special finance
TRANSCRIPT
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March 2015
Specialty FinanceIndustry InsightsA review of M&A activity and
public market valuation in the
consumer and commercialspecialty finance sectors
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William Blair
Specialty Finance Industry Insights
Table of Contents
Table of Contents
Introduction .....................................................................................................................................................................................................................................................1
Consumer Specialty Finance .....................................................................................................................................................................................................................2
M&A Trends .................................................................................................................................................................................................................................................2
Select M&A Transactions .......................................................................................................................................................................................................................3
Public Valuation Update .........................................................................................................................................................................................................................4
Commercial Specialty Finance ..................................................................................................................................................................................................................7
M&A Trends .................................................................................................................................................................................................................................................7
Select M&A Transactions .......................................................................................................................................................................................................................8
Public Valuation Update .........................................................................................................................................................................................................................9
Capital Markets Transactions ................................................................................................................................................................................................................ 12
Recent Equity Offerings ....................................................................................................................................................................................................................... 12
Recent Debt Offerings .......................................................................................................................................................................................................................... 14
Recent Preferred Equity Offerings .................................................................................................................................................................................................. 15
Financial Services & Technology Analysts and Coverage .......................................................................................................................................................... 16
Investment Banking Team Biographies ............................................................................................................................................................................................ 17
Select William Blair Transactions ........................................................................................................................................................................................................ 18
Notes ................................................................................................................................................................................................................................................................ 19
Disclosures ..................................................................................................................................................................................................................................................... 20
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William Blair
Specialty Finance Industry InsightsIntroduction 1
Introduction
Specialty finance can be broadly defined as any financing activity that takes place outside the traditional banking system. Typically,specialty finance firms are thought of as non-bank lenders that make loans to consumers and small to midsize businesses that cannototherwise obtain financing. This report covers trends in M&A activity, transaction multiples, and public company valuations in theconsumer and commercial specialty finance sectors. Specifically, consumer specialty finance includes auto finance, collection,
alternative financial services, credit card, and mortgage companies. Commercial specialty finance includes business developmentcompanies (BDCs), commercial finance, commercial real estate lending, and leasing companies. We hope you enjoy this report, andwe welcome any feedback.
Summary of M&A Activity
Both the M&A and equity markets performed strongly in the first quarter. Total global year-to-date M&A volume is over $400 billion,up more than 5% from the corresponding period last year, and over the same period the total disclosed dollar volume of new equityissuances (both initial public offerings and follow-on offerings) is up more than 17%. While some industry veterans believevaluations are ahead of themselves, deal activity suggests otherwise.
This theme persists within the specialty finance sector and we believe 2015 M&A activity will remain strong for high qualitycompanies in this sector. Large strategic acquirers with healthy war chests will likely continue to pursue companies withdifferentiated solutions, go-to-market strategies, and proven strong growth and profitability. In addition, private-equity firms remainhighly active in the specialty finance sector. Aging portfolio companies of private-equity firms in particular, specialty finance
businesses purchased before or during the downturn may create liquidity opportunities in the near to midterm and will continue tofuel middle-market M&A activity.
Specialty finance companies generate high margins and recurring cash flows. In addition, these companies have meaningfuloperating leverage. As a result, M&A transactions in the sector are generally completed at attractive multiples. Since 2002,approximately 53% of the aggregate deals in the consumer specialty finance sector have been completed at above 10.0 times LTMnet income, and approximately 18% have been completed at more than 3.00 times LTM book value. In the commercial specialtyfinance sector, approximately 46% of the aggregate deals since 2002 have been completed at above 10.0 times LTM net income, andapproximately 22% have been completed between 1.50 and 3.00 times LTM book value. Acquirers in the sector are most oftenstrategic parties that are able to pay more because of the significant revenue synergies generated by pushing new or stronger financeproducts through an established distribution platform. In addition, many private-equity funds have developed a differentiated levelof industry knowledge and expertise, and as a result have established strong reputations in the sector.
In 2015 thus far, M&A activity in the sector has been strong, driven primarily by strategic acquirers looking for new products andsegments, differentiated platforms, and additional avenues for growth. Examples include New Residential Investment Corporations'
acquisition of Home Loan Servicing Solutions and Huntington Bancshares acquisition of Macquarie Equipment Finance. While globaleconomic uncertainty may cause the broad universe of buyers and sellers to proceed more cautiously in 2015, we remain optimisticthat both M&A and capital markets activity will remain strong for solidly performing businesses.
Robert Metzger+1 312 364 [email protected]
J.P. Young+1 312 364 [email protected]
Kegan Greene+1 312 364 [email protected]
mailto:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected] -
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ConsumerSpecialtyFinanceSector
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William Blair
Specialty Finance Industry Insights2 Consumer Specialty Finance
Consumer Specialty Finance
M&A Trends
Year-to-date aggregate M&A transaction volume is running slightly ahead of the comparable period in 2014, though discloseddollar volume is meaningfully lower over the same period.
Approximately 53% of the aggregate deals since 2002 have been completed at above 10.0 times LTM net income, andapproximately 18% have been completed at more than 3.00 times LTM book value.
Transactions less than $50 million were completed at an average of 5.9 times LTM net income, meaningfully lower than LTM netincome multiples on deals above $50 million.
Historical Transaction Volume
Historical Transaction Dollar Volume ($ in millions)
LTM Net Income Multiple Breakdown LTM Book Value Multiple Breakdown
LTM Net Income Multiple by Transaction Size LTM Book Value Multiple by Transaction Size
Source: SNL Financial and William Blairs market analysis.Note: Year-to-date as of February 28, 2015.
47 41
79
53
75
5432 33 46
5042 47 39
8 10
0
20
40
60
80
100
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2014YTD
2015YTD
Average: 49 25.0%
$17,055$26,075
$8,866
$51,379
$16,926
$2,090 $3,299 $2,754
$12,024
$43,055
$10,519
$1,817$6,009
$1,828 $1,327
-
$20,000
$40,000
$60,000
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2014YTD
2015YTD
($ in millions) Average: $16,322 (27.4%)
53.2%32.3%
14.5%Greater than 10.0x
5.0x to 10.0x
Less than 5.0x
18.2%
27.3%54.5%
Greater than 3.00x
1.50x to 3.00x
Less than 1.50x
5.9x7.5x
13.4x
0.0x
5.0x
10.0x
15.0x
$100mm
1.36x
1.12x
1.34x
0.90x1.00x1.10x1.20x1.30x1.40x1.50x
$100mm
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Specialty Finance Industry Insights4 Consumer Specialty Finance
Public Valuation Update
Auto Finance
Indexed Price / LTM Earnings Ratios as of 2/28/2015
Public Company Valuations
Ticker
StockPrice2/28/15
EquityMarketCap.
