EQB : Supplemental Information

Published: 2025-02-25 17:50:12 ET EQB.TO

Notes to Readers

Purpose of this document

This Supplemental Financial Information Report (Report) aims to provide the readers with additional financial information that will assist the readers' assessment of business performance of EQB Inc. (EQB) and its wholly-owned subsidiary, Equitable Bank, including disclosures related to Equitable Bank's loan portfolio, some of which relate to disclosure requirements outlined in OSFI's Guideline B-20, 'Residential Practices and Procedures'.

Use of this document

Readers are cautioned that financial information contained in this Report include both Generally Accepted Accounting Principles (GAAP) and non-GAAP measures. The latter often does not have any standardized meaning, and therefore, are not comparable to similar measures presented by other financial institutions.

This Report should be read in conjunction with EQB's unaudited interim consolidated financial statements and accompanying notes, as well as Management's Discussion and Analysis ("MD&A") for the quarter ended January 31, 2025.

Basis of presentation

All numbers in this Report are Canadian dollars and are unaudited.

GAAP measures have been prepared in accordance with International Financial Reporting Standards (IFRS) unless otherwise stated. Non-GAAP measures used in this Report are defined under the Section "Non-GAAP financial measures and ratios".

ACM acquisition

On December 14, 2023, EQB acquired a 75% interest in ACM Asset Management Ltd, which owns 100% of ACM Advisors Ltd. (ACM). EQB's Consolidated Balance Sheet records 100% of ACM's assets and liabilities, with the 25% equity owned by other shareholders presented separately as non-controlling interest on the statement. Net income available to common shareholders is reported as net income, net of dividends, distribution to LRCN holders and non-controlling interests allocated to the minority shareholders.

Change of EQB's Fiscal year end

EQB has changed its fiscal year to end on October 31 for 2023 onward, compared to prior fiscal periods ending December 31. With this change, results do not show a Q3 2023 period.

FIRST QUARTER 2025

SUPPLEMENTAL FINANCIAL INFORMATION

Table of Contents

Page

Notes to Readers

Regulatory and voluntary mortgage portfolio disclosures

Table 13: Loan principal outstanding - by province

Highlights

Table 14: Residential mortgage and HELOC principal outstanding - by province

Table 1: Financial highlights

Table 15: Residential mortgage principal outstanding - by remaining amortization

Table 16: Uninsured average loan-to-value of newly originated and newly acquired

Consolidated results of operations

Table 17: Average loan-to-value of existing uninsured single-family residential mortgages

Table 2: Consolidated balance sheets

Table 18: Uninsured single-family residential mortgages - weighted average credit score by LTV

Table 3: Consolidated statements of income

Table 4: Net interest income and margin

Financial condition

Non-GAAP financial measures and ratios

Table 5: Non-interest expenses and efficiency ratio

Table 6: Average balance sheet information

Glossary

Table 7: Loans under management - by lending business

Table 8: Deposit principal

Acronyms

Credit quality

Table 9: Impaired loans - by lending business

Table 10: Provision for credit losses (PCL) - by lending business

Table 11: Allowance for credit losses continuity

Table 12: Allowance for credit losses - by lending business

Table 1: Financial highlights

($000s, except share, per share amounts and percentages)

2025

2024

2023

Four months

Adjusted results ($ thousands, unless stated otherwise)(1)

Net interest income

263,386

264,578

271,367

267,338

256,010

345,783

251,699

236,630

Non-interest revenue

59,249

56,998

55,871

49,322

42,762

49,503

32,883

27,975

Revenue

322,635

321,576

327,238

316,660

298,772

395,286

284,582

264,605

Non-interest expenses

152,715

148,547

145,694

143,111

134,034

173,012

121,910

120,262

Pre-provision pre-tax income(1)

169,920

173,029

181,544

173,549

164,738

222,274

162,672

144,343

Provision for credit losses

13,660

31,902

19,576

22,217

15,535

19,566

13,042

6,248

Income before income taxes

156,260

141,127

161,968

151,332

149,203

202,708

149,630

138,095

Income tax expense

40,030

39,728

44,784

40,290

40,853

55,673

34,124

36,366

Net income

116,230

101,399

117,184

111,042

108,350

147,035

115,506

101,729

Net income available to common shareholders

115,662

97,073

114,258

108,177

105,719

144,686

113,175

99,411

Earnings per share - diluted ($)

