MBIA Inc (MBI) 2024 Q2 法說會逐字稿

Welcome to the MBIA Inc. second-quarter 2024 financial results conference call. I would now like to turn the call over to Greg Diamond, Managing Director of Investor and Media Relations at MBIA. Please go ahead, sir.

歡迎參加 MBIA Inc. 2024 年第二季財務業績電話會議。我現在想將電話轉給 MBIA 投資者和媒體關係董事總經理 Greg Diamond。請繼續，先生。

Thank you, Ashley. As noted, this is MBIA's conference call for our second-quarter 2024 financial results. After the market closed yesterday, we issued and posted several items on our website, including our financial results, 10-Q, quarterly operating supplement and statutory financial statements for both MBIA Insurance Corporation and the National Public Finance Guarantee Corporation. We also posted updates to the listings of our insurance company's insurance portfolios.

謝謝你，阿什利。如前所述，這是 MBIA 關於 2024 年第二季財務表現的電話會議。昨天收盤後，我們在網站上發布並發布了幾項內容，包括我們的財務業績、10-Q、季度營運補充以及 MBIA 保險公司和國家公共財政擔保公司的法定財務報表。我們也發布了保險公司保險組合清單的更新。

Regarding today's call, please note that anything said on the call is qualified by the information provided in the company's 10-K, 10-Q and other SEC filings as our company's definitive disclosures are incorporated in those documents. We urge investors to read our 10-K and 10-Qs as they contain our most current disclosure about the company and its financial and operating results. Those documents also contain information that may not be addressed on today's call.

關於今天的電話會議，請注意，電話會議中所說的任何內容均符合公司 10-K、10-Q 和其他 SEC 文件中提供的信息，因為我們公司的最終披露信息已納入這些文件中。我們敦促投資者閱讀我們的 10-K 和 10-Q，因為它們包含我們有關公司及其財務和經營業績的最新披露資訊。這些文件也包含今天的電話會議中可能未提及的資訊。

Definitions and reconciliations of the non-GAAP terms included in our remarks today are also included in our 10-K and 10-Qs as well as our financial results report and our quarterly operating supplement. The recorded replay of today's call will become available on the MBIA website approximately two hours after the end of the call.

我們今天的演講中包含的非 GAAP 術語的定義和調節也包含在我們的 10-K 和 10-Q 以及我們的財務業績報告和季度營運補充報告中。今天通話的錄音重播將在通話結束大約兩小時後在 MBIA 網站上提供。

Now, for our safe harbor disclosure statement. Our remarks on today's conference call may contain forward-looking statements. Important factors such as general market conditions and the competitive environment could cause our actual results to differ materially from the projected results referenced in our forward-looking statements. Risk factors are detailed in our 10-K and 10-Qs, which are available on our website at mbia.com.

現在，我們的安全港披露聲明。我們在今天的電話會議上的發言可能包含前瞻性陳述。一般市場狀況和競爭環境等重要因素可能導致我們的實際結果與我們前瞻性陳述中引用的預測結果有重大差異。我們的 10-K 和 10-Q 中詳細介紹了風險因素，這些內容可在我們的網站 mbia.com 上取得。

The company cautions not to place undue reliance on any such forward-looking statements. Company also undertakes no obligation to publicly correct or update any forward-looking statement if it later becomes aware that such statement is no longer accurate. For our call today, Bill Fallon and Joe Schachinger will provide introductory comments and then a question-and-answer session will follow. Now, here is Bill Fallon.

該公司警告不要過度依賴任何此類前瞻性陳述。如果公司後來發現此類聲明不再準確，公司也不承擔公開更正或更新任何前瞻性聲明的義務。在我們今天的電話會議中，比爾法倫和喬沙辛格將提供介紹性評論，然後將進行問答環節。現在，請聽聽比爾法倫的報道。

Thanks, Greg. Good morning, everyone. Thanks for being with us today. Our second quarter 2024 net loss was largely due to National’s net loss for the quarter. A significant increase in our PREPA loss reserve was the primary reason for National’s net loss.

