Assured Guaranty Ltd (AGO) 2024 Q3 法說會逐字稿

Good morning, and welcome to the Assured Guaranty Limited Third Quarter 2024 Earnings Conference Call. My name is Ezra, and I will be the operator for today's call. (Operator Instructions) Please note that this event is being recorded. I would now like to turn the conference over to our host, Robert Tucker, Senior Managing Director, Investor Relations, and Corporate Communications. Please go ahead.

早安，歡迎參加 Assured Guaranty Limited 2024 年第三季財報電話會議。我叫以斯拉，我將擔任今天電話的接線生。（操作員說明）請注意，該事件正在被記錄。現在我想將會議交給我們的東道主、投資者關係和企業傳播部高級董事總經理羅伯特·塔克 (Robert Tucker)。請繼續。

Thank you, operator and thank you all for joining Assured Guaranty for our Third Quarter 2024 Financial Results Conference Call. Today's presentation is made pursuant to the Safe Harbor provision of the Private Securities Litigation Reform Act of 1995.

感謝業者並感謝大家參加 Assured Guaranty 參加我們的 2024 年第三季財務業績電話會議。今天的演示是根據 1995 年《私人證券訴訟改革法案》的安全港條款進行的。

The presentation may contain forward-looking statements about our new business and credit outlooks, market conditions, credit spreads, financial ratings, loss reserves, financial results or other items that may affect our future results. These stats are subject to change due to new information or future events. Therefore, you should not place undue reliance on them as we do not undertake any obligation to publicly update or revise them, except as required by law.

此簡報可能包含有關我們的新業務和信用前景、市場狀況、信用利差、財務評級、損失準備金、財務業績或可能影響我們未來業績的其他項目的前瞻性陳述。這些統計數據可能會因新資訊或未來事件而發生變化。因此，您不應過度依賴它們，因為我們不承擔任何公開更新或修改它們的義務，除非法律要求。

If you're listening to a replay of this call or if you're reading the transcript of the call, please note that our statements made today may have been updated since this call. Please refer to the Investor Information section of our website for our most recent presentations and SEC filings, most current financial filings and for the risk factors.

如果您正在收聽本次電話會議的重播或正在閱讀電話會議的文字記錄，請注意，我們今天發表的聲明可能已在本次電話會議之後進行了更新。請參閱我們網站的投資者資訊部分，以了解我們最新的簡報和 SEC 文件、最新的財務文件以及風險因素。

This presentation also includes references to non-GAAP financial measures. We present the GAAP financial measures most directly comparable to the non-GAAP financial measures referenced in this presentation, along with a reconciliation between such GAAP and non-GAAP financial measures in our current financial supplement and equity investor presentation, which are on our website at assuredguaranty.com.

本簡報也引用了非公認會計準則財務指標。我們提供與本簡報中引用的非GAAP 財務衡量標準最直接可比較的GAAP 財務衡量標準，以及我們目前的財務補充和股權投資者簡報中此類GAAP 和非GAAP 財務衡量標準之間的調節表，這些數據位於我們的網站上： assuredguaranty.com。

Turning to the presentation. Our speakers today are Dominic Frederico, President and Chief Executive Officer of Assured Guaranty Limited; Rob Beilenson, our Chief Operating Officer; and Ben Rosenblum, our Chief Financial Officer. After their remarks, we will open the call to your questions. As the webcast is not enabled for Q&A, please dial into the call if you'd like to ask a question.

轉向演示。今天我們的演講者是 Assured Guaranty Limited 總裁兼執行長 Dominic Frederico； Rob Beilenson，我們的營運長；和我們的財務長 Ben Rosenblum。在他們發言後，我們將開始電話詢問您的問題。由於網路直播未啟用問答功能，因此如果您想提問，請撥打電話。

Thank you, Robert, and welcome to everyone joining today's call. We continue to build value for Assured Guaranty shareholders and policyholders during the third quarter and first nine months of 2024. Adjusted book value per share at $166.47 and adjusted operating shareholders' equity per share at $113.96 both reached record highs at the end of the third quarter.

謝謝羅伯特，歡迎大家參加今天的電話會議。我們將在第三季和 2024 年前 9 個月繼續為 Assured Guaranty 股東和保單持有人創造價值。第三季末，調整後每股帳面價值為 166.47 美元，調整後每股營運股東權益為 113.96 美元，均創下歷史新高。

New business production has been strong this year with significant contributions from of our three market segments: US public finance, non-US public finance and global structured finance. For the fifth consecutive year, our PVP for the first three quarters reached or exceeded $240 million, coming in at $281 million for 2024, $32 million higher than the first three quarters of last year. We benefited from greater overall municipal bond issuance and strong investor demand for our insurance, including from institutional investors on some very large infrastructure transactions.

今年的新業務生產強勁，我們的三個細分市場做出了重大貢獻：美國公共金融、非美國公共金融和全球結構性融資。我們前第三季的 PVP 連續第五年達到或超過 2.4 億美元，2024 年將達到 2.81 億美元，比去年前第三季增加 3,200 萬美元。我們受益於整體市政債券發行量的增加以及投資者對我們保險的強勁需求，包括來自機構投資者對一些超大型基礎設施交易的需求。

Rob will speak more about this shortly. Year-to-date, Assured Guaranty has earned adjusted operating income of $5.80 per share, 13% more than in the first nine months of last year. As I mentioned in detail on last earnings call, AGM completed its merger into AG, formerly AGC on August 1 with AG as a surviving company. As we said at that time, we believe there are a number of benefits to this merger including improved operating efficiency and better capital utilization.

羅布很快就會詳細討論這一點。今年迄今為止，Assured Guaranty 的調整後營業收入為每股 5.80 美元，比去年前 9 個月增長了 13%。正如我在上次財報電話會議上詳細提到的那樣，AGM 於 8 月 1 日完成了對 AG（原 AGC）的合併，AG 作為存續公司。正如我們當時所說，我們相信這次合併有許多好處，包括提高營運效率和更好的資本利用率。

After the merger, S&P, Moody's and KBRA, all issued statements affirming that there was no change to AG's ratings post-merger. We believe AG is well positioned for future growth in its new structure. We still have excess insurance company capital above what is needed to maintain our high ratings. KBRA last month affirmed AG's AA plus financial strength rating owning our strong capital position, skilled management team, strong risk management framework and strengthening market position.

