Medallion Financial Corp (MFIN) 2026 Q1 法說會逐字稿

Greetings and welcome to the Medallion Financial Corporation First Quarter 2026 Earnings Conference Call. (Operator Instructions).

各位好，歡迎參加 Medallion Financial Corporation 2026 年第一季財報電話會議。（接線員指示）。

As a reminder, this conference is being recorded. It is now my pleasure to introduce Val Ferraro of the Equity Group. Please go ahead.

提醒各位，本次會議將被錄音。現在我很榮幸介紹 Equity Group 的 Val Ferraro。請開始。

Thank you, and good morning.

謝謝，大家早安。

Welcome to Medallion Financial Corp's first-quarter 2026 earnings call.

歡迎參加 Medallion Financial Corp 2026 年第一季財報電話會議。

Joining me today are Andrew Murstein, President; and Chief Executive Officer; Anthony Cutrone, Executive Vice President; and Chief Financial Officer; and Justin Haley, President of Medallion Bank.

今天與我一同出席的有：總裁兼執行長 Andrew Murstein；執行副總裁兼財務長 Anthony Cutrone；以及 Medallion Bank 總裁 Justin Haley。

Certain statements made during the call today constitute forward-looking statements. Such forward-looking statements are subject to both known and unknown risks and uncertainties that cause actual results to differ materially from such statements.

今天會議中所作的某些陳述構成前瞻性陳述。此類前瞻性陳述受已知與未知風險及不確定性影響，可能導致實際結果與該等陳述存在重大差異。

Those risks and uncertainties are described in our earnings press release issued yesterday and in our filings with the SEC. The forward-looking statements made today are as of the date of this call, and we do not undertake any obligation to update these forward-looking statements.

這些風險與不確定性已在我們昨日發布的財報新聞稿以及向美國證券交易委員會（SEC）提交的文件中說明。今日所作之前瞻性陳述以本次電話會議日期為準，我們不承擔更新該等前瞻性陳述的任何義務。

In addition to our earnings press release, you can find our first quarter supplement presentation on our website by visiting redallion.com and clicking Investor Relations.

除財報新聞稿外，您也可造訪 redallion.com 並點選「Investor Relations（投資人關係）」在我們網站上找到第一季補充簡報。

The presentation is near the top of the page.

該簡報位於頁面靠上方的位置。

With that, I'll turn it over to Andrew.

接下來我把時間交給 Andrew。

Thank you, and good morning, everyone. The first quarter of 2026 marked a continuation of solid performance across our core financial metrics and operating segments.

謝謝，各位早安。2026 年第一季，我們在核心財務指標與營運部門方面延續了穩健表現。

Notably, we delivered one of our strongest loan volume quarters on record, reflecting exceptional demand for our products and the success of our loan origination growth efforts.

值得注意的是，我們創下公司史上最強勁的放款量季度之一，反映出市場對我們產品的強勁需求，以及我們推動放款承作成長的努力取得成功。

Compared to the first quarter of 2025, we reported increases in net interest income, originations, and portfolio size, reflecting the strength of our platform and consistent execution across our business lines.

與 2025 年第一季相比，我們的淨利息收入、承作量與投資組合規模均有所增加，反映出我們平台的實力，以及各業務線一貫且到位的執行力。

Loan demand remained healthy, which allowed us to generate 377 million in origination volume for the quarter. Credit performance was solid, and total loans reached a record 2.62 billion.

放款需求維持健康，使我們本季承作量達 3.77 億美元。信用表現穩健，總放款餘額達到創紀錄的 26.2 億美元。

Our results demonstrate our ability to continue scaling the business profitably as we execute our strategy, which I will now walk through in further detail.

我們的成果展現了在執行策略的同時，持續以獲利方式擴大規模的能力；接下來我將進一步說明我們的策略。

I'll start with consumer lending, our largest and most profitable business, which continues to anchor our performance with interest income of 73.4 million for the quarter, up 4.5% compared to the same period of last year.

我先從消費金融談起，這是我們最大且最具獲利性的業務，仍持續成為我們表現的支柱；本季利息收入為 7,340 萬美元，較去年同期成長 4.5%。

Within the consumer lending segment, the REC loan book grew 8% to 1.67 billion on March 31, 2026.

在消費金融部門中，REC 貸款組合截至 2026 年 3 月 31 日成長 8%，達 16.7 億美元。

Representing 64% of our total loans.

