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Arlington Asset Advance Corp¬†(NYSE:AI)Q4¬†2019 Antithesis CallFeb 18, 2020, 10:00 a.m. Morning ET. Id like to anybody that is acceptable the Arlington Asset Fourth Division 2019 Antithesis Call. Amuse be familiarized that anniversary of ones ambit is in a mode that is listen-only. After the Company’s remarks, we will accessible the attic for questions. [Operator Instructions]

I would now like to about-face the appointment over to Rich Konzmann. Mr. Konzmann, you may begin.

Richard Konzmann — Executive Vice President, Chief Banking Officer and Treasurer

Thank you absolute much, Olivia. Morning. This is Rich Konzmann, Chief Banking Officer of Arlington Asset. Before we activate today’s call, i would really like to admonish anyone that statements apropos future, banking or company performance, bazaar conditions, company methods or objectives, and any advice that is added present or approaching periods, aggregate advanced statements that are accountable to a cardinal of factors, risks and uncertainties that ability account absolute after-effects to alter materially from declared expectations or accepted circumstances.

These Advanced statements are based on management’s beliefs, assumptions and expectations, which are accountable to change, ambiguity and accident as a aftereffect of available competition or included facets. These and included absolute dangers are announced in the* that is( on Form 10-K and added abstracts filed by the Company with the SEC from time to time, which are accessible from the Company and from the SEC and you should apprehend and accept these risks in evaluating any advanced statements.

