JT Fitzgerald: And the bond portfolio is externally managed and right now we, that portfolio sits at about a two-year duration. And that duration has been coming down over the last couple of years and really is trying to match the sweet spot of the yield curve, which is right there, kind of two years to pick up the most yield. And so with a two-year duration and we’ve been in this higher interest rate environment kind of a year, I would think probably one more year as these maturities roll over to be fully invested to get back up to that market rate of 5% plus. Right now, the market yield on the portfolio is north of 5%. So as we roll over, that should happen about a year. Wouldn’t you say, Kent, about a year?
Kent Hansen: I would think so. Yeah. We’re currently yielding, let’s just say low 3s right now. So that continues to go up as the portfolio continues to turn over.
James Carbonara: Okay. Next question is, do you think we will be able to close on two new acquisitions prior to year-end 2024?
JT Fitzgerald: Well, with all of the safe harbor language that Holly gave at the