000

$9, 000

$11,000

$13,000

$15,000

$17,000

CY18A CY19A LTM as of 9/20

Gain on Sale of Loans Servicing Fee Income

Change in Fair Value of MSRs Other Income

Interest Income

$4,210

$5,120

$12,967

$529

$1,940

$8,733

$613 $892

$7,308

13%

38%

67%

15%17%

56%

0%

10%

20%

30%

40%

50%

60%

70%

80%

$0

$2, 000

$4, 000

$6, 000

$8, 000

$10,000

$12,000

$14,000

CY18A CY19A LTM as of 9/20


Net Income % EBITDA Margin

% Net Income Margin

4848

» SPACs are publicly traded “blank check” companies (i.e., “blind pool” capital) launched to acquire a public-market ready operating business

» SPAC “sponsors” are typically experienced executive teams and / or deal professionals who take a shell company public, then source / diligence a deal with a private operating company, negotiate the transaction and generally provide ongoing expertise / sit on the board (but do not usually act as operators)

» The SPAC market shattered historical records in 2020 with 248 SPAC IPOs in the U.S. raising $83.0Bn in capital(1)

» Given general momentum in the PropTech market and public market investor appetite to invest behind the PropTech market, there have been multiple successful PropTech mergers and active SPACs currently focused on the PropTech space (e.g., Property Solutions Acquisition Corp & Lionheart Acquisition Corp. II)

THE RISING ROLE OF SPACS (SPECIAL PURPOSE ACQUISITION COMPANIES)

SPAC Industry Overview

Selected PropTech-Related SPACs

Transaction Value at Announcement: $4.8Bn

Raising PIPE capital from

To merge with To merge with

Transaction Value at Announcement: $523MM


To merge with



To merge with



Source: Company websites, press releases, company investor presentations, Wall Street research.(1) SPAC Insider as of 1/4/2021.



To merge with To merge with



Undisclosed

4949

OPENDOOR WENT PUBLIC THROUGH MERGER WITH SCH (NYSE: IPOB)

− On September 15, Opendoor Labs, Inc. announced that it entered into a definitive agreement to merge with Social Capital Hedosophia Corp. II (NYSE: IPOB), a blank-check special purpose acquisition company

− The offer price implies an enterprise value of ~$4.8Bn, which represents ~1.0x 2019A revenue

− The transaction was expected to provide up to $1.0Bn in cash proceeds, including a fully committed PIPE of $600MM and up to $414MM of cash held in the trust account of Social Capital Hedosophia Holdings Corp. II

9.5% PIPE

6.6% IPOB Shareholders

3.0% Management Awards(2)

1.6% IPOB Sponsors(3)

79.3% Existing Shareholders

Transaction Overview Pro-Forma Ownership Structure(1)

Financial Overview(4) Key Metrics

Source: Company websites, press releases and company investor presentation.(1) Total shares include 500MM rollover equity shares, 41.4MM IPOB public shares, 60MM shares from PIPE, 10.4MM IPOB founder shares and 18.9MM bonus shares to management.(2) 1.0% of the management bonus award will be allocated to the CEO, while the remainder will be allocated by the compensation committee of the combined company.

(3) Excludes investment in PIPE. (4) Estimates for CY20E-CY23E per company investor presentation as of 9/15/2020.(5) Contribution Margin defined as GAAP Gross Profit less selling and holding costs associated with the sale of a home.(6) Contribution Margin as of Q1 2020.

Unit Economics(6) Economies of Scale

$8K/homeContribution Margin(5) (CM)

$5K/homeCM After Interest

$19K/homeLong-Term CM Target

50%Reduction of Spend/Home

Over Last 2 Years

40%+Bulk Pricing Discounts on Home

Refurbishment Materials

10K+Subcontractors on Platform

To merge with

Transaction Value at Announcement:

$4.8Bn

$1,838

$4,741

$2,455

$3,456

$6,183

$9,767

(7.1%)

(4.6%)

(5.7%)(5.4%)

(2.0%)

0.1%

(8.5%)

(6.5%)

(4.5%)

(2.5%)

(0.5%)

1.5%

3.5%

-

$2,000

$4,000

$6,000

$8,000

$10,000

CY18A CY19A CY20E CY21E CY22E CY23E

Total Revenue ($MM) Adj. EBITDA Margin

5050

7,470

18,799

9,673

13,458

24,030

37,689

CY18A CY19A CY20E CY21E CY22E CY23E

OPENDOOR WENT PUBLIC THROUGH MERGER WITH SCH (CONT’D)