Debt /Equity
Stock Price /AssetCAGR ROAA ROAE
Net Income
EPS BVPS 3-Yr CAGR Margin
Company LTM FY2015 LTM 09-14 LTM LTM LTM LTM
Ally Financial Inc. ALLY $20.78 $10,005.6 4.8x 15.3x 10.6x 0.71x (2.5%) 0.6% 6.2% NMF 17.6%America's Car-Mart Inc. CRMT $53.21 $456.0 0.5x 16.9x 16.2x 2.02x 10.6% 7.6% 13.1% (3.4%) 5.5%
Consumer Portfolio Services, Inc. CPSS $6.96 $178.2 NMF 7.6x 6.6x 1.40x 11.4% 1.8% 26.6% NA 20.9%
Credit Acceptance Corp. CACC $183.30 $3,829.7 2.5x 15.4x 13.6x 5.45x 18.8% 10.2% 36.7% 12.3% 40.7%
Nicholas Financial Inc. NICK $14.89 $183.4 0.8x 11.6x NA 1.18x 7.5% 5.5% 10.8% (8.9%) 26.4%
Santander Consumer USA Holdings Inc. SC $22.53 $7,862.6 NMF 10.5x 9.3x 2.29x NA 2.6% 24.5% 6.6% 26.3%
Mean $3,752.6 2.2x 12.9x 11.3x 2.17x 9.2% 4.7% 19.6% 1.6% 22.9%
Median $2,142.8 1.7x 13.5x 10.6x 1.71x 10.6% 4.1% 18.8% 1.6% 23.6%
Collection
Indexed Price / LTM Earnings Ratios as of 2/28/2015
Public Company Valuations
Ticker
StockPrice2/28/15
EquityMarketCap.
Debt /Equity
Stock Price /Asset
CAGR ROAA ROAE
Net Income
EPS BVPS 3-Yr CAGR Margin
Company LTM FY2015 LTM 09-14 LTM LTM LTM LTM
Asta Funding Inc. ASFI $8.47 $110.0 0.2x 10.0x NMF 0.62x NA (2.1%) 6.9% 47.5% 28.5%
Encore Capital Group, Inc. ECPG $39.97 $1,031.4 4.2x 10.4x 7.9x 1.78x 44.5% 7.8% 15.9% 19.4% 9.7%
Performant Financial Corporation PFMT $5.25 $259.1 1.2x 27.6x 22.4x 3.04x NA 6.6% 11.4% (8.8%) 4.8%
PRA Group, Inc. PRAA $50.09 $2,508.5 1.6x 14.3x 10.6x 3.81x 28.5% 10.3% 19.9% 20.5% 20.0%
Mean $977.2 1.8x 15.6x 13.6x 2.31x 36.5% 5.6% 13.5% 19.7% 15.7%
Median $645.2 1.4x 12.4x 10.6x 2.41x 36.5% 7.2% 13.6% 20.0% 14.9%
Note: Dollar amount in millions.Source: SNL Financial and Capital IQ.
6.0
8.0
10.0
12.0
14.0
16.0
Feb 2010 Feb 2011 Feb 2012 Feb 2013 Feb 2014 Feb 2015
Current:13.5x
2.0x
6.0x
10.0x
14.0x
18.0x
22.0x
26.0x
Feb 2010 Feb 2011 Feb 2012 Feb 2013 Feb 2014 Feb 2015
Current:12.4x
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William Blair
Specialty Finance Industry Insights6 Consumer Specialty Finance
Mortgage
Indexed Price / LTM Earnings Ratios as of 2/28/2015
Public Company Valuations
Company Ticker
StockPrice2/28/15
EquityMarketCap.
Debt /Equity
Stock Price /AssetCAGR ROAA ROAE
Net Income
EPS BVPS 3-Yr CAGR Margin
LTM FY2015 LTM 09-14 LTM LTM LTM LTM
Ellington Financial LLC EFC $20.48 $685.1 2.2x 9.8x 8.3x 0.88x 20.8% 1.7% 8.5% 78.9% (9.3%)
Heritage Financial Group,
Inc.
HBOS $25.89 $228.0 1.3x 27.3x 23.4x 1.61x 24.4% 0.5% 5.3% 25.5% 8.6%
Nationstar MortgageHoldings Inc.
NSM $26.65 $2,424.7 NMF 10.9x 7.3x 2.07x 54.1% 1.8% 20.0% NMF 15.2%
Ocwen Financial Corp. OCN $8.14 $1,024.1 3.8x 6.1x 4.4x 0.71x 28.8% 6.1% 11.0% 33.6% 8.6%
PennyMac MortgageInvestment Trust
PMT $21.44 $1,597.5 2.0x 8.7x 8.4x 1.01x NA 4.2% 12.8% 44.5% 47.7%
PHH Corporation PHH $24.28 $1,243.1 1.1x NA NMF 0.80x 1.4% (2.8%) (11.3%) 57.1% 8.4%
Stonegate MortgageCorporation
SGM $10.02 $258.3 4.1x 12.5x 6.7x 0.95x NA (2.4%) (10.4%) NA (12.9%)
Walter InvestmentManagement Corp.
WAC $16.67 $628.8 NMF 8.7x 8.4x 2.12x 58.7% (0.6%) (9.8%) NA (9.3%)
Mean $1,065.8 2.4x 12.5x 9.8x 1.15x 25.9% 1.3% 5.1% 47.9% 9.5%
Median $1,024.1 2.1x 10.3x 7.8x 0.95x 24.4% 1.7% 8.5% 44.5% 8.6%
Note: Dollar amount in millions.
Source: SNL Financial and Capital IQ.
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
Feb 2010 Feb 2011 Feb 2012 Feb 2013 Feb 2014 Feb 2015
Current:10.3x
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William Blair
Specialty Finance Industry Insights7 Commercial Specialty Finance
Commercial Specialty Finance
M&A Trends
Year-to-date aggregate M&A transaction volume and disclosed dollar volume are running significantly above those of thecomparable period in 2014.
Approximately 46% of the aggregate deals since 2002 have been completed at above 10.0 times LTM net income, andapproximately 22% have been completed between 1.50 and 3.00 times LTM book value.
