Equity Research 388 Companies Under Coverage

Home , DigitalOcean, Piper Sandler Companies, PJT Partners

Financial Services

Commercial Finance Consumer Finance & Financial Technology Insurance Investment Banks, Brokers & Alternative Asset Managers

Devin Ryan David Scharf Matthew Carletti Devin Ryan (212) 906-3578 (415) 835-8942 (312) 768-1784 (212) 906-3578

Ares Capital Corp. (ARCC) Alliance Data Systems Corp. (ADS) Alleghany Corp. (Y) James River Group Holdings (JRVR) Apollo Global Management (APO) BlackRock TCP Capital Corp. (TCPC) Credit Acceptance Corp. (CACC) The Allstate Corp. (ALL) Kemper Corp. (KMPR) The Blackstone Group (BX) Capital Southwest Corp. (CSWC) Elevate Credit (ELVT) AMERISAFE (AMSF) Kinsale Capital Group (KNSL) The Charles Schwab Corp. (SCHW) Hercules Capital (HTGC) Encore Capital Group (ECPG) Arch Capital Group (ACGL) Lemonade (LMND) Cowen Group (COWN) Oaktree Specialty Lending Corp. (OCSL) Enova International (ENVA) Argo Group International Holdings (ARGO) Midwest Holding (MDWT) Envestnet (ENV) Owl Rock Capital Corp. (ORCC) FirstCash (FCFS) AXIS Capital Holdings (AXS) Old Republic International Corp. (ORI) Evercore (EVR) PennantPark Floating Rate Capital (PFLT) International Money Express (IMXI) Chubb (CB) Palomar Holdings (PLMR) Fortress Transportation and Infrastructure Investors (FTAI) PennantPark Investment Corp. (PNNT) MoneyGram International (MGI) Doma Holdings (DOMA) ProAssurance Corp. (PRA) The Goldman Sachs Group (GS) Sixth Street Specialty Lending (TSLX) OneMain Holdings (OMF) Employers Holdings (EIG) RenaissanceRe Holdings (RNR) Greenhill & Co. (GHL) SuRo Capital Corp. (SSSS) Open Lending Corp. (LPRO) Federated National Holding Company (FNHC) RLI Corp. (RLI) Houlihan Lokey (HLI) TriplePoint Venture Growth BDC Corp. (TPVG) Oportun Financial Corp. (OPRT) Goosehead Insurance (GSHD) Root (ROOT) KKR & Co. (KKR) Opportunity Financial (OPFI) The Hanover Insurance Group (THG) Selective Insurance Group (SIGI) Lazard (LAZ) PayPal Holdings (PYPL) HCI Group (HCI) The Travelers Companies (TRV) LPL Financial Holdings (LPLA) Coverage in Transition PRA Group (PRAA) Heritage Insurance Holdings (HRTG) Trean Insurance Group (TIG) MarketWise (MKTW) (415) 835-8900 Regional Management Corp. (RM) Horace Mann Educators Corp. (HMN) United Insurance Holdings (UIHC) Moelis & Company (MC) Apollo Investment Corp. (AINV) Santander Consumer USA Holdings (SC) Morgan Stanley (MS) Bain Capital Specialty Finance (BCSF) Square (SQ) New Fortress Energy Group (NFE) Marlin Business Services Corp. (MRLN) Synchrony Financial (SYF) Perella Weinberg Partners (PWP) Monroe Capital Corp. (MRCC) Upstart Holdings (UPST) Piper Sandler Companies (PIPR) Portman Ridge Finance Corp. (PTMN) The Western Union Company (WU) PJT Partners (PJT) Raymond James Financial (RJF) Robinhood Markets (HOOD) Stifel Financial Corp. (SF) StoneCastle Financial Corp. (BANX)

Mortgage Finance REITs: Agency Mortgage REITs: Agency Mortgage REITs: Commercial Mortgage REITs: Hybrid Mortgage