Large, fragmented and undisrupted addressable market accelerated

by the need for convenience, speed, trust and safety

Strong tailwinds driven by the COVID-19 pandemic and rapidly

growing digitally-native millennial population

Enhanced credibility with customers, premier sponsor expertise and

access to more affordable capital as a result of the merger

Significant cost and pricing advantages due to economies of scale and

strong network effects powered by ML-based service stack

Substantial opportunities for expansion into high-margin segments

such as home warranty and moving services as the platform evolves

Company Overview

21 Markets 5MMAnnual Homes Sold

$1.3TnTotal Annual GMV

<1%Online Penetration

Digital Market Leader with Rapid Growth and Scalable Business Model Residential RE Market Opportunity

$10Bn Homes Sold

80K Homeowners Served

70 Net Promoter Score(2) Expand Offerings

Buy-Renovate-Sell

Refine Service StackAttract Customers

Investment Thesis Homes Sold(1)

Source: Company websites, press releases and company investor presentation.(1) Estimates for CY20E-CY23E per company investor presentation as of 9/15/2020.(2) Net Promoter Score metrics based on company data, public filings and 3rd-party research.

5151

Established Target CM / Home

Title & Escrow $1,750

Recently Launched

Home Loans $5,000

Buy with Opendoor $5,000

List with Opendoor $3,750

To Be Launched

Home Warranty, Upgrade & Remodel, Home Insurance, Moving Services

$7,500

OPENDOOR WENT PUBLIC THROUGH MERGER WITH SCH (CONT’D)

Source: Company websites, press releases and company investor presentation.(1) Attach rate based on total acquisition and Resale Closes in markets where company title product is active, beginning 3Q17.(2) Active adjacent services Contribution Margin / home based on company forecasts assuming $250K home. To be launched category reflects company estimates.

7.3%

4.0%

7.0%

(2.6%)

(0.7%) 0.6%

2.4%

Adjusted Gross Margin Selling Costs Holdings Costs Contribution Margin Cost Optimization Additional Services Long-Term TargetContribution Margin

Phoenix, AZ at Scale

Phoenix, AZ Unit Economics

Q1 2020 Margins at 4% Market Share

Title & Escrow Transactions Since Launch(1) Adjacent Services Roadmap(2)

103510

1,134

2,381

3,9514,720

5,394

7,031

8,157

5.7%

21.6%

36.1%

57.8%

74.5% 75.8% 78.4% 75.9%82.9%

-20.0%

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

0

2000

4000

6000

8000

10000

12000

Q1 Q2 Q3 Q4 Q5 Q6 Q7 Q8 Q9

# of Transactions Attach Rate

$11K/home$1.5K/home

$6.5K/home $19K/home

$1.9K/home

$7.1K/home$20K/home

5252

FINANCE OF AMERICA TO GO PUBLIC THROUGH MERGER WITH RPLA

53% Existing

Shareholders(2)

Transaction Overview

Key Metrics

Source: Company websites, press releases and company investor presentation.(1) Assumes no Replay stockholder has exercised its redemption rights to receive cash from the trust account. (2) Adjustments include depreciation of fixed assets, amortization of intangible assets, corporate debt interest expense and changes in deferred purchase price liabilities.

Pro-Forma Ownership Structure

Financial Overview



Pending

To merge with

>1,000Fee Based Clients

45%CY18A-CY20E Revenue CAGR

2% Replay Sponsor

15% Replay Stockholders

13% PIPE Investors

70% Seller Rollover

$789$894

$1,666$1,754

$1,893

$60 $124

$550 $577$667

$35 $57

$348$410

$476

8%

14%

33% 33%35%

4%6%

21% 23% 25%

0%

10%

20%

30%

40%

50%

60%

70%

80%

$0

$500

$1, 000

$1, 500

$2, 000

CY18A CY19A CY20E CY21E CY22E

Revenue Adj. EBITDA Adj. Net Income

% EBITDA Margin % Net Income Margin

− On October 13, Finance of America announced that it entered into a definitive agreement to merge with Replay Acquisition Corp. (NYSE: RPLA), a blank-check special purpose acquisition company

− The transaction implies a pro forma combined equity value of $1.9Bn, which represents 9.1x 2021E revenue

− The is expected to close in the first half of 2021 and will be funded by a combination of $288MM of RPLA cash held in a trust account and $250MM of proceeds from PIPE raise, with existing shareholders receiving 70% of pro-forma equity(1)

$32BnCY20E Total Originations

Across 99,000+ Customers

$550MMCY20E Adj. EBITDA(2)

~100Unique Investors

33%CY20E Adj. EBITDA Margin(2)

5353

FINANCE OF AMERICA TO GO PUBLIC (CONT’D)

Investment Thesis

Source: Company websites, press releases and company investor presentation.