2.98

2.51

2.96

2.81

2.76

3.80

2.98

2.62

Return on equity (%)(3)

15.2

13.1

15.9

15.6

16.5

18.3

16.9

Efficiency ratio (%)(2)(3)

47.3

46.2

44.5

45.2

44.9

43.8

42.8

45.4

Net interest margin (%)(1)

2.07

2.09

2.11

2.01

2.00

1.99

1.95

Reported results ($ thousands, unless stated otherwise)

Net interest income

263,386

255,774

271,367

267,338

256,010

345,783

251,699

240,797

Non-interest revenue

59,249

56,998

55,871

49,322

42,762

49,503

60,848

27,034

Revenue

322,635

312,772

327,238

316,660

298,772

395,286

312,547

267,831

Non-interest expenses

159,255

153,625

150,569

150,420

139,485

181,165

127,030

126,548

Pre-provision pre-tax income(1)

163,380

159,147

176,669

166,240

159,287

214,121

185,517

141,283

Provision for credit losses

18,678

47,987

21,274

22,217

15,535

19,566

13,042

6,248

Income before income taxes

144,702

111,160

155,395

144,023

143,752

194,555

172,475

135,035

Income tax expense

36,992

31,740

43,241

38,307

39,370

53,409

41,550

35,516

Net income

107,710

79,420

112,154

105,716

104,382

141,146

130,925

99,519

Net income available to common shareholders

107,402

75,382

109,538

103,041

101,875

138,797

128,594

97,201

Earnings per share - basic ($)

2.79

1.96

2.86

2.70

2.68

3.67

3.41

2.58

Earnings per share - diluted ($)

2.77

1.95

2.84

2.67

2.66

3.64

3.39

2.56

Return on equity (%)

14.1

10.2

15.2

15.1

15.0

15.8

20.8

16.5

Efficiency ratio (%)

49.4

49.1

46.0

47.5

46.7

45.8

40.6

47.2

Net interest margin (%)(1)

2.07

2.00

2.09

2.11

2.01

2.00

1.99

1.95

Return on average assets (%)

0.8

0.6

0.8

1.0

0.8

Return on RWA (%)

2.21

1.62

2.28

2.12

2.04

2.12

2.68

2.10

Table 1: Financial highlights (continued)

($000s, except share, per share amounts and percentages)

2025

2024

2023

Four months

Select balance sheet and other information ($ millions, unless stated

otherwise)

Total assets

53,232

53,234

54,070

53,940

53,099

52,933

53,319

51,793

Assets under management(1)

81,432

79,354

78,200

76,515

74,136

67,932

65,910

63,336

Loans - Personal & Commercial

46,340

47,034

47,958

47,909

47,792

47,361

47,437

46,580

Loans under management(1)

69,257

67,861

66,878

65,525

63,929

62,397

60,112

58,238

Assets under administration(1)

50,237

47,684

47,152

46,974

44,725

43,173

42,037

41,469

Total deposits principal

34,007

33,164

32,710

33,559

31,760

31,577

31,783

31,278

EQ Bank deposits principal

9,024

9,055

8,890

8,653

8,328

8,233

8,204

8,097

Other deposits principal

24,983

24,109

23,820

24,906

23,432

23,344

23,579

23,181

Total risk-weighted assets(2)

19,476

19,487

19,650

19,720

20,108

19,809

19,427

18,981

Common shareholders' equity

3,064

2,980

2,904

2,822

2,723

2,664

2,538

2,429

Preferred shares

181

Liquid assets(1)

4,960

4,014

4,090

4,557

3,666

3,795

4,101

3,882

Total assets held for regulatory purposes as a % of total Equitable Bank

9.3

7.5

8.3

6.8

7.0

7.6

7.4

assets (%)

Total liquid assets as a % of total assets (%)

9.3

7.5

7.6

8.4

6.9

7.2

7.7

7.5

Credit quality (%, unless stated otherwise)

Provision for credit losses ($ thousands)

18,678

47,987

21,274

22,217

15,535

19,566

13,042

6,248

Provision for credit losses - rate (%)(2)

0.16

0.40

0.18

0.19

0.13

0.12

0.11

0.05

Net impaired loan as a % of total loan assets (%)

