Pearl Diver Credit Company Inc. (NYSE: PDCC, PDPA) 2025 Q4 Earnings Presentation February 17, 2026 1 Disclaimer This presentation and the information and views included herein do not constitute investment advice, or a recommendation or an offer to enter into any transaction with Pearl Diver Credit Company Inc. ("PDCC" or the "Company") or any of its affiliates. This presentation is provided for informational purposes only, does not constitute an offer to sell securities of the Company or a solicitation of a ...

Core Insights - There is a significant divergence in how finance and sales teams perceive credit risk, impacting deal approvals and lead qualification processes [2][3] Group 1: Sales Leaders' Perspectives - Approximately 49% of sales leaders consider company size and revenue as a "very important" criterion in lead-scoring and qualification [2] - 70% of sales leaders view a high late-payment rate as either important or very important when deciding on pursuing a deal [3] - Only 40% of sales leaders have ever regretted advocating for a high-risk deal to be approved [6] Group 2: Finance Leaders' Perspectives - Only 33% of finance leaders prioritize client size and revenue in their deal-approval process [2] - A significant 91% of finance leaders would likely reject a deal due to a late-payment history [3] - A third of finance leaders reported that only 25% to 49% of their customers met agreed payment terms in 2025 [4] Group 3: Deal Approval Trends - 69% of finance leaders rated "budget, authority, need and timeline" as the top deal-approval factor, compared to 41% of sales leaders [3] - Half of finance leaders indicated that more deals were rejected in 2025 compared to the previous year [5] - Finance teams have become noticeably more conservative regarding deal approvals [5]

Core Insights - The article discusses the macro-environment and the potential role of emerging markets in investment portfolios for 2026 [1] Investment Strategy - The investment strategy emphasizes quality investments, diversification, timely additions, and a long-term focus [1] - The author reflects on past mistakes such as chasing risk and following uncomprehended advice, which serves as a learning experience [1] Portfolio Composition - The broad market investments include DIA, VOO, QQQM, and RSP, while sector and non-US investments feature XLE/IXC, IDU/BUI, FEZ, SCHF, and EWC/BBCA [1] - Metals investments include CEF, SGOL, SLV, and XME, while notable stocks mentioned are JPM, MCD, WMT, and MAA [1] - Municipal bonds from NCI are also part of the investment group, contributing to managed income portfolios targeting approximately 8% yields [1] Features of Investment Group - The CEF/ETF Income Laboratory focuses on high-yield opportunities and is designed for both active and passive investors [1] - The majority of holdings are monthly-payers, which facilitate faster compounding and steady income streams [1] - Additional features include 24/7 chat support and trade alerts for investors [1]

Core Viewpoint - Credit Corp aims to lead in the credit impaired consumer segment, focusing on consumers with previous credit difficulties and emphasizing responsible operations and compliance [1] Group 1: Business Strategy and Objectives - The company targets strong earnings growth with a defined return on equity of 16% while maintaining a conservative capital structure [2] - Credit Corp operates in a complex environment requiring specialized approaches to manage customers facing hardship, which necessitates strong operational capabilities [1] Group 2: Financial Performance - In the first half of the year, Credit Corp's net profit after tax remained flat at $44.1 million compared to the previous year, attributed to upfront loss provisioning and marketing costs associated with asset growth [2] - Despite the flat profit, both the loan book and purchased debt ledger book showed growth compared to the prior year, indicating positive investment metrics [2]

4Q25 Earnings Review PROPRIETARY | 2 Non-GAAP & Other Disclosures Statement Non-GAAP Disclosure Statement This presentation contains certain non-GAAP financial measures, including Adj EPS, Adj EBITDA, and Cash Conversion, which reflect adjustments for certain items that affect the comparability of our underlying operational performance. Adjusted EPS is defined as net income adjusted for acquisition-related amortization expense of certain acquired intangibles, accrual for legal and regulatory matters related ...

Group 1 - PayPal's stock closed at $41.70, down 20.31% after Q4 2025 earnings and 2026 profit guidance missed expectations, with trading volume reaching 139 million shares, about 792% above its three-month average [1] - Q4 2025 revenue was $6.7 billion and adjusted earnings per share (EPS) were $1.23, both missing analysts' estimates, leading to a cut in profit outlook for the year and withdrawal of 2027 targets [3] - The sudden departure of CEO Alex Chriss was announced, with Enrique Lores, former CEO of HP, set to replace him [4] Group 2 - The S&P 500 slipped 0.84% and the Nasdaq Composite fell 1.43%, reflecting broader selling in growth names, with sector rival Fiserv closing down 7.66% as investors reassessed payment stocks after PayPal's weak outlook [2] - Despite the recent challenges, PayPal remains a leader in the digital payments space, and the leadership change is a common response when companies fail to meet expectations [5]

