FBR &

FBR & appears on the underwriting syndicate of 1 special purpose acquisition company IPO in our index, including Concrete Pumping Holdings, Inc. (BBCP). The full list, with the role credited on each cover page, is in the mandates table on this page.

We have not indexed a book-running credit for FBR &; every mandate on record is a co-manager or syndicate position. Bookrunner status is read from the prospectus cover, so a blank can also mean the cover did not separate the roles.

$225M of gross proceeds across every offering FBR & was named on. That is the conventional league-table measure, which credits the full deal to each syndicate member. The narrower figure is its own allocation: $150M, being the units the underwriting agreements assigned to FBR & specifically, priced at the $10 standard SPAC unit.

Concrete Pumping Holdings, Inc. (BBCP), which raised $225M in Jul 2017. FBR & was credited as a syndicate member on that offering.

1 of the SPACs FBR & underwrote closed a combination: Concrete Pumping Holdings, Inc.. Closing means the vehicle filed a current report reporting completion of the acquisition. That is an outcome, not a return.

FBR & has no live SPAC mandates in our index; every vehicle it underwrote has either closed a deal or wound up.

100%. Of the 1 vehicles FBR & underwrote that have already resolved, 1 closed a business combination and 0 liquidated. The market-wide figure is 59.5%, so FBR & sits above it. SPACs still searching are excluded, because an unfinished clock is not a result. The rate measures the vehicles, not the bank: a syndicate has no control over whether a sponsor finds a target.

Measured against the $10.00 the units were sold at, the only baseline every SPAC shares, the strongest of FBR &'s closed deals currently is Concrete Pumping Holdings, Inc. (BBCP) at $9 a share. Treat that as a snapshot, not a return: it ignores dividends, splits, warrant exercise and anything that happened in between, because historical price series are not part of our data. For a proper total-return comparison use your market-data provider with the post-merger tickers.

Industrea Alexandria (1 deal). Sponsor franchises are resolved from the sponsor entity named in each prospectus, so repeat issuers group together even though every vehicle is a separate legal entity.

Most often B. Riley Securities (1). Syndicate composition is read from the prospectus cover and the underwriting section, so these are co-appearances on the same offering, not a commercial relationship we have any other visibility into.

Its first SPAC IPO in our index priced Jul 26, 2017 and the most recent Jul 26, 2017. It has no live vehicles at present.

The average offering it has been named on raised $225M, against a range from $225M to $225M. Deal size is a reasonable proxy for where a house sits in the market: the bulge bracket concentrates on larger trusts, the SPAC specialists on smaller ones.

Industrials (1) and Transportation & Logistics (1). Mandates are read from charter language in the prospectus and are often deliberately broad. Many SPACs reserve the right to pursue any industry, in which case no sector is tagged at all.

Nasdaq (1). Listing venue is taken from the exchange record on the registrant's SEC profile.

None in our index. Either its vehicles closed a deal or they are still inside their combination window.

Every figure is read from filings the registrants made with the SEC. Syndicate membership and role come from the prospectus cover and the underwriting section of each IPO prospectus (Form 424B4); outcomes come from the filing record: a current report announcing completion, or a delisting notice ending a liquidation. Nothing here is sourced from press coverage or from FBR & itself.