合併後，標準普爾、穆迪和KBRA都發表聲明，確認合併後AG的評級沒有變化。我們相信 AG 在其新結構中已為未來的成長做好了準備。我們仍然擁有超出維持高評級所需的過剩保險公司資本。KBRA 上個月確認了 AG 的 AA+ 財務實力評級，因為我們擁有雄厚的資本實力、熟練的管理團隊、強大的風險管理框架和鞏固的市場地位。

We continue to focus on optimizing the alignment of our capital and business opportunities to improve returns. In the first nine months of 2024, we benefited from earnings generated by our alternative investments and mark-to-market gains on trading securities with solid performance totalling $135 million. The inception to date return on return on investments including funds managed by Sound Point and AHP was approximately 13% through September.

我們繼續專注於優化資本和商業機會的結合，以提高回報。2024 年前 9 個月，我們受惠於另類投資產生的收益以及業績穩健的交易證券按市值計價的收益，總計 1.35 億美元。截至 9 月份，迄今為止的投資回報率（包括由 Sound Point 和 AHP 管理的基金）約為 13%。

We continue to focus on our capital management program, in which we have targeted for years repurchase of approximately $500 million annually of our common share outstanding. As of November 8, 2024, the company has repurchased 10% of the shares that were outstanding on December 31, 2023.

我們繼續專注於我們的資本管理計劃，在該計劃中，我們的目標是多年來每年回購約 5 億美元的已發行普通股。截至2024年11月8日，本公司已回購2023年12月31日已發行股份的10%。

Our Board has authorized an additional $250 million, which brings our current authorization to approximately $385 million. For next year, we are targeting $500 million again for share repurchases. Touching on our unresolved (technical difficulty) exposure, the (technical difficulty) courts ordered the parties to continue in mediation and extended the time for them to resolve their differences.

我們的董事會已額外授權 2.5 億美元，這使我們目前的授權達到約 3.85 億美元。明年，我們再次設定了 5 億美元的股票回購目標。關於我們尚未解決的（技術難題）曝光，（技術難題）法院命令雙方繼續調解，並延長了他們解決分歧的時間。

We remain committed to a fair and consensual resolution for all prepare stakeholders but are determined to enforce our rights as a secured creditor as a reasonable settlement may not be achieved. Overall, this has been a strong year since 2020, the value of our bond insurance provides has been more widely recognized by the market. More issuers continue to turn to Assured Guaranty to help control their borrowing costs and execute their transactions more cost efficiently.

我們仍然致力於為所有準備好的利害關係人提供公平和一致的解決方案，但決心執行我們作為有擔保債權人的權利，因為可能無法實現合理的解決方案。整體而言，這是2020年以來強勁的一年，我們債券保險提供的價值得到了市場更廣泛的認可。越來越多的發行人繼續尋求保證的擔保來幫助控制借貸成本並更經濟高效地執行交易。

In 2024, specifically, we have seen an increase in the number of large high-profile transactions that use insurance. We believe that we're on a trajectory for future growth of our business as we strategically pursue new product opportunities, while our privately emerging risk and capital.

具體來說，到 2024 年，我們看到使用保險的大型高調交易數量增加。我們相信，隨著我們策略性地尋求新產品機會，同時我們的私人新興風險和資本，我們正走在業務未來成長的軌道上。

I will now turn the call over to Rob to discuss our production results.

我現在將把電話轉給 Rob，討論我們的生產結果。

Thank you, Dominic. Year-to-date, Assured Guaranty is having exceptionally strong production results across our three financial guarantee markets. As Dominic mentioned, our $281 million of year-to-date PVP is $32 million higher than the first three quarters of last year. Our year-to-date result includes $63 million in third quarter PVP, up $17 million from last year's third quarter.

謝謝你，多米尼克。今年迄今為止，Assured Guaranty 在我們的三個財務擔保市場上取得了異常強勁的生產業績。正如 Dominic 所提到的，我們今年迄今的 PVP 為 2.81 億美元，比去年前第三季增加了 3,200 萬美元。我們今年迄今的業績包括第三季 PVP 6,300 萬美元，比去年第三季增加了 1,700 萬美元。

Municipal issuance in the first nine months of 2024 was up significantly year-over-year, and so too was the total primary market par volume utilizing bond insurance. Sustained demand for Assured Guaranty's municipal bond insurance continue to make us the market leader, insuring 57% of all insured pars sold year-to-date in the primary US municipal bond market.

2024 年頭 9 個月，市政債券發行量較去年同期大幅成長，利用債券保險的第一級市場面額總額也大幅成長。對 Assured Guaranty 市政債券保險的持續需求使我們繼續成為市場領導者，為今年迄今為止在美國主要市政債券市場銷售的所有保險標準的 57% 提供保險。

During the first nine months 2024, a Assured Guaranty insured $16.6 billion of new issue par 18% higher than in the same period last year. This is the second highest first nine-month primary market par we've insured over the last decade. So far this year, Assured Guaranty ensured some of the largest transactions that came to the municipal market, demonstrating the continued institutional demand for our guarantee and the increased market liquidity our insurance can provide.

2024 年前 9 個月，有保證的擔保公司為 166 億美元的新發行債券提供了保險，比去年同期高出 18%。這是過去十年來我們承保的第二高的前九個月一級市場保價。今年到目前為止，Assured Guaranty 確保了市政市場上一些最大的交易，這表明機構對我們的擔保有持續的需求，並且我們的保險可以提供增加的市場流動性。

During the first three quarters, we insured a total of 33 transactions with $100 million or more in insured par. These included $1.1 billion of insurance for the Brightline Florida passenger rail project, $800 million for the new Terminal 1 at John F.

前三季度，我們共為 33 筆交易投保，保額在 1 億美元或以上。其中包括為佛羅裡達州 Brightline 客運鐵路項目提供 11 億美元的保險，為約翰甘迺迪機場新 1 號航站樓提供 8 億美元的保險。

Kennedy Airport and $831 million for (technical difficulty) authority of the State of New York or DAS School district revenue bond issue. Third quarter transactions included $446 million for the Sante Cooper South Carolina Public Service Authority, $361 million for the Central Florida Expressway Authority and $350 million for the Lower Colorado River Authority in Texas.

甘迺迪機場和 8.31 億美元用於（技術難度）紐約州當局或 DAS 學區發行收入債券。第三季的交易包括南卡羅來納州桑特庫珀公共服務管理局的4.46 億美元交易、佛羅裡達州中部高速公路管理局的3.61 億美元交易以及德克薩斯州科羅拉多河下游管理局的3.5 億美元交易。

This year, we also saw an increase in the use of our insurance among credits rated in the AA category by S&P and/or Moody's on an uninsured basis. Year-over-year, in the primary market, we ensured 26% more AA par and 36% more AA transactions for the first nine months. This totalled approximately $3.5 billion of new issue insured par and 75 transactions.

