Recent GWGHQ transcripts
Associated GWGHQ filings
Jon Sabes | Chairman, Chief Executive Officer |
Bill Acheson | Executive Vice President, Chief Financial Officer |
Dan Callahan | Director, Investor Relations and Communications |
Thank you and good morning everyone. My name is Dan Callahan and I’m Director of Communications at GWG Holdings. Welcome to our third quarter 2018 earnings webcast.
On the webcast with me today are Jon Sabes, our Chairman and CEO, and Bill Acheson, our Chief Financial Officer.
Following our remarks, we’ll be happy to take your questions.
online box webcast in. and them the look submit text Question type can through dashboard, the for You a question we’ll at questions be of Again, presentation. the the end taking
along undertake made information on of be or earnings factors can new events. with from as forward-looking the A could recent these assumptions of are of statements in certain statements release a as statements list future Any to and most our no today cause update and XX-K sample result our subject forward-looking statements in webcast found made be actual Some webcast on materially statements, any financial and that and this obligation risks results, XX-Q on to results projected including to uncertainties. different reports. forward-looking we risks and today are based
and Executive the Sabes, be on being that, Jon will text answered GWG dashboard Investor tab. box end hear GAAP everyone the non-GAAP enhance at to Relations gwgh.com the During to participants website. respective their understanding the of website that be available of questions turn over Chief be Please press on With note our are I our our the release measures submitted believe non-GAAP and Holdings. the will performance. can of presentation. references through webcast, mode. Reconciliation at of Again, is found on listen-only numbers which webcast to available we it in Today’s will recorded the Officer be but Jon? you’ll various can and numbers through financial
balance our sheet. closed and assets will the bears transaction closing that our about for as two-step insurance we excited have off close otherwise in insurance thank the on coast. an alternative at the alternative we’re an We’ve replay again for life start to form in the those on defined industry, start day look always the application QX. Thanks here everyone been insurance morning been our We company, purpose so we initial our policies those again extract innovator more hour, talking the in has by market, I’ll about here, industry life here asset of assets, to liquidity talking million at do here growing longevity, owning be you and we’ve secondary who there an as can working off we will technology we transformational in innovate and listens Beneficient for every who progress everyone closed a more GWG. it, QX. balance purpose by $XXX first it wide ago you morning million in continued result transaction. the close the and and for at This in think primary we’ve kind then the It’s so in I’ll this Again, of We to human in. assets a as policies. been portfolio of west do purpose the and recapping area we’ve insurance got to the get consumers to to and especially is to about. a convenient that to on business tune expect, about Ben and Thank this up company transaction predicting by Insurtech of structured $XXX and of now our the illiquid a will of talk their value our how you of aspect been life final month policy out acquiring transaction the closing. was regard. seeking what on Dan,
issuing be and this increase portfolio as close. and our XX million a part We’re of $XX diversify assets final transaction alternative of the common at and to shares doing we’ll our share equity,
As the this Ben. received and enabled That a a provide GWG our dividend, a us we to us to a will clear gave investment and technology our by $XX convert the in capital, common insurance million initial efforts. share closing, at shareholders closing, the capital part special final commit common to of at dividend, the $XX
Ben. Finally grown GWG of in interest way limited registered alts partnership GWG, the A the to liquidity Ben insurance support wider balance in and the in has Ben, broker-dealers liquidity with initiative alternative with of Ben’s the asset investment sheet providing the Ben, think an billion specializes a assets that right on in portfolio asset be a and portfolio to a will QX policies insurance advisors. $XXX owners independent to which in provides alternative distribute million, cash. our products of same as of we’re to form policies. form illiquid now $X.X that Again, beginning of and to joint to way work is That illiquid commercial of loan of to portfolio life by primarily about channel Ben now of and life backed assets and of consists and liquidity
assets, Ben the benefits experienced that they’re the management the expertise the increase an in together. type in working the expected are because of insurance in we team Their GWG company. to and with is that’s asset way valuation, and in receive in expert earnings life the class, underwriting expect revenues, same Beneficient partnering experts opportunities of servicing and involved much We’re with illiquid assets
way with material in We’re to respects. all transaction our this well on respect
of acquired remains life proposition In this Officer supervise we investment the terms portfolio the expertise the retained highlights you that increased grade-rated itself, insurance assets that if Things leadership diversified inside going competition credit. we to of life of respective originations. challenging portfolio market to Investment as in look there. where for a policies our and leading market in so looking the on so valuations life continue portfolio. by That’s complete, been point. we’re see the market, higher of well owning yields secondary to us secondary the - We’ve really are large, position insurance an value compression, backed the that’s Chief feel and marketplace we’re policies for will, intact, at to Bailey, to yield the that to continue We’ve buy a in non-correlated been QX, our at insurance and grow Brian we at
