Triumph Financial, Inc.

morning. It's 930 in Dallas, and we're looking forward to the conversation this morning. As always, we'd like to thank you for your interest in Triumph and for joining us this morning to discuss our second quarter 2025 results. With that, let's get to business. Aaron's letter last evening discussed a noisy quarter's results, but underneath that, albeit positive distraction, laid out a quarter with a lot going the right direction, particularly in our transportation businesses and around revenue growth. We are demonstrating the ability to monetize what we've built and the value we add to our customers and shareholders. That quarterly shareholder letter published last evening 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 during today's call 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?

Thank you, Luke. Good morning and welcome. Not sure how many of you made it through all 34 pages of the letter that was published last evening. If not, maybe you've got an AI summary that did it justice. We use AI in our business, but we do not use AI to draft this letter because, frankly, we value the discipline and the grind to put it together. We don't draft it just for investors. We do it to recalibrate internally to focus on our goals and our strategy. And we work hard to not have any throwaway phrases or sections and we avoid legalese as much as possible. So I hope you find it as valuable to read as we do as a team to prepare. Now, as you saw, there was a lot of noise in the court. The loudest noise was due to the successful resolution of the five-year kerfuffle with the United States Postal Service. It was long overdue, but in the end, it's what we expected. beyond the financial recoupment of all that we were owed, I hope investors can see that as just one piece of evidence that you can take triumph at its work. We will work deliberately to deliver on our promises. Now, some investors don't always like what we have to say, what our strategy is, but we work very hard to never give you a reason to doubt what we have to say. And we said we would recover those funds from the USPS, and we did. Turning back to core results and strategy, the core transportation business had a great quarter of revenue growth, and I see lots of opportunity in front of us. Second, credit quality also improved materially. And finally, with regard to strategy, I would encourage investors who want to understand our strategy, pay close attention to the value chain section in the shareholder letter. It helps frame what we have been working on for quite some time, but only recently publicly revealed. With that introduction and my personal welcome to Dawn Favier, our president of intelligence to the call, we will turn it over for questions.

We will now move to our question and answer session. If you have joined via the webinar, please use the raise hand icon, which can be found at the bottom of your webinar application. When you are called on, please unmute your line and ask your question. We will now pause a moment to assemble the queue. Our first question will come from Matt Olney with Stevens. Please unmute your line and ask your question.