今年，我們還發現，在標準普爾和/或穆迪評級為 AA 類的無保險信用評級中，我們的保險使用量有所增加。與去年同期相比，在一級市場，我們確保前 9 個月的 AA 面額增加 26%，AA 交易增加 36%。新發行的受保面值和 75 筆交易總計約 35 億美元。

I am pleased to say that three of the transactions we insure this year have been awarded the Bond Buyer Deal of the Year in their respective categories. (technical difficulty) passing around Brightline 1 in the innovative financing category, (technical difficulty) in the health care financing category and the JFK Airport new Terminal 1 project, 1 in the Northeast region category.

我很高興地說，我們今年承保的三筆交易在各自類別中榮獲了年度債券買家交易獎。 （技術難度）繞過創新融資類別中的 Brightline 1、醫療保健融資類別中的（技術難度）以及甘迺迪機場新 1 號航站樓項目、東北地區類別中的 1。

We believe that for issuers, our municipal bond insurance provides broad end market distribution on large transactions, a simplified credit story for complex bond issues and the ability to attract risk-averse investors through enhanced credit quality.

我們相信，對於發行人而言，我們的市政債券保險為大型交易提供了廣泛的終端市場分佈，為複雜的債券發行提供了簡化的信用故事，並能夠透過提高信用品質來吸引規避風險的投資者。

And for investors, it provides safety and security as well as potential market value support and improved market liquidity, even during unstable market conditions. Outside of US public finance, our non-US public finance business produced $44 million of PVP year-to-date, $6 million higher than at this time last year. We have a promising pipeline of additional infrastructure business across a number of sectors and regions.

對於投資者來說，即使在不穩定的市場條件下，它也提供了安全保障以及潛在的市值支持並改善了市場流動性。除了美國公共財政之外，我們的非美國公共財政業務今年迄今產生了 4,400 萬美元的 PVP，比去年同期增加了 600 萬美元。我們在多個行業和地區擁有大量前景光明的額外基礎設施業務。

New business in the first nine months of 2024 include guarantees in the secondary market and on several UK regulated utility and airport transactions as well as the annual renewal of certain liquidity guarantees.

2024 年之前 9 個月的新業務包括二級市場以及英國監管的幾項公用事業和機場交易的擔保，以及某些流動性擔保的年度更新。

In Global Structured Finance, we also produced $44 million of PVP year-to-date, a significant contribution. Third quarter PVP was $19 million, $5 million higher than in last year's third quarter. Our strong year-to-date production results involved primarily insurance securitization, bank balance sheet relief.

在全球結構性金融領域，我們今年迄今也產生了 4,400 萬美元的 PVP，這是一項重大貢獻。第三季 PVP 為 1,900 萬美元，比去年第三季增加 500 萬美元。我們今年迄今強勁的生產業績主要涉及保險證券化、銀行資產負債表緩解。

We continue to look for opportunities to expand our core financial guarantee business by entering new geographic or product markets. For example, during the third quarter, our international structured finance business, we ensured a transaction for an Australian bank, which provided protection on approximately USD600 million core lending portfolio.

我們繼續尋找機會透過進入新的地域或產品市場來擴展我們的核心財務擔保業務。例如，第三季度，我們的國際結構融資業務為一家澳洲銀行提供了一筆交易，為約6億美元的核心貸款組合提供了保護。

The transaction allowed that bank to manage their portfolio limits in a more capital-efficient manner. We are pleased to have returned to the Australian market and expect to continue to grow our presence there. Company-wide, the fourth quarter has gotten off to a strong start.

該交易使該銀行能夠以更資本效率更高的方式管理其投資組合限額。我們很高興重返澳洲市場，並期望繼續擴大我們在該市場的業務。從全公司範圍來看，第四季已經有了一個好的開始。

Among transactions, we have already priced for closed in US public finance this quarter, we insured [$929] million of senior special facilities revenue bonds related to the redevelopment of JMA Airport's Terminal 6 and $523 million for Thomas Cheson University in Philadelphia. I am happy to report demand for our product is strong. We are expanding our business into new markets and we are looking forward to a solid finish for the year.

在交易中，我們已在本季在美國公共財政中完成定價，我們為與JMA 機場6 號航站樓重建相關的9.29 億美元高級特殊設施收入債券以及為費城托馬斯·切森大學(Thomas Cheson University ) 的5.23 億美元提供了保險。我很高興地報告我們的產品需求強勁。我們正在將業務擴展到新市場，並期待今年圓滿成功。

I'll now turn the call over to Ben to discuss further our financial results.

我現在將把電話轉給本，進一步討論我們的財務表現。

I am pleased to report third quarter 2024 adjusted operating income of $130 million or $2.42 per share. By comparison in the third quarter of 2023, we reported adjusted operating income of $206 million or $3.42 per share, which included a $190 million after-tax gain on the Sound Point and HP transactions net of expenses.

我很高興地報告 2024 年第三季調整後營業收入為 1.3 億美元，即每股 2.42 美元。相較之下，2023 年第三季度，我們公佈的調整後營業收入為 2.06 億美元，即每股 3.42 美元，其中包括 Sound Point 和惠普交易扣除費用後的 1.9 億美元稅後收益。

Excluding this onetime gain, adjusted operating income increased significantly primarily as a result of a benefit in loss expense in the third quarter of 2024. Before I delve into the developments for the quarter, I would like to remind you that in the financial guarantee GAAP accounting model, loss expense, which included in adjusted operating income is different than economic loss development in that period.

排除此一次性收益，調整後的營業收入大幅增加，主要是由於 2024 年第三季損失費用的收益。在深入研究本季的發展之前，我想提醒您，在財務擔保 GAAP 會計模型中，包含在調整後營業收入中的損失費用與該期間的經濟損失發展不同。

GAAP loss expense reach below investment-grade insured transaction is reported only when its expected loss is in excess of its deferred premium revenue. As a result, loss expense may be higher or lower than economic loss development in a given period, but will converge over time.

只有當預期損失超過遞延保費收入時，才會報告 GAAP 損失費用低於投資等級受保交易的情況。因此，損失費用可能高於或低於特定時期的經濟損失發展，但會隨著時間的推移而趨同。

Third quarter 2024 economic loss development was a benefit of $34 million and includes a benefit of $56 million on our US RMBS exposures, which continued to improve as home prices remain high and recoveries on both first and second lien loans improved compared with previous assumptions. And a $23 million benefit in the US public finance sector, primarily due to improvements in certain health care exposures.

