And the real goal over time is to build a rate base of attractive long-term contracts. So we’re trying to convert sales to long-term rental and build a rate base. So there — like I said, there are several companies, all of them that do different things, and we’re just going to sort of integrate that flow over the coming years to make sure we’re building a rate base over time. So I hope that’s helpful.
Operator: And our next question comes from the line of Andrew Kuske with Credit Suisse.
Andrew Kuske: I guess the first question is for David. And you mentioned a little bit of what Brookfield has done from a debt market perspective. How do you think about the upcoming maturities and just the functionality of the debt markets? And I ask the question in part because when we look at the term structure and we’ve seen some higher quality credits place longer-term debt at pretty attractive spreads in the market. But how do you think about the upcoming maturities in this year and then next year?
David Krant: Yes, happy to give you some color, Andrew. I think first and foremost, I think we feel like we’re in an excellent position for the maturities that we have in the next 24 months. I think the team here has been focused for the last probably 12 months on taking care of a lot of those, and we’ve talked about some of those in our materials for the last year in terms of pushing out maturities to give us that financial flexibility while rates remain elevated. I think — the benefit, as Sam alluded to, for the infrastructure sector is that debt capital markets have remained open throughout the year. And that is specifically related to investment-grade markets where we finance the vast majority of our businesses, over 90% of them.
So at the asset level, we’ve had robust access to capital at the corporate level, we’ve demonstrated that as well. So I think we feel very well positioned. I think if you look at our maturity profile into 2023, as we said, less than 2% are actual maturities. The others are normal amortization that we will have covered with operating cash flows. So I think 2023 is largely taken care of. There’s a few in 2024 that we’re progressing now. And to your point, spreads and activity in the capital markets is pretty positive, and we’ll look to take care of those in the first half of this year as we — in due course. So I think we feel good at these levels, and they’re still very accretive to our underwriting of these businesses in terms of the returns we target.
So I think we’re well positioned.
Andrew Kuske: I appreciate the color. And then maybe the flip side of it. There’s others that maybe got too far over their . Are you seeing any kind of interesting dislocations that are either market-specific or industry-specific that are thematically interesting to you…
Samuel Pollock: Andrew. So — so short answer is, obviously, that’s on our screens where we spend a lot of time focusing is companies that either have balance sheets that was maybe not the right amount of liquidity or just a lot of near-term maturities and even more so companies that have that as well as big capital commitments. So yes, that’s a big part of our screen. As far as the level of distress, I don’t think we’re seeing anything like what we would have seen back in the financial crisis. There’s nowhere near that level of anxiety as the infrastructure sector is still pretty well open to most people. But for some public companies, it’s created opportunities. And I think for other companies — probably where it creates situations for us is its required some companies to either slow down or shut off their growth initiatives in order to manage their financial position.
