Daniel Perotti: Hey, Eric. It’s Dan. Yes, given the increase in the MSR portfolio, we may add incrementally to the agency MBS portfolio. We’ve added certainly incrementally in terms of some of the non-agency MBS, as David mentioned. But it’s not necessarily – it’s not necessary per se to add substantially due to the change in the MSR to balance out from a REIT test perspective, if that’s where you were going. To the extent that we do see spreads widen and that investment as attractive, we could add additional agency MBS. We do – our overall leverage ratio is around 5x currently. So we do have some ability to continue to increase that but we aren’t necessarily looking to substantially increase our agency MBS portfolio unless we saw that as a really significant opportunity.
Eric Hagen: Yes, totally understood. Second question, I mean, just looking at the liquidity requirement, on Slide 18, you have a cushion of around $200 million of liquidity. Do you feel like that’s a comfortable cushion just given the size of the balance sheet? How sensitive would you say that kind of liquidity, that regulatory liquidity is to higher interest rates and wider spreads? Thanks guys.
Daniel Perotti: Yes. Q2 – so when we are looking at our hedging position, we look at both our liquidity as well as the balance sheet value and hedge for both of those. Yes we do think that, that cushion is very sufficient to be able to manage to – in terms of managing our liquidity for the balance sheet size that we have. It would take a pretty substantial increase in spreads to put a meaningful dent into that liquidity that we’re holding here. And we do have a little bit of additional overall liquidity that we can tap that isn’t on the balance sheet today. So this doesn’t represent the maximum size of the liquidity where we have a bit more that we could tap as well if we did see a spread widening or something to that of that nature.
Eric Hagen: Yes. Did you guys give an update for your book value through October? And if I missed it, I apologize. Thank you.
Daniel Perotti: Yes, we did. It’s a little – it’s really a little changed from what we saw at the end of the quarter.
Eric Hagen: All right. Fantastic. Thank you guys very much.
Operator: [Operator Instructions] Your next question comes from the line of Matthew Erdner from JonesTrading. Please go ahead.
Matthew Erdner: Hey guys. Thanks for taking the question. I believe you didn’t repurchase any shares during the quarter, if that’s true, let me know. And then how are you guys weighing share repurchases versus deployment of capital, given where the stock has traded over the past couple of quarters?
Daniel Perotti: Yes, this is Dan. Yes, we did not repurchase any shares over the quarter that is something that we look at as a potential deployment of our capital. Certainly, the shares were trading during most of Q3 higher than they have been over the recent couple of weeks. And I would say that we find share repurchase is more attractive, meaningfully more attractive at the levels that we’re seeing today than we did at some of the levels that we saw over the – during Q3. So that could result in some activity versus to your point, we did not repurchase any shares during Q3.
Matthew Erdner: Got it. Thank you.
Operator: We have no further questions at this time. I’ll now turn the call back to Mr. Spector for closing remarks.
David Spector: Again, I want to thank everyone for joining us here today for our Q3 earnings. If you have any questions or comments, please don’t hesitate to reach out to our Investor Relations team, and I look forward to speaking with all of you in the near future. Take care.
Operator: This concludes today’s conference call. Thank you for your participation. And you may now disconnect.
