Bahir Manios: Hi, Mario. Yes, apologies if I’ve confused in terms of definitions, but we set out that 15% to 20% CAGR that we expect to deliver on from an FRE perspective over the plan period. And to clarify, what I meant is 2024 should be — should exceed that target. Just even given all the capital inflows that came in, in 2023, that alone should be a big contributor in addition to expenses moderating, as we noted. And then we’ve got such a healthy pipeline for 2024. So that’s what I really meant.
Mario Saric: Perfect. Okay. And just as a quick follow-up on your commentary on the margin coming back to 2022 levels i.e. about 200 basis points up year-over-year, is that inclusive or exclusive of AEL and the capital coming in from that?
Bahir Manios: It’s all in, Mario. It’s all inclusive.
Mario Saric: Got it. Okay. And then my second question, maybe dovetailing on the previous question, just in terms of 2024 transaction volumes, monetization and so on, there was a comment both in the press release and the shareholder letter, kind of on real asset valuations responding accordingly to busy transaction activity over the next few years. I think Connor, you mentioned it may be a bit slow to start, but it’s expected to accelerate. Are you suggesting the expectation that valuations are expected to rise from here on in i.e. kind of valuations of troughed, or do you think a narrowing in the bid ask spread will materialize, resulting in lower valuations initially, which will be the ultimate catalyst to reignite transaction volumes?
Connor Teskey: Mario, the answer to your two questions at the end is both. But perhaps I’ll clarify maybe something I said a moment ago. We are already seeing transaction volumes in the early part of Q1, higher than they were in Q3 or Q4 of 2023. So while we do expect them to continue to accelerate throughout the year, we’re off to a very strong start in terms of that acceleration. And really for high quality assets, I would say the bid in early 2024 has been very, very robust and what we are seeing is New Year allocations, stability in interest rates, and an increasingly open financing market, really being a driver of one, enhanced transaction activity and two, creating an environment that’s more supportive for valuation. So the point I would make is the answer to your questions is it’s both. But I would highlight that it’s already started. It’s not something that we’re only forecasting for the future.
Operator: That concludes today’s question-and-answer session. I’d like to turn the call back to Connor Teskey for closing remarks.
Connor Teskey: Great. Thank you. Go ahead, Jason.
Jason Fooks: Great. I’ll just say, if anyone should have additional questions on today’s release, please feel free to contact me directly. Thank you, everyone, for joining us, and we’ll see you next time.
Operator: This concludes today’s conference call. Thank you for participating. You may now disconnect.