Transactions less than $50 million were completed at an average of 5.6 times LTM net income, slightly lower than LTM netincome multiples on deals above $50 million.
Historical Transaction Volume
Historical Transaction Dollar Volume
LTM Net Income Multiple Breakdown LTM Book Value Multiple Breakdown
LTM Net Income Multiple by Transaction Size LTM Book Value Multiple by Transaction Size
Source: SNL Financial and William Blairs market analysis.Note: Year-to-date as of February 28, 2015.
39
26
4540 43 42
29
22
28
16
29 2635
49
0
10
20
30
40
50
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2014YTD
2015YTD
Average: 32 125.0%
$1,551
$7,885 $9,126$6,484 $5,702
$11,162
$15,423
$2,453 $1,780 $240
$7,802$7,314 $4,159
$229 $1,123
$0
$4,000
$8,000
$12,000
$16,000
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2014YTD
2015YTD
($ in millions) Average: $6,237 NMF
46.2%
30.8%
23.1% Greater than 10.0x
5.0x to 10.0x
Less than 5.0x
6.5%
21.7%71.7% Greater than 3.00x
1.50x to 3.00x
Less than 1.50x
5.6x8.1x
10.0x
0.0x
5.0x
10.0x
15.0x
$100mm
1.00x 1.40x 1.01x
0.00x
0.50x
1.00x
1.50x
$100mm
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Specialty Finance Industry InsightsCommercial Specialty Finance 8
Select M&A Transactions
Transaction Value /
AnnouncedDate Sub-Sector Buyer Name / Target Name
TransactionValue
LTM NetIncome
LTM BookValue
03/09/15 Commercial Finance BankUnited/ CertusHolding's small business finance unit - - -
03/03/15 Leasing Wood Creek Capital Management/ Milestone Equipment Holdings - - -
03/03/15 Commercial Finance Triumph Capital Advisors/ Doral Money Inc. $133.3 - -
02/24/15
Leasing Huntington Bancshares Incorporated/ Macquarie Equipment Finance, Inc. $425.0 - -
02/20/15 Commercial Finance Wesleyan Assurance Society/ Syscap Holdings Limited - - -
02/11/15 Commercial Finance Fortress Investment Group/ UniCredit Credit Management Bank $624.0 - -
02/10/15 Commercial Finance Aquiline Holdings LLC/ Engs Commercial Finance Co. - - -
02/06/15 Leasing Beacon Credit Union/ Midwest Ag Finance, Inc. - - -
01/23/15 Commercial Finance Prosper Marketplace, Inc./ American HealthCare Lending, LLC $21.0 - -
01/20/15 Commercial Finance UniCredit Bank Austria/ Transfinance - - -
01/15/15 Commercial Finance Temasek Holdings Limited/ SVB India Finance Private Limited $45.4 - -
01/09/15 Leasing General Finance Corporation/ Bristlecone Ventures, LLC $7.3 - -
12/30/14 Commercial Finance AgTexas Farm Credit Services/ Great Plains Ag Credit - - -
12/15/14 Leasing Fortress Investment Group LLC/ MicroFinancial Incorporated $151.4 15.2x 1.58x
11/26/14 Leasing General Finance Corporation/ YS Container Services Limited - - -
10/31/14 Commercial Finance Blackrock Kelso Capital Corporation/ GB Credit Partners LLC $129.6 - -
10/31/14 Leasing General Electric Capital Corporation/ VB Leasing CZ - - -
10/14/14 Commercial Finance Meta Financial Group, Inc./ AFS/IBEX Financial Services, Inc. - - -
10/13/14 Leasing General Electric Capital Corporation/ Milestone Aviation Group Limited $1,775.0 - -
10/10/14 Leasing FIMBank/ First Factors $5.7 - -
10/09/14 Commercial Finance Heritage Commerce Corp/ BVF/CSNK Acquisition Corp. $22.5 1.7x 0.14x
09/29/14 Commercial Real Estate Walker & Dunlop, Inc./ Johnson Capital Group, Inc. - - -
09/26/14 Leasing First Midwest Bancorp, Inc./ National Machine Tool Financial Corporation - - -
09/04/14 Commercial Finance National Commerce Corporation/ CBI Holding Company, LLC - - -
08/26/14 Commercial Finance Funding Circle Limited/ LeapPay, Inc. - - -
08/11/14 Leasing Signature Bancshares, Inc./ Lease Finance Group, Inc. - - -
08/05/14 Commercial Finance Cargills Bank Ltd./ Capital Alliance Finance PLC $441.0 - -
08/04/14 Leasing Carolina Alliance Bank/ Dave McBride Leasing, LLC - - -
07/11/14 Commercial Finance Pine Tree Equity Management, LP/ Celtic Capital Corporation - - -
06/28/14 Commercial Real Estate Sutherland Asset Management Corp./ CIT Small Business Lending Corporation - - -
06/10/14 Commercial Finance Minnwest Corporation/ HiLine Credit Corporation - - -
06/05/14 Commercial Finance Ares Management, L.P./ Keltic Financial Services, LLC - - -
06/02/14 Leasing Element Financial Corporation/ PHH Vehicle Management Services Group LLC $1,402.5 24.2x 3.80x
06/02/14 Commercial Finance Omega Commercial Finance Corp./ AmericaVest CRE Mortgage Funding Trust, Inc. $2.0 - -
05/15/14 Commercial Finance National Bancshares, Inc./ Doral Healthcare Finance - - -
05/05/14 Commercial Finance United Community Banks, Inc./ Business Carolina Inc. - - -
04/22/14 Commercial Real Estate Wood Creek Capital Management, LLC/ Genesis Funding Limited - - -
04/08/14 Commercial Real Estate Northwest Federal Credit Union/ Park Place Equity, LLC - - -
03/28/14 Commercial Finance FBR & Co./ Securities Lending Business - - -
03/14/14 Commercial Finance Tiger Global Management/ OnDeck $77.0 - -
Note: Dollar amount in millions.Source: SNL Financial and Capital IQ.
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Specialty Finance Industry Insights9 Commercial Specialty Finance
Public Valuation Update
Business Development Companies (BDCs)
Indexed Price / LTM Earnings Ratios as of 2/28/2015
Public Company Valuations
Ticker
StockPrice2/28/15
EquityMarketCap.
