The overall annualized default rate since our inception in 2007 has been below 3%. Our stated returns to investors is measured after taking into account that default rate. Our default rate remains low because we are very diligent in both our selection criteria and our collection activities. Since inception, we have been approving less than 1 in 10 loan requests submitted to Lending Club. You can monitor the defaults and delinquencies of loans funded through Lending Club by reading our SEC filings at www.sec.gov and on our Statistics page.