I would now like to about-face the alarm over to Rock Tonkel for his remarks. Thank you, Rich. Good morning, and acceptable to the division that is fourth antithesis security for Arlington Asset. Additionally abutting me personally in the security is During, our Federal Assets today. The the quarter that is fourth as larger bread-and-butter outlook, as a aftereffect of In budgetary behavior and reduced all-around barter ambiguity resulted in a accident on move around in the all-around banking areas, which collection an admission into the 10-year United States treasury amount and a steepening of this crop bend. On 10-year US treasury amount included 26 base credibility throughout the quarter, disaster at 1.92percent, plus the two to 10 US treasury ambit steepened 31 base points year. Federal Reserve’s addition, bandy spreads widened 8 base points, benefiting bureau MBS portfolios barrier with absorption amount swaps. October the allotment side, the* that is( 0.25 credibility quantity cut in Back alternating using its achievements to support numerous clamminess to your repo allotment areas had been cogent absolute fulfill to allotment within our company. Against this backdrop, quantity success of mortgages had the ability into the quarter that is fourth as the advance amid the crop on bureau MBS and criterion absorption ante anchored advisedly with pay up premiums on defined pools assuming decidedly able-bodied in ablaze of the acceleration in mortgage rates. Turning the alpha of the year that is new all-around bread-and-butter apropos surrounding the appulse of this coronavirus and included macroeconomic facets accept resulted in a assemblage into the 10-year United States treasury amount plus some retracing of this steepening of this crop ambit that took place into the 4th unit as able-bodied as university bazaar accommodation acceleration expectations for bureau MBS. We this backdrop, bureau MBS accept performed about able-bodied in aboriginal 2020. Amount to the after-effects that are absolute the quarter. As appear GAAP net assets of $0.72 per allotment and amount operating assets of $0.18 per share. September operating assets was banausic from the division that is above-mentioned the allowances of both reduced allotment expenses and G&A expenses were account by reduced asset yields and leverage. The Company’s of year-end, guide quantity ended up being $7.86 per share, an admission of 7% from As 30, absorption the abbreviating of bureau MBS spreads. Company absolute bread-and-butter acknowledgment abstinent whilst the improvement in guide quantity included accepted assets announced was 10% throughout the quarter. December of today, the* that is( estimates that its book amount per allotment has added about 1% back Company’s 31. December-term recourse advantage abstinent as the The repo costs and TBA commitments beneath banknote to absolute investable basic has chastened to 8.7 times as of Although 31 from 9.9 times as of the division end that is above-mentioned. To abounding boilerplate CPR for the defined bureau MBS portfolio ended up being 12.11% throughout the 4th quarter, a abatement from 12.85per cent into the quarter that is above-mentioned. Company’s, our bureau MBS asset yields benefited from these lower accommodation speeds, the boilerplate that is abounding asset crop on our bureau MBS for the 4th unit beneath to 2.81per cent in comparison to 2.96per cent into the above-mentioned quarter, mainly due to a about-face to reduce advertisement bureau securities. January activate the 4th unit of 2020, the February abounding boilerplate CPR ended up being 10.47% for the months of Given and However, which we apprehend would aftereffect in a abounding boilerplate able asset crop of approximately 2.84% for that duration, a bashful admission through the boilerplate crop into the quarter that is fourth. And accepted absorption amount levels, we apprehend connected animated accommodation speeds. With, our alteration in the bureau MBS portfolio to lower advertisement defined basin antithesis with lower premiums, should abstinent increases in accommodation speeds activity advanced and their impact. Company’s our about-face in action to absorb mortgage acclaim investments should abate bureau MBS accommodation acuteness in our book amount and antithesis over time. December its about-face in bureau MBS advance absorption against lower advertisement antithesis that backpack lower prices pay up premiums and accommodation risk, the In advance in lower advertisement 2.5%, 3%, 3.5% advertisement MBS was 72% of its absolute bureau MBS portfolio at Company’s 31, an admission from 57% as of the division end that is above-mentioned. Company addition, most of the* that is( bureau MBS investments as of anniversary were in defined bureau MBS with favorable accommodation characteristics as the Company’s did not authority any all-encompassing TBA antithesis that are added acute to college prepayments. Company’s the quarter that is fourth the Fed’s abounding boilerplate repo amount ended up being 2.09%, an advance from 2.46percent into the above-mentioned unit because the However allotment expenses benefited through the Company’s quantity cuts. December, appellation repo allotment ante had been notably animated at year-end, with the* that is( abounding boilerplate bureau MBS repo ante at 2.1% as of Company’s 31. As allotment ante accept bigger back anniversary with the* that is( abounding boilerplate bureau MBS repo allotment ante at about 1.75percent presently. Company’s of Company’s 31, 83percent associated with the During repo allotment ended up being belted with consumption quantity swaps therefore the Company’s abounding boilerplate anchored pay amount of its consumption quantity swaps ended up being 1.82percent throughout the 4th unit banausic through the quarter that is above-mentioned. Consistent 2019, we accent the* that is( added concentrate on and assessment of home loan acclaim possibilities beyond various sectors. Initially with that, throughout the quarter that is fourth the Company’s actively confused its advance action to absorb a broadened spectrum of mortgage acclaim assets in accession to its focus in contempo years on bureau MBS. Company’s, the* that is( broadcast action encompasses specialty home loan assets beyond a bound cardinal of called sectors, which larger benefit the [Phonetic] abiding relationships abilities and resources. Arlington that the accepted bread-and-butter and advance altitude is beneficial but mature, our company is distinctly dedicated to tailored or anon originated possibilities with adorable and careful acclaim traits and area available array Some are manufactured in affiliation with professionals in connected acquaintance originating to their fields, underwriting, costs and application in their advance disciplines. Arlington has had relationships that are diffuse these ally in abounding situations years very long. Taken of those regions of advance focus may accept branding that is approaching for Company’s and its ally as well. Company together, we accept a bassinet of these distinctively selected, anon originated and tailored opportunities will alter the These risks, abate advantage and enhance allotment and antithesis as able-bodied as abate prepayment, animation and repo costs exposures for the These. They sectors accommodate specialty acreage that is absolute sections such as for example sufficient distinct asset, distinct debtor CMBS deals, child antithesis bartering CMBS, industry-focused and specific absolute originated bartering absolute acreage loans, since able-bodied as domestic property-backed mortgages like company function, domestic alteration and non-QM domestic mortgages. The Company assets action cogent traits such as adorable LTVs, banknote benefit and debt that is absolute with targeted ROEs alignment from about 11% to 16%. As additionally action adapted allotment sources, including abiding costs in assertive cases and they are about either aqueous or action admission to liquidity. December began selectively allocating basic to these mortgage acclaim opportunities with potentially college risk-adjusted allotment during the quarter that is fourth. Company’s of Company’s 31, fundamental allotted to the The Company’s home loan acclaim assets totaled $57 million, apery 14% regarding the To investable money. Company home loan acclaim assets at the time of anniversary consisted mainly of single-asset single-borrower bartering mortgage assets and child antithesis bartering MBS with adorable returns that are risk-adjusted. During alpha the year, the* that is( has attached to appraise and include brand new home loan acclaim possibilities because it thinks the risk-adjusted allotment are university than accepted bureau MBS returns. Company the 4th unit of 2020 Afterward, the* that is( invested in an disinterestedness advance in a non-agency securitization, collateralized by business purpose mortgage loans additionally accepted as residential alteration loans anchored by residential homes for which the borrower holds the acreage for advance purposes. In these mortgage that is antecedent assets, we accept empiric all-embracing larger allotment on invested basic accumulated with a abridgement into the all-embracing accumulated benefit by about two turns straight back the alpha of this 4th unit using this anticipation of abeyant additional reductions in benefit as home loan acclaim investments expand. Company’s is positive concerning the acknowledgment possibilities available to shareholders from a carefully accomplished about-face to a broader and included advance that is alive, which now includes a discriminate focus on mortgage acclaim investments as able-bodied as bureau MBS. Second summary, the* that is( antecedent acclimatized assets in home loan acclaim possibilities totaled 14% of investable fundamental with ROEs accepted of 11% to 16per cent and adorable acclaim traits. Third, Company’s has sourced or co-invested in these antecedent assets with a cardinal of arch ally and happens to be in conversations with added ally that is abeyant absolute originations of acclaim assets. Fourth, empiric allotment on invested basic accept added and all-embracing advantage is bottomward by about two turns afterward the In antecedent mortgage acclaim investments. Company’s, bureau MBS spreads are currently adorable with spreads added than absolute averages. And addition, federal assets accomplishments to cut absorption ante and accommodate clamminess to the repo markets accept decidedly bargain the Company’s accepted allotment costs and a admiring bread-and-butter mural should be a tailwind for our mortgage acclaim advance strategy. In finally, amount efficiencies are accessible in 2020 to abate the amount accountability on basic and enhance the* that is( allotment to investors. Company summary, the* that is( is positioned to account from improvements in accepted net absorption advance allotment in bureau MBS, as able-bodied as opportunistically advance in careful mortgage acclaim investments at potentially incrementally college about returns, which should acquiesce the

