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    Deepak Sarpangal • B. Riley Securities

    Deepak Sarpangal is the Founder and Chief Executive Officer of Repertoire Partners LP, a New York-based independent investment adviser and hedge fund manager, and also serves as Managing Partner at Sarpa Holdings LLC. He has a notable track record as a private equity investor at Capricorn Investment Group, and as founder of his investment firms, he has overseen strategies for private investment funds, with a focus on finance and investment management. Sarpangal began his investment career following undergraduate studies at UC Berkeley and an MBA from Stanford Graduate School of Business, founding Sarpa Holdings in 2015 and Repertoire Partners in 2020. He is recognized for his finance industry expertise, with extensive experience in alternative asset management, but there is no public evidence indicating current analyst activity, company-specific equity research, or B. Riley Securities affiliation.

    Deepak Sarpangal's questions to Ambac Financial Group Inc (AMBC) leadership

    Deepak Sarpangal's questions to Ambac Financial Group Inc (AMBC) leadership • Q2 2025

    Question

    Deepak Sarpangal of Repertoire Partners asked for clarification on one-time items, specifically FX translation and startup losses, and compared them to the prior quarter. He then modeled an adjusted EBITDA run-rate and questioned the full-year outlook and seasonality, particularly the strength of Q4 post-BEAT acquisition.

    Answer

    EVP, CFO & Treasurer David Trick confirmed the Q2 one-time costs ($2.5M FX loss, $2.1M startup loss) and provided Q1 figures for comparison ($1.4M FX loss, ~$0.8M startup costs). While declining to confirm the analyst's specific EBITDA calculation, Trick called it a 'good assessment' of the business dynamics. He also affirmed the company's expectation that, from a seasonality standpoint, the fourth quarter will be the strongest of the year.

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    Deepak Sarpangal's questions to Ambac Financial Group Inc (AMBC) leadership • Q2 2025

    Question

    Sought to clarify the size of one-time charges (FX and startup costs) in Q1 and Q2, and based on his adjusted EBITDA calculations, he asked about the full-year earnings trajectory and seasonality, particularly the relative strength of Q4.

    Answer

    The company confirmed the Q1 figures for startup costs (~$0.8M) and FX losses ($1.4M). They affirmed that Q4 is expected to be the strongest quarter of the year. While they did not explicitly confirm the analyst's full-year adjusted EBITDA projection of nearly $30M, they acknowledged it was a "good analysis" but refrained from giving official guidance.

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    Deepak Sarpangal's questions to Ambac Financial Group Inc (AMBC) leadership • Q4 2024

    Question

    Deepak Sarpangal of B. Riley Securities inquired about the persistence of weakness in Ambac's distribution business, specifically in short-term medical and employer stop-loss, and questioned the sustainability of the recent improvement in the Specialty P&C combined ratio.

    Answer

    President and CEO Claude LeBlanc addressed the distribution business, noting the employer stop-loss weakness is a macro trend with potential for stabilization, while short-term medical is expected to recover. CFO David Trick explained that the improved combined ratio at Everspan is consistent with long-term profitability goals, with effective loss ratios in the mid-60s, suggesting the performance is sustainable despite expected variability.

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