Tax Incentive Finance Quarterly

On September 17, 2026, KeyBanc Capital Markets (KBCM) successfully advised GLP Canada Ltd. (GLP or the Company) on its partnership with Atlantic Street Capital (Atlantic Street).

KBCM was selected to serve as GLP’s Exclusive Financial Advisor based on its multi-year relationship with GLP’s management and ownership, industry-leading specialty distribution investment banking practice, long history of transaction success within the HVAC industry, access to the best potential private equity partners and proven M&A execution capabilities.

Founded in 1958 and headquartered in Oakville, Ontario, GLP is a leading specialty HVAC distributor serving customers across North America. Through its complementary Distribution and Applied segments, GLP offers a comprehensive portfolio of HVAC equipment, accessories, parts, components and engineered systems across mission-critical, industrial, modular, commercial and residential applications. The Company’s technical expertise, long-standing vendor relationships, broad product offering and white-glove customer support position GLP as a trusted channel partner to customers throughout Canada and the U.S.

Founded in 2006 and headquartered in Greenwich, Connecticut, Atlantic Street Capital is a private equity firm focused on partnering with ambitious entrepreneurs and management teams of lower-middle-market businesses. Atlantic Street combines deep industry expertise, hands-on operational support and capital resources to help its portfolio companies accelerate organic and acquisition-driven growth. Atlantic Street operates with over $1.5 billion of assets under management.

Cain Brothers, a division of KeyBanc Capital Markets, served as exclusive financial advisor to Icario, a portfolio company of CVC Capital Partners, on its sale to Vitality Group.

Leveraging deep experience in payer tech and member engagement, Cain Brothers ran a competitive process targeting strategic buyers. The transaction resulted in a strategic combination pairing Icario's member engagement platform with Vitality's global behavior-change franchise, expanding Vitality's reach into health plan member engagement and gaps-in-care closure in the U.S. market.

Icario is an AI-powered, digital-first member engagement platform that leverages whole-person data, proprietary analytics, GenAI, behavioral science and omnichannel communication to deliver personalized member experiences at scale. The company helps health plans translate complex member-level data into engagement programs that motivate healthy behaviors, close gaps in care and improve outcomes. Icario serves some of the nation's largest health plans, reaching millions of Medicare, Medicaid and commercial members, while delivering measurable improvements in quality performance, care outcomes and member engagement.

Vitality, a subsidiary of Discovery (JSE: DSY), a South Africa-based financial services group, is a leading health engagement platform that helps improve health outcomes through technology, data, AI, incentives and behavioral science. Backed by Discovery's global expertise in insurance, wellness and behavior change, Vitality serves more than 52 million lives across Europe, the Americas, Asia, Africa and Oceania.

Founded in 1981, CVC Capital Partners is a Luxembourg-based private equity firm with over $245 billion of assets under management. The firm invests across a diverse range of sectors, including business services, consumer and retail, healthcare, technology, and infrastructure, partnering with management teams to scale businesses and create long-term value across its portfolio.

On September 2, 2026, KeyBanc Capital Markets and Key Government Finance successfully closed the $60 million Senior Secured Tax-Exempt Credit Facility for Spirit Lake Tribe. The proceeds will be used to support the construction and development of the new Spirit Lake Health Center in North Dakota.

This transaction represents Key’s first financing for Spirit Lake Tribe and long-standing track record of tribal financings secured by health services revenues. Key was selected to serve as Sole Lender and Structuring Agent due to its healthcare financing experience and established expertise supporting Native American construction projects.

The new, visionary Spirit Lake Health Center will be a 60,000-square-foot facility located on tribal land in Saint Michael, North Dakota. The center will bring together primary care, dental, behavioral health, pharmacy, radiology, dialysis, and related services under one roof, significantly expanding capacity to support over 35,000 annual patient visits and serve more than 13,000 individuals, the majority of whom are low-income and Native American.