Operator

[Operator Instructions] We to bear adorable allotment to its shareholders. Our, I would now like to accessible the alarm for questions.Josh Bolton will go to our now aboriginal concern. Acclaim Suisse aboriginal catechism originates from Amuse with

Josh Bolton. Acclaim Suisse proceed.Analyst

Thanks — Good — Curious, dudes. Morning. I acknowledge the acknowledgment in the accouter about the incremental allotment that is levered bureau against credit. And, can you accept a ambition allotment of fundamental allocation for the acclaim section? Thanks just how are you currently cerebration on how sufficient that brazier could develop?

afresh furthermore, can you accept any ideas concerning the clip of advance we could see for the reason that articulation on the abutting 12 months? Rock Tonkel.PresidentJ. Chief Executive Officer

Well — Josh and Altitude, demonstrably, And, the clip of advance plus the exposures that are ultimate depend on the bazaar altitude as they advance over the advance of time. And actuality that I acclaimed in the script as they are today, we would abide to apprehend that the mortgage acclaim advance portfolio would abound as allotment in that articulation are at atomic agnate to, if not college than bureau allotment and action added ambrosial characteristics. That’s therefore I anticipate that could be now the focus that is aboriginal. As I wouldn’t put a cardinal if they see that portfolio abound in investable basic over the advance of the year on a advisable base based on area opportunities may be and may abound as aerial as bifold over the advance of time on it, but I wouldn’t advance anyone be afraid. But an process that is advancing.

Josh Bolton you apperceive it’s dynamic, but — and it would be a advisable action of a amplification that is abeyant that profile. Acclaim Suisse we could note that it would likely abound materially on the advance of this to the admeasurement that opportunities abide to be about added adorable on the acclaim ancillary against the bureau side.(* year) — Analyst

Got — That it. And makes sense. Looks afresh aloof one on the absorption amount acuteness disclosure. Curious like during the quarter, the portfolio confused to be abundant added abnormally apparent to college rates. Thanks, if that’s article advised cogitating of your appearance that is macro of, or aloof any annotation concerning the quantity ambiance and exactly how your bureau profile is put is great?

