Building the Hybrid Model

J A M E S PA R I SE V P C A P I TA L M A R K E T S & C O R P O R AT E D E V E L O P M E N T

What is a hybrid funding model?

Diversification creates flexibility

Balance Sheet

Other Marketplace /Forward Flow

Managed FundVehicles

Ran

dom

izeAllocation

What are the benefits of a hybrid funding model?

Tangible Alignment of Interest

Balance Sheet Drives Recurring Revenue

Liquidity Through Cycles

Economic Returns on Equity

Balance Sheet

Marketplace / Forward Flow

ABSMarket

2016 Strategic ObjectivesDouble Warehouse Capacity

Programmatic ABS Issuer

Auto-Refi & Credit Card

Bank Partnerships

Managed Fund Vehicles

Where we are today…

~ 50%On-Balance

Sheet

~50%Off-Balance

Sheet

ABS Securitizations

Credit Facilities

Bank Warehouses

Marketplace / Forward Flow

Managed Fund Vehicles> $1 Billion in Credit Facilities

~$900 Million in Avant Securitizations

$659 Million of Equity Raised to Date

$0

$750,000,000

$1,500,000,000

$2,250,000,000

$3,000,000,000

Jul-18 Sept-18 Nov-18 Jan-19 Mar-19 May-19 Jul-19 Sept-19 Nov-19 Jan-20 Feb-20

12270591561323435160.41391299472922.54311249080376.6964

974298137.3446974818922.7374

1160696534.4247

928434050.7481937170865.5385941855671.325939839012.4873

770655770.8394

426669435.7818411990544.8875413788796.8883430903398.6504410751799.5249415608550.1521409980865.6835405740293.2304

210083889.9815

Credit Facilities Unrestricted Cash Utilization Rate Liquidity

What’s next?

lowering the costs and barriers of borrowing

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