占我們總放款的 64%。

Originations for the quarter grew 64% to 142.5 million, compared to 86.8 million a year ago, and interest income rose 7% to 54 million.

本季承作量成長 64% 至 1.425 億美元，較一年前的 8,680 萬美元增加；利息收入成長 7% 至 5,400 萬美元。

Delinquencies of 90-plus days were just 0.57% of gross recreational loans, and the allowance for credit losses was 5.19% as compared to 5.0%. A year ago.

逾期 90 天以上的比率僅占休閒貸款總額的 0.57%，信用損失準備金比率為 5.19%，相較於。一年前的 5.0%。

As a reminder, the allowance is forward-looking and designed to absorb all future expected losses.

提醒各位，該準備金為前瞻性估計，旨在吸收所有未來預期損失。

The home improvement loan book grew to 814.9 million at March 31, 2026, representing 31% of our total loans and interest income was 19.4 million.

居家修繕貸款組合截至 2026 年 3 月 31 日成長至 8.149 億美元，占我們總放款的 31%，利息收入為 1,940 萬美元。

Originations for the quarter grew 32% to 64.4 million versus 48.8 million last year.

本季承作量成長 32% 至 6,440 萬美元，較去年 4,880 萬美元增加。

Delinquencies of 90-plus days were just 0.17% of gross home improvement loans, and the allowance for credit losses was 2.49%, consistent with a year ago.

逾期 90 天以上的比率僅占居家修繕貸款總額的 0.17%，信用損失準備金比率為 2.49%，與一年前一致。

Importantly, we are originating loans to individuals in these niches that have strong credit quality with average FICOs on new originations now at 687 for REC and 781 for home improvement.

重要的是，我們在這些利基市場承作的借款人具備良好信用品質；新承作平均 FICO 分數目前 REC 為 687、居家修繕為 781。

The vast majority of our book falls within the super-prime to near-prime part of the credit spectrum, and that concentration has improved over the years.

我們的放款組合絕大多數落在信用光譜中的超優質至近優質區間，而這種集中度多年來持續改善。

Moving on to our commercial segment, though we did not have any new originations in the first quarter, the portfolio increased to 119.6 million from 116.1 million last year, with an average interest rate of 14.18% compared to 13.14% a year ago.

接著談商業金融部門，雖然第一季沒有新的承作，但投資組合由去年的 1.161 億美元增加至 1.196 億美元；平均利率為 14.18%，高於一年前的 13.14%。

Additionally, as of March 31, we have more than two dozen equity investments with a book value of just 8.1 million on our balance sheet.

此外，截至 3 月 31 日，我們有二十多項股權投資，資產負債表上的帳面價值僅 810 萬美元。

These equity components are a result of our long-term strategic investments, and while the timing of exits is inherently unpredictable, we remain confident in our pipeline.

這些股權部位源自我們的長期策略性投資；雖然退出時點本質上難以預測，但我們對投資管線仍具信心。

During the quarter, gains from equity investments were just 0.3 million.

本季來自股權投資的收益僅 30 萬美元。

Our strategic partnership program, which produces origination fees and approximately two to five days of interest before we sell the loans to the partner or the other third parties at another good quarter. With 170 million of originations.

我們的策略合作夥伴計畫可產生承作手續費，並在將貸款出售給合作夥伴或其他第三方之前，取得約兩到五天的利息收入；本季同樣表現良好。承作量達 1.70 億美元。

Total loans held as of quarter end of the Strategic Partnership Program with 10.8 million.

截至季末，策略合作夥伴計畫持有的貸款總額為 1,080 萬美元。

Our partners today originated consumer loans, most of which are outside of the rec and home improvement loans we originate for our portfolio.

我們目前的合作夥伴承作的是消費性貸款，其中多數不屬於我們為自有投資組合承作的 REC 與居家修繕貸款。

Although this program represents a small part of fees and interest generated at Mediant Financial, it has produced approximately 1.2 million of revenue this quarter, representing. A further diversification of our income sources.

雖然該計畫在 Mediant Financial 所產生的手續費與利息中占比不大，但本季帶來約 120 萬美元營收，代表。我們收入來源的進一步多元化。

We continue to work on our growing pipeline of new partner prospects and expect to add new partners over time.

