Triumph Financial, Inc.

Good morning. It's 9.30 in Dallas. We'd like to thank you for your interest in Triumph, and thanks for joining us this morning to discuss our third quarter 2025 results. With that, let's get to business. Aaron's letter last evening outlined a quarter of continued execution on our revenue growth goals, as well as the initial results of our push towards lean operations. There was a bit of noise this quarter related to our restructuring efforts, and we highlighted those non-recurring portions of that in our commentary. There was a lot of positive momentum in the quarter through a very tough market, as evidenced by the continued revenue growth of our payments business. We plan to continue executing on our ability to grow revenue, expand operating margins, and improve shareholder returns in whatever market we face. That quarterly 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 kickoff and to welcome you to our Q&A. Aaron.

Thank you, Luke. Good morning and welcome. This quarter's letter, I think, is reflective of the evolution in our business that I've been talking about for the last few quarters. A focus on revenue growth continues to be sure, but also demonstrating a commitment to operating margin expansion. I believe we made meaningful progress this quarter toward that end with our restructuring efforts, which will reduce our expense run rate, and also in our revenue growth efforts as they continue to gain traction. Now, one thing I'm happy to talk about on this call is the freight market, but I will not talk about it as an excuse. It is what it is. We must play the cards we're dealt, not explain how things would be better for us if our cards were better. Irrespective of what the freight market does, we expect revenue to go up and expenses to be flat at this time next year. We can't always control the offense we can play, but we can certainly control our defense. Now through the tech investments we've made, we have created a unique value proposition to the transportation market. We've also been able to realize efficiency in operations that when you couple them with the announced restructuring, allowed us to cut 5% of our expense base with the majority of those savings commencing in the fourth quarter. This restructuring does more than that. It also organizes our go-to-market strategy around our customer verticals. brokers, carriers, shippers, and factors. This realignment allows us to better serve our customers while creating operational leverage that supports margin expansion. We have called for 20% annual growth in transportation revenue, and we intend to deliver. We also intend to drive margin expansion by becoming more efficient while growing revenue. Finally, I want to address Tricolor. We have included in our quarterly disclosures an update on our position in that credit that is based upon our review of the most up-to-date information available to us. At present, we believe we remain adequately secured in that credit. We remind investors that this is a highly fluid and evolving situation subject to ongoing legal proceedings. As such, we're unable to provide further detail or comment at this time beyond the information we provided to you in the letter. We will, of course, have further updates for investors in future periods as this matter progresses. With that, I'll welcome everyone to the call and we'll open it up 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. The first question is from Matthew Olney. Please unmute yourself and begin with your question.