Triumph Financial (TFIN) 26 Apr 232023 Q1 Earnings call transcript

Good morning. It's 9:30 here and a typical spring day in Texas. It's time for our first quarter earnings call.

So let's get to it. I'd like to open today by thanking you for sharing your morning with us.

looks our differently new set proud and the unveil to desk. notice a today, little we're You'll

This desk inaugural initiatives. was maker community the Future TBK outreach constructed The space by Cody along program. development is participants and we've with through developed from focused is workforce our workshop Forge that the workshop of a Chris on at educational and

be Officer studio, this in will You'll our the Navy. the our in Melissa's difference Melissa. duty is filling at morning her Dan notice in Chief daughter Operating another here group Curtis, active TriumphPay, in for completing service

So be a the onboard Melissa will family Carl celebration, attending Vinson. USS

this Given and the we to wanted celebrate her opportunity at to her, of event. daughter's special service, course, and she for wanted present once-in-a-lifetime be

wealth an are Dan market as of of the as and facing we the opportunities industry understanding experience dynamics informed TriumphPay well brings pursuing. a

So the call. please with welcoming the back in in next today. for be will studio him Melissa join me -- next in us quarter's

Speaking form of, letter results business. quarterly published we our our and letter. evening, will quarterly Last shareholder basis today. our That of call let's the get to

However, before you forward-looking this to remind Those like we I'd include actual subject that may risks results started, statements are uncertainties could to differ. to statements. and conversation cause that anticipated get and

undertakes obligation to no company The publicly statements. revise forward-looking any

subject today's are in letter published shareholder call harbor that last statement. our please comments details, statement the All made to For during safe refer safe evening. to harbor

the our Aaron? a and off welcome to Q&A. With for that, to I'd call over turn Aaron to like kick

related then turn over and good Triumph of I'll you news. Financial, and found have comments, piece bad opening joining for last make position news Thank that a I for pieces to on the hope evening, Thank few you, X published Luke. you morning. Depending your call of we'll I Good letter X the questions. helpful. we informative us. and

think the The real. distress. will remained second have long many and don't deep the a investors know a the market news. Freight for soft any time, market financial how softness news. with earnings should took transportation experience recession the I it's be. companies So bad beginning is toll long bad projections let's the on Further, market of in that soft start for here the our recession If the for We in period the for is quarter. or That stays this quarter. will the of has how

part freight soft, freight is Now long-term should for Freight the the the good we we Further, remain do, X only but is expect ago. it profitable. years if the frothiest Even of biggest investors market market the reducing stays was we the Financial were what to news. Triumph when do. thing risk not

years the few because For finance growth wanted example, on equipment be in our in last particular we we credit. to slowed

when forgot the didn't market turn, We freight know market the is that would but we never cyclical.

just opportunities. We often the experience us expect past print And markets in past. the navigate bad that this to taught present ones cycle has compelling like

not the just banking us. of the in last piece have are industry of days second news, trouble for The that true good the ills generally all XX caused of

the credit good We news, growth the on confuse have avoided most not you in have falling the TriumphPay's take liquidity. and risk for market very to we likely piece of ample limited performance. final freight interest capital rate and experience areas And We do risk. let now

the that see segment. to it on To us recession, use not contrary, profitability in back to be however walk will do better. You expect we our freight guidance long this may

X%. has XX% market market. Depending same grown In And that falling the frame, the over over between the words, time range. a In on market we're which that in down you freight year. markers brokered taking by market of higher other share use, truckload is freight towards TriumphPay to is the end its past volume XX%

we important demonstrate environment more EBITDA quarter. that created to be That a in over a just noted margin We in by improvement That arrived. first interest different our would X improved is float that the rate quarter, TriumphPay now needed was the XX% has that valuable, we for environment rate volume, always network segment growing But self-funding we Last believe as have the we than value. time. not episodic.

