I think we would expect to spend that. Not all of that shows up. It’s holdco cash spend. Some of that is done at the subsidiary level, but, you know, you can assume that $200 million to $300 million sort of our run rate buybacks. As you probably know, we, we, we took 2023 off, in terms of being in the market for buybacks, as we just wanted to see how this title business plays out, how the, how the, the macro environment goes, how our cost-cutting goes, I think it’s all gone well from an expense management standpoint, but we’re still at historical lows in terms of volumes. And so we’re taking a look and that’s why you didn’t see any, any buyback activity there. And then, you know, just finally, I think on the, on the debt side of things, we feel very comfortable other than the, the revolver, which we had coming due I think in 2025, we don’t have any debt coming due.
Now that we’ve extended that revolver to, to 2029, I think we’re in a really good shape from a debt standpoint.
Mark DeVries: Okay. That’s, that’s really helpful. And then, am I right in thinking that, you know, the Board’s conclusion that F&G is a good place to deploy capital today is completely independent of any views they may have on whether, you know, holding F&G inside of FNF is the most efficient place for those shares to ultimately reside? And, and could you just remind us on kind of when the year-year anniversary is on the acquisition of F&G?
Tony Park: Yes, the five-year anniversary is June of 2025. That’s the point where we could spend, as long as we own at least 80% of the Company, which we do, we own 85% of the Company. We could spin that to our FNF shareholders tax-free. And so that is a, that is a date that, that people have certainly referenced, and we’ve answered the question. I do believe to your first comment or statement and, and Mike and Chris can weigh in as well, I do believe that these are independent decisions. I think at this point, the Board likes the investment and wants to continue to grow this asset and create value. But I don’t think it’s a statement around what we might ultimately do or not do with, with the asset going forward. So I think that’s, that’s probably all I can say now unless others, others want to make a comment.
Mike Nolan: I would just, just — I would just agree with Tony that it’s — that those are independent considerations and really focused on the growth opportunities. The growth has been tremendous, doubling assets in three years and the expansion in, in channels to, to sell has been incredible, and we want to take advantage of that.
Mark DeVries: Okay. That makes a lot of sense. Thanks, guys.
Tony Park: Thanks, Mark.
Operator: Our next question comes from Soham Bhonsle with BTIG. Please state your question.
Soham Bhonsle: Hey, guys. Hope you’re doing well. Just to follow up on that last question. I mean, I guess, from your point of view, is there any concern around, you know, if we do enter sort of a lower rate environment, how that potentially affects F&G’s performance, right, in that scenario, and it is growing as a part of your business? Or is the view that, hey, look, rates go down, okay, maybe F&G earnings do sort of decline a little bit, but they will get it back on the title side? Just wanted to get your thoughts there.
Mike Nolan: Chris, do you want to maybe weigh in on your thoughts around F&G’s performance if interest rates come down?
Chris Blunt: Yes, happy to do that. And, and I guess the first comment I would make is we’ve grown earnings consistently and the tenure has been anywhere from 39 basis points to peaking over 5%, and we’ve just consistently grown earnings throughout that period. So clearly, in a rising rate environment, it’s easier for us to get extra spread. So I would say we get outsized earnings. But that does not imply that we would even necessarily see a decline in earnings. You know, as long as we continue to grow, we continue to grow AUM, it might not be the windfall that it feels like right now with wind at the back. But we’re pretty proud of our ability to deliver pretty consistent earnings. And I think that’s probably an underappreciated part of the FNF stock, is the positive impact, probably the Title when rates come down and we, we wouldn’t expect a significant drop-off on the F&G side.
The other is we did announce on our F&G earnings call this morning that we’ve hedged now out about half of our floating rate exposure. That would be the one place where we would feel it relatively quickly, but I’d also remind you, a good portion of our in-force, we get to readjust pricing and margins every single year. So we can adapt to interest rates in either direction.
