ECN Capital Corp.

Thank you for standing by. This is the conference operator. Welcome to the ECN Capital Second Quarter 2025 Results Conference Call. As a reminder, all participants are in a listen-only mode, and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. To join the question queue, you may press star, then 1 on your telephone keypad. Should you need assistance during the conference call, you may signal an operator by pressing star, then 0. I would now like to turn the meeting over to Catherine Moradieos, Vice President of Finance and Investor Relations. Please go ahead, Catherine.

Thank you, Jen. Good afternoon, everyone, and thank you all for joining this call. Joining us today on the call are Stephen Hudson, Chief Executive Officer of ECN Capital, Jackie Weber, Chief Financial Officer of ECN Capital, Lance Hull, Co-CEO and Vice Chairman of Triad Financial, Cody Pierce, Co-CEO of Triad Financial, and James Berry, Chief Financial Officer of Triad. A news release summarizing these results was issued this afternoon, and the financial statements and MD&A for the three-month period ended June 30th, 2025 have been filed with CDAR+. These documents are available on our website at www.ecncapitalcorp.com. Presentation slides to be referenced during the call are accessible in the webcast as well as in PDF format under the presentation section of the company's website. Before we begin, I want to remind our listeners that some of the information we are sharing with you today includes forward-looking statements. These statements are based on assumptions that are subject to significant risks and uncertainties. I will refer you to the Cautionary Statements section of the MD&A for a description of such risks, uncertainties, and assumptions. Although management believes that the expectations reflected in these statements are reasonable, we can obviously give no assurance that the expectations of any forward-looking statements will prove to be correct. You should note that the company's earnings release, financial statements, MD&A, and today's call include references to non-IFRS measures, which we believe will 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 introductory remarks, I will now turn the call over to Steven Hudson, Chief Executive Officer.

Thank you, Kathy, and good evening. Welcome to our second quarter call. Turning to slide five, I'd like to reference four highlights for you. The first is to report $0.04 of adjusted per share income, which is in line with consensus. The second highlight is in the second quarter, originations of $436 million reflect the best quarter ever in triad history. and a 40% year-over-year increase. The third highlight is managed assets. Our service business grew to over $6 billion, a 15% increase in Q2. Just by background, our servicing business was at $1.9 billion when we acquired Triad. Today it's at $6 billion, which represents a 16% CAGR over the past seven years. Servicing revenue, as you know, is a source of strong recurring revenue and now represents 20% of the company's total revenue. And finally, the fourth highlight is in mid-second quarter, we commenced with Source 1, a upgrade strategy mirroring the similar successful Triad upgrade strategy. The early results of that Source 1 strategy are encouraging with 60 million originations in July for Source 1. Turning to page six, since mid-23, we have implemented a four-phase upgrade strategy at Triad. with Lance Hall being hired as president. Lance, as you know, has 25 years of industry experience. He is a proven leader, including experience with 21st Mortgage. During the past two years, and actually this afternoon, the senior represents Lance's second anniversary. Congratulations, Lance. Thank you. He has implemented successfully improved systems and processes with several successes. One I'd like to call out is the application to funding ratio, which is impressive. with an 18% growth rate, well done. The second phase was Lance Hall was promoted to Triad Co-CEO and Vice Chairman. His scope includes operations servicing, technology, human resources, and corporate development. Two additional successes under Lance's leadership include the $6 billion servicing business I just referenced and $2 billion of incremental funding capacity. Third phase is Cody Pierce has been hired as Triad's Co-CEO He has 25 years of industry experience like Lance. He is the founder of Cascade and most recently the senior officer of Yes Communities, the second largest U.S. manufactured housing REIT. His scope includes sales culture, loan origination, product menu, and corp development. The final phase, now that we have a battle-ready back-end business, is to complete the building the fortress on our front-end business, under Cody's watch and leadership, which is a review of sales culture strategy and go-to-market team. Turning to page seven, source one has commenced a similar upgrade strategy based upon Triad's successful program. It's comprised of four phases. The first is improved sales team structure and culture. We've recruited a very recognized and successful chief growth officer. We've enhanced reporting to track and manage sales representatives as well as providing better sales tools, incentive structures, and a warrior attitude. Second phase is product and underwriting enhancements. I'd call out two major product additions, our 240-month amortized aiding product, as well as our seasonal incentives. We also have dramatically improved our decisioning time. Our turnaround time used to be two to three days. It's now two to three hours, while the customer is still in the dealer. The third phase That's been an aggressive marketing push to land new dealers, which we've successfully done, as well as tailoring loan campaigns and extended promos for these dealer groups, as well as increased visibility at RV shows. And the final phase is improving flow programs, which are optimizing origination margins in the second half of 2025. With that, I'll pass to you, Lance.