On this page of StockholderLetter.com we present the latest annual shareholder letter from Triumph Financial, Inc. — ticker symbol TFIN. Reading current and past TFIN letters to shareholders can bring important insights into the investment thesis.
2 0 24 A N N U A L R E P O R T Transact Confidently
Triumph Financial is a financial and technology company focused on payments, factoring, intelligence and banking. Through our brands TriumphPay, Triumph and LoadPay we are pioneering solutions that bring unrivaled efficiency, transparent and secure transactions, and improved working capital to the transportation industry. Our TBK Bank brand delivers consumer, business and commercial banking solutions, paired with the trust, stability and regulatory oversight that enable our customers to operate with certainty. We see a world where transactions are secure, accurate and seamless empowering our customers to Transact Confidently. Disclaimers TriumphPay is a division of TBK Bank, SSB, Member FDIC. // Factoring products and services offered by TBK Bank, SSB DBA Triumph. Insurance offered through Triumph Insurance Group, Inc., a subsidiary of TBK Bank, SSB DBA Triumph. Triumph Insurance Group, Inc. DBA in California as Triumph Risk and Insurance Solutions. Texas License # 1941647. Insurance products and services are NOT A DEPOSIT, NOT FDIC INSURED, NOT GUARANTEED BY THE BANK, NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY AND MAY GO DOWN IN VALUE. LoadPay is a product offering of TBK Bank, SSB, Member FDIC. The LoadPay debit card is issued by TBK Bank, SSB pursuant to a license from Mastercard.
Transact Confidently The freight and logistics industry is one of the largest and most fragmented marketplaces in the United States. This level of fragmentation makes it difficult for individual parties to transact confidently due to fraud, friction and theft. Triumph has led the industry in minimizing risk and unlocking opportunity inside our network, where all parties are connected. Triumph is the network modernizing and simplifying freight transactions, so our customers can Transact Confidently.
Fellow Stakeholders, For the first time since I have been writing these letters, the theme of our annual report is also our brand promise Transact Confidently. Our brand promise is the commitment we make to our customers; it is the value our customers should expect to receive when they interact with Triumph. Before I explore this theme further, I have a few shippers, brokers, carriers and factors. All of these things to say. Most annual reports are written for parties work together to move goods from the the shareholders. These reports are management s manufacturer to the doorstep of the consumer. Our perspective on their report card for the prior year. focus is trucking in the United States, which is just This will not be the case for this annual report. It s part of a much larger supply chain. Drilling down not because we are ignoring 2024; to the contrary, from there, the most core part of our business is you can read all about our 2024 results in my working with freight brokers who hire truckers fourth-quarter shareholder letter. Much of what to move freight. It s not the only thing we do in you might expect to read in an annual report you trucking, but it is the primary thing. can already find in my quarterly letters. I will not waste your time and repeat that here. I am choosing this annual report to talk about what I think long-term investors care about: How does our corporate strategy position us to deliver longterm shareholder value? What have we learned in the last 12 months that can make us better for the next 12 years? The answers to these questions are wedded to our brand promise, so let s begin. With that in mind, how does our brand promise touch these constituents? Here is our view: Brokers: Triumph s promise to brokers is to be the trusted network through which they can manage their freight transactions and carrier payments. This includes automating and streamlining their accounts payable function and securely and efficiently paying their carriers the right amounts when due. In addition, through the growth of our Let s start with our transportation businesses. network and the volume of freight transactions The primary constituents of our network are we process, we have unique visibility into this
The interconnectedness of our offerings creates the value chain life is better in our network. marketplace and its various submarkets. We intend fraud around their accounts payable process and to leverage this visibility to provide intelligence to provide the opportunity to generate revenue and data insights to help our brokers run their from their accounts payable. businesses better (i.e., to help them identify the right carrier for the right load at the right price). That s what Triumph does for the transportation industry. For each constituent, we have built Carriers: Triumph s promise to carriers is to technology, operational expertise and integrations help them get paid how they want and when that give us unique advantages. All of these they want so they can manage their cash to segments are interrelated within our network, successfully grow their business. Our factoring which increases the value proposition to the whole. business gives them instant liquidity and the By our way of thinking, it is the interconnectedness ability to negotiate with their suppliers to reduce of these offerings that creates the value chain life their operating costs. LoadPay is intentionally is better in our network. designed for trucking and gives carriers the ability to get funded instantly. One last promise we make to the transportation industry we believe in shared economies Factors: Triumph s promise to factors is to improve of scale instead of a one-sided approach to their efficiency by connecting them to the source our customers. We have been willing to defer of truth regarding an invoice. some revenue in order to build trust with our Shippers: Triumph s promise to shippers is to improve efficiency and reduce the potential for customers. We believe that value creation should be measured in decades, and we orient our thinking around building the most durable
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 • Benford's Law Stocks icon TFIN Benford's Law Stock Score = 84


TFIN Shareholder/Stockholder Letter Transcript:

2 0 24 A N N U A L R E P O R T
Transact
Confidently

Triumph Financial is a financial and technology company focused on payments, factoring,
intelligence and banking.
Through our brands   TriumphPay, Triumph and LoadPay   we are pioneering
solutions that bring unrivaled efficiency, transparent and secure transactions, and
improved working capital to the transportation industry. Our TBK Bank brand delivers
consumer, business and commercial banking solutions, paired with the trust, stability
and regulatory oversight that enable our customers to operate with certainty.
We see a world where transactions are secure, accurate and seamless   empowering
our customers to Transact Confidently.
Disclaimers
TriumphPay is a division of TBK Bank, SSB, Member FDIC. // Factoring products and services offered by TBK Bank, SSB DBA Triumph. Insurance offered
through Triumph Insurance Group, Inc., a subsidiary of TBK Bank, SSB DBA Triumph. Triumph Insurance Group, Inc. DBA in California as Triumph Risk
and Insurance Solutions. Texas License # 1941647. Insurance products and services are NOT A DEPOSIT, NOT FDIC INSURED, NOT GUARANTEED BY
THE BANK, NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY AND MAY GO DOWN IN VALUE. LoadPay is a product offering of TBK Bank, SSB,
Member FDIC. The LoadPay debit card is issued by TBK Bank, SSB pursuant to a license from Mastercard.

Transact
Confidently
The freight and logistics industry is one of the largest and most
fragmented marketplaces in the United States. This level of
fragmentation makes it difficult for individual parties to transact
confidently due to fraud, friction and theft.
Triumph has led the industry in minimizing risk and unlocking
opportunity inside our network, where all parties are connected.
Triumph is the network modernizing and simplifying freight
transactions, so our customers can Transact Confidently.

Fellow
Stakeholders,
For the first time since I have been writing these letters,
the theme of our annual report is also our brand promise   
Transact Confidently. Our brand promise is the commitment
we make to our customers; it is the value our customers should
expect to receive when they interact with Triumph.
Before I explore this theme further, I have a few
shippers, brokers, carriers and factors. All of these
things to say. Most annual reports are written for
parties work together to move goods from the
the shareholders. These reports are management   s
manufacturer to the doorstep of the consumer. Our
perspective on their report card for the prior year.
focus is trucking in the United States, which is just
This will not be the case for this annual report. It   s
part of a much larger supply chain. Drilling down
not because we are ignoring 2024; to the contrary,
from there, the most core part of our business is
you can read all about our 2024 results in my
working with freight brokers who hire truckers
fourth-quarter shareholder letter. Much of what
to move freight. It   s not the only thing we do in
you might expect to read in an annual report you
trucking, but it is the primary thing.
can already find in my quarterly letters. I will not
waste your time and repeat that here.
I am choosing this annual report to talk about what
I think long-term investors care about: How does
our corporate strategy position us to deliver longterm shareholder value? What have we learned in
the last 12 months that can make us better for the
next 12 years? The answers to these questions are
wedded to our brand promise, so let   s begin.
With that in mind, how does our brand promise
touch these constituents? Here is our view:
Brokers: Triumph   s promise to brokers is to be the
trusted network through which they can manage
their freight transactions and carrier payments.
This includes automating and streamlining their
accounts payable function and securely and
efficiently paying their carriers the right amounts
when due. In addition, through the growth of our
Let   s start with our transportation businesses.
network and the volume of freight transactions
The primary constituents of our network are
we process, we have unique visibility into this

The interconnectedness of our
offerings creates the value chain   
life is better in our network.
marketplace and its various submarkets. We intend
fraud around their accounts payable process and
to leverage this visibility to provide intelligence
to provide the opportunity to generate revenue
and data insights to help our brokers run their
from their accounts payable.
businesses better (i.e., to help them identify the
right carrier for the right load at the right price).
That   s what Triumph does for the transportation
industry. For each constituent, we have built
Carriers: Triumph   s promise to carriers is to
technology, operational expertise and integrations
help them get paid how they want and when
that give us unique advantages. All of these
they want so they can manage their cash to
segments are interrelated within our network,
successfully grow their business. Our factoring
which increases the value proposition to the whole.
business gives them instant liquidity and the
By our way of thinking, it is the interconnectedness
ability to negotiate with their suppliers to reduce
of these offerings that creates the value chain   life
their operating costs. LoadPay is intentionally
is better in our network.
designed for trucking and gives carriers the
ability to get funded instantly.
One last promise we make to the transportation
industry   we believe in shared economies
Factors: Triumph   s promise to factors is to improve
of scale instead of a one-sided approach to
their efficiency by connecting them to the source
our customers. We have been willing to defer
of truth regarding an invoice.
some revenue in order to build trust with our
Shippers: Triumph   s promise to shippers is to
improve efficiency and reduce the potential for
customers. We believe that value creation
should be measured in decades, and we orient
our thinking around building the most durable



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