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Co-Founder and President Sanjiv Das explained that these new products shift Pagaya from just decline monetization to actively helping partners grow their application funnels, which is expected to smooth out growth and show its full impact in 2026. Co-Founder and CEO Gal Krubiner added that these initiatives are highly accretive, as the technology is built once and can be deployed across Pagaya's 31+ partners.

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Interim CFO Paul Appleton outlined a quarterly expense run rate of about $96.5 million, driven by staffing and vendor efficiencies, with marketing spend expected to increase in Q4. CEO Raul Vazquez elaborated that savings came from tech, facilities, and disciplined personnel management, including leveraging GenAI, which provides flexibility to reinvest in marketing.

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Founder, CEO & Executive Chairman Todd Schwartz responded that OppFi remains cautious and is running a 'tight' credit box, relying on its dynamic Model 6 to react to economic changes rather than short-term volatility. He noted that marketing cost per funded loan (MCPF) increased to $220 as part of planned investments in new channels. Regarding yields, he expects them to be stable to slightly increasing, driven by the rollout of risk-based pricing.

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CEO Dave Girouard stated that over time, it is inevitable that secured products (home and auto) will grow as a fraction of the business. CFO Sanjay Datta added that while the margin profile is still materializing, these new markets have a similar structure to personal loans, with opportunities for margin in underserved segments, potentially yielding similar dollar profit per loan.

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CEO Dave Girouard projected that secured products (home and auto) will inevitably grow as a fraction of the business over time. CFO Sanjay Datta added that while the margin profile of new products is still developing, they have a similar market structure to personal loans and may yield a similar dollar profit per loan, despite different take rates.

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CEO Lachlan Given explained that U.S. inventory is up for positive reasons like PLO growth, increased purchasing activity, and layaway growth, though he noted turns are down and will be addressed with marketing and incentives. CFO Tim Jugmans added that a majority of the purchase increase is in gold, driven by high prices. Regarding Latin America, management highlighted the segment's significant profit growth and improved operating practices, which allow them to quickly bring inventory levels back into balance.

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Executive Lachlan Given attributed the strong U.S. loan growth to excellent in-store execution, higher average loan sizes, and sustained demand from financially challenged consumers, suggesting strong growth should continue. He also stated that competitive trends have been stable. CFO Timothy Jugmans added that while LTVs are constantly adjusted based on market sales data, they have remained very consistent on a consolidated, year-over-year basis.

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CEO Lachlan Given responded that he does not foresee any significant tailwinds or headwinds for the business resulting from the new administration. He emphasized that EZCORP's customer base has a fundamental need for cash and value-priced goods, which tends to operate independently of political forces, and that the overall macro environment remains supportive for the company's services.

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CEO Kenneth Booth acknowledged that the environment seems more competitive, as evidenced by lower volume per dealer. He noted that cost pressures on consumers, like tariffs, are typically a negative for the business. He also contextualized the volume decline by highlighting the tough year-over-year comparison against a record 2024 and suggested comparisons will ease after Q3 2025, which marks the anniversary of a key scorecard change.

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CFO Drew LaBenne stated that the goal is to grow originations at a pace that allows for both balance sheet growth and fulfilling high marketplace demand. He emphasized that balancing the resilient, recurring revenue from held loans with the strong in-period returns from loan sales is key to their strategy, and they intend to continue feeding both channels.

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CEO Anthony Noto stated that Lending segment margins are expected to remain consistent. He highlighted that the home equity business, which is new, is performing well and is poised for significant acceleration when interest rates decline. He also noted a recent pickup in student loan refinancing activity, while emphasizing that the diversification into the now-larger LPB business demonstrates the success of SoFi's broader strategy.

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Chairman & CEO David Fisher explained that the dynamics ebb and flow, but the SMB market is generally more stable with fewer players where brand matters more. In contrast, the consumer market is more fragmented, where competitors can become aggressive temporarily. However, he noted this often leads to issues for those competitors, creating future tailwinds for Enova. He affirmed the company feels great about its competitive position in both segments.