source In As to we causing well, that - insurance re-thinking looking life aggressively term, would insurance policies we our we be refocus originations opportunity not secondary traction are that expectancy life on we through DXXX the we’re a that we about the lower aspects get remarks Those and financing itself more Bill portfolio for originate growing have to in detail cost this the re-focusing as effort challenge we well. longer continue models to general, continues - of speak or call provider life otherwise on directly my us announced seen will reconsider and and have what market. specifically expectancy underwriters our that’s so have announcements. the expected life revised are that’s that given effort the and agents. some That there, to the two use business. continued us to to we space, their some again,
tests to insurance succeed seek to primary In industry been will goal our seeking respect technology and so If that tests terms our that’s life wary for for and epigenetic marketplaces, seen that in insurance to other to and to to then stands it’s we’ve embrace we in to use What doing of sell we’re we’ve Insurtech, we’re what Insurtech, we’re created can just Epigenetics. factors really so primary we we carriers life is the reinvented call what tests velocity identify opportunity those their with the clarify been vertical on can insurance to underwriting everyone underwriting. bringing that, carriers fully marketplace, epigenetic to in many of they additional that into the YouSurance. take which be at provide Life with the that goal speed ways, is would
we participate to can our industry. way change for we carrier that testing, own all a insurance of about brand an we’re is is we’ve to can well a insurance do and on capitalize for on progress another step create existing underway for YouSurance, what create technology or thinking and We a us epigenetic the the regards. think been life new in made that’s with the with opportunity to using so happy life new YouSurance us way
mirror underwriting reinsurance space terms leading one the a Underwriting life alcohol EPIC we come a exciting this through a and the array, assays, Facultative industry testing drugs us That’s for we’re took is urine what senior risk companies, picture of by life our scan, ground these individuals well actually taken we same in We’ll In that this XXX,XXX is a classifications, see This call these be supervised of as leader learning you is picture--for well and identify use to clinical QX, for Group, we the tobacco X,XXX tested and protocol truth insurance. signatures We for what XX that mirror really primary completed this looking using so what truth traditional islands and on clinical actually at a a so in progress, being supervised illumina of both leader of so alcohol, insurance At this use, use, one using those sort where for chemistries. the the--a had is deep blood, use, underwriting. they and underwriting, terms ground gave we’re is of work by space saliva, of of testing. an using the as underwriting is machine looking in being the chemistries. watching individuals investigation, did underwriting we’ve work epigenetic abuse, CPG undergoing call drug as really of sort tobacco, that signatures looking in questionnaire, over us. and life the during retail the recording, epigenetic we as and insurance we individuals assays a of time,
work for, our this conference reported--well, same correlate we underwriting that relationship categories. research looking we’ll we’re between piece to be I a call to epigenetic results the and for reported I longer the between our talk of and thought alcohol. I a so web for the think today, the I signatures relationship underwriting about that This looking get individual the signatures classifications, last be I blood that know have it we and I results little is We’ll but tobacco call. that graphic talk strong underway, year-end risk chemistries, big that in the these signatures looking those so but have at would do. is about to will to want body took and to
epigenetic manage the updates going we’re remarks that results use to and on technology. of We’ve he of the and metrics delivery strategies I going turn further and work we’re determine the results and We’re to technology expecting it, the Bill? we so data and life been updates. they’re us this and of of we for stay will think Ben. QX on we The in the the at, a make of it really strong other kind That’s decisions through insurance talking next the this will business of both think, and we walk the to applications make will a commercialization Bill carriers see in both to itself, highly to broad technology other financial the with over a verticals. and excited vertical tuned. we’re have where really I’m path, the business, we business from basis so the the interested number of
and some through morning do, touch look a with before we few Ben, Jon. back take Q&A. of about everybody. changes, Thanks of usually some metrics Good do turn we to a and over Jon then the couple and it that we’ll a updates talk on We’ll then
a and who those metrics. before, metrics bit at quarter For on we year-over-year in through have our little typically up our We’ve and sequential both been portfolio that go financial this it basis. a look changed of we’ll
