Robert:"We continue to rebuild capital at least on paper".
That "paper" is their Balance Sheets, a financial statement whose accuracy is protected by the Exchange Act and the Sarbaney-Oxley Act, with severe criminal penalties.
"At least on paper" is said by someone that has spent all day in conference calls with the rest of plotters, and they know that the beginning of the sentence is a big lie based on the flawed financial statements of FnF, where the SPS increased for free since 2017 are missing, in order to evade recording the offset with the reduction of Retained Earnings that wipes out the Retained Earnings that FnF just built, and thus, FnF are not building capital. In other words, based on Financial Statement fraud.
"At least on paper" is considered playing the fool, like the Berkowitz's attorney, David Thompson, with "I'm not a securities lawyer" and thus, it's part of the conspiracy to defraud the United States and the FnF shareholders, and it carries the same conviction.
Like @navycmdr posting the Hindes' letter after stripping out his name and the name of his hedge fund, to avoid crippling liabilities for all the lies in it. A letter considered an attempt to blackmail the President of the United States, with pictures of both together, after writing that he met with WH officials and pointing out the hedge funds that own FnF stocks, even making up that Kyle Bass owns stocks, first time that his name comes to the surface. Also, John Paulson, when it's supposed that he closed down his fund many years ago and he no longer owns JPSs. Anyway, a FnF JPS is considered a safe asset class and any investor is entitled to take advantage of this stock price manipulation. An investment by the book. I don't see why the name of a stockholder is a hurdle, unless that stockholder is also a conspirator, like John Paulson if that's the case, co-sponsor of the Moelis Plan along with Blackstone.
Finally, we see how the daily analysis of FnF comes down to conspirators aiming to downplay expectations with the court news that harm our interests (NWS a Taking case, when it's a separate account case), Warrant rhetoric, etc., just after they had mulled their legal defense strategy in the offices of private law firms in Washington, to avoid being caught. Hours and hours spent in TikTok videoconferences with their accessories on the internet message boards.