So it is in the asset class itself. So it is very common in today’s environment, that if the borrowers don’t want to support the loans, they’re going to hand back the keys because they have no economic incentive. And if you’re a Blackstone, it doesn’t affect your reputation. In our case, it’s just very, very different. We’re involved — I’m involved every day with our borrowers. And they come to the table because they have to come to the table. And if they’re willing to be reasonable, we’ve been able to work out, good solutions. Keep in mind that we have a deep and seasoned asset management group. And we’re well positioned. And if we have to, we will take back an asset, we haven’t had to do it. But we always have that skill set and capability.
Take back that asset, manage it, capitalize it, and continue with our remedies against those barrowers. We haven’t been in that position. We’ve been well positioned. And so far, we’ve done extraordinarily well in working with our borrower base.
Jason Sabshon: For my second question on the single family rental side, are you guys at all concerned about the recent uptick in build-to-rent supply?
Ivan Kaufman: We’ve always been concerned in that market, because there’s a very, very big difference in core locations versus remote locations. So a lot of the supply will come in areas that don’t want the investment. So we’re selective with the projects that we’re doing. So if you’re in the right core area, and the right school districts and the right traffic patterns, you are good. But a lot of people are just buying land, building them and having the attitude of build them and they will come. We have tremendous discrimination in terms of who we are doing business with.
Operator: Thank you. We’ll take our next question from Crispin Love with Piper Sandler. Thanks.
Crispin Love: Good morning, everyone. First on securitization markets. How do you see securitization markets to be functioning right now? You’ve been very active there in your history. But, could we see some signs of stress in securitization markets continue in recent weeks to start 2023? Or are you seeing any improvements?
Ivan Kaufman: They’re improving significantly. The CLO market is improving. There is no product. And the fear and dislocation, which occurred immediately, is noting to subside. So the markets improved a lot over the last three months, and we think it will continue to improve a little bit. The investors need product. There is no new product. So it’s a demand and supply imbalance. And the existing structures have proven from a credit perspective to work well for investors. So we believe the CLO market is not far from, where we would do an execution. It’s close. The issue with the CLO market in doing execution is creating new product. It would be good for existing inventory and to create maybe some economies in how we finance our existing product, but creating a new vehicle for new product is a little bit difficult.
So we would look at using the securitization market to improve our funding — current funding, which is an upside for us. So that’s how we look at it, but it has improved and it looks like it’s going to continue to tighten up a bit.
Crispin Love: Thanks, Ivan. That’s all helpful color there. And then just one last question for me. On maintaining the dividend in the quarter, can you speak to the key reasons why the Board just do that after I believe 10 consecutive increases? Just on the surface looking at your results, which are really strong with GAAP and core earnings, panel covering the dividend, would have seemed like a dividend increase would make sense, but I’m just curious how the Board thinks about that, and does that say anything about the cautious outlook?
