Doug Bouquard: Look, I think, we’re always looking at ways in terms of optimizing capital allocations. I think that our main focus over the past few quarters, as you know, has been really preserving liquidity. Keeping our liquidity elevated has really allowed us to navigate credit challenged loans, frankly. And I think that’s really been at the top of the list. I think, as we work through our credit challenged loans, which, again, we’ve made a lot of progress, particularly this quarter, and I expect next quarter as well. We will always be thinking about what the appropriate capital allocation is in terms of cash in our balance sheet.
Rick Shane: Okay. Thank you very much, guys.
Doug Bouquard: Thanks, Rick.
Robert Foley: Thank you, Rick.
Operator: Our next question is from Arren Cyganovich with Citi.
Arren Cyganovich: Thanks. I wanted to touch on credit migration trends and how they’re moving about within the portfolio. Is this still kind of coming from loan maturities that are forcing the sponsors to make a choice, or is there actual kind of deterioration within some of these individual underlying assets?
Robert Foley: Good morning, Arren. Thanks for your question. I think that migration is, as we said, it’s been pretty stable. We review every loan every quarter. And, look, we’ve materially reduced office. We’ve got by choice a significant investment position in multi-family loans. And, as Doug described earlier, the performance there against business plan has been quite good. Clearly, rent growth has slowed, but our entry point there, and frankly, the remaining mark-to-market in a lot of those positions is quite strong. So, we just not — we feel good about where we’re “marked” in terms of risk ratings. Situations change, but that’s how we see it right now.
Arren Cyganovich: Okay. And then in the fourth quarter, it looks like you have a few maturities, including a couple of fives. Have you had any early indications on how those might play out in the quarter?
Robert Foley: Well, yes. We’re very proactive in terms of our asset management, and I think the resolutions over the last number of quarters reflect that. So, we do have some loan maturities coming up in the fourth quarter, and we expect that we’ll be employing all of the synergies that Doug described earlier. We may see some extensions, we may see some resolutions in the form of sale or REO conversion, and we may see some repayments as well. And we’ll be excited and pleased to report on all of that when we speak again in, I guess, it’ll be February.
Arren Cyganovich: Okay. Thank you.
Operator: Ladies and gentlemen, we have reached the end of the question-and-answer session. And I would like to turn the call back to Doug Bouquard for closing remarks.
Doug Bouquard: Thank you. Again, just wanted to thank everyone for taking the time, and we look forward to keeping you update on our progress. Thank you very much.
Operator: This concludes today’s conference. Thank you for your participation. You may disconnect your lines at this time.
