Core Viewpoint - The E.W. Scripps Company has agreed to sell its local Fox-affiliated station WFTX in Fort Myers, Florida, to Sun Broadcasting for $40 million, aiming to reduce debt and improve its financial profile [1][2][3] Company Overview - The E.W. Scripps Company is a diversified media entity and one of the largest local TV broadcasters in the U.S., operating over 60 stations across more than 40 markets [5][6] - Scripps provides quality local journalism and operates national news outlets such as Scripps News and Court TV, along with entertainment brands like ION and Bounce [5][6] Transaction Details - The sale of WFTX is expected to close in the fourth quarter of 2025, pending regulatory approvals, and does not require any changes to current television station ownership rules [2] - The cash from the sale will be utilized to pay down the company's debt, as stated by Scripps President and CEO Adam Symson [2][3] Strategic Rationale - The decision to sell WFTX is part of Scripps' evaluation of its business strategies, ensuring that the station is in the hands of owners who can best serve the local community [3] - This transaction follows a previously announced agreement to swap stations with Gray Media in five mid-sized and small markets, which is currently under federal review [3]

Financial Data and Key Metrics Changes - The merger is expected to provide Horizon with an estimated $165 million of incremental equity capital based on preliminary NAV estimates as of June 30, 2025, enhancing the combined company's estimated NAV to approximately $446 million [6][13]. - The transaction is structured to be accretive to net investment income, with expected G&A savings of approximately $2.5 million, translating to a 30% reduction in operating expenses compared to standalone entities [17]. Business Line Data and Key Metrics Changes - The merger will allow Horizon to leverage the additional capital to provide more investment capital, potentially increasing core net investment income growth [13][14]. - Horizon plans to continue providing venture debt to private companies while also expanding its lending to public small-cap companies, indicating a diversification of its business lines [15][16]. Market Data and Key Metrics Changes - The merger is anticipated to unlock shareholder value, with MRCC shareholders expected to realize a 33% premium to the market trading price as of August 5, 2025 [8][12]. - The combined platform is expected to enhance trading liquidity and provide a larger capital base for larger deals, improving the overall market position of Horizon [14][32]. Company Strategy and Development Direction - The merger is seen as a strategic move to optimize direct lending capabilities and enhance scale, operating efficiencies, and growth potential [5][10]. - Horizon aims to rapidly deploy the proceeds from the merger into attractive portfolio assets while maintaining a focus on operational efficiency and prudent capital deployment [16][17]. Management's Comments on Operating Environment and Future Outlook - Management expressed confidence that the merger will create a better business development company with more capital, scale, and earnings power, ultimately benefiting all shareholders [21][22]. - The management team is aligned with shareholders through fee waivers in the first year, emphasizing a commitment to shareholder success [17]. Other Important Information - The merger is expected to close in December 2025, contingent on regulatory approvals and shareholder votes [10][21]. - The combined board structure post-merger will include independent directors from both companies, ensuring balanced governance [11]. Q&A Session Summary Question: Summary of the transaction steps - The MRCC portfolio will be sold to Monroe's non-traded BDC, with cash proceeds going to Horizon [24]. Question: Nature of the transaction from Horizon's perspective - The transaction is viewed as a cost-efficient equity raise for Horizon [26]. Question: Targets for net investment income yield - No hard targets are set, but the focus will be on running the company efficiently [28]. Question: Timing for capital deployment - Capital is expected to be deployed rapidly, aiming for neutral EPS impact in the first year [29][31]. Question: Impact on deal sizes post-merger - The merger allows for larger deals due to an increased capital base [32]. Question: Lockup for Monroe shareholders - No lockup is contemplated for Monroe shareholders after receiving Horizon shares [40]. Question: G&A expense synergies details - Combined G&A expenses prior to synergies were approximately $8.4 million, expected to reduce to $5.8 million post-merger [41].

Core Viewpoint - Brooge Energy Limited (BEL) has entered into a conditional sale and purchase agreement to sell 100% of its subsidiaries, Brooge Petroleum and Gas Investments Company FZE and Brooge Petroleum and Gas Investment Company Phase III FZE, to Gulf Navigation Holding PJSC for approximately USD 884 million [1][3][5] Group 1: Acquisition Details - The acquisition is part of GulfNav's strategy to enhance its position in the energy sector by expanding storage and logistics capabilities through BPGIC Group's advanced infrastructure [2] - The total consideration for the transaction is approximately USD 884 million (AED 3,245 million), which includes cash, shares, and mandatory convertible bonds [3][5] - The cash component includes approximately USD 125.3 million, with USD 65 million going into a Completion Escrow Account and USD 60 million for settling certain liabilities [5][6] Group 2: Conditions and Completion - Completion of the transaction is subject to several conditions, including shareholder approval from GulfNav and necessary regulatory approvals [5][6] - The transaction is expected to close within five business days after all conditions are satisfied or waived [7][8] - Both parties will provide customary warranties typical in similar transactions [7] Group 3: Company Backgrounds - Brooge Energy Limited is based in the Cayman Islands and specializes in clean petroleum products, biofuels, and crude oil storage, operating through its subsidiary BPGIC FZE located in Fujairah, UAE [10] - Gulf Navigation Holding PJSC is a prominent maritime and shipping company based in Dubai, UAE, with a diverse fleet and comprehensive services in the maritime industry [11]