Triumph Financial, Inc.

Good morning. It's 9.30 in Dallas and cold and icy, but we all made it. We're looking forward to visiting with you this morning. Thanks for your interest and triumph, and thanks for joining us this morning to discuss our fourth quarter 2025 results. With that, let's get to business. Aaron's letter last evening highlighted our progress on our stated goals, revenue growth, and our focus on lean operations. Aside from the core business improvements, there were a few non-recurring items that went our way also. This demonstrates two things. First, our focus gives us the ability to hold non-core elements of our operations loosely and execute on capital-creating opportunities when they arise. Second, our results this quarter demonstrate metrics moving in the right direction for our long-term goals and that we are keeping the main things the main things. The quarterly shareholder 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?

Good morning. Thank you for joining us. As Luke mentioned, the conditions outside are not stellar, but we all made it for the call. Before I do some opening remarks, I want to welcome David Valliere to the table, president of Loadpay. Since he was the new guy, we made him wear a tie for this call. But going forward, we'll see. Maybe he can take the tie off. But welcome, David. Glad you're here. And we're glad to do this. And as usual, we're going to jump into Q&A quickly. But I did want to make one or two brief comments before I turn the call over for questions. I know that different investors have different perspectives. Some of you are focused on growth. Some are focused on efficiency. And some are focused on balance sheet strength and credit quality. All three of those we know are important. As a management team, our goal is first and foremost to help the industry transact confidently. That means strengthening our network so that people can more efficiently and securely transmit data and payments. Pursuit of that goal over the last five years has generated volume and revenue growth, even as the trucking industry has been mired in a historically bad recession. We believe in the value proposition of what we're doing, as do eight now of the largest 10 freight logistics companies in the country. To that end, we were excited to recently welcome J.B. Hunt to our network. The second thing, as I alluded to earlier, that is important to investors is to translate our vision of a secure network into profits for our enterprise and investors. We are on that trajectory. Growing revenue and holding expenses in check is a sure path to greater profitability. That is what I expect to continue to do this year. For just one example, our core payments business will trend above its 30% EBITDA margin currently in 2026 and on its way to our ultimate goal of 50% or greater. And if you look out over the longer term, load pay should contribute in that segment at even more accretive and capital-efficient margins, so that in the end, our payment segment should have all the financial metrics of the most successful financial technology companies. Underline that the industrial logic of directly connecting the payor and the payee across the payment rails of our bank is very clear to us, and it is becoming increasingly clear to the market. And finally, we want to build the network and improve our margins and profitability with a balance sheet that is strong enough to withstand unforeseen cycles. We have done that to date, and going forward, we will continue to do the same, even as we work through legacy assets and narrow our fairway for credit exposure going forward. In doing that, we will always maintain enough capital to persevere through a rainy day or many rainy days. That is our plan. We will now turn the call 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 upon, please unmute your line and ask your question. We will pause now for a moment to assemble the queue. The first question is from Joe Janchenis from Raymond James. Please unmute yourself and begin with your question.