2024 年第三季的經濟損失發展為3,400 萬美元的收益，其中包括我們的美國RMBS 風險敞口的5,600 萬美元的收益，隨著房價居高不下，第一留置權貸款和第二留置權貸款的回收率與先前的假設相比有所改善，該收益繼續改善。美國公共財政部門受益 2,300 萬美元，這主要是由於某些醫療保健風險的改善。

It also includes a $45 million increase in expected losses on certain UK regulated utilities that we downgraded to below investment grade in the third quarter, including our TMS exposures. It is important to note, however, that our temps exposures, our Class A senior debt at the operating company, not holding company obligations. In calculating expected losses we are required by GAAP to apply probability weights to all possible scenarios in determining expected losses, and therefore, may report a GAAP expected loss even if we do not expect one in our most heavily weighted scenarios.

它還包括某些英國監管公用事業公司的預期損失增加 4,500 萬美元，我們在第三季將這些公用事業公司的評級下調至投資等級以下，其中包括我們的 TMS 風險敞口。然而，值得注意的是，我們的臨時風險敞口是我們在營運公司的 A 級優先債務，而不是控股公司債務。在計算預期損失時，GAAP 要求我們對所有可能的情況應用機率權重來確定預期損失，因此，即使我們在權重最大的情況下預計不會出現損失，也可能會報告 GAAP 預期損失。

In the third quarter of 2024, and the loss component of adjusted operating income includes most of the benefit related to US RMBS and health care. However, the economic loss development on UK regulated utilities is not included in loss expense because deferred premium revenue was sufficient to cover the effect of losses.

2024年第三季度，調整後營業收入的損失部分包括與美國RMBS和醫療保健相關的大部分收益。然而，英國監管公用事業的經濟損失發展不包括在損失費用中，因為遞延保費收入足以彌補損失的影響。

We reported $101 million in the third quarter of 2024 compared with $99 million in the third quarter of 2023. Our deferred premium revenue which represents the storehouse of future earnings in the Insurance segment remained strong at $3.8 billion and is a direct result of the new business production that Rob discussed.

我們報告 2024 年第三季的營收為 1.01 億美元，而 2023 年第三季的營收為 9,900 萬美元。我們的遞延保費收入代表了保險部門未來收益的儲備，仍然保持強勁，達到 38 億美元，並且是 Rob 討論的新業務生產的直接結果。

Our investment portfolio continues to perform well and demonstrates the value of having both a stable stream of interest income from the fixed maturity portfolio as well as income from a diverse portfolio of alternative investments. In third quarter 2024, equity and earnings from our alternative investments was $28 million compared with $25 million in the third quarter of 2023.

我們的投資組合持續表現良好，並展示了來自固定期限投資組合的穩定利息收入流以及來自多元化另類投資組合的收入的價值。2024 年第三季度，我們另類投資的股本和收益為 2,800 萬美元，而 2023 年第三季為 2,500 萬美元。

On an inception-to-date basis, alternative investments have generated an annualized internal rate of return of approximately 13%. Net investment income was $82 million in the third quarter of 2024 compared with $101 million in the third quarter of 2023.

截至目前，另類投資的年化內部報酬率約為 13%。2024 年第三季的淨投資收益為 8,200 萬美元，而 2023 年第三季的淨投資收益為 1.01 億美元。

Net investment income from our externally managed and short-term portfolio was consistent year-over-year. The decline in investment income is attributable to our portfolio of loss mitigation securities. As a reminder, these are sure guarantee insured bonds that had expected losses, which we had purchased at a discount to mitigate those losses.

我們外部管理和短期投資組合的淨投資收入較去年同期保持一致。投資收益下降歸因於我們的減損證券投資組合。提醒一下，這些是有預期損失的有保證的擔保債券，我們以折扣價購買了這些債券以減輕這些損失。

In recent years, we have not been actively purchasing loss megation securities and therefore, we expect this portfolio to continue to pay down over time with the proceeds reinvested in the alternative investment or externally managed portfolios. Breaking down the third quarter 2024 results by segment.

近年來，我們並未積極購買虧損巨額證券，因此，我們預期該投資組合將隨著時間的推移繼續回本，並將收益再投資於另類投資或外部管理的投資組合。按部門細分 2024 年第三季業績。

Insurance was the largest contributor with $162 million in adjusted operating income and the Asset Management segment contributed $4 million, which is in line with our seasonally adjusted expectations as GAAP revenue recognition rules result in Sound Point's performance fees generally being recognized towards the end of the calendar year, which will be reflected in our fourth quarter and first quarter results due to the lag in reporting. The corporate division loss was $29 million.

保險是最大的貢獻者，調整後營業收入為1.62 億美元，資產管理部門貢獻了400 萬美元，這符合我們經季節性調整的預期，因為GAAP 收入確認規則導致Sound Point 的績效費通常在日曆結束時確認由於報告滯後，這將反映在我們第四季和第一季的業績中。公司部門虧損為 2,900 萬美元。

On the capital management front, stock buybacks continue to be one of our most accretive strategies. And last week, our Board authorized an additional $250 million in share repurchases. In the third quarter of 2024, we repurchased 1.7 million shares for $131 million at an average price of $78.87 per share is approximately $385 million and our holding company cash and investment balances are approximately $286 million of which $33 million resides in AGL.

在資本管理方面，股票回購仍是我們最增值的策略之一。上週，我們的董事會額外批准了 2.5 億美元的股票回購。2024年第三季度，我們以每股78.87美元的平均價格回購了170萬股股票，價值1.31億美元，約3.85億美元，我們的控股公司現金和投資餘額約為2.86億美元，其中3300萬美元屬於AGL。

The share repurchase program, along with adjusted operating income and new business production collectively contributed to new records for adjusted operating shareholders' equity per share of almost $114 and adjusted book value per share of over $166.

股票回購計畫以及調整後的營業收入和新業務生產共同創造了調整後每股營運股東權益近 114 美元的新紀錄，調整後每股帳面價值超過 166 美元。

While adjusted operating income varies from period to period, the consistent quarterly increases in these book value metrics reflect how the successful execution of all our key strategic initiatives build shareholder value over the long term.

雖然調整後的營業收入因時期而異，但這些帳面價值指標的持續季度成長反映了我們所有關鍵策略措施的成功執行如何在長期內建立股東價值。

I'll now turn the call over to our operator to give you the instructions for the Q&A period.

我現在將把電話轉給我們的接線員，為您提供問答階段的說明。

(Operator Instructions) Brian Meredith, UBS.

（操作員說明）Brian Meredith，UBS。

It's actually (technical difficulty) [Lobo] on for Brian today. Maybe we could start with capital management. Specifically, how do the developments with the UK utilities impact your capital management outlook for 2025? And does it have any impact on the dividend capacity to the holding company?

今天實際上（技術難度）[Lobo] 是為 Brian 準備的。也許我們可以從資本管理開始。具體來說，英國公用事業公司的發展對您 2025 年的資本管理前景有何影響？對控股公司的分紅能力有影響嗎？

Good question. But as you can see, we expect to reach the $500 million this year and expect to reach $500 million again next year. So obviously, it's not having any impact whatsoever on dividend capacity or the buyback program.

