Investor Presentaiton
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Corporate Finance
4Q 2023 Preliminary Results
Consistently generating strong returns
25% return on equity in 2023 (24% avg. over last five years)
Corporate Finance pre-tax income of $79 million
Inc / (Dec) v.
Key Financials ($ millions)
4Q 23
3Q 23
4Q 22
-
Pre-tax income of $307 million in full-year 2023, highest since IPO
Net financing revenue
Other revenue
Total net revenue
$
105
$
8
$
11
23
(1)
(2)
128
7
9
Provision for credit losses
Noninterest expense
(2)
Pre-tax income
17
12
1
32
(4)
$
79
$
0
51
(5)
$
12
(0)
$
79
$
11,212
SA SA
$
(4)
$
$ 463
12
$ 668
SAS
Held-for-investment loans of $10.9B, up 7% YoY
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-
Well diversified, high-quality, 100% first-lien, floating rate loans
Healthcare cashflow represents less than 1.5% of portfolio
CRE exposure of $1.3B is limited and performing well (no office CRE)
Solid credit performance over many years
Criticized assets and non-accrual loans at historically low levels
~30bps annual NCO rate since IPO; annual NCO rate of 7bps
excluding healthcare cash flow business (discontinued in 2020)
Net Charge-Off History
~30bps annual NCO rate since 2014
(7bps excluding Healthcare Cashflow exposures)
Change in fair value of equity securities (3)
Core pre-tax income (1)
Total assets (EOP)
Asset Quality Summary
1%
1.0%
10%
0.7%
0.6%
0.6%
0.4%
0.2%
0.1%
157%
-0.1% 0.0%
99%
90%
-0.4%
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Excl. Healthcare Cashflow
Criticized
Assets
Nonaccrual
Loans
Reserves as a %
of Nonaccrual
-0.5% -0.2% -0.1% 0.6% 0.1% 0.4% 0.0% 0.2% 0.0% 0.2%
(1) Non-GAAP financial measure. See pages 35-37 for definitions.
For additional footnotes see page 40.
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