Debt /Equity
Stock Price /AssetCAGR ROAA ROAE
Net Income
EPS BVPS 3-Yr CAGR MarginDividendYieldCompany LTM FY2015 LTM 09-14 LTM LTM LTM LTM
Apollo Investment Corporation AINV $7.79 $1,844.2 0.8x 11.8x 8.1x 0.89x 7.4% 5.3% 8.0% NA 36.7% 10.3%
Ares Capital Corporation ARCC $17.30 $5,434.1 0.7x 8.9x 10.8x 1.04x 32.6% 4.8% 11.6% 22.8% 59.8% 9.1%
BlackRock Kelso Capital Corporation BKCC $8.78 $654.5 0.5x 5.2x 10.0x 0.88x 8.2% 4.1% 15.8% 21.3% NMF 9.6%
Capitala Finance Corp. CPTA $18.81 $244.0 0.8x NA 9.8x 0.95x NA 4.1% 5.6% NA (6.9%) 10.0%
CM Finance Inc. CMFN $13.73 $187.6 0.7x 8.1x NA 0.94x NA 4.8% 13.5% NA 79.7% 10.1%
Fidus Investment Corporation FDUS $16.60 $266.0 0.6x 12.2x 10.0x 1.09x NA 4.9% 7.2% (1.7%) 38.2% 9.2%
Fifth Street Finance Corp. FSC $7.08 $1,085.6 1.0x 21.4x 8.0x 0.73x 45.0% 4.6% 3.5% 28.0% 16.1% 12.4%
Full Circle Capital Corporation FULL $3.88 $46.4 1.0x NMF 5.9x 0.62x NA 5.5% 4.6% NA NMF 10.8%
Garrison Capital Inc. GARS $15.03 $251.9 0.9x 8.3x 9.9x 0.96x NA 3.6% 12.2% (8.1%) 60.4% 9.3%
Golub Capital BDC, Inc. GBDC $17.76 $837.8 1.0x 12.5x 13.6x 1.14x 28.7% 3.7% 9.4% 45.0% 58.9% 7.2%
Harvest Capital Credit Corporation HCAP $12.55 $77.9 0.2x 8.3x 8.1x 0.87x NA 7.2% 8.0% NA 57.2% 10.8%
Hercules Technology Growth Capital, Inc. HTGC $15.55 $998.2 1.0x 14.1x 11.7x 1.52x 20.6% 5.3% 10.9% 14.9% 49.6% 8.0%
Horizon Technology Finance Corporation HRZN $14.13 $136.0 0.6x 8.8x 10.2x 0.98x NA 5.0% 5.5% (19.1%) 23.9% 9.8%
KCAP Financial, Inc. KCAP $7.50 $275.4 0.7x 10.0x 7.8x 0.96x (0.4%) 5.9% 9.7% NMF 47.9% 13.3%
Main Street Capital Corporation MAIN $30.95 $1,397.7 0.8x 13.4x 13.6x 1.47x 53.9% 4.9% 11.6% 17.0% 71.6% 6.8%
Medallion Financial Corp. TAXI $10.45 $258.6 1.3x 9.2x 9.8x 0.95x 2.6% 2.4% 10.5% 14.4% 69.9% 9.2%
Medley Capital Corporation MCC $9.46 $555.6 0.9x 25.2x 7.0x 0.75x NA 5.7% 3.3% 11.7% 13.2% 12.7%
Monroe Capital Corporation MRCC $14.91 $141.9 0.8x 10.3x 9.4x 1.07x NA 4.9% 10.1% NA 44.2% 9.1%
OFS Capital Corporation OFS $12.13 $116.9 1.1x 11.8x 10.6x 0.87x NA 3.0% 5.5% 29.6% 37.5% 11.2%
PennantPark Floating Rate Capital Ltd. PFLT $13.97 $208.1 0.6x 14.0x 11.1x 0.97x NA 3.9% 7.0% NA 48.1% 7.7%
PennantPark Investment Corporation PNNT $9.51 $714.1 0.8x 13.8x 8.6x 0.86x 22.5% 4.8% 6.3% NA 31.2% 11.8%
Prospect Capital Corporation PSEC $8.63 $3,093.0 0.8x 9.0x 8.1x 0.82x 57.6% 5.5% 9.3% 25.2% 41.8% 11.6%
Saratoga Investment Corp. SAR $15.76 $84.8 1.1x 7.0x 8.9x 0.71x 10.9% 4.1% 10.3% (5.9%) 47.2% 5.6%
Solar Capital Ltd. SLRC $20.12 $854.4 0.2x 17.8x 12.5x 0.90x 13.8% 3.0% 5.0% (7.5%) 39.7% 8.0%
Solar Senior Capital Ltd. SUNS $16.17 $186.5 0.7x 16.0x 11.7x 0.92x NA 3.2% 5.7% NA 52.9% 8.7%
TCP Capital Corp. TCPC $16.60 $808.6 0.4x NMF 10.3x 1.07x 16.9% 5.3% 10.8% 33.3% 74.9% 9.3%
THL Credit, Inc. TCRD $12.09 $409.9 0.6x 11.1x 8.8x 0.91x NA 5.2% 9.5% 26.5% 49.6% 11.2%
TICC Capital Corp. TICC $7.29 $440.0 1.0x NA 6.9x 0.78x 35.8% 5.4% (0.6%) 6.9% (2.9%) 14.8%
TPG Specialty Lending, Inc. TSLX $18.54 $1,000.4 0.5x 11.0x 11.1x 1.18x NA 6.4% 12.1% NA 52.1% 8.4%
Triangle Capital Corporation TCAP $23.67 $778.9 0.8x 24.8x 10.7x 1.42x 30.4% 5.8% 5.8% (20.7%) 27.1% 9.3%
Mean $779.6 0.8x 12.5x 9.8x 0.97x 24.2% 4.7% 8.3% 12.3% 43.6% 9.8%
Median $425.0 0.8x 11.4x 9.9x 0.94x 21.5% 4.9% 8.7% 14.9% 47.5% 9.5%
Note: Dollar amount in millions.Source: SNL Financial and Capital IQ.
5.0x
10.0x
15.0x
20.0x
25.0x
Feb 2010 Feb 2011 Feb 2012 Feb 2013 Feb 2014 Feb 2015
Current:11.4x
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Specialty Finance Industry Insights11 Commercial Specialty Finance
Leasing
Indexed Price / LTM Earnings Ratios as of 2/28/2015
Public Company Valuations
Company Ticker
StockPrice2/28/15
EquityMarketCap.
