Hannon Armstrong Sustainable Infrastructure Capital (HASI) 2 Nov 232023 Q3 Earnings call transcript

Greetings, and welcome to HASI's Third Quarter Earnings Conference Call and Webcast. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Neha Gaddam, Senior Director, Investor Relations and Corporate Finance. Please go ahead.

Thank you, operator. welcome. and everyone, afternoon, Good Earlier this third is release our a on HASI XXXX results, distributed quarter which website. press a our detailing afternoon, copy available of Relations webcast This is available later a live page be of on replay conference will the being our call today. where website, Investor

the differ GAAP forward-looking other the may uncertainties stated. available of the described discussion financial SEC. Some results are Risk comments filings company's subject are release those Factors Actual on materially measures. This earnings is also from financial made which and non-GAAP A the measures of slide on posted include Form in to some and XX-K to our with reconciliation call section this presentation. of statements, risks and non-GAAP

Jeff the company's Officer. call our portion and Nickey, Joining President Marc and for today's Client presentation. our Pangburn, Chief me available Q&A on Lipson, be the CFO; Susan of will are Susan CEO;

the over Jeff, Now I'd X. call to begin like who on Slide turn to will

Thank thank call. you for nearly business success. you, positioned meaningful quarter outstanding metric, for everyone, measured every as remains and afternoon, had an the and We future joining the and good Neha, by

quarter, perception. on clean recently, by capital, substantial energy. the clean and of no higher to that are sources of an discuss a we assumes and development the perception has will renewables higher longer driven impact cause project related recent slowdown which market and other energy energy the due outlook longer economically interest address Before this to viable for cost in of for A deployment rates the has item stocks been I'll heavily emerged sentiment weighing transition. This

is believe this not accurate. We view

in its on and energy the long-term trajectory. to early grow stages fact, In transition a steady continues is

scale reported project Association U.S. pipeline. Just in utility installations the year-over-year third Power quarter week, the American solar capacity wind, and and Clean XX% record-breaking growth this storage

of cost the competitive less demand clean renewable expensive remains or elevated alternatives. every than levelized project energy viable, remains not the energy Although and remains

created example, the of These off-takers. significant demand, the are one has Likewise, zero goals ongoing clients model energy demands for due data our in capital corporate demand particularly utility end centers the of and being net input passed of cost a buyers to from transition. to the is incremental the As and is dynamics with the this other growth enthusiastic situated, continue continuing to costs The a team renewable transition to and AI-driven electricity. build-out energy to on user economic macro meet ambitious to of noncyclical business validate capable capital long-term and of our transition. with as our well work trend, provider higher

is evidence model the strength our third Further of of in results. year-to-date business and quarter our

volume total distributable $X.XX; volume the $X year-to-date of and of quarterly are billion; is prior of $X.X reporting record volume years. record We quarterly to annual over X which billion, earnings almost similar

year-to-date investments debt, X%, incremental consistent continued In reporting than the objectives are resulting yield throughout we market. year, in of on this addition, our greater of expense above new sheet balance well discussed with year-to-date investment healthy our

business X% to the and growth dividend EPS growth affirm our XXXX. of outlook allow to the XX% guidance results and These existing for X% us through XX% to

in require the equity than short-term has do rather guidance. The continue strategic and and we position a achieve long-term sheet business has has the any a to This will strategic not thoughtful, in to the $X.X with raising that investment under in direct. capital volumes, we resulted we markets. despite coupled Marc XXXX raised plan us with a equity situated to discuss, operate challenging our XXXX, focus substantial business incremental such also of deployed have balance billion strong As have diverse and and capital allowed debt liquidity

and have sheet focused to initiatives growth our capital-light. always that we to of sources, channels refer diversifying remain as off-balance our including develop liquidity on incremental recent We

I to how $X.XX in to we the in share would discuss our growth by XXXX. in far $X.XX In Turning success billion per to X. well we for XXXX, guidance part like range well are achieve to situated Slide increasing the positioned of XXXX. so our are EPS this year, due earnings $X.X to in portfolio

our Therefore, the variables. sheet new any EPS In our any investments. levels fact, is balance No annual necessary, guidance without sale we guidance can fees incremental achieving to with the and can path new over issuance limited has past X be nor and attain years. of gain equity on debt consistent level the

the to I an the X. organization. focus to plan Turning executable believe have Slide company always should

