Vincent Caintic: Okay. Great. And last one from me, Steve, on the fair values continue to increase, which I presume it means that the risk adjusted margins and the launch you are putting in continue to improve. I am just wondering, since I get the investor questions, just what’s built into that, the level of conservatism and the opportunities in terms of the ROEs that you are now able to generate in new originations?
Steve Cunningham: Yeah. So we don’t, I mean, as you can imagine, Vincent, we are not building in levels of conservatism in our fair value marks. We are trying to give the best view of the value of the portfolios based on the credit quality and a few other things that matter less than credit quality. But at the end of the day, it’s about what we think the lifetime credit performance of those portfolios is going to look like and discount it back. Obviously, with the short duration discounting doesn’t matter as much. So I think the ROE hurdle rates that we have built in, that’s kind of where they start to show up a little bit, because the cash flows of the portfolios, the richer they become on a net basis. So more cash flow for a given level of loss will get you a higher fair value, all things being equal.
So again, you can have some variations as I have talked about now for many quarters in your quarterly metrics from quarter-to-quarter, but our fair values have been fairly stable to kick — to ticking up over time, reflecting that higher ROE hurdle and the stability and credit that we have been pointing to now for some time.
Vincent Caintic: Great. Very helpful. Thank you.
Operator: Thank you. The next question comes from John Rowan with Janney. Please go ahead.
John Rowan: Good afternoon, guys.
David Fisher: Hey, John.
John Rowan: Just one quick question for me. Is — just thinking around 10,000-foot view, is this the environment that you looked out when you chose to do fair value accounting, right? You have got others that are pulling back, and yes, you missed earnings because you spent a lot more on marketing, but you didn’t get the couple where you having to build allowances for an asymmetric type growth rate. Is this kind of the — where the benefit comes in fair value that you can go after all these incremental customers that are not being, that are not getting offers from other lenders who may be pulling back or whatever credit reasons or because they would have to build allowances? I am just trying to take it through a little bit.
David Fisher: Yeah. I mean, I think, you have really seen over the last two years as the books built back up following COVID. As the business is doing well, as we are growing and putting on good loans, the financial statements looks good because of fair value. And I’d say we have the Great Recession again and the book was bad, the financial statements would look bad and that’s what we would want everyone to see as opposed to under the old incurred method, when the business look crappy and originations were slowing, all of a sudden, you were making a lot of money by releasing provision, which never made a ton of sense to us. So, yeah, we have been happy that we have been able to really accelerate our originations over the last couple of years coming out of COVID and had financial statements that reflected the positive trends of the business.
John Rowan: Okay. All right. Thank you.
David Fisher: Yeah. Thank you.
Steve Cunningham: Thank you, John.
Operator: Thank you. This concludes our question-and-answer session. I would now like to hand the call back to David Fisher for closing remarks.
David Fisher: Thanks everyone for joining our call today. We appreciate to take — your take — you taking your time and we look forward to speaking with you again next quarter. Have a good evening.
Operator: The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.