好問題。但正如您所看到的，我們預計今年將達到 5 億美元，並預計明年將再次達到 5 億美元。顯然，它對股利能力或回購計畫沒有任何影響。

Got it. Okay. And moving to municipal issuance. Could you give us a little bit more context around the slightly lower insured par market penetration this quarter? And what is your outlook for 2025 muni issuance? Do you think you can increase your insure penetration further?

知道了。好的。並轉向市政發行。您能否為我們提供更多有關本季保險面額市場滲透率略低的背景資訊？您對 2025 年市政債發行有何展望？您認為可以進一步提高保險滲透率嗎？

Insured penetration has been increasing basically year-to-year. The value of the insurance is getting better recognized. And you can see that in a lot of ways, large deals we've been on this year, penetration in the AA market and the overall penetration as well. So we expect that to continue as bond insurance continues to be a really value in the marketplace, allows for execution in the spread environment that we're in, there's still savings to be made for the issuer.

參保深度基本呈逐年上升趨勢。保險的價值得到了越來越多的認可。你可以從很多方面看到，我們今年進行的大型交易、AA 市場的滲透率以及整體滲透率。因此，我們預計這種情況會持續下去，因為債券保險在市場上仍然具有真正的價值，允許在我們所處的利差環境中執行，發行人仍然可以節省費用。

And obviously, the ease of execution makes it a real opportunity for these to benefit from. We expect issuance to remain high. There is a crying need of infrastructure investment across the country as well as internationally. So our volumes, we continue to expect to grow as well.

顯然，執行的簡便性使其成為這些人從中受益的真正機會。我們預計發行量將維持在高位。全國乃至國際上都迫切需要基礎建設投資。因此，我們的銷售量預計也會繼續成長。

I want to add on the large transactions that we completed over the last year. We're capturing a significant portion of that spread. And it shows the benefit of our product in the execution of the transaction, both with the insured and uninsured transaction. It allows for the deal to be much more efficient from a liquidity standpoint in the market.

我想補充我們去年完成的大型交易。我們正在捕獲這一傳播的很大一部分。它顯示了我們的產品在執行交易時的優勢，無論是保險交易還是非保險交易。從市場流動性的角度來看，它使交易更有效率。

That's helpful. And finally, if I could, any updated thoughts on how the 15% Bermuda income tax rate is going to affect your corporate tax rate in 2025?

這很有幫助。最後，如果可以的話，關於 15% 的百慕達所得稅率將如何影響您 2025 年的公司稅率，有什麼最新的想法嗎？

We will begin to use our tax benefit that we put up at the end of last year next year. So if you look forward at a corporate tax rate, assuming everything stays the same going forward, I'd expect a slight decrease in our corporate tax rate in 2025.

明年我們將開始使用去年年底提供的稅收優惠。因此，如果你展望公司稅率，假設未來一切保持不變，我預計 2025 年我們的公司稅率會略有下降。

Jordan Hymowiz, Philadelphia Financial.

喬丹‧海莫維茲 (Jordan Hymowiz)，費城金融公司。

Congratulations on continuing to perform an exceptionally profitable company and well run. MBA announced last week that they would consider putting themselves up for sale after PREPA clarity in Q1. I believe this is the third time, but my accounting is kind of difficult that they put themselves up for sale.

恭喜您繼續成為一家獲利能力極強且營運良好的公司。MBA 上週宣布，在第一季 PREPA 明確後，他們將考慮將自己出售。我相信這是第三次了，但我的會計有點困難，他們把自己賣了。

In my opinion, there's only one likely bidder and that's you and it's just about price. And so I guess my question is, MBA has got to be looking at how well your stock done and how well your capital management has been. And no matter what the small dollars are, they're losing out dramatically.

在我看來，只有一個可能的競標者，那就是你，這只是價格的問題。所以我想我的問題是，MBA 必須關注你的股票表現如何以及你的資本管理如何。無論金額是多少，他們都會遭受巨大損失。

So I guess with that preamble, my question is, is there a possible way to consider a contingency payment based on the outcome of PREPA? And would you consider an offer based on a contingent payment depending how and if PREPA ended up?

因此，我想在序言中，我的問題是，是否有可能根據 PREPA 的結果考慮應急付款？您是否會考慮基於或有付款的報價，具體取決於 PREPA 如何以及是否最終結束？

Jordan, as you know, we've been in the market repeatedly to basically consolidate the industry where the other companies are not trading anymore. And of course, MBA is the largest one left. So you can assume that we've done everything we could in terms of making an offer that would make sense to them but make more sense to us. And I think you highlighted it properly that the price is not right. So we're standing here on the sideline weight until the price is right.

喬丹，如你所知，我們多次進入市場，基本上是為了鞏固其他公司不再從事的行業。當然，MBA 是剩下的最大的一門。因此，您可以假設我們已盡一切努力提出對他們有意義但對我們更有意義的報價。我認為你正確地強調了價格不合適。因此，我們將站在場外權衡，直到價格合適為止。

And do you think with the new Republican governor -- governor of Puerto Rico, there might be any push to get rid of the independent authority or have more control or anything in that regard because there -- all this money is only money going out of the Puerto Rican economy to legal bills as they fight this out and all the money is not going to the new electricity that should be there?

你是否認為新任共和黨總督——波多黎各總督，可能會推動廢除獨立權力或擁有更多控制權或在這方面的任何事情，因為所有這些錢都只是從外面流出的錢波多黎各經濟在鬥爭中陷入法律賬單，而所有的錢都沒有用於本應存在的新電力？

Yes. I wouldn't cover the current governor elect to be Republican or Democrat, I think they're obviously Pro Puerto Rico. So we got to continue to look at that and what that means relative to our ability to recover on the PREPA exposure.

是的。我不會報道現任州長當選為共和黨或民主黨，我認為他們顯然是支持波多黎各的。因此，我們必須繼續研究這一點，以及這對我們從 PREPA 暴露中恢復的能力意味著什麼。

I think the more important is the control board is there for the long haul, not the short haul, -- and now it has a change potentially new members could be on that board as we got a change in the presidency and the various members of the Congress. So we're looking forward to that as by the big activity coming up the year in the current 2025.

我認為更重要的是控制委員會是長期存在的，而不是短期的——現在它發生了變化，隨著我們主席和各個成員的變化，潛在的新成員可能會加入該委員會。因此，我們期待著 2025 年即將到來的大型活動。

Okay. Well, congratulations again. I'm wearing some AGO swag on this call. You've done a phenomenal job over many, many years.