Debt /Equity
Stock Price /AssetCAGR ROAA ROAE
Net Income
EPS BVPS 3-Yr CAGR MarginDividendYieldLTM FY2015 LTM 09-14 LTM LTM LTM LTM
AerCap Holdings N.V. AER $44.50 $9,448.2 3.8x 9.8x 8.7x 2.75x 45.3% 4.4% 15.6% 67.6% 22.3% NA
AeroCentury Corp. ACY $10.07 $16.2 3.2x NA 10.3x 0.45x 4.5% NMF 5.9% NA 8.4% NA
Air Lease Corporation AL $38.24 $3,915.5 2.4x 16.1x 12.9x 1.41x NA 3.8% 9.7% 68.8% 24.4% 0.4%
Aircastle LTD AYR $23.07 $1,867.5 2.2x 18.5x 11.5x 1.09x 6.9% 4.6% 6.0% 26.9% 12.5% 3.8%
CAI International Inc. CAP $24.28 $504.7 2.9x 8.5x 8.3x 1.14x 36.9% 3.7% 14.1% 6.3% 26.5% NA
Element Financial Corporation EFN $12.80 $3,380.9 2.8x NMF 15.6x 2.11x NA 0.7% 2.5% NA 16.0% NA
GATX Corp. GMT $62.25 $2,757.7 3.3x 13.9x 11.8x 2.24x 5.9% 2.9% 15.1% 22.8% 14.1% 2.4%
Marlin Business Services Corp. MRLN $18.71 $239.9 NA 12.6x 11.8x 1.34x 6.0% 2.6% 11.5% 46.3% 25.9% 2.7%
Mobile Mini, Inc. MINI $41.49 $1,915.1 1.1x NMF 11.6x 2.09x 3.7% 3.6% 5.2% 13.2% 10.0% 1.8%
Ryder System, Inc. R $93.99 $4,980.3 2.5x 22.7x 14.8x 3.67x 9.1% 3.9% 11.9% 8.8% 3.3% 1.6%
TAL International Group, Inc. TAL $41.73 $1,372.1 4.6x 11.3x 11.4x 2.31x 18.9% 4.6% 18.3% 4.2% 19.1% 6.9%
Textainer Group Holdings Limited TGH $32.26 $1,834.4 2.4x 9.7x 10.8x 1.57x 26.2% 4.1% 16.3% 7.8% 33.6% 5.8%
Willis Lease Finance Corp. WLFC $21.34 $179.6 3.5x 24.0x 17.3x 0.81x 4.1% 3.4% 6.6% (1.8%) 8.0% NA
Mean $2,493.2 2.9x 14.7x 12.1x 1.77x 15.2% 3.5% 10.7% 24.6% 17.2% 3.2%
Median $1,867.5 2.9x 13.2x 11.6x 1.57x 6.9% 3.8% 11.5% 13.2% 16.0% 2.6%
Note: Dollar amount in millions.Source: SNL Financial and Capital IQ.
6.0x
11.0x
16.0x
21.0x
Feb 2010 Feb 2011 Feb 2012 Feb 2013 Feb 2014 Feb 2015
Current:13.2x
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Capital MarketsTransactions
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William Blair
Specialty Finance Industry Insights12 Capital Markets Transactions
Capital Markets Transactions
Recent Equity Offerings
Initial Public Offerings
PricingDate Company Price Shares Amount
Market Cap. at Pricing /
LTM EPSLTMBook Value
02/13/15 Great Ajax Corp. $14.25 5.0 $71.3 - 1.00x
12/16/14 On Deck Capital, Inc. $20.00 10.0 $200.0 - -
12/11/14 Avolon Holdings Limited $20.00 13.6 $272.7 12.1x 1.05x
12/10/14 LendingClub Corporation $15.00 58.0 $870.0 - -
11/20/14 Neff Corporation $15.00 10.5 $157.1 9.8x 1.11x
10/08/14 Eagle Point Credit Company Inc. $20.00 5.2 $103.1 - -
07/30/14 Synchrony Financial $23.00 125.0 $2,875.0 - -
05/08/14 Alcentra Capital Corporation $15.00 6.6 $100.0 10.3x 0.90x
04/09/14 Ally Financial Inc. $25.00 95.0 $2,375.0 - 0.80x
03/20/14 TPG Specialty Lending, Inc. $16.00 7.0 $112.0 12.4x 1.03x
03/05/14 TriplePoint Venture Growth BDC Corp. $15.00 8.3 $125.0 - -
02/05/14 CM Finance Inc. $15.00 6.7 $100.0 9.1x 1.47x02/05/14 Ladder Capital Corp $17.00 13.3 $225.3 - 6.44x
01/22/14 Santander Consumer USA Holdings Inc. $24.00 75.0 $1,799.8 17.2x 3.10x
01/15/14 American Capital Senior Floating, Ltd. $15.00 10.0 $150.0 - -
11/08/13 JGWPT Holdings Inc. $14.00 13.9 $195.0 - -
11/06/13 StoneCastle Financial Corp. $25.00 6.3 $157.1 - -
10/15/13 Springleaf Holdings, Inc. $17.00 21.0 $357.8 - 1.12x
10/09/13 Stonegate Mortgage Corporation $16.00 7.1 $113.6 14.1x 2.48x
10/03/13 Cherry Hill Mortgage Investment Corporation $20.00 6.5 $130.0 - -
09/24/13 Capitala Finance Corp. $20.00 4.0 $80.0 - -
07/11/13 Fifth Street Senior Floating Rate Corp. $15.00 6.7 $100.0 - -
05/08/13 PennyMac Financial Services, Inc. $18.00 11.1 $200.0 - -
05/02/13 Harvest Capital Credit Corporation $15.00 3.4 $51.0 - -
05/01/13 Ellington Residential Mortgage REIT $20.00 6.5 $129.0 - 5.75x03/26/13 Garrison Capital Inc. $15.00 5.3 $80.0 - -
03/21/13 Five Oaks Investment Corp. $15.00 4.0 $60.5 22.2x 3.32x
02/14/13 Orchid Island Capital, Inc. $15.00 2.4 $35.4 - -
02/07/13 ZAIS Financial Corp. $21.25 5.7 $120.1 - -
12/04/12 WhiteHorse Finance, Inc. $15.00 6.7 $100.0 - -
11/07/12 OFS Capital Corporation $15.00 6.7 $100.0 - 2.35x
11/07/12 Stellus Capital Investment Corporation $15.00 8.0 $120.0 - -
10/24/12 Monroe Capital Corporation $15.00 5.0 $75.0 - -
Note: Dollar amount and shares amount are in millions and exclude overallotment.Source: SNL Financial and William Blairs market analysis.
