Transaction Overview - Unite Students is acquiring Empiric Student Property through a cash and share offer of 94.2 pence per Empiric share[6] - The offer consists of 0.085 new Unite shares and 32 pence in cash for each Empiric share[6] - The combined portfolio will have a value of £7.4 billion with 75,000 beds[6] - Empiric shareholders will own 10% of the enlarged Unite Group upon completion[34] Financial Benefits and Synergies - The acquisition is expected to be accretive to earnings and shareholder returns from the second year onwards[6] - £13.7 million in cost synergies are expected to be unlocked through Unite's operating platform[6] - The acquisition is expected to deliver a low double-digit unlevered IRR ahead of Unite's cost of capital, supporting total accounting returns of approximately 10% per annum[6] - Approximately 55% of the £13.7 million annual run-rate benefit is expected to be realized in the first full year following completion[21, 80] Portfolio and Market Expansion - The combined portfolio will include 75,000 beds across 30 cities[11] - The acquisition allows Unite to enter two new Russell Group cities: Exeter and York[11] - The acquisition provides immediate scale in the Returner market, acquiring approximately 20% below replacement cost[18] Financial Position - Pro forma loan to value (LTV) is expected to be 29%[23] - Empiric's H1 2025 EPRA earnings were £14.3 million[26]

Market Overview - The market resembles the 1980s and 1990s, characterized by aggressive investment strategies and a relentless pursuit of high-return opportunities [1] - The current market is described as a "wild chase" for profit, driven by IPOs, mergers and acquisitions, and significant positive surprises [2] - Market volatility is high, with stocks experiencing large gains and losses without clear explanations [5] Investor Sentiment - Investors who entered the market after the dot-com bubble may not have experienced similar market conditions [3] - Main Street investors have not fully regained their enthusiasm for stocks since the dot-com crash [3] - There was a period of forgotten individual stocks, with investment concentrated in a few prominent stocks [4] Historical Context - The market dynamics of the 1980s and 1990s included large IPOs that drew capital from other market sectors [5] - Before the tech stock deflation and bank rationalization, the market experienced days of significant volatility and unpredictable stock movements [5]

Financial Performance Highlights - Record H1 2025 revenue reached $967 million, a 23% increase year-over-year, and Adjusted Profit Before Tax was $203 million, up 27% year-over-year[7, 19] - Record Q2 2025 Adjusted Profit Before Tax was $106 million, a 16% increase year-over-year and a 10% sequential increase from Q1[7] - Q2 2025 revenue increased by 18% to $500 million, reflecting diversified revenues[7, 19] - H1 2025 Adjusted Profit Before Tax margin was 21%, an increase of 80 basis points year-over-year[19] - Adjusted Basic EPS for H1 2025 was $2.05, a 21% increase year-over-year[16, 19] Business Segment Performance (Q2 2025) - Clearing revenue increased by 12% to $139 million[21] - Agency and Execution revenue increased significantly by 59% to $261 million[21] - Market Making revenue decreased by 9% to $41 million[21] - Hedging and Investment Solutions revenue decreased by 17% to $6 million[21] Capital and Liquidity - The company issued $500 million in 3-year senior unsecured notes[7] - Private equity shareholder ownership reduced to approximately 17%[7] - Total Funding Sources reached $5.7 billion in June 2025[41] Client Activity and Volumes - Clearing volumes increased by 12% to 3,212 million contracts in Q2 2025[28] - Agency and Execution - Energy volumes increased by 25% to 532 million contracts in Q2 2025[28] - Agency and Execution - Securities volumes increased by 13% to 3,026 million contracts in Q2 2025[28]

Transaction Overview - Gildan will acquire all outstanding shares of HanesBrands for 0.102x Gildan shares and $0.80 cash per HanesBrands share[32] - The implied value is $6.00 per HanesBrands share, representing an implied premium of approximately 24%[32] - The total enterprise value is $4.4 billion, implying an 8.9x LTM adjusted EBITDA multiple, or 6.3x on a fully synergized basis[32] - Upon closing, HanesBrands shareholders will own approximately 19.9% of Gildan shares on a non-diluted basis[32] Financial Highlights - The LTM pro forma revenue is $6.9 billion; LTM pro forma adjusted EBITDA is approximately $1.6 billion, including expected run-rate cost synergies of $200 million[32] - Gildan expects to realize at least $200 million of annual run-rate cost synergies within 3 years of closing, with approximately $50 million to be realized in 2026, approximately $100 million in 2027, and approximately $50 million in 2028[32, 51] - Gildan's adjusted diluted EPS CAGR over the next three years is expected to be in the low 20% range, starting from the midpoint of Gildan's 2025 adjusted diluted EPS guidance[32] - The expected closing net debt leverage ratio is 2.6x; the expected net debt leverage ratio is less than 2.0x within 12 to 18 months post-closing, in line with the stated long-term target net debt leverage ratio of 1.5x – 2.5x[32] Strategic Review - Gildan intends to initiate a review of strategic alternatives for the HanesBrands Australia business ("HAA") post-closing[32]

