So we’ve been — we’ve stayed out of that space for many, many quarters now. And then residential construction is a place that we have continued to deemphasize really over the last year. That market is not doing particularly well. So those are a few of the highlights. There’s many, many more that have different risk ratings in our portfolio so that we’re shying away for emphasizing the different degrees. On the flip side, there’s industries that are doing really, really well right now. So they get varying risk degrees. They’re continually upgraded but — updated. But those are a couple of examples of ones that we were staying pretty far away from.
Operator: The next question comes from John Rowan with Janney.
John Rowan: Just — again, I’m going to ask for a clarification on guidance. I just want to make sure what you said. First quarter earnings per share or adjusted earnings per share are down slightly year-over-year in the first quarter. Did I hear that correctly?
Steven Cunningham: Yes. That was the expectation we set. And really, it’s largely related to the interest expense that I mentioned, the rise in SOFR compared to where we were a year ago. But again, I’d point you back to a slight decrease.
John Rowan: That’s fine. And obviously, the net revenue margin guidance that you gave for the first quarter is slightly lower than what had been kind of communicated through 2022, right? It was — you had 55% to 65% in the first quarter here, supposed to be between 55% and 60%. So it takes off the top end a little bit. Is the — I mean is the first quarter supposed to be lower than the other quarters? Is 65% still a doable number? I know you gave some puts and takes and how it can be below or above kind of the historical ranges going forward. Is there just more variability in that number going forward? Is that maybe due to the fair value mark? I’m just trying to get my head around if that kind of historical 55% to 65% is still an appropriate rate going forward.
Steven Cunningham: It is in that the 55% to 65% is intended to be — when you’re in sort of a normalized environment, think of a pre-COVID environment where you’re sort of clicking along, not really in an environment like we’re in right now, where we’re pivoting and adapting and you may have some variability from quarter to quarter. So you’ll be — we’ll still be within that range. But there might be a little bit more variability quarter to quarter between the 2 products and on a consolidated level. But we think we’ll still hang in that 55% to 65% at a consolidated level.
John Rowan: And then just last question for me. Obviously, you noted strong consumer demand for your products. I’m wondering how closely you’re watching what the CFPB is doing in the credit card market. Obviously, the Credit CARD Act, I covered the space when the Credit CARD Act was enacted and I remember certainly kind of a windfall of consumer demand because of what the initial Act did. I’m wondering if what the CFPB is trying to do with late fees could usher in a new wave of consumer demand for smaller ticket items that people are not getting kind of the in-store credit for anymore if that fee is, in fact, reduced as sharply as they proposed this morning. And that’s it for me.