謝謝，格雷格。大家早安。感謝您今天和我們在一起。我們 2024 年第二季的淨虧損主要是由於國家黨該季度的淨虧損造成的。我們 PREPA 損失準備金的大幅增加是國家黨淨虧損的主要原因。

While the First Circuit Court of Appeals decision was good for bondholders, the Oversight Board's reaction to the decision has increased uncertainty regarding a timely resolution for PREPA and its creditors. We believe a consensual resolution is in the best interest of PREPA, PREPA's creditors, and the people of Puerto Rico. However, this will only occur if the Oversight Board changes its approach and fulfills its responsibilities under PROMESA.

雖然第一巡迴上訴法院的裁決對債券持有人有利，但監督委員會對該裁決的反應增加了 PREPA 及其債權人能否及時解決問題的不確定性。我們相信，協商一致的解決方案符合 PREPA、PREPA 債權人以及波多黎各人民的最佳利益。然而，只有當監督委員會改變其方法並履行 PROMESA 規定的職責時，這種情況才會發生。

PREPA has the ability to repay its creditors. The Oversight Board does not have the willingness to pay. This must change. Given the range of possible outcomes associated with National’s $836 million PREPA bankruptcy claim. We continue to believe that it is necessary to substantially resolve PREPA before we can restart the process to sell the company.

PREPA 有能力償還債權人。監督委員會沒有支付意願。這必須改變。考慮到與國家黨 8.36 億美元 PREPA 破產索賠相關的一系列可能結果。我們仍然認為，在我們重新啟動出售公司的流程之前，有必要實質地解決 PREPA 問題。

Regarding the balance of National's insured portfolio, those credits have continued to perform generally consistent with our expectations. The gross par amount outstanding for National's insured portfolio has declined by approximately $1.4 billion from year-end 2023 to $27 billion at the end of the second quarter of this year.

關於國家保險投資組合的餘額，這些信貸的表現總體上符合我們的預期。國家黨保險投資組合的未償付面額總額較 2023 年底下降了約 14 億美元，至今年第二季末的 270 億美元。

National's leverage ratio of gross par to statutory capital was 28:1 at the end of the second quarter of 2024. As of June 30, 2024, National had total claims-paying resources of $1.6 billion and statutory capital and surplus of approximately $1 billion. Now, Joe will provide additional comments about our financial results.

截至 2024 年第二季末，國家黨的總面額與法定資本的槓桿率為 28:1。截至 2024 年 6 月 30 日，國家黨的索賠支付資源總額為 16 億美元，法定資本和盈餘約為 10 億美元。現在，喬將對我們的財務業績提供更多評論。

Thank you, Bill, and good morning, all. I will begin with a review of our second-quarter 2024 GAAP and non-GAAP results, and then provide an overview of our statutory results. The company reported a consolidated GAAP net loss of $254 million or a negative $5.34 per share for the second quarter of 2024, compared to a consolidated GAAP net loss of $74 million or a negative $1.46 per share to the second quarter of 2023.

謝謝你，比爾，大家早安。我將首先回顧我們 2024 年第二季的 GAAP 和非 GAAP 業績，然後概述我們的法定業績。該公司報告稱，2024 年第二季的綜合 GAAP 淨虧損為 2.54 億美元，即每股負 5.34 美元，而 2023 年第二季的綜合 GAAP 淨虧損為 7,400 萬美元，即每股負 1.46 美元。

The higher GAAP net loss this quarter was largely driven by two items. First is higher loss in LEA at National, which largely related to revising our loss scenarios for our PREPA exposure. Our loss scenarios now contemplate a range of negotiated and litigated outcomes that reflect a greater degree of uncertainty around the ultimate resolution of PREPA's debt.

本季公認會計原則淨虧損較高主要是由兩個因素造成的。首先是 National 的 LEA 損失較高，這很大程度上與修改 PREPA 風險敞口的損失情境有關。現在，我們的損失情境考慮了一系列談判和訴訟結果，這些結果反映了 PREPA 債務最終解決方案存在更大程度的不確定性。

And the second item is higher losses on financial instruments carried at fair value, which largely related to the revaluation of an equity interest received by MBIA Insurance Corp in a Zohar-related portfolio company in connection with claims paid on the Zohar CDOs.