Addressable Markets

Finance of America Platform and Opportunity

Diversified, capital-light business with fully integrated capabilities,

favorable housing market tailwinds and a large TAM

Built to resist cyclical downsides of traditional mortgage businesses

with best-in class technology and product diversity

Proven product innovator and successful acquirer with ability to pivot

resources efficiently to take advantage of market opportunities

High quality management team with a proven history of value

creation and acquisition expertise

Today Tomorrow

Lending Services Investing Near Term Innovation and M&A

Agricultural Loans

Retirement Mortgage

Fund Management

Point of Sale Lending

Home Improvement

Title, appraisal management, MSR

brokerage and valuation, student lending technology

and senior living platform

Broker / dealer platform, leading the distribution of assets generated

by origination channels

Agency and non-agency mortgages

Government and proprietary reverse

mortgages

Fix and flip multi-property and single property investor

loans

Distribution network of ~280 locations, 1,000+ loan officers, network of 1,200+ third party originators, and

digital / direct-to-consumer

$11BnMortgage Debt Outstanding

$7BnUntapped Senior Home Equity

$3BnHome Value of Investor Properties

$41BnU.S. Focused Fixed

Income AUM

Enables Purchase of a

Customer’s Largest Financial

Asset and Achieve Goal of

HomeownershipStrong Value

Proposition for

Customers with Low

Market Penetration

TodayGrowing

Demographic

Demand With Aging

Housing Stock in

Need of Upgrade

Dearth of Investable

Assets Providing

Attractive Risk

Adjusted Yields

5454

PORCH WENT PUBLIC THROUGH MERGER WITH PTAC (NASDAQ: PTAC)

− On July 31, Porch.com, Inc. announced that it entered into a definitive agreement to merge with PropTech Acquisition Corporation (NASDAQ: PTAC), a blank-check special purpose acquisition company

− At announcement, the transaction implied a pro forma combined enterprise value of $523MM, which represents 4.4x 2021E revenue

− After the shareholders vote, shares of the special-purpose acquisition company closed at $12.68, up 25 percent from July when the Porch deal was announced

53% Existing

Shareholders(2)

Transaction Overview Investment Thesis

To merge with

Transaction Value at Announcement:

$523MM

Company Overview Financial Overview

1. Porch provides software and services to home services companies such as home inspection and moving

2. Through these companies, Porch gains early access to homebuyers weeks before everyone else

3. Porch generates B2B2C transactional revenues by facilitating key and high value service purchases for these consumers

Porch’s Strategy in the Home Services Industry

Large Addressable Market

>$200Bn addressable TAM that will continue to expand

Defensible Moat

Software for home services provides access to unique data about homebuyers

Predictable Business Model

Software provides consistent, recurring and highly scalable B2B2C

transaction revenue

Attractive Financial Results

49% expected 3-year revenue CAGR(1), 78% 2020E gross margins and 30x

LTV/CAC(2)

$36

$57

$73

$120

(80.6%)

(52.6%)

(13.7%)

5.8%

-130.0%

-80.0%

-30.0%

20.0%

70.0%

120.0%

0

20

40

60

80

100

120

140

CY18A CY19A CY20E CY21E

Total Revenue ($MM) Adj. EBITDA Margin

Source: Company websites, press releases and company investor presentation.(1) Based on 2018 pro forma through 2021E Porch revenue.(2) LTV is calculated by taking total contribution margin after CAC, divided by the number of customers and then multiplied by the average expected life of an account, capped at 5 years. CAC is

the Customer Acquisition Cost and represents all variable costs (sales and marketing) required on average to acquire a new company. The LTV/CAC shown here is for an average inspection company Porch acquires.

5555


II. PUBLIC MARKETS


5656

12/24/2021 NA NA NA NA NA Provider of cloud-based software for homebuilders, remodelers and specialty contractors

12/21/2020 NA NA NA NA NA Developer of ResWare title and escrow production platform

12/21/2020 $10,200 9.1x NA 32.5x NA Provider of a technology platform that enables real estate owners and managers to change how people

experience and use rental space

12/18/2021Houses.com domain

nameNA NA NA NA NA The acquisition of Houses.com sets the stage for CoStar Group's entry into residential real estate marketplaces

12/16/2020 NA NA NA NA NA Developer of an online platform for independent landlords and tenants that provides the tools, education and

support to make renting easy

12/8/2020 NA NA NA NA NA Provider of web-based software solutions for the real estate industry

11/22/2020 250 NA NA NA NA Provides agents and homebuyers with real-time MLS data and enhanced property features alongside digital

marketing tools to reinforce client-agent relationships

11/9/2021 NA NA NA NA NA Provider of original InsurTech that allows consumers and businesses to easily compare and purchase insurance

11/3/2020 NA NA NA NA NA Developer of technology that supports the ongoing valuation, underwriting and asset management of

commercial and multifamily real estate assets and loans

10/29/2020 NA NA NA NA NA Provider of residential property management software

10/23/2020 NA NA NA NA NA Leading provider of transaction management, forms and back-office software to the residential real estate

broker, MLS and agent ecosystem

10/15/2020 NA NA NA NA NA Provider of a personal finance app that lets people save for a down payment on a home, manage the equity in

their home and monitor their credit score

10/5/2020 NA NA NA NA NA Developer of a real estate technology platform intended to provide a seamless home closing experience