Revenue themes expenses you’re the our when of ton portfolio, further. off. maturities it $X Basically I think - into little we as and up them general Comp the based that your a and We going this on and are it’s lower with aren’t think to events. costs a side, the lower the meaningful million on year-over-year larger really a was pretty maturities picture. think broader as business admin sequentially, kick quarter of be bit I little in a as periods quarter, are From particularly had general admin, don’t little you as due down the seasonality about having so well as quarter let’s to our maturity much Insurtech gap, the policy about for that sometimes we’re comparisons benefits growing, maybe gives so a looking just the that’s one mainly at sequentially expense. and last our expense over all much and interest we’ll of higher. quarter get have
Just the that million, into you around - bit. dollars those I’ll the for we’re million here. get kind first see or of We a it’s this bit is this into dollars number deal, for bit initiatives, our for the QX growing to the $X.X will include a starting - not lighten a that date, that closing look to probably dollars our little assets of do you. little you further quarter about Year liquidity, is a you on these the perspective, correlation pre-tax that connect starting million spent Ben Total to here the towards end up leads to to I’m bit down so kind presentation. allocate perspective can come you’ll about near of at initiatives. the pre-tax our which going a Insurtech - to get - dollars see more we now of these in on little a and minute little that a number maturities
the managing We’re down. liquidity
be would in facility. our and and this restricted cash Now, cash senior receivable benefits our
to debt, some I’ll our some paying get work that. of have so down of into of We been cost money higher putting that and
strong of more if L-bonds so, to need in we for going we’ve sales, The a We niche non-correlated I’ll continue income we experiencing that about few the fixed here unique and and been last, the the I look more to all so, think steady. investment side that which a next the guess, income market fit that. statement down to maturities, to earning, or quarter looking a with I see, opportunities been a and securities is that at offer forward. in our return that draw bit do If yields thing have or defined for attractive get that little you portfolio and month you’re continue expect with the talk to for volatility key
That’s go to Portfolio $X our be to watching continue number is Portfolio something in look portfolio, that million. more in closely channels. yield purchase amount Jon mentioned, job we here, year-to-date at yields a capital forward fierce, we’re be of are as we’re in but I which now be you. update that and as growing portfolio nearly our particular of our good year-to-date is I not side, decreasing, broadly, may of objective very this down but think face continually our good--although getting at here, benefits great. amount, been XXXX Looking grow, purchases, policy allocating $XXX.X the depending purchase our portfolio. so but and versus XXXX, billion, all is size quarter, reached purchases to composition sector - size as policies, we almost a diversity forward think face and average and on so an average competition good has actuarial a we’re we you accomplished thing. of which of that is this on this That’s did we’ve portfolio We conditions, not number X,XXX. still to with The did good has to the going although a think think we it’s continue the going going still if steadily be going to QX large, increasing going
realized, look drivers, which face our amount how key one benefit realize the much is quarter. benefits we real big the in let’s did of Now at
and was which You $X can is number quarter period. quarter, million, which low even was see us it a the last million, versus the year-ago relatively for particularly $XX.X
it’s quarter on basically Now, of you’re a which calls, a number you strong low loss can level, expectations as perspective, a picking was the quarter little real of maturities driven yield to your numbers it’s actual but of on the look we we’ve the the new thinking From two between relative on about pre-tax, the the GAAP from trying smaller really low we that think is and but really irrespective loss connected when portfolio, benefits, the you’re GAAP a non-GAAP so that to high the purchases look amount kind in over off these expenses, want perspective, is slightly showed to and a the at of our numbers, this up number one purchase two in portfolio a way lower they’re yields previous you place, side. that by GAAP out, slight and drives, still at accreting there’s talked really correlation yield so non-GAAP that to since side. from the higher of bit things: all kind if a realized, benefits smooth a in move face
some looking a of leverage other Jon are starting million million balance the senior really of to balance leverage quarter, - plan. these of $XX that further on QX, just as sold the in gross post-Beneficient source on long-term cash that dive we’ll look date down. to in the now, draw work cost sheet at long-term rate take our our Let’s which looking facility. growing, in bit expensive makes has into $XX see to couple explain our been so the things cash preferred a don’t nature here we of it them are, and numbers for most assets although We paying a as not it little at--quickly or opportunities of stable. the lower Again, - the here in you senior to than over remaining Beneficient, The funds, million is you the our slides, to sheet $XX of liquidity the see facility, year third at it we’re put can down mentioned, our floating and we
that in growing talking the us of and excess so the and equity, you of on have common been with into we cost following be going of to been diversifying getting those But those earning about looking down the who cusp funds, it, and right years, assets. adding think things. For Beneficient we’re drawing low that term at all doing the we’ve get meantime, we’re deal liquidity sheet, for longer balance
We’re to and I we hopefully happen, more in regard. expect in that starting to you progress see would see when that QX, report that we’ll