我們持續推進新增合作夥伴潛在客戶的成長管線，並預期將隨時間推移新增合作夥伴。

Furthermore, we are taking a very methodical approach to growth to ensure we continue to do it in a way that keeps us safe and sound.

此外，我們對成長採取非常審慎且有系統的方法，以確保我們以安全穩健的方式持續推進。

From a capital allocation perspective, we remain committed to our shareholders. During the quarter, we paid a dividend of $0.12 per share and continued to prioritize organic growth and meaningful, tangible shareholder returns.

就資本配置而言，我們仍致力於回饋股東。本季我們每股發放 0.12 美元股利，並持續優先投入有機成長，以及具意義、可衡量的股東報酬。

Additionally, subsequent to quarter end, our Board of Directors approved a second-quarter dividend of $0.14 per share, representing a 16.7% increase from last quarter and a 75% increase. Since we reinstated a dividend the first quarter of 2022.

另外，在季末之後，我們董事會核准第二季每股 0.14 美元股利，較上季增加 16.7%，並較。自我們於 2022 年第一季恢復配息以來增加 75%。

Looking ahead, I am confident in the strength of our platform and the opportunities in front of us. Our diversified and proven business model, experienced management team, and disciplined loan origination approach positions us well to continue generating consistent risk-adjusted returns.

展望未來，我對我們平台的實力以及眼前的機會充滿信心。我們多元且經過驗證的商業模式、經驗豐富的管理團隊，以及嚴謹的放款承作方式，使我們具備良好條件，能持續創造穩健的風險調整後報酬。

Our approach is increasingly analytical and data-driven, supported by digital tools that help optimize underwriting, origination, servicing, and overall portfolio visibility.

我們的方法愈來愈偏向分析化與數據驅動，並由數位工具支援，協助最佳化授信審核、放款承作、貸後服務，以及整體投資組合的可視性。

Our investments in technology over the years, from a full migration to the cloud, to business process automation work, a new loan servicing system, and tighter integrations with our sources of loan volume, are generating meaningful value today.

多年來我們在科技上的投資——從全面遷移至雲端、推動業務流程自動化、新的貸款服務系統，到與我們貸款量來源更緊密的整合——如今正帶來顯著價值。

The evolution of our advanced technical and. Analytical capabilities will allow us to grow the business while assessing risk with greater precision than ever, which will help us maintain consistently strong performance across operating environments.

我們先進技術與分析能力的演進，將使我們在更精準評估風險的同時擴大業務，並有助於我們在各種營運環境下維持一貫強勁的表現。

Additionally, as announced this week, we are pleased to have closed the $75 million notes offering led by JPMorgan Investment Management, strengthening our funding partnerships and positioning us well for continued growth.

此外，如本週所宣布，我們很高興已完成由摩根大通資產管理（JPMorgan Investment Management）主導的7,500萬美元票據發行，強化我們的資金合作夥伴關係，並使我們在持續成長方面具備良好定位。

I also wanted to briefly touch on our SBIC program. We remain committed to our long-term standing relationship with the SBA and have submitted two qualified management candidates for approval by the SBA. More broadly, we have deep confidence in the abilities of our management team.

我也想簡要談一下我們的SBIC計畫。我們仍致力於與SBA的長期既有合作關係，並已向SBA提交兩位合格的管理候選人，供其核准。更廣泛而言，我們對管理團隊的能力深具信心。

With that, I'll now turn it over to Anthony, who will provide some additional insight into our quarter.

接下來，我把時間交給Anthony，他將就本季表現提供更多見解。

Thank you, Andrew.

謝謝你，Andrew。

Good morning, everyone.

各位早安。

For the first quarter, net interest income grew 5% to 54.1 million from 51.4 million a year ago.

第一季淨利息收入年增5%，由去年同期的5,140萬增至5,410萬。

Our net interest margin was 8% during the quarter. Up 6 basis points from a year ago.

本季我們的淨利差為8%。較去年同期上升6個基點。

Our total interest yields for the quarter increased 5 basis points from a year ago to 11.7%, with our average cost of borrowings in the quarter being 4.28% compared to 4.16% a year ago.

本季總利息收益率較去年同期上升5個基點至11.7%；本季平均借款成本為4.28%，相較去年同期為4.16%。

During the quarter, our average cost of deposits at Medallion Bank was 3.95% compared to 3.80% in the prior year quarter.