created excess over For million of funding, for funding $X.X TriumphPay the Fed the investing rate generated that quarter, this excess interest at funds quarter. income

expenses over that burn to but onboard over off long It costly pays and is upfront TriumphPay certain in run. Second, off the effort it clients, new time. is difficult

than a As Board for of bullish we the investors, best the the and news is long-term all. team our long-term value the on And that and result, ever of we are think the more network.

that of turn questions. call with so intro And way, we'll out now for the over the

first question Our comes from Stephens. Instructions] [Operator from Matthew Olney

Can okay? hear you guys me

We hear you Matt. fine,

add were X I that it -- brokers quarter, We sometime was good TPay system to the late about size pretty going first in think new previously quarter. talked on fourth was early

it's see that to you some seeing Given more of about talk just dual kind right that expectations? brokers. the ongoing the new product your TPay compares internal within those benefits brokers? headwinds adoption the And and the market not to easy these of of process Can now, how the we're of

Tier and X So in well one QX, audit X to as one went signed or Tier as audit. X live Tier we in

audit and pipeline Tier live also Tier Xs the and both quarter, strong. our Xs X payment with of for We went network remains Tier Xs first and in

We And year Tier and this see to as path for the on right integrations clear the more now. expect growth of on have Tier in in quarter. we that Xs can based the quarter Xs second the bring well as we third

to by be prediction, on of I add have quarter. Xs since those the next slid one that, would Matt And few that that on made quarter, to Tier who we a network this the to thought was the

it even that encouraged that's we're proves a rate before we're we're original at And to that exceeds that were. network expectations why able monetizing so the because grow come. yet to EBITDA is what our comes that volume volume And that

on Dan onto those the said, pipeline to the and and So frankly, brokers as bringing full remains network. brokers, work, large continue all we

that, And a more it follow-up are something Xs just to kind Any do Is of Aaron, color Tier of into some those why market else? more slid on it Is of sliding? you Tier as those X? think have some conditions? why

difficult, alluded a upfront they an is is a lot Tier that consider And the off of over just with as bearing Xs can -- We Tier of are is with well, We've more technical market -- broker been just and those reason like spend. someone we've with this than that, alluded and why in I normalized our purchased calculations. $XXX The slide haven't TriumphPay time. Tier the Xs, and become a cost in burns you not on The requires because X million cost. own to resources And that's transportation real. cost switch. integration flip to a it's past, something we think

And network stood do so their competition we side. need this up complete on the the have to you of the to technical our side. a get And to enough are always right. just have ready our can't payments, resources integration have the resources But entering our with go payors there's it kind who live because to on resources technical when you available we broker, of course,

it. the absolutely miss it we every deadlines. soon we're just get time one, And to have remains, and the But which their announce able announce and pipeline as right network. tech of be the course, into oftentimes just I think brings will, quarter, volume projects do to that will as next more we You this

That's helpful. more And TPay on just here. one

Just types up, are smaller fees, about volumes see system network running today types fees of the fees that that curious as TPay. it's whether fees. fee we currently fees, through fees within are the the the number but syndication versus for could I TPay, I'm about various today components ramp the subscription know of a

Just any the come. color of fees today fees to versus on the more on

So our our on that have audit to newer network payment processing. on and in our signed brokers we subscription have and currently to invoice fees

running the now have We for system. also through fees network factors

QuickPay as is our our predominant of have the well, share We revenue still. revenue traditional which source

clients fee, again, subscription factor subscription our have a through recognizing and network own clients interest creating income running funds. fees are existing previously we from are some perspective, new repricing we first to transitioned our more to a by than have basis have But fee we

next Our Davidson. Gary Tenner from from D.A. question comes

value the brokers proposition to freight Wanted to ask, environment it in the large to and the or Aaron, something talked past you've a about as the a bit slower of type sell-through in recession environment. kind growth a in of it's little relates

receptivity conversations if to can this more kind have we're evolve, there's And degree give value of some increased of those changed? little us as proposition? So a -- starting see that to you how

