So essentially, what has happened over the past year, has been that we’ve been able to opportunistically fund at certain points in the yield curve, and issue debt that’s been below the market rate. So that’s one factor. The other factor is just as persistent benefit that we received when we extended our debt, as well as raised additional capital to preferred issuances that related to an excess in capital, that gets reinvested in the investment portfolio, that reduces the cost of borrowing. So those are the two big drivers. But the formal explanation really gets us I would say, in all environments, how we really ascribe that NES and apportion it across our lines of business, that’s Agricultural Finance and Rural Infrastructure Finance, and then the Treasury.
Unidentified Analyst: A follow-up on that. It sounded like I heard that some of those benefits due to the rise in rates and some of them may be lost in a fallen rates, which suggests some asset sensitivity to the book. Did I hear that correctly or no?
Aparna Ramesh: No, there’s no real asset sensitivity. So I think the key thing here is that we actually hedge our interest rate risk, such that we have no or minimal exposure to any changes in the repricing or changes in the benchmark. The only risk that we might be exposed to when we change the tenor of our liability stack relative to the asset stack is when there is actual changes in credit spreads. So there’s no real change of risk that we experience in different rates environments because of the way in which we hedge our book. So for the best way to think about this is, the duration of our assets and liabilities are perfectly matched and we’re able to do this because we can actually opportunistically hedge our liabilities against our assets in response to changing interest rate environments. So very different phenomenon than what other institutions might have, that allow us to minimize our risk, but also be fairly opportunistic on where we fund on the curve.
Unidentified Analyst : Okay, I don’t want to be beating the dead. But one follow-up is then the real benefit that your cost of funds that you’ve generated is — has improved versus credit spreads out in the marketplace?
Aparna Ramesh: Yes, that is definitely the case. And it has to do with the fact that, we are seeing really strong flight to quality in general for GSEs. And so we compare pretty well to other GSE, so that’s one point. The second one is just the fact that we’ve been conducting consistent investor outreach, and there’s strong demand specifically for our debt issuances. And also given our size, we’re able to issue in a way that really matches our investors’ preferences. We don’t do bulk issuances. We can do some really customized issuances. And that’s — it’s a small benefit but certainly all of it adds up and it helps us really issue at rates that are below market, especially in this environment.
Operator: The next question comes from Brendan McCarthy from Sidoti.
Brendan McCarthy: I was wondering if you could provide some additional color on the telecommunication sector. I know volume, you had a huge jump this quarter. What really drove that the jump in volume there?
