Crispin Love: Okay. Great. That’s helpful. And then just if we’re in a higher for longer scenario, which you alluded to, I think, Ivan, you said that at rates to be somewhat stable over 3 quarters. How would you expect that to impact the structured loan book in originations? I think as expected, bridge continues to soften a bit, but you have been seeing some nice solid activity in SFR. So curious on your thoughts on forward originations in this great backdrop in both of those areas.
Ivan Kaufman: Listen, if rates drop, our Agency Business will explode as a lot of our balance sheet is really well positioned to be transferred into fixed — long-term fixed rate. So that’s where the opportunities will come in the growth of the Agency Business. With respect to the floating rate business, when there’s price capitulation, people want to buy assets that need improvement or short term in nature. You’ll see that business pick up. So a drop in rates will create great opportunities. And we don’t expect that to happen until perhaps the third quarter or maybe even the fourth.
Crispin Love: Okay. And then I guess just following up on that and looking at the Agency Business, 10-year right now, it’s about 480. In order for you to kind of see a meaningful pickup in agency originations. Do you think — how do you think about that when you’re looking at 10-year?
Ivan Kaufman: It will pick up at each level, 450, you’ll see an increase in a quarter, you’ll see a bigger increase or you’re seeing increase sub-cord or explode. So as the tenure drops, the agency business will ratchet it up and the deeper it goes, the more exponential it will be.
Operator: And we now have our next question from Stephen Laws with Raymond James.
Stephen Laws: I just wanted to ask a quick follow-up. We touched a lot on Arbor specific stuff. But can you maybe give us your views more macro on the fundamental side of multifamily kind of around new supply in the near term, maybe a lack of supply in the medium term, slowing rent growth for near term related to that? And then on the expense side, anything around property taxes or insurance-related costs given the type of multifamily assets you guys play in and the regions you’re in?
Ivan Kaufman: Listen, I think new construction, the absorption is slower. We all see that. Rent growth has slowed, expenses are a little higher than everybody thought. In your primary markets, you’re looking at a flat rent growth to expense. So that’s the way we’ve looked at it for quite some time now. But the markets with new deliveries, Class A, the absorption of concessions are higher than expected. And it’s going to take a little bit to absorb. Given the housing market where it is, people aren’t really buying houses. So I think that the demand for rentals continue to be fairly strong.
Operator: And we have our next question from Jade Rahmani with KBW.
Jade Rahmani: The stock had been up in response to the results, but is now down 2%. Just a big picture question. What do you think is most misunderstood by the market as it relates to whether it be the book value or the credit risk or the earnings outlook?
Ivan Kaufman: Listen, we can’t speak to that. All we can speak is that the whole sector is down. We’ve outperformed the sector and in terms of the company’s performance. And it’s a hard mentality that is a large concern in the sector. The sector is down. We’re just going to continue to perform through our thing to outperform our peers. And I think it’s patience, and it’s hard for me to speak to the investment mentality. We just run our company of consistent performance. And sometimes you get grouped in and sometimes just — there were just headwinds, a lot of headwinds in the market.
Jade Rahmani: And on the NPL side, maybe this gets to the point. It’s $138 million per day, 1% of loans. What do you think the peak number of that will be?
