Richard Byrne: Yes, first of all, they are not mutually exclusive concepts. We have sort of since our public market debut, we have been pretty consistent in buying back our shares when our shares get cheap. So, I think as long as we have liquidity, there is – that’s always an attractive use of capital if the market trades or stock poorly. And the conversation about dividend is one that we have frequently. We have it with ourselves, and we have it with our Board. I think our dividend policy, or I don’t think, clearly, our dividend policy is to pay what we earn or what we think we are going to earn. That crystal ball is sometimes a little difficult to interpret. You are right, as you commented, we have lots of untapped earnings potential as we deploy our excess cash and as we put additional capital to work and possibly even increase leverage modestly.
So, that would portend some real earnings power. The timing of our new deal flow is a little bit trickier to predict. And then of course, there are things on the other side of the ledger. Probably the biggest benefit everybody has had over the last year and change has been the rise in rates as far as earnings power hasn’t helped asset quality in many cases, but it certainly has helped our earnings power. Who the heck knows where rates are going, probably the trajectory is more likely down than up. And then many others are cutting dividends or sort of certainly not having an increasing dividend conversation because of potential asset problems. So, I think all these factors weigh together, and we are going to continue to analyze things. But the end conclusion we will always reach is paying what we earn.
We are certainly doing our best to predict what we are going to earn and paying a dividend level there. So, that’s my best way of saying we are going to continue to monitor it, but your point is not wrong. We certainly have a lot of earnings power that’s been untapped. Just want to weigh it in the context of all the other things I have said.
Michael Comparato: And Matt, let me just add quickly to that just press. I mean I think we clearly have upside in earnings power. I think that does lead to upside and potential dividend. I think the key there is when we raise – if we raise it is going to be in the context of giving the all clear on not only a backward-looking legacy portfolio basis, but also a forward-looking earnings power basis, right. We don’t want to be in a position where we are moving dividends every quarter or two quarters. If we raise, it will be in the context of things feel really, really strong. It will be with a strong message to the market. But I do think the potential is there in the future.
Matthew Howlett: I appreciate it. I just think you guys are certainly in the camp to potentially raising the dividend this year. And I know that’s counter to some of the other peers that we have seen out there. But certainly, it’s a nice conversation to be had and I figured I would bring it up. I appreciate it. Thank you.
Michael Comparato: Great. Thanks Matt.
Operator: This concludes our question-and-answer session. I would like to turn the conference back over to Lindsey Crabbe for any closing remarks.
Lindsey Crabbe: Thanks Alan. We appreciate everyone joining us today. If you have any further questions, please reach out to me or the team. Thank you.
Operator: The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.