本季Medallion Bank的平均存款成本為3.95%，相較去年同期為3.80%。

As of March 31st, the weighted average coupon of recreation loans was 15.11% and was 9.82% for home improvement loans.

截至3月31日，休閒貸款的加權平均票面利率為15.11%，房屋修繕貸款為9.82%。

During the quarter, we originated loans at rates averaging around 14 and three-fourths percent for recreation loans and 10% for home improvement loans.

本季我們承作貸款的利率平均約為：休閒貸款14又3/4%，房屋修繕貸款10%。

Currently, in April, we have originated recreation loans at similar rates. And home improvement loans at rates of approximately 9.5%. Our total loan portfolio reached 2.62 billion at March 31st, up 5% from a year ago.

目前在4月，我們承作的休閒貸款利率與上述相近。房屋修繕貸款利率約為9.5%。截至3月31日，我們的總貸款投資組合達26.2億，較去年同期成長5%。

Total loans included 1.6 billion of recreation loans, 815 million of home improvement loans, and 120 million of commercial loans.

總貸款包括：16億的休閒貸款、8.15億的房屋修繕貸款，以及1.2億的商業貸款。

For the quarter, the average yield on our total loan portfolio increased to 12.15% from 12.04% a year ago. Our provision for credit loss was 22.5 million for the quarter, a decrease from 27.7 million in the fourth quarter and a slight increase from 22 million in the prior year quarter.

本季我們整體貸款投資組合的平均收益率由去年同期的12.04%上升至12.15%。本季信用損失備抵提列為2,250萬，較第四季的2,770萬下降，並較去年同期的2,200萬小幅增加。

Net charge-offs in the recreation portfolio during the quarter were 17.7 million or 4.38% compared to 4.67% in the 2025 quarter and were 2.9 million or 1.44% of the average home improvement portfolio compared to 1.55% in the 2025 quarter.

本季休閒貸款投資組合的淨沖銷為1,770萬（或4.38%），相較2025年同季為4.67%；房屋修繕貸款投資組合的淨沖銷為290萬（或平均投資組合的1.44%），相較2025年同季為1.55%。

Turning to expenses, operating costs totaled 22.4 million during the quarter, up from 20.8 million in the prior year quarter.

接著看費用，本季營運成本合計2,240萬，高於去年同期的2,080萬。

The increase over the prior year was largely due to higher employee costs as well as higher loan servicing and collection expenses, all of which are associated with our growing loan portfolio. As we continue to expand our platforms, grow our business and look to becoming a sizably larger enterprise over the next several years. We anticipate higher operating costs.

較去年同期增加主要來自較高的人員成本，以及較高的貸後服務與催收費用，這些都與我們不斷成長的貸款投資組合相關。隨著我們持續擴展平台、擴大業務，並在未來數年朝向規模顯著更大的企業邁進。我們預期營運成本將提高。

As we've stated previously, we expect in the long-term our net interest income to outpace any growth we experience in operating costs in the near term.

如同我們先前所述，長期而言，我們預期淨利息收入的成長將超過短期內營運成本的任何增幅。

For the quarter, net income attributable to our shareholders was $5 million, or $0.20 per diluted share, compared to 12 million, or $0.50 per share in the prior year quarter.

本季歸屬於股東的淨利為500萬，或稀釋後每股0.20美元；相較去年同期為1,200萬，或每股0.50美元。

With that prior year quarter including 9.1 million of higher equity gains compared to the current.

去年同期包含較本期高出910萬的股權投資收益。

As mentioned in the past, gains from equity investments in the commercial portfolio do not adhere to any specific trend and may fluctuate from quarter to quarter.

如先前所提，商業投資組合中的股權投資收益不遵循任何特定趨勢，可能會在各季度之間波動。

Our net book value per share as of March 31 was $17.10, up from $16.36 a year ago.

截至3月31日，我們每股淨帳面價值為17.10美元，高於去年同期的16.36美元。

Our adjusted tangible book value per share, which excludes the value of goodwill, intangible assets and the deferred tax liability associated with both, was $11.83 at the end of the quarter, up from $10.90 a year ago.

本季末，我們的調整後每股有形帳面價值（排除商譽、無形資產及與兩者相關的遞延所得稅負債）為11.83美元，高於去年同期的10.90美元。

That covers our first quarter results. Andrew and I are now happy to take your questions.

以上為第一季業績。Andrew和我現在很樂意回答各位的問題。

(Operator Instructions).

