Credit Suisse Investment Banking Pitch Book
Historical price / tangible book value over last 10 years
2.75x
2.50x
2.25x
2.00x
1.75x
1.50x
1.25x
1.00x
0.75x
0.50x
0.25x
MEG 8 8 686
Myn
Osprey (taxpayer)
Preliminary selected internally managed BDCs (pass-through vehicle)
Preliminary selected externally managed BDCs (pass-through vehicle)
Preliminary selected commercial mREITS (pass-through vehicle)
Preliminary selected commercially focused banks (taxpayer)
Preliminary selected commercial finance companies (tax-payer)
CIT+CSE (taxpayer)
Fartus SAR, Francs
Include: Hep
имму
w
my
Cat
-Osprey
-Preliminary selected externally managed BDCS
-Preliminary selected commercially focused banks
-Preliminary selected asset-based lending & leasing companies
des Apd
Project Capital Corp. (PSC
dudes Colory Neth Star
Sheet Captal Corp MANG Tange
AN A Cape CC B
Soar Capital
GURO TOO BOC joano
CUNS Starwood Pety frut the STC
TPG RS Fan Tut RTX en Ast aagent Corp
Hudec All Francial in JALLY) American Express
GAAPS
OMER C
FROUM) F
Masou becop bc (MGL) Car ancal Holdings
on (MF)
ICSTRO
ta
PRELIMINARY | SUBJECT TO FURTHER REVIEW & REVISION
P/TBV vs Osprey
One-yr. avg. Three-yr. avg. Five-yr. avg. Ten-yr. avg.
0.69x
0.77x
0.88x
+0.58
+0.11
0.73
40.31
0.51
0.18
+0.62
+0.51
+0.28
+1.43
+0.99
+1.00
+1.04
+0.61
+0.24
+0.21
0.72x
+0.65
+0.23
+0.76
Servos Com 35
nounod ay 90 Cungoutes CIT
+1.16
+1.09
+0.17
+0.15
mamy
P/TBV
Ten-yr. avg.
0.77x
1.28
0.95
1.05
1.77
1.38
0.97
Min
w
M
Ten-year
correlation
to Osprey
NA
78.9%
69.9
51.1
27.8
69.1
78.6
CAP
C 190F Set France Corp (SFSC FSC de Cape (0600 Goman Se BOC0000w Mountan Francia CF
Capa Corp (TCPO TPG Specaty Landing inc. (T30
Backstone Mortgage That me 09 Apollo Commencal Real Estate France Ladier CAD Waker & Durine (WOL Real Estate France futine 998) Gani
Arbor Heat TARA Com Real E Cop (ACRES Rc Cap Cp RSC RAIT Fow That LADR TEMPS calculations include on coming test in jou
PITEE KeyCorp IMEV) Comenica incorporated (CM Wihat Finance Corporation WTSV Francal Grove CV Remond James France OU DOK Fancial Corption BOPWet Dance
AM SPEC Te Se Corporation (CE) E Francl Seris Coop O Tide Categs (150) LFl CoF10 T
Corponation FAF) Does not include CT in CIT / CSE
FC T
Morge That MT re
(TEPO Bance Corpo
Oct-07 Apr-08 Oct-08 Apr-09 Oct-09 Apr-10 Oct-10 Apr-11 Oct-11 Apr-12 Oct-12 Apr-13 Oct-13 Apr-14 Oct-14 Apr-15 Oct-15 Apr-16 Oct-16 Apr-17 Oct-17
-Preliminary selected internally managed BDC (1)
Preliminary selected commercial mREITs
-CIT/CSE
your
2.29x
2.01x
1.34x
1.30x
1.05x
1.00x
0.79x(7)
Confidential
F
34
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