The report is based on responses from 468 small businesses with working capital loans and over 3.45 million small business applications for working capital financing during the past 15 months. The nationwide survey was completed between December 15–23, 2025. For more information and complete survey results, please visit: ondeck.com/small-business-trends. 94% of small businesses anticipate growth over the next year as owners invest in efficiency and plan ahead amid evolving market conditions CHICAGO, Jan. 28 ...

Core Viewpoint - Timbercreek Financial has declared a monthly cash dividend of $0.0575 per common share, payable on January 15, 2026, to shareholders of record on December 31, 2025 [1] Group 1: Dividend Information - The company offers a Dividend Reinvestment Plan (the "Plan") that allows shareholders to reinvest cash dividends to purchase additional common shares at a potential discount without incurring commissions or fees [2] - Under the Plan, common shares will be acquired either in the open market at prevailing prices or issued from treasury at 98% of the average market price for the five trading days ending on the third business day prior to the dividend payment date [3] - Shareholders holding common shares through a broker or financial institution must enroll for distribution reinvestment through their nominee holder [4] Group 2: Company Overview - Timbercreek Financial is a leading non-bank commercial real estate lender that provides shorter-duration, structured financing solutions to commercial real estate investors [4] - The company employs a sophisticated, service-oriented approach to meet borrower needs, offering faster execution and more flexible terms than traditional Canadian financial institutions [4] - Through thorough underwriting, active management, and strong governance, the company targets strong risk-adjusted returns for investors [4]

Core Points - Timbercreek Financial has declared a monthly cash dividend of $0.0575 per common share, payable on December 15, 2025, to shareholders of record on November 28, 2025 [1] - The company offers a Dividend Reinvestment Plan that allows shareholders to reinvest cash dividends to purchase additional common shares at a potential discount without incurring commissions or fees [2] - Under the Dividend Reinvestment Plan, shares can be acquired in the open market or issued from treasury at 98% of the average market price for the five trading days prior to the dividend payment date [3] - Shareholders holding shares through brokers or financial institutions must enroll for the reinvestment plan through their nominee [4] - Timbercreek Financial is a non-bank commercial real estate lender that provides structured financing solutions, focusing on faster execution and flexible terms compared to traditional Canadian financial institutions [4]

Core Insights - Enova International reported strong financial performance in the third quarter, with loan originations increasing by 22% year-over-year to approximately $2 billion and revenue rising by 16% to $803 million [1][3] Financial Performance - The company's loan originations reached about $2 billion, marking a 22% increase year-over-year [1][3] - Revenue for the third quarter was $803 million, reflecting a 16% increase compared to the previous year [1][3] - Small business products accounted for 66% of the total portfolio, while consumer products made up 34% [3] - Small business revenue surged by 29% year-over-year to a record $348 million, while consumer revenue increased by 8% to $443 million [3] Credit Quality - The consolidated net charge-off ratio for the quarter was 8.5%, slightly up from 8.1% in the previous quarter and 8.4% in the same quarter last year, indicating solid credit quality across the portfolio [4][7] - The CEO highlighted that subprime and near-prime credit metrics are among the best seen in a long time, with no significant concerns in the credit landscape [8] Consumer Behavior - The job market remains healthy, with unemployment rates at a historically low 4.3% as of August, and wage growth outpacing inflation for target customers [5] - Consumer spending data showed a meaningful uptick, indicating steady household demand [5] - The consumer base has demonstrated an ability to manage financial variabilities effectively, contributing to stable earnings [5] Future Outlook - The company anticipates sequential acceleration in consumer origination growth rates and continued improvement in credit metrics [6] - Fourth quarter revenues are expected to increase by 10% to 15% compared to the previous year [7]