第二項是以公允價值計量的金融工具損失較高，這很大程度上與 MBIA Insurance Corp 在 Zohar 相關投資組合公司中收到的股權重估有關，該股權與 Zohar CDO 的索賠有關。

In addition to these items, lower net investment income was mostly offset by lower VIE losses and lower operating expenses this quarter versus the second quarter of 2023. The company's adjusted net loss, a non-GAAP measure, was $138 million or a negative $2.90 per share for the second quarter of 2024 compared with an adjusted net loss of $22 million or negative $0.45 per share for the second quarter of 2023. The unfavorable change was primarily due to higher loss in LAE at National in the current quarter related to PREPA.

除了這些項目之外，與 2023 年第二季相比，本季淨投資收入的下降主要被 VIE 虧損的下降和營運費用的下降所抵消。該公司2024 年第二季調整後淨虧損（非公認會計準則衡量標準）為1.38 億美元，即每股負2.90 美元，而2023 年第二季調整後淨虧損為2,200 萬美元，即每股負0.45 美元。不利的變化主要是由於本季 National 的 LAE 損失與 PREPA 相關。

MBIA Inc.'s book value per share decreased $6.51 to a negative $39.07 per share as of June 30, 2024, versus a negative $32.56 per share as of December 31, 2023, primarily due to our $340 million consolidated net loss for the 2024 year-to-date period.

截至2024 年6 月30 日，MBIA Inc. 的每股帳面價值下降6.51 美元，至負39.07 美元，而截至2023 年12 月31 日，每股帳面價值為負32.56 美元，這主要是由於我們2024 年的綜合淨虧損為3.4 億美元- 迄今為止的時期。

Included in MBIA Inc.'s book value as of June 30, 2024, is a negative $47.89 per share of MBIA Insurance Corp's book value versus a negative $44.91 per share as of December 31, 2023. I will now spend a few minutes on our Corporate Segment balance sheet. The Corporate Segment, which primarily comprises the activities of the holding company, MBIA Inc, had total assets of approximately $657 million as of June 30, 2024.

截至 2024 年 6 月 30 日，MBIA Inc. 的帳面價值中包含 MBIA Insurance Corp 每股負帳面價值 47.89 美元，而截至 2023 年 12 月 31 日，每股帳面價值為負 44.91 美元。我現在將花幾分鐘時間介紹我們的企業部門資產負債表。公司部門主要包括控股公司 MBIA Inc 的活動，截至 2024 年 6 月 30 日，總資產約 6.57 億美元。

Within this total are the following material assets, unencumbered and liquid assets held by MBIA Inc., totaled $315 million, compared with $411 million as of December 31, 2023. The decrease was largely due to spending approximately $62 million on retiring GFL euro-denominated medium-term note liabilities before their maturities, of which $26 million was spent in the second quarter of 2024.

其中，MBIA Inc. 持有的以下有形資產、未支配資產和流動資產總計為 3.15 億美元，而截至 2023 年 12 月 31 日為 4.11 億美元。減少的主要原因是花費約 6200 萬美元在到期前註銷 GFL 以歐元計價的中期票據負債，其中 2600 萬美元是在 2024 年第二季度花費的。

In addition, MBIA Inc spent $16 million in the current quarter to purchase its senior notes. Both the medium-term notes and the senior notes were purchased at prices accretive to equity.

此外，MBIA Inc 在本季花費了 1,600 萬美元購買其優先票據。中期票據和優先票據均以增加股本的價格購買。

In addition to the unencumbered cash and liquid assets I mentioned, the corporate segment's assets included approximately $232 million of assets at market value pledged to guaranteed investment contract holders which fully collateralized those contracts.

除了我提到的未支配現金和流動資產外，公司部門的資產還包括按市場價值抵押給擔保投資合約持有人的約 2.32 億美元資產，這些合約持有人為這些合約提供了充分的抵押。

Turning to the insurance company's statutory results, National reported a statutory net loss of $131 million for the second quarter of 2024 compared to a statutory net loss of $11 million for the second quarter of 2023. The unfavorable variance was primarily driven by higher loss in LAE related to revising our loss scenarios for the PREPA debt restructuring and, to a lesser extent, lower net investment income.

至於保險公司的法定業績，國家保險報告 2024 年第二季的法定淨虧損為 1.31 億美元，而 2023 年第二季的法定淨虧損為 1,100 萬美元。不利的差異主要是由於與修改 PREPA 債務重組的損失情境相關的 LAE 損失增加，以及較小程度的淨投資收入減少。

As a reminder, net investment income in 2024 reflects lower invested assets due to the as-of-right and special dividends paid by National to MBIA Inc. in the fourth quarter of 2023, which totaled almost $650 million.