Steven DeLaney Trevor Cranston, CFA Steven DeLaney Trevor Cranston, CFA Mikhail Goberman Steven DeLaney Steven DeLaney Steven DeLaney Trevor Cranston, CFA (404) 848-7773 (415) 869-4431 (404) 848-7773 (415) 869-4431 (212) 906-3543 (404) 848-7773 (404) 848-7773 (404) 848-7773 (415) 869-4431

Great Ajax Corp. (AJX) AGNC Investment Corp. (AGNC) Ellington Residential Mortgage REIT (EARN) ACRES Commercial Realty Corp. (ACR) AG Mortgage Investment Trust (MITT) Guild Holdings Company (GHLD) Annaly Capital Management (NLY) AFC Gamma (AFCG) Arlington Asset Investment Corp. (AAIC) Home Point Capital (HMPT) ARMOUR Residential REIT (ARR) Apollo Commercial Real Estate Finance (ARI) Cherry Hill Mortgage Investment Corp. (CHMI) Impac Mortgage Holdings (IMH) Capstead Mortgage Corp. (CMO) Arbor Realty Trust (ABR) Chimera Investment Corp. (CIM) loanDepot (LDI) Ares Commercial Real Estate Corp. (ACRE) Dynex Capital (DX) PennyMac Financial Services (PFSI) Blackstone Mortgage Trust (BXMT) Ellington Financial (EFC) PennyMac Mortgage Investment Trust (PMT) Broadmark Realty Capital (BRMK) Invesco Mortgage Capital (IVR) UWM Holdings Corporation (UWMC) Granite Point Mortgage Trust (GPMT) MFA Financial (MFA) Velocity Financial (VEL) KKR Real Estate Finance Trust (KREF) New Residential Investment Corp. (NRZ) Walker & Dunlop (WD) Ladder Capital Corp. (LADR) Redwood Trust (RWT) Lument Finance Trust (LFT) Two Harbors Investment Corp. (TWO) Ready Capital Corporation (RC) Western Asset Mortgage Capital Corp. (WMC) Starwood Property Trust (STWD) TPG RE Finance Trust (TRTX) Tremont Mortgage Trust (TRMT)

Healthcare

Biotechnology & Biopharmaceuticals Biotechnology & Biopharmaceuticals Biotechnology & Biopharmaceuticals

Reni Benjamin, PhD Roy Buchanan, PhD Jason Butler, PhD Jason Butler, PhD (212) 906-3529 (212) 906-3509 (212) 906-3505 (212) 906-3505

Adicet Bio (ACET) Arbutus Biopharma (ABUS) ACADIA Pharmaceuticals (ACAD) Halozyme Therapeutics (HALO) Allogene Therapeutics (ALLO) Enanta Pharmaceuticals (ENTA) Adamas Pharmaceuticals (ADMS) Karuna Therapeutics (KRTX) Bicycle Therapeutics (BCYC) HOOKIPA Pharma (HOOK) Applied Molecular Transport (AMTI) Marinus Pharmaceuticals (MRNS) Blueprint Medicines Corp. (BPMC) PolyPid (PYPD) Aquestive Therapeutics (AQST) Minerva Neurosciences (NERV) Compugen (CGEN) argenx (ARGX) MorphoSys (MOR) CTI BioPharma Corp. (CTIC) Arena Pharmaceuticals (ARNA) PLx Pharma (PLXP) Cue Biopharma (CUE) Athira Pharma (ATHA) POXEL (POXEL.PA) Deciphera Pharmaceuticals (DCPH) Concert Pharmaceuticals (CNCE) Precigen (PGEN) ERYTECH Pharma (ERYP) CorMedix (CRMD) Rezolute (RZLT) Idera Pharmaceuticals (IDRA) Cortexyme (CRTX) Syros Pharmaceuticals (SYRS) Incyte Corp. (INCY) Cytokinetics (CYTK) Trevena (TRVN) Iovance Biotherapeutics (IOVA) Esperion Therapeutics (ESPR) Viridian Therapeutics (VRDN) Kura Oncology (KURA) Gamida Cell (GMDA) Zogenix (ZGNX) NextCure (NXTC) GH Research (GHRS) Seagen (SGEN) Spectrum Pharmaceuticals (SPPI) Sutro Biopharma (STRO) Trillium Therapeutics (TRIL)