Financial Data and Key Metrics Changes - In Q3 2025, total revenue increased by 16% year-over-year to $803 million, driven by a 20% year-over-year growth in combined loan and finance receivables to a record $4.5 billion [6][16][18] - Adjusted EPS rose by 37% year-over-year to $3.36 per diluted share, reflecting strong growth and efficient marketing [24][26] - The consolidated net charge-off ratio for the quarter was 8.5%, compared to 8.1% last quarter and 8.4% in Q3 of the previous year [7][19] Business Line Data and Key Metrics Changes - Small business revenue increased by 29% year-over-year to $348 million, with originations rising 31% year-over-year to nearly $1.4 billion [11][17] - Consumer revenue grew by 8% year-over-year to $443 million, with originations increasing by 4% year-over-year to $590 million [17][20] - Small business products represented 66% of the total portfolio, while consumer products accounted for 34% [6] Market Data and Key Metrics Changes - The job market remains healthy, with unemployment rates at 4.3% as of August, and wage growth outpacing inflation for target customers [7][8] - Small business sentiment reached a new high in Q3, with the MetLife and U.S. Chamber of Commerce Small Business Index climbing to 72, up from 65.2 last quarter [12] Company Strategy and Development Direction - The company aims to continue its focused growth strategy while adapting and innovating to meet customer needs and drive shareholder value [13][14] - The diversified portfolio allows the company to allocate resources towards the strongest opportunities and moderate exposure where risks are elevated [10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing strong credit metrics and a stable operating environment [13][19] - The company expects total revenue for Q4 2025 to be 10% to 15% higher than Q4 2024, with adjusted EPS anticipated to be 20% to 25% higher than the same period last year [29] Other Important Information - The company ended Q3 with $1.2 billion of liquidity, including $366 million in cash and marketable securities [24][25] - The cost of funds declined to 8.6%, nearly 100 basis points lower than Q3 2024, due to lower short-term interest rates [25] Q&A Session Summary Question: Update on capital actions and stock valuation - Management indicated that all options are on the table regarding capital actions, including buybacks and dividends, as the company has excess capital [32][33] Question: Marketing expenses and efficiency - Management noted that marketing expenses as a percentage of revenue have been below guidance, attributing this to improved efficiency and a confluence of events [34][35] Question: Growth outlook for consumer and small business segments - Management expects a re-acceleration in consumer line of credit originations in Q4, following a slight decline in Q3 due to intentional credit tightening [38][39] Question: Credit trends and potential deterioration - Management reported strong credit metrics across both SMB and consumer segments, with no significant areas of concern [44][45] Question: Competitive dynamics and market share - Management highlighted that banks remain conservative, creating opportunities for the company to capture market share in both SMB and consumer lending [46][47] Question: Interest expense and capital markets - Management expects lower benchmark rates to provide a tailwind for reducing interest expenses, which could positively impact EPS [54][55] Question: Near-term strategies amid stable trends - Management emphasized that current trends are stable, with no significant changes expected in customer behavior or prepayment rates [58][59] Question: Impact of tax law changes on consumers - Management anticipates that higher tax refunds next year could positively impact credit, with no significant issues expected from recent tax changes [62][63]

Core Points - Timbercreek Financial has declared a monthly cash dividend of $0.0575 per common share, payable on November 14, 2025, to shareholders of record on October 31, 2025 [1] - The company offers a Dividend Reinvestment Plan that allows shareholders to reinvest cash dividends into additional common shares at a potential discount without incurring commissions or fees [2] - Under the Dividend Reinvestment Plan, shares can be acquired in the open market or issued from treasury at 98% of the average market price during a specified trading period [3] - Timbercreek Financial is a non-bank commercial real estate lender that provides structured financing solutions, focusing on faster execution and flexible terms compared to traditional Canadian financial institutions [4]

Core Viewpoint - Timbercreek Financial Corp. has provided an update regarding its mortgage investment in the recently renovated 40-storey office tower "Stephen Avenue Place" in downtown Calgary, indicating a significant development in its financial management strategy [1][3]. Mortgage Investment Details - Timbercreek Financial is one of several secured creditors with a gross mortgage balance of $139 million as of June 30, 2025, which is fully syndicated among three institutional partners [2]. - The company's gross exposure to this mortgage is $15 million, representing 10.8% of the total loan and 1.3% of its net mortgage portfolio valued at $1,114 million [2]. Legal Proceedings - On October 15, 2025, Timbercreek Mortgage Servicing Inc. applied for the appointment of MNP Ltd. as receiver and manager of the property, a decision made after the termination of a forbearance period [3]. Management Commentary - The CEO of Timbercreek Financial emphasized the importance of disclosing the company's net exposure and highlighted the firm's extensive experience in managing commercial real estate debt, having originated over $18 billion since 2007 [4]. Company Overview - Timbercreek Financial is a leading non-bank commercial real estate lender, providing structured financing solutions with a focus on faster execution and flexible terms compared to traditional Canadian financial institutions [5].

