ArrowMark Financial Corp (BANX) 2022 Q3 法說會逐字稿

Welcome to the ArrowMark Financial Corp. Q3 2022 Investor Conference Call. Now I would like to turn the call over to Julie Muraco, Investor Relations of ArrowMark Financial Corp.

歡迎參加 ArrowMark Financial Corp. 2022 年第三季投資者電話會議。現在我想將電話轉交給 ArrowMark Financial Corp. 投資者關係部門的 Julie Muraco。

Before we begin this conference call, I'd like to remind everyone that certain statements made during the call may be considered forward-looking statements, which are based on current management expectations that involve substantial risks and uncertainties. Actual results may differ materially from the results stated in or implied by these forward-looking statements. ArrowMark Financial has based the forward-looking statements included in this presentation on information available to us as of September 30, 2022, unless otherwise noted. The company undertakes no duty to update any forward-looking statement made herein.

在我們開始本次電話會議之前，我想提醒大家，電話會議期間所做的某些陳述可能被視為前瞻性陳述，這些陳述基於當前管理層的預期，涉及重大風險和不確定性。實際結果可能與這些前瞻性陳述中陳述或暗示的結果有重大差異。除非另有說明，否則 ArrowMark Financial 本簡報中包含的前瞻性聲明是基於截至 2022 年 9 月 30 日我們所掌握的資訊。該公司不承擔更新此處所做的任何前瞻性聲明的義務。

In today's call, the management of ArrowMark Financial will be providing prepared remarks. Investors have the opportunity to address their questions directly to management by calling Investor Relations at (212) 468-5441 or e-mailing investorrelations@arrowmarkfinancialcorp.com.

在今天的電話會議中，ArrowMark Financial 的管理層將發表準備好的演講。投資者有機會透過致電投資者關係部 (212) 468-5441 或發送電子郵件至 Investorrelations@arrowmarkfinancialcorp.com 直接向管理層提出問題。

Now I will turn the call over to Sanjai Bhonsle, Chief Executive Officer of ArrowMark Financial.

現在我將把電話轉給 ArrowMark Financial 執行長 Sanjai Bhonsle。

Thank you, Julie. Good afternoon, and welcome to ArrowMark Financial's investor call for third quarter 2022. Along with Julie, here with me today are Dana Staggs, President; and Pat Farrell, our CFO. In the next few minutes, I will briefly comment on the market environment, including factors affecting the credit markets. Then I will provide ArrowMark Financial's quarterly results and portfolio review. Dana will provide details on the origination pipeline, and Pat will provide you with greater detail on our financial results.

謝謝你，朱莉。下午好，歡迎參加 ArrowMark Financial 2022 年第三季投資者電話會議。和我們的財務長帕特法雷爾 (Pat Farrell)。在接下來的幾分鐘裡，我將簡要地評論一下市場環境，包括影響信貸市場的因素。然後我將提供 ArrowMark Financial 的季度業績和投資組合回顧。達納（Dana）將提供有關發起管道的詳細信息，帕特（Pat）將為您提供有關我們財務業績的更多詳細信息。

In regards to the markets, both the equity and credit markets continued to experience volatility in the third quarter. Most major indices declined, extending their year-to-date drawdowns as inflation and global recession fears intensified. Despite the risks to the economy, the U.S. Federal Reserve reiterate their commitments to combating inflation. As such, the Fed implemented 275 basis points increases to the federal funds target rate during the quarter. After the quarter end, the Federal Reserve raised the Fed funds rate an additional 75 basis points, marking a total of 375 basis points increase this year and indicated that additional rate hikes were likely into 2023. With continued inflationary pressures and special focus on a tight labor market, we expect the Fed to continue on its current path of rate increases and anticipate a resulting slowdown in economic growth.

