Christopher Bogart: Yes, exactly. We believe that, that’s the earnings power of the business judged on a multiyear rolling basis.
Matthew Howlett : Go ahead.
Jon Molot : And I will say the underwriters have internalized that. When we are looking at deals and thinking about whether to do them, we’re not just looking at the gross IRR, we think about expense load and the team is very mindful of that.
Matthew Howlett : Got you. Well, got you. Thanks for…
Christopher Bogart: Go ahead, Matt. Go ahead.
Matthew Howlett : The other question was just on what you’re writing in terms of new business today as it relates to by case type and by industry? Has there been any sort of shift that you’ve seen in either of those categories?
Christopher Bogart: Okay. Go ahead, Jon.
Jon Molot : What I was mostly going to say is, we’ve said from the beginning that we are opportunistic. And we basically — because we have patent experts, international arbitration experts, commercial litigation experts, we can look at all these, we can look at it like, you name it. we can look at it. That means particularly because the large law firms that bring us business have practice groups in many of those areas, and we’ve developed relationships with pockets and with entire firms, they bring us that. So, that creates diversification regardless — as we’ve also said, though, when we see an opportunity, we like where we’ve done one investment, another investment, and we begin to see an industry where a number of companies have been suffered the same legal doing and have claims, and they would be in need of capital.
We will expand in that area. So, I wouldn’t say it necessarily happens to coincide with a particular economic moment or seen in the economy, it can be a theme because there could be in one industry, a particular set of wrongdoing that results in claims. So, I don’t know that I would consider it a trend. That being said, we clearly have enjoyed geographic expansion, right? We’ve done much more in other jurisdictions when you think back on us having been just North American U.S. litigation and U.K. litigation and some arbitration. We’ve gone way beyond that. Chris, you had something to say as well that.
Christopher Bogart: No, I think that really did capture it. Obviously, there’s — litigation trends are also affected by exogenous events. So, we’re looking at some COVID business now. We didn’t do any COVID business obviously before COVID. Bankruptcies are returning in a way that they haven’t for the last half dozen years. So that will tend to skew some more bankruptcy activity. Antitrust enforcement or competition enforcement tends to be driven to some extent by political wins. So, when you’ve got Democrats in the White House and aggressive antitrust enforcement in Europe, you tend to see more competition in antitrust cases than you might with a Republican administration. So those kinds of dynamics are in the mix as well. And as we — as I said earlier, as we head into a period of economic stress, we’re likely to see some more insolvency-related activity, too. But those are sort of broad trends.
Matthew Howlett : Right. Exactly. Default are picks up. You expect to see more delegation. And then on that on just the geography question, I mean, are you saying you’re seeing more growth outside growth in the non-North America or non-European regions that you do businesses?
