Chris O’Connell: Hey. Just wanted to start on the balance sheet and the securities portfolio. I think the AFS book was down about $55 million quarter-over-quarter. And I was expecting maybe a little bit more of a reduction, given the short duration of the book. And I think last quarter, as mentioned, there is about $50 million per month of outflows in that portfolio expected. Just any reason why that was kept up a little bit larger this quarter?
Jason Darby: Yes. Great question. Great observation. Really, we put one of our PACE purchases into available for sale in this particular quarter. We want to have a little bit more flexibility to be able to move with that asset class. So that was the first purchase that we’ve ever classified as available for sale, it was about $20 million. And that’s probably the difference, Chris, because the actual pay down on the traditional, we’re really kind of trying to make sure we get this terminology at, but traditional securities portfolio, which would exclude PACE. So, if you look at traditional AFS, we actually did have a decline excluding the mark of about $70 million, which should track pretty close to the cash flow that we had talked about in previous quarters.
Chris O’Connell: Okay, got it. That makes sense. And on a go-forward basis, how are you thinking about the traditional securities portfolio? And how much those balances move in the back half of the year versus the PACE portfolio?
Jason Darby: Yes, I think they’re going to move a bit in opposite directions. We still think PACE is a great asset class for us. It’s highly credit secure, has really nice attractive returns. And because people are staying in their homes given kind of the current rate environment, the energy efficient improvement opportunities for residencies has greatly improved. And we benefited also from a consolidation in the market. So our provider has got more access to origination and the flow opportunity for us is great. So, I think you’ll see that continue to move possibly in the same type of PACE that we’re — possibly at the same rate as you saw in the first quarter — I’m sorry, in this current quarter, which is about a net of $40 million, $45 million somewhere in that range.
But with regard to the traditional portfolio, we’re going to see that continue to come down. We’re not looking to add any positions in that particular portfolio from an agency or non-agency position. We’re going to be using the cash flow to fund the growth. I think the $70 million that I quoted for you just a moment ago is a good way to think about that between the third and the fourth quarter in terms of a run rate. So, again, a little bit of an opposite moving direction between PACE and traditional securities. But we do expect that to continue to run down and be the primary funding source for our origination side on linear PACE.
Chris O’Connell: Okay, got it. That’s helpful. And as far as the multifamily book goes, I know you guys are talking about running it down, but it was the biggest growth driver this quarter. Just maybe if you could break down kind of where the loan pipeline is on various lending segments and just the decision to grow multifamily. I think it’s up about $100 million or so this year versus what you guys are talking about with the rundown over time.
