Good day and thank you for standing by. Welcome to the Great Ajax Corp Q3 2021 Earnings Call. At this time, all participants are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. [Operator Instructions] I would now like to hand the conference over to your first speaker for today, Mr. Lawrence Mendelsohn, CEO of Great Ajax. Thank you. Please, go ahead, sir.

Thank you. Thank you, everybody, for joining us for Great Ajax’s third quarter 2021 conference call and presentation. Before we get started, I would like to point you the Safe Harbor disclosure on the second page and with that, we can jump in. Q3 2021 was another good quarter in a lot of ways. Our overall cost of funds further decreased by almost 30 basis points. Our significant increase in loan performance and loan cash flow velocity continued and has also continued into the fourth quarter of 2021. This continuing increase in loan cash flow and loan payments in excess of our modeled expectations led to an additional acceleration of income on loans during Q3 of 2021 of $3.7 million. We continue to be in an offensive position and in the third quarter, we purchased a significant amount of loans with certain specific characteristics in good locations and at low percentages of underlying property value. The prices we paid are materially lower than where mortgage loans are currently selling. At September 30, 2021, we had approximately $93 million of cash and more than $300 million of unencumbered bonds, unencumbered beneficial interest and unencumbered mortgage loans combined. As of October 31, we have approximately $97 million in cash and still have approximately $300 million of unencumbered bonds beneficial interest in mortgage loans. Significant cash balance does create some earnings drag and the significant cash flow velocity from our mortgage loans and mortgage loan JV structures rapidly pays down our loan and securities portfolio leverage. We are, however, well-equipped for volatility and the investment potential it creates and have good opportunities in our pipeline. On Page 3, the business overview. Our Manager’s strength in analyzing loan characteristics and market metrics for reperformance probabilities and pathways and its ability to source these mortgage…

[Operator Instructions] There are no questions on queue. You may now continue.

Thank you. If there is no question, thank you very much, everybody, for joining us on our third quarter conference call. Feel free to reach out and to the extent you have questions at the later time or date and hope everyone enjoys their evening. Thank you, again.

This concludes today’s conference call. Thank you for participating. You may now disconnect. : :