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Specialty Finance Industry InsightsCapital Markets Transactions 13
Recent Equity Offerings (contd)
Follow-On Offerings
PricingDate Company Price Shares Amount
Market Cap. at Pricing /
LTM EPSLTMBook Value
03/05/15 Apollo Commercial Real Estate Finance, Inc. $17.00 10.0 $170.0 10.3x 0.92x
12/19/14 Ally Financial Inc. $23.25 54.9 $1,277.0 10.4x 0.74x
12/01/14 AerCap Holdings N.V. $41.23 11.2 $463.1 15.1x 1.18x
11/21/14 New York Mortgage Trust, Inc. $7.94 13.0 $103.2 6.1x 1.01x
11/21/14 TCP Capital Corp. $17.05 5.9 $100.6 11.4x 1.03x
11/20/14 Walker & Dunlop, Inc. $15.30 2.0 $30.6 11.0x 1.25x
11/12/14 Newtek Business Services Corp. $12.50 2.2 $27.5 16.5x 1.55x
11/04/14 StoneCastle Financial Corp. $23.00 1.6 $36.8 - 1.00x
10/27/14 Hannon Armstrong Sustainable Infrastructure Capital, Inc. $13.60 4.0 $54.4 - 1.37x
10/23/14 New Mountain Finance Corporation $14.53 5.0 $72.7 10.0x 1.08x
10/07/14 KCAP Financial, Inc. $8.02 3.0 $24.1 11.3x 1.12x
09/30/14 Fidus Investment Corporation $17.00 2.0 $34.0 16.8x 1.29x
09/18/14 Blackstone Mortgage Trust, Inc. $27.49 8.0 $219.9 21.7x 1.05x
09/05/14 AerCap Holdings N.V. $47.10 10.2 $479.5 29.4x 1.38x
09/05/14 PennantPark Investment Corporation $11.63 8.5 $98.9 6.4x 1.14x
09/04/14 Arlington Asset Investment Corp. $27.61 2.8 $75.9 7.9x 0.87x
09/04/14 NorthStar Realty Finance Corp. $18.40 45.0 $828.0 - 1.25x
09/03/14 Ellington Financial LLC $23.92 8.0 $191.4 11.2x 1.24x
09/02/14 Santander Consumer USA Holdings Inc. $18.68 10.0 $187.7 12.0x 2.14x
08/20/14 Medley Capital Corporation $13.02 5.0 $65.1 12.9x 1.14x
08/14/14 Fifth Street Senior Floating Rate Corp. $12.91 22.8 $294.3 - 3.61x
08/12/14 Newcastle Investment Corp. $4.32 39.5 $170.6 15.8x 1.95x
08/12/14 Triangle Capital Corporation $26.85 4.3 $115.5 11.2x 1.95x
08/05/14 TPG Specialty Lending, Inc. $18.63 5.0 $93.2 10.5x 1.13x
07/29/14 TCP Capital Corp. $17.33 5.4 $93.6 10.2x 1.04x
07/17/14 Garrison Capital Inc. $14.50 2.0 $29.0 7.9x 0.94x
07/16/14 Ares Capital Corporation $16.63 13.5 $224.5 9.9x 1.07x
07/16/14 Colony Financial, Inc. $22.14 15.0 $332.1 17.7x 0.85x
07/11/14 Fifth Street Finance Corp. $9.95 13.3 $131.8 12.8x 1.09x
06/19/14 Five Oaks Investment Corp. $11.00 3.5 $38.5 - 0.76x
05/13/14 NorthStar Realty Finance Corp. $15.45 30.0 $463.5 - 2.24x
04/30/14 Apollo Commercial Real Estate Finance, Inc. $16.35 9.0 $147.2 10.4x 0.88x
04/29/14 ePlus Inc. $50.00 1.6 $78.7 11.4x 1.51x
04/25/14 New Residential Investment Corp. $6.10 25.0 $152.5 5.2x 1.00x
04/23/14 Hannon Armstrong Sustainable Infrastructure Capital, Inc. $13.00 5.0 $65.0 - 1.48x
04/23/14 Medley Capital Corporation $13.25 6.0 $79.5 15.3x 1.17x
04/09/14 New Mountain Finance Corporation $14.30 3.5 $50.0 10.5x 1.05x
04/08/14 Main Street Capital Corporation $31.50 4.0 $126.0 14.0x 1.75x
04/08/14 Starwood Property Trust, Inc. $22.32 22.0 $491.0 12.2x 1.38x
04/03/14 Western Asset Mortgage Capital Corporation $14.67 13.0 $190.7 - 1.02x
04/02/14 New York Mortgage Trust, Inc. $7.59 13.0 $98.7 8.8x 1.19x
04/01/14 Blackstone Mortgage Trust, Inc. $27.72 8.0 $221.8 - 1.11x
03/26/14 PennyMac Financial Services, Inc. $16.50 5.6 $91.7 5.3x 0.55x
03/19/14 Orchid Island Capital, Inc. $12.55 3.2 $40.2 - 2.43x
03/11/14 Oxford Lane Capital Corp. $17.00 2.8 $47.6 18.1x 2.37x
02/27/14 Colony Financial, Inc. $21.90 13.0 $284.7 23.1x 1.26x
02/20/14 Kayne Anderson MLP Investment Company $37.05 8.0 $296.4 31.6x -
01/29/14 New Mountain Finance Corporation $14.70 2.3 $34.2 17.5x 2.15x
01/16/14 Orchid Island Capital, Inc. $12.50 1.8 $22.5 - -
01/14/14 Full Circle Capital Corporation $7.13 1.7 $11.8 - 0.85x
Note: Dollar amount and shares amount are in millions and exclude overallotment.Source: SNL Financial and William Blairs market analysis.