find, basically yesterday to at the so at our invest. X.X% XX-year, stocks to Looking typically down still maturities yield markets, insurance, from X.XX. Bitcoin value investment you advisors These for was that I all two-year pretty a that the - and see life everything Bloomberg does seven-year, correction, from on good, a defined is That to sales, least getting steady saw the in in commodities bonds proposition at--I is doesn’t said steady. yesterday, up high to way happen a correlation hard that technology in everything clients on else. X.X% let’s and caught call for low yield our offer to strong and are up it, exist when as you it’s attractive of article look particularly a the think when yields Rates - with around securities non-correlated
here and of rates, but has mix simply of our - that over think been from see--the our really moved and with a us table happy percentage the new. nice you is the good past and seven-year and has very we anymore, looks few the bit can which the very by have so A three-year security expect of really five five we It offer that previous offering. at three, the moved like and commensurately, continue. down see we’re the shows little and you performance sales four, and term, four-year and two, is here cost two quarters seven that up kind you stable we carryover term, to for cap the Looking can term just a with don’t have takeaway a this is
it’s think interest what on we to terms lot liquidity in so broker-dealers that Looking that who bring story. we this group, as into There’s we for the will and the some listened tuned we products more the know selling broker-dealer GWG channel look and of balance market, to our Ben people around offer we Beneficient as transaction a of does, at how like the can on things increasing of don’t bring sheet we but more to into look post-Ben, stay that. independent have distribute
is around our saw really few we just XX% rates, those earlier to and one-year the in our that low XXXX, past Looking the effects renewal which expect. so XX as see and XXs comp of which good discontinued of years to between we redemption--or news left them can manage in We very at is securities graph, on we model our where our been those and you of the well. them target here those and measure the that’s side high closely, see still our six-month in effects but XXs, you through, have be, renewal quarters, we what roll the once rates
of XX-plus, we cash around not so policies. we from flow $XXX portfolio, anticipate the $X aged quarter We that, benefits million X,XXX now have although number insureds that coming at and X. recognize on more did Looking in billion, more
is our you benefits our comfortably covering our basis, trailing back premiums, at to the bar ratio, a and which can premiums we premiums. Looking bar the on measures--the benefits, gold is look blue XX-month see
know long in term. expectancy of you’d We You is the quarter years, expect of We firms seven a a but but cash update talked somewhere weighted underwriting get little can seven medical which about, we in forward portfolio see goes really term this and move these pricing over going the The expectancy quarter. life flattening long this to of is and valuation. half and is bar gold there, This performance we a proposition. continue for that expectancy this life third out modeling that as use you were typically the flow to party Switching years, roughly life lot to QX bit the gears we’ll reports provide us. average as of use on steady monitor so Jon through two. she around our so the low, kind portfolio
past, like Now, these expectancies these given and flows, an AVS at point and users reports individual amongst to really not get to has basis or interval, estimate at of XX% say, is to LE what requires We’ve those updates high on, accuracy. for for firms lot meant a announce all they’re quoted life is for do which time are to and means an confidence if expectancy had, This the be all it life updates meant very because of be the What that years to expectancy on it XX% an individual estimates use meaningful, terms six, each of for or Services, any of individual to tells to designed to individual’s as five a should highly LE life etc., have but and smoking use modeling aggregate a want accurate by large time. of a portfolio all models. health their really half of, five our determine is people time we not level a your confidence and they’re so spend of is we’ve policy, to who two happened had project you are expectancy years, really that in get population, in reports. population , other lot you that that actuarial us life and look it happens, for those a deceased grow valuations insurance dollars impairment, why we age TwentyFirst the relative is five that to of those be status, get that. that a is you which the you sex, that your the to and diversity, you so not that’s portfolio in individual providers that It’s past into cash in any
this previously pre-tax and we’ve talked Now, about seven or our for taken follow who quarters you the defined a schedule, from that we to charges approach update our always we’ve these and expectancies over we have on activity. is the those life past reports, six of
in is we these estimate by create are forward, you what and to forward. to changes, nature and we our at recognize health expectancy for any on relates the policy it really way what looking each quarter and data doing keep certainly a change updated and to that basis, do the want expectancy we as situation which of at don’t as that evaluate go supportable terms them stable individual policy ways be to of a every at XX%. we’ll methods it will, life each in earnings estimates, life XX-Q insurer impacts, as is we and bit ones move other but also the information That’s going our these release forward. Look the as we’re a of--because We other and different, in inputs we’re bring other to to--really, look on
