Apollo Commercial Real Estate Finance ("ARI") Strategic Loan Portfolio Sale Transaction January 28, 2026 Unless otherwise noted, information as of January 2026. Disclaimer Disclaimer No representation or warranty, express or implied, is or will be made by Apollo Commercial Real Estate Finance, Inc. ("ARI" or the "Company"), Apollo Global Management, Inc. (together with its subsidiaries, "Apollo") or any of their respective directors, officers, employees or advisers or any other person as to the accuracy or ...

Core Insights - AZIO AI Corporation is engaged in strategic discussions with Envirotech Vehicles, Inc. regarding a potential transaction to assist EVTV in entering the AI Data center space, with an independent valuation analysis indicating AZIO AI's enterprise value at approximately $480 million [1][2]. Transaction Framework and Shareholder Considerations - AZIO AI emphasizes a disciplined transaction framework that aligns the interests of all stakeholders, focusing on long-term value creation and capital discipline [3]. - The potential transaction structure is being evaluated to limit unnecessary dilution to existing shareholders of Envirotech Vehicles while balancing the strategic and financial objectives of both parties [5]. Ongoing Discussions - Discussions between AZIO AI and Envirotech Vehicles are ongoing, with efforts to reach a definitive agreement, considering transaction structure, timing, and additional financing [4]. - Any potential transaction will be subject to customary due diligence, board approvals, regulatory review, and shareholder approval [4]. Company Overview - AZIO AI Corporation is a next-generation AI infrastructure platform focused on scalable compute and specialized AI deployments, operating as a strategic spin-off of AZIO Corporation [7]. - The leadership team at AZIO AI has extensive experience in hardware distribution, data center operations, and AI hardware supply chain management, supporting the company's focus on disciplined execution and infrastructure scalability [8].

Core Viewpoint - WildBrain Ltd. has signed an agreement to sell its 41% stake in Peanuts Holdings LLC to Sony for $630 million, which will eliminate the company's debt and provide capital for reinvestment in high-growth opportunities [1][4][12] Financial Impact - The net proceeds from the sale will fully repay WildBrain's Senior Secured Credit Facility, resulting in over $40 million cash surplus and annual interest savings of approximately $50 million [2][4][12] - WildBrain's EBITDA attributable to its 41% ownership in Peanuts was $27 million in Fiscal 2025, with recognized EBITDA including consolidation benefits at $43 million [7] Strategic Focus - The transaction allows WildBrain to reinvest in wholly owned franchises like Strawberry Shortcake and Teletubbies, expand its premium digital content network, and invest in emerging technologies [4][5][9] - WildBrain aims to create efficiencies and simplify its business model, having closed its broadcast television channels in Canada to enhance strategic flexibility [10][11] Partnership and Future Growth - WildBrain will remain a multi-year partner to Peanuts for key services, including licensing, production, and distribution, ensuring continued collaboration with Sony [2][4] - The company plans to invest approximately $50 to $100 million in growth opportunities to enhance its strategic platform and drive shareholder value [8][12] Historical Context - WildBrain acquired 80% of Peanuts in 2017 for $448 million and has since generated over $1 billion in total sale proceeds and distributions from its ownership [6]

Core Insights - Better Being has been acquired by a syndicate of global investors led by Snapdragon Capital Partners, with financing from Strategic Value Partners, marking a significant transition for the company [1][2] - The acquisition follows HGGC's exit after an eight-year partnership, indicating a shift in investment strategy and future growth plans for Better Being [1][2] Company Overview - Better Being, founded in 1993, is a leading manufacturer and distributor of branded dietary supplements and personal care products, operating in over 85 countries [3] - The company offers a variety of brands, including Solaray, Zhou Nutrition, and KAL, focusing on natural wellness solutions [3] Investment and Growth Strategy - The new investors have committed to providing additional capital for near-term acquisitions to expand Better Being's brand portfolio and global reach [1][2] - Snapdragon Capital has expressed confidence in Better Being's growth trajectory, particularly highlighting the success of the Solaray brand [2] Financial Background of Investors - Strategic Value Partners manages approximately $22 billion in assets and has invested over $57 billion since its inception, indicating strong financial backing for Better Being's future [5] - HGGC, the previous investor, managed over $9.5 billion in assets as of September 30, 2025, showcasing its significant investment capacity [6]

Core Insights - Royalty Pharma has experienced a transformational year in 2025, marked by significant strategic transactions and strong financial performance [2][3] - The company internalized its external manager, consolidating operations into a single business entity, which is crucial for strategic and financial alignment [2] - Royalty Pharma has executed numerous successful deals throughout the year, resulting in record capital returns to shareholders and a robust financial standing [3] Financial Performance - The company has returned a record amount of capital to shareholders, indicating strong financial health and commitment to shareholder value [3] - Positive momentum is evident in the company's financial results, suggesting a strong outlook as it approaches the end of the year [3] Strategic Developments - The internalization of the external manager is a key strategic move that enhances operational efficiency and aligns the company's business model [2] - The strong pipeline of projects and deals positions the company favorably for continued growth and success in the upcoming year [3]

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]