1.47

1.32

1.09

0.92

0.94

0.76

0.47

0.32

Net allowance for credit losses as a % of total loan assets (%)

0.28

0.32

0.26

0.23

0.22

0.20

0.19

Share information

Common share price - close ($)

108.36

106.82

96.37

83.11

92.32

68.82

70.00

58.30

Book value per common share ($)(2)

79.71

77.51

75.67

73.73

71.33

70.33

67.33

64.47

Common shares outstanding

38,443,395

38,449,904

38,382,278

38,276,294

38,173,396

37,879,352

37,729,584

37,680,498

Common share market capitalization ($ millions)

4,166

4,107

3,699

3,181

3,524

2,607

2,641

2,197

Dividends paid - common share ($)

0.49

0.47

0.45

0.42

0.40

0.38

0.37

0.35

Dividends paid - preferred share - Series 3 ($)

0.37

Dividend yield - common shares (%)(2)

1.8

1.9

2.0

1.9

2.0

2.3

Dividend payout (%)(2)

17.7

24.1

15.8

15.7

15.0

10.4

10.9

13.7

Equitable Bank capital information(%)(3)(4)

CET1 ratio

14.1

14.3

14.7

14.1

14.2

14.0

14.1

14.0

Tier 1 capital ratio

14.9

15.0

16.1

14.8

14.6

14.8

15.0

Total capital ratio

15.5

15.6

16.6

15.3

15.4

15.2

15.4

15.5

Leverage ratio

5.2

5.3

5.6

5.2

5.4

5.3

5.2

5.3

Table 2: Consolidated balance sheets

($000s)

2025

2024

2023

Assets

Cash and cash equivalents

810,017

591,641

509,608

657,219

543,759

549,474

373,492

345,621

Restricted cash

817,025

971,987

904,196

783,148

662,759

767,195

870,247

666,530

Securities purchased under reverse repurchase agreements

1,800,014

1,260,118

1,339,578

1,399,955

805,612

908,833

1,208,930

732,608

Investments

1,571,754

1,627,314

1,806,413

1,817,916

2,025,978

2,120,645

2,235,530

2,483,604

Loans - Personal

32,303,971

32,273,551

32,584,931

32,823,421

32,680,816

32,390,527

32,333,611

32,183,036

Loans - Commercial

14,036,424

14,760,367

15,372,643

15,085,481

15,111,488

14,970,604

15,103,519

14,397,192

Securitization retained interests

892,258

813,719

738,986

663,593

607,822

559,271

474,542

410,441

Deferred tax assets

28,841

36,104

30,481

14,921

14,871

14,230

14,392

15,024

Other assets

971,520

899,120

782,900

694,542

645,770

652,675

704,440

558,962

53,231,824

53,233,921

54,069,736

53,940,196

53,098,875

52,933,454

53,318,703

51,793,018

Liabilities and Shareholders' Equity

Liabilities:

Deposits

34,616,801

33,739,612

33,258,969

34,123,703

32,245,509

31,996,450

32,137,347

31,589,063

Securitization liabilities

13,711,167

14,594,304

14,919,830

15,181,341

15,389,417

14,501,161

15,397,103

15,311,657

Obligations under repurchase agreements

482,574

1,128,238

875,718

904,658

Deferred tax liabilities

190,419

177,933

161,025

148,549

141,543

128,436

106,723

92,417

Funding facilities

768,813

946,956

1,803,221

839,841

1,332,903

1,731,587

1,487,008

768,717

Other liabilities

723,188

636,931

681,213

630,954

589,879

602,039

594,952

515,871

50,010,388

50,095,736

50,824,258

50,924,388

50,181,825

50,087,911

50,598,851

49,182,383

Shareholders' Equity:

Preferred shares

181,411

Common shares

506,160

505,876

501,594

495,707

489,944

471,014

466,711

463,862

Other equity instruments

147,360

147,440

147,808

Contributed (deficit) surplus

(17,437)

(17,374)

(25,801)

(24,811)

(23,055)

12,795

12,668

12,002

Retained earnings

2,564,315

2,483,309

2,432,426

2,359,116

2,272,116

2,185,480

2,065,478

1,954,394

Accumulated other comprehensive income (loss)

11,200

8,555

(3,964)

(7,804)

(15,826)

(5,157)

(6,416)

(1,034)