需要提醒的是，2024 年的淨投資收入反映了投資資產的減少，這是由於國家黨在 2023 年第四季度向 MBIA Inc. 支付了總計近 6.5 億美元的按權股息和特別股息。

National's statutory capital as of June 30, 2024, was $969 million, down $148 million compared with December 31, 2023, largely due to its net loss for the 2024 year-to-date period of $142 million. Claims paying resources were $1.6 billion, down $51 million from December 31, 2023.

截至2024年6月30日，國家黨的法定資本為9.69億美元，比2023年12月31日減少1.48億美元，主要是由於2024年迄今淨虧損1.42億美元。索賠支付資源為 16 億美元，比 2023 年 12 月 31 日減少 5,100 萬美元。

As of June 30, 2024, National had gross par outstanding of $27 billion, which is down about $1.4 billion from year end 2023. This decrease was largely due to regular amortization of National's insured portfolio.

截至 2024 年 6 月 30 日，國家黨的未償還面額總額為 270 億美元，比 2023 年底減少約 14 億美元。這一下降主要是由於國家保險投資組合的定期攤銷。

Now I'll turn to MBIA Insurance Corp. MBIA Insurance Corp reported a statutory net loss of $35 million for the second quarter of 2024 compared to a statutory net income of zero for the second quarter of 2023. The net loss in the second quarter of this year was driven by loss in LAE on primarily Zohar-related salvage.

現在我要談談 MBIA 保險公司。今年第二季的淨虧損是由於 LAE 主要與 Zohar 相關的紓困造成的虧損造成的。

As of June 30, 2024, the statutory capital of MBIA Insurance Corp. was $85 million, down from $152 million at year end 2023, primarily due to its net loss for the 2024 year-to-date period of $70 million. Claims-paying resources totaled $355 million at June 30, 2024 compared to $504 million at year end 2023.

截至 2024 年 6 月 30 日，MBIA Insurance Corp. 的法定資本為 8,500 萬美元，低於 2023 年底的 1.52 億美元，主要是由於 2024 年年初至今的淨虧損為 7,000 萬美元。截至 2024 年 6 月 30 日，理賠資源總額為 3.55 億美元，而 2023 年底為 5.04 億美元。

MBIA Insurance Corp’s insured gross par outstanding was $2.5 billion as of June 30, 2024, down about 12% from year end 2023. The decrease in claims-paying resources and gross par outstanding was partially driven by our proactive de-risking of exposures, for which we held reserves and were paying claims. And now we will turn the call over to the operator to begin the question-and-answer session.

截至 2024 年 6 月 30 日，MBIA Insurance Corp 的保險未償還總額為 25 億美元，較 2023 年底下降約 12%。賠付資源和未償付總面值的減少部分是由於我們主動降低風險敞口，我們為此持有準備金並支付索賠。現在我們將把電話轉給接線員以開始問答環節。

(Operator Instructions) John Staley, Staley Capital Advisers.

（操作員指示）約翰‧斯塔利 (John Staley)，斯塔利資本顧問公司。

Yes, Bill, this process, I find probably now as frustrating, it’s very frustrating. I don't understand how you have wrapped up and settled so many other Puerto Rican exposures. And yet PREPA stands there being road-blocked by this Oversight Committee or by the government or by whatever the hell the issue is.

是的，比爾，我現在發現這個過程可能令人沮喪，非常令人沮喪。我不明白你是如何結束並解決這麼多其他波多黎各風險的。然而 PREPA 站在那裡，被這個監督委員會或政府或無論什麼問題所阻礙。

What is the difference between the ability to have settled other exposures to Puerto Rico and yet PREPA stands out there all by itself unable to be resolved? And even a conditional agreement that was sitting up there before the 11th Circuit, I think, you guys withdrew from even before the court ruled. I mean there's something different about PREPA than the other guarantees you had that you wrapped up. And I'm just curious, as a lay person, how would you explain that difference?

