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      "text": "Current Project Osprey construct involves [***] as the buyer of the majority of the balance sheet as an LP-style investor. [***] has made an oral indication of interest to acquire the loan assets as a fund investor: preliminary indications have implied a 99% loan value with a 1.00% total fee per annum. GSO, acting as agent for [***], to be named manager of newly-formed fund with NewStar as sub-advisor; each party to receive 0.50% fee per annum. First Eagle Investment Management, [***], and [***] have orally expressed interest in the asset management platform",
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      "text": "Based on current approaches and our market assessment, there are three potential strategic paths for NEWS to consider: 1. Standalone: continue with existing strategy to transition to a capital-light credit asset manager 2. Project Osprey: sale of majority of balance sheet assets with associated management fee and concurrent sale of manager 3. Sale of whole company to a single buyer: Credit Suisse believes that the universe of potential buyers primarily consists of alternative asset managers, not banks or other regulated financial institutions",
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      "text": "Each potential strategic path has distinct workstreams and timing but CS believes that generally speaking, they could be completed in 6-9 months",
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      "text": "[***] indicates information that has been omitted on the basis of a confidential treatment request pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. This information has been filed separately with the Securities and Exchange Commission.",
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