好的。嗯，再次恭喜。我在這次電話會議上穿著一些 AGO 的飾品。多年來，您的工作非常出色。

Thank you, Jordan.

謝謝你，喬丹。

Geoffrey Dunn, Downing & Partners.

傑弗瑞鄧恩，唐寧合夥人事務所。

I was hoping you could get into more deal on the water deals. I understand that relative to the exposure, the provision -- economic provision this quarter was de minimis. But can you get into what these water utilities actually do? What revenues support the bonds? And what protections are in there against an ultimate loss?

我希望你們能在水務交易上達成更多協議。據我了解，相對於風險敞口，本季的經濟準備金是微乎其微的。但您能了解一下這些自來水公司實際上是做什麼的嗎？哪些收入支持這些債券？有哪些保護措施可以防止最終損失？

Sure. So Jeff, these are obviously essential services, you're providing water for the UK water sector. And let's be clear, these are monopoly services. There's a lot of competition going on for the water, but there's a certain need of investment that exists right now that has to be supported and that they need to access the capital markets.

當然。傑夫，這些顯然是必不可少的服務，您正在為英國水務部門提供水。讓我們明確一點，這些都是壟斷服務。對水資源的競爭非常激烈，但目前存在一定的投資需求，必須得到支持，並且他們需要進入資本市場。

UK government has been clear, they're not looking to nationalize the water utilities. So you really can't push down the bondholders too badly because you really be to access the capital markets to do that work. And let's talk about our exposure specifically.

英國政府已經明確表示，他們不打算將自來水公司國有化。因此，你真的不能太壓垮債券持有人，因為你確實需要進入資本市場來完成這項工作。讓我們具體談談我們的曝光情況。

Our exposure is the senior debt at the operating company. So we're not at the holding company level, where I think there may be some infirmities and there is debt below us in the operating companies.

我們的風險敞口是經營公司的優先債務。因此，我們不處於控股公司層面，我認為營運公司可能存在一些弱點，並且存在低於我們的債務。

Also, as you know, all our exposures P&I went due. And we do not have any principal payments on any of our exposure to 2037. So we have plenty of time on our hands to work this out and let the markets work it out. And we know there's number of groups in the market right now, we're looking to supply some short-term funding to help them through to get -- to be able to raise more equity to support that sector.

此外，如您所知，我們所有的保賠險風險都已到期。我們對 2037 年的任何風險敞口都沒有任何本金支付。因此，我們有足夠的時間來解決這個問題，並讓市場來解決。我們知道目前市場上有許多團體，我們希望提供一些短期資金來幫助他們渡過難關，以便能夠籌集更多股本來支持該行業。

And obviously, we're very supportive of both new equity and new debt being raised as long as it doesn't significantly impair our position. So I think you're right in the assertion that we didn't put up a big loss this quarter. We don't see this as something that's particularly bothersome.

顯然，我們非常支持籌集新股本和新債務，只要它不會嚴重損害我們的地位。所以我認為你的說法是正確的，我們本季沒有遭受重大損失。我們不認為這是特別麻煩的事。

I think it's just a natural order of how things have played out and we're happy to sit there and support this, but it's not something that we're looking at and saying, well, this is going to be a problem from a capital basis from a reserve basis, I think this is just a natural or a we expect relatively insignificant, if any losses from this at all.

我認為這只是事情發展的自然順序，我們很高興坐在那裡支持這一點，但這不是我們正在考慮的事情，並說，這將是來自資本的問題從準備金基礎來看，我認為這只是自然現象，或者我們預計相對微不足道，如果有任何損失的話。

And remember, Jeff, we rely on the capital markets to fund the entire operations. There's a significant amount of debt across the board in all the regulated utilities. They are highly regulated. They're required to maintain investment-grade ratings. We're in a senior position -- we expect no real issue here, except we're working on short-term difficulties they're having in terms of cash flow.

請記住，傑夫，我們依靠資本市場為整個營運提供資金。所有受監管的公用事業公司都存在大量債務。他們受到嚴格監管。他們需要維持投資等級。我們處於高級地位——我們預計這裡不會出現真正的問題，除非我們正在解決他們在現金流方面遇到的短期困難。

And let me just add, as required under the accounting model, when something goes below investment grade, we have to probably wait all scenarios. So while we might not expect a loss, but we're required under gap to put all those scenarios in.

讓我補充一下，根據會計模型的要求，當某些東西低於投資等級時，我們可能必須等待所有情況。因此，雖然我們可能不會預期會出現損失，但我們需要在缺口下考慮所有這些情況。

Understood. What is causing the -- it sounds like a cash shortfall for these utilities?

明白了。是什麼導致了這些公用事業公司的現金短缺？

I think what's happened over the years is they've pulled money out, the equity owners have pulled money out, and they haven't reinvested the money right now in the water sector. So you can read the headlines and you'll see some articles that suggest that they're definitely permits in the system and they need improvements, just like every piece of infrastructure in probably a lot of the countries around the world. And I think that's what's driving the need to raise new equity to make the improvements going forward so the people in the UK can have clean drinking water.

我認為這些年來發生的情況是他們撤出了資金，股權所有者也撤出了資金，但他們現在還沒有將資金再投資於水務業。因此，您可以閱讀頭條新聞，您會看到一些文章表明它們絕對是系統中的許可，並且需要改進，就像世界上許多國家/地區的每項基礎設施一樣。我認為這就是需要籌集新股本以進行改進的原因，以便英國人民能夠獲得乾淨的飲用水。

I think it's a CapEx problem, not an operating problem, but the CapEx problem has got to be solved so that they continue to provide the services that are required to do by the regulatory bodies which are now saying in the areas like sewer waste treatment, you need to make significant improvements, which requires capital. So we've got to reach the capital.

我認為這是一個資本支出問題，而不是營運問題，但資本支出問題必須解決，以便他們繼續提供監管機構要求提供的服務，監管機構現在表示在下水道廢物處理等領域，你需要做出重大改進，這需要資金。所以我們必須到達首都。

I think the other thing we're waiting on, obviously, there was a rate determination early in the year that rate determination is being appealed. So we're waiting to see what the results of the appeal is. And my guess is if they don't get a successful resolution, they'll deal again. But I think that's really what's sitting out there. There is a need to increase the rate slightly to help support the capital improvements that need to be done for the water sector.

我認為我們正在等待的另一件事，顯然是在今年早些時候做出了利率決定，目前正在對利率決定提出上訴。因此，我們正在等待上訴的結果。我的猜測是，如果他們沒有得到成功的解決方案，他們會再次進行交易。但我認為這確實是存在的問題。有必要稍微提高利率，以幫助支持水務部門需要進行的資本改善。

Tommy McJoynt, KBW.

