Secondaries Announced 5.30.17

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Our Buy, Neutral or Avoid ratings of the Secondaries below are intended as a recommendation for those who buy Secondaries on a regular basis. For example, this is not to be interpreted as a Buy recommendation in the traditional sense of adding to your stock portfolio; this is a short term (usually one day or opening trade) time period. Spot secondaries or block trades due to the very short duration of announcement to trading, may take longer to “work”, and should be judged accordingly. (the key is the pricing for spots and or blocks…even more so than scheduled secondaries)

Company: Apollo Commercial Real Estate Finance, Inc.
Symbol: ARI
Price: Last Trade $18.98
Trade Date: 5/31
Re-offer Range: Subscription Needed
Shares: 12 million
Underwriter(s) : Citigroup, J.P. Morgan, BofA Merrill Lynch, Morgan Stanley
Rating = Subscription Needed

Company: James River Group Holdings, Ltd.
Symbol: JRVR
Price: Last Trade $42.04
Trade Date: 5/31
Re-offer Range: Subscription Needed
Shares: 4.25 million
Underwriter(s) : Morgan Stanley
Rating = Subscription Needed

Company: Extended Stay America, Inc.
Symbol: STAY
Price: Last Trade $17.60
Trade Date: 5/31
Re-offer Range: Subscription Needed
Shares: 25 million paired shares
Underwriter(s) : Citigroup, Morgan Stanley
Rating = Subscription Needed

Note: Each Paired Share consisting of a share of common stock of Extended Stay America, Inc. and a share of Class B common stock of ESH Hospitality, Inc., which are attached and trade together as Paired Shares.