This presentation contains "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including but not limited to, information or predictions concerning our future financial performance, including our financial outlook for Q4 2025 and the full fiscal year 2025 under the heading "Outlook" and management's estimates under the heading "Marketplace update," projected growth and other strategies, b ...

Key Takeaways PGY's AI-driven, capital-light model shows stronger earnings growth prospects than a traditional lender.OMF relies on branch-based lending, securitization and shareholder returns through dividends and buybacks.PGY benefits from forward-flow funding, limited balance-sheet risk and sharply improving credit losses.Two key players in the consumer finance space that target the underserved credit segments, such as subprime and non-prime borrowers, are Pagaya Technologies Ltd. (PGY) and OneMain Holdi ...

Key takeaways The Federal Open Market Committee (FOMC) sets the benchmark rate, which impacts the rates auto lenders set. When the federal funds rate fluctuates, so will the cost to finance a vehicle. The Fed increased the benchmark rate 11 times between 2022 and 2023, and the central bank has cut its rate three times to date in 2025. While auto loan rates have begun to decrease, it will likely take several rate cuts before borrowers see significantly lower rates. Over the past two years, Americ ...

Key takeaways New car loans had an average interest rate under 7%, while used car loan rates averaged nearly just under 11.50% in the third quarter of 2025. Your credit score plays a significant role in determining your interest rate, but other factors such as the lender, amount borrowed, length of the loan and economic conditions also play a role. The best way to secure a competitive interest rate on your auto loan is to shop around and work to improve your credit score. The average auto loan int ...

Core Insights - The Reserve Bank of India (RBI) directive relates to a portfolio of agricultural priority sector credit facilities, with no change in asset classification or borrower terms [1] - ICICI Bank reported a profit before tax excluding treasury of INR 149.57 billion, a decrease from INR 152.89 billion year-over-year, and profit after tax of INR 113.18 billion, down from INR 117.92 billion [1] - Core operating profit increased by 6% year-over-year to INR 175.13 billion, with total provisions for the quarter at INR 25.56 billion, including an additional standard asset provision of INR 12.83 billion [2][3] Financial Performance - Adjusted profit before tax excluding treasury would have risen approximately 6.2% year-over-year to INR 162.40 billion, and profit after tax would have increased 4.1% year-over-year to INR 122.80 billion [5][6] - Net interest income rose 7.7% year-over-year to INR 219.32 billion, with a net interest margin of 4.3% [13] - Non-interest income excluding treasury increased 12.4% year-over-year to INR 75.25 billion, with fee income rising 6.3% year-over-year to INR 65.72 billion [15] Credit Quality and Provisions - The net NPA ratio was reported at 0.37%, with provisioning coverage at 75.4% and contingency provisions of INR 131 billion [4][17] - Gross NPA additions were INR 53.56 billion, down from INR 60.85 billion a year earlier, with recoveries and upgrades amounting to INR 32.82 billion [18] - Management noted that the outstanding loans to non-banking financial companies (NBFCs) and housing finance companies (HFCs) were INR 791.18 billion, representing about 4.3% of advances [20] Growth Metrics - Average deposits grew 8.7% year-over-year, with total deposits up 9.2% year-over-year [7] - Domestic loan portfolio grew 11.5% year-over-year, with retail loans increasing 7.2% and business banking loans growing 22.8% [9] - The bank's capital ratios remained strong, with a CET1 ratio of 16.46% and total capital adequacy ratio of 17.34% [21]