湯米·麥克喬恩特，KBW。

Staying on the UK water topic, it sounds like we're waiting for the sort of final determination of rates from the UK water regulator coming in December or January. Do you view that as sort of an important impactful event for how you'll have to adjust loss adjustments? Or is that not something that you guys are necessarily focused on.

繼續討論英國水的話題，聽起來我們正在等待英國水監管機構在 12 月或 1 月做出最終的費率決定。您認為這是對您如何調整損失調整有影響的重要事件嗎？或者說這不是你們一定要關注的事情。

Obviously, you want to see -- you want to see outcome of what comes through. There is a CMA process to go ahead and they don't like the results, as I mentioned, they can appeal again. And historically, it's been a relatively decent process for the water utilities. So I don't think this is something that I'm going to stay and tell you that in December, they get a bad resolution that it's really going to change our numbers.

顯然，你想看到——你想看到所發生的事情的結果。有一個 CMA 流程可以繼續，他們不喜歡結果，正如我提到的，他們可以再次上訴。從歷史上看，這對於自來水公司來說是一個相對不錯的過程。所以我不認為我會留下來告訴你們，在 12 月，他們得到了一個糟糕的決議，這確實會改變我們的數字。

I think this is something that we'll have to play out over the next year or so as they work through what the right rate is to support capital investments that will improve the water sector. And obviously, we do not -- as we mentioned, we do not really expect losses. We just think this is a short-term issue that they have to raise rates to get that liquidity.

我認為這是我們必須在明年左右解決的問題，因為他們會制定適當的利率來支持資本投資，從而改善水務部門。顯然，正如我們所提到的，我們並不真正預期會出現損失。我們只是認為這是一個短期問題，他們必須提高利率才能獲得流動性。

Remember, the rates of the opco in terms of its normal daily operations, the excess of the rates will help them fund the CapEx, which gets paid out over time. So obviously, we'll see how this continues to play out, but we're expecting the rates to be increased and therefore, enough funds to make the operations flow and then go out to raise equity for the CapEx.

請記住，OPCO 的費率就其正常的日常運作而言，超出的費率將幫助他們為資本支出提供資金，而資本支出將隨著時間的推移而支付。顯然，我們將看到這將如何繼續發揮作用，但我們預計利率將會提高，因此有足夠的資金來進行運營，然後出去籌集資本支出的股本。

Got it. And I guess, the frequency of claims in this business is rather low. Is there a historical similar case study that you could point us to where an insured utility or even better a non-US utility seemingly face financial distress for the headlines out there and then AGO with some insured exposure ultimately emerged on scape. Something you could just point us to for kind of learn about this process?

知道了。我想，這個行業的索賠頻率相當低。是否有歷史上類似的案例研究可以向我們指出，一家受保公用事業公司，甚至更好的一家非美國公用事業公司似乎因頭條新聞而面臨財務困境，然後帶有一些受保風險敞口的AGO最終出現在景觀中。您可以向我們指出一些東西來了解這個過程嗎？

Not really. The -- remember, these are highly regulated utilities or essential services, the monopolies. So then typically, we're way out of the problem. That's why we've seen very little activity in terms of losses or even any write-downs relative to debt service or debt capacity because it's so critical. I mean think of it, they rely on market for funding they can't allow the market to take a loss and expect the funding to be there. So this is more an issue for the old cannot the opco.

並不真地。- 請記住，這些是嚴格監管的公用事業或基本服務，即壟斷。所以通常情況下，我們就可以解決這個問題了。這就是為什麼我們在損失方面幾乎沒有看到任何與償債或債務能力相關的減記活動，因為它是如此重要。我的意思是想一想，他們依賴市場提供資金，他們不能讓市場遭受損失並期望資金到位。所以這對老的OPCO來說更是個問題。

Yes. Okay. And then just to the extent that you do see the uninsured water bonds trading at a substantial discount to par in the market, which they appear to be doing so would you consider pursuing any loss mitigation security strategy in terms of purchasing those? Or is that not something you're interested in?

是的。好的。然後，如果您確實看到未投保的水債券的交易價格比市場價格大幅折扣（他們似乎正在這樣做），您是否會考慮在購買這些債券方面採取任何減輕損失的安全策略？還是這不是您感興趣的事情？

Our insured bonds don't take the same impairment, therefore, there is no loss mitigation you can do. And buying the onshore, we just increase our exposure. So yes, there's no opportunity for that like the other, like RMBS where we can actually buy our own RAP securities, a very deep discounts. -- that doesn't exist for the water utilities essentially, the market's expectation is pretty much money good. So

我們的受保債券不會受到相同的減值，因此，您無法採取任何減輕損失的措施。而購買在岸，我們只是增加了我們的風險敞口。所以，是的，沒有機會像其他的那樣，例如 RMBS，我們實際上可以購買我們自己的 RAP 證券，這是一個非常大的折扣。 ——對於自來水公司來說，這本質上是不存在的，市場的預期是非常有利可圖的。所以

Giuliano Bologna, Compass Point.

朱利亞諾·博洛尼亞，指南針點。

Yes, 10-plus years guarantee. Maybe to kick it off, there's a question about buyback capacity and the pace. I think you guys also have a lot of accumulated income on the alternative investments that are held in a subsidiary. I'm curious how much is there? And if I'm not mistaken, if you were to push some of that dividend up it would count towards the next year, your dividend (technical difficulty)?

是的，10 年以上保固。也許首先要解決的問題是回購能力和速度。我認為你們在子公司持有的另類投資上也累積了大量收入。我很好奇有多少？如果我沒記錯的話，如果你要提高部分股息，它將計入明年，你的股息（技術難度）？

I'm just curious how where that stands. And you obviously have some other levers and special even other ways around that. But I'm just curious how much how big that backlog is at this point?

我只是好奇這到底是怎麼回事。顯然你還有其他一些手段，甚至還有其他特殊的方法來解決這個問題。但我只是好奇目前的積壓有多大？

Yes. So at this point, we obviously are exploring -- we explore all options to increase our dividend capacity. There's no magic for us that in order to buy back our shares, we have to continue to push to find ways to move capital up to holding company level. Obviously, we do have obligations to Sound Point, so it's not as simple as I have money warehouse that and place download. I can't sell it.

是的。因此，在這一點上，我們顯然正在探索——我們探索所有提高股息能力的選擇。對我們來說，為了回購我們的股票，我們必須繼續努力尋找將資本轉移到控股公司層級的方法，這並不神奇。顯然，我們確實對 Sound Point 負有義務，所以這並不像我有錢庫並放置下載那麼簡單。我不能賣它。

I could certainly move it up in cases that it works. It makes sense, we're happy to do it. But we do want to make sure it makes sense both the short run and the long run our ability to manage our capital appropriately.

