Stephen Laws: Appreciate the comments there, definitely seems like a real opportunity ahead of you here working with the banks. To follow-up on the BPL side, I think from answer to Don’s questions, it sounds like you can sort of work through 90-day delinquencies in about 6 months. Seems like REOs are processed fairly quickly. Can you talk about that REO resolution process? Is there capital infusion there? Or do you sell as is? How do you think about losses there or potentially gains on liquidations? How quickly that can take place?
Dash Robinson: Sure. In general, what we try and do, obviously, is avoid getting to REO at all. That’s the thing gets reflected in the relatively low percentage that gets there. But I think where we’ve had the most success, frankly, is having a plan going in, it’s being able to have sponsors lined up that we know are going to have interest in the properties. And once we take it back, we will sell it as quickly as possible. Depending on the particular project, selling it as is, as most efficient, we’ve been able to do that with a number of these where they just — where we had cash buyers and just moved on. In many cases, getting out flat to up a bit depending on the situation. I think with some of the other projects, it’s helpful, frankly, to have a sponsor also lined up where we could potentially provide some financing as well.
Bringing a new sponsor who’s buying at a level that makes sense and provide some financing. And then that loan goes back on our book with fresh capital and fresh and fresh operations, which is helpful. So it sort of depends Stephen on the outcome, but as always trying to get as far ahead of the situation as possible to be able to have buyers lined up and get those properties in the right hands as quickly as possible.
Chris Abate: Hey, Stephen, it’s Chris. I’d also add just from an accounting perspective, most of our peers that uses some form of cost accounting, certainly for BPL loans, commercial loans, non-QM loans, and we continue to use fair value. And so, what the impact there is as rates are going up, and the credit environment is getting tougher, I think what we’re pushing through the P&L encompasses potentially more than just the credit component. We’ve got the rate component, we’ve got the average life component. So it’s not necessarily an apples to apples comparison and we’ll try to do a better job of — as these mods go through of what’s actually recoverable, because there’s a fair amount that is, especially as Dash mentioned, you get fresh sponsor capital, or new sponsors in place. These are good projects, and it’s been a tough rate environment. But I think the extent we can work on these, there’s quite a bit of potential upside for successful
Stephen Laws: Appreciate you highlighting that. And lastly, if I can squeeze one more in. Looks like a couple of securitizations, or deals since quarter end. Can you talk about market reception kind of what kind of gains or margins you saw on that and a lot of rate volatility here we’ve seen recently as you guys noted in your remarks.
Chris Abate: Yes, the big one was our fourth liquidity of the year, which we just closed about a week ago. We got really strong receptivity to that. I would say from a margin perspective, it’s supportive of margins that are probably consistent with where we landed in Q3 overall. The fact that the curve has uninverted significantly has certainly been helpful. We’ve been able to place bonds to — a real variety of investors we have a lot of insurance companies and money managers in those books, which we’ve been pleased with. So definitely supportive of staying within the range of our long-term margins, which has been helpful. Part of it also, Steve, we’ve been selling higher and higher pass through coupons and have been getting good receptivity.