市場方面，第三季股市和信貸市場持續波動。隨著通膨和全球經濟衰退擔憂加劇，大多數主要指數均下跌，延續了年初至今的跌幅。儘管經濟面臨風險，聯準會仍重申對抗通膨的承諾。因此，聯準會在本季將聯邦基金目標利率上調了 275 個基點。本季結束後，聯準會將聯邦基金利率再上調 75 個基點，今年總計升息 375 個基點，並表示 2023 年可能會進一步升息。預計由此導致的經濟成長放緩。

Whether there is a hard or soft landing and despite all the volatility as a result of 2022 Fed hikes, we believe that our time-tested portfolio monitoring process enables us to better get ahead of credit concerns in our portfolio and prudently manage our NAV. For example, recently, our diligence showed that one of our borrowers shifted its business focus, which deviated from our initial investment thesis. As a result, we reduced our exposure to this particular bank through a secondary market sale at prices close to par. I'm happy to share that for several years, our NAV has, in our opinion, remained fairly stable when compared to volatility in the credit and equity markets. With a long-term view in mind, I want to reiterate that ArrowMark Financial continues to prioritize risk mitigation and credit quality when seeking new investments for and managing the current investments in the portfolio. We believe that our investment portfolio is well positioned despite potential macro headwinds and current market volatility.

無論是硬著陸還是軟著陸，儘管2022 年聯準會升息會帶來許多波動，我們相信，經過時間考驗的投資組合監控流程使我們能夠更好地應對投資組合中的信貸擔憂，並審慎管理我們的資產淨值。例如，最近我們的盡職調查顯示，我們的一個借款人轉移了業務重點，這偏離了我們最初的投資理念。因此，我們透過二級市場以接近平價的價格出售，減少了對這家特定銀行的風險敞口。我很高興與大家分享，多年來，我們認為，與信貸和股票市場的波動相比，我們的資產淨值一直保持相當穩定。著眼長遠，我想重申，ArrowMark Financial 在尋求新投資組合中新投資和管理現有投資時，將繼續優先考慮風險緩解和信用品質。我們相信，儘管存在潛在的宏觀阻力和當前的市場波動，我們的投資組合仍處於有利位置。

It is worth mentioning again that our due diligence is conducted using the breadth and depth of resources available to the company through our affiliate, ArrowMark Partners. ArrowMark Financial benefits from the operational resources and research expertise made available to it across asset classes, including money center bank issued regulatory capital and community bank investments. In addition, the portfolio management team has experienced managing investment portfolios through multiple economic cycles and market conditions. We hope the continued increase in earnings, combined with a relatively stable NAV become transparent to the market as to the quality of the resources made available to the company to navigate through these volatile markets.

再次值得一提的是，我們的盡職調查是透過我們的附屬公司 ArrowMark Partners 利用公司可用資源的廣度和深度進行的。 ArrowMark Financial 受惠於跨資產類別的營運資源和研究專業知識，包括貨幣中心銀行發行的監理資本和社區銀行投資。此外，投資組合管理團隊擁有在多個經濟週期和市場條件下管理投資組合的經驗。我們希望獲利的持續成長，加上相對穩定的資產淨值，能夠讓市場對公司在這些動盪的市場中導航所使用的資源品質變得透明。

It's also worth noting that in a rising rate environment, all other things constant, the company's earnings are positively impacted as highlighted by the $0.46 earnings for the third quarter. I will share more color on this in my comments in a few minutes. Moving on to portfolio. ArrowMark Financial's investment portfolio is made up of securities, primarily issued by global money center banks and U.S. community banks with approximately 83% of our portfolio, consisting of regulatory capital securities. The underlying loans within most of these regulatory capital securities typically have a weighted average risk rating of BB or BBB and are well diversified by borrower, geography and industry sectors. We also invest in term loans, trust preferred and preferred securities all priority ranking securities issued by community banks.

另外值得注意的是，在利率上升的環境下，在其他條件不變的情況下，該公司的獲利受到正面影響，第三季獲利 0.46 美元就凸顯了這一點。幾分鐘後我將在評論中分享更多對此的看法。轉向投資組合。 ArrowMark Financial 的投資組合由證券組成，主要由全球貨幣中心銀行和美國社區銀行發行，其中約 83% 的投資組合由監管資本證券組成。大多數這些監管資本證券中的基礎貸款通常具有 BB 或 BBB 的加權平均風險評級，並且按借款人、地理位置和行業部門進行了充分多元化。我們也投資於社區銀行發行的定期貸款、信託優先和優先證券（所有優先排名證券）。

Like their money center bank counterparts, community banks are also poised to benefit from increases in lending rates. Given strong capital ratios and conservative balance sheet for our portfolio of banks, we expect the banking sector to be resilient, in general, during any near-term potential economic slowdown. As a result, we believe taking a conservative approach at initial investment, combined with ongoing portfolio monitoring promotes attractive returns even in challenging markets. Now I'd like to say a few words on interest rates and the positive impact on our earnings. We believe a rise in rate should be beneficial to our portfolio due to the floating rate structure of a majority of our investments.