9/21/2020 NA NA NA NA NA Developer of a location intelligence software designed to collect and analyze geospatial data

9/15/2020 NA NA NA NA NA Developer of risk management software intended to help the residential mortgage industry solve fundamental

problems and minimize operational risks

9/1/2020 180 NA NA NA NA Provider of online consumer payment portals for real estate-related payment processing

9/1/2020 NA NA NA NA NA Developer of a digital platform designed for mortgage loan originators and borrowers

8/31/2020 NA NA NA NA NA Operator of a B2B internet of things company intended to offer internet of things services to the real estate

industry, with a focus on access and energy management tools

8/30/2020 NA NA NA NA NA Developer of construction accounting software and payroll services for small- to mid-sized specialty contractors

8/27/2020 NA NA NA NA NA Developer and provider of digital document verification solutions

APPENDIX

($MM)

Select M&A Activity

Date Enterprise EV / Revenue EV / EBITDA

Announced Acquirer Target Value LTM NTM LTM NTM Target Description

Source: Capital IQ as of 12/31/2020, PitchBook, company filings.

20

20

5757

8/18/2020 NA NA NA NA NA Developer of a property disclosure software designed to help real estate agents manage property disclosures

listings

8/6/2020 NA NA NA NA NA Developer of lease administration software

8/6/2020 $11,000 12.2x NA 23.4x NA Developer of software products and services designed to be used by mortgage lenders to process mortgage

applications

8/3/2020 NA NA NA NA NA Developer of real estate search and consumer engagement platform

7/27/2020 1,800 NA NA NA NA Operator of an online mortgage marketplace catering to investors, lenders and originators

7/22/2020 NA NA NA NA NA Developer of software solutions for enabling construction companies

7/8/2020 NA NA NA NA NA Operator of a real estate data technology

7/7/2020 NA NA NA NA NA Provider of home inspection and building services intended to provide interior and exterior caring services

6/30/2020 NA NA NA NA NA Provider of CMA platform that assists real estate agents with managing deals and graphics generation

6/25/2020 NA NA NA NA NA Provider of mortgage lending and real estate software solution that maximizes repeat business for lenders and

agents by empowering consumers to build wealth through homeownership

6/24/2020 NA NA NA NA NA Provider of real estate search applications, which actively manages over $1 trillion worth of active listings data

from over 600 individual Multiple Listings Services (MLS)

6/24/2020 NA NA NA NA NA Provider of a residential real estate search site and end-to-end platform for consumers and agents to

collaborate

6/11/2020 NA NA NA NA NA Provider of a cloud-based platform for institutional real estate investors and global property managers

6/11/2020 NA NA NA NA NA Provider of a technology platform designed to build highly personalized, premium prefab homes

6/4/2020 NA NA NA NA NA Provider of professional appraisal management services

5/13/2020 NA NA NA NA NA Provider of tools to access data across the entire enterprise that optimize space use, meeting room

coordination, workplace moves and asset management

5/13/2020 190 3.3x NA NA NA Provider of a platform for digital commercial real estate transactions that accelerates the property sales process

4/2/2020 NA NA NA NA NA Provider of a web-based real estate financial modeling, analysis, and presentation application that includes a

suite of smart, flexible models, calculators and tools for the single-family real estate sector

3/31/2020 NA NA NA NA NA Provider of software solutions for the UK social housing sector

3/9/2020 NA NA NA NA NA Provider of a visual marketing platform designed to offer videos and 3D models

APPENDIX

($MM)

Select M&A Activity (cont’d)



Source: Capital IQ as of 12/31/2020, PitchBook, company filings.(1) LTM multiples reflect 2020E figures.

(1) (1)

20

20

5858

3/3/2020 NA NA NA NA NA Provider of automated valuation models and other property valuation tools for appraisers, appraisal

management companies, lenders, investors and government agencies

2/25/2020 $7,100 7.1x NA NA NA Developer of financial education and recommendation platform intended to offer free credit scores and

reports with monitoring

2/19/2020 NA NA NA NA NA Provider of online commercial real estate marketplace that connects tenants and buyers with brokers

2/13/2020 350 NA NA NA NA Provider of document, eSign, eClosing and compliance technology

1/22/2020 NA NA NA NA NA Provider of multifamily real estate resident engagement solution

1/22/2020 NA NA NA NA NA Provider of geographic data sciences and predictive, location-based analytics for businesses across the U.S. and

Canada

1/14/2020 NA NA NA NA NA Provider of client relationship management (CRM) software company for CRE brokers

1/8/2020 NA NA NA NA NA Provider of property management software and services for public and affordable housing organizations in the

United States

12/18/2019 NA NA NA NA NA Provider of data science, machine learning and human interaction to help real estate professionals better

leverage the value of their personal network

12/18/2019 NA NA NA NA NA Provider of technology for home subscription sign-ups, and associated concierge offerings