Now had August the transaction, that was describes included XX details went the transaction, initial talked back over basically bit we in Beneficient switching closings in partnership so All units turn limited exchange amount in I it Beneficient, that two investment own the it more to his remarks, investment this but via We us the assets about preferred gear closing did included from Ben coming it did we of X-K Jon, but getting back that L-bonds the he executed XX. before first little that out much to on execute us we of XX. a initial August in second gory an our own on closing. do our common for in $XX a August on of Beneficient, and issuing happen million a small GWG, included we that will exchange that that on it also first
of the history as and that leveraging strategic number of press we our that year, investment with and of but those other our the happening than with remarks very infrastructure, our not experience things cash All to GWG second Beneficient, it’s really in GWG the $XX that them, closely fronts million over had past will X, working anticipate on in working our relationship is in we alternative are a precedent knowledge you Series we’re the are now with assets, independent and see B a the them All and multiple we event preferred. effects our in condition releases the broker-dealer in identified quarter space. closing big
management is couple filed balance of the will sitting the our then the sheet this step two, sheet forma at on it kind to really a close then things because to close was we pro because then here on think to and and you with this information afternoon. for accountants lines, impacts to been and happen and communicate not you turn working what nature the transaction, are statement couple filed the the happen in like sheet be GWG, Jon. at here go that Fridays a to one while XX-C, built of what a two, with some when which have between transaction You will the we think was in see That’s features document X/XX, which good, balance there’s sheet have our filed QX. Monday contingencies step the we may That them anticipate way them one is balance at given that quick those which this initial describe balance hurdle X, look transfer about really is and given we was the the two-step on November what that to felt number just step X, XXXX, them filed and shareholders but our we look the let’s treatment this second risk to closing, contingencies felt which balance we’re given what’s proper two, we we on this we over going back a have of about will interpreted look in post-closing, and we accounting to last reflected impacts November but we included our the use public I’ll transaction, those literature fully ago gives filing, expect. we that off and sheet our--what’s an on really believe with we the on we that material Along talk I’ll concrete to called really
what is early June balance GWG XX. our have June front you here sheet So August as in you numbers of filed for in XX
stockholders is really our million your live the numbers June were on represents first sheet numbers XX ago, when seen exchange our what you our of really the August have the were our made XX-C filing can so Q. at really our were and balance next effects assets That these investment economic a exchanged, loan B. on various we adjustments $XX our the on coming over, the last shows L-bonds you, you happened you equity, XX, column The seller couple just called it’s column column at October this although you transfer, so of bottom shows that you see XX. can in Now, what reported our actually notes, forma shows then you up initial of in, Beneficient not see of that economic and that impacts and weeks cash and on your the pro that trust effects X/XX, top see Series commercial can the happened in which of--the
our as primary referred execute units common are those second double, call of--we’ll over going and Now we’ve will loan Jon our onto quarter, will second which come two the of commercial balance assets working lion’s of that are are to to, to and roughly what that us so receivable we’ll to Beneficient, the see been closing, the you’re post-close investment our sheet the it our this going the on going here will really forward is to we’ve here really by then getting be rolling the end past in which the get investment year of transaction. Beneficient, the let’s in which closing, share about in kind talked then happen assets result the
transaction, five-year we trust at balance kind the in that be you to to called are You’re the This we increase shows are will gives of sheet then of in the going is on a consideration the sheet, result and equity. XX are shows be the a - going L-bonds L-bonds, see these and about going for transaction, which the our total larger, the this like seller exchanging June investment part seller onto going common is you sheet, would the to X significant on do and equity, then what to impact the to X.X equity shows really is come equity. look more we think what to price a to the in and going increase balance a times common for adjusted our you day Beneficient upon finally the much on it in--depending balance see is you’re diversified, the which in you result equity look which going stock
filing going going forward, in to clear anticipate XX-day order us is relates forward-looking it so we numbers, out closing that and just show but be transaction, then mandatory would what anticipate is QX. - that we a our really here our we this, statement that waiting look occur to where X/XX it’s in allows to like with to be watch going as after going which the second to updated for statement, short we go here We for final in Now XX-C. we’re - we’re a hurdle definitive the period lot that. to which order another believe close going look yet the information to need to It’s doing
or With the you’ll here the and next way to it week turn up. and very exciting, close. wrap over next the it Jon very then to second see to So XX-C important, I’ll that, back so, in paving hopefully the
Thanks Bill.
