That is – it’s almost boring and amazing. That’s very, very good. There was a previous question on the dividend, and this is something I talked to Jalpa, I think Brad and Aparna in the past. Slide 15, there’s a change from second quarter to third quarter. As an investor, I appreciate that. And I think other investors need to look at that as well. And I’m sure there’s some work that went into putting in this slide with this dividend CAGR discussion . So the first question is Farmer Mac, the fastest dividend grower, over the last 12 years within those cohorts, S&P 500, Russell 2000, is that – are we the fastest dividend CAGR, the largest?
Brad Nordholm: Yes, that is exactly a question I’ve been asking and we’re going to get to the bottom of that because I think we may be. And when you look at the absolute consistency on top of that, it is a remarkable story. And to your first point, I’d just like to note that we have always insisted that comparisons with banks as comparables are really not relevant. And the current situation the banks face with stagnant commercial loan notional rates and increasing deposit costs and the challenges that, that presents to them on maintaining margins in contrast to us is something that we are talking to investors more about because we think this current environment is a real opportunity for us not to compare ourselves to commercial banks, but to differentiate ourselves from commercial banks. Our asset liability model and practices are almost the exact opposite of banks and that we have the call option on the liabilities, not the issuer of the liability.
Q – Unidentified Analyst: Okay. Brad, that’s helpful. I’ll say it publicly. But I’ve said this privately with you guys is the – you have a situation where the sell-side analysts are going to compare you to other financial companies. And I agree that’s not true. I’ve talked to you and said this in the past, rightly or wrongly, but I think that the company, as a GSE needs to be valued based on previous valuations of other GSEs predating the craziness of the financial crisis like Fannie & Freddie. And if that’s the case, then appropriate valuation, at least just on a PE basis, not even getting into the fact that there should be discussion on the dividend growth model from a valuation perspective, but a PE of 15 or higher given your performance seems to be more reasonable.
That might be something you want to think about discussion and say, hey, look, Fannie & Freddie, pre-financial crisis trading at 15x PE for a number of years and certain dividend yield number. This is our benchmark because that’s what we are. Unfortunately, the peer group would only be a couple of companies, but you guys are in a very unique situation, and it’s not being – the company is not being valued in that way. The stock price should have a 2 in front of it. It’s severely undervalued. Once again, that’s just my opinion, but I’m always trying to help you guys and I know you’re trying to be humble in terms of how you’re performing, but it’s pretty phenomenal what you’ve been able to accomplish. So that’s just a comment.
I want another question on the hiring. You talked about continuing to grow. Can you give us an update on the current head count? And how many open positions are we looking to fill in the remainder of the year? Yes. So thank you so much for those comments, and I think we really appreciate it. In terms of our headcount, we’ve certainly seen a much better picture in terms of – when we look at it on a relative basis. We want to be at full complement of about 185, and that includes some part timers and so on. I believe our current head count is closer to 172, but -at the end of the second quarter. At the end of the second quarter. So – that’s not to say that we’ll be successful in really getting to that 185 number, but that’s really what we think of as full complement in terms of selling all of those positions.