Group 1 - Sinclair Broadcast Group Inc. is launching a strategic review of its broadcast business, which may lead to a merger [1] - The company has engaged in discussions with potential merger partners, although no deal is guaranteed [2] - Sinclair is also considering spinning off its Ventures business, which includes the Tennis Channel, with board approval already obtained [2] Group 2 - The media industry anticipates deregulation under the Trump administration, particularly in the broadcast sector, potentially leading to increased mergers and acquisitions [3]

Core Insights - Comerica Incorporated (CMA) is facing scrutiny regarding its historical underperformance and potential for a sale, with CEO Curtis Farmer indicating openness to mergers and acquisitions [1][9] - HoldCo Asset Management has acquired a $155 million stake in Comerica and is urging the bank to initiate a strategic review for acquisition offers [2][9] - Potential acquirers named include PNC Financial Services Group, Fifth Third Bancorp, and Huntington Bancshares, which could benefit from cost synergies and expanded geographic reach [3][9] Performance Analysis - Comerica's stock has underperformed significantly, with a decline of 4.5% over the past seven years compared to the industry's growth of 38.6% [4][7] - The bank's total loans and deposits have shown a declining trend, with total deposits down 9.1% in Q2 2025 compared to Q2 2023 [10] - The efficiency ratio has worsened, increasing from 54% in 2018 to 71% in 2024, indicating deteriorating profitability [12] Strategic Positioning - Comerica's geographic reach in high-growth markets provides immediate scale, particularly in the Sunbelt and Midwestern regions [15] - The bank has a strong business banking presence, particularly in commercial lending, which offers opportunities for cross-selling high-margin services [16] - With a market capitalization of $8.5 billion, Comerica presents a manageable acquisition target for larger regional banks, minimizing execution and regulatory risks [17] Future Outlook - The combination of prolonged underperformance, operational missteps, and weakening fundamentals has created a valuation gap that may attract activist investors and potential acquirers [18] - The upcoming quarters will be crucial in determining whether Comerica will remain independent or become part of a larger consolidation trend in the U.S. regional banking sector [19]

Deals & Mergers - Private Equity (PE) firms are deploying capital in the National Football League (NFL) [1] - S4 Capital is in discussions regarding a potential merger with MSQ [1] - Rumble and Northern Data are considering a merger focused on Artificial Intelligence (AI) [1]

Core Viewpoint - MiniLuxe Holding Corp. is pursuing a strategy of mergers and acquisitions, focusing on regions where it already has a presence, with a planned issuance of 437,500 subordinate voting shares to facilitate the acquisition of a new studio in the Dallas–Fort Worth market [1][2]. Company Overview - MiniLuxe is a Delaware corporation based in Boston, Massachusetts, operating in the beauty and self-care industry, specializing in high-quality nail care and esthetic services [3]. - The company aims to transform the fragmented and under-regulated self-care and nail care industry through its brand, standards, and technology platform, enhancing talent and client experiences [3]. Acquisition Strategy - The planned acquisition involves converting an existing salon business to the MiniLuxe brand, which is not considered a material transaction in terms of cash value or size, representing well under 1% of the company's fully diluted share ownership [2]. - This transaction is with a non-related party and requires approval from the TSX Venture Exchange [2]. Business Model and Growth - MiniLuxe is expanding its reach through franchising and acquiring existing nail salons, providing entrepreneurs with opportunities to partner with a recognized brand [4]. - The company has performed over 4 million services since its inception, focusing on professional development and economic mobility for a diverse workforce [4].

