Financial Data and Key Metrics Changes - Total investment income increased sequentially, with net investment income (NII) growing more than 50% quarter-over-quarter to $0.31 per share, driven by higher cash income and stronger distributions from the CLO joint venture [10][26] - Net asset value (NAV) per share declined from $10.01 on September 30, 2025, to $8.07 on December 31, 2025, but pro forma NAV was higher at $8.23 per share due to the incentive fee waiver [10][27] - The asset coverage ratio was 158.1% on December 31, 2025, down from 168.2% as of September 30, 2025, but pro forma for the incentive fee waiver, it was 166% [27] Business Line Data and Key Metrics Changes - The portfolio ended the quarter with non-accruals at less than 1% of fair value, reflecting improved credit quality [30] - The company sold its entire allocation of senior secured DIP loans at an average price of 107% of par, and fully exited roll-up DIP loans at an average price of 45% of par, indicating a strategic repositioning of the portfolio [12][30] - Investments in corporate credit that fall under the software category comprise less than 4% of the portfolio, down from about 7% at the end of the previous year [16][32] Market Data and Key Metrics Changes - The CLO investments generated a positive return throughout 2025, outperforming the broader CLO equity market despite contributing to the NAV decline in the fourth quarter [14] - The company is underweight in software-based businesses compared to peers, with BDC exposure over 20% and U.S. loan market at 16% [15][34] Company Strategy and Development Direction - The company aims to strengthen oversight, protect shareholder value, and reinforce accountability across its platform, especially in a challenging credit environment [4][5] - The focus is on rigorous credit standards, transparency, and long-term shareholder value creation, positioning the company for durable performance [9] - The company is committed to deploying capital selectively in a market with attractive risk-adjusted opportunities while maintaining a strong liquidity position [8][30] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenging credit and broader market environment but noted meaningful progress in improving the earnings profile of the company [10] - The company is positioned from a balance sheet strength perspective, with substantial liquidity and no near-term constraints, allowing for flexibility in capital deployment [8][30] - Management emphasized the importance of disciplined capital allocation and proactive portfolio management to navigate uncertainty and capitalize on opportunities [9][30] Other Important Information - The board approved a quarterly dividend of $0.30 per share for the first quarter of 2026, equating to a 19.2% annualized yield based on the closing price [28] - The company has repurchased approximately $18.7 million of its GECCO notes at or below par plus accrued interest, enhancing its capital structure [17] Q&A Session Summary Question: Is the portfolio repositioning completed, or are there more actions to undertake? - Management indicated that significant actions were taken to exit names with perceived downside risk and rotate into higher quality credits, with a clean corporate credit portfolio [32][33] Question: How does the company view its pipeline and risk-adjusted opportunities for new investments? - Management stated that they are evaluating private credit opportunities selectively, focusing on strong covenants and aligned incentives, while maintaining a robust liquidity position [34][35] Question: How does the company weigh stock buybacks against new investments? - Management actively monitors stock price and market opportunities, considering various factors in making decisions about stock buybacks versus new investments [37][38] Question: Will the contribution from CLO investments be more stable moving forward? - Management expects less variability in CLO contributions compared to previous years, although some variability is still anticipated [39]

Investor Presentation Quarter Ended December 31, 2025 March 3, 2026 NASDAQ: GECC Forward Looking Statement Cautionary Statement Regarding Forward-Looking Statements and Preliminary Estimated Unaudited Financial Results Statements in this communication that are not historical facts are "forward-looking" statements within the meaning of the federal securities laws. These statements include statements regarding our future business plans and expectations. These statements are often, but not always, made through ...

US-China Trade Deal Impact - The US-China trade deal is potentially a game changer, with a profound impact on investor sentiment, though the specifics and probability of a deal remain uncertain [1][3] - Market optimism has been present for the last 36 months, partly fueled by the possibility of positive actions by President Trump on the world stage [2][3] - The market has already priced in some developments, but the exact percentage attributable to the trade deal is unknown [2] - The optics of the US-China trade deal are positive, potentially giving the rally another leg up, but the substance of the deal is more important [16] Investment Strategy - Oaktree is a bottom-up, credit-focused investor, prioritizing a company's ability to repay its debts and promised interest [5] - Investment decisions are not based on macro factors like trade relations or Federal Reserve rate decisions [4][5] - The firm does not invest in companies like Open Air that are not currently profitable and cannot borrow money [18] Geopolitical Developments - The meeting between US and Chinese leaders in Korea marks their first encounter since 2019 [7] - Trade war 2.0 is different from trade war 1.0, with China having more leverage through negotiating tools like soybeans and rare earths [8] - President Trump acknowledges Xi Jinping as a tough negotiator and indicates the potential for a trade deal [11]