Secondaries Announced 6.5.17

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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: Aeglea Biotherapeutics, Inc.
Symbol: AGLE
Price: Last Trade $4.26
Trade Date: 6/6
Re-offer Range: N/A
Shares: TBD ($10m-$15m raise)
Underwriter(s) : JonesTrading Institutional
Rating = IPO Boutique does not rate JonesTrading deals

Company: Colony Starwood Homes
Symbol: SFR
Price: Last Trade $35.25
Trade Date: 6/6
Re-offer Range: Subscription Needed
Shares: 19.93 million
Underwriter(s) : BofA Merrill Lynch
Rating = Subscription Needed

Company: Athene Holding Ltd.
Symbol: ATH
Price: Last Trade $48.83
Trade Date: 6/7
Shares: 16.2 million
Underwriter(s) : Goldman Sachs, Barclays, Citigroup, Wells Fargo, BofA Merrill Lynch, BMO Capital Markets, Credit Suisse, Deutsche Bank, J.P. Morgan, Morgan Stanley, RBC Capital
Co-Manager(s): Evercore ISI, Keefe Bruyette & Woods, Sandler O’ Neill + Partners, SunTrust Robinson Humphrey, UBS Investment Bank
Rating = Subscription Needed

Company: Boston Omaha Corporation
Symbol: BOMN
Price: Last Trade $19.25
Offering Range: $12.00-$14.00
Trade Date: 6/15
Shares: 5.5 million
Underwriter(s) : Cowen and Company
Rating = Subscription Needed

Note: Currently, no public market exists for their Class A common stock other than on the OTCQX on which they have experienced very limited trading of their securities. Last Trade for this company as of 6-5-17 was $19.25.

Company: First Interstate BancSystem, Inc.
Symbol: FIBK
Price: Last Trade $36.38
Trade Date: 6/6
Re-offer Range: Subscription Needed
Shares: 1.7 million
Underwriter(s) : Credit Suisse
Rating = Subscription Needed