a there's we Absolutely. now weren't when that's softening on years ago would fire. are talking Gary. freight And everybody a much ago question, that market, I great efficiency. in say about wants or was things year about X.X one, a Number that X more talked

finding of is it And receptivity ago. margins so office today than that compressed the year was far more in back when discussion efficiency are a

probably -- this and all thing, them ago, help. sheet didn't years of the need lot large second some of brokers, a The balance interesting of or them is is, X.X

wasn't to Now what That allow for in achieve provide happening liquidity they're in them alongside can step financing cases to there years goals. provide ago. are them X.X doing which conversation we and to their

has this a very after increase conversation, big loud crime transportation dramatic. of gone it's such and has And then fraud fragmented a industry. Organized the become in the -- because been has third, is fraud and transportation

topic conversation we're what use a to ability do fraud the so every to having. of is mitigate And we

of time, things just out And more so certainly network, and conversations the advancing. result as those are proving a those more X

them the Aaron about talk other brokers, talking balance kind Or financing you piece of sheet to brokers? part the do needs kind are to use QuickPay mean to credit to the you own fund when of their financing not the direct about of you it? wanting or

some constructed all, depends first themselves. who balance of are sheet brokers it, never broker they've do who how every our some different. need would There upon and So is

revenue. you the part, alluded to, First QuickPay

them, administer to our sheet that. the balance We balance remit and network for have that charge fee on on to their happy freight hold for hold a sharing to back us balance happy them said can want that and if to since we we brokers, are the it will profit beginning, a the do grow sheet, they to program program we we're or they and QuickPay to

this $XXX proposition think investors think billion spend As freight market. actually misnomer is to is talk freight transportation we what the a a of year. average your to I I as mark, in TriumphPay's part purchase something when value long-term understand, billion broker brokered about is. -- great the question, That's the second about $XXX and what should is it an

accounts of billion spend, those the on that receivable have $XXX of billion $XXX Upstream companies serve. they behalf same of to clients

TriumphPay prospect a help has TriumphPay. needs and changed, accounts grown their ability have future receivable part our of for business as growth As to the on them is the

see And quarter, step conversation And so -- few that and a it's I few for need you'll as we're of but weren't this that all having a us we regularly this, provide them topic it. need think Not X having now years brokers. a in a certainly financing we're ago.

Yanchunis from Rubin Our Joe of next question James. is

I could Or So expense first And one-timers? time. adjust you we that the from expenses. provide to XQ quarter? is December given minimal this on wondering start the past, us sequential any the reported In And on to I was of in goalpost some $XX.X based guide for million certain growth, at that for want need quarter. expense if you've the then the also

expenses in from the about think we should that QX. on based that rate reported you run here, $XX.X million yes, The as

this far at really we goalposts hard As to that to very exiting say it's are -- point about as that. be going the nimble year, because

market expense some of growth term, in our state revenues. restraining put the just near might on we have freight pressure given otherwise that's and are We the the undertaken that the

we result of other flat. if in freight our our to healing of start the as hand, whenever the to So a from of will held If trending stay are or half see the freight further expenses growth and decline back year the revenues revenue little the you see or higher. here flat expenses a return on those a likely bit recession, market,

little here. expenses about a you it makes but model, that from thoughtful going know I to be and for to we're difficult adding nimble bit So

components will by And Got capital that And your supply financing million a commentary, TPay, EBITDA? in then from What's the timing moving it transition? have it. TPay. sense to trying chain expense it. solutions the the discussed Appreciate do in the business and you you of $XX for prepared on to revenue shift this EBITDA

is transition will we full to the and this in TPay this we moving annual create second to and high into be a expect and that operation quarter. $XX in timing grow a about the that business produces quarter. look an time. -- business that So of basis it That return, business over on produces EBITDA million for Again,

we will be organic not not to forward. that want the right? We that, EBITDA Joe, you, part And that's call out transparent for walk of revenue. about That's

when quarter, and the for revenue we'll the next So shows you in it on that up out expense. call

you So organic margin the that from can that's into separate coming business.