（接線員指示）

One moment, please, while we pull up for questions.

請稍候，我們正在接通提問。

Thank you.

謝謝。

Our first question is from Mike Grondahl with Northland Securities.

我們的第一個問題來自Northland Securities的Mike Grondahl。

Hey, guys.

嗨，各位。

Thank you.

謝謝。

Andrew, in the press release, it talks about significant technology change and adding talented people. And I know on the year-end call, you talked a little bit about some of the investments you were going to be making.

Andrew，在新聞稿中提到重大的科技變革以及延攬優秀人才。我也知道在年終電話會議上，你談到了一些你們將要進行的投資。

Any way to kind of quantify the investment in 1Q, what you think it's going to be for 2026, and kind of specifically where you're spending the money?

能否大致量化一下第一季的投資金額、你認為2026年的投資會是多少，以及更具體地說你們把錢花在哪些地方？

Good morning, Mike.

早安，Mike。

So, talking about talented people, we have our new President of Medallion Bank, Justin Haley, on the call, and that's right in his wheelhouse. So, Justin, why don't you jump in and answer that, please?

談到優秀人才，我們的新任Medallion Bank總裁Justin Haley也在電話會議上，這正是他的專長領域。所以，Justin，你要不要加入並回答這個問題？

Hi Mike, it's nice to meet you.

嗨，Mike，很高興認識你。

Our tech investment has been going on for several years. We have a pretty consistent run rate. We're an agile shop, so we really are focused on incremental improvement over time.

我們的科技投資已經持續了好幾年。我們的投入節奏相當穩定。我們是一個敏捷型團隊，因此我們確實專注於隨時間推進的漸進式改善。

So, you don't see anything in Q1 that's significant, but you should expect to see generally increasing technology investment marginally over where we are today.

所以，你不會在第一季看到任何重大的變化，但你應該預期科技投資會在目前水準之上，整體呈現逐步增加。

The last significant capital improvement was in Q4 of 2024 when we launched our loan origination system. The next one that we have on the docket is likely in the first half of 2027 as we focus on our loan origination. I'm sorry, I think I said loan origination system first and it should be second.

上一個重大的資本性改善是在2024年第四季，當時我們上線了貸款起源系統。下一個列入規劃的重大項目，可能會在2027年上半年，因為我們將聚焦在我們的貸款起源。抱歉，我想我剛才先說了貸款起源系統，但其實應該是第二個。

As far as talent goes, we had a press release early in the year. We hired a new SVP of sales and marketing. It comes from a bank that has deep experience in home improvement.

就人才而言，我們在年初發布了一則新聞稿。我們聘請了一位新的銷售與行銷資深副總裁（SVP）。他來自一家在居家修繕領域具有深厚經驗的銀行。

So, we're expecting growth there. We've hired a new VP of marketing. We've hired a new VP of credit. We're adding talent into our technology operations and our lending operations teams. This is all to support growth. You saw some increase in salaries and benefits as a result. I would expect to see similar growth. And that over time, we could grow our headcount at the bank by 30 to 40 this year as we scale up.

因此，我們預期那邊會有成長。我們也聘請了一位新的行銷副總裁（VP）。我們聘請了一位新的授信副總裁（VP）。我們正在為科技營運與放款營運團隊增補人才。這些都是為了支援成長。因此你也看到薪資與福利有所增加。我預期會看到類似的成長。而且隨著我們擴張規模，今年銀行端的人力編制可能會增加30到40人。

Got it. You said 30 to 40 people over the course of the year, Justin?

了解。Justin，你是說全年增加30到40人嗎？

Yes.

是的。

And just to put that into context, headcount increased just at the bank by 10 people in Q1. So, I mean, we're right on track to hit those levels.

補充一下背景，第一季光是銀行端的人數就增加了10人。所以，我的意思是，我們正按計畫進行，有望達到那些水準。

Got it. Anthony.

了解。Anthony。

Maybe one for you, just at a high level, how are you thinking about credit quality, the REC, the home improvement book? How are things kind of trending?

我想問你一題，從較高層次來看，你如何看待信用品質、REC，以及居家修繕這本業務？整體趨勢如何？

I think, home improvement, I think we're comfortable where credit is right now.

我認為，就居家修繕而言，我們對目前的信用狀況感到放心。

And then on the REC side, we definitely see it improving and it's a decent start to the year, I mean, year over year. Charge-offs in home improvement are down 11 basis points. And on the REC, they're down even larger than that when we look at Q1 of 25.

