Trevor Cranston: Got it. Okay. That’s helpful. In the last several days, there’s been a lot of headlines coming out about NYCB in particular, can you guys talk about kind of how you think about CRE market and if you see any sort of incremental risks coming out this year from banks or others potentially sitting on unrecognized CRE losses and sort of how you think that would impact markets overall? Thanks.
David L. Finkelstein: Yes, certainly. One point to notice is we’re certainly thankful a little over two years ago we did sell our commercial platform. So we’re glad not to be in that sector. We also last year for example we took or we sold all of our CMBX positions to reduce that securitized exposure and currently what we own is roughly $220 million of AAA CLOs, which are almost exclusively multifamily, so very little exposure there. Now as it relates to the broader CRE market, yes, there’s certainly some isolated risks out there. We do think that this particular episode will be contained. There are other banks out there that we’ll have to work off some of those CRE loans. The big banks are in good shape, but it’s something that’s going to impact a lot of the regional banks over the near-term, but we don’t see it as being systemic to any extent notwithstanding some of the volatility we’re experiencing in markets as a consequence of New York Community Bank.
So long story short, we don’t have exposure and we’re thankful of that, and we think this will be a relatively muted event in the market, but it is some factors that need to be worked through at the bank level.
Trevor Cranston: Okay. That’s helpful. Thank you.
David L. Finkelstein: Thanks, Trevor.
Operator: The next question will come from Eric Hagen with BTIG. Please go ahead.
Eric Hagen: Hey, thanks. Good morning. Just continuing on that topic of the regional banks, I mean, how do you feel like mortgage spreads and liquidity have responded to pressure there over the last week and do you see that creating an opportunity to buy MSRs potentially? And then even tacking on to that, I mean, what’s your outlook more generally for the supply of MSRs this year and how aggressive you expect to be in maybe bidding for bulk MSRs at different levels of interest rates?
David L. Finkelstein: Sure. So I’ll start off with just the overall mortgage market and then Ken can talk about MSR specifically. There has been a little bit of volatility in spreads the past week and it certainly does create opportunities, but it’s not the type of event where we’re looking to dive into the market, we’ve reinvested runoff at better levels and things like that. And we’re watching, but it’s not a catalyst to necessarily jump into the market on MSR.
Ken Adler: Yes. I mean over the last year, I mean regional banks have been buyers of MSR and there’s been some regional banks that have been sellers of MSR and the actual names are available in the transfer data. On the margin, I mean we definitely think this will take some of those buyers out. The allocation of MSR to the regional banking sector, I mean it might — it doesn’t seem like the whole news of large portfolio events are distressed institutions. So on margin we believe it will be a positive event for our strategy specifically because we are an opportunistic participant at times, so that more to come.
David L. Finkelstein: Yes, we will also see how banking regulation plays out and what impact that may have. But generally speaking, we’re reasonably optimistic on our ability to source MSR in a less competitive fashion.
Eric Hagen: Alright. I appreciate it guys. Thank you.
David L. Finkelstein: Thanks, Eric.
Operator: This concludes our question-and-answer session. I would like to turn the conference back over to Mr. David Finkelstein for any closing remarks. Please go ahead, sir.
David L. Finkelstein: Thanks, Chuck, and thank you everybody. Good luck and we will talk to you in Spring.
Operator: The conference is now concluded. Thank you for attending today’s presentation. You may now disconnect.