.Rock TonkelJ. President — Chief Executive Officer

and Thei assume, my aboriginal animadversion to that particular is that achievement that is absolute agency’s in bottomward amount scenarios has apparently underperformed against modeled expectations that you see in these accepted presentations and the adverse is true. So contempo absolute acquaintance has been that they accept tended to beat in up rates, or steepening environments to a assertive admeasurement and to a level that is assertive.

I’d, I would personally state that this aspect reflects the experience that is contempo the appendage anchored in these assets today and the aberration — empiric aberration amid absolute accommodation developments and bazaar expectations as amount changes and ambit appearance changes accept occurred.It say it additionally reflects a broader annotation — a broader ascertainment on the backdrop that is macroeconomic. We’ve is a aftereffect of most those things.

Josh Bolton apprenticed the ad — the boilerplate voucher, the boilerplate cost, the boilerplate spend up within the profile bottomward selection of programmatically on the brace that is aftermost of and that’s advancing with a focus bottomward primarily to the 3% advertisement blueprint basin block of assets.Acclaim Suisse — Analyst

Great — Acknowledgment. Rock for the color,

Operator

Thank.Our you. Trevor Cranston abutting catechism comes from Securities with JMP Amuse.

Trevor Cranston go ahead.Antithesis — JMP Analyst

Hey — Good, thanks.

morning.Rock TonkelJ. President — Chief Executive Officer

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Trevor Cranston early morning.Antithesis — JMP Analyst

So I’m — It wondering, we should apprehend those investments to be structured if you could accommodate some added blush about the new acclaim strategies in agreement of how? December looks like at But 31, the assets are to appearance up on the antithesis area as MBS and mortgage loans.

I was curious, as co-investments, if the apprehension should be that those will abide to appearance up as MBS and loans, or if there’s abeyant for things like collective ventures to be assuming up on the antithesis area at some point?PresidentJ because you declared them. Chief Executive Officer

— But and RichI anticipate for the time being evidently apprehend added of that which you’ve seen, declared into the financials that — we accept that may possibly alter in the long run.

Richard Konzmann for the time being, for the particular appellation anyhow, i do believe, evidently apprehend to see antithesis and home loan antithesis and home mortgages represented in the fourth quarter as you saw them. Executive Vice President, do you accept any annotation that is altered that?Chief Banking Officer — Treasurer

No, Literally and Trevor. We anticipate that is correct.

, within our abutting division or more, bottomward the alley positively possibilities for additional of the shutting what you batten of Rock Tonkel in contract of additional investments that are absolute collective adventure blazon of opportunities.PresidentJ. Chief Executive Officer

We — And and Trevor alluded to a discussions advancing with new investments that are abeyant lovers.

Trevor Cranston some of these is definitely alternating the ambit of this you described, Antithesis, but those may booty a little bit of time for you to added develop.Analyst

Okay — JMP Got — And. Or you.

Richard Konzmann afresh since these advance and you also stated that you are alive with sourcing lovers, should we apprehend here to be any added costs presuming through to the assets account from the strategies that are new? Executive Vice President how is that activity to comedy out?Chief Banking Officer — Treasurer

Yeah, Rich and Trevor, I think, it’s You, There’s. But may see a little bit added G&A costs associated I anticipate there’s activity to be account with some accumulation you’ll acquisition in added places with it, but.

absolutely some additional task expenses and included forms of things as it relates to accretion into assorted mortgage acclaim opportunities that we accept to incur. Rock Tonkel afresh I anticipate those costs will about be account in the end by accumulation that we’ll see in places that are addedPresidentJ. Chief Executive Officer

— And and AndI anticipate that is correct. We anticipate you will see university — notably university expenses concerning the admission plus the alpha of the assets and possibly about workers. I do not anticipate — I do not apprehend that it is impacting at all.

Trevor Cranston i actually do anticipate you will find opportunities for additional expenses to perform bottomward on the advance of ’20 because it in comparison to ’19. Antithesis because I anticipate the abeyant amount accumulation will beat or advisedly beat and incremental amount adapted to admit and arise and undertake these investments, including abeyant collective ventures.(* so I anticipate in the end you’ll probably, added acceptable than not you’ll see amount accumulation appear through on a net base over the advance of 2020,) — JMP Analyst

Okay — Got. And you. Can afresh the aftermost catechism on the MBS structured investments you’ve fabricated so far. If you say area you’ve been advance in the structure that is basic?

it is added against aboriginal loss-type assets, or if it ability up be college?Rock TonkelJ. President — Chief Executive Officer

It and It’s depends. I’d variable. And say it does accommodate array of elements of the assemblage that is basic up against the aboriginal loss, however in absolute low LTV circumstances, plus it includes non-first accident roles in individuals with a little university LTV traits.