3,211,598

3,127,806

3,233,474

3,003,619

2,904,590

2,845,543

2,719,852

2,610,635

Non-controlling interests

9,838

10,379

12,004

12,189

12,460

53,231,824

53,233,921

54,069,736

53,940,196

53,098,875

52,933,454

53,318,703

51,793,018

Table 3: Consolidated statements of income

($000s, except share and per share amounts)

2025

2024

2023

Four months

Interest income:

Loans - Personal

481,370

492,338

501,420

482,299

468,954

598,177

420,578

391,816

Loans - Commercial

222,117

242,171

256,788

257,842

262,881

361,864

256,731

241,768

Investments

13,400

15,579

16,432

16,879

17,876

24,613

18,856

21,893

Other

25,370

26,564

32,210

27,209

22,099

31,688

21,083

17,352

742,257

776,652

806,850

784,229

771,810

1,016,342

717,248

672,829

Interest expense:

Deposits

347,809

378,303

387,208

366,002

358,562

461,786

322,503

293,231

Securitization liabilities

125,432

130,834

132,810

131,776

127,253

165,853

118,416

118,174

Funding facilities

5,547

9,363

12,773

13,521

15,283

24,718

11,891

7,918

Others

2,378

2,692

5,592

14,702

18,202

12,739

12,709

478,871

520,878

535,483

516,891

515,800

670,559

465,549

432,032

Net interest income

263,386

255,774

271,367

267,338

256,010

345,783

251,699

240,797

Non-interest revenue:

Fees and other income

22,920

21,347

22,561

20,564

16,615

18,508

14,489

13,898

Gains (losses) on strategic investments

1,870

1,729

2,250

3,425

(341)

3,655

27,933

(2,613)

Net gains (losses) on other investments

434

283

3,895

3,704

5,334

4,428

1,726

(687)

Gain on sale and income from retained interests

24,872

23,679

22,755

23,177

19,409

25,948

16,104

14,332

Net gains (losses) on securitization activities and derivatives

9,153

9,960

4,410

(1,548)

1,745

(3,036)

596

2,104

59,249

56,998

55,871

49,322

42,762

49,503

60,848

27,034

Revenue

322,635

312,772

327,238

316,660

298,772

395,286

312,547

267,831

Provision for credit losses

18,678

47,987

21,274

22,217

15,535

19,566

13,042

6,248

Revenue after provision for credit losses

303,957

264,785

305,964

294,443

283,237

375,720

299,505

261,583

Non-interest expenses:

Compensation and benefits

75,934

70,104

69,912

66,961

65,369

81,683

59,707

58,362

Other

83,321

83,521

80,657

83,459

74,116

99,482

67,323

68,186

159,255

153,625

150,569

150,420

139,485

181,165

127,030

126,548

Income before income taxes

144,702

111,160

155,395

144,023

143,752

194,555

172,475

135,035

Income taxes:

Current

16,739

18,922

44,083

32,734

38,514

28,803

26,612

28,651

Deferred

20,253

12,818

(842)

5,573

856

24,606

14,938

6,865

36,992

31,740

43,241

38,307

39,370

53,409

41,550

35,516

Net income

107,710

79,420

112,154

105,716

104,382

141,146

130,925

99,519

Dividends on preferred shares

1,086

2,351

2,346

2,357

2,349

2,331

2,318

Distribution to LRCN holders

2,586

Net income available to common shareholders and non-controlling interests

107,710

75,748

109,803

103,370

102,025

138,797

128,594

97,201

Net income attributable to:

Common shareholders

107,402

75,382

109,538

103,041

101,875

138,797

128,594

97,201

Non-controlling Interests

308

366

265

329

150

107,710

75,748

109,803

103,370

102,025

138,797

128,594

97,201

Common shares outstanding:

38,449,496

Weighted average basic

38,409,041

38,329,105

38,201,894

38,014,035

37,797,862

37,684,983

37,608,878

Weighted average diluted

38,781,523

38,723,974

38,606,268

38,522,025

38,344,339

38,117,929

37,975,115

37,910,348

Earnings per share:

Basic

2.79

1.96

2.86

2.70

2.68

3.67

3.41

2.58

Diluted

2.77

1.95

2.84

2.67

2.66

3.64

3.39

2.56

Table 4: Net interest income and margin

($000s, except percentages)

