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    Marissa Lobo • UBS

    Marissa Lobo's questions to Assured Guaranty Ltd (AGO) leadership

    Marissa Lobo's questions to Assured Guaranty Ltd (AGO) leadership • Q2 2025

    Question

    Marissa Lobo inquired about the potential impact of a lower interest rate environment on Assured Guaranty's primary and secondary public finance business, and also sought details on the increase in below-investment-grade exposures, particularly regarding non-US credits like Thames Water.

    Answer

    President and CEO Dominic Frederico explained that lower rates have mixed effects, potentially depressing premium calculations but also stimulating more issuance and refunding activity. COO Robert Bailenson added that the secondary market provides a balance with higher-return opportunities. Regarding credit, Mr. Frederico and CFO Benjamin Rosenblum clarified that while their internal ratings can be conservative, their position in the capital stack often makes actual losses remote, describing loss reserves as primarily an accounting concept. For Thames Water specifically, Mr. Frederico expressed confidence in their well-protected position within the operating company's capital structure.

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    Marissa Lobo's questions to Morgan Stanley Direct Lending Fund (MSDL) leadership

    Marissa Lobo's questions to Morgan Stanley Direct Lending Fund (MSDL) leadership • Q1 2025

    Question

    Marissa Lobo, on behalf of Doug Harter at UBS, asked about the drivers for the increase in loan commitments during the quarter and inquired about the future trajectory of the company's leverage ratio.

    Answer

    Jeffrey Levin, Chief Executive Officer, characterized the quarter's deal activity as 'more of the same,' with no significant shifts in the size or sector of financed businesses. David Pessah, Chief Financial Officer, stated the goal is to increase leverage to a range of 1.15x to 1.20x. However, CEO Jeffrey Levin added that reaching this target will be done patiently, prioritizing credit quality over speed.

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    Marissa Lobo's questions to New York Mortgage Trust Inc (NYMT) leadership

    Marissa Lobo's questions to New York Mortgage Trust Inc (NYMT) leadership • Q1 2025

    Question

    Marissa Lobo of UBS, on behalf of Doug Harter, inquired about the company's book value performance quarter-to-date and its capital allocation strategy between Agency RMBS and Business Purpose Loans (BPL).

    Answer

    President Nicholas Mah reported that as of the end of April, adjusted book value was down approximately 1.5%. He affirmed that the core strategies remain Agency RMBS and BPL, with a current preference for Agency RMBS due to historically wide spreads and their favorable performance in potential recessionary environments. He added that a significant shift into other credit assets would require more material changes in loss assumptions than are currently visible.

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