Financial Data and Key Metrics Changes - The company generated net investment income of $4.6 million or $0.50 per share, an increase from $4.3 million or $0.47 per share in the prior quarter [3][13] - Total investment income for the quarter was $12.6 million, up from $12.1 million in the previous quarter [12] - Net asset value (NAV) decreased to $164.7 million from $173.5 million in the prior quarter, with NAV per share dropping to $17.89 from $18.85 [13][15] Business Line Data and Key Metrics Changes - The merger with Logan Ridge Finance Corporation was highlighted as a transformational milestone, with Logan Ridge generating net investment income of $1.2 million or $0.47 per share, up from $0.9 million or $0.35 per share in the previous year [4] - The company ended the quarter with a diversified debt investment portfolio across 69 different companies and 25 industries, with an average par balance of $2.6 million [9] Market Data and Key Metrics Changes - Activity in core markets was constrained initially due to tariff announcements, but deal volume picked up towards the end of the quarter [7] - Approximately 86.9% of the debt securities portfolio was based on floating rates, primarily linked to SOFR, which slightly declined over the last two quarters [9] Company Strategy and Development Direction - The company plans to leverage enhanced scale and diversified portfolio to deliver compelling risk-adjusted returns and drive long-term value for shareholders [6] - A new corporate name, BCP Investment Corporation, will be adopted to reflect the affiliation with BC Partners and the commitment to building an industry-leading business development company [5] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the opportunities in the second half of the year, particularly with increased refinancing activity and a healthy mix of new LBO processes [8][36] - The management team remains confident in their strategy and experienced leadership as they navigate the current market environment [6] Other Important Information - The company modified its dividend policy to introduce a stable base distribution of $0.47 per share, expected to be sustainable across market cycles [5] - The company has six investments on non-accrual status, representing 2.14% and 2.64% of the investment portfolio at fair value and cost, respectively [10] Q&A Session Summary Question: Were there any non-recurring items in the quarter? - Management confirmed there were no material non-recurring items outside of the other income reported [18] Question: Why was interest income higher quarter over quarter despite a smaller portfolio and a slight dip in yield? - The increase was largely driven by net deployment activity from the prior quarter [19][20] Question: What was the reason for the realized loss of $15 million? - The loss was primarily attributed to ProAir and Anthem, with Anthem undergoing restructuring [24] Question: When will the trading symbol and name change take effect? - The change is expected to occur within the next couple of weeks, pending the completion of the new website [25] Question: Has deal activity picked up for merging with other BDCs? - Management noted that deal activity has increased significantly, with a robust M&A pipeline [26] Question: How does the pipeline break down in terms of new and add-on opportunities? - The focus is on refinancing activity, with a healthy mix of new sales and refinancing opportunities [35] Question: What is the potential NAV benefit from positions currently held at a discount to par? - The average remaining maturity for these positions is about two and a half to three years, with potential NAV benefits expected over that timeframe [46] Question: What changes will occur in the combined portfolio post-merger? - The portfolios are similar, with a slight increase in diversification expected, but no dramatic changes anticipated [56][60]

Core Insights - Victory Capital reported strong financial results for Q2 2025, driven by the acquisition of Amundi US, which nearly doubled assets under management and led to GAAP revenue of $351.2 million, exceeding analyst expectations by $14.4 million or 4.3% [1][2] - Despite record growth in scale, the company faced margin pressure with GAAP operating margin dropping to 26.8% from 50.4% in Q2 2024 due to integration and restructuring costs [1][6] Financial Performance - Non-GAAP diluted earnings per share reached $1.57, surpassing estimates of $1.48 and showing a year-over-year increase of 19.8% from $1.31 in Q2 2024 [2] - Revenue (GAAP) increased by 59.9% year-over-year, from $219.6 million in Q2 2024 to $351.2 million in Q2 2025 [2][6] - Net income (GAAP) decreased by 20.9% year-over-year, from $74.3 million in Q2 2024 to $58.7 million in Q2 2025 [2] Business Overview - Victory Capital operates a diversified global asset management platform, offering various investment strategies through multiple autonomous franchises [3] - The company aims to minimize risk by diversifying assets across client types, investment vehicles, and geographic regions [3] Strategic Focus - The acquisition of Amundi US significantly expanded Victory Capital's product lineup and international reach, particularly in fixed income and solutions products [4] - Key priorities include driving organic growth, integrating acquired franchises, and advancing ETF and alternative investment offerings [4] Asset Management Growth - Assets under management (AUM) reached $298.6 billion as of June 30, 2025, a significant increase from $168.7 billion in Q2 2024, primarily due to the Amundi US acquisition [5] - The company recorded long-term net outflows of $660 million, an improvement from previous quarters, but still not a return to organic growth [5] Margin and Expense Management - Operating expenses increased due to acquisition and restructuring costs, contributing to the decline in GAAP operating margin [6] - Management reaffirmed a long-term operating margin target near 49%, indicating expectations for margin normalization post-integration [6][11] Diversification and Performance - Non-U.S. assets accounted for $48.5 billion (16% of total AUM) as of June 30, 2025, a significant increase from $5.5 billion (3%) the previous year [7] - 58% of AUM outperformed benchmarks over a three-year period, and 64% of mutual fund and ETF assets received four- or five-star ratings from Morningstar [7] Capital Management - Net leverage improved to 1.2x EBITDA, the lowest since becoming a public company [10] - The company declared a quarterly dividend of $0.49 per share and repurchased 439,000 shares during the period [10] Future Outlook - Management outlined continued investment in organic growth, global expansion, and digital capabilities, particularly in ETF and alternative product development [11] - The mergers and acquisitions pipeline remains active, with potential further expansion announcements in 2025 [11]