與貨幣中心銀行同業一樣，社區銀行也準備從貸款利率的上漲中受益。鑑於我們銀行投資組合強勁的資本比率和保守的資產負債表，我們預計，在任何近期潛在的經濟放緩期間，銀行業將總體上保持彈性。因此，我們相信在初始投資時採取保守的方法，結合持續的投資組合監控，即使在充滿挑戰的市場中也能帶來有吸引力的回報。現在我想談談利率及其對我們收益的正面影響。我們認為，由於我們大部分投資的浮動利率結構，利率上升應該有利於我們的投資組合。

Today, approximately 83% of the company's total investments are in floating rate assets which provides a potential inflation hedge to the portfolio. As I mentioned last quarter, we believe that every 25 basis points increase in base rates may translate to as much as an additional $0.005 to $0.01 per share per quarter in net income, all things being equal. As of the end of last week, Fed funds futures were pricing in a peak policy rate of nearly 5.2% in Q2 2023, which is accurate, such as there could be as much as 150 basis points of additional rate increases that could drive anywhere between $0.03 to $0.06 of earnings per quarter just related to the increase in base rates for our floating rate assets. The impact to net income from an increase in rates is dependent on a number of variables.

如今，該公司約 83% 的總投資是浮動利率資產，這為投資組合提供了潛在的通膨對沖。正如我上季度提到的，我們認為，在所有條件相同的情況下，基本利率每增加 25 個基點，每季淨利可能會增加 0.005 至 0.01 美元。截至上週末，聯邦基金期貨定價的 2023 年第二季度接近 5.2% 的峰值政策利率是準確的，例如可能有多達 150 個基點的額外加息，這可能會推動每季度0.03 美元至0.06 美元的收益僅與我們浮動利率資產的基本利率增加有關。利率上升對淨利潤的影響取決於許多變數。

These include the mix of the floating rate assets, the timing of the resets of the base rates and the average amount of borrowings under our credit facility, for example. That said, investors can begin to see the contributed results of a rising rate environment as reflected in our third quarter earnings.

例如，其中包括浮動利率資產的組合、基準利率重置的時間以及我們信貸安排下的平均借款金額。也就是說，投資人可以開始看到利率上升環境所帶來的影響，這反映在我們第三季的收益中。

Now on to ArrowMark Financial's results for the third quarter. We are pleased to report that net investment income for the third quarter was approximately $3.3 million or $0.46 per share, up 7% from the prior quarter. I also want to emphasize that for the first 9 months of 2022, Net investment income was up approximately 17% as compared to the same period in 2021 and meaningfully higher than the published inflation rate for the U.S. Also of note, ArrowMark Financial, over earned the third quarter $0.39 per share declared dividend by $0.07 per share or approximately 20%.

現在來看看 ArrowMark Financial 第三季的業績。我們很高興地報告，第三季的淨投資收益約為 330 萬美元，即每股 0.46 美元，比上一季成長 7%。我還想強調的是，2022 年前 9 個月，淨投資收益與 2021 年同期相比增長了約 17%，明顯高於美國公佈的通膨率。三季每股派息0.39 美元，每股股利0.07 美元，約20%。

Similarly, we over earned the $0.39 per share declared dividends in the first and second quarter of 2022 by $0.03 and $0.04 per share, respectively. Our net asset value at the end of the quarter was $20.74 per share, down $0.20 per share or less than 1% from the prior quarter. Our NAV is holding up much better than many income-generating publicly traded funds who are seeing NAV declines. Our NAV has also been relatively stable when compared to the equity and credit markets overall performance during the quarter. We believe this performance is indicative of the unique investment merits of the regulatory capital asset class as well as the quality of the underlying credit profile of the Community Bank investments.

