Stuart Rothstein: Yes. I think look, I think Liberty Center is definitely performing better. Occupancy levels are up. There’s a few things on the edges vis-Ã -vis adding some greater density vis-Ã -vis potentially hotel or multifamily that will help as well. But Liberty Center, while it’s a maturity, right, the end game on Liberty Center at some point as we sell the asset, right, because we are effectively the beneficiary of what economics remain. I would say, asset is performing better getting close to the point where perhaps later this year, early next year, a sale could make sense. But I think it’s also somewhat dependent on interest rate environment, and what financing would be available for a purchaser of the asset but definitely moving in the right direction.
I think on some of the other repayment activity that you mentioned, I would say, generally speaking, sitting here today, based on our dialogue with the relevant borrowers/sponsors, I would say there seems to be a reasonable path towards full or partial repayment in those situations, and obviously, a partial repayment will be some sort of conceptual discussion around incremental time for something that allows us to get to a basis level where we’re comfortable remaining in the transaction that included the Chicago office assets that you referenced.
Jade Rahmani: Okay. Thanks for commenting on that.
Operator: Thank you. One moment for our next question. Line of Eric Hagen with BTIG. Your line is open.
Eric Hagen: Hey, thanks. Good morning. Maybe just following up a little bit more on the reserving and credit. How strong of a connection would you say there is between conditions in the CMBS? Market? Financing markets more generally? And the amount of reserving that you’re doing? Like, are there scenarios where the macro could maybe hold up, okay, with the capital markets are more dislocated? And how that maybe impacts the amount of reserving it in?
Stuart Rothstein: I guess, I’d say at a high level and without making it specific about the CMBS market, I think there’s plenty of liquidity in the real estate credit environment in general.
Eric Hagen: Yes. Okay. I mean, then a separate question here. I mean, it’s been typical, historically, for the company to split loans with other lender counterparties, which I think can be a nice way to offer opportunities that you might not otherwise have. The two questions there. I mean, how does the splitting of loans impact any negotiating power in the case of a loan, extension or a recapitalization or modification? Is there more friction in a tougher environment as a result of splitting those loans? And then, second, how available will that opportunity be going forward? Like, is there going to be as much appetite from others have that to take on that opportunity to split loans? Thank you.
Stuart Rothstein: Yes. I guess I’d say at a high level. At a high level, generally, our splitting of loans has actually migrated away from splitting with other parties and more the para pursue splitting of ARI and other Apollo affiliated capital. And to the extent we’re talking about para pursue interests. It’s generally not a lot of pressure or divergence of opinion, vis-Ã -vis dialogue. Historically, we have done some senior Junior sharing of loans. And obviously, in any instance, where you’re sharing a senior, junior piece or creating senior, junior structures, the internal creditor agreement is pretty clear in terms of who’s right or what, as you work through a situation. So I would say today, not overly concerned. And there’s one particular situation that comes to mind, which was a sharing of a large loan amongst us and several non-affiliated financial institutions.
