I don't know. I do think it was referring to the Regent, but while I think it's clear they are not of the Sovereign legacy, I don't know if they have their own, or if they are something else.

It's difficult to tell, when the only communication we've had with them has been... well, a threat, as it were.

Not that I don't appreciate that they're keeping the cards to their chest. I would do the same.