And the last thing, as we make these decisions, we’re always going to be thinking about the through the cycle returns. The returns here are very accretive for our shareholders. So we’re not, and I’ve said this a few times, you know, we’re not invested in agency mortgages, because we expect spreads to tighten day after tomorrow. We’re invested in them because we generate an accretive rate of return versus our cost of capital. And that’s true today. And that’s really the underlying tenet with why we’re comfortable holding the positions that we have. So we’re going to risk manage the position, Bose, and I think our shareholders have come to expect us to be very good at that. But that’s kind of our thinking behind it.
Byron Boston: Let me add Bose — Bose, let me add one other thing which is, this is very simple, this is really quick. We came into this decade with an opinion about surprises and about global risk. And I think a year ago or so, we talked about having a ship that’s built for this type of environment. That’s basically Smriti gave you the details. I’m just giving you a little history to know that we came into this decade preparing for this type of environment.
Bose George: Okay, great, that’s helpful. Thanks, guys.
Operator: And your next question comes from a line of Trevor Cranston from JMP Securities. Your line is open.
Trevor Cranston: Hey, thanks. Good morning. Just to follow-up on that last question for my own clarity, have you guys made any significant changes to either the portfolio or the hedge position since quarter end? Sorry.
Smriti Popenoe: So, Trevor, I think we’ve managed the position actively since quarter end. I can’t comment on significant changes or not significant changes. I will tell you that, that, you know, we manage the position actively. You can see the risk position on page 14. That’s sort of the beginning part of how we’ve adjusted the position. Rob, can you tell me how much I can disclose in terms of post-quarter end actions?
Rob Colligan: Sure. And I think, you know, Trevor, good question. We’ve had over $100 million over the hedge gain, you know, since quarter end, given the moving rates. And as Smriti said, and you can see it in some of the slides, we’ve hedged at some different points on the curve. You know, we’ve been out a little bit longer. There’s some 30-years in there now. And with the move in the yield curve, we’ll continue to actively look at where we want to be and where we want to have our hedges. But, Smriti, if you want to add some more color in terms of where you’ve been recently, that’s fine.
Smriti Popenoe: Yes. So, I mean, we’ve been hedging in the back end of the yield curve, that’s been our focus. We’ve used a combination of options and futures. And one of the hard things about giving a lot of detail on this is that it changes quite a bit. So, you know, if we had a very substantial update, in the past, we’ve actually been willing to give out a disclosure that reflects that substantial update. I think if we do that, we’ll be willing to do that in the future, like if that’s something that we think is appropriate. But for now, I think we feel really good about what we’ve disclosed.
Trevor Cranston: Got it. Okay, that’s helpful. And then, you know, you guys talked about the technical picture for MBS, which seems, kind of, weak, at least in the near-term. And also, you know, you mentioned the sort of band you think spreads could trade in. So I was curious, how much conviction or confidence do you think there is around sort of the upper end of that band, particularly if rates keep moving higher, just given the fact that it seems like at least in the near-term there’s, kind of, an absence of many buyers in the market?
