FOURTH QUARTER EARNINGS PRESENTATION February 6, 2026 George R. Aylward President and Chief Executive Officer Michael A. Angerthal Executive Vice President and Chief Financial Officer IMPORTANT DISCLOSURES This presentation contains statements that are, or may be considered to be, forward-looking statements. All statements that are not historical facts, including statements about our beliefs or expectations, are "forward-looking statements" within the meaning of The Private Securities Litigation Reform Act ...

Company Overview - XA Investments LLC ("XAI") is a Chicago-based alternative investment management and consulting firm founded in 2016 by XMS Capital Partners, focusing on investment advisory services for closed-end funds and interval funds [5] - XAI manages two listed closed-end funds and one interval closed-end fund, including the XAI Octagon Floating Rate & Alternative Income Trust (NYSE: XFLT), the XAI Madison Equity Premium Income Fund (NYSE: MCN), and the Octagon XAI CLO Income Fund (OCTIX) [5] Key Personnel - Tom McCabe has joined XAI as the Director of Regional Sales, bringing over 15 years of experience in financial services, particularly in the Registered Investment Advisor (RIA) marketplace [2][3] - McCabe's previous role was as a Sales Executive at Vanguard, where he focused on RIA, DCIO, and Retirement Plans, managing relationships and product offerings [2] Strategic Focus - The addition of McCabe is aimed at accelerating XAI's distribution efforts in the interval fund and closed-end fund marketplace, particularly on the East Coast [1][3] - Kevin Davis, Managing Director at XAI, emphasized the importance of expanding the sales team with experienced professionals to meet the growing demand for interval funds [3] Future Outlook - McCabe expressed enthusiasm about joining XAI and is focused on enhancing the sales culture and expanding the reach of XAI's interval fund business [3] - The firm aims to leverage McCabe's expertise to boost sales efforts nationwide, particularly for the Octagon XAI CLO Income Fund (OCTIX) [3]

Core Viewpoint - Domestic financial markets in 2025 experienced uneven performance, with volatility driven by foreign trade policy uncertainty and inflation concerns, leading investors to seek safer investment options [1] Group 1: Market Conditions - Some market sectors and asset classes saw reasonable gains, but volatility remained a constant factor due to uncertainty over foreign trade policies and inflation concerns [1] - Ongoing worries about a potential AI bubble are affecting investor sentiment, particularly among seasoned investors [1] Group 2: International Market Interest - Investors are increasingly looking at international markets, specifically international equities and low-cost ETFs, as a means to diversify away from the crowded and unpredictable U.S. market [2] - International markets, while influenced by U.S. stock performance, do not have a direct 1:1 relationship, providing built-in protection against risks associated with a concentrated U.S. market [2] Group 3: Concentration Risks in U.S. Markets - A few tech giants dominate the domestic markets, with the top 10 U.S. stocks accounting for over one-third of total market value, creating a top-heavy market that poses significant risks [3] - If leading stocks experience downturns, such as from an AI bubble burst, many investors could face substantial losses [3] Group 4: Global Market Valuation - International stocks represent about 75% of global GDP but only account for approximately half of the global stock market capitalization, indicating that the U.S. market is significantly overvalued [4] - The "home bias" among U.S.-based investors may become problematic, making the shift to international markets a prudent strategy to mitigate risk [4] Group 5: Recommended Investments - Analysts at Morningstar have identified seven international equity funds and ETFs that are rated as "buy," all being gold-rated Morningstar Medalists with low-cost primary share classes and at least $100 million in assets [5]

Core Insights - The central theme revolves around Dave Ramsey's advocacy for living debt-free and his strategies for achieving financial stability and wealth accumulation [1][3][4]. Debt Management - Ramsey emphasizes the importance of avoiding debt, describing it as detrimental to financial health and advocating for a lifestyle free from credit cards, lines of credit, and mortgages [3][4]. - He shares his personal experience of overcoming significant debt and bankruptcy, which informs his approach to financial advice [2][5]. Debt Repayment Strategies - The "debt snowball" method is recommended, where individuals focus on paying off the smallest debts first while making minimum payments on larger debts [7]. - This method aims to build momentum and encourage individuals to continue their debt repayment journey [7]. Investment Strategies - After debt repayment, Ramsey advises individuals to invest consistently, suggesting that saving 15% of gross income into a Roth 401(k) is a logical next step [9][10]. - He highlights the benefits of Roth accounts, particularly the ability to withdraw contributions and growth tax-free in retirement [10][11]. Portfolio Diversification - For those starting their investment journey post-debt, Ramsey advocates for high-growth mutual funds, which have historically outperformed other investment options [15]. - However, there is a caution regarding expense ratios and the potential benefits of low-cost, highly-diversified exchange-traded funds (ETFs) [17].

