Financial Highlights - Q1 2026 Pre-Tax Net Investment Income ("NII") was $32.7 million, or $0.61 per share[16] - Net realized gains of $27.2 million were generated from the exit of two equity investments[16] - Undistributed Taxable Income ("UTI") increased to $1.00 per share as of June 30, 2025, from $0.79 per share as of March 31, 2025[16] - The investment portfolio at fair value was approximately $1.8 billion[16] - Net Asset Value per share was $16.59[16] Investment Activity - CSWC originated $115.2 million in total new committed investments during the quarter, with $63.9 million funded at close[17] - New committed investments consisted of $113.4 million in first lien debt and $1.8 million in equity[17] - Total proceeds of $80.6 million were generated from the exit of three debt investments and two equity investments, including net realized gains of $27.1 million[17] - Cumulative weighted average IRR of 13.6% on 101 portfolio company exits, generating $1.2 billion in proceeds since launch of credit strategy in January 2015[17] Portfolio Composition - First lien investments accounted for 89.6% of the portfolio at fair value as of June 30, 2025[20, 32] - Equity investments accounted for 9.3% of the portfolio at fair value as of June 30, 2025[20, 32] - Approximately 92% of all debt investments are currently rated a "1" or "2"[22]

Financial Performance & Debt Reduction - Occidental generated approximately $2.6 billion in operating cash flow before working capital in Q2 2025[6, 11] - The company repaid $7.5 billion of debt over the last 13 months, reducing annual interest expense by ~$410 million[7, 24] - Additional divestitures of approximately $950 million were announced since Q1 2025[7, 11, 24] - Unrestricted cash balance as of June 30, 2025, was $2.3 billion[27] Cost Reduction & Efficiency - $150 million of additional 2025 capital and opex reductions are planned[7, 13] - Cumulative cost reductions of $500 million are expected in 2025, enhancing cash flow[7] - Domestic operating cost reduction drivers are expected to save ~$150 million in 2025[13] - Permian unconventional well costs in 1H25 were 13% lower than the 2024 average[15] Production & Operations - Total company production was 1,400 Mboed in Q2 2025[11, 27] - OxyChem pre-tax income was $213 million in Q2 2025[27] - Midstream adjusted pre-tax income was $116 million in Q2 2025[27]

Financial Highlights - ConocoPhillips reported adjusted earnings of $1.793 billion in 2Q25, compared to $2.329 billion in 2Q24[25] - The adjusted EPS was $1.42 in 2Q25[6] - Cash from operations (CFO) was $4.7 billion in 2Q25[6] - Free cash flow (FCF) was $1.4 billion in 2Q25[6] - The company had an ending cash balance of $5.7 billion in 2Q25[6] - The company remains on track to distribute about 45% of full-year CFO to shareholders[6] Production and Sales - 2Q25 production averaged 2,391 MBOED, exceeding the high end of the guidance range (2,340 – 2,380 MBOED)[6] - An agreement to sell Anadarko Basin assets for $1.3 billion in proceeds was announced[6] - Full-year production midpoint remains unchanged, even with the announced Anadarko sale[6] - The company expects APLNG full-year distributions of $0.8 billion, with $0.5 billion in 3Q and $0.1 billion in 4Q[43] Marathon Oil Integration and Synergies - Marathon Oil integration is complete, with >25% increase in low cost of supply resource[8] - >$1 billion of synergies are on track, plus >$1 billion one-time benefits[8] - ~30% fewer rigs and frac crews are delivering more combined production[8] - >$2.5 billion of announced asset sales ahead of schedule, with $5 billion of total asset sales now expected[8] - >$7 billion of incremental FCF is expected by 2029[8]

Financial Performance - Sales increased by 47% year-over-year to $230.4 million in Q2 2025[9, 10, 14] - Adjusted EBITDA margin reached a record 55% in Q2 2025, compared to 50% in Q1 2025[3, 14, 16] - Attributable net income from continuing operations was $42.6 million, or $0.14 per share, a 100% increase year-over-year[14] - Free cash flow from ongoing operations was $57.4 million in Q2 2025[3, 14, 16] Liquidity and Cash Flow - The company's liquidity position is strong, with $537 million in total liquidity[3] - Net cash position of $215 million after debt[3, 25] - Cash position increased by $78 million to $387 million[25] Production and Operations - Gold production from continuing operations was 71,229 GEO in Q2 2025[3, 4] - Séguéla mine produced 38,186 ounces of gold in Q2 2025[4] - Lindero mine produced 23,550 ounces of gold in Q2 2025[4] Cost Metrics - Cash cost at Séguéla mine was $670/oz Au in Q2 2025[4] - All-in sustaining cost (AISC) at Séguéla mine was $1,634/oz Au in Q2 2025[4] - Consolidated AISC is guided between $1,670 and $1,765/GEO for 2025[32] Resource Expansion - Increased gold resources at Diamba Sud with 724 koz Indicated (53% increase) and 285 koz Inferred (93% increase)[3]