We Our with than action investments in investments attractive these greater the fund General capital is our rotation outside intend volatile pipeline investment scarcity displayed markets. portfolio. yield investments of with new XX%, at the capital are balance of return debt plan of we've XXXX these and here. average seen in even an provided higher year-to-date. existing consistent risk investments in of of markets and to is than has profile capital level issued these the The sheet this opportunity period

to in to investments program. to make executing investing, off-balance also the progress billion transactions capital action providers plan our $X expand of We've sheet private securitization utilized us of off allow utilizing balance We capital. The continue final further sources plan that sheet. fund to with item is

closing reasonable All capital-light positioned attractive large to has of our business volume transactions expand an yield a our success at the in at initiatives pace. of a XXXX

important note that on a It executing company plan of items. our is action to long has history these

well adapting funding allows to and grow actively continue Therefore, invest to of that fits demonstrated and comfort us our share. our a earnings this action within per way plan capital our have structure a We record zone. in track

billion Notably, an yield summary transport We investment highlighted our value to X%. has XXXX Slide X than funds. cost a at an remain of Nature very $X.X to future segment disciplined Fuels, good is average active, of of year-to-date margins over activity the be by greater our XX% margin our and our volume. $XXX of or regarding expect and very producing attractive at million investments been

among than markets. power pass greater Customer prices higher to our on higher billion and noncyclical PPA to On costs. investment at continues renewable diversified end opportunities well $X is of projects our drive for demand more uncorrelated Slide pipeline and X,

energy earlier, remain transition strongly many discussed economic competitiveness and climate As assets to alternatives. cost preferred by and goals due users versus

margin return current funds. cost above I a will profile these our and the of well to had portfolio that also reiterate investments pipeline is our strong on yield

call I'll our detail to to financial Marc turn Now the Pangburn over results.

prove record a environment. rapidly execution yields. financial by reporting We you, distributable record third In transactions Thank quarter, on changing and adaptability our summarizing performance. we new quarter transactions record EPS continues our put, $XXX our the of I'll to macroeconomic closed to Jeff. these were amount X third of Slide Simply $X.XX. million, and a begin at are of year-to-date

by year, and assets billion last the billion. portfolio managed grew XX% $XX.X XX%, we $X.X Over our to

million a our increase income. reflecting gain Continued securitization for which X% our $XX XX% year-to-date our we sale, XXXX, an on million, Jeff's million period. and now securitization capital-light translated increase income, $XXX in increase notable Amplifying long-term in $XX and is comments also meaningfully fees NII our year-over-year a income earlier same the growth of portfolio of around distributable recurring to increasing in year-to-date to existing recorded activities,

This an gain. a securitize and seasoned included on-balance assets sheet were at portfolio a balance sheet to rotation where able we

to X. Turning Slide

has Year-to-date, from after We a the quarter yield at from million. a reiterating X% for Our has the by billion And portfolio portfolio 'XX. primarily points on X average XX% year-end we XX of to X.X%. XXX by Year-to-date, yield prior over second a business commitments comments mix, the XXXX. of through increased compared years. the $XXX And portfolio to grown In in the the driven $XXX anticipate constant as quarter, 'XX to pace relatively row funded portfolio third grown our on QX for million X.X our record FTN increased X X.X% at Jeff's basis RNG. being additional of funding years. million

to minimal Not we the portfolio. some invest to have at also various common corporate our risk level. mitigates changes where replaced We disruption few do client project of can of we preference, or reiterate characteristics a a be moment like noncyclical asset impacts creates interest I'd portfolio invest only or It preference. dynamic the to typically performance level. a growth corporate at the have providers also on on This in service as based with rates form take performance.

project Another that and investment has risk. asset common particular our established. development not value profile attribute of is typically take we been on We based any of economic the do invest collateral

the of energy today. or segments transition more Certain less economic are

For have viability. briefly no have news, our to pipeline continue efficiency, recent or wind in offshore example, solar RNG And portfolio. we industry to energy address and strong

at a to X.X% in growth of report to in pleased we're expense XX, our yield margins faster to growth Slide portfolio interest X.X%. due On compared

a additional context pricing of our strategy address provided at continue investing disciplined bond funds. cost will margin current to on We refinancings. assets XX we Last our our quarter, new and on XX questions to

blended the yesterday, updated would refinancings the theoretical X%. in a refinancing rate reminder, As spreads debt bond are of on currently X.X%. market hedged Based expected of cost the base around result or a

greater spread evaluate to result continue a if than even in we XX.X% close we additional transactions, no ROE. While new would the higher-yielding investment opportunities,

to Turning Slide XX.

