1 00:00:00.200 --> 00:00:03.800 So the CEO of Anova said that they're seeing 2 00:00:03.800 --> 00:00:05.600 their competitors pull back in originations. 3 00:00:06.200 --> 00:00:10.300 So Sean, we we have that article online. Let's talk 4 00:00:10.300 --> 00:00:13.300 a little bit about it. I mean the fact that there that Dave the 5 00:00:13.300 --> 00:00:16.400 CEO specifically said that they are seeing competitors pull back 6 00:00:16.400 --> 00:00:17.900 in on originations. 7 00:00:19.100 --> 00:00:22.300 For those watching what does that mean? All right. Well, first of all, I love 8 00:00:22.300 --> 00:00:25.300 the Anova quarterly earnings calls because now I believe 9 00:00:25.300 --> 00:00:28.700 60% of your business is is small business loans primarily 10 00:00:28.700 --> 00:00:32.000 driven by on Deck, right? So they're basically talking 11 00:00:31.200 --> 00:00:34.100 mostly about the small business 12 00:00:34.100 --> 00:00:38.000 lending ecosystem and they're talking heavily about their on 13 00:00:37.200 --> 00:00:40.400 Deck. Yeah, you know City area so that's 14 00:00:40.400 --> 00:00:43.000 hugely insightful information that you're going 15 00:00:43.300 --> 00:00:46.400 to get. You also have all the Q&A from all the analysts who are asking questions about 16 00:00:46.400 --> 00:00:49.400 your business and then you get comments like that. Yeah because people 17 00:00:49.400 --> 00:00:52.200 want to know because you know, but they're doing good. 18 00:00:52.200 --> 00:00:56.600 They're doing great at all all their their quote. 19 00:00:55.600 --> 00:00:58.700 They're small business loan originations hit 20 00:00:58.700 --> 00:01:01.700 87 Million numbers around Q3 Q2. We're 21 00:01:01.700 --> 00:01:04.800 looking at 679 million. They're feeling 22 00:01:04.800 --> 00:01:07.300 confident. They're feeling good. All their data says 23 00:01:07.300 --> 00:01:11.000 that you know, they're doing the right thing. They did shorten the terms down. 24 00:01:10.700 --> 00:01:13.000 Do I guess reflect, you know that there is 25 00:01:13.300 --> 00:01:16.100 some uncertainty in the economic environment, but they also said 26 00:01:16.100 --> 00:01:18.900 that they're seeing their competitors pull back. They're 27 00:01:19.500 --> 00:01:22.500 Necessarily pulling back so it's an opportunity for them. But as far 28 00:01:22.500 --> 00:01:26.000 as them pulling back, it's it echoes 29 00:01:25.600 --> 00:01:27.200 what I've been hearing. 30 00:01:28.100 --> 00:01:31.500 Maybe we don't have a lot of official stories with these 31 00:01:31.500 --> 00:01:34.200 things set on record. But you hear it. I heard of that broker fair. 32 00:01:34.200 --> 00:01:37.100 I get you know occasional calls some people telling me 33 00:01:37.100 --> 00:01:40.100 what what's going on and I have heard that the larger 34 00:01:40.100 --> 00:01:44.100 a paper type players in the industry have slowed 35 00:01:43.100 --> 00:01:46.400 down the origination. They've tighten their credit box up 36 00:01:46.400 --> 00:01:50.000 a little bit. Yep, and that the the more sub-prime or 37 00:01:49.700 --> 00:01:52.900 mid-prime players are talking about getting record 38 00:01:52.900 --> 00:01:55.300 applications. Yeah, and that's perhaps a reflection 39 00:01:55.300 --> 00:01:59.000 of the larger a paper quality funding 40 00:01:58.200 --> 00:02:01.100 companies being more conservative. You have 41 00:02:01.100 --> 00:02:04.200 the mid and subprime tier being like we're getting 42 00:02:04.200 --> 00:02:07.600 an influx of applications from business owners who have excellent credit, but 43 00:02:07.600 --> 00:02:10.700 in business, you know, 30 years who otherwise 44 00:02:10.700 --> 00:02:13.300 probably wouldn't normally apply and they're applying 45 00:02:13.300 --> 00:02:16.500 so I think it's it echoes what I've 46 00:02:16.500 --> 00:02:19.800 been hearing that their competition is pulling back on originations, you 47 00:02:19.800 --> 00:02:22.300 know oversee that and here we are hearing it, you 48 00:02:22.300 --> 00:02:25.400 know straight from them, you know, and obviously we've talked 49 00:02:25.400 --> 00:02:27.900 about an over in the past and they're so coming up. 50 00:02:28.400 --> 00:02:31.400 I mean like you said their their business is doing well something 51 00:02:31.400 --> 00:02:34.900 that he said is that the man has been strong for SMB 52 00:02:34.900 --> 00:02:37.400 products and it's also like you 53 00:02:37.400 --> 00:02:40.300 said it's changing some other terms. It's shortening some turn products 54 00:02:40.300 --> 00:02:43.500 and you know trying to pay attention to the 55 00:02:43.500 --> 00:02:46.500 SMB Market which is like the awesome 56 00:02:46.500 --> 00:02:49.200 trouble in the future, but it's interesting to see 57 00:02:49.200 --> 00:02:52.800 you know, how other competitors are 58 00:02:52.800 --> 00:02:55.800 playing back but in Elvis full of throttle going forward and they 59 00:02:55.800 --> 00:02:59.000 aren't really worrying too much about well, 60 00:02:58.400 --> 00:03:02.100 I manner they're wearing too much but they're not, you know, they're coming 61 00:03:01.100 --> 00:03:04.800 out strong with their numbers according to the interpretation 62 00:03:04.800 --> 00:03:07.600 that they yeah presenting, you know. Look forward to the next quarterly earnings. 63 00:03:07.600 --> 00:03:10.900 Yeah. No, it's a good time. It's always 64 00:03:10.900 --> 00:03:12.100 a good time always a good time.