Biotechnology & Biopharmaceuticals Biotechnology & Biopharmaceuticals Biotechnology & Biopharmaceuticals Medical Devices & Supplies

Gobind Singh, MD, PhD Silvan Tuerkcan, PhD Jonathan Wolleben David Turkaly (212) 906-3509 (212) 906-3546 (312) 768-1788 (212) 906-3563 Evelo Biosciences (EVLO) CRISPR Therapeutics (CRSP) Altimmune (ALT) Avanos Medical (AVNS) NuVasive (NUVA) Immunic (IMUX) Generation Bio Co. (GBIO) BioCryst Pharmaceuticals (BCRX) AxoGen (AXGN) Orthofix International (OFIX) Kaleido Biosciences (KLDO) Intellia Therapeutics (NTLA) Clearside Biomedical (CLSD) Apyx Medical Corp. (APYX) OrthoPediatrics Corp. (KIDS) Protagonist Therapeutics (PTGX) LogicBio Therapeutics (LOGC) DBV Technologies (DBVT) electroCore (ECOR) SI-BONE (SIBN) Seres Therapeutics (MCRB) Mirati Therapeutics (MRTX) Intercept Pharmaceuticals (ICPT) Globus Medical (GMED) STERIS Corp. (STE) Relay Therapeutics (RLAY) Larimar Therapeutics (LRMR) Haemonetics Corp. (HAE) Stryker Corp. (SYK) Taysha Gene Therapies (TSHA) Madrigal Pharmaceuticals (MDGL) iCAD (ICAD) Surgalign Holdings (SRGA) Turning Point Therapeutics (TPTX) Ocular Therapeutix (OCUL) Integra LifeSciences Holdings (IART) TELA Bio (TELA) ProQR Therapeutics (PRQR) Neuronetics (STIM) Teleflex (TFX) Strongbridge Biopharma (SBBP) Nevro Corp. (NVRO) Zimmer Biomet Holdings (ZBH)

Real Estate

Housing & Land Development REITs Housing & Land Development and Real Estate Services

Aaron Hecht Aaron Hecht Coverage in Transition (415) 835-3963 (415) 835-3963 (415) 835-8900

D.R. Horton (DHI) AFC Gamma (AFCG) Five Point Holdings (FPH) Green Brick Partners (GRBK) Alexandria Real Estate Equities (ARE) Forestar Group (FOR) Lennar Corp. (LEN) American Homes 4 Rent (AMH) The Howard Hughes Corp. (HHC) LGI Homes (LGIH) Bluerock Residential Growth REIT (BRG) Kennedy-Wilson Holdings (KW) M/I Homes (MHO) BRT Apartments Corp. (BRT) Meritage Homes Corp. (MTH) TRI Pointe Homes (TPH) Clipper Realty (CLPR) The RMR Group (RMR) Diversified Healthcare Trust (DHC) Essex Property Trust (ESS) Getty Realty Corp. (GTY) Global Net Lease (GNL) Industrial Logistics Properties Trust (ILPT) Innovative Industrial Properties (IIPR) Invitation Homes (INVH) LTC Properties (LTC) Mid-America Apartment Communities (MAA) National Health Investors (NHI) Office Properties Income Trust (OPI) Omega Healthcare Investors (OHI) Plymouth Industrial REIT (PLYM) Preferred Apartment Communities (APTS) Sabra Healthcare REIT (SBRA) Whitestone REIT (WSR)

Technology

Cybersecurity & IT Infrastructure Energy Technology & Services and Internet & Digital Media Internet & Digital Media Industrial Technology