the it. at And blended it customers at? client XX which this And couple correctly? about Pay same in then then about I about signing rate annualized And just transaction Truckstop what currently up acquisition, trend looks was of interchange Appreciate quarter, moving here. Am network you new revenue. forward? me the at kind what join fee? would for as in a Are to first imply how would them more blended add think expect TPay? you million And do we $X of that the points, It about like the basis fee this thinking interchange should

You take want that to one?

think the of transaction. I fees, and you charge now, correctly -- we think talked doing these would say, math again, fees things you're on all the So clients subscription we the about be -- are would when we fee, sides were fees I what about interchange on both use network where I

we in fees term, for network transaction. I quarter, $XX.X and have think to payments and in distinguish and made a long a charged the that. non-network between billion transaction We we

network transactions, sides the today, network not both on it's transaction, the you of a by For fully by I if just think conforming where today's right, $X, transaction, of size market that's the the mean, transaction. borne of one or roughly over is side pricing

you. on a roughly different that's is. good That scales, but It what for move. depends it That's will volume proxy

what to mechanism. are TriumphPay bears no wasn't at pay a the pay because was that on, resemblance a customers we load it provided As their just historical who to relates load with payment coming pricing That network. do

going they're generally to that so we're retail new in on And customers. bringing pricing come our full

one you translates overall it need think downstream we we I come where on basis in that growing or you on at this that. that on fees network grew a because, depend an again, total fell. fees forward transactions. into projecting That's interchange about time the a number on it volumes, other as will absolute network lot to How quarter can't specific to number back give every number a

the more And transaction delivering when you see goes we're that number goes because per fee value. up, up

level So you kind becomes build our precision of like volume with total other some answer the answer transactions set that of assumptions to to would for into that it much have network of you. I question how to about

of think don't we components back So to I into kind just have that.

can So that down QuickPay network you could quarter? out, break fee maybe help and fee you TPay me in the first the generated subscription

that we I have silos to prepare if know today. give don't to don't to have numbers -- in the I those you we in know that exact

back if go see back something will will that -- that's we we understand. help everybody back look to can and wants go come the that we market to deliver -- if will to understand, back and them We at

Again, it bit legacy depends clients. a just new a little one-and-done not It's number. clients, on

with both come and specific that do that not our future, we and you what those and but what think intend will going the share market. to we we go historically in back we're work do So the answer an components we right we'll give now, did with to answers

not that can we I down if would last that see, $X sent going other payment our of of segment, the is QuickPay be is that have The you a to look number that. million, income, night, you of interest that. noninterest than in broken income see a our see million can be we When reporting that $X.X you but it $X.X the that at -- add there the combination the granularly part you today. million of fees, letter more on the all that, the piece segments Joe, to that

Switzer from question Our from KBW. Timothy next comes

I can Perito. broker mean of of are is costs a Michael you takes upfront TPay. for break us help the what is I I the who mentioned just have Triumph necessarily like some versus don't one just total technical. very It onboarding for cost you the maybe And kind percentage tax for signing by up down have one how to And borne about kind of what -- quick do, On the -- just that. like but they And is time. things need also broker? upper spend manpower

very cost. custom-built which upon it's generally calculation depends cost expense. It's value to internally. not have like of And for do it their bear operations. could For them, of no allocate who goes large any decision. That their network they of It We brokers about small million. X-figure that TMSs proposition onboard, some resources brokers, a $X is to of talking we're their the the largest long-term how into approach

who brokers number it TMS, much smaller much quicker. and -- For happens lower is off-the-shelf are a and on

volumes can volumes little on a drop maybe willingness volume is That's like lower you what's go rates helpful. a drop your little good at lasts And share would is I a Okay. floor maybe that? question be where the for decreases of take this of this spot like -- guys to kind even side answer, for of but bit bit there reasonable factoring and there And don't great is if know any market recession are you?

