In the table above, the split between Covered Assets and Exposed Assets is shown in the orange cells. The respective split in TGP Premiums is shown in the green cells. In this case, investors owning Exposed Assets paid only $19 million of premiums. On an average asset base of $159.3 billion, that comes to a rate of only 0.0117% (1.17 bps). Another way to measure their contribution: Exposed Assets covered 10.6% of the total TGP Premium. Not so bad considering that Exposed Assets represented 24% of average total balances. (Remember, all of these results are estimates based on a cash flow model.)
Here is a graph showing the trend in Covered Assets and Exposed Assets during the simulated period.
In the meantime, the above scenarios simulated by a cash flow model can only demonstrate the general impact. Check back later for future updates of the numbers and further commentary.