能夠解決波多黎各的其他風險與 PREPA 本身無法解決之間有什麼區別？我認為，即使在第 11 巡迴法院之前就已經存在的有條件協議，你們甚至在法院做出裁決之前就退出了。我的意思是，PREPA 與您所獲得的其他保證有所不同。我只是好奇，作為一個外行人，你會如何解釋這種差異？

Yeah, John, good morning. First of all, you're absolutely correct. There were four large credits that we had insured in Puerto Rico. And so just to fill in what you obviously know, three of the four had been resolved. That was the GO, the COFINA and the Highway, which were all similar size to PREPA.

是的，約翰，早安。首先，你是完全正確的。我們在波多黎各投保了四筆大筆信貸。因此，為了補充您顯然知道的信息，四個問題中的三個已經解決。這就是 GO、COFINA 和 Highway，它們的大小都與 PREPA 相似。

And it's interesting and it’s probably too long to cover in this call, but there were many people who thought PREPA should have been the first of the credits resolved. And as you’d recall, there was actually an agreement in place prior to PROMESA, which was the law that Congress passed that went into effect approximately eight years ago. And the initial Oversight Board chose not to approve that agreement.

這很有趣，而且可能太長了，無法在這次電話會議中涵蓋，但許多人認為 PREPA 應該是第一個解決的問題。正如您所記得的，在 PROMESA 之前實際上已經達成了一項協議，這是國會通過的法律，大約在八年前生效。最初的監督委員會選擇不批准該協議。

So we've now been at this in terms of this Board for the continuation in this Board for seven years, but there was probably almost two years prior to that where the creditors had agreed to forbear. And so it's been a very long process.

因此，我們現在已經在該委員會的延續中討論了七年，但在此之前可能有近兩年債權人同意暫緩執行。所以這是一個非常漫長的過程。

And as I said, many people thought it should have been the first of the large credits to be restructured. And here we are. And it's going to be the last one.

正如我所說，許多人認為這應該是第一個重組的大額信貸。我們到了。這將是最後一次。

I suppose there's lots of opinions as to why this one's been difficult. I won't bore you with all the things that we've heard during this period of time. The situation, however, is here we sit. There was a First Circuit decision a couple of months ago that was favorable to bondholders.

我想對於為什麼這個問題如此困難有很多觀點。我不會向您講述這段時間我們聽到的所有事情。然而，情況就在我們這裡。幾個月前，第一巡迴法院做出了一項對債券持有人有利的決定。

As you know, Judge Swain has requested mediation. We're about halfway through that 60-day period, and we'll see what the results of the mediation are. But trust me, I'm -- like you, I'm sure there's a lot of frustrated parties to this whole situation.

如您所知，斯溫法官已請求調解。60 天的期限已經過半，我們將看看調解的結果如何。但請相信我，我和你一樣，我確信有很多人對整個情況感到沮喪。

But there's really no substantive difference in terms of the terms of the guarantee. I assume you have within your guarantee tremendous rights against revenue, et cetera. But what is the Oversight Board hanging their hat on? What is their issue?

但就擔保條款而言，確實沒有實質差異。我認為您在保證範圍內擁有針對收入等的巨大權利。但監督委員會到底在想什麼呢？他們的問題是什麼？

It wouldn't allow the independent parties to resolve the damn thing. I mean, these guys are nothing but appointed politicians and lawyers and that guy who's the dean of a school or some damn thing. I mean, they're not even --they're nothing but guys who are sucking off the public tip. So, I mean, I don't get it. What is it that they're contending. We can't let you settle this, yet you settle three other ones. I mean, it makes no sense to me.

它不允許獨立政黨解決這該死的事情。我的意思是，這些人不過是任命的政治家和律師，還有一個學校的院長或其他該死的東西。我的意思是，他們甚至不是——他們只不過是那些從公眾的小費中吸取教訓的人。所以，我的意思是，我不明白。他們到底在爭什麼。我們不能讓你解決這個問題，但你還要解決另外三個問題。我的意思是，這對我來說毫無意義。

John, I think you've just articulated what many of the creditors have expressed in different ways over several years. So it looks as though this one is going to have to be strongly influenced by the courts, right? Decisions that are either made by Judge Swain or by the First Circuit on appeal.

約翰，我認為您剛剛闡明了許多債權人多年來以不同方式表達的內容。所以看起來這件事必須受到法院的強烈影響，對嗎？由斯溫法官或第一巡迴上訴法院所做的決定。

That's where many of these decisions have ended up. And it looks as though that may be what finally forces a resolution of the situation. We believe it. There's a good opportunity to make a consensual, but it may be one that has to go through the court system for even further clarification.