About Spirit Lake Tribe
Spirit Lake Tribe is a federally recognized Tribe located in Fort Totten, North Dakota, with over 7,900 enrolled members. The Tribe operates a diverse portfolio of enterprises, including Sioux Manufacturing Corporation, Spirit Lake Housing Corporation, Cankdeska Cikana Community College, Four Winds Community School, Tate Topa Elementary & Middle School, and Spirit Lake Casino & Resort. The various enterprises support the Tribe’s long-term vision of economic self-determination, community development, and enhanced quality of life for tribal members.

About Spirit Lake Tribe Healthcare
The Tribe has operated the existing Spirit Lake Health Center for over 50 years, providing essential healthcare services to the community. The proposed project will support the replacement of the existing facility to meet the growing demand for access to critical healthcare in one of North Dakota’s most under-resourced communities.

In August 2026, KeyBanc Capital Markets (KBCM) successfully closed on $650 million in Senior Notes due 2036 for MasTec, Inc. (MasTec). KBCM acted as Senior Co-Manager on the transaction.

MasTec is a leading infrastructure construction company that provides engineering, building, installation, and maintenance services for communications, energy, utility, and transportation infrastructure across North America. The company serves telecommunications, renewable energy, power delivery, and pipeline customers through its diversified infrastructure solutions.

On August 31, 2026, KeyBanc Capital Markets (KBCM) successfully advised on the sale of Myers Tire Supply (MTS), a division of Myers Industries (Myers), to Lion Equity Partners (Lion). KBCM was selected to serve as Myers’ Exclusive Sell-Side Advisor based on its industry-leading Specialty Distribution investment banking practice, proven M&A execution capabilities and long-standing relationship with Myers.

Headquartered in Akron, Ohio, Myers is a leading manufacturer of specialized plastic and metal products for the consumer, vehicle, food & beverage, general industrial and infrastructure end markets. Myers operates a portfolio of established brands and manufactures a diverse range of products, including material handling containers, storage solutions, fuel and water storage products, ground protection systems and other engineered products. Myers employs over 2,000 individuals, with over 30 locations globally.

Founded in 1933 and headquartered in Akron, Ohio, MTS is one of the nation’s leading distributors of specialized tire supplies, tools and equipment for the tire service market. MTS provides comprehensive retread and repair consumables, wheel weights, equipment, tire pressure monitoring systems, valves, shop supplies and tools. MTS’s footprint spans the continental U.S., serving thousands of customers across the passenger and commercial automotive markets through four distribution centers.

Headquartered in Denver, Colorado, Lion is a lower middle-market private equity investment firm with over $170 million of assets under management.

On July 28, 2026, KeyBanc Capital Markets Inc. (KBCM) successfully closed $200 million of Senior Secured Credit Facilities supporting GridStor’s utility-scale standalone battery energy storage project, White Tank. The facilities include a $140.4 million construction-to-term loan, a $42.8 million tax-credit bridge loan, and $36.9 million in letters of credit. Proceeds will be used to fund the project’s construction costs. KBCM acted as Coordinating Lead Arranger.

White Tank is a 100 MWac/400 MWh energy storage project located in Maricopa County, Arizona. The project is supported by a 20-year tolling agreement with Arizona Public Service, an investment-grade regulated utility. Built with tier-1 equipment, White Tank is expected to reach commercial operations in February 2027. Once operational, it will provide grid stability to over 80,000 Arizona homes.

This financing represents the first transaction between GridStor and KBCM.

About GridStor
GridStor is backed by Goldman Sachs Asset Management (GSAM), which acquired the company in 2022 to support the buildout of its utility-scale energy storage platform. GridStor focuses on delivering large-scale energy storage solutions that support grid reliability and help meet rapidly growing power demand from utilities, data centers, and other industrial customers. Its strategy is centered on developing and operating standalone battery storage projects that provide cost-effective, near-term infrastructure solutions in high-growth power markets.

About Goldman Sachs Asset Management
Founded in 1988, GSAM is a global investment manager with over $1 trillion in assets under supervision and a global platform spanning multiple asset classes, industries, and geographies. The firm serves clients across pension plans, sovereign wealth funds, insurance companies, financial institutions, endowments, foundations, family offices, and individual investors.