Core Viewpoint - ION has integrated its Fidessa trading platform with Tradeweb's Request for Quote (RFQ) functionality for Exchange Traded Funds (ETFs), enhancing trading efficiency and access to liquidity for mutual clients [1][4]. Group 1: Integration Benefits - The integration allows users to manage ETF RFQs directly on their Fidessa trading screen, streamlining processes and minimizing trade errors [7]. - Users can automate their ETF RFQ flow by setting parameters for quote requests, provider selection, and price acceptance, leading to increased operational efficiency [7]. - The collaboration provides access to a wider pool of global liquidity providers, enhancing transparency and data insights for better execution in ETF trading strategies [4][7]. Group 2: Market Impact - Tradeweb operates a global electronic trading network with over 3,000 clients, including major financial institutions, which enhances the trading experience for equities firms [2][6]. - Tradeweb facilitated more than $2.4 trillion in notional value traded per day over the past four fiscal quarters, indicating significant market activity [8]. Group 3: Strategic Statements - Adam Gould, Global Head of Equities at Tradeweb, emphasized the importance of this collaboration in delivering an optimized solution for ETF trading, highlighting competitive pricing and deep liquidity [4]. - Robert Cioffi, Global Head of Equities Product Management at ION, noted that this partnership advances the automation of ETF RFQ flow, making it easier for users to access diverse liquidity sources [4].

Core Insights - The 25th anniversary of the world's first fixed income ETFs was celebrated by BlackRock Canada and the Toronto Stock Exchange [1][2] - The iShares Core Canadian Short Term Bond Index ETF (TSX: XSB) and iShares Core Canadian Universe Bond Index ETF (TSX: XBB) were listed on November 20, 2000, significantly enhancing investor access to fixed income markets [2][3] - As of October 31, 2025, global fixed income ETF/ETP assets reached US$3.324 trillion across 2,924 unique products, indicating the success of fixed income ETFs worldwide [3] Company Overview - iShares, with over 20 years of experience, manages approximately 1,700+ ETFs and US$5.2 trillion in assets as of September 30, 2025, showcasing its leadership in the financial industry [4] - The portfolio and risk management of iShares are powered by BlackRock, emphasizing the company's expertise in the ETF market [4]

Core Insights - Gabelli Investors, Inc. reported a 10% increase in quarterly revenues to $63.2 million for Q3 2025, with a total AUM of $35.0 billion, reflecting a 9% growth compared to Q3 2024 [3] Company Overview - Established in 1977, Gabelli is a recognized provider of investment advisory services, managing 27 open-end funds, 13 closed-end funds in the U.S., and one in the U.K., along with 5 actively managed ETFs and approximately 1,900 institutional and private wealth management investors [1][2] Financial Performance - The third quarter EPS was reported at $0.68, slightly down from $0.69 in the same quarter of 2024 [3] - The company maintains a strong liquidity position with $200.8 million in cash and investments, and no debt, supporting capital returns [3] Shareholder Returns - The Board has authorized a 25% increase in the quarterly dividend to $0.10 per share and an additional share buyback of 500,000 shares [3] - The Chairman and co-CEO has opted to waive the management fee for December [3]

Core Insights - Investors have a wide range of options when it comes to selecting top exchange traded funds (ETFs) for investment [1] Group 1 - The market for ETFs is diverse, providing numerous choices for investors [1]

Core Insights - Passive income seekers can utilize certain exchange-traded funds (ETFs) to achieve higher yields compared to individual stocks [1] Group 1 - ETFs provide an opportunity for investors to earn higher yields [1]

Core Insights - Earning passive income through carefully selected exchange traded funds (ETFs) can lead to life-changing wealth over time [1] Group 1 - Passive income is emphasized as a sustainable way of life [1] - The strategic selection of ETFs is highlighted as a method to build wealth [1]