12/11/2019 NA NA NA NA NA Provider of an Investor Relationship Management (IRM) platform

12/6/2019 NA NA NA NA NA Provider of augmented reality technology for home improvement technicians

11/19/2019 NA NA NA NA NA Provider of a system designed to integrate artificial intelligence and machine learning solutions into an

organization's overall business strategy

11/12/2019 NA NA NA NA NA Provider of real estate marketing automation services

11/7/2019Global R elocat ion B usiness

400 NA NA NA NA Provider of Relocation assets of Realogy's Cartus subsidiary

11/6/2019 580 11.6x NA NA NA Provider of property management SaaS solutions

11/6/2019 NA NA NA NA NA Provider of an automated RFP solution for commercial real estate property managers

10/28/2019 NA NA NA NA NA Provider of cloud-based document management technologies for the mortgage industry

10/16/2019 NA NA NA NA NA Provider of a lease automation and software platform for retail landlords

10/1/2019 450 7.0x NA 28.1x NA Provider of data benchmarking, analytics and marketplace insights to global hospitality sectors

APPENDIXSelect M&A Activity (cont’d)

($MM)



Source: Capital IQ as of 12/31/2020, PitchBook, company filings.(1) LTM multiples reflect 2019E figures.

(1) (1)

20

19

20

20

5959

10/1/2019 NA NA NA NA NA Provider of a search platform for real estate properties designed to collaborate and make the process of finding

and purchasing a home more efficient and personalized

9/25/2019 NA NA NA NA NA Provider of property tax management services to lenders, real estate investment trusts, and property

management companies

9/20/2019 $152 NA NA NA NA Provider of storage facility services

9/12/2019 NA NA NA NA NA Developer of a software platform for real estate brokers

9/10/2019 NA NA NA NA NA Provider of an end-to-end marketplace designed to make renting apartments easy

9/6/2019 NA NA NA NA NA Provider of a showing scheduling platform for the residential real estate industry

9/5/2019 NA NA NA NA NA Provider of national residential and commercial title and escrow services

8/27/2019 NA NA NA NA NA Platform offering empty restaurant spaces as co-working spaces during the closed hours

8/22/2019 NA NA NA NA NA Largest vacation rental marketplace in the Canadian market

8/21/2019 NA NA NA NA NA Provider of an end-to-end SaaS platform for the residential real estate industry, offering various agent

productivity tools

8/19/2019 NA NA NA NA NA Predictive analytics and data-driven marketing automation platform for the residential real estate industry

8/8/2019 NA NA NA NA NA Provider of business intelligence software for the construction industry

8/6/2019 NA NA NA NA NA Online marketplace for furnished apartments aimed at the vacation, business and student markets

8/31/2019 NA NA NA NA NA Provider of AI-powered data extraction solutions for real estate and corporate documents

7/30/2019 NA NA NA NA NA Workplace real estate management and operations platform, offering space planning and portfolio

optimization

7/24/2019 NA NA NA NA NA Real estate investment analytics platform offering valuation tools

7/16/2019 NA NA NA NA NA Provider of project management software for commercial property owners and developers

7/10/2019 NA NA NA NA NA Tech-enabled direct mortgage lender targeting the luxury buyer segment

7/9/2019 NA NA NA NA NA Provider of a predictive listing and lead generation platform for the rresidential real estate industry

6/20/2019 NA NA NA NA NA Online multifamily marketplace service for student housing in the United States


($MM)



Source: Capital IQ as of 12/31/2020, PitchBook, company filings.

20

19

6060

6/20/2019 NA NA NA NA NA Provider of technology for tracking and engaging potential multifamily property residents and analyzing

marketing returns

6/12/2019 NA NA NA NA NA Provider of advisory services, data management, partner management, application management and data

analytics for the commercial real estate industry

6/4/2019 NA NA NA NA NA The credit, flood, income and tax verification services, government services, REO management and disposition,

online foreclosure auction and homeowners association (HOA) tracking units of Chronos Solutions

6/3/2019 NA NA NA NA NA Provider of research, data and analytics to the commercial real estate industry in North America and Europe

5/23/2019 NA NA NA NA NA Provider of ERP software and SaaS for the multifamily and commercial real estate sectors, providing features

for accounting, budgeting and forecasting, job costing, lease management, reporting and Web design

5/13/2019 NA NA NA NA NA Online marketplace and SaaS platform supporting commercial real estate (“CRE”) brokers through property

marketing, transaction management and business intelligence tools

5/13/2019 NA NA NA NA NA Provider of cloud-based real estate and location data platforms serving more that 350,000 business and

government users

5/3/2019 $500 NA NA NA NA Provider of cloud-based operations management software that automates enterprise asset management

workflows such as work order, inventory, energy, capital planning and facility scheduling