On August 27, 2026, KeyBanc Capital Markets Inc. (KBCM) successfully closed the syndication of a $40 million Incremental Term Loan A Facility for WarHorse Gaming, LLC, wholly owned by the Winnebago Tribe of Nebraska’s award-winning economic development corporation, Ho-Chunk, Inc. for an aggregate issuance of $340 million in Senior Secured Credit Facilities. Proceeds from the Incremental Facility will be used to support ongoing construction costs, working capital, and general corporate purposes.

KBCM served as a Joint Lead Arranger on the transaction due to our successful track record of executing syndicated transactions and industry expertise in the debt capital markets. This transaction represents the second transaction with WarHorse.

About WarHorse
The Tribe established WarHorse in 2022 to develop, own, and operate two commercial casinos in eastern Nebraska: WarHorse Gaming Lincoln, LLC and WarHorse Gaming Omaha, LLC. WarHorse completed its multi-phase development in April 2025 and currently features an aggregate of 1,900 slot machines, 28 table games, several F&B options, and other premium amenities. The third WarHorse Casino, expected to open in 2028, will be constructed in South Sioux City and feature over 700 gaming options adjacent to the newly constructed racetrack.

About Ho-Chunk
Ho-Chunk, Inc. was established in 1994 as an independent commercial entity owned by the Tribe. Ho-Chunk owns and operates a diversified portfolio of businesses spanning multiple end markets including gaming & real estate, manufacturing & distribution, consumer, and government contracting. As a long-term capital provider, Ho-Chunk prioritizes their dual mission of generating revenue and affecting positive social and economic impact.

About The Tribe
Winnebago Tribe of Nebraska is a federally recognized sovereign nation comprised of over 5,000 enrolled members. Tribal lands encompass over 27,600 acres across eastern Nebraska.

On August 24, 2026, Ridge Care Senior Living, Inc. (Ridge Care or the Company) completed the sale of a portfolio of six stabilized seniors housing communities to Ventas Healthcare Realty LLC (Ventas). The seniors housing portfolio offered a full continuum of care across 542 beds in North Carolina and South Carolina. KeyBanc Capital Markets served as Exclusive Sell-Side Advisor to Ridge Care. 

Ridge Care is a privately held and vertically integrated developer, owner and operator of seniors housing communities. Prior to the transaction, Ridge Care owned and operated nine communities, which offered independent living, assisted living, memory care and respite care. The Company is headquartered in Kernersville, North Carolina, less than a four-hour drive from all of Ridge Care’s communities. The senior leadership team is able to visit each community regularly and create personal connections with those who live and work there. Through these visits, management seeks firsthand feedback, enabling a high standard of care.

Ventas (NYSE: VTR) is an S&P 500 company enabling exceptional environments that benefit a large and growing aging population. Prior to the transaction, Ventas had approximately 1,450 properties in North America and the United Kingdom. The firm’s growth is fueled by its more than 900 seniors housing communities, which provide valuable services to residents and enable them to thrive in supported environments.

In August 2026, KeyBanc Capital Markets acted as Active Joint Bookrunner for Ameren Illinois Company’s (AIC) $400 million First Mortgage Bond offering. The bonds were issued at a spread of T+78 with a 5.5% coupon and mature in 2036.

AIC intends to use the proceeds for general corporate purposes, including the repayment of outstanding short-term debt.

About Ameren Illinois Company
Ameren Illinois Company is a subsidiary of Ameren Corporation, a public utility holding company. AIC is headquartered in Collinsville, Illinois, and operates in the rate-regulated electric generation, transmission, and distribution business, as well as the natural gas distribution business. The company provides electricity to approximately 1.2 million customers across more than 1,200 communities, with a service territory spanning 43,700 square miles.

On August 18, 2026, KeyBanc Capital Markets (KBCM) successfully advised Safe-Way Garage Doors LLC (Safe-Way or the Company), a portfolio company of CW Industrial Partners (CW), on its sale to Point 41 Capital Partners (Point 41). KBCM was chosen to serve as Exclusive Sell-Side Advisor based on its industry-leading Building Products practice and proven M&A execution capabilities.