liquidity of term and pleased revolver left, raising Our debt is undrawn over unsecured closed A, our of $XXX million million, provide strong total additional quarter our capacity. Starting top upsize to was remains I'm on liquidity specificity to includes cash relates robust, of total our loan the a liquidity which and end. an after The activities. around with which $XXX

leverage smoothly. operating debt leverage the of our is either fixed proceeding while room additional portfolio target. REIT conversion our tax the current within fund is around X.Xx, and utilize hedged to or Our is further debt process which growth provides to XX%

debt of an carries interest with a well a total yields. we and upsized which X.X%, of raises, option hedged to issued interest debt convertible conversion price. at X.X% I'd and have a TLA, X.X%, the secured a of our rate rates to debt rate Now our investment cost inclusive increase upsized Recently, extended of recent like highlight facility all below with premium hedged

to of minus. of secured an debt, assets solar ahead, to based our attractively a Looking expect raise expected incremental on example BBB portfolio rating debt on of path priced an we

record spreads of back In we've record and capital. In $X of the TL debt the achieve than ROE no a the debt, summary, rate call driving resulted closings million quarter, of equity guidance X.X%, in to well we us greater raised more spreads, record attractive turn that, billion yields a leading $XXX With Jeff. raised positioning I'll of additional than XX%. Year-to-date, approximately incremental blended to that at to with asset EPS, including

Thanks, Marc.

on up Slide a and climate recognition of investments XX. to sustainability that and of reporting community X our team service. . I'll Turning justice We including wrap active impact XX. measurement initiatives, update our items Slide in the related our to remains the

business capital We continue our markets. growth long-term earnings very powerful. fundamentals The of to execute despite on are challenging producing plan, business consistent our

providing We investment continue operate with asset partners to working in noncyclical markets, the level. at capital growing active

over cycles provide record this during results intend to and that period plan action Our operating volatility. consistent have several thrive track a environments a of specific we replicate. to And we demonstrated

in talented team execute for XXXX We proud of quarters prosperity. for please are for line prepared remarks. That have business the goals. our the very questions. additional success continuing the open to and of our first and I thank on positioned concludes X our Operator, our dedicated

question from comes with Noah [Operator first Instructions] Oppenheimer. Kaye Our

start. details in to lot ask and great sheet want on a about congrats balance the presentation great to the of were you I rotation quarter. There this

average can out would of and opportunities sheet. about the get talk called that both balance little bit additional of rotation? real a sort those profiles a movement rotation and and the we yield of assets incremental magnitude You potential the you securitization, in estate Can in you see such from lift the

Sure.

from a that from but largely we on that say be on seasoned securitizing. securitize, now we the So pull I'd currently point are it would reliably investment sheet of the would that. we our and we a could asset they sat that to our type been already look likely balance balance class profile sheet. balance But our before securitization securitize of then we be an became they've sheet, to look and perspective, And those can that would could to have close assets proven onto something

pursue balance to have do opportunities additional rotations. sheet We

put imagine, I to now, As pulling I ultimately but a surprised limit on to wouldn't wouldn't static that right number be might more so of exact activity. there continue a from you it's that. it is an portfolio,

to just add thanks for think Noah, the And I to that, question.

much rating Page right easier them of to XX, On on, the we additional sit bottom where our makes that which secured an obtain rotate balance Marc a debt, assets off. referenced, of can example sheet securitize that that on that's and

of So evidence that's good live that activity.

. be method? that sitting And would equity within

. could Not debt be equity. or necessarily. either It

Okay.

helpful. Very Okay.