5/1/2019 335 NA NA NA NA Operator of a network connecting agents and jurisdictions that underpin residential mortgage records,

streamlining the local recording of residential mortgage transactions

4/22/2019 NA NA NA NA NAProvider of real etstate transaction forms and transaction management software for the residential real estate

industry

4/17/2019 NA NA NA NA NAOnline mortgage lender leveraging advanced analytics to offer no origination fees, fast approvals and

competitive rates

4/3/2019 220 NA NA NA NA Provider of an office space management platform and office management logistics

4/1/2019 NA NA NA NA NA Provider of loan origination and servicing software systems for the residential real estate lending industry

3/26/2019 NA NA NA NA NA Provider of an operational cost analytics platform for commercial real estate facilities

3/19/2019 2,083 3.1x 3.1x 12.3x 12.3x Provider of capital markets and brokerage services to owners of commercial real estate

3/13/2019 205 NA NA NA NA Provider of environmental due diligence information

3/7/2019 ~400 NA NA NA NA Provider of an online hotel booking platform offering low rates on last-minute bookings

3/5/2019 NA NA NA NA NA Operator of a real estate appraisal firm that specializes in right-of-way appraisal and litigation

3/4/2019 NA NA NA NA NA Operator of a luxury residential real estate company focusing on the San Francisco Bay Area

3/1/2019 NA NA NA NA NA Provider of an online real estate brokerage offering low-cost home sales

(Select Businesses)


($MM)



Source: Capital IQ as of 12/31/2020, PitchBook, company filings.(1) Per Skift report, 3/8/2019.

(1)

20

19

6161

2/27/2019 NA NA NA NA NA Provider of AI-based customer relationship management SaaS to real estate brokers and agents

2/14/2019 NA NA NA NA NAProvides an online platform for home exchanges, connecting like-minded travelers and enabling them to swap

vacation homes

2/12/2019 $3,390 7.1x 6.3x 27.7x 21.9x Provider of loan origination SaaS for the financial sector

2/7/2019 NA NA NA NA NA Provider of residential real estate workflow and transaction management software

2/7/2019 NA NA NA NA NA Developer of a data platform that tracks the identity and behavior of people in the physical world

2/4/2019 NA NA NA NA NA Provider of operating cost analytics software for large data center operators

1/9/2019 / NA NA NA NA NA Provider of applicant screening platforms for the multifamily real estate industry and corporate employers

1/8/2019 NA NA NA NA NA Provider of an AI tool that automates leasing communication for property managers

1/7/2019 NA NA NA NA NA Provider of national real estate data and analytics

12/21/2018 105 6.3x NA 8.8x NAProvider of an online analysis website for consumers seeking advice on financial topics such as insurance,

investing and credit cards

12/20/2018 275 NA NA NA NADeveloper of a construction bid management platform designed to connect businesses in the construction

industry

12/17/2018 NA NA NA NA NA Provider of marketing services for real estate in Chantilly, Virginia

12/6/2018 NA NA NA NA NA Provider of real estate settlement and title underwriting services

12/6/2018 NA NA NA NA NAProvider of an online hotel booking platform intended to serve the travelers, expats and locals around the

world

12/5/2018 NA NA NA NA NA Provider of software designed to offer workplace space management and optimization

11/21/2018 NA NA NA NA NAProvider of appraisal and title management services to mortgage originators, quality control companies, due

diligence firms, and other institutions involved in the real estate finance industry

11/20/2018 875 NA 8.8x NA NA Developer of a construction productivity software intended to deliver real-time project information

11/8/2018 68 NA NA NA NAProvider of an online property rental management platform designed to make the rental process simple,

secure and intuitive

11/6/2018 NA NA NA NA NA Provider of information services that help clients in processing real estate transactions

10/25/2018 NA NA NA NA NA Developer of a property management platform designed to offer information on short-term rentals

Mean 7.4x 6.1x 22.1x 17.1x

Median 7.1x 6.3x 25.6x 17.1x


($MM)



Source: Capital IQ as of 12/31/2020, PitchBook, company filings.(1) EBITDA multiples based on adjusted EBITDA.

(1) (1)

20

18

20

19

6262

PROPTECH ECOSYSTEM

Source: Capital IQ as of 1/22/2021.“NM” signifies multiple >40x.(1) Stock Price, Equity Value and Enterprise Value as of Thoma Bravo acquisition announcement date (12/21/2020).