Erik Suppiger Coverage in Transition Andrew Boone Ronald Josey (415) 835-3918 (415) 835-8900 (415) 835-3902 (212) 906-3528 Arista Networks (ANET) Axon Enterprise (AXON) Booking Holdings (BKNG) 1stdibs.com (DIBS) Lyft (LYFT) Box (BOX) Azure Power Global Limited (AZRE) Criteo (CRTO) ACV Auctions (ACVA) Momentive Global (MNTV) Cambium Networks Corp. (CMBM) Cree (CREE) Expedia Group (EXPE) Airbnb (ABNB) Outbrain (OB) Cisco Systems (CSCO) Enphase Energy (ENPH) LegalZoom.com (LZ) Alphabet (GOOGL) Peloton Interactive (PTON) CrowdStrike Holdings (CRWD) First Solar (FSLR) PubMatic (PUBM) Amazon.com (AMZN) Poshmark (POSH) CyberArk (CYBR) Generac Holdings (GNRC) TrueCar (TRUE) CarGurus (CARG) Root (ROOT) Datadog (DDOG) Iteris (ITI) Viant Technology (DSP) Carvana (CVNA) Rover Group (ROVR) Dynatrace (DT) Itron (ITRI) Yelp (YELP) Doma Holdings (DOMA) RumbleOn (RMBL) FireEye (FEYE) New Fortress Energy Group (NFE) DoorDash (DASH) Shutterstock (SSTK) New Relic (NEWR) ShotSpotter (SSTI) DoubleVerify Holdings (DV) Snapchat (SNAP) Nutanix (NTNX) SolarEdge Technologies (SEDG) Duolingo (DUOL) Squarespace (SQSP) Palo Alto Networks (PANW) Sunnova Energy International (NOVA) eBay (EBAY) Taboola.com (TBLA) Qualys (QLYS) Sunrun (RUN) Enova International (ENVA) Tremor International (TRMR) SolarWinds Corp. (SWI) Tesla (TSLA) EverQuote (EVER) Twitter (TWTR) Splunk (SPLK) TPI Composites (TPIC) Facebook (FB) Uber Technologies (UBER) Varonis Systems (VRNS) Fiverr International (FVRR) Upstart Holdings (UPST) Zscaler (ZS) GoDaddy (GDDY) Upwork (UPWK) GrubHub (GRUB) Vroom (VRM) Lemonade (LMND) Wix.com (WIX) LiveXLive (LIVX) Zillow (ZG)

Software Software

Joe Goodwin Patrick Walravens (415) 869-4477 (415) 835-8943

CoStar Group (CSGP) Adobe Systems (ADBE) Cornerstone OnDemand (CSOD) Model N (MODN) Snowflake (SNOW) j2 Global (JCOM) Alkami Technology (ALKT) Coupa Software (COUP) MongoDB (MDB) Sprinklr (CXM) Ooma (OOMA) Alteryx (AYX) Datadog (DDOG) NICE (NICE) SPS Commerce (SPSC) Phreesia (PHR) Anaplan (PLAN) DigitalOcean Holdings (DOCN) Okta (OKTA) Teradata Corp. (TDC) Tyler Technologies (TYL) Asana (ASAN) DocuSign (DOCU) Oracle Corp. (ORCL) Twilio (TWLO) Veeva Systems (VEEV) Atlassian Corp. (TEAM) Domo (DOMO) Paycor HCM (PYCR) Veritone (VERI) Avalara (AVLR) Dropbox (DBX) Paylocity Holding Corp. (PCTY) Vertex (VERX) Bandwidth (BAND) Duck Creek Technologies (DCT) Pegasystems (PEGA) WalkMe (WKME) BlackLine (BL) EverCommerce (EVCM) Qualtrics International (XM) WM Technology (MAPS) C3.ai (AI) Global-E Online (GLBE) Salesforce.com (CRM) Workday (WDAY) Cloudera (CLDR) Guidewire Software (GWRE) SAP (SAP) Zendesk (ZEN) Cloudflare (NET) Jamf Holding Corp. (JAMF) ServiceNow (NOW) Zoom Video Communications (ZM) Confluent (CFLT) Kaltura (KLTR) Similarweb (SMWB) ZoomInfo Technologies (ZI)