Mark Hughes: Could you say again, what was the share buyback dollar amount in the second quarter? And then any insight on your pacing on the buyback if you think about the balance of the year and the next year?
Ravi Mallela: Sure. Mark, it’s Ravi. In Q2, we did about $26 million in share repurchases, slightly over 1 million of shares. Certainly, we’re pleased with the execution. With today’s announcement, we have a little bit left in the $125 million share repurchase program. And so when you combine that with the $200 million, you get to $228 million capacity. And we have through the end of 2025 to execute. As you know, we’re not on a set schedule. It really depends on a number of factors, including market dynamics, how we feel about things in the market, in particular, our stock price relative to the relative value in the shares. And so we plan to execute opportunistically, and we think about things going forward. As the market progresses, we adjust accordingly.
Adam Pollitzer: Mark, I think that as a rough guide, we’ve got $228 million of capacity to be deployed over the next 10 quarters. And you could think about things on a roughly ratable basis through the end of the authorization period in December of ’25, although I think Ravi’s caveat that it’s not going to be firmly regimented is absolutely the case.
Mark Hughes: Right. So maybe similar to Q2. And then on the expense ratio, refresh me, was there any capital market expenses in that number? And then up a little bit sequentially, anything unusual in there? And how do you think it should trend going forward?
Ravi Mallela: Mark, this is Ravi. Just to answer, there are 2 parts to your question there. From the capital market side, the XOLs typically are structured in a way where we don’t pay specific fees that are — that we outlined like the way we do with ILNs. It’s all rolled into the actual weighted average lifetime pretax cost that we quoted. And so that’s separate. And maybe just to take the second part of your question, just on sort of quarter-over-quarter changes. We’re always focused on managing the business with discipline and efficiency, and we’re pleased with the 21.8% expense ratio in Q2. We always try to focus on the ratio and not the dollars. And we’re really operating with the same footprint. We have the smallest headcount by far in the industry.
And if you want to think about this quarter in particular, just to give some color for that, in March, we award salary increases. Those could include merit cost-of-living adjustments, promotions and grant equity awards. And the Q2 increases in comp versus Q1 were one of the components that drove the quarter-over-quarter change. And then another portion of that is just ordinary course projects. The pickup we saw from Q1 to Q2 were just sort of ordinary course things that we do on a regular basis. We also saw NIW pickup and NIW volume increased 31% quarter-over-quarter. And that increases our variable costs, and that also contributed to our quarter-to-quarter increases. So take all of that together, that’s what drove the increase. We’ve said this before in the past about our OpEx, we don’t provide guidance.
But we do expect OpEx from a dollars perspective to grow because we’re always investing in people, in systems and risk management strategies, and we grow. And so when you put all those together, you could see some uptick in Q4 and Q3 in terms of dollars of expenses.
Operator: Next question will come from Bose George with KBW.
Bose George: Just wanted to go back to the discussion on macro, especially the improved expectations for home prices, I guess, over the course of this year. How does that sort of running through your thoughts on loss severities?