Core Viewpoint - Warren Buffett expresses optimism about stock market declines, viewing them as opportunities for long-term investment rather than reasons for panic [2][10]. Group 1: Market Reaction - The stock market was projected to drop by approximately 3% due to fears surrounding the coronavirus pandemic [1]. - Buffett indicates that he prefers to buy stocks when prices are lower, likening it to buying food at a discount [2][9]. - He notes that historical market declines have often presented good buying opportunities, suggesting that investors should not be deterred by short-term fluctuations [10][12]. Group 2: Long-term Investment Perspective - Buffett emphasizes that stocks should be viewed as businesses, and investors should focus on the long-term outlook rather than daily market movements [5][14]. - He asserts that the 10 to 30-year outlook for American businesses remains unchanged despite current market conditions [5][14]. - The company plans to continue buying stocks as long-term investments, reinforcing the idea that short-term market news should not dictate investment decisions [11][14].

Core Insights - American Express reported fourth-quarter earnings per share of $3.53, aligning closely with the consensus forecast of $3.54, while revenue increased by 9% to $18.98 billion, slightly surpassing analyst expectations of $18.92 billion [1][2] Financial Performance - The revenue growth was attributed to higher Card Member spending, increased net interest income from growing revolving loan balances, and strong card fee revenue [2] - Credit loss provisions for the fourth quarter totaled $1.4 billion, an increase from $1.3 billion a year earlier, with the net write-off rate rising to 2.1% from 1.9% [4] - Total expenses increased by 10% year over year to $14.5 billion, primarily due to higher customer engagement costs and the U.S. Platinum Card refresh [4] Future Outlook - For 2026, American Express forecasts earnings per share in the range of $17.30 to $17.90, with the midpoint exceeding consensus estimates of $17.40, and projects revenue growth of 9% to 10% [2] - The company announced plans to increase its regular quarterly dividend by approximately 16% to $0.95 per share from $0.82, starting with the first-quarter 2026 payout [3]

Core Insights - American Express Company (AXP) reported Q4 2025 earnings per share (EPS) of $3.53, missing the Zacks Consensus Estimate by 0.3%, but showing a 16% year-over-year increase [1][10] - Total revenues reached $19 billion, exceeding the Zacks Consensus Estimate by 0.8%, and reflecting a 10% year-over-year growth [1][10] Financial Performance - Elevated customer engagement and operating costs impacted quarterly earnings, although increased Card Member spending partially offset these challenges [2] - Network volumes rose to $506.2 billion, a 9% year-over-year increase, surpassing the Zacks Consensus Estimate by 0.7% [3] - Total interest income was $6.6 billion, an 8% year-over-year increase, but fell short of the consensus by 0.9% [3] - Provision for credit losses increased by 9% year over year to $1.4 billion due to higher net write-offs [3] - Total expenses rose 10% year over year to $14.5 billion, driven by higher operating expenses and customer engagement costs [4] Segment Performance - U.S. Consumer Services segment pre-tax income was $1.6 billion, a 0.3% year-over-year increase, but missed estimates by 5.3% [5] - Commercial Services segment pre-tax income increased by 3% year over year to $837 million, exceeding estimates of $758.1 million [6] - International Card Services segment pre-tax income rose to $316 million from $34 million year over year, beating the consensus of $274.9 million [7] - Global Merchant and Network Services segment pre-tax net income was $884 million, a 4% year-over-year increase, but missed estimates of $1.1 billion [8] Balance Sheet - As of December 31, 2025, cash and cash equivalents were $47.8 billion, up from $40.6 billion at the end of 2024 [9] - Total assets increased to $300.1 billion from $271.5 billion at the end of 2024 [9] - Long-term debt rose to $56.4 billion from $49.7 billion at the end of 2024 [11] - Shareholders' equity improved to $33.5 billion from $30.3 billion at the end of 2024 [11] Capital Deployment - In Q4 2025, American Express repurchased 2 million common shares and paid a per-share dividend of 82 cents [12] 2026 Outlook - The company projects revenue growth of 9-10% in 2026, with EPS expected to be between $17.30 and $17.90, indicating a 14.4% improvement from the 2025 EPS of $15.38 [10][13]

American Express is close to a deal to relocate its headquarters to 2 World Trade Center, a move that would allow Silverstein Properties to start construction of the long-planned Manhattan skyscraper, according to people with knowledge of the matter. https://t.co/TmHFkbcxwi ...