同樣，我們在 2022 年第一季和第二季分別超出每股 0.39 美元的宣派股息 0.03 美元和 0.04 美元。本季末我們的淨資產值為每股 20.74 美元，比上一季每股下降 0.20 美元，跌幅不到 1%。我們的資產淨值比許多資產淨值下降的創收型公開交易基金好得多。與本季股票和信貸市場的整體表現相比，我們的資產淨值也相對穩定。我們認為，這一表現表明了監管資本資產類別的獨特投資優點以及社區銀行投資的基礎信用狀況的品質。

Now let me turn to the portfolio review. During the third quarter, the company invested a total of $17.9 million in 4 regulatory capital transactions. The securities were purchased in the primary market. And together, have an effective weighted average coupon of 13.7% and a yield-to-maturity of 14.9%. The $17.9 million of investments were offset by $14.9 million proceeds from the sale of approximately $10.4 million of Community Bank assets and approximately $4.5 million of regulatory capital partial pay-downs. As I mentioned previously, as a result of part of our portfolio monitoring process and proactive investment management, we reduced some of our community bank exposure at prices close to par. One silver lining of the secondary market trades is that even during volatile market conditions, our portfolio can exhibit liquidity as highlighted by asset sales close to par.

現在讓我談談投資組合審查。第三季度，該公司在 4 項監管資本交易中總共投資了 1,790 萬美元。這些證券是在一級市場購買的。合計有效加權平均票息率為 13.7%，到期收益率為 14.9%。 1,790 萬美元的投資被出售約 1,040 萬美元的社區銀行資產所得的 1,490 萬美元收益和約 450 萬美元的監管資本部分償還所抵消。正如我之前提到的，由於我們的投資組合監控流程和積極的投資管理，我們以接近平價的價格減少了一些社區銀行的風險敞口。二級市場交易的一線希望是，即使在波動的市場條件下，我們的投資組合也可以表現出流動性，資產銷售接近平價就凸顯了這一點。

Next, the estimated annualized yield of the portfolio investments as of September 30 was 11.85%, up 174 basis points over the last quarter end. I want to highlight that the third quarter portfolio yield performance is the highest in the company's history. At quarter end, total assets of the portfolio were reported at approximately $212.3 million, and the invested portfolio was reported at $193.2 million. Going forward, we are being prudent on how we deploy our investable cash. We are being opportunistic so as to be able to take advantage of volatility and potentially buy discounted assets in the secondary market similar to our secondary market purchases in dislocated markets of 2020. The primary and new issue market is also relatively more attractive as we are also seeing a general widening in spreads in new issue regulatory capital and community bank securities due to current market conditions.

接下來，截至9月30日的組合投資預計年化報酬率為11.85%，較上季末上升174個基點。我想強調的是，第三季投資組合殖利率表現是公司史上最高的。截至季末，投資組合的總資產約為 2.123 億美元，投資組合的投資額為 1.932 億美元。展望未來，我們將謹慎部署可投資現金。我們正在抓住機會，以便能夠利用波動性，並有可能在二級市場購買折價資產，類似於我們在2020 年在錯位市場的二級市場購買。力，因為我們也由於當前的市場狀況，新發行的監理資本和社區銀行證券的利差普遍擴大。

Now I want to turn it over to Dana Staggs, President of the company, who will discuss the origination pipeline.

現在我想把它交給公司總裁 Dana Staggs，他將討論起源管道。

Thank you, Sanjai. In the third quarter, industry-wide regulatory capital origination was steady throughout the quarter with an estimated issuance of $3 billion to $3.5 billion, bringing the year-to-date 2022 issuance to approximately $7 billion to $8.5 billion. The new issue market for reg cap is expected to meet 2021 issuance levels of $11 billion to $13 billion for 2022 as the asset class is increasingly considered a value-add core balance sheet management tool for large global banks. In the third quarter, we saw new issue spreads widened by approximately 150 to 200 basis points relative to the beginning of 2022. Regulatory capital continues to be one of the few asset classes that generated positive returns in the third quarter.

謝謝你，桑賈伊。第三季度，全產業監理資本來源穩定，預估發行量為 30 億至 35 億美元，使 2022 年迄今的發行量達到約 70 億至 85 億美元。監管上限的新發行市場預計將在 2022 年達到 2021 年 110 億至 130 億美元的發行水平，因為該資產類別越來越被視為大型全球銀行的增值核心資產負債表管理工具。第三季度，我們看到新發行利差較 2022 年初擴大了約 150 至 200 個基點。

However, as Sanjai mentioned, we continue to be opportunistic in our investment strategy to take advantage of volatile markets as we did in 2020 when during a short window, we were able to buy attractive regulatory capital investments at favorable discounts from 4 sellers in the secondary market. Moving on to Community Bank investments in the third quarter, the community banking space new issue market was relatively quiet as many banks who were able to take advantage of cheap financing in 2020 and 2021 and appear to be relatively well capitalized. We are waiting for further widening in this mostly fixed rate community banking security space as the Fed continues -- currently, the secondary market in this space is getting more attractive as rates widened to 6% and 7% versus 3% to 4% for most of 2021. Now I will turn it back to Sanjai.