至於REC方面，我們確實看到改善，而且今年開局不錯，從年對年來看。居家修繕的核銷（charge-offs）下降了11個基點。而REC方面，當我們看2025年第一季時，下降幅度甚至更大。

So, I think we know there's still a ways to go with REC. It's still higher than historically we'd like it's been and where we'd like to see it. But we've made some changes in terms of pricing, not necessarily credit, but we want to make sure that we're not pricing ourselves out.

所以，我想我們知道REC仍有一段路要走。它仍高於我們歷史上希望看到的水準，以及我們希望它達到的水準。但我們已在定價方面做了一些調整，不一定是信用政策，但我們想確保不會把價格訂到讓自己失去競爭力。

This business, historically for us, we're a second-look lender. We want to make sure that we stay a second-look lender and that we're not falling towards the bottom of the stack.

這項業務對我們而言，歷來我們是「第二次審視」的放款人（second-look lender）。我們希望確保我們仍維持第二次審視放款人的定位，而不是往最底層的風險區間滑落。

So we've brought our new origination prices in line with where competition is, and we think over time that will improve the credit and give us a better credit-adjusted yield on this portfolio.

因此我們已將新的承作定價調整到與競爭對手一致的水準，我們認為隨著時間推進，這將改善信用表現，並讓我們在這個投資組合上取得更好的風險調整後收益率。

Got it. And then just lastly, how should we think about. Higher oil prices and, kind of your credit outlook, especially on the rec side. Does it matter?

了解。最後一題，我們應該如何看待較高的油價，以及你們的信用展望，特別是在REC方面？這會有影響嗎？重要嗎？

I think it matters to some extent.

我認為在某種程度上是有影響的。

Again, with the type of recreational vehicles we're financing, these aren't huge cabin cruisers in the, that are.

再說一次，就我們融資的休閒車輛類型而言，這些不是那種大型的艙房巡航艇，會在海上航行的那種。

Trolling the seas, these are smaller boats, so the gas team impact isn't as significant as those larger ticket items, but there's an impact to our borrower, definitely at the lower end of the borrower spectrum, there's probably more.

這些是較小型的船隻，所以燃油成本的影響不像那些高單價的大型項目那麼顯著，但對我們的借款人仍然會有影響，尤其是在借款人光譜較低端的族群，可能會更……

More tightness.

更吃緊。

That's not our borrower per se. And we've spoken about the composition of our borrower in the past. These are individuals that have W-2 wages approaching, if not exceeding, six figures. So, it's something that we're cognizant of, but we haven't seen any major impact. I mean, if things change sizably, obviously, I think all lenders like us will be impacted.

但那並不是我們的借款人族群。我們過去也談過我們借款人的組成。這些人是領W-2薪資、年薪接近、甚至超過六位數的人。所以這是我們會留意的事情，但我們尚未看到任何重大影響。我的意思是，如果情勢出現顯著變化，顯然我認為像我們這樣的所有放款人都會受到影響。

Okay. Hey, thank you, guys.

好的。嘿，謝謝各位。

Thanks, Mike.

謝謝你，Mike。

Thank you. Our next question is from Christopher Nolan with Ladenburg Thalmann.

謝謝。下一個問題來自Ladenburg Thalmann的Christopher Nolan。

Hey, Anthony, on tangible book value you gave, does that include all goodwill and intangible assets?

嗨，Anthony，關於你提到的有形帳面價值（tangible book value），那是否已包含所有商譽與無形資產？

Yeah, so that ...

是的，所以那個……

Excludes, I should say.

我應該說，是不包含。

Yes, it excludes all goodwill, all intangible assets, and then we add back that approximate $42 million of the deferred tax liability.

是的，它不包含所有商譽、所有無形資產，然後我們再加回約4,200萬美元的遞延所得稅負債。

And then the tax rate, should we expect it to go back to the low 30s or so?

那稅率方面，我們是否應該預期會回到30%出頭的水準？

Yeah, I think it's a little high this quarter, and that's just a function of, it's Q1.

是的，我認為本季稍微偏高，而那只是因為——這是第一季。

A lot of the non-deductible expenses get, factored in, Q1.

很多不可扣抵費用會在第一季被納入考量。

As, pre-tax income increases, we would expect that to settle in the lower 30s.