這就是許多決定的最終結果。看起來這可能是最終迫使局勢得到解決的原因。我們相信。這是達成共識的好機會，但可能需要透過法院系統才能進一步澄清。

And that court process is yet another 60 days?

法庭程序還需要 60 天嗎？

That's just the mediation that was requested. What happens after that is very hard to predict at this point.

這就是所請求的調解。此後會發生什麼目前很難預測。

Are you still at odds with some people who own the bonds like Invesco and Golden, something or other some hedge funds? Is that still part of the issue?

您是否仍與景順（Invesco）、高登（Golden）等債券的持有者以及某些對沖基金有分歧？這仍然是問題的一部分嗎？

No, we're very much aligned now with the majority of the bondholders. So the people -- no, we're all -- there's a large group of us that are all aligned in terms of trying to resolve this with the Board.

不，我們現在與大多數債券持有人的立場非常一致。因此，我們所有人——不，我們所有人——我們中有一大群人都在努力與董事會解決這個問題方面保持一致。

So it's literally this appointed Oversight Board that's keeping this thing being wrapped up?

那麼，實際上是這個任命的監督委員會在包辦這件事嗎？

It's probably a little bit more complicated than that. But they're staking out their position in what their offer is to bondholders, and the bondholders have a different view. And as Judge Swain indicated, she would like to -- hope that there could be some compromise and a resolution that would end this in her court. But we'll have to wait and see whether that's possible.

情況可能比這更複雜一點。但他們正在向債券持有人表明自己的立場，而債券持有人則有不同的看法。正如斯溫法官所表示的，她希望能夠達成某種妥協並達成一項決議，以在法庭上結束這一事件。但我們必須等待，看看這是否可能。

Okay. Thank you very much.

好的。非常感謝。

Thank you.

謝謝。

(Operator Instructions) Mashem, private investor.

（操作員說明）Mashem，私人投資者。

Hi, thanks for taking my call. Just a couple of questions. One is, is there still about $70 million remaining under the repurchase authorization?

您好，感謝您接聽我的電話。只是幾個問題。一是，回購授權還剩下約7,000萬美元嗎？

Yes.

是的。

Okay. And do you have any intention to begin to buy back stock?

好的。您是否打算開始回購股票？

As we've said before, we continue to look at lots of things, including the liquidity, the holding company, the different obligations of the holding company. As Joe indicated, we did actually buy back some debt in the second quarter.

正如我們之前所說，我們繼續關注很多事情，包括流動性、控股公司、控股公司的不同義務。正如喬指出的那樣，我們實際上在第二季回購了一些債務。

We'll look at what the future liquidity will be of the holding company. And at any point in time, if we think the best choice that we have is to use that to buy back stock, then we will do that as we've done in the past.

我們將看看控股公司未來的流動性是多少。在任何時候，如果我們認為最好的選擇是用它來回購股票，那麼我們就會像過去那樣做。

Okay. I wanted to check. So the operating expenses came down a little bit in Q2, but it's still $15 million. So that's basically a $60 million run rate. I mean, that seems fairly high for -- at this point, absent PREPA and possibly LCOR Alexandria, there's really no problem credits, right, within National?

好的。我想檢查一下。所以第二季的營運費用有所下降，但仍是 1500 萬美元。所以這基本上是 6000 萬美元的運行費用。我的意思是，這似乎相當高——在這一點上，缺少 PREPA 和可能的 LCOR Alexandria，在國家內部確實沒有問題，對吧？

I think that's a reasonable description of the situation.

我認為這是對情況的合理描述。

So can we expect those operating expenses to come down?

那我們可以預期這些營運費用會下降嗎？

The answer is we have for a while been focused on reducing operating expenses. I think if you go back, the trend is down. We would like to continue to reduce operating expenses.

答案是我們一段時間以來一直致力於減少營運費用。我認為如果你回去的話，趨勢就會下降。我們希望繼續減少營運費用。

Keep in mind, we also have Corp, which when you look at those operating expenses, right, is part of the situation as well, as well as the runoff of the old asset liability management business at the holding company. So we are very focused on continuing to get those expenses down. There are already some things we've committed to which we think over the next year or so, we'll continue to bring those down.