然而，正如Sanjai 所提到的，我們在投資策略上繼續採取機會主義態度，以利用波動的市場，就像我們在2020 年所做的那樣，在短時間內，我們能夠以優惠的折扣從二級市場的4 家賣家購買有吸引力的監管資本投資。第三季社區銀行投資方面，社區銀行領域的新發行市場相對安靜，因為許多銀行能夠在 2020 年和 2021 年利用廉價融資，資本似乎相對充足。隨著聯準會的持續，我們正在等待這一主要是固定利率的社區銀行安全空間的進一步擴大——目前，隨著利率擴大至6% 和7%，而大多數利率為3% 至4%，這一領域的二級市場變得更具吸引力。

Thank you, Dana. We firmly believe that during these volatile times, the company is well positioned to deliver superior financial results, benefiting from the strategic mix or floating rate reg cap and fixed income community bank investments. We believe ArrowMark Financial is the only public company that offers the opportunity to participate in regulatory capital investments. With this strategy and with the stock at a 9.2% yield, we believe ArrowMark Financial continues to offer exceptional value to investors.

謝謝你，達納。我們堅信，在這些動盪時期，受益於策略組合或浮動利率監管上限和固定收益社區銀行投資，該公司有能力實現卓越的財務表現。我們相信 ArrowMark Financial 是唯一一家提供參與監管資本投資機會的上市公司。透過此策略以及該股的收益率為 9.2%，我們相信 ArrowMark Financial 將繼續為投資者提供卓越的價值。

Now I want to turn the call over to Pat Farrell, Chief Financial Officer of the company.

現在我想把電話轉給公司財務長 Pat Farrell。

Thank you, Sanjai, As I do each quarter, I will present the financial results by going through the components of the company's quarterly results in detail. The net asset value on September 30 was $20.74 per share, down $0.20 from the prior quarter. The NAV is composed of 4 components: net investment income; realized capital gains and losses; the change in value of the portfolio's investments; and lastly, distributions paid during the period. Let's review these components. Gross income for the quarter was approximately $5.3 million or $0.75 per share. Total expenses for the quarter were $2 million or $0.29 per share, resulting in net investment income for the quarter of $3.3 million or $0.46 per share. As is the case every quarter, the timing of calls and pay-downs impacts the income generation of the company.

謝謝你，Sanjai，正如我每個季度所做的那樣，我將通過詳細介紹公司季度業績的各個組成部分來呈現財務業績。 9月30日的資產淨值為每股20.74美元，較上季下降0.20美元。資產淨值由 4 個部分組成：淨投資收益；已實現的資本損益；投資組合投資價值的變動；最後是在此期間支付的分配。讓我們回顧一下這些組件。該季度的總收入約為 530 萬美元，即每股 0.75 美元。該季度的總費用為 200 萬美元，即每股 0.29 美元，該季度的淨投資收益為 330 萬美元，即每股 0.46 美元。與每季的情況一樣，催繳和付款的時間會影響公司的收入。

Realized capital gains and losses in the quarter is the second component affecting the change in NAV. The net realized capital gains from investment activities were approximately $4.7 million or $0.65 per share. The third component, changes in unrealized appreciation or depreciation of the portfolio relates to how the value of the entire investment portfolio has changed from the previous quarter end to the current quarter end. For the quarter, the change in net unrealized depreciation on investments and foreign currency transactions was approximately $6.6 million or $0.92 per share. I want to point out the gains and losses from foreign currency hedging activities do not impact our net income. The fourth component affecting the change in net asset value is distributions. The regular cash distribution for the quarter was $0.39 per share. The distribution of $0.39 per share was paid on September 29.

