If that answers you.
Sarah Barcomb: Yes. Yes, that’s helpful. Thank you. And just on the subject of investing in securities, you mentioned that you’ll be looking to ramp that up in the second half. But we’ve also been hearing about high coupon deals that are available in the traditional floating rate senior loan market. So I was just hoping you could speak to the loan origination environment that you’ve been seeing and why you didn’t bite on anything during the quarter.
Brian Harris: Sure. I think similar to what I said last quarter, the – we’re not having necessarily trouble with somebody who wants to borrow money yet at the rates that we want to charge for it. Where we’re having trouble is the principal come. A lot of refinances are simply over levered. And if they don’t have capital to commit to delever their situation, they’re at risk of losing their property. So there is – lending is picking up. We do have some quotes outstanding. We quoted several loans last quarter, but we were missing because our loan amounts were too low. And I think I also mentioned that we were being beaten by companies I’ve never heard of. So kind of speaking to the emergence of private credit in the sector. Today, I think we’re going to start writing loans here.
I can see a sense of seriousness in the quotes that are going out and the questions we’re getting back. And I don’t think we’ve changed much on the rate side, even though spreads have tightened a little bit, but I do sense that people are waking up and realizing they’re just not going to be able to borrow as much as they used to, given where the 500-plus basis point move in short-term rates.
Sarah Barcomb: Great. Thank you…
Brian Harris: On the security side, by the way, I think you mentioned that. We’ve been hesitating there probably for about a year because we thought that the Fed’s withdrawal from their purchasing program was going to impact spreads rather dramatically. And we pulled the trigger for the first time in a while on a new issue where when the prevailing rate that we walked away with on the AAA CLO paper was over 8%. And we just didn’t – I think it would go wider than that. So we started buying in a week, that spread went from 290 to 250. And the week after that, they’re currently –there’s a new deal in the market right now at 235. So again, going along with what we saw in high yield, what we’re seeing in mortgage spreads and securities, I think that will follow also into the loan market as the year – as we get into year-end.
Operator: Thank you. Our next question comes from the line of Stephen Laws with Raymond James. Please go ahead.
Stephen Laws: Hi, good afternoon. Brian, I want to follow up really on Sarah’s second question just around the loans. Have you looked or considered doing some mezz loans, mezz originations kind of taking advantage of what people will pay for that capital buy some more time, you probably get good assets at good valuations. How do you think about that as far as fitting into latter? And along the same lines, is there anything interesting on the real estate front that you might consider growing that piece of the portfolio?
