And also provides an opportunity – and one of the names you mentioned is an example of this, to look at option is to do pools, fund pools of project finance loans that they may be doing. Very similar in a way to our AgVantage type bond underwriting. So yes, this is a real opportunity for us, and there is an opportunity to build relationships that can deliver recurring business opportunity.
Q – Unidentified Analyst: Okay. And just to interject on your comments, those would have a power takeoff agreement as part of the financing structure?
Brad Nordholm: They do. We don’t do speculative renewable energy projects where the power isn’t committed to be sold to someone. So that’s true for wind, that’s true for solar. We’re seeing a heightened opportunity with anaerobic digesters, where the output is really renewable natural gas, getting the hedges right, so we lock in a key margin – a predictable margin on those is key. There – as we’ve said before, there’s a growing convergence between energy and American agriculture, and we want to be there.
Q – Unidentified Analyst: Okay. Perfect. And then does that loan book reflect that balance to $327 million? Are there customers that we’ve done multiple projects was in that number, already? On the for developer owners, I don’t know that there are – they’re sponsor owners in there that have multiple projects that we financed at the same time. But I don’t think that there are serial financings in there yet.
Q – Unidentified Analyst: Okay. I mean I don’t want to put words in your mouth, but in theory, that we could see an acceleration of growth if those relationships start to develop.
Q – Unidentified Analyst: Yes. The other recurring opportunity is on the large deals with syndicated banks. There are a handful of Japanese and European banks that lead to $200 million, $300 million $400 million, $500 million syndicates. And is – and we are beginning to do business with a number of them. And as we develop more of a reputation for them, that provides another opportunity to be a preferred partner with another financial institution in that case.
Q – Unidentified Analyst: Okay, perfect. Thank you. Humoring me on all the renewable energy portfolio questions, but I just think there’s just a huge opportunity that needs to be discussed and needs to be understood by shareholders. And last question, maybe more for Aparna. You had talked about the securitization cadence. It seems like we’re getting to be doing something twice a year. So should we be expecting something in the back half of this year? And is that kind of what we’re thinking and messaging to the market as we look towards 2024? Thank you.
Aparna Ramesh: Yes. Absolutely. We were successful in doing one this year. We’ve sort of been on a cadence of one per year so far. I think the rate environment has certainly slowed down, as you can see in our numbers, the long-term fixed rate purchase of Farm & Ranch, which tend to be the best candidate for securitization. That said, the team is very actively contemplating when we might do another one. And if it’s not Q4, very likely – very early in Q1 of next year, we’d be targeting coming out with another issuance. We’re also in active discussion about other assets, now that we have a good sense of the investor appetite for rural assets in the securitization space. We’re not moving out some of our assets within the rural infrastructure space. So that might be more of a longer-term slower maturing strategy, but that’s also at play.
Q – Unidentified Analyst: Okay. Once again Thanks for taking my questions. Brad, Brad Aparna, for good work and the rest of team , you are doing a great job, which is – get people what you are doing. Thank you/
Operator: Thank you. And ladies and gentlemen this ends your question and answer session, I would like to turn the conference back over to Brad Nordholm for any closing remarks.
