COMP <GO>

NLOP vs EARN // ALTMAN Z-SCORE & DEBT/EQUITY

Net Lease Office Properties of (NYSE) VS. Ellington Credit Company of (NYSE) • 15-METRIC TALLY: NLOP 0 — EARN 4

■ METRIC PARITY

LAST: $8.96 (-1.54%) • MKT CAP: $134.8M

balance-sheet

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LAST: $3.48 (-4.40%) • MKT CAP: $136.7M

balance-sheet

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15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (NLOP VS. EARN) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	NLOP	EARN	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	—	—	—	TIE	/gross-margins <GO>
Return on Invested Capital (ROIC)	-35.00%	3.40%	-38.40	EARN	/roic <GO>
EV/EBITDA & P/E Valuation	—	—	—	TIE	/valuation <GO>
Free Cash Flow Yield	—	6.66%	—	TIE	/fcf-yield <GO>
Operating Margin	—	—	—	TIE	/operating-margins <GO>
Net Profit Margin	-60.00%	—	—	TIE	/net-margins <GO>
Revenue Growth (YoY)	-16.40%	—	—	TIE	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	0.00%	0.00%	0.00	TIE	/dividend-safety <GO>
Altman Z-Score & Debt/Equity ACTIVE	—	—	—	TIE	/balance-sheet <GO>
Piotroski F-Score Quality	3/9	5/9	-2.00	EARN	/piotroski-score <GO>
Options Implied Move & Put/Call Skew	—	—	—	TIE	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	27.2	38.4	-11.23	EARN	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	—	—	—	TIE	/macro-sensitivity <GO>
Forward P/E Multiple	—	19.3x	—	TIE	/forward-pe <GO>
Enterprise Scale & Market Cap	$134.8M	$136.7M	-$1.9M	EARN	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	NLOP REV	EARN REV	NLOP GROSS %	EARN GROSS %	NLOP FCF	EARN FCF
FY 2025	$118.9M	—	—	—	$64.1M	—
FY 2024	$142.2M	$0	—	—	$71.9M	$9.1M
FY 2023	$175.0M	$0	—	—	$71.0M	-$10.0M

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

NLOP // BETA —

EARN // BETA —