Leon Cooperman: Let me – if I can get on to some other questions. Your distributable earnings of $0.57, do you think there is a lot of push and pulls. Do you think that’s close to recurring earnings, or you think you over-earned in this quarter?
Paul Elenio: Yes. I think we don’t give a financial outlook, Leon, but I would say that we are expecting that those numbers will be not that strong in the third quarter and fourth quarter. But I don’t know how much different. We have had a couple of things during the quarter. I will give you an example. We had $1.3 billion of loan sales in our GSE agency business. We have excessively high second quarter volume, given that rates rose to about 4% for a short period of time and have come back down. We see a little backlog in that business. We expect that business to be strong for the balance of the year, but I am projecting $1 billion, $1.1 billion versus $1.4 billion in the agency business in the third quarter and probably something stronger than that in the fourth quarter.
So, I expect our agency business to come in for the year higher than we did last year, but I do expect a dip down in the third quarter and then a big rise in the fourth quarter. So, that gain on sale associated with those sales will change and likely end up with a reduction in gain on sale and a slightly less distributable earnings. Also, we are expecting the portfolio to continue to run down as there is no balance sheet lending and one-off has been naturally roll to our agency business. So, I don’t know if it’s easy for us to say that, that’s a recurring number. I can’t tell you what the number is going to be, but those are a couple of items that I think could make it slightly less going forward. Having said that, we still think the number is substantially higher going forward than where our dividend is today, right, Ivan?
Leon Cooperman: Yes. So, as we get to it. I think that the 57 is probably higher now than it will be in another couple of quarters. But I suspect that the earnings will be above the dividend.
Ivan Kaufman: We still feel very confident about that, Leon. You don’t like to comment on the distributable borrowing because if we did wrong every time we have exceeded everybody’s expectations including…
Leon Cooperman: And the three loans that were highlighted as being issues, what is the loan-to-value ratio on average for those three loans?
Ivan Kaufman: I don’t have them offhand. But one, we took a reserve against and we didn’t expect payment, but we got payment. We got our June payment. The other one is a great asset, just poorly managed, so we have to take a look at what the stabilized value of that asset is. And you have to also keep in mind that on a lot of these loans, we have a lot of recourse on these loans with substantial sponsors. So, we look at a combination of not just the asset, but the sponsor and the recourse liability that we have. So, it’s a combination of multiple factors on each of these different assets.
Leon Cooperman: Last question, just an observation. What do you think the sweats [ph] of thinking about? The fully diluted share count is 187 million shares. If I take what you own, what the employees own, what Black Rock owns and Blackstone owns and what I own. These guys are sort of a meaningful percentage of the float. And what do you think they are thinking?