Group 1 - The Federal Reserve's anticipated policy of lowering interest rates presents challenges for the non-bank sector involved in venture lending to companies [1] - The risks associated with this monetary policy are considered to be relatively low, particularly for financially solid companies [1]

Core Viewpoint - Timbercreek Financial has declared a monthly cash dividend of $0.0575 per common share, payable on October 15, 2025, to shareholders of record on September 29, 2025 [1] Dividend Information - The company offers a Dividend Reinvestment Plan (the "Plan") that allows holders of common shares to reinvest cash dividends at a potential discount without incurring commissions or fees [2] - Under the Plan, common shares will be acquired either in the open market at prevailing prices or issued from treasury at 98% of the average market price for the five trading days ending on the third business day prior to the dividend payment date [3] Company Overview - Timbercreek Financial is a non-bank commercial real estate lender that provides shorter-duration, structured financing solutions to commercial real estate investors [4] - The company emphasizes a service-oriented approach, enabling faster execution and more flexible terms compared to traditional Canadian financial institutions [4] - Through thorough underwriting, active management, and strong governance, Timbercreek aims to achieve strong risk-adjusted returns for its investors [4]

Enova International (ENVA) Conference Summary Company Overview - **Company**: Enova International (ENVA) - **Industry**: FinTech, Digital Lending - **Key Management Changes**: Steve Cunningham will transition from CFO to CEO in January 2026, with Scott taking over as CFO [1][3][4] Core Business Insights - **Business Model**: Enova operates as a machine learning-powered lender focused on online consumer and small business lending, primarily in the U.S. [5][6] - **Market Position**: Enova is recognized as one of the first digital lenders, leveraging its early mover advantage to achieve significant growth and stability in both consumer and small business lending [3][5] - **Product Offerings**: - **Consumer Lending**: Brands include CashNetUSA and NetCredit, offering installment loans and lines of credit to underserved consumers [5][6] - **Small Business Lending**: Brands include OnDeck and Headway Capital, providing lines of credit and term loans, with small business loans averaging around $45,000 [6][10] Financial Performance - **Growth Metrics**: Enova has demonstrated strong earnings growth, with the stock recently reaching a market capitalization of $3 billion [3][4] - **Loan Characteristics**: - Consumer loans typically range from $3,500 to $4,000 with shorter durations [10] - Small business loans have an average size of $45,000 with contractual maturities around one year [10][11] Competitive Advantages - **Market Differentiation**: Enova has a unique position with both consumer and small business non-bank lending at scale, allowing for flexibility and consistent financial results [6][12] - **Technology Utilization**: The company employs machine learning for risk management across the customer lifecycle, enhancing decision-making in origination, underwriting, and collections [19][20] Customer Acquisition Strategies - **Marketing Channels**: - Consumer side: Two-thirds of marketing is direct (media, social media, SEO), while one-third is indirect (lead providers like LendingTree) [23][24] - Small business side: Predominantly indirect with a growing direct presence [24] - **Customer Retention**: Approximately 60% of originations come from existing customers, highlighting the importance of customer loyalty [25] Market Trends and Consumer Behavior - **Consumer Stability**: Despite economic noise, the job market remains robust, positively impacting consumer repayment capabilities [26][27] - **Small Business Outlook**: Small businesses are optimistic about future growth, with plans for expansion despite trade and tariff concerns [27][28] Risk Management and Credit Evaluation - **Credit Risk Management**: Enova employs a unit economics approach focused on return on equity, with weekly evaluations of default statistics to inform lending decisions [31][32] - **Adaptability**: The company continuously adjusts its lending strategies based on internal and external data, allowing for nimble responses to market conditions [33][36] Financial Health and Liquidity - **Funding Strategy**: Enova primarily uses secured financing and securitization, maintaining a strong liquidity profile with $400 to $500 million in cash generated quarterly from repayments [40][41] - **Leverage Management**: The tangible capital ratio typically ranges between 17% and 20%, supporting a strong return on equity [42] Strategic Vision - **Future Focus**: As Steve Cunningham steps into the CEO role, the emphasis will be on maintaining competitive positioning, adapting to customer preferences, and driving product innovation [47][48] Additional Insights - **Consumer Credit Card Space**: Enova has opted not to enter the consumer credit card market due to regulatory concerns and the crowded nature of the prime card space, focusing instead on lines of credit [44][46]