隨著稅前所得增加，我們預期稅率會回落並穩定在30%出頭。

Got it. And Justin, are a lot of the tech investments you're making, are they going to be services where you're basically.

了解。Justin，你們正在做的許多科技投資，是否多半會是服務型的，也就是基本上……

Integrating an API and application program interface? Are you buying boxes and hiring coders?

整合API與應用程式介面（application program interface）？還是你們在買硬體設備並聘請程式設計師？

We have a team of software engineers. We are focused on offering greater services to our clients. So it is that API integration. It's also more tools at the point of sale, and then investments in-house that will streamline the operation as it scales up.

我們有一支軟體工程師團隊。我們專注於為客戶提供更多服務。所以確實是API整合。也包括在銷售端提供更多工具，以及在內部進行投資，以便在規模擴張時讓營運更精簡順暢。

And what does this mean for working with your strategic partners? Does it suddenly mean that you'll have the ability to scale in terms of those loans? That you take in and sell or not?

那麼，這對於與你們的策略合作夥伴合作而言意味著什麼？這是否突然代表你們將有能力在這些貸款的規模上擴張？也就是你們承作後再出售，或不出售？

It'll definitely help.

這肯定會有幫助。

Yeah, as we add partners that have greater volume, we need those kinds of tools to allow us to process that volume and also to, part of what we do in the strategic partnership business is we provide compliance services and oversight of their platforms. So we can do that at greater scale with these kinds of investments.

是的，隨著我們新增放款量更大的合作夥伴，我們需要這類工具來讓我們能處理那樣的量能；另外，我們在策略合作夥伴業務中所做的一部分，是提供合規服務並對其平台進行監督。因此，透過這類投資，我們可以用更大的規模來做到這些。

Okay, and this is a question you may not want to answer, but what's the ROI you expect on these investments?

好的，這可能是你不想回答的問題，但你預期這些投資的投資報酬率（ROI）是多少？

Let's say that we anticipate providing the returns over time that we're used to providing, so we'll bake it into the overall model.

我們預期隨時間推移能提供我們一貫提供的那種報酬，所以會把它納入整體模型中。

That doesn't help cause.

這樣講沒有幫助，因為。

Andrew, the $8 million in equity investments that you mentioned, thank you, what's the fair value on that, please?

Andrew，你提到的 800 萬美元股權投資，謝謝，請問其公允價值是多少？

We don't record it at fair value. Again, it's hard to say because we count for these at cost less impairment.

我們不以公允價值入帳。再說一次，這很難講，因為我們對這些是以成本減除減損來認列。

Some of them have values in excess of where we're carrying them.

其中有些的價值高於我們帳上列示的金額。

These are small business concerns overwhelmingly, so they're not in public securities that trade, so it's hard to say, and that's why we don't disclose that.

這些幾乎都是小型企業，因此不是在公開市場交易的證券，所以很難說明；也因此我們不揭露。

We recognize the income when there's an exit.

我們會在退出時才認列收益。

You guys are not being sporting today.

你們今天真是不太配合。

I'll give you a little more color. It's always the same, right? The CFO is very black and white, so just to add some color to it. We're getting a lot of great looks at fintech companies.

我再補充一點背景。一向都是這樣，對吧？財務長很黑白分明，所以我就補充一些脈絡。我們看到了很多很不錯的金融科技公司機會。

One, excuse me, which we did not invest in, was a company called Cashable, but they're one of our biggest strategic partners.

其中一家，抱歉，我們沒有投資的，是一家叫 Cashable 的公司，但他們是我們最大的策略合作夥伴之一。

As we've said before, and they just got, I think, a $30million to $50 million investment in this week by Goldman Sachs. So that's going to probably pick up their loan volume substantially, which will help our SP business continue to grow.

如同我們之前說過的，他們這週剛獲得高盛我想是 3,000 萬到 5,000 萬美元的投資。因此他們的放款量可能會大幅提升，這將有助於我們的 SP（策略合作夥伴）業務持續成長。

In the past, we were in the first round of a company called Upgrade, which was Renaud Laplaches company.

過去我們參與了一家名為 Upgrade 的公司第一輪投資，那是 Renaud Laplache 的公司。

We had a small investment there, but that went up actually about 100-fold. So we still own a little piece of that there.

