Baron Silverstein: I mean, I think you’re right, Wells exiting correspondent has certainly opened things up in that sector. Michael talked about non-QM. We feel like the wholesale channel where we can basically utilize brokers to try to expand there, and you continue to see activity on the retail side. And you see it from an M&A perspective, Michael talked about that in the third quarter earnings as well. So I think that there are — it feels like there are more opportunities within origination. So I would also just echo Michael’s comment, we’re not growing to grow. So we’re going to be strategic in how we look at different opportunities.
Michael Nierenberg: And Kevin, I mean, there’s been a lot of work, obviously, on the retail side. We’ve consolidated the retail side with the shelter business. So we’ve taken out a lot of expense, and that’s — you can think of that almost like an internal merger. You look at the correspondent business and pricing is still extremely competitive today when we put our rates. We’re doing a fair amount of origination, but it’s still the fact that Wells has pulled out a correspondent, we’re still — the pricing around MSRs has been pretty competitive and pretty aggressive. While saying that, we do think some mortgage companies are going to need some solutions, and there could be opportunities for either M&A work. But I think right now, we’re in all the channels that we need to be. And unless something is accretive, there’s no reason for us to do it.
Kevin Barker: And then could you just give us an update from an operational perspective, where you are with all the various integrations that have taken place and you’ve done a ton of work the last couple of years, but is there any other bigger integrations that still need to be finalized within the origination channel or even in the servicing channel?
Michael Nierenberg: No, there’s some servicing assets moving from the legacy Caliber MSP side to Service Director. That should be done, I think, in the second quarter. On the origination side, that’s all set. And really some of the opportunities and as you think about the Genesis business, you think about the mortgage company, we have a ton of resources in all these different companies. The saves for shareholders are going to come as we integrate more around tech. One of the things we’re going to do is we’re going to create a tech hub that sits at the top of the house for all of our operating businesses that will create efficiencies and save us some money. And we look forward to doing that. But I think it’s really going to be saves in and around synergies on bringing these operating businesses together, not necessarily just the mortgage company.
Kevin Barker: Thank you, Michael. Thank you, Baron.
Michael Nierenberg: Thanks Kevin.
Operator: The next question comes from Stephen Laws with Raymond James. Please go ahead.
Stephen Laws: Hi, Good morning. Michael, looking at the new segments, you really pieced together a broad investment platform. As we take maybe more of a medium-term outlook, say, two to four years, which of these segments do you think have the ability to have outsized growth or an outsized capital allocation as you think about what the business should look like in a handful of years?