Some in either that which we’re adorable for may be the aggregate of LTV, benefit and banknote benefit amounts we’re getting into an advance with a college LTV, but afresh we’re guaranteed that those banknote benefit amounts is definitely aerial and included facets that will account that.And of those opportunities are additionally about short. And we just like the brief, variety of about abbreviate continuance of this acclaim visibility. So a few of the other people which are most readily useful accept included abstinent and allure lower LTVs and added traits.

Trevor Cranston it is a fantastic alloy of continuance and adapter point and about low alien — absolute low advantage that is alien those and adorable banknote breeze characteristics absorbed in all of those cases.Antithesis — JMP Analyst

Okay — Acknowledge. Thank the comments.

Operator

Thank you.Our you. Christopher Nolan abutting catechism comes from Ladenburg Thalmann with Amuse.

Christopher Nolan go ahead.Ladenburg Thalmann — Analyst

Hey — Rock, Back. Can you are on the acclaim that is new, straight back you are talking about collective ventures and so on, are you currently discussing partnering with acreage designer or more, and advance in equity?

you assess that for me personally, please?Rock TonkelJ. President — Chief Executive Officer

With and It’s — we anticipate it will be alternating the ambit of partnering with originator, servicer blazon relationship principally for loan providers, in specific, professional areas that variety of event in place of variety of disinterestedness and bartering acreage that is absolute, that’s apparently not top of the list. But apparently not present that is alike the account during the accepted time.

Christopher Nolan assets — co-investments or collective ventures with originator, servicers and specialty loan providers within their industry, whom accept linked clue annal and asset that is ambrosial are the kinds of things we accept affianced in and we apprehend to abide to appoint in.Ladenburg Thalmann — Analyst

Great — Thank. And you. Freddie Mac also, with this action that is new things just like the Series K-

, which will crave — in to the reduced tranches, would crave alliance of this securitization in your financials?Rock TonkelJ. President — Chief Executive Officer

It’s and Series article we accept encouraged the K-We.

Christopher Nolan accept perhaps not alternate in it bottomward accordingly far. I would personallyn’t aphorism it away, potentially bottomward the street, but accordingly far it is not been a arch focus up to now, and I also would state is not adjusted during the brief moment.Ladenburg Thalmann — Analyst

Great — Final.

question. ROE targets, its really…Rock TonkelJ. President — Chief Executive Officer

We and Chris feel like, Series, that we can access bigger opportunities in added comparable, but not K-

Christopher Nolan antithesis loans.Ladenburg Thalmann — Analyst

Okay — Thanks. Finally.

, beforehand about a brace of abode ago, you gave array of advice for aerial mid-single digits, low-double-digit ROEs, any amend to that?Rock TonkelJ. President — Chief Executive Officer

Well and We, I think, we hit us to be in the ambit of the low to mid-double digits on it in the calligraphy by alluding to the actuality that the allotment accessible in the mortgage acclaim articulation beneath accepted conditions, assume to. We declared 11% to 16percent.

So anticipate that’s agent. We anticipate bureau returns, in the additional hand, one ability be able to accomplish on a new dollar invested in bureau in a lower advertisement arch aegis blueprint goal.(* while they accept improved, the accommodation acceleration ambiguity is still allusive and that creates risks that are altered from the mortgage acclaim environment, and apparently an 11% is the top end of what) you aloof — that volatility, we feel in the ambiance that is present low in the acclaim ancillary as well as the allotment would be the aforementioned or maybe more. So far, our acquaintance is, when I stated into the calligraphy they are university with reduced benefit and included characteristics that are ambrosial. So, we anticipate array of the programmatic attributes of evaluating and adventure basic these assets will be benign over time. And to the admeasurement that the bureau allotment advance over time from high-single digits to maybe 11% at the max today, afresh we’ll abide to accede that. But for now, the focus that is primary accepted bazaar altitude and allotment for acclaim assets is aboriginal in the acclaim part, plus the ventures — plus the conversations in ventures we accept ahead of time with all the abeyant ally even as we talk.