如果它有效的話，我當然可以將其提升。這是有道理的，我們很樂意這樣做。但我們確實希望確保我們適當管理資本的能力無論從短期或長期來看都有意義。

And remember, our goal is the $500 million that we feel comfortable that we're making that this year. We're making it again next year. So that's obviously the strategy that we're deploying in terms of what assets we're moving where to make sure we can continue to fund that $500 million buyback.

請記住，我們的目標是今年我們能夠實現的 5 億美元目標。明年我們還會再做一次。因此，這顯然是我們正在部署的策略，即我們將哪些資產轉移到哪裡，以確保我們能夠繼續為 5 億美元的回購提供資金。

That's helpful. And then jumping over to the international side. I'm curious when you look at some of the transactions that you're doing or the Australian transaction, as an example. I'm curious what the premiums look like or how big grams to be? I know every transaction is different, but curious how that compares to domestic or other more common international transactions that you've done and that can impact the returns of some of that business?

這很有幫助。然後跳到國際這邊。我很好奇，當你看看你正在做的一些交易或澳洲的交易為例。我很好奇保費是什麼樣的或有多大克？我知道每筆交易都是不同的，但很好奇與您所做的國內或其他更常見的國際交易相比，這會如何影響某些業務的回報？

Yes. I would tell you that the returns are better in that business, the tenor is shorter, and we're providing capital relief transactions to bank insurance companies. So we're really excited to continue to expand in that market.

是的。我想告訴你，這項業務的回報更好，期限更短，而且我們正在向銀行保險公司提供資本減免交易。因此，我們非常高興能夠繼續拓展該市場。

Yes. It's a very attractive business versus you can imagine, it's got a higher ROE content than any other business that we do and because of the short tenor to get to realize those earnings and we release that capital to accelerated earnings release of the capital quicker makes a higher return. So it's a great model, and that's why we continue to maintain our international presence.

是的。這是一項非常有吸引力的業務，與您想像的相比，它的股本回報率比我們從事的任何其他業務都高，而且由於實現這些收益的期限很短，我們釋放該資本以加速收益釋放，使資本更快釋放更高的回報。所以這是一個很棒的模式，這也是我們繼續保持國際影響力的原因。

And as you can see, based on Rob's presentation, we continue to expand our international borders as well that we want international to become a more significant segment of the overall company and taking pressure on the domestic market that really relies on issuance here, it's opportunity and the opportunity is global. We're trying to make an opportunity demand are making sure our global operations address it.

正如你所看到的，根據羅布的演講，我們也繼續擴大我們的國際邊界，我們希望國際業務成為整個公司更重要的部分，並對真正依賴發行的國內市場施加壓力，這是機會而且機會是全球性的。我們正在努力提出機會需求，確保我們的全球業務能夠解決這個問題。

That's helpful. And maybe one last one. But looking at the TMS exposure, as most of the exposures are very low coupons and very long dated. I think obviously, you're only ensuring the time in pain principal interest. So the MTV factor there has a huge benefit that's on your side.

這很有幫助。也許還有最後一件事。但看看 TMS 的曝光，因為大多數曝光都是非常低的優惠券並且日期很長。我認為顯然，你只是在確保痛苦時期的主要利益。因此，MTV 因素對您來說有巨大的好處。

I'm curious if there -- because of that duration in both coupon dynamic, if there could be anything similar to the (technical difficulty) exposures or things like that or you might have the ability at some point to consider loss situation. But I realize that you probably have to see a lot more weakness flow through before that would even become something to consider?

我很好奇是否存在 - 由於兩種優惠券動態的持續時間，是否可能存在類似於（技術難度）風險或類似的事情，或者您可能在某些時候有能力考慮損失情況。但我意識到，在這成為需要考慮的事情之前，你可能必須看到更多的弱點出現？

Well, I think we've proved Tom, I think we are on, I think we've proven our metal in terms of the loss mitigation, how we handle distressed credits. I mean you look at the results we've been able to achieve going way back to RMBS and the amount of money we've made off of the RMBS securities look at any troubled credit that we've had in the portfolio and how we exercise our rights within all those deals really made loss mitigation and key strength of the organization, and we will continue to look at that way for them as well.

好吧，我認為我們已經證明了湯姆，我認為我們已經在減少損失以及如何處理不良信貸方面證明了我們的金屬。我的意思是，你看看我們已經能夠實現的成果，追溯到 RMBS，以及我們從 RMBS 證券中賺取的金額，看看我們在投資組合中擁有的任何問題信貸以及我們如何行使我們在所有這些交易中的權利確實減少了損失並成為了組織的關鍵優勢，我們也將繼續為他們尋找這種方式。

And as I said, based on our position, regulated senior position, opco, highly regulated, need to get access to the capital markets, and this is kind of something that we're very good at, and we'll continue to work hard to get it done rightly.

正如我所說，根據我們的立場，受監管的高級職位，opco，受到高度監管，需要進入資本市場，這是我們非常擅長的事情，我們將繼續努力正確地完成它。

That's helpful. And there's a comment about a similar way transaction it's a different entity in a different legal system, but the pro restructuring worked out pretty well as a regulated utility in Puerto Rico?

這很有幫助。有評論說，類似的交易方式是不同法律體系中的不同實體，但支持重組作為波多黎各受監管的公用事業公司效果很好？

Right. That's not in these things in the market before. So we is it water and even Puerto Rico would have worked down.

正確的。以前市場上的這些東西是沒有的。所以我們是水，甚至波多黎各也會下降。

Geoffrey Dunn, Dowling & Partners.

傑弗瑞‧鄧恩 (Geoffrey Dunn)，道林合夥人事務所。

My follow-up was actually asked and answered.

我的後續實際上是被問到並得到回答的。

I was going to say, Jeff, you pay for the second question. So be careful.

我想說，傑夫，你為第二個問題付費。所以要小心。

This concludes the question-and-answer session. I would now like to turn the conference back over to our host, Robert Tucker for closing remarks.

問答環節到此結束。現在我想將會議轉回給我們的東道主羅伯特·塔克致閉幕詞。

Thank you, operator. I'd like to thank everyone for joining us on today's call. If you have additional questions, please feel free to give us a call. Thank you very much.

謝謝你，接線生。我要感謝大家參加今天的電話會議。如果您還有其他問題，請隨時致電我們。非常感謝。

This concludes today's conference call. Thank you all for attending. You may now disconnect your lines. Have a great day.

今天的電話會議到此結束。感謝大家的出席。現在您可以斷開線路。祝你有美好的一天。