ECN Capital Corp.

and today's call include references to non-IFRS measures, which we believe help to present the company and its operations in ways that are useful to investors. A reconciliation of these non-IFRS measures to IFRS measures can be found in our MD&A. All figures are presented in U.S. dollars unless explicitly noted. With these remarks, I will now turn the call over to our CEO, Steve Hudson.

Thanks, Kathy, and good evening. I believe everyone has seen five or six in the past, but let me just make a comment on the bottom of slide six if I can, which is ECN is the only source at scale of approximately $3 billion per annum in attractive consumer and credit assets with very strong risk-adjusted returns. They are of interest to numerous investors, and we'll speak to that in a moment. Turning to slide seven, I'm pleased to report flat earnings per share in the first quarter, which compares favorably to our previously provided quarterly guidance of a $0.01 to $0.02 loss. I'd like to highlight three things, both with respect to manufactured housing and RV and marine. Regarding manufactured housing, Q1, over $300 million, was Lance's largest Q1 in triad history. Great result. Second point I would draw to is the improved origination revenue margin went from 3.9% in the fourth quarter to 5.2% in Q1, and we're tracking to rates approximately 6% through the latter part of the year. And there is no fair value adjustments in the quarter. Third, we're overfunded in 24. Banks and credit unions are increasing commitments, and we have extended and expanded agreements with our existing institutional investors. Turning to RV Marine, at 166 million of originations. Source one was up 5% year over year. IFG was actually down a bit, but that was due to a couple large transactions in March of 23. If you look to the run rate, they were up January and February at 4% growth. And as both presidents, all three presidents, will speak to in a second, their Q2 results are indicating even stronger acceleration in growth. Second, we're executing on, Mike and Hans are executing on two take-share strategies, specifically expanding the geographic footprint and further dealer presentation. And like Triad, they are overfunded for 24. Turning to slide 8, pleased to announce Cathy's promotion to include senior responsibility for IR. Cathy is a seasoned financial service executive and a member of ECN's senior management team for the past seven years. I'd like to highlight two other announcements which add additional senior bench strength ECM. On page 9, announcing Mike McCauley has joined Triad as General Counsel. Mike has over 18 years of senior experience in the U.S. mortgage industry. As well, he served at the financial ombudsman for the state of New Jersey. We're happy to have Mike on board. As well, Joe O'Brien is joining as Chief Operating Officer at Source One. Joe has over 22 years of senior experience in U.S. and consumer and specialty finance. These three additions add significant strength and underpin the growth of our businesses. With that, I'm going to pass to Lance.

Well, thank you, Steve. And as Steve said, we're excited about the first quarter that we had. It was the largest Q1 in triad history. And while we're celebrating with the team right now, we're not resting because we do have an accelerating growth path for the remainder of the year. It and our commitment is to achieve this committed path for the remainder of 2024. I want to point you to just four points on this slide, number 12. First of all, while we were at 6% year-over-year in Q1 originations, I want to really focus on the originations growth in chattel at 17% year-over-year. Our business is segmented into three primary areas, chattel, land, home, and communities. The rebounding of land, home, and communities is a little slower than the chattel business. The fact that our chattel originations growth is ahead of plan has enabled us to achieve the results we did this quarter. Secondly, Steve mentioned it, but I think it's worth repeating that we had no fair value adjustment in Q1, as we believe the portfolio is now conservatively marked. The third thing I'd like to highlight is, again, the $350 million reduction in the held for trading asset portfolio. We had a very tremendous opportunity and moved that $350 million through the sales process in Q1, dramatically lowering the balance sheet. And then lastly, very important to note that our funding capacity is actually in an overfunded status. We have $2.3 billion worth of capacity now. Our banks and credit unions have rebounded sharply from last year. They're more than double. where we were last year, and we signed a new Blackstone agreement in Q1, expanded that agreement, and we have a rental funding program that we actually will announce a little bit later this month. And with that, I'll turn it over to COO Matt Heidelberg.