Well, I would say, first, a lot of the funds that were invested in, we spent most of our time tying that back to the core business.
So think about EssentEDGE. I mean, some of the -- and I mentioned this on one of the previous calls, one of the portfolio companies really helped us.
One of the companies helped us think through the machine learning technology and all the things in terms of multiple uses of data, emerging credit bureau with other information, that was learned through one of the portfolio company.
So a lot of this is just how do we tie it back to improve the core business, right? Technology initiatives around lifting the business to the cloud.
In terms of new initiatives, that’s also in terms of newer investments outside the business, that’s kind of a nice to have. That’s not the necessarily the driver of it. But we clearly think that some of the skills that we have around capital management, buy, manage and distribute, understanding consumer credit, they’re applicable outside of mortgage insurance. And remember, mortgage insurance is, it’s only so big.
So if you think about the industry, it’s right around $1.3 trillion, $1.350 trillion at the end of this quarter.
We’re approximately 15 percent of that. Trees don’t grow to the sky. And I think you run the risk of, if you have a lot of capital, you just start kind of keeping in the core business, clearly there’s the return aspect to shareholders.
We have the ability to do both. And I think our ability to kind of apply capital to grow and grow outside of MI, I think it’s real while we’re still maintaining redistribution to the shareholders.
So again, we’re not in a hurry to do it per se, but we do think these skills are applicable. And I think long term -- and remember, I have a 3-, 5-, 10-year horizon.
I think Essent will be more valuable to shareholders in the long term by growing. And like just returning all the capital to -- all the capital to the shareholders, I think that looks good analytically.
I think it puts shareholders in long-term danger. I really do.
Just because you kind of shrink the company and you shrink the equity base. And remember, what have we always said, credit kills these businesses.
So bigger is better and capital begets opportunities.
So again, we have process around this on the investment side.
We’re very disciplined. And remember, we built this business from scratch. We built Essent Re from scratch.
So we understand as we look at other businesses outside of MI, kind of some of the fundamental things it takes to build businesses.
So again, these are -- this is a long-term perspective here, and I wanted to kind of get that out there as people talk about capital distribution and bringing capital back to the shareholders, which, by the way, is extremely important. It’s just I think our message is we have the ability to have a measured approach around capital allocation.