Hello, and welcome to the Pelagic Credit earnings presentation for the period ending June 30, 2026. This covers the first half of 2026 and also, equally important, the first full fiscal quarter of Pelagic Credit's life as a public company. Before we go into the presentation itself, I want to turn 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 what has been expressed or implied in such statements and expectations, and 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 close of the second quarter, and that will lead into the portfolio overview of where we stand as of today, rather than June 30. We will leave you with a few key takeaways 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 went public in March of 2026. In the second quarter, there were no new developments. The quarter itself was pretty much in line with 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 will go a little bit into. One chemical tanker newbuilding transaction and one transaction for three dry bulk vessels and a sale-leaseback. Those two transactions have grown the fleet that we finance at Pelagic Credit from four to nine vessels during the last few weeks. Today, or this morning, we declared our first quarterly dividend of $0.04 a share. As it is implied, we expect to be paying quarterly dividends from now on. The key financial figures as of June 30 are, I should say, including the new transactions that we have committed to after quarter end. We have 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 million and $42.3 million, those are commitments made for further drawdowns that have not been paid out yet. That investment has built a lease-adjusted revenue backlog of $107 million for an average remaining charter tenure of 5.1 years between those nine vessels. The way the $107 million has been calculated, that is the June 30 contract backlog, plus the two new deals that we have entered into after quarter end. On an average basis, this provides a dividend yield of 14% on project level. On those nine vessels combined, before overhead and management fees as stated. If you look at the first half of the year separately, we provided a profit before tax of $1.6 million. For the second quarter standalone, it was $663,211 in net profit. This derives then the ability to pay our first dividend of $0.04 a share, or $1.48 million in total 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 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 we had mentioned at the time. But today, we are looking at a seven-year sale-leaseback instead of a five-year. This project is also now supported by a seven-year time charter from the Hartmann Group to a large international shipping company. We're very excited about this deal. This is an improvement from a risk/reward perspective over and above what we had initially listed in our IPO prospectus. This project we have invested $10.5 million in equity, and that builds the revenue pipe backlog by $42 million. Another project 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 a post-delivery part of that transaction. This should be viewed as a pre- and post-delivery financing, even though the numbers reflected 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. That gives us a revenue of $4.2 million between now and when the vessels deliver. Upon delivery, they will go on a five-year sale-leaseback to our clients, and then from there they'll be on a five-year time charter to a large international energy company. If you look at the portfolio overall at this point, as mentioned, we now have a portfolio of nine vessels, including the four vessels that were in the portfolio as of Q1. 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 a 14.2% return on investment at deal level. One thing that should be kept in mind here, though, is that we've been working on this investment strategy for many years, since 2009, and no deal has ever gone to full maturity. And what happens when deals go to early maturity, they will have a higher equity return because they have early purchase options that give a higher level of return. In our IPO prospectus, 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 a cement carrier investment with the Hartmann Group, back to back to a three-year contract of affreightment and a CSOV newbuilding financing that we're working with Pelagic Wind Services, backed by a two-year time charter. These projects are still in development. We have the option of entering into these transactions. If other transactions arise, or either with third parties or with affiliates, we can deploy capital in that strategy as well. If you look at the deployment runway, as mentioned, we raised $75 million in March. We then deployed part of that capital in the first two transactions, $17.4 million and $8.5 million. 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 of $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. We also show here that this is a $18.6 million funding that will be for the further progress payments on the chemical tanker 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 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 after our IPO. We would only pursue that if this is accretive to the existing shareholders. If not, we have certain backup plans to raise capital, and use that for the 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 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. We're excited about the opportunities that we are seeing coming to us. Finally, the other key takeaway, the first dividend payment declared at $1.48 million, or $0.04 a share. Again, this is a first of continuing quarterly dividend payments that we will be making. With that, I will open up for any questions that you may have. Thank you, Tobias. We have one question from the webcast. What has changed from the three initial deals mentioned from the IPO until today? The first change is what I refer to as Project Holly. The same initial counterparty being the Hartmann Group, but the end users of the ships are a little bit different. We now have a seven 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 is the same structure. We did not close them during the quarter, as they are still being developed. They are commercial grade, 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. Thank you. A follow-up question. Can you provide the $107.1 million per period backlog split between interest income and principal amortization? Ideally, project and per year. Also, could you disclose the effective interest rate on Projects Holly and Luke? We are 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. 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. Thank you. One final question from the webcast. Why did you enter into the chemical tanker financing when this was not part of the transactions presented at the IPO? 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 other third-party investments as well. Thank you. There are no further questions from the webcast, back to you, Tobias. 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 can build and to give you a follow-up in the next quarterly earnings. Thank you very much