Secondaries Announced 7.17.17

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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.

Company: XPO Logistics
Symbol: XPO
Price: Last Trade $63.84
Trade Date: 7/20
Shares: 11 million
Underwriter(s) : Morgan Stanley, J.P. Morgan
Rating = Subscription Needed

Company: USA Technologies
Symbol: USAT
Price: Last Trade $4.90
Trade Date: 7/20
Shares: 7.07 million
Underwriter(s) : William Blair
Co-Manager(s): Craig Hallum, Northland Capital, Barrington
Rating = Subscription Needed

Company: Annaly Capital Management, Inc.
Symbol: NLY
Price: Last Trade $12.26
Trade Date: 7/18
Re-offer Range: Subscription Needed
Shares: 60 million
Underwriter(s) : Credit Suisse, BofA Merrill Lynch, Goldman Sachs & Co., J.P. Morgan, Wells Fargo Securities
Co-Manager(s): JMP Securities, Sandler O’Neill + Partners
Rating = Subscription Needed

Company: Ring Energy, Inc.
Symbol: REI
Price: Last Trade $13.46
Trade Date: 7/18
Re-offer Range: Subscription Needed
Shares: 3.7 million ($50 million cash raise)
Underwriter(s) : SunTrust Robinson Humphrey, Inc., Seaport Global Securities
Rating = Subscription Needed

Company: CymaBay Therapeutics, Inc.
Symbol: CBAY
Price: Last Trade $5.98
Trade Date: 7/19
Shares: 10 million
Underwriter(s) : Leerink Partners LLC, Piper Jaffray & Co., Cantor Fitzgerald & Co.
Rating = Subscription Needed

Company: Viper Energy Partners LP
Symbol: VNOM
Price: Last Trade $16.20
Trade Date: 7/18
Re-offer Range: Subscription Needed
Shares: 11 million
Underwriter(s) : Credit Suisse
Rating = Subscription Needed