Brandon Filson: Yes. The $1.8 million is a quarter, I’m saying annually saving us about $1 million on OpEx and $1 million on management fee.
Chris Kotowski: Okay. Those are annual numbers, so.
Brandon Filson: That’s right.
Chris Kotowski: Okay. All right. Thank you. That’s it for me.
Operator: Thank you. The next question comes from Don Fandetti from Wolfe Fargo. Please proceed with your question, Don.
Don Fandetti: Yes. Can you talk a little bit about the securitization markets? Obviously, you had a little window in January, but has that shot? Do you think another deal that can get done in this type of environment? And how do you feel generally speaking about liquidity? I mean the Fed is still raising rates still uncertain time. Does it make sense to start originating and growing or should you continue to just really hunker down here?
Sreeni Prabhu: Hey, Don. Sreeni here. So we — I’ll give you a broader — because through our franchise, we are securitizing two different vehicles. Obviously, the REIT was able to take advantage of a good January. We hit the securitization markets, but we’re consistently in the markets and we follow it. We have done another securitization here in February through our other vehicles. And the difference between the markets today, as of right now, Don, markets are getting fickle. But as of right now, what we’re seeing is, these are getting done. They obviously — they’ll widen out as the markets get volatile, but we’re not in a situation of, in August, September, October, November of last year when there was absolutely illiquidity in the system.
And also remember there’s not a lot of new originations that have been done. So if buy-side guys want to buy bonds of non-QM shelf, they got to buy now. There’s not much supply that’s going to be out there. I mean, if you look at the REIT, we don’t have — I mean, we don’t — literally have no — nothing left anymore up to one or two more securitizations. So the markets are behaving. Spreads have to widen when stuff happens, but we did a very last acquisition in February. We intend to go back to the market in March. We’re already working on that and REIT will have some loans in that. It could change, but right now, we’re not seeing that. In terms of your other question of liquidity and look, we went through a lot of these iterations last year as you guys know.
But where we are, I mean, if you think about the loans we have in the non-mark-to-market facility. We have a little bit over $100 million in a mark-to-market facility, which is not significant risk. So we’re not going to go out and just double down and use all the liquidity and buy loans. That’s why as Brandon was saying, even if we look to buy loans, by the time the loans get locked, the loans get closed, we’re looking at putting money to work next month or the following month. And we will do it very thoughtfully relative to risk and relative to securitization markets. So for example, in March, if securitization markets don’t behave, that we may slow down even more to buy a new loan. So we feel we’re in a good position to do both now and that’s what we are focused.
So yeah, please don’t expect us to just go double down and buy every single 9% coupon out there.
Don Fandetti: What is the plan in terms of a sustainable dividend level?