本季已實現的資本損益是影響淨值變動的第二個因素。投資活動實現的淨資本收益約為 470 萬美元，即每股 0.65 美元。第三個組成部分，投資組合未實現升值或貶值的變化與整個投資組合的價值從上季度末到當前季度末的變化有關。本季度，投資和外幣交易的未實現淨折舊變動約為 660 萬美元，即每股 0.92 美元。我想指出的是，外匯對沖活動的損益不會影響我們的淨利。影響淨資產價值變動的第四個組成部分是分配。本季常規現金分配為每股 0.39 美元。每股 0.39 美元的分配已於 9 月 29 日支付。

In summary, we began the quarter with a net asset value of $20.94 per share. During the quarter, we generated net income of $3.3 million, net realized capital gains of approximately $4.7 million and the unrealized value of the portfolio and foreign currency transactions decreased by $6.6 million. The sum of these components reduced by a distribution of $0.39 per share resulted in a net asset value of $20.74 per share on September 30, which was down $0.20 from the prior quarter. We believe this NAV is a true representation of the value of the company. Although we don't believe we could get credit for it in the public markets, the majority of the portfolio is independently marked, meaning we do not put valuations on the majority of investments in our own portfolio, which is a point of differentiation compared to other publicly traded closed-end funds and BDCs.

總之，本季開始時我們的淨值為每股 20.94 美元。本季度，我們實現淨利潤 330 萬美元，實現淨資本收益約 470 萬美元，投資組合和外幣交易的未實現價值減少 660 萬美元。這些組成部分的總和減去每股 0.39 美元的分配，導致 9 月 30 日的每股資產淨值為 20.74 美元，比上一季下降 0.20 美元。我們相信這個資產淨值是公司價值的真實表現。儘管我們不相信我們可以在公開市場上獲得認可，但大部分投資組合都是獨立標記的，這意味著我們不會對自己投資組合中的大部分投資進行估值，這是與其他投資組合相比的一個區別點其他公開交易的封閉式基金和 BDC。

In the third quarter, approximately 68% of the portfolio prices or marks reflect a minimum of 2 quotations from broker-dealers or pricing services. These quotations represent an independent third-party assessment of the current value of the portfolio. At quarter end, the company had total assets of $212.3 million consisting of total investments of $193.2 million and cash, interest and dividends receivable and prepaid assets totaling approximately $19.1 million. At quarter end, our dividend yield was approximately 9%. As of today, the dividend yield is approximately 9.2%. As was the case in prior years, our fourth quarter dividend to be declared by the Board of Directors in December will include any required annual tax distributions of income or capital gains from the fund. Based on year-to-date results, we may have a capital gain distribution as a result of realized gains during the year. The final amount of the total distribution will be based on the fourth quarter performance of the fund as well as other factors.

第三季度，約 68% 的投資組合價格或標記至少反映了經紀自營商或定價服務的 2 個報價。這些報價代表了對投資組合當前價值的獨立第三方評估。截至季末，該公司總資產為 2.123 億美元，其中投資總額為 1.932 億美元，現金、應收利息和股息以及預付資產總計約 1,910 萬美元。截至季末，我們的股息殖利率約為 9%。截至今日，股息殖利率約9.2%。與往年一樣，董事會將於 12 月宣布的第四季度股息將包括基金收入或資本利得所需的年度稅收分配。根據年初至今的業績，我們可能會根據年內實現的收益進行資本利得分配。最終分配總額將根據基金第四季的業績表現以及其他因素而定。

Now let me update you on our credit facility. At September 30, the company had $62.3 million drawn from the facility or 29% of total assets. As a registered investment company, subject to the Investment Company Act, we may only borrow up to 33.3% of our total assets.

現在讓我向您介紹我們的信貸安排的最新情況。截至 9 月 30 日，該公司從該設施提取了 6,230 萬美元，佔總資產的 29%。作為一家註冊投資公司，根據《投資公司法》，我們最多只能藉款佔總資產的 33.3%。

Now I want to turn the call back over to Sanjai.

現在我想把電話轉回給 Sanjai。

Thank you, Pat. I would like to thank everyone on the call for listening in today. This will be the last conference call before the holidays. So I'd like to take the time to wish everyone a wonderful holiday season as we close out 2022. On behalf of the entire team at ArrowMark Financial best wishes for the New Year. Good night and see you in 2023.

謝謝你，帕特。我要感謝今天參加電話會議的所有人。這將是假期前的最後一次電話會議。因此，在 2022 年即將結束之際，我想花時間祝大家有個美好的假期。晚安，2023 年見。

The 2022 third quarter financial call for ArrowMark Financial has now concluded. Thank you for attending today's presentation. You may now disconnect.

ArrowMark Financial 的 2022 年第三季財務電話會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。