Hello, and welcome to the Pelagic Credit earnings presentation for the period ending June 30, 2026. This covers the first half of 2026, and and also, equally important, the first full fiscal quarter of of Pelagic Credit's life as a public company.

Before we go into the to the presentation itself, I want to turn your attention to the disclaimer on page two of the attached presentation. This presentation includes forward-looking statements and expectations that are subject to inherent risks and uncertainties.

Many factors can cause actual results and developments to deviate substantially from where from what has been expressed or implied in such statements and expectations. No assurance can be given that they will be met, or actual results will be as set out in this presentation.

I trust that this is clear. In this presentation today, we will go through the key developments and financial figures.

We will touch upon two new transactions that were announced after the set close of the second quarter, and that will lead into the portfolio overview, where we stand as of today, rather than June 30th. Then, we'll leave you with a key takeaways, and and then go into Q&A.

In the Q&A, myself, Tobias Backer, the CEO of Pelagic Credit, will take these questions along with Maximilian Debatin, who is our Investment Manager. If you look at Pelagic Credit today, we we went public in March of 2026.

In the second quarter, there were no new developments, the quarter itself was pretty much in line of what one would expect because we have largely fixed revenue, and largely stable or fixed expenses. After the quarter, we closed two transactions which we'll go a little bit into: one chemical carrier newbuilding transaction and one transaction for three dry bulk vessels on a sale-leaseback.

Those two transactions have then grown the fleet that we financed at Pelagic Credit from four to nine vessels during during the last few weeks. Today, or this morning, we declared our first quarterly dividend of 4 cents a share.

As it is implied, we expect to be paying quarterly dividends from now on. The key financial figures for as of June 30th, or I should say including the new transactions that we have committed to after year after quarter-end, we've now deployed or committed $61 million of the $75 million we raised in our IPO.

$42.3 million of that has been paid out, or invested, and the difference between 60.8 and 42.3, those are commitments made for further drawdowns that have not been paid out yet. That in that investment has is in has built a lease-adjusted revenue backlog of $107 million for an average remaining charter tenor of 5.1 years between those those nine vessels.

The way the $107 million has been has been calculated, that's that is the June 30 contract backlog, plus the two new deals that we've entered into after quarter-end. On an average basis, this provides a dividend yield of 14% on project level.

On those those nine vessels combined, before overhead and management fees and SG&A. If you look at the half first first first half of the year separately, we provided a profit before tax of $1.6 million, and for the second quarter standalone, it was $663,211 in net profit.

Again, this derives then the ability to pay our first dividend of 4 cents a share, or or $1.48 million in total that was that will be paid out in dividends. If you look at the new projects that we've closed, they both closed in the last two weeks.

We can start with the Hartmann Group transaction. This was actually a transaction that was referred to in our IPO prospectus, or or our information memorandum, referred to as Project Holly.

It has changed a little bit. This is a sale-leaseback of three handysize bulk carriers, which which we had mentioned at the time.

Today, we are looking at a 7-year sale-leaseback instead of a a 5-year, and we're also this project is also supported by a 7-year time charter from the Hartmann Group to a large international shipping company. We're very excited about this deal.

This is a a an improvement from a risk-reward perspective over and above what we had initially listed in our IPO prospectus. This project, we will invest or we have invested $10.5 million in equity, and that that builds the revenue backlog by $42 million.

Another project we that we recently closed is a newbuilding financing for an internationally recognized shipping company. We generally don't do newbuilding financings by themselves; we will only do a pre-delivery financing if we also get the post-delivery part of that transaction.

This should be viewed as a pre- and post-delivery financing, even though the numbers reflected in in here only focuses on the pre-delivery, as they're technically two different transactions. This investment requires $24.4 million of funding, not all of it funded upfront, and that gives us a revenue of $4.2 million between now and when the vessels deliver.

Upon delivery, they will go on a 5-year sale-leaseback to to our clients, and then from there, they will be on a 5-year time charter to a large international energy company. If you look at the portfolio overall at this point, as mentioned, we're now we have a portfolio of four of nine vessels, including the four vessels that were in the portfolio as of quarter one.

Again, that's a net commitment of equity funding of $60.8 million and a backlog of $107 million. On a base-level project IRR, we are looking at 14.2% return on investment at deal level.