請記住，我們還有公司，當你看看這些營運費用時，對吧，這也是情況的一部分，以及控股公司舊資產負債管理業務的流失。因此，我們非常注重繼續降低這些費用。我們已經承諾了一些事情，我們認為在未來一年左右的時間裡，我們將繼續減少這些事情。

Okay. And then just in terms of the PREPA, I mean, so it looks like you've got PREPA downmarked in the mid-40s?

好的。然後就 PREPA 而言，我的意思是，看來你們已經在 1940 年代中期將 PREPA 降級了？

Is that a question?

這是一個問題嗎？

Yeah. So basically that's kind of our bogey for wherever a settlement or resolution comes out?

是的。所以基本上，無論出現什麼和解或解決方案，這都是我們的忌諱？

Yeah, we've never actually communicated exactly what level of recovery the PREPA reserves reflect.

是的，我們從未真正傳達過 PREPA 儲備反映的復甦水準。

Okay, but at National, I don't think there are significant reserves other than PREPA, right?

好的，但是在國家隊，我認為除了 PREPA 之外沒有其他重要的儲備，對嗎？

It would be fair given our portfolio to conclude that PREPA is the significant portion of our reserves.

考慮到我們的投資組合，得出 PREPA 是我們儲備的很大一部分的結論是公平的。

Okay. And then just finally, can you just provide some idea what's going on LCOR Alexandria?

好的。最後，您能提供一些關於 LCOR Alexandria 的情況嗎？

Yeah, well, there's not a whole I can say at this point, right? You'll see it. It's listed as one of our classified credits, right? It's office space. I think everyone's familiar with what has happened with office space in and around most major cities. This one is in the DC area.

是的，好吧，現在我還不能說全部，對吧？你會看到的。它被列為我們的分類學分之一，對嗎？這是辦公空間。我想每個人都熟悉大多數主要城市及其周邊地區的辦公空間發生的情況。這是在 DC 地區。

We have been focused on it for quite a while. And we think there is a plan in place that will result in a resolution to this that will not have any material impact on the company at this point.

我們已經關注它很長一段時間了。我們認為已經制定了一項計劃來解決這個問題，目前不會對公司產生任何實質影響。

Okay. And then finally, I just wanted to see, there's a lot of activity in the credit, synthetic risk transfer market. Is that something where you've explored? I wonder if there's an opportunity with the National portfolio to look at transferring a portion of that to the synthetic risk transfer market.

好的。最後，我只是想看看信貸、綜合風險轉移市場有很多活動。這是你探索過的地方嗎？我想知道國家投資組合是否有機會考慮將其中一部分轉移到綜合風險轉移市場。

Without commenting on any specific thing, we are obviously well aware of the synthetic market. There are lots of things that we look at with regard to the National portfolio at any point in time. So if there was ever something that we thought would be beneficial to our shareholders, we would pursue it.

在不評論任何具體事情的情況下，我們顯然很了解合成市場。我們在任何時候都會考慮很多關於國家投資組合的事情。因此，如果我們認為有什麼事情對我們的股東有利，我們就會追求它。

Okay. All right. Thank you.

好的。好的。謝謝。

Thank you.

謝謝。

(Operator Instructions) At this time, I'm showing no further questions. I'd like to turn the floor back over to management for any additional or closing remarks.

（操作員說明）此時，我不會再提出任何問題。我想將發言權交還給管理階層，讓他們發表補充或結束語。

Thank you, Ashley. And thanks to those of you listening to our call today. Please contact us directly if you have any additional questions. We also recommend that you visit our website at mbia.com for additional information on the company. Thank you for your interest in MBIA. Good day and goodbye.

謝謝你，阿什利。感謝今天收聽我們電話的各位。如果您還有任何其他問題，請直接與我們聯繫。我們還建議您訪問我們的網站 mbia.com，以了解有關該公司的更多資訊。感謝您對 MBIA 的興趣。美好的一天，再見。

Thank you. Ladies and gentlemen, this does conclude today's MBIA second-quarter 2024 earnings conference call. You may now disconnect your line and have a wonderful day.

謝謝。女士們先生們，今天的 MBIA 2024 年第二季財報電話會議到此結束。您現在可以斷開線路並度過美好的一天。