start one? with Tim, you don't why that

in or X X So been difficult we times these predict to in run the really space. factoring to challenge because Tim, career my cycles the through it's historically has

the is end, really it's to something what is. when going to impact so difficult And understand

but and where unpredictable to so levels XXXX certainly really above that, We the to land. don't maintain hope it's it's going and are know

we And our the of market, we XX% people market. the the We market We your intend of it are we standing market We question market, other what thing, position take the roughly what word. that's to is share? by we're factoring to was, and would -- told our said for be.

Now reach shrunk supply we see lost think do with brokerage is to the right? that financing significant much the will providing TriumphPay of further. us grows, amount as I a our Is has revenue are the it chain backfill opportunity that is you contracted. because industry, market

And frankly, the credit risk profile materially not different. is

to a And after will think us there. mean, we're chain come it We'll in financing can share. we We're market. be market to after a competitor, going be but a taking growth, them. going of and going It great not going through if I very market brokerage service, you we to the will our supply see against provide compete deliver be in to product, a be the be we're this opportunity network not we'll I constituent. opportunity -- use going But that so see factory. friendly do revenue We're to competitive some the not great back but

Our from John Fargo. Wells at next question comes Rau

I sustainable something see more quarter-over-quarter? for the that like funding ]. John Is fact was onetime -- we this quarter? this had you impacted David is on in some Or by as just a was on interest is of [ that that segment. thing excess that could guess generated This the quick TriumphPay the Shaw income from one that other that quarter question net

would volume float goes we goes expect No, up. as up,

episodic. it So not was

amount If volume as constituents, has not financing chain thing on The into to of be those getting fund excess we and the network is provide may those fund to TriumphPay on on you you're all is revenues be generate should balances. payments excess supply funding the the Fed to bring will we in us opportunities higher expect Fed funds may balances. bring one much happen significant seen just You've that network. an true, that than rates that such back position

the seeing but a I you I few how of the just color you're does throughout the it's March? then today? to And that? that kind about things And looking the February trend you've on could the in quickly, like average invoice more know moving in trend talk to or kind seeing at what so just predict of kind quarter? what of guess, around last been bit little compare Okay. was the hard Like for months prices,

It's January, February -- John, had we me, had or of drop March. excuse the that falloff price we with a to decent then And well. as in saw and do the a fuel. of fairly sort a decent in a and average fairly lot month of

So but throughout sit to the just maintained of fairly level quarter. has today. where soft it's we drop It still some general, prices, that in volatility, continue first

up, Big just make the best that. average invoice give under prices we go can down. month-to-date on is They could for go you data We April, $X,XXX. could no real-time they predictions

to and think you is Tim because more long-haul really level tell where truckload to -- is struggle truckers break have we this, exposure. will truckload you we pretty would most to didn't would close run We have I that even tell don't

than are to at We has Tim -- prices them, of will eventually, us prices. I've factoring what has alone market And done. these we through have which and our higher be XX,XXX solution some in having spot eventually, clients division, is they couple cycles Triumph roughly through holding been a low from went the in XX,XXX. and portfolio, been mean I low X of shipper the exposure blended our helping

left would make in Some of kind carriers. It those -- much could that, here. of Others us. have could worse we with if We a would business. on not get altogether. the leased be surprise people industry It predict we larger have from different

profitable frankly, thing. and I at to profitable from and we Capacity And whether fun. OPEC what we say, never XX% now, people market think still that's buy are great cost, a It's we're don't or of XX% the going a that the fuel it out back of the leaves of our what And We just And course, our years is look unknown. things wasn't things. know there's our know tighten. market will to But inevitably, control. yes, job this is, is business, $X,XXX. be know And is very do. in will invoices valuable to $X,XXX X going and are to and

contract a earnings future, any an our I will will us give for season, our earnings. the contraction for opportunities enterprise in see you but far think that outweigh So as the near-term

Okay. some There That's seeing today one me. talk just some seeing last was for quick that community more or XXXX? very if of better helpful. still growth returns in one just that's I'm still then should in we risk-adjusted in of the quarter. kind expect wondering something you're And bank the community bank

take Yes. I'll that one.