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Specialty Finance Industry InsightsCapital Markets Transactions 15
Recent Preferred Equity Offerings
Date Company Amount Call Date Dividend Rate (%)
02/25/15 American Express Company $850.0 03/15/20 4.9%
12/04/14 Wells Fargo Real Estate Investment Corp. $240.0 12/11/19 6.4%
11/20/14 Oxford Lane Capital Corp. $25.0 06/30/17 8.1%
11/05/14 American Express Company $750.0 11/15/19 5.2%
11/05/14 Gladstone Investment Corporation $36.0 12/31/17 6.8%10/13/14 Kayne Anderson MLP Investment Company $25.0 02/09/17 3.9%
09/04/14 Invesco Mortgage Capital Inc. $150.0 12/27/24 7.8%
06/17/14 Federal Agricultural Mortgage Corporation $75.0 07/18/24 6.0%
06/12/14 Colony Financial, Inc. $75.0 06/19/19 7.5%
06/03/14 Resource Capital Corp. $110.0 07/30/24 8.6%
05/29/14 Oxford Lane Capital Corp. $28.0 06/30/17 8.1%
05/21/14 Five Oaks Investment Corp. $15.0 12/23/18 8.8%
05/13/14 Gladstone Capital Corporation $55.0 06/30/17 6.8%
05/12/14 NorthStar Realty Finance Corp. $225.0 05/15/19 8.8%
05/05/14 American Capital Agency Corp. $175.0 05/08/19 7.8%
03/20/14 Federal Agricultural Mortgage Corporation $75.0 04/17/19 6.9%
02/26/14 Element Financial Corporation $125.0 06/30/19 6.5%
12/18/13 Five Oaks Investment Corp. $20.0 12/23/18 8.8%
12/10/13 Element Financial Corporation $100.0 12/31/18 6.6%11/13/13 Oxford Lane Capital Corp. $36.6 06/30/16 7.5%
07/16/13 Farm Credit Bank of Texas $300.0 09/15/23 6.8%
06/13/13 Oxford Lane Capital Corp. $20.0 06/30/16 7.5%
05/29/13 General Electric Capital Corporation $1,000.0 06/15/23 5.3%
05/28/13 New York Mortgage Trust, Inc. $75.0 06/04/18 7.8%
05/08/13 Capstead Mortgage Corporation $150.0 05/13/18 7.5%
05/06/13 Arbor Realty Trust, Inc. $30.0 05/09/18 7.8%
04/23/13 CYS Investments, Inc. $200.0 04/30/18 7.5%
04/15/13 CoBank, ACB $200.0 07/01/18 6.1%
04/11/13 Dynex Capital, Inc. $50.0 04/30/18 7.6%
04/08/13 MFA Financial, Inc. $175.0 04/15/18 7.5%
04/03/13 NorthStar Realty Finance Corp. $175.0 04/10/18 8.5%
03/12/13 iStar Financial Inc. $175.0 03/15/18 4.5%
02/07/13 ARMOUR Residential REIT, Inc. $135.0 02/12/18 7.9%
01/29/13 Arbor Realty Trust, Inc. $35.0 02/01/18 8.3%
01/29/13 MuniMae TE Bond Subsidiary, LLC $74.0 04/30/28 5.0%
01/14/13 Federal Agricultural Mortgage Corporation $60.0 01/17/18 5.9%
01/10/13 KKR Financial Holdings LLC $325.0 01/15/18 7.4%
11/19/12 Oxford Lane Capital Corp. $15.0 12/31/14 8.5%
10/09/12 Discover Financial Services $500.0 12/01/17 6.5%
10/03/12 NorthStar Realty Finance Corp. $125.0 10/11/17 8.9%
09/25/12 Resource Capital Corp. $25.0 10/02/17 8.3%
09/20/12 AG Mortgage Investment Trust, Inc. $100.0 09/27/17 8.0%
09/13/12 Apollo Residential Mortgage, Inc. $150.0 09/20/17 8.0%
09/06/12 Annaly Capital Management, Inc. $400.0 09/13/17 7.5%
08/16/12 Hatteras Financial Corp. $250.0 08/27/17 7.6%
07/27/12 CYS Investments, Inc. $75.0 08/03/17 7.8%
07/27/12 AG Mortgage Investment Trust, Inc. $45.0 08/03/17 8.3%
07/25/12 Dynex Capital, Inc. $50.0 07/31/17 8.5%
07/25/12 Apollo Commercial Real Estate Finance, Inc. $75.0 08/01/17 8.6%
07/24/12 General Electric Capital Corporation $1,750.0 12/15/22 6.3%
07/19/12 Invesco Mortgage Capital Inc. $135.0 07/26/17 7.8%
07/10/12 Colony Financial, Inc. $102.7 03/20/17 8.5%
07/09/12 NorthStar Realty Finance Corp. $63.3 02/07/12 8.3%
Note: Dollar amount in millions and excludes overallotment.Source: SNL Financial and William Blairs market analysis.
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William Blair
Specialty Finance Industry Insights16 Financial Services & Technology Analysts and Coverage
Financial Services & Technology Analysts and Coverage
Insurance Brokers and Propertyand Casualty Insurance
Adam Klauber, CFA
Financial Technology andSpecialty Finance
Robert Napoli
Asset Management andFinancial Technology
Chris Shutler, CFA
Allstate Corporation (The) (ALL)
American International Group, Inc. (AIG)
AmTrust Financial Services, Inc. (AFSI)
Aon plc (AON)
Argo Group International Holdings. Ltd.(AGII)
Arthur J. Gallagher & Co. (AJG)
Benefitfocus, Inc. (BNFT)
Brown & Brown, Inc. (BRO)
Chubb Corporation (The) (CB)
CNA Financial Corporation (CNA)
Connecture, Inc. (CNXR)
Crawford & Company (CRD.A)
Crawford & Company (CRD.B)
eHealth, Inc. (EHTH)
Erie Indemnity Company (ERIE)
Federated National Holding Company (FNHC)
HCC Insurance Holdings, Inc. (HCC)
Kemper Corporation (KMPR)
Markel Corporation (MKL)
Marsh & McLennan Companies, Inc. (MMC)
National General Holdings Corp. (NGHC)
National Interstate Corporation (NATL)
Navigators Group, Inc. (The) (NAVG)
Patriot National, Inc. (PN)
Progressive Corporation (The) (PGR)
RLI Corp. (RLI)
Travelers Companies, Inc. (The) (TRV)
WebMD Health Corp. (WBMD)
Willis Group Holdings Public LimitedCompany (WSH)
Alliance Data Systems Corporation (ADS)
American Express Company (AXP)
Bottomline Technologies, Inc. (EPAY)
CAI International, Inc. (CAP)
Capital One Financial Corporation (COF)
Cardtronics, Inc. (CATM)
Discover Financial Services (DFS)
Encore Capital Group, Inc. (ECPG)
EVERTEC, Inc. (EVTC)
Financial Engines, Inc. (FNGN)
Garrison Capital Inc. (GARS)
Green Dot Corporation (GDOT)
Harvest Capital Credit Corporation (HCAP)
Independence Realty Trust, Inc. (IRT)
Marlin Business Services Corp. (MRLN)
MasterCard Incorporated (MA)
MoneyGram International, Inc. (MGI)
Monroe Capital Corporation (MRCC)
Performant Financial Corporation (PFMT)
PRA Group (PRAA)
QIWI plc (QIWI)
Visa Inc. (V)
WageWorks, Inc. (WAGE)
Western Union Company (The) (WU)
WEX Inc. (WEX)
Affiliated Managers Group, Inc. (AMG)
Artisan Partners Asset Management Inc.(APAM)
Charles Schwab Corporation (The) (SCHW)
Eaton Vance Corp. (EV)
Envestnet, Inc. (ENV)
Euronet Worldwide, Inc. (EEFT)
Fiserv, Inc. (FISV)