One thing should be kept in mind here, though, is that we've been we've been working on this this investment strategy for for for many years, since 2000 and and 2009, and no deal has ever gone to full maturity. What happens when deals go to early maturity, they will have a higher equity return because they have early buyout options that give a higher level of return.

In our IPO prospectus, we had we had at the time listed three transactions that were the source of funds, or use of funds, I should say, when we raised our money. The first one was Project Holly that I referenced, then there are two other transactions that we are still working on.

This is this is a cement carrier investment with the Hartmann Group, back-to-back to a 3-year contract of affreightment, and a CSOV newbuilding financing that we are working with Pelagic Wind, backed by a 2-year time charter. These projects are still in development.

We have the option of entering into these transactions, but if other transactions arise, either with third parties or with affiliates, we we can deploy capital in that strategy as well. If you look at the the deployment runway, as mentioned, we raised $75 million in in in March.

We then deployed part of that capital on the first two transactions, $17.4 million and $18.5 million—like $8.5 million—uh and then generated $1.5 million in cash flow during the first quarter. That left us with a cash balance of $48.7 million in March of 2026.

In the second quarter, we made no new investments and generated a cash flow of close to $800,000 during the quarter, and ended the quarter with a cash balance of $49.5 million. We have then, after the end of the quarter, made two new investments, as mentioned, only partial funding on the first deal at $5.8 million, and then full funding, $10.5 million, on the dry bulk investment.

We have also here shown the payout of the first dividend, $1.5 million. Then, we also show here that the this this is a $18.6 million funding that will be for the further progress payments on the chemical carrier newbuilding investment.

If we were to deploy the execution pipeline that I showed earlier for the two internal deals, or for that matter, any new investment we do we do beyond the remaining cash that we have, we would need to raise more capital. On this, we are pursuing effectively a dual-track capital-raising review.

One would be to raise more equity as a follow-on offering for our after our IPO. We would only pursue that if this is an accret- this is accretive to the existing shareholders.

If not, we have certain backup plans to raise capital and use that for new investments that we would be making. Finally, to leave you with the key takeaways for the first half and second quarter, again, very much in line with expectations, which is not that surprising given our our fixed-nature business, both on revenue and expenses.

After the second quarter closed, we then deployed these two new transactions, and we are building a very good pipeline, both of external and internal deals, or I should say affiliated and non-affiliated transactions, and we're excited about the opportunities that we are seeing coming coming to us. Then finally, the other key takeaway, the first dividend payment declared, $1.48 million or 4 cents a share, and again, this is a this is eight the first of of continuing quarterly dividend payments that we will be making.

With that, I will I will open up for any questions that that you may have.

The first change is that what I referred to as Project Holly. The same initial counterparty being the Hartmann Group, but the end users of the ship are a little bit different.

We now have a 7-year time charter to a very strong counterparty, definitely an improvement in terms of that particular transaction. The other two deals have not really changed.

That's the same structure. However, we did not close them during the quarter, as they are still being developed.

They are commercially agreed, but they are not fully ready to close.

Maybe one addition to Project Holly is that the net deployment is actually less than projected in the IPO prospectus, roughly by $2 million, which gives us more firepower for additional projects in the future. Reason for that is that we have been able to secure more advantageous back leverage for this deal, which also brought up the overall project economics and dividend yield.

We're working on coming up with a data tape for analysts and investors, where we will disclose as much information as possible, bearing in mind that some of these agreements that we have with our clients are commercially sensitive, and our clients wish to keep certain commercial arrangements undisclosed. To the extent that we can disclose this information, we will share it.

I think that in general, the dividend yield projection that we provided gives a good sense on the yield or interest component, at least on the equity portion on the net investment that we made.

as mentioned when we had the IPO, we will always look for new investments in addition to the key investments that we outlined in the IPO. If those new investments are better, or we deem them to be better than the ones that we had identified for the IPO, we will enter into those investments instead.

We presented this as an alternative to the board of directors, and they agreed that was a better initial use of funds. As mentioned, we still do intend to pursue funding the two additional transactions, as we do intend to fund the third-party and other third-party investments as well.

I want to thank you very much for listening in. We are very excited about what we're building in Pelagic Credit.

I think we have the right strategy, we have the right team. We have a very supportive board of directors and key shareholders.

I'm very much looking forward to seeing what we build and to give you a follow-up in the next quarterly earnings. Thank you very much.