So of yes, in the flow. a sort better we available in economics, risk-adjusted better were quarter. returns fourth returns seeing deal plateauing are seen with We've that new

were And the that we today pricing we're to more the continue about so excited monitor quarter, but it. than we say I fourth wouldn't in

So returns the we'll ready right credits, if risk-adjusted see step be in. on better we do to

comes from question James, Yanchunis again. from next Joe Our Raymond

a had couple Just more for me.

So back kind of to going Matt's question.

being XQ the TPay. that volume was annualized integrated you in 'XX the announced into call, payment billion $XX On

market of that caused volume So downturn already I change, been a percent has has of the that what understand number realized?

than Less XX%.

rates And Okay. aside... spot

you -- you good longer. news either So yet of own so that that, is, Joe, timing, the could news. we're lousy say at or spite Well, could EBITDA you growing news things volume. took bad in good Aaron, say that's I'll could predicting having not Aaron's

where that's but are. we -- So

changed rates steel that Obviously, kind I just component this as volume last month. the trough understand could golfer was me out to trying spot week, you just did first that of of with moving forward. see down help And Robinson C.H. I'm there. of how things in I that's another have April But because did the Absolutely. throughout one hoping quarter? prediction the is they were handedly volumes pretty that's

Yes.

a things the at selective level they they park pieces the very they think an get are using rates to of on carriers not are are the haul. look where scenario, And when most And haul, it's at if interesting assets. they as most also equipment. I they'll ideal one of efficient is So you point when what

when back they'll sit we Joe. have the and capacity where fence pull So if a they'll equipment, they it on older to gets are just point today,

we So here make I hope, think there's about prediction -- opportunities to it. some any really it's up, difficult it's of definitely sort coming but

low, rates we stay like don't People And long losing that so. and do as as would will driving utilization money stay to expect, low, Joe, right?

when to can't try you you to enough just to our earnings, so the together. us point think are long less. model have a plug know and work to is I have followed spot so all those things less do about rates predict utilization, And build that. And they're getting driving future you you drivers But which two paid

my question & And is Piper Milsaps Brad Companies. from Sandler next from

guys addressed almost everything. You have

you and as as question quick funding. very kind could follow-up that point were curious can be just Just had kind if hold it. the industry, apologize of to kind project just of tons on I you quarter last a But know what of addressed bank, I they really much there? low the rates obviously, you longer that said I But how need basis. get only you exception pricing of But on a curious are? deposit relative out low one-off you just

Todd. ahead, go Yes,

Sure. Yes.

future. don't really point expect through in the to we any stand. continuing manage we're time exception the feel deposit foreseeable being, good at that change We where about for So only to rates really

We haven't requests, same. in uptick the seen levels exception rate number we're exceptions an remained rate the has of the receiving that for

With continued expect pressure. that said, do we

below when on continue we'll the client. to great relationship time retain so based we're warranted on through And deposits. the see we're of that exceptions to So rates. to have make -- the what our far market do with We'll the have we top so to going is

the deposit deposit They and a I big last may rise it occur couple try our than of over to we'll much So funds a let as deposit do expect that as you've we're what but costs core possible, seen to -- we'll see base. to rise. going from little deposit cost of quarters, the not continue faster of contain course outflow

as Todd alluded are our A and that. things doing job I to, with in of couple Brad, are favor. team the a great

is our go of all, up. costs question. will deposit There first no So

have well. We performed

to forever that rates last -- to relative peer, extrapolate moved. but of it anyone discount I can the and think perform other think we will I continue the we that have the level hold well should Fed funds at to quarter from don't what

our we and the virtue And growing three, number in in things concentration, been We favor. we Number concentration refrain it's continue we has and network. be our one, are a for The example. deposit prisoner Number deposits of are noninterest-bearing liquidity by not don't very have will this float -- fragmented a two, grow the refrain, to assets. growing to our it base.