Global Payments, Inc. (GPN)
Heartland Payment Systems, Inc. (HPY)
Invesco Ltd. (IVZ)
LPL Financial Holdings Inc. (LPLA)
MSCI Inc. (MSCI)
SEI Investments Company (SEIC)
SS&C Technologies Holdings, Inc. (SSNC)
T. Rowe Price Group, Inc. (TROW)
TD Ameritrade Holding Corporation (AMTD)
Vantiv, Inc. (VNTV)
Waddell & Reed Financial, Inc. (WDR)
WisdomTree Investments, Inc. (WETF)
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William Blair
Specialty Finance Industry InsightsInvestment Banking Team Biographies 17
Investment Banking Team Biographies
William Blair & Company Financial Services Investment Banking
Robert Metzger, Managing Director and Head of Financial Services Investment Banking, joined William Blair in 1999. While at William
Blair and in his prior position at ABN AMRO, he focused on the corporate finance needs of insurance, financial technology, andspecialty finance companies. Mr. Metzger graduated in 1989 with highest honors from the University of Illinois, receiving a B.S. inaccountancy. In 1995, he graduated with distinction from Northwestern Universitys J.L. Kellogg Graduate School of Management,receiving an M.B.A. in finance and strategy. He is a Certified Public Accountant.
+1 312 364 8517
J.P. Young,ManagingDirector, is a member of the financial services industry group, where he focuses on the corporate finance needsof banks, broker-dealers, and specialty finance companies. Mr. Young joined William Blairs investment banking group in 2009 fromMacquarie Capital and began his investment banking career in 2000 at Piper Jaffray. He has extensive experience providing M&Aadvisory services and raising public and private-equity capital for clients. Mr. Young received a B.S. from Lehigh University and an M.S.from the University of Chicago.
+1 312 364 8160
Kegan Greene, Vice President, joined William Blair in 2010. Before joining William Blair, Mr. Greene worked at Babcock & Brown,Goldman Sachs, and Deloittes transaction services department. He holds an M.B.A. in finance and entrepreneurship from theUniversity of Chicago, a J.D. from DePaul University, and a B.A. in English from DePauw University.
+1 312 364 8113
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William Blair
Specialty Finance Industry Insights18 Select William Blair Transactions
Select William Blair Transactions
$27,500,000
Direct Unsecured Notes
158,000,000
has been acquired by
Arrow Global
$70,000,000
Senior Notes
$100,000,000
Senior Unsecured Notes
$29,000,000
Follow-on Offering
$76,475,000
Follow-on Offering
$1,285,000,000
has been acquired by
Portfolio RecoveryAssociates
Not Disclosed
has been acquired by
Milestone Partners
$60,000,000
Debt Placement
$151,800,000
Follow-on Offering
$161,000,000
Convertible Bond Offering
$66,815,000
Follow-on Offering
Not Disclosed
has been recapitalized by
Pine Tree EquityManagement
NORTH STATE ACCEPTANCE
$100,000,000
Senior Credit Facility
Debt Placement
Not Disclosed
has acquired
Persian AcceptanceCorporation
$50,000,000
Follow-on Offering
Not Disclosed
has acquired
$34,000,000
Initial Public Offering
$287,500,000
Convertible Senior,Unsecured Notes
$75,000,000
Follow-on Offering
$18,750,000
Junior UnsecuredNotes
$438,600,000
has been acquired by
$51,000,000
Initial Public Offering
525,000,000
has been acquired by
$42,000,000
BabyBond Offering
$78,000,000
Follow-on Offering
$92,000,010
Initial Public Offering
$97,980,000
Follow-on Offering
$35,000,000
Senior Subordinated NotesPreferred Equity
$75,000,000
Initial Public Offering
$125,000,000
Senior Secured CreditFacility
$230,000,000
Convertible Offering
$74,000,000
Senior Credit Facility &Subordinated Notes
Not Disclosed
has been acquired by
Manheim
$30,000,000
Second Lien Loan
$102,212,920
Initial Public Offering
$75,469,000
Follow-on Offering
188,893,000
Follow-on Offering
$228,433,000
Follow-on Offering
$15,000,000
Second LienTerm Loan
COLLINS FINANCIAL SERVICES, INC.
I N N OV A T I ON CO M P LI A N CE I N T EG RI T Y
CFSI
28,000,000
has sold aminority stake to
Investcorp
$271,860,000
Follow-on Offering
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William Blair
Specialty Finance Industry InsightsNotes 19
Notes
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William Blair
William Blair is a trade name for William Blair & Company, L.L.C. and William Blair International, Limited. William Blair & Company, L.L.C., is a Delaware company and is regulated by the Securities andExchange Commission, The Financial Industry Regulatory Authority, and other principal exchanges. William Blair I nternational Limited is authorised and regulated by the Financial Conduct Authority("FCA") in the United Kingdom. William Blair & Companyonly offers products and services where it is permitted to do so. Some of these products and services are only offered to persons orinstitutions situated within the United States and are not offered to persons or institutions outside of the United States.
This material has been approved for distribution in the United Kingdom by William Blair International Limited, Regulated by t he Financial Conduct Authority (FCA), and is directed only at, and is onlymade available to, persons falling within COB 3.5 and 3.6 of the FCA Handbook (being Eligible Counterparties and Professional Clients). This Document is not to be distributed or passed on to anyRetail Clients. No persons other than persons to whom this document is directed should rely on it or its contents or use it as the basis to make an investment decision.
William Blair & Company | 222 West Adams Street | Chicago, Illinois 60606 | +1 312 236 1600 | williamblair.com
March 18, 2014
Specialty Finance Industry Insights20 Disclosures
Disclosures
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