I as the RNG of significant has think the story though It a more. just become looks certainly for part company. one growth

your asset would a opportunities Investor you if have bit pike. about or to conviction those Susan talked mind. to You the those as bit you a in down X additional love maturing. Day years at well, you little greater classes from little don't classes, could certainly X about Maybe asset maybe talk hear I how today, where are interest

transport decarbonization Sure. sectors, Thanks, the gas of scale economies their continued strong of projections and of increasing natural corporate looking growth other and parts demand a different from sector. and Noah. different Yes, sort industrial market, growth. across with all been had renewable But or to renewable has of also market also a demand decarbonize for XX% there's fuels we

and So credits year, expected still that new monitor at of we those as the of of out guidance waiting support the to to tax help are also the for this of sectors. growth those which we're some will watch scaling some continue and end come on

all in revisit calls. can future clarifications. hoping that's for we're And Yes, something we hopefully, those

Our Strouse of line next with question JPMorgan. comes the Mark from

Can comments towards to increasing wanted pipeline. much for XX% kind of might that the how you the above being an mix of of go about how maybe by that yields versus I be talk kind to driven FTN? is broad-based about the

I would it, as Mark, broad-based. characterize

That's right not at I FTN. all by now think capital yields segments. of seeing given X driven and our level we're where overly really in that are markets

you And Okay. been the XXXX that sorry, that few How than but they've years. be for downside thinking met the are last the mean XXXX to without could maybe where a I thinking got or year targets a about able be I line are kind of sales model, you that that I represents year? on with commentary then the line what though? about you higher being maybe with in this guess, appreciate item gain being in scenario,

one to be Well, that That's you recreate could certainly it a item. line higher every year. need

forward bare thereby minimum. laid to tracking I that achieve assets we'll our be to securitized to out pipeline sort And are next that this those remember, confidence achieving achieve of strong gives that think year, parameters towards and can guidance. our where us be of able able be we're meant we to again guidance year the

It's not actually our plan, of course.

we, be and able think sale exceed perspective, we'll from year this next is replicate So that gain I remain it. on to again we'll a there confident year, some chance

Riley Our Souther next B. question is Chris with from Securities.

essentially, big that seems we're on. next with we're you sale, already at looking here balance So there's guidance. of today's are of obviously saying of and pipeline execute But sheet kind opportunities on gain kind a to year's it guys like normal

income net through kind size assets far puts Can get the just sheet walk you rotation potentially kind and of It on. balance you're next of that just coming away. sounds investment the as guidance good like what the kind the versus as around would we new to year upside have and, takes I impact saying kind on therefore, would to of for wanted of there's square next year. that's of debt

Sure. maybe a the And the by would answer. given course, year, higher Marc half to going year average back this in add of I'll Thanks, volume Chris. it decent already unambiguously of next a and and the to year. this the of is dynamic But creates be where amount did of start, balance year than portfolio the portfolio we all saying I will balance, this start

of So that and itself. creates earnings growth in

things of off-balancing we've talked obviously pipeline. of other be pipeline, the But move too somewhat, we want rotation forward sure we'll ideas these identified we to first in capital actively the executing about as terms of on will us In sheet the in developing the some where mode, pipeline. of forward a call funds source it, before of some help terms make on we we're that and channels balance on

I and some turning in So on that now we developing that's of remain actually sources But given that's confident dynamic the executing pipeline. volatility. these think

like as lever that of walk kind between new of the balance are looking there, projects timing the here, kind the you we're tree at the assets, how helpful. Obviously, are then receivables that looking tree be would of in yields existing kind new main decision on of but billion X% through the X leverage between there. securitization, sheet, you're just and specific then of decision And you're with rotation Okay. yielding of of first evaluating? kind of approaching class kind co-invest at we're as $X.X that below assets be assets kind asset can just And

So optimization an exercise. regard, some in it is,

on yield, Likewise, So we'll XXX bit have obviously, securitize balance execute higher a transactions for basis gain that's assets example, new on replace points leverage some he are at we additional could the particularly yield investments the a if with on like no-brainer. that a that assets Marc we think sheet and look of in that that prospective for on debt, of And is room us we that. additional out as be the sources X.X, which laid then gives these pipeline. given said, cost-effective, debt will

there is that another source well. So as

off-balance sources in next on X as new these line will behind then we're some partners some those And that well. be with working of sheet

tree So opportunity. again, how of to take raising of that's I additional decision about think the advantage this funds

the through example, one rotation has potential what's gone program. lower-risk be add of for lower-yielding, -- that to would which generally because been generally lead comment, sheet that securitization just assets the is our could that balance I'd some securitization, is

year? activities light picking in maybe some just then these up should ROE potentially kind How one. last of And queue. hop next capital I'll for Okay. And of with the evolve

initiatives because of picture my is working big year, you ROE-accretive that long-term time. little comment will But benefit back of are our some ROEs add piecing will 'XX the capital. to the term, And own use balance I these exactly don't next want would answer what long impact very they to type the modifier overpromise impact these of that the When activities. these enormously in some be. I take go will question So from things on we're to sheet around

Ben from is Baird. question next Our with Kallo

you how just a the I've more Then prices. we tick the ship could a just yields as you asset bunch just you on taking you're And address up follow-up. see we get on question results. especially Congrats Jeff, if a as your as that is, risk.

