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Donald Broughton

Research Analyst at Broughton Capital LLC

Donald Broughton is Principal & Managing Partner at Broughton Capital LLC, specializing in transportation industry research, macroeconomic forecasting, and forensic stock analysis with a focus on trucking and goods flow data. He founded the firm in early 2017 after over two decades as a top Wall Street analyst, covering Transportation at A.G. Edwards where he led the Industrials Research Team and served on the Investment Strategy Committee, then as Senior Transportation Analyst and Chief Market Strategist at Avondale Partners for nine years, earning repeated recognition as a Wall Street Journal All-Star Analyst, Forbes-featured pick, and 5-Star Analyst by Zacks and Starmine. Prior to Wall Street, he held nearly a decade of operations roles in the beverage industry, including Corporate Manager of Distribution for Dr Pepper/Seven-Up and COO for Bevmark Concepts; notable achievements include prescient calls on the 2007-2008 recession, 2010-2011 market rallies, 2015 industrial downturn, and 2016-2017 industrial recovery.

Donald Broughton's questions to Triumph Financial (TFIN) leadership

Question · Q4 2025

Donald Broughton sought clarification on the meaning and benefit of a 'negative credit loss expense.' He then asked about the nature of risk in Triumph's business, specifically whether it relates to duration matching, assessing creditworthiness, or underlying assets. Finally, he inquired if the ABL (Asset-Based Lending) business was intended to be complementary to Triumph's other offerings, such as factoring freight bills, given their understanding of assets like trucks and trailers.

Answer

Aaron Graft, Founder, Vice Chairman, and CEO, clarified that a negative credit loss expense implies greater recoveries than new provisions or charge-offs, specifically recoveries of prior period expenses. David Vielehr, President of LoadPay, stated that the primary risk is understanding the creditworthiness of underlying borrowers, with duration playing to their advantage due to very short average durations. Aaron Graft added that other lending businesses, like the community bank, require tight credit policies. David Vielehr explained that while the ABL business was expected to have strategic benefits to transportation, it hasn't materialized in practice, leading to non-transportation-related exposure. Todd Ritterbusch, President, TriumphPay, acknowledged that initial business plans don't always play out as expected.

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Question · Q4 2025

Donald Broughton sought clarification on the meaning of 'negative credit loss expense' and inquired about the specific risks in Triumph's lending businesses, such as duration matching, creditworthiness assessment, and underlying assets. He also asked if the ABL business was complementary to their factoring operations.

Answer

Aaron Graft, Founder, Vice Chairman, and CEO, clarified that a negative credit loss expense indicates greater recoveries than new provisions or charge-offs, representing recoveries of prior period expenses. Todd Ritterbusch, President of Payment and Banking, identified the primary risk as understanding the creditworthiness of underlying borrowers, noting that duration is short and advantageous in factoring and mortgage warehouse. He explained that while the ABL business was expected to have strategic benefits to transportation, it hasn't played out as anticipated, leaving them with non-transportation-related exposure.

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