(1)

($MM, Except Per Share Data)

Stock Trading Statistics Operating Metrics Trading Statistics

Price Equity Net Enterprise Revenue EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin EV / Revenue

Company 1/22/2021 Value Debt Value CY20E CY21E CY20E CY21E CY20E CY21E 20E / 19A 21E / 20E CY20E CY21E

RE Media / Portals

CoStar Group, Inc. $896.05 $35,321 $2,745 $32,576 $1,648 $1,907 19.8x 17.1x NM 49.2x 18% 16% 32% 35%

Zillow Group, Inc. $152.05 $35,378 ($416) $35,794 $3,284 $4,844 10.9x 7.4x NM NM 20% 47% 9% 8%

REA Group Limited $110.19 $14,557 ($72) $14,629 $630 $748 23.2x 19.5x 39.1x 32.2x (2%) 19% 59% 61%

Scout24 AG $80.52 $7,878 $155 $7,723 $431 $460 17.9x 16.8x 30.2x 28.0x 6% 7% 59% 60%

Rightmove plc $8.58 $7,470 $48 $7,422 $274 $393 27.1x 18.9x 40.8x 25.3x (29%) 44% 66% 75%

LIFULL Co., Ltd. $3.54 $466 $19 $447 $335 $375 1.3x 1.2x 12.4x 7.5x (9%) 12% 11% 16%

RE Media / Portals

Mean: 16.7x 13.5x 30.6x 28.4x 1% 24% 39% 42%

Median: 18.8x 16.9x 34.6x 28.0x 2% 17% 46% 47%


Black Knight, Inc. $82.30 $12,792 ($2,312) $15,104 $1,233 $1,405 12.3x 10.8x 24.9x 21.3x 5% 14% 49% 50%

CoreLogic, Inc. $77.30 $6,012 ($1,391) $7,403 $1,656 $1,631 4.5x 4.5x 11.8x 12.0x (6%) (2%) 38% 38%

Altus Group Limited $39.62 $1,605 ($96) $1,701 $437 $482 3.9x 3.5x 23.0x 18.8x (0%) 10% 17% 19%

Real Matters Inc. $14.73 $1,242 $121 $1,120 $480 $575 2.3x 1.9x 14.9x 11.5x 31% 20% 16% 17%


Mean: 5.7x 5.2x 18.6x 15.9x 7% 11% 30% 31%

Median: 4.2x 4.0x 18.9x 15.4x 2% 12% 27% 28%

Property Management Software

RealPage, Inc. $88.75 $9,629 $571 $10,200 $1,156 $1,283 8.8x 7.9x 32.0x 28.0x 17% 11% 28% 28%

AppFolio, Inc. $157.00 $5,390 $109 $5,280 $311 $351 17.0x 15.1x NM NM 22% 13% 17% 18%

Agilysys, Inc. $44.88 $1,052 $71 $980 $140 $165 7.0x 5.9x 43.7x 41.0x (11%) 18% 16% 14%

Property Management Software

Mean: 10.9x 9.7x 37.9x 34.5x 9% 14% 20% 20%

Median: 8.8x 7.9x 37.9x 34.5x 17% 13% 17% 18%


Redfin Corporation $75.27 $7,703 $129 $7,575 $875 $1,213 8.7x 6.2x NM NM 12% 39% 5% 7%

Realogy Holdings Corp. $16.00 $1,847 ($3,671) $5,518 $5,891 $6,493 0.9x 0.8x 7.8x 7.8x 5% 10% 12% 11%

eXp World Holdings, Inc. $102.92 $7,199 $87 $7,113 $1,700 $2,437 4.2x 2.9x NM NM 73% 43% 3% 4%

RE/MAX Holdings, Inc. $39.66 $736 ($192) $928 $264 $294 3.5x 3.2x 10.2x 8.8x (6%) 11% 35% 36%

Purplebricks Group plc $1.30 $398 $97 $300 $130 $132 2.3x 2.3x 33.7x 18.4x 0% 1% 7% 12%


Mean: 3.9x 3.1x 17.2x 11.7x 17% 21% 12% 14%

Median: 3.5x 2.9x 10.2x 8.8x 5% 11% 7% 11%

6363

PROPTECH ECOSYSTEM (CONT’D)

Source: Capital IQ as of 1/22/2021.“NM” signifies multiple >40x.






CBRE Group, Inc. $66.02 $21,638 ($2,914) $24,552 $23,286 $24,515 1.1x 1.0x 14.7x 13.2x (3%) 5% 7% 8%

Jones Lang LaSalle Incorporated $159.90 $8,203 ($3,333) $11,536 $8,698 $9,353 1.3x 1.2x 14.7x 11.9x (13%) 8% 9% 10%

Cushman & Wakefield plc $15.20 $3,369 ($3,064) $6,433 $7,778 $8,235 0.8x 0.8x 14.0x 10.7x (11%) 6% 6% 7%

Colliers International Group Inc. $92.46 $3,703 ($1,245) $4,948 $2,708 $3,292 1.8x 1.5x 15.6x 12.0x (11%) 22% 12% 13%

Newmark Group, Inc. $7.33 $1,322 ($2,363) $3,685 $1,778 $1,948 2.1x 1.9x 11.0x 9.0x (20%) 10% 19% 21%

Savills plc $14.52 $1,991 ($330) $2,321 $2,432 $2,625 1.0x 0.9x 12.3x 9.6x (5%) 8% 8% 9%