Yes. do Ben. question well. the question, Thanks for lot And as that we get a

think I of the is it's assume at natural inclination higher yield that hear folks higher to risk.

grid-connected so And given months new exact you We're cash what need now. it's referenced, not the the such same solar, rates, at than historically. higher we've we classes, projects case, in XX we're flows in same we really dynamics as our the doing, over many relationships, exact and same the asset client in higher it, them folks market criteria. investment some are, are in right solar . These And were reminding gone, over call that seeking risk. of resi significantly identical It's attributes we've historically the the with done given to risk capital terms yields to our underwriting contractual things done ago. they to keep base of like again, that where exact in have cases, XX monetizing in

you clear. same yield that at risk. we And because asking the very for this to be higher thank is So want

think 'XX think the capital accessing when before, up, was to just here, beyond? but you grow markets about following without I think and this ability how about do we guidance the just onward, And asked

back multiple it's Capital capital have we've develop that we're and think we we access opportunity. calling to these that come of balance platform, a we think balance And some levers, we the sheet investment can levers and we're that having of had and And levers and markets be eventually until about rotation working vision sure utilize new continue I for do, X. capital additional on as make I securitization they historically active So so sheet. we'll this markets will the take advantage well to there. But want

of impact but about As all call. more said we've on this we it not relates 'XX, again, talk specifically before, expect as to in February, on to that the this

last And -- you question.

help of about Or not benefits tax REIT. all a being this being talked RA you about the transfers. the into heard evolving You you? equity do disadvantage? Is We've REIT the How what's market? play not getting structure

is think or the remain constraint investments, from way a the So but to status active few would constrained constraint migrating the REIT about non-requalifying we occurred They the not year have in that been haven't a away the constraint. down future. would this a removes in would become years since happen retest that have historically line primarily

we at and an that . articulated perfect this tax for it call, quarter's makes point. reasons for some seek us that So on other last sense election to alternative

Our Dumoulin-Smith next America. question Bank Julien with of is from

to be and rules I into changed Ben just commitments it I 'XX opportunity an we as a proved here, But you to and asking, here here. some kick some if of going situation off dislocation Basel? you you with will? tax given obligations since look . was could given that opportunity Is capital you Actually, wasn't for see changes where ahead the the the attractive, equity in less there tactical just some tax is step mean, where

role into you are equity clarify, to want just a I the asking provider? stepping about of us Julien, tax

think that, appealing, again, structures in but that the that point. was past. newer I less here before you'd at structure know I'd done since something of the But I you've I that is again, probably some discount looked at, some ask Yes. figured I imagine the would

the newer right Yes, for be tax benefits. we identified weighted of equity, is that, No, you have the heavily is I would transaction, for clarification. to opportunity unlikely the target a more tax us. it's to it, And thank now. already plenty tax it the probably benefits say but the -- you And that

opportunistic wouldn't necessarily we potential so that targeting a And . as be transaction

Got it.

Excellent. Okay.

Sorry, back to our scheduled program.

the thought of update not here, that avenue I process potential as little rights Just we every here? can and you as sort see companies context as mean day the behind a far with to bit the right of offering offering. pursuing give

So if could you context. little give just a

our removing sort not Sure. -- we items in the It But came REIT There's that X the did them a course were reviewing election. the revoking related to last directly them There's election. this item. We as ordinary about And XXX as to year an been rights come it the of prior NOLs. research to preserve view years simple the it's to of been REIT plan up. or XX in over revoking It's related us. of up so.

