Triumph Financial, Inc.

Morning, it's 9.30 here and a beautiful day in Texas. We're looking forward to discussing our second quarter earnings with you. I'd like to open today by thanking you for attending the call and sharing your feedback with us to help us continue shaping and developing this communications process. We appreciate it and keep the suggestions coming. Also, you'll notice Melissa is back with us at the table today, and she has a lot of great things to talk about in Triumph Pay. With that, let's get to business. In our results, the second quarter continued to present a challenging freight environment. However, there is a lot to be excited about at TFIN when the analysis moves beyond the headline. Last evening, we published our quarterly shareholder letter. That letter and our quarterly results will form the basis of our call today. However, Before we get started, I would like to remind you that this conversation may include forward-looking statements. Those statements are subject to risks and uncertainties that could cause actual and anticipated results to differ. The company undertakes no obligation to publicly revise any forward-looking statement. For details, please refer to the safe harbor statement in our shareholder letter published last evening. All comments made today are subject to that safe harbor statement. With that, I'd like to turn the call over to Aaron for a welcome and to kick off our Q&A. Aaron?

Good morning.

Thank you for joining us. I hope the letter published yesterday afternoon was helpful. I have a few comments before turning this call over to investors for questions, and they are as follows. How you view this quarter entirely depends on your horizon. If your investment horizon is short, then our earnings are not welcome news. There is a freight recession and all of us who are exposed to the freight market face the same headwind. And that problem is compounded by the fact that our funding costs are going up. This is true of almost every bank and it will continue to be true until the Fed changes direction. Those factors combine to bring our earnings down relative to prior periods. Now, on the other hand, if you have a long-term horizon, then there are definitely things to celebrate. I believe that our results from this quarter answer the question of whether Triumph Pay will become the payments network for trucking. I also believe it demonstrates that we can grow profitably in our payments segment despite a very difficult market. When the market turns, whether it takes two months or two years, we will be poised to profit from that. With that introduction, we will turn the call over for questions.