Credit Suisse Investment Banking Pitch Book
Preliminary selected public companies analysis (cont'd)
Selected BDCs
($ in millions, except per share amounts)
Parameter
6/30/17A Adjusted TBV (¹)
Implied equity value reference range
(2)
Implied equity value per share reference range
Metric
(2)
$622
Low
Selected range
PRELIMINARY | SUBJECT TO FURTHER REVIEW & REVISION
0.70x
High
0.90x
Implied equity value reference range
Low
High
$435
$560
$435
$10.49
Source: Osprey management, public filings, SNL Financial and FactSet.
Calculated based on 0217A tangible book value, adjusted for $3.3 million cash used to repurchase shares and $0.3 million cash proceeds received from exercise of options settled
during 7/1/17-9/30/17, per Osprey management.
$560
$13.28
Based on fully diluted shares outstanding, calculated based on 41,480,754 basic shares (incl. unvested restricted stock), 0.125 million options and 12.0 million warrants as of 9/30/17.
per Osprey management. Assumes treasury stock method.
Confidential
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