So it's really nothing other our than putting in place the a structure that to marketplace is . very common preserve in NOLs.

tax to we'd don't Those tax benefits efficient. as why tax quoted are sure keep we the equity to tax same to we're need to very benefits do same like make

And time ton a guidance. that. of terms swaps. the have makes consolidating pieces provided backlog, giving outlook you for do I kind pipeline, top on that then points putting point? if in 'XX appreciate at and on haven't can, but about puzzle put us given I a here you rate data That view the the to guys sense, interest this steadily you I quite and lastly, mean, mean together of cherry of you XXX%. put I line How of think the lot post

under you'll metrics you've points, but these really I you I refresh here, reconstitute be mean post even fully on providing, REIT. teed what as think of will, your you when lot you get how kind and if we up a curious And that. know of actually, again, I'm that and

in that's fourth guidance cadence And our updating quarter Julien. the about is February, been to talk short the question, Good call. answer and

on I metric investors think the we're metrics helpful be metrics a to to our the have post-REIT world deciding working it still or your looking point, would at appropriate there's also and to and sure new making in X. whether

that about we'll well. talking So be February as in

should think from need the more that a a complete company little and for clear in November I here talk be it we'll report our about December, strong. planning little more business outlook we But in about the time and February. specific 'XX, to that our to today So get is

get the about I at of your heart statements here, your the core is maybe Right. in the still the there's to available, deviate if in aspiration portfolio interest growth growth here. asset it given in transpired net the historic or But that and right? point new growth the the nothing interim about pipeline confidence It's sort of that's type spreads a anything the somehow portfolio were would is environment rate double-digit here,

Well, to higher as that business. the you to impediment results I today's that confirm of our the be said rate that and proved higher And has environment not our as unchanged. margin part adapted, costs. certainly very to gone model we've yields first interest an the a what outlook business model And flexible debt to here adaptable, is by at process today evidenced well has necessary,

confirm of part what I certainly So that said. you

there, enough. All We'll I'll talk right. Fair XQ. in guys. leave it

is Windham from question next Our UBS. with Jon

Great results.

big provision quarter. loss clarify of things. There's again? You're relatively up now peak a was for talk capital. obviously finding just to the they that then. and to in Can a . target-rich environment deploy to I what pop a just Maybe every just know me help you couple

Sure.

portion put primary. the in new form a was of related were That's on quarter was the loans to the when and primarily sheet that So large loans. the this very that that gets funded on balance volume the we CECL of put

flows? had And solar position Great. cash bit, can with preferred -- announcements little Okay. some the people just part the just remind obviously, energy just is Can you a accounting. SunPower within particular, even your there now about what is residential and and struggling relationship you SunPower maybe the of in market the clean right

Sure. Thanks for asking.

this from exclusively them That, assets sheet off balance to venture SunPower joint essentially partnership. of a originate. assets to perspective. that have operating, that course, we they hold So they with sell exists And moves it are when those their

that cash from flows really in the the Our monetize underlying asset role portfolio. just is to

that is just I performance the really, corporate performance some our SunPower. comments prepared drives of very many made the our to of the emphasize much not clients, fact in from that dissociated And just remarks,

would underwriting And expectations. in well so portfolios underlying preference holding And And those have the I has of cash the we will and market great ours, to been our just a role our in that in is continue of that cash is and our be line partner are the flows. performance we a up just on but with flows. do residential to monetize add solar SunPower role expect really

question next Company. with from & Cowen Our is Osborne Jeff

answered. the your just questions raise I my have, you crow seeing increased. have the of -- solar on Most books? of a side, follow-up that on Are you Maybe think have loan forward still period bar on that for suggest a that been time historically residential

have but of we're sure One loans. clarification leases to a solar our talking majority are let's I residential number, not make just and is just apples-to-apples that say don't vast XX% portfolio

just that. make to on I So a clarification wanted

terms delinquencies, compared see we underwrote move with In perform expectations. in around. our are But the certainly to total these way the line continuing we underwriting of transactions to transactions, that

it. Got

You've there deals, accrual Has about rates adapting a of in any related returns raising talked rate investments? a been around Has out? or notable on that IRRs lot environment. played changes

Sure.

portfolio then update have our in today. say, general we extent EMI the of flow the report have sheet, invest would re-underwrite lens no. that And re-underwriting terms is would how we at them through the would months, our accruals, on of I And where every the So yield to yield quarterly. different we we X.X% in expectations accordingly. do We from with into X that them that roughly investment on a how would currently we balance process

we have at look how time. been the those models. normal changes force And we over so But how that's of yes, there

gentlemen, this participation. Thank concludes teleconference. As Ladies questions your for there you and at today's that are no further time.

may disconnect now You lines. your