2025

2024

Average

Revenue/

Average

Revenue/

Average

Revenue/

Average

Revenue/

Balance(1)

rate

Expense

Balance(1)

rate

Expense

Balance(1)

rate

Expense

Balance(1)

rate

Expense

Revenues derived from:

Cash and debt securities

3,970,340

3.87%

38,681

3,937,957

4.25%

42,059

4,046,343

4.74%

48,257

3,734,123

4.75%

43,631

Equity securities

22,810

1.55%

23,930

1.40%

33,869

4.52%

385

35,833

5.19%

457

8,997,678

3.54%

80,244

Single-family mortgages - insured

9,540,033

3.58%

85,828

10,082,025

3.52%

89,327

10,475,904

3.68%

94,905

Single-family mortgages - uninsured

20,044,503

6.72%

339,274

19,851,370

6.95%

346,933

19,767,423

7.15%

355,131

19,634,502

6.92%

333,897

Decumulation loans

2,265,639

6.72%

38,372

2,067,235

6.87%

35,699

1,861,770

6.88%

32,209

1,684,165

6.84%

28,307

Consumer lending

840,031

11.09%

23,480

855,503

11.10%

23,878

875,266

11.25%

24,753

881,046

11.63%

25,190

Total Personal loans

32,147,851

5.94%

481,370

32,314,141

6.06%

492,338

32,586,484

6.12%

501,420

32,675,617

6.00%

482,299

Commercial loans

8,273,286

7.63%

159,054

8,595,161

8.33%

180,009

8,816,049

8.60%

190,684

8,673,035

8.92%

190,270

Equipment financing

1,123,236

9.84%

27,870

1,168,182

10.02%

29,418

1,228,796

9.76%

30,154

1,265,797

9.81%

30,531

Insured multi-unit residential mortgages

4,832,451

2.89%

35,193

4,760,069

2.74%

32,744

4,962,587

2.88%

35,950

5,048,855

2.98%

37,041

Total Commercial loans

14,228,973

6.19%

222,117

14,523,412

6.63%

242,171

15,007,432

6.81%

256,788

14,987,687

7.00%

257,842

Average interest earning assets

50,369,974

5.85%

742,257

50,799,440

6.08%

776,652

51,674,128

6.21%

806,850

51,433,260

6.20%

784,229

Expenses related to:

Deposits

33,418,470

4.13%

347,809

32,870,418

4.47%

369,499

32,883,014

4.68%

387,208

32,176,677

4.63%

366,002

Securitization liabilities

13,877,434

3.59%

125,432

14,676,724

3.55%

130,834

15,033,523

3.51%

132,810

15,232,834

3.52%

131,776

Other

481,080

4.64%

5,630

901,429

5.18%

11,741

1,137,138

5.41%

15,465

1,442,015

5.39%

19,113

Average interest bearing liabilities

47,776,984

3.98%

478,871

48,448,571

4.20%

512,074

49,053,675

4.34%

535,483

48,851,526

4.30%

516,891

Adjusted net interest income and margin(2)

50,369,974

2.07%

263,386

50,799,440

2.07%

264,578

51,674,128

2.09%

271,367

51,433,260

2.11%

267,338

Adjustment associated with covered bond expenses

(8,804)

Reported net interest income and margin

50,369,974

2.07%

263,386

50,799,440

2.00%

255,774

51,674,128

2.09%

271,367

51,433,260

2.11%

267,338

Table 4: Net interest income and margin (continued)

($000s, except percentages)

2024

2023(3)

Four months Q4

Average

Revenue/

Average

Revenue/

Average

Revenue/

Average

Revenue/

Balance(1)

rate

Expense

Balance(1)

rate

Expense

Balance(1)

rate

Expense

Balance(1)

rate

Expense

Revenues derived from:

Cash and debt securities

3,324,844

4.73%

39,560

3,583,460

4.61%

55,656

3,411,998

4.60%

39,111

3,239,039

4.51%

36,025

Equity securities

33,770

4.89%

415

32,984

5.80%

645

70,065

4.74%

828

71,071

5.65%

990

Single-family mortgages - insured

10,415,750

3.63%

95,129

10,697,406

3.39%

122,090

10,992,114

3.34%

91,534

11,149,777

3.35%

92,078

Single-family mortgages - uninsured

19,595,852

6.53%

321,435

19,313,878

6.33%

412,205

19,217,107

5.96%

285,560

18,949,397

5.56%

259,653

Decumulation loans

1,542,513

6.87%

26,625

1,362,954

6.73%

30,899

1,146,939

6.85%

19,585

1,039,004

6.69%

17,150

Consumer lending

900,488

11.38%

25,765

878,685

11.14%

32,983

814,707

11.77%

23,899

816,651

11.04%

22,221

Total Personal loans

32,454,603

5.75%

468,954

32,252,923

5.50%

598,177

32,170,867

5.24%

420,578

31,954,829

4.96%

391,102

Commercial loans

8,613,724

9.01%

195,042

8,429,993

9.26%

263,160

8,221,422

9.13%

187,053

7,891,891

8.89%

173,061

Equipment financing

1,294,395

9.77%

31,775

1,298,806

9.60%

42,034

1,246,770

9.45%

29,375

1,229,381

9.31%

28,233

Insured multi-unit residential mortgages

5,025,662

2.85%

36,064

5,699,152

2.95%

56,670

5,662,415

2.85%

40,303

5,672,807

2.89%

40,473

Total Commercial loans

14,933,781

7.00%

262,881

15,427,951

6.96%

361,864

15,130,607

6.81%

256,731

14,794,079

6.63%

241,767

Average interest earning assets

50,746,998

6.05%

771,810

51,297,318

5.88%

1,016,342

50,783,537

5.66%

717,248

50,059,018

5.43%

669,884

Expenses related to:

Deposits

31,351,844

4.55%

358,562

31,619,200

4.33%

461,849

31,425,561

4.12%

322,503

31,111,263

3.84%

294,403

Securitization liabilities

14,778,510

3.43%

127,253

14,968,018

3.29%

165,770

15,258,203

3.11%

118,416

16,589,281

2.89%

118,157

Other

2,097,389

5.69%

29,985

2,236,369

5.70%

42,940

1,895,837

5.21%

24,630

1,665,067

5.04%

20,694

Average interest bearing liabilities

48,227,743

4.25%

515,800

48,823,587

4.08%

670,559

48,579,601

3.84%

465,549

49,365,611

3.56%

433,254

Adjusted net interest income and margin(2)

50,746,998

2.01%

256,010

51,297,318

2.00%

345,783

50,783,537

1.99%

251,699

50,059,018

1.92%

236,630

Adjustments associated with Concentra Bank acquisition

(357)

4,167

Reported net interest income and margin

50,746,998

2.01%

256,010

51,297,318

2.00%

345,783

50,783,537

1.99%

251,699

50,058,661

1.95%

240,797

Table 5: Non-interest expenses and efficiency ratio

($000s, except percentages and FTE)

2025

2024

2023

Four months

Compensation and benefits

75,934

70,104

69,912

66,961

65,369

81,683

59,707

58,362

Technology and system costs

23,533

20,782

21,812

20,282

19,498

25,551

17,937

18,174

Regulatory, legal and professional fees

12,874

15,832

13,936

15,020

10,843

17,877

12,419

12,863

Product costs

23,362

22,901

21,450

23,271

21,424

29,719

18,866

17,957

Marketing and corporate expenses

17,080

17,346

19,715

21,468

19,320

22,548

15,455

14,671

Premises

6,472

6,660

3,744

3,418

3,031

3,787

2,646

4,521

Total non-interest expenses - reported

159,255

153,625

150,569

150,420

139,485

181,165

127,030

126,548

Less: expenses removed from reported results

(6,540)

(5,078)

(4,875)

(7,309)

(5,451)

(8,153)

(5,120)

(6,286)

Total non-interest expenses - adjusted(1)

152,715

148,547

145,694

143,111

134,034

173,012

121,910

120,262

Efficiency ratio - reported

49.4%

49.1%

46.0%

47.5%

46.7%

45.8%

40.6%

47.2%

Efficiency ratio - adjusted(1)

47.3%

46.2%

44.5%

45.2%

44.9%

43.8%

42.8%

45.4%

1,896

1,868

1,849

1,836

1,808

1,743

1,740

1,685

Full-time employee equivalent (FTE) − period average

Disclaimer

EQB Inc. published this content on February 25, 2025, and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on February 25, 2025 at 22:48:55.967.