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CEO David Fisher referenced Enova's experience from 2008, stating that small business credit performance was not significantly different from consumer performance. He explained that the primary impact was a slowdown in lending rather than major credit deterioration. Fisher emphasized that Enova's SMB customers are very small and behave more like sophisticated consumers, and the portfolio's diversification and short duration provide confidence in its resilience.

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CFO Steve Cunningham stated that while it is still early, expectations for a typical tax refund season are already factored into the company's Q1 guidance for both business lines. He confirmed that they do not anticipate any surprises related to tax refunds that would alter their outlook.

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EVP, Treasurer, Chief Financial & Strategy Officer John Calmes explained that improved credit quality is due to a smaller proportion of new, higher-risk customers in the portfolio. President and CEO R. Chad Prashad added that the company is satisfied with the current loan mix, is not pursuing aggressive growth, and has not seen any significant increase in risk or changes in consumer behavior.

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CEO Chad Prashad responded that the company has not observed any significant changes in consumer demand or payment behavior. He clarified the shift to smaller loans is a strategic return to the company's core business, driven by underwriting and marketing changes, not consumer demand. Prashad also attributed the 25% increase in tax prep revenue to successful price increases based on market research, which did not negatively impact demand.

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Executive Chad Prashad clarified that growth is driven by non-refinance customers, including former ones, and that a shift to smaller loans provides underwriting flexibility in the current macro environment. Chief Financial and Strategy Officer John Calmes attributed the significant yield improvement primarily to a mix shift from large loans to small loans, with credit quality also being a contributing factor. Regarding the tax season, Mr. Prashad stated it was too early for a definitive outlook but noted that early signs for customer demand were positive and he remains cautiously optimistic.

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CEO Steven Michaels confirmed that excluding the Big Lots impact and decisioning changes, underlying GMV growth would be in the high-single-digits. He stated the Big Lots GMV headwind is largely lapped in Q4 2025, while the bulk of the underwriting tightening will be lapped in H1 2026. CFO Brian Garner added that a new appendix slide details the direct portfolio impact from Big Lots on margins and write-offs.

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CFO Fahmi Karam explained that Upbound has maintained a conservative underwriting posture for a couple of years, which provides confidence in the current portfolio. He noted that Acima has more flexibility to tighten on high-risk segments while remaining competitive elsewhere, thanks to strong application flow from the trade-down effect. CEO Mitchell E. Fadel added that this disciplined approach has allowed Acima to achieve a 29% two-year stacked GMV growth while simultaneously lowering its loss rates.

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CEO Mitchell E. Fadel confirmed that competitor bankruptcies are seen as a potential tailwind and opportunity for 2025, after being a headwind from liquidation sales in late 2024. He attributed the differing loss trends to the 'trade-down' effect, which directly benefits Acima's customer mix and credit profile more than Rent-A-Center's. He noted, however, that Rent-A-Center's losses have stabilized sequentially.

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CEO Douglas Shulman stated that despite a volatile macro environment, they are not seeing any negative shifts in consumer behavior within their portfolio. He reported that demand remains good, credit trends are steady and predictable, and internal surveys of their branch network indicate no change in consumer sentiment from previous quarters.

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CEO Douglas Shulman described the personal loan environment as constructive, allowing for strong origination growth to high-quality borrowers. He noted that while capital is more available for competitors now than a few years ago, OneMain's differentiated balance sheet remains an advantage. For cards and franchise auto, he characterized OneMain as a small challenger picking specific pockets of opportunity. Regarding tax season, Shulman stated it was still early but that they had not observed anything wildly different from recent years.

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CEO Steven Michaels confirmed the guidance change was a demand story, not a portfolio performance story, noting that Q1 write-offs were better than expected and the portfolio remains healthy. He explained that the GMV miss was driven by lower application volume and conversion post-approval. Regarding Four Technologies, Michaels highlighted its different customer base and product categories (e.g., apparel, cosmetics) with a lower average order value, which have been less impacted by the pullback in big-ticket durable goods spending.

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President and CEO Steven Michaels acknowledged the shift to online but emphasized that physical stores remain crucial for an omnichannel experience. He noted that while the overall retail environment is challenging, with 'less bad is the new up,' there are some positive signs in consumer electronics and mobile phones. Regarding tax season, he stated it was too early to have clear visibility but the company anticipates a 'normal' season.

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