DDM Analysis: RAM

Valuation Snapshot

Stable Growth	$10.77 - $16.70	$13.52
Multi-Stage	$23.94 - $26.41	$25.15
Blended Fair Value	$19.33
Current Price	$10.27
Upside	88.25%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2021
DPS	0.00%	0.00%	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	20.67
(-) Cash Dividends Paid (M)	0.50
(=) Cash Retained (M)	20.17

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	4.13	2.58	1.55
Cash Retained (M)	20.17	20.17	20.17
(-) Cash Required (M)	-4.13	-2.58	-1.55
(=) Excess Retained (M)	16.03	17.58	18.62
(/) Shares Outstanding (M)	17.97	17.97	17.97
(=) Excess Retained per Share	0.89	0.98	1.04
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	0.89	0.98	1.04
(=) Adjusted Dividend	0.92	1.01	1.06
WACC / Discount Rate	6.37%	6.37%	6.37%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$10.77	$13.52	$16.70
Upside / Downside	4.90%	31.63%	62.62%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	20.67	20.46	20.26	20.06	19.86	19.66	20.25
Payout Ratio	2.44%	19.95%	37.46%	54.97%	72.49%	90.00%	92.50%
Projected Dividends (M)	0.50	4.08	7.59	11.03	14.39	17.69	18.73

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.37%	6.37%	6.37%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	3.80	3.84	3.88
Year 2 PV (M)	6.57	6.71	6.84
Year 3 PV (M)	8.89	9.16	9.44
Year 4 PV (M)	10.79	11.24	11.70
Year 5 PV (M)	12.35	12.99	13.66
PV of Terminal Value (M)	387.75	407.94	428.96
Equity Value (M)	430.15	451.88	474.49
Shares Outstanding (M)	17.97	17.97	17.97
Fair Value	$23.94	$25.15	$26.41
Upside / Downside	133.09%	144.87%	157.12%

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Aries I Acquisition Corporation (RAM)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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