John Warch: Just to add, while they’ve done small loans going back in the past, I think the average loan in the last 12 to 15 months is roughly about $1.1 million. So we have significantly upped our game knowing that to do $100,000 loan and the $5 million loan, it takes about the same time. We’re being more efficient and really going for the loans that make the most sense for the Company.
Operator: Our next question is from Christopher Nolan with Ladenburg Thalmann.
Christopher Nolan: Am I correct that there was no common dividend declared for the first quarter 2023?
John Villano: Chris, we’re scheduled to do it early next week.
Christopher Nolan: Okay. But that will account for second quarter. Correct?
John Villano: No, it’s really — it’s a first quarter payout.
John Warch: Yes.
Christopher Nolan: Okay. And then given — I mean, you seem to have a lot of cross currents going on in terms of strong pricing, strong demand, but also asset quality seems to be deteriorating. What are the thoughts in terms of taking balance sheet leverage?
John Villano: So company-wide, we’re really constrained by the asset coverage ratio on our unsecured notes which it keeps us from getting out over our skis. It’s 1.5x coverage. We’re well within our limits. We try not to go to bed at night and worry about portfolio performance because we have a very strong balance sheet. Now compared to our peers, our leverage is relatively low.
Christopher Nolan: Okay. And then I guess in a general question, I mean, a lot of stuff is going on in the regulatory front. And it looks like you guys are sort of benefiting from it, but has there been any sort of change in the regulatory scrutiny of the Company following all the stuff that’s gone on with the banks last month?
John Villano: No, absolutely not. We have no — no one’s poking around here. There are no hints of any trouble on the commercial side. We feel like we’re in a pretty good place. And with the banks becoming very fearful, companies like us are a last resort for a lot of sponsors and developers. There’s really nowhere else for them to go. So we’re actually very comfortable. We don’t see any storm clouds on the horizon with respect to our business in this environment. The last time that we had a situation like this back in 2010, hard money lenders were the only players in the industry. And that’s how projects were completed. Banks kind of ran from the carnage. So banks took that hard money and the hard money guys didn’t. So we’re kind of comfortable here, and this is actually a pretty good environment for us to really maybe increase our stride with respect to distressed properties and other deals that may have been closed down by the bankers.
Operator: Our next question is from Tyler Batory with Oppenheimer.
Tyler Batory: Just a follow-up on some of the commentary thus far. Just — can you talk a little bit more directly about the competitive environment, specifically your peers? You kind of alluded to this, but it sounds like maybe there’s some opportunities or some other folks perhaps to get over their skis. Is that something that you’re seeing out there? I mean is that an opportunity for you to take even more market share as well?