things grow we that belief our investors. the should most make money us Our for is the

And that position growth we're to not as bunch have be so to the gives more you deposit float outperform need fact of that a those any create fund fragmentation, do not of We to things, a doing It's don't we we and what to growing to ability a -- when you're beta. can the cost, relates as trying disciplined. our regardless to in magic. result be it. our asset That's going hope continue us base have the just always the to the peers we're why go of just you it loan to to is

ways. to Triumph given a some are know predictions, there you've you and year, past, revenue know I in address Aaron, I And lot But in of total trying any helpful. That's parts the new Capital. Great. this on Business this

there curious you're this color parts, offer curious, but around it's year. know with of guidance kind I tough all or could just kind you revenue the thinking of if Just about any moving how

eventually, be CFO telling to tried truth shippers and capitulate would will I market going happen burn and Number sooner the have system idea. idea. the will will what two, do inventory I the will through wouldn't happen this my way next because But me. you I than will year, Whether no tackle it, anyone their and to is happens If like is freight enough leave and get it no excess tight, year capacity I thinks. or have it I

guidance could expense that's you given and will we've something we So control. we --

risk. willing volatility. the try the to credit to not in saw you revenue interest are rate we take letter, As we take know We liquidity risk, risk is That take. risk, we

time the is your business, nature that's in be this of should which if you not making So the predictions. then

What relative we're we a we no peers I TriumphPay because because engine well and profitable, what matter are be such going to in so will any predict happens growth to have positioned is what I it couldn't That's as answer question. And trying you, needs possibly can I doing. for do. not that that -- answer really Brad. good to the as not just we're I'm

No us, should periodic tough your going for terms maybe about obviously, with but of the It's ASR, you you actions in problem. done And all pretty -- buybacks too. finally, And how we on much higher thoughts are trust then that those for forward. it further as had think do would like I this quarter, think That's a earnings, you're cost have? It for be one. preferreds capital looking taking to out me. pretty seems simple you if that any generate ways

capital glad I'm you about. asked Yes. something question And because that's that about I wonder investors think

ASR the we'll We're So done if not that as me out the was in building complete the required they're in sometime quarter, a reminder, now, the out the market door. to last second the and right surprise I'm right? left capital the with buying wouldn't the in right? find ASR today, market capital sure quarter, That we're went that

good It a would be them. opportunity for

So capital. of of over excess this million have $XXX end we after quarter, would the

market So in only least see concerned missing make fall we the expect that we're because because uses so one, and doing, shares Number should earnings are believe our opportunities, that: you positioned there the to it. and are do will want we near-term should long-term what to be we for sure and have we're people we at about can X in authorization

that is in dried for up, there thing perhaps companies TriumphPay partner us are to in which even second we because doing. has funding the capital freight markets, and what acquire distress and with, because of invest would opportunities the venture debt The is do augment

so we X excess And about as of continue this use to those would continue opportunities. expect we the will are the capital, grow, look think we Those to over those at things we how funds. year which

That would those second your the we're question the put, million base a those. continue it's and market. not Tier banks one, we'll we've originally because we -- X I'll from Number our that structure, Brad, acquired capital anymore, two, discount them. the in that you that no, capital Simply part replaced answer issued put this $XX about securities all hole to a about your at got can't going valuable -- carried benefit just trust going be exist know, does when not call to of from That in as number And forward. preferreds. well

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brokers matters. that? Tier along do, the adding Dan, follows. add what And and one Xs rest you midsized we're each to what market I the think else would of way, So those the of them the

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forward seeing great Thank look to you Have us. day. all We next a joining time. for you

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time. You may disconnect your lines any at