Summary of LendingTree Conference Call Company Overview - **Company**: LendingTree - **CEO**: Scott Peyree - **Industry**: Fintech, specifically focusing on online performance marketing for financial products Key Points Leadership Transition - Scott Peyree transitioned to CEO following the unexpected passing of Doug, the founder of LendingTree, in October 2023. Peyree had been with the company since 2018 and was previously the Chief President and COO, which facilitated a smoother transition into the CEO role [5][6]. Business Portfolio - LendingTree aims to be the number one destination for shopping financial products, offering a diversified portfolio that includes: - **Insurance Products**: Auto, home, and health insurance, with auto insurance being the largest segment [8][9]. - **Lending Products**: Mortgage products (purchase, refinance, home equity), personal loans, small and medium-sized business lending, credit cards, deposits, and auto loans [9]. Insurance Market Insights - The insurance market has rebounded post-COVID, with record revenues and VMD (Value of Marketing Dollars) in 2025 across all insurance categories. The growth cycle is expected to continue into 2026 [10][11]. - California's insurance market is improving due to regulatory changes, allowing for more aggressive marketing and consumer acquisition [13][14]. - The top brands in the insurance market, such as Progressive and State Farm, dominate advertising spend, which influences market dynamics [16]. Home Business Dynamics - The home business is highly dependent on interest rates, with current levels being at a trough. The HELOC (Home Equity Line of Credit) segment has seen growth, but the refinance market is anticipated to rebound significantly if interest rates drop to around 5.5% [22][24][30]. - The refinance product is more valuable and profitable compared to purchase loans, which have a longer sales cycle [26][27]. Consumer Lending Segment - The consumer side includes small business lending, personal loans, credit cards, deposits, and auto loans, with small business lending being the fastest-growing segment [35]. - Personal loans are less sensitive to interest rates, primarily driven by debt consolidation needs. The growth potential hinges on lenders becoming more comfortable with credit risk [39][40]. Growth Projections - LendingTree expects to sustain double-digit growth across its business segments, driven by operational excellence and market opportunities [42][43]. - The company is investing in AI to enhance marketing efficiency and improve the consumer shopping experience, which is expected to drive engagement and revenue growth [44][48]. Financial Metrics and Capital Structure - The company has a current debt of $400 million, with a goal to reduce net debt to around $200 million to maintain a conservative capital structure [58][60]. - EBITDA is expected to grow faster than VMD, with a focus on improving operating leverage and free cash flow conversion [57][62]. Future Outlook - LendingTree is positioning itself for future growth through brand repositioning and expanding its market presence beyond just mortgages [63]. - The integration of AI tools is anticipated to fundamentally change the shopping experience for consumers, making it easier to compare financial products [47][48]. Additional Insights - The competitive landscape has shifted, with some competitors exiting the market, allowing LendingTree to strengthen its position as a leading provider in the mortgage sector [32][33]. - The company is exploring new consumer acquisition strategies, including leveraging AI and LLMs (Large Language Models) to enhance customer engagement [65][66].

Core Viewpoint - Tricolor Holdings, which marketed itself as a solution for car buyers with poor credit, is accused of orchestrating a systematic fraud that led to its bankruptcy, harming banks, investors, employees, and customers while undermining confidence in the financial system [2]. Group 1: Fraud Allegations - Federal prosecutors allege that the fraudulent scheme began around 2018 and continued until Tricolor filed for bankruptcy in September 2025, with the company's founder and COO charged with orchestrating the fraud [2]. - The fraud was described as an integral part of Tricolor's business strategy, resulting in a billion-dollar collapse [2]. - Tricolor executives allegedly misrepresented the quality and value of auto loans, using tactics such as "double-pledging" the same loans to multiple lenders [3]. Group 2: Loan Data Manipulation - Prosecutors claim that loan data was manipulated to make delinquent or charged-off loans appear eligible for financing, misleading banks and investors about the health of Tricolor's loan portfolio [4]. - These misrepresentations allowed Tricolor to secure billions of dollars from lenders and investors, claiming over $1 billion in assets at the time of bankruptcy [5]. Group 3: Impact on Financial Institutions - The fallout from Tricolor's bankruptcy affected banks like JPMorgan and Jefferies Financial Group, which had extended hundreds of millions of dollars in financing to Tricolor and another company, First Brands, that also filed for bankruptcy [6]. - The twin bankruptcies caused a brief decline in shares of several regional banks due to concerns over other risky loans on their balance sheets [6].