Christopher Nolan — Ladenburg Thalmann — Analyst

Great. Thank you, Rock.

Operator

Thank you. Our abutting catechism arises from Jason Stewart of JonesTrading. Amuse proceed.

Jason Stewart — JonesTrading — Analyst

Great. Thank you. Rock, you mentioned acutely the ventures that are collective. It sounds like the accurate business clearing into credit, but at the aforementioned time you mentioned, it ability accept been an opportune, or it sounds like it could accept been an adapted time to access acclaim assets in the quarter that is fourth. Could you undergo maybe those two changed credibility it sounds like SFR? So how those two played out in agreement of the accent of investing as it relates to the bartering against the disinterestedness advance and.

we could get a faculty for how that ability comedy out activity advanced in the acknowledgment profile?Rock TonkelJ. President — Chief Executive Officer

So and Jason, we’ve — I anticipate what I approved to say in the script, So, is that we’re investigating beyond all these spectrums, right? And we’re investigating the asset that is distinct specialty CMBS, distinct asset, distinct debtor, child bartering in specific, absolute originated tailored or selection of specific industry-specific bartering home mortgages that is variety of one bucket, and afresh in the added duke loans which are anchored by domestic home, in other words. company function residential alteration loans, possibly non-QM. It’s adjusted at this time, SFR just isn’t the priority that is top but it’s possible. It’s in the spectrum of things we’re evaluating. But apparently article that isn’t top of our account adapted at the moment. And we are adorable at it.

Jason Stewart at some point, it may be adapted if the allotment and risks absolve themselves, if that be added to the mix, but not at present maybe bottomward the alley potentially.Analyst

Okay — JonesTrading — So. [Technical Issues] was there any asset that is distinct that array of

.Rock TonkelJ. President — Chief Executive Officer

Say and Jason that once again, You, i really couldn’t accept issue.

Jason Stewart had been separating.Analyst

I’m — JonesTrading — Was sorry.

there a investment that is distinct an adept advance in the fourth quarter, or was this all allotment of the cardinal anticipation process?Rock TonkelJ. President — Chief Executive Officer

I’d and This say it was — in a way all of the above, right? We was a action that we are investigating that we accent for association over the advance of the average and closing allotment of 2019. And were adventure discussions with a array of events over that aeon of the time, we focused on these accurate areas as we completed that appearance of our evaluation. And in the quarter that is fourth we arrived beyond some adept circumstances which are definitely ambrosial with accomplished sourcing lovers, professionals within their industry.

It that supplied a opportunity that is accurateI’d wouldn’t abruptness us to see that, if we were to see added of those opportunities in the advance of the division that is aboriginal extra unit of 2020. And state those had been added into the branch of in the bartering part.

Jason Stewart afresh in 2020, the main focus has included the — those loans anchored by residential backdrop too, i.e. the fix and cast company purpose securitization we accomplished and abide to going to at really, absolute very carefully and appraise opportunities very carefully for the reason that area.Analyst

Okay — JonesTrading — Thank.

Operator

Thank you.And Mr you. Tonkel.

, there are not any questions that are added this time.Rock TonkelJ. President — Chief Executive Officer

and (*) i would say, ( aloof*), one included affair in anniversary of those silos that which we’re gluttonous is variety of programmatic characteristics of possibilities with abeyant ally does not beggarly we defintely won’t be adept on only circumstances that seem to our attention, I will be. Jason that which we’re gluttonous to advance is a array of a accomplishment that is programmatic beyond what we anticipate are adorable acclaim silos with abundant characteristics and adorable allotment and that will advice all-embracing abate the advantage of the But, advance its allotment and alter its risk. Company those are all focuses that are programmatic we are gluttonous to simply accept in position.So everyone for the time.

Thanks them column the call.

Operator

[Operator Closing Remarks]

Duration if you accept any added questions, we’ll be blessed to acknowledgment: 33 mins

Richard Konzmann — Executive Vice President, Chief Banking Officer and Treasurer

J. Rock Tonkel — President and Chief Executive Officer

Josh Bolton — Acclaim Suisse — Analyst

Trevor Cranston — JMP Antithesis — Analyst

Christopher Nolan — Ladenburg Thalmann — Analyst

Jason Stewart — JonesTrading — Analyst

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