Financial Performance - Adjusted Net Investment Income (NII) was $0.31 per share, exceeding the regular dividend of $0.25 per share[9] - The company declared a regular dividend of $0.25 per share and a special dividend of $0.04 per share for Q2 2025[9] - The regular dividend coverage ratio in Q2 2025 was 124%[9] - The annualized adjusted NII Return on Equity (ROE) was 13.6% for the second quarter[9] Portfolio Composition - The total portfolio fair value is $1.8 billion, diversified across 153 portfolio companies[9] - 89.4% of the portfolio is invested in senior secured debt, with 82.4% in 1st lien[9] - The weighted average yield of the performing debt portfolio is 12.0%[9] - Non-accruals declined to 3.7% of the portfolio at fair value in Q2 2025[52] Leverage and Liquidity - The company has a diverse leverage program totaling $1.6 billion[9] - 63% of the outstanding leverage is unsecured as of June 30, 2025[9] - Available liquidity is $565.5 million, including $455 million of available borrowing capacity[9]

Second Quarter 2025 Results August 7, 2025 Cautionary Statements Important Additional Information and Where to Find It: In connection with the proposed transactions, Royal Gold, Sandstorm and Horizon intend to file materials with the SEC and on SEDAR+, as applicable. Royal Gold plans to file proxy materials with the SEC in connection with the solicitation of proxies for Royal Gold's special meeting of shareholders (the "Royal Gold Special Meeting"). Prior to the Royal Gold Special Meeting, Royal Gold will f ...

Financial Performance - Revenue decreased by 7.9%, equivalent to USD 6.2 million year-over-year, due to reduced scheduled capacity as two aircraft were allocated to ACMI operations[31, 32] - EBIT fell by USD 3.6 million year-over-year, driven by a USD 6.2 million revenue drop and higher costs from ETS and ISK-related FX[34] - Cash position at the end of Q2 2025 was USD 11.9 million, including restricted cash[35] - PLAY secured subscription commitments totaling USD 20 million, equivalent to approximately ISK 2.4 billion, to be finalized in August[17, 36] - Shareholders' equity is negative at USD -81.1 million due to losses and tax asset write-off at year-end 2024[47] Operational Highlights - Passengers totaled 521 in Q2 2025 with a load factor of 83.2%[6] - ACMI operations generated USD 6 million in revenue[38, 39] - Yield per passenger from scheduled operations increased 4.1% year-over-year to USD 179[42] - Net Promoter Score (NPS) increased by 74% in Q2 2025 compared to Q2 2024[19, 20] Strategic Shift - Leisure destinations will make up 66% of PLAY's schedule in Q4 2025, compared to 25% in Q4 2024[61]

Financial Performance - Second Quarter 2025 - Total revenue increased to $66 million from $64 million, a 3% increase year-over-year[2,4] - Verification and certification revenue increased to $533 million from $525 million[2,6] - Product sales increased to $964,000 from $819,000[2,6] - Net income increased to $562,000, or $011 per diluted share, from $489,000, or $009 per diluted share, a 15% increase[2,3,7] Financial Performance - Six Months 2025 - Total revenue decreased to $118 million from $120 million[2,8] - Verification and certification services was $95 million vs $97 million[2,12] - Product revenue was $17 million vs $16 million[2,12] - Net income decreased to $593,000, or $011 per diluted share, from $667,000, or $012 per diluted share[2,9] Strategic Actions - The company sold its 10% interest in Progressive Beef for $18 million in cash and the return of 12,585 shares of WFCF common stock[1,6] - The company bought back 24,481 shares in the second quarter and 55,826 shares in the first six months of 2025[2,6,7,10]

Financial Performance - Total revenue increased by 19% from USD 1382 million to USD 1640 million[39] - Operating profit increased by 56% from USD 352 million to USD 548 million[39] - Recurring revenue grew by 27%[38] - Combined commercialized medicines sales increased by 60% from USD 181 million to USD 289 million[23] - Cash reserves stand at USD 29 billion[12] Product Performance - EPKINLY net sales increased by 74% to USD 211 million[27] - TIVDAK net sales increased by 30% to USD 78 million[32] - Rina-S® showed a confirmed ORR of 500% in endometrial cancer patients[17] Pipeline Development - EPCORE® FL-1 clinical trial met dual primary endpoints of ORR and PFS, reducing the risk of disease progression or death by 79%[14] - sBLA for EPKINLY® in 2L FL accepted with a PDUFA date of November 30, 2025[13] Guidance - Revenue guidance improved to USD 3500-3700 million, representing a 15% year-over-year growth[41] - Operating profit guidance improved to USD 1055-1405 million, representing a 26% year-over-year growth[41]

Financial Performance - Reported Q2-2025 adjusted EPS of $0.89 and YTD-2025 adjusted EPS of $2.34[12] - Affirmed FY-2025 adjusted EPS guidance range of $4.30 - $4.70[12] - Affirmed FY-2026 EPS guidance range of $4.80 - $5.30[12] - Affirmed guidance at high-end or above projected EPS CAGR of 7% - 9% for 2025 through 2029[12] - Oncor invested $3 billion of CapEx, supporting premise count increase of 20,000[16] Strategic Initiatives - Invested over $5 billion of CapEx in 1H-2025[11] - Executed an effort to save $300 million by phasing out certain non-economic regulatory programs in California[11] - Initiated Ecogas sale process[11] - Extended ROFO process with existing limited partners and signed non-binding letter of intent with KKR[11] Operational Excellence and Infrastructure Development - Hardened 100% of SDGE's transmission system located in Tier 3 HFTD, with 100% of all HFTD transmission expected in 2028[11] - Safely completed 1,000th LNG cargo from Cameron LNG Phase 1 since start of operations[11] - SDGE awarded estimated $600 million of projects in finalized CAISO 2024 – 2025 Transmission Plan[16]