Marcus & Millichap, Inc. $40.04 $1,576 $98 $1,478 $617 $730 2.4x 2.0x 29.0x 17.5x (24%) 18% 8% 12%


Mean: 1.5x 1.3x 15.9x 12.0x (12%) 11% 10% 11%

Median: 1.3x 1.2x 14.7x 11.9x (11%) 8% 8% 10%


Rocket Companies, Inc. $20.05 $40,089 ($675) $40,764 $15,438 $11,078 2.6x 3.7x 4.2x 7.6x 194% (28%) 63% 48%

Fidelity National Financial, Inc. $39.44 $11,582 ($612) $12,194 $9,739 $10,068 1.3x 1.2x 7.6x 5.7x 15% 3% 17% 21%

First American Financial Corporation $54.63 $6,099 ($327) $6,427 $6,782 $6,352 0.9x 1.0x 5.9x 6.8x 9% (6%) 16% 15%

Radian Group Inc. $20.67 $3,959 ($1,519) $5,479 $1,358 $1,407 4.0x 3.9x NA NA (11%) 4% NA NA

Stewart Information Services Corporation $50.25 $1,343 $137 $1,206 $2,140 $2,299 0.6x 0.5x 5.7x 5.4x 10% 7% 10% 10%

Altisource Portfolio Solutions S.A. $11.17 $175 ($244) $419 $365 $274 1.1x 1.5x 28.4x 10.5x (44%) (25%) 4% 15%


Mean: 1.8x 2.0x 10.4x 7.2x 29% (8%) 22% 22%

Median: 1.2x 1.4x 5.9x 6.8x 10% (1%) 16% 15%


LendingTree, Inc. $318.04 $4,174 ($510) $4,683 $905 $1,075 5.2x 4.4x 39.8x 27.1x (18%) 19% 13% 16%

Moneysupermarket.com Group PLC $3.70 $1,987 ($34) $2,021 $471 $502 4.3x 4.0x 14.0x 12.1x (8%) 7% 31% 33%

QuinStreet, Inc. $22.07 $1,167 $85 $1,083 $505 $541 2.1x 2.0x 28.2x 22.6x 5% 7% 8% 9%


Mean: 3.9x 3.5x 27.3x 20.6x (7%) 11% 17% 19%

Median: 4.3x 4.0x 28.2x 22.6x (8%) 7% 13% 16%


Booking Holdings Inc. $2,066.24 $84,623 ($1,254) $85,877 $6,752 $10,193 12.7x 8.4x NM 26.0x (55%) 51% 13% 32%

Airbnb, Inc. $181.87 $109,567 ($4,296) $113,863 $3,247 $4,484 35.1x 25.4x NM NM (32%) 38% (10%) 0%

Expedia Group, Inc. $136.52 $19,312 ($4,995) $24,307 $5,385 $7,782 4.5x 3.1x NM 19.5x (55%) 44% (5%) 16%

TripAdvisor, Inc. $33.19 $4,465 ($71) $4,536 $596 $952 7.6x 4.8x NM 22.6x (62%) 60% (6%) 21%


Mean: 15.0x 10.4x NM 22.7x (51%) 48% (2%) 17%

Median: 10.2x 6.6x NM 22.6x (55%) 48% (5%) 19%

6464

PROPTECH ECOSYSTEM (CONT’D)

Source: Capital IQ as of 1/22/2021.“NM” signifies multiple >40x.





Broader Data

Moody's Corporation $266.70 $50,096 ($4,402) $54,498 $5,299 $5,402 10.3x 10.1x 20.3x 20.2x 10% 2% 51% 50%

Experian plc $36.02 $32,897 ($4,169) $37,066 $5,147 $5,608 7.2x 6.6x 20.7x 19.9x 3% 9% 35% 33%

Equifax Inc. $178.74 $21,742 ($2,842) $24,584 $4,090 $4,350 6.0x 5.7x 16.9x 16.8x 17% 6% 36% 34%

TransUnion $91.91 $17,490 ($3,234) $20,725 $2,715 $2,899 7.6x 7.1x 20.0x 18.2x 2% 7% 38% 39%

Fair Isaac Corporation $496.16 $14,437 ($778) $15,216 $1,316 $1,369 11.6x 11.1x 31.4x 32.0x 10% 4% 37% 35%

Broader Data

Mean: 8.5x 8.1x 21.9x 21.4x 8% 6% 39% 38%

Median: 7.6x 7.1x 20.3x 19.9x 10% 6% 37% 35%

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This report was prepared by GCA Advisors, LLC, a registered broker-dealer and member of FINRA and SIPC. Sources of data include Capital IQ and other news organizations. Information obtained from third-party sources is considered reliable, but we do not guarantee that the information herein is accurate and complete. The report shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities mentioned herein; past performance does not guarantee future results. Recipients of this report should not interpret the information herein as sufficient grounds for an investment decision or any other decision.

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