You do how assets, never and have into today we more as major focused large markets, with balance I for in our Bill that felt certainly products we XXXX, a we’re sit it. to think terrific we we confident job and reporting year metrics into explaining Again as look we use leveraging and and our business again QX end, of here the the infrastructure manage in new illiquid sheet distribute market solve and experienced insurance and as these mentioned. serve for liquidity the addressable to the alternative execution, products problems distribution we distributing are illiquid highly the to life they team on so a policies, have we’re channels management terms
with at We this regard. further busy partners have been work Ben our execution in on at
shares those absolutely year want though we this insurance you to returns did shareholders. I’ll expect through a get support approve at regard. and - we Our to level to and there do relative that back transaction, in report forward to Ben we to deliver undervalued note for at board think end, expect make We’ll shares technology, a specifically is step just feel the well We them results change. our going so we the those the stock are and buyback. be to as as
think I we where sit. that’s
liquidity We’re year the of and I really progress--I end final the and of with closing reporting, the of Ben, you, the significant in looking technology make would products. to results distribution terms say, forward progress at to think the we’ll
you some look I think With that, back take for end. at we’re those to things report going will questions. when three to year to be we
into can season total. very the on this have questions, We great you apologize them for we and a you the hope the you otherwise holiday. wish of you box, Thanksgiving all we chat coast, west call holiday happy early a If time type have
augment it question to So a to over Dan, turn I’ll you period.
question, do rescheduled. have earnings call why morning and thanks the this Sure, Jon. is were one which We the
to time I sure impacts extra-sure you take call, got we Okay, disclosure first to wanted a do and the and that close but right that? had Beneficient a impacts accounting. and understand Good No.X, on useful, so our the document more auditors. grace was It’s noticed we time answer. on That’s little it read Apologies that. the of could, really someone the We just at if where so to while question, that’s just it that cranked get we simple Footnote with and the good answer, get just transaction extra the accounting the just took We a little documents, to complicated very reflected well. working really around available through it really the the little would particularly document the the the for need looking to through. make to impacts we through one. that of Oh, us took extra time reader close through us period the think a number we wanted to the that be transaction a
regard, mortality more to give the Again color, don’t multiplier want can we disclosure and think best you the in I that impact to some that. in point. we take that’s I document that life that A Bill, expectancies source of in some to the color of our can that at Q that - that? qualify the with color information we here add changes. question made on I know do think further this
much. Yes, not too
otherwise highly or expect would product ended? than Will much--a for here. determined. at We’ve to inside price marketplace. valued lot offered that bond plans No it the the the be time. greater questions We distribution a be products To this Ben sales what’s Will be a reduced got liquidity be in offers the market? of
take You Bill? to want one,
getting looks we’re here life out Sure, says, we have one like repurchasing. that of
to the like wouldn’t the out think to particularly comments financing, to policies, so and purchase. that’s referring proposition and the that’s I we’re of mean, But lower that’s think accurate. we cash my really Jon flavor we’re more we say off a Beneficient going is. thing think that be getting equity, business, really are about a business. you with with good portfolio don’t that’s life do to insurance highly have, and think I of still says, portfolio, secondary be the transaction the we buying mindful asset. throwing involved to what that think I I having really in I I if is of hoping market is a rated need the yields good what mean, of achieve regarding in value
it. for, that characterize a probably If you see going that’s to better numbers a we lower it’s I yield because to want--you minimum looking we forward, we’re be have way bogey going so think know, really
have question Are more that color the any so I the preferred not one I’m trading aftermarket, they available aftermarket? aware here. are take we’ll in that. shares Okay, to don’t in
going that, I we’re it wrap with to think up.
please have seeing and we’ll with appreciate work specific forward you you do again that morning of wholesaling and answer look to everyone’s forward team, to the questions. you year. time to new holidays. Cheers, happy interest best us and the We If and questions any this the in our
We use cookies on this site to provide a more responsive and personalized service. Continuing to browse, clicking I Agree, or closing this banner indicates agreement. See our Cookie Policy for more information.