4th Quarter 2014 Financial Institutions Transactions

November 11, 2014 – Compass Diversified Holdings, Inc. (NYSE: CODI) (“Compass” or the “Company”) priced its follow-on offering of 6,000,000 shares of common stock at $17.50 per share for total gross proceeds of $105.0 million. The Company intends to use the net proceeds from the offering to repay a portion of the outstanding borrowings under its revolving credit facility.

Janney Montgomery Scott LLC served as a co-manager on this transaction.

November 5, 2014 – Gladstone Investment Corporation (NASDAQ: GAIN) (“Gladstone Investment” or the “Company”) priced its public offering of 1,440,000 shares of 6.750% Series B Cumulative Term Preferred Stock due 2021 at $25.00 per share. The Company also granted the underwriters a 30-day option to purchase additional shares to cover over-allotments. This option was fully exercised and the underwriters purchased an additional 216,000 shares for total gross proceeds of $41.4 million. The Company intends to use the net proceeds from the offering to repay outstanding borrowings under its revolving credit facility.

Janney Montgomery Scott LLC served as the sole book-running manager on this transaction.

October 30, 2014 – Fifth Street Asset Management Inc. (NASDAQ: FSAM) (“Fifth Street” or the “Company”) priced its initial public offering of 6,000,000 shares of common stock at $17.00 per share for total gross proceeds of $102.0 million. The Company intends to use the net proceeds from the offering to purchase an aggregate of 6,000,000 Holdings LP Interests from the Holdings Limited Partners and the Company will not retain any of these proceeds. Substantially all of the proceeds of this offering will flow to the Company’s executive officers, including the Principals.

Janney Montgomery Scott LLC served as a co-manager on this transaction.

October 23, 2014 – New Mountain Finance Corporation (NYSE: NMFC) (“New Mountain” or the “Company”) priced its follow-on offering of 5,000,000 shares of common stock at $14.53 per share. The Company also granted the underwriters a 30-day option to purchase additional shares of common stock to cover over-allotments. This option was fully exercised and the underwriters purchased an additional 750,000 shares for total gross proceeds of $83.5 million. The Company intends to use the net proceeds from the offering primarily for new investments in portfolio companies and may use a portion of the net proceeds for other general corporate purposes, including to temporarily repay debt and other working capital needs.

Janney Montgomery Scott LLC served as a co-manager on this transaction.

October 3, 2014 – Cowen Group, Inc. (NASDAQ: COWN) (“Cowen” or the “Company”) priced its $55.0 million public offering of 8.250% Senior Unsecured Notes due 2021 with minimum denominations of $25.00. The Company also granted the underwriters a 30-day option to purchase an additional $8.3 million of the Notes to cover over-allotments. This option was fully exercised for total gross proceeds of $63.3 million. The Company intends to use the net proceeds from the offering to capitalize Cowen Finance, a new commercial finance company organized by the Company, as well as for general corporate purposes.

Janney Montgomery Scott LLC served as a joint book-running manager on this transaction.


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