Matt Salem: Yes, Jade, it’s Matt. I can take that. Like we – I would say – we fully expect to get repayments on our portfolio this year, even though Q1 was a light year – a light quarter of repayments. When you look at what we have in the portfolio, obviously, our largest property type is multifamily. And as those stabilize, I can guarantee you, we are not the most efficient financing for a stabilized multifamily property, especially given what the agencies are lending at in today’s market and where we see insurance companies lending as we compete against them with our insurance capital, et cetera. So there’s a lot of liquidity for the favorite asset classes right now. It really is a tale of two cities in terms of the have and the have nots, with office obviously being on the have not side.
But I think we’re going to get a fair amount of repayments over the course of the next couple of quarters, which will increase liquidity. And of course, there’s also capital markets opportunities for us as well. So – but right now, with the convert, it’s a small, obviously, a very – it’s only $144 million is a small piece of the overall capital structure. So like you said, we’ve got cash to pay that down.
Jade Rahmani: And what kind of capital markets opportunities do you think would be interesting. Is there a possibility to issue a CLO on very low leverage, very high-performing collateral? Or is there the possibility to be taking your best assets, selling A Notes to the insurance company, doing affiliate transactions, participations and things of that nature?
Matt Salem: I mean, the securitization market is open. So if we wanted to go that route, I think we certainly could. I don’t think that would be a route that we would explore right now because we have our existing CLO facilities that are still in reinvestment period and priced like quite attractively. So I don’t think we need like a new one of those. I think it would be more along the lines of a corporate – some type of corporate finance opportunity for us, more option for us. And we could definitely think about selling some of the existing loan portfolio. I don’t think we need to cut any notes on most of it. I think some of it we could just sell the whole loan. And – but again, we’re not – I don’t think we’re in this scenario right now where we’re – we need that level of liquidity.
So right now, we’re kind of enjoying the higher earnings. We have a lot of liquidity. I mean, we have almost $1 billion of liquidity. So it’s not something that we’re actively pursuing. But if the market were open and had – we had an option that was attractive, clearly, we could go down that path.
Jade Rahmani: Just to follow up, that presumably would be a preferred or perhaps another convert?
Matt Salem: Yes. I mean you’ve seen what we’ve done in the past, right? So we’ve done preferreds. We’ve done converts. We’ve done Term Loan Bs. So those – one of those three options we would look at.
Jade Rahmani: Thank you.
Matt Salem: Thank you, Jade.
Operator: And ladies and gentlemen, this concludes our question-and-answer session. I would like to turn the conference back over to Jack Switala for any closing remarks.
Jack Switala: Great. Thanks, operator, and thanks, everyone, for joining us this morning. Please reach out to me or the team here if you have any questions. Take care.
Operator: The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.