Group 1: Federal Reserve Interest Rate Policy - The Federal Reserve is considering cutting interest rates again in 2026, but the impact on consumer borrowing costs will vary [1] - Credit cards and high-yield savings accounts are more sensitive to Fed policy, while long-term products like 30-year mortgages may not see immediate reductions [1][3] - The rates that consumers pay depend significantly on their credit history, with higher rates for those with lower credit scores [2] Group 2: Consumer Borrowing Costs - Lower Fed rates do not provide uniform relief across consumer finances, affecting borrowing, saving, and refinancing strategies [3] - Credit card APRs are currently above 20%, significantly higher than the average of 15% in early 2022, reflecting lenders' risk assessments [4] - Auto loan delinquencies increased to nearly 3% in Q3, indicating challenges for consumers amid rising car prices [7][8] Group 3: Market Outlooks - Credit card executives are optimistic about improving credit performance, suggesting a potential easing of lending standards [6] - Auto loan rates may take longer to decrease due to ongoing consumer risk concerns and economic conditions [9] - Deposit rates are adjusting more quickly, with high-yield savings accounts seeing reductions from 6% to 4.18% for 1-year CDs [10][11] Group 4: Mortgage Rates - Adjustable-rate mortgages may decrease, but fixed-rate mortgages could remain stable or even rise due to their correlation with the 10-year U.S. Treasury yield [13] - The 10-year yield has struggled to drop below 4%, limiting the decline in mortgage rates and disappointing potential homebuyers [16]

Core Viewpoint - Tricolor, a subprime auto lender, has been indicted for defrauding creditors through the double-counting of collateral, leading to significant financial losses and the company's eventual bankruptcy [1][2]. Group 1: Indictment and Fraud Scheme - Daniel Chu, CEO of Tricolor, and COO David Goodgame have been indicted for orchestrating a scheme that involved persistent falsehoods to lenders, contributing to losses exceeding $1 billion [2]. - The indictment alleges that fraudulent activities began in 2018, with the company repeatedly pledging the same collateral to multiple lenders [5][6]. - Tricolor's bankruptcy filing in early September revealed significant fraud in collateral records, with the company owing around $200 million to Fifth Third Bancorp [3]. Group 2: Financial Impact and Operations - At the time of its collapse, Tricolor operated 65 locations and managed over 60,000 outstanding car loans, generating approximately $1 billion in revenue in fiscal years 2023 and 2024 [4]. - The company had issued approximately $5 billion in auto loans and owed major lenders over $900 million at the time of its bankruptcy [9]. - The fallout from Tricolor's collapse has led to a sharp decline in regional bank stocks [9]. Group 3: Executive Actions and Consequences - Chu arranged for himself to receive a substantial $15 million bonus shortly before the bankruptcy, indicating awareness of the impending insolvency [7]. - The executives are accused of manipulating financial records and retaining sold vehicles on the borrowing base for creditors [7]. - Following the collapse, around 1,000 employees were dismissed, and the law firm handling the bankruptcy proceedings no longer represents the company [8].

Core Insights - Upstart Holdings (UPST) shares are trading at a premium with a Value Score of D, and a forward 12-month Price/Sales (P/S) ratio of 3.83X, higher than the industry average of 3.36X [1] - Despite the premium valuation, UPST shares have underperformed, declining 31.1% over the past three months compared to the industry's 14% fall [2] - Investors' confidence is eroding due to macroeconomic conditions and concerns about Upstart's conservative lending models [3] Financial Performance - Upstart reported a 71% year-over-year revenue growth in Q3, reaching $277 million, with loan originations climbing 80% to $2.9 billion [5][9] - Loan applications increased by approximately 30% quarter over quarter, totaling over 2 million, the highest in over three years [8] - The conversion rate for loans decreased to 20.6% from 23.9% in the previous quarter, although it remains above 16.3% from a year ago [8] Operational Efficiency - 91% of loans in Q3 were fully automated, enhancing operational efficiency and scalability [9] - Upstart launched a machine learning model to optimize take rates, which is expected to improve monetization over time [10] Expansion into New Markets - Upstart is diversifying beyond personal loans, with auto, home, and small-dollar loans gaining traction, accounting for nearly 12% of total originations and 22% of new borrowers in Q3 [11] - Auto retail loan originations grew 9% sequentially, and home-equity lending approvals surged to about 20% by October 2025 [12] Market Sentiment and Future Outlook - The Zacks Consensus Estimate for 2025 earnings per share (EPS) has increased by 2 cents to $1.68, while the estimate for 2026 EPS has been revised down by 27 cents to $2.65 [17] - Despite strong fundamentals and growth prospects, the stock remains sensitive to macroeconomic conditions, particularly interest rate shifts [16][18] - Upstart is currently rated as a Hold, suggesting it is a stock worth monitoring rather than an immediate buy or sell [20]