我們在那裡有一筆小額投資，但實際上漲了大約 100 倍。所以我們現在仍然持有其中一小部分。

I think we got in $0.10 a share and got out at most of our position at about $10 a share. So the strategic partnership does a lot for us. In addition to just nice fee income business, it lets us get these early looks at fintech companies.

我想我們是每股 0.10 美元進場，並在每股約 10 美元時賣出我們大部分持股。所以策略合作夥伴關係對我們幫助很大。除了帶來不錯的手續費收入業務之外，也讓我們能更早接觸到這些金融科技公司。

That's a spicy answer.

這回答很帶勁。

Thank you very much. Good stuff.

非常感謝。很精彩。

And I guess as a final question, and just general, it sounds like between the tech investments and you guys talking up the strategic partnerships, it sounds like the company is drifting more and more towards those type of loans and less towards its traditional bread and butter RV and home improvement and all that stuff. Is that a fair characterization?

我想最後一個問題，較一般性的：聽起來在科技投資以及你們大力談策略合作夥伴之間，公司似乎越來越偏向那類貸款，而較少著重於傳統主力的 RV、居家修繕等業務。這樣形容公平嗎？

Think so, honestly. I think those businesses, the RV and Marine and home improvement, are just tremendous cash flow businesses. So, they let us take looks at other lines of business, which are still small, but there's just so much growth in the existing lines that we continue to go after we did that $75 million debt deal this week. It was nice to be able to bring in such a prestigious name as J.P. Morgan. We've never really. Reach those levels as a company before, that had an investment-grade rating. So that's going to give us a lot of dry powder just to continue to block and tackle in our existing lines of business.

老實說，我想是的。我認為那些業務——RV、船舶（Marine）以及居家修繕——都是非常強勁的現金流業務。因此，它們讓我們能去看其他仍然規模較小的業務線；但現有業務線本身就有很大的成長空間，所以我們持續積極推進——我們這週做了那筆 7,500 萬美元的債務交易。能引入像摩根大通（J.P. Morgan）這樣聲望卓著的名字很不錯。我們以前其實從未。以公司而言達到過那樣的層級——擁有投資級評等。因此，這將給我們很多「乾粉」（可動用資金），讓我們能持續在既有業務線上把基本功做好、穩紮穩打。

And what I'll add to that is, looking ahead in the coming years, we're expecting growth, asset growth, loan growth around 10%.

我再補充一點：展望未來幾年，我們預期成長、資產成長、放款成長大約在 10% 左右。

2025, we only grew at three. So, I think much of that is going to come in our traditional lines, the consumer loans.

2025 年我們只成長了 3%。所以，我認為其中很大一部分將來自我們的傳統業務線，也就是消費者貸款。

You have a very hungry group between the three of us on the phone today, and a lot of experience too. But so the three of our goals are to take the company from 3 billion in assets to 5 billion in assets in the next five years, and I think we can accomplish that.

今天電話上我們三個人是一個非常有企圖心的團隊，而且也很有經驗。因此，我們三人的目標是在未來五年把公司資產從 30 億美元提升到 50 億美元，我認為我們做得到。

Well, between your good looks and Anthony's great haircut, I'm sure that helped charm JPMorgan.

嗯，靠著你英俊的外表和 Anthony 很棒的髮型，我相信這也有助於迷倒摩根大通。

Okay.

好的。

That helps. Okay.

這有幫助。好的。

That plus the numbers.

再加上數字。

The numbers suck as well.

數字也很爛。

Thank you. There are no further questions at this time. I'd like to hand the floor back over to Andrew Merstein for any closing remarks.

謝謝。目前沒有其他問題。我想把時間交還給 Andrew Merstein 做結語。

Thank you. And before closing the call, I'd just like to reinforce our commitment to delivering strong risk-adjusted returns to our shareholders. We remain confident in the strength of our loan book and our ability to execute on the opportunities ahead. We look forward to updating you on our progress next quarter, and I hope you have a great rest of your day.

謝謝。在結束本次電話會議之前，我想再次強調我們致力於為股東提供強勁的風險調整後報酬。我們對我們的放款組合的穩健性以及把握未來機會的執行能力仍然充滿信心。我們期待在下個季度向各位更新我們的進展，也祝各位今天剩下的時間愉快。

Thank you.

謝謝。

This concludes today's conference. You may disconnect your lines at this time.

今天的電話會議到此結束。您現在可以掛斷電話。

Thank you for your participation.

感謝您的參與。