Thomas Lorenzini: Yes. Our expectation, Chris, is that the second half of the year will certainly be more robust than the first half. December — end of last year was quite slow. January was quite slow. We are starting to see things pick up. I would tell you that our pipeline today is double what it was four to five weeks ago. We do have, as I mentioned, numerous transactions in the term sheet stage, which is encouraging to us. And I think that the market simply just waiting for clarity from the Fed, right? It looks like the 50 basis points are probably baked in kind of into the forward curve right now, anticipating — not anticipating much more. I think that the market is starting to adjust, and people understand now what the ground rules might be for their cost of capital when they’re looking at new transactions.
So we’re expecting much more activity in the second half. As Tiffany mentioned, we’ve got about $175 million of capacity and we also have an unlevered loan. If we were to choose to lever that, we could — that pushes up probably closer to $240 million of capacity of new loans. And then if there’s any additional repayments that we’re not planning on coming in, early repayments, that number could grow from there. So we expect to do another $250 million to $300 million of overall production through the year.
Chris Muller: Got it. That’s helpful. And like you said, financing capacity is not a constraint for you guys right now. So is it reasonable to accept net portfolio growth in 2023 maybe weighted towards the back end of the year? And then just what does leverage look like throughout the year? Will that ramp up slowly or you think it’ll ramp up quickly in the back half like originations ?
Thomas Lorenzini: When you talk — leverage from our that — our leverage from our repo providers?
Christopher Muller: Yes, that’s right.
Tiffany Sy: Yes.
Thomas Lorenzini: Yes. I would expect that’s certainly going to wrap up in the second half of the year correspondingly with the increase in originations. We have the luxury right now, and this is what we did at the end of the year, where we don’t necessarily need to leverage our position because we have the cash on hand — have ample cash on hand, and we’ve just assumed, put that to work in the loans. And we’ll continue to do so and then modestly leverage the positions. And as we get towards the end of the year, we can increase that leverage for additional new loans.
Christopher Muller: All right. Thanks for taking the questions.
Operator: This concludes our question-and-answer session. I would now like to turn the conference back over to Mr. Tom Lorenzini to close the call.
Thomas Lorenzini: Thank you, Max, and thank you, everyone, for joining us on the call today. We look forward to speaking with you again soon.
Operator: Conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.