Headquartered in Warsaw, Indiana, Safe-Way is a leading manufacturer of residential and commercial garage doors serving professional dealers, installers and distributors across North America. The Company offers a comprehensive portfolio of garage door products designed to meet a broad range of performance, aesthetic and end-market requirements. Safe-Way is recognized for its reputation for product quality, customer service and operational reliability, supported by a strategically located manufacturing footprint, long-standing customer relationships and industry-leading delivery performance.

CW is a Cleveland, Ohio-based private equity firm focused on middle-market industrial businesses that manufacture or service engineered products, components and equipment. With more than 20 years of experience, the firm partners with entrepreneurs, families and executives to drive long-term value creation.

Point 41 Capital Partners is a middle-market private equity firm that partners with management teams in the specialty industrials and services sectors and invests in North American-based companies with an enterprise value between $50 million and $350 million. Point 41's ideology is built upon four key principles — team, expertise, execution, and integrity — that guide the firm’s investment philosophy. In alignment with management teams, Point 41 offers 40 years of deep sector expertise and a proven approach to driving transformational growth.

Cain Brothers, a division of KeyBanc Capital Markets, acted as buy-side advisor to Bookmark Medical, a portfolio company of Kinderhook Industries, on its acquisition of the Michigan assets of Village Medical, a subsidiary of VillageMD.

Cain Brothers has a longstanding relationship with Kinderhook and maintains on-going dialogue with Bookmark on M&A and capital raising opportunities. Cain Brothers was engaged based on our deep expertise in primary care, with this mandate further bolstering our credentials in the broader physician group and value-based care sectors.

Bookmark Medical is a provider-led healthcare organization dedicated to improving lives through high-quality care. Serving patients across Arizona, Massachusetts, Michigan, and Tennessee, Bookmark partners with providers to deliver coordinated, patient-centered care rooted in strong community relationships. Through primary care, specialty care, and affiliated provider partnerships, the organization is expanding access to healthcare while improving health outcomes for the communities it serves.

Kinderhook Industries is a private investment firm that has raised over $11 billion of committed capital and has made 500+ investments and follow-on acquisitions since its founding in 2003. Kinderhook matches differentiated, growth-oriented investment opportunities with its financial expertise and proprietary network of operating partners. Kinderhook focuses on middle market businesses with defensible niche market positioning in healthcare services, environmental & equipment services, and industrials & manufacturing.

VillageMD provides high-quality, accessible health care services for individuals and communities across the United States, with primary, multispecialty, and urgent care providers serving patients in traditional clinic settings, in patients’ homes, and through online appointments. Committed to serving all patients and working with all payers, VillageMD consistently innovates value-based care, bringing integrated applications, population insights and staffing expertise to its owned and affiliate practices, ensuring high-quality care, better patient outcomes, and a reduction in the total cost of care.

On July 31, 2026, KeyBanc Capital Markets Inc. (KBCM) successfully closed a $1.05 billion Senior Secured Credit Facility for Avantus LLC (Avantus) in support of their expansive project pipeline. The Facility comprises a $520 million facility upsize to an existing $522 million corporate credit facility put into place in July 2024.

The expanded Facility will advance Avantus’ independent power producer (IPP) strategy and accelerate the execution of its portfolio across core markets in California and the desert Southwest. Its pipeline totals 24 GW of system capacity, including 13 GW of solar integrated with 44 GWh of storage. The near-term portfolio consists of 12 projects totaling 2.6 GWac of solar capacity and 2.5 GWac/9.8 GWh of battery storage capacity, and will generate revenue through long-tenor busbar power purchase agreements with various Tier-I offtakers.

KBCM joined the financing as a new Lead Arranger alongside other institutions.

Avantus Overview
Avantus develops, owns and operates utility-scale clean energy projects across California and the desert Southwest. The company’s development pipeline of solar with integrated storage will generate enough dispatchable power to serve more than 10 million Americans, day and night. Backed by strategic investment from KKR and EIG and building on more than a decade of industry leadership, Avantus is growing its position as an independent power producer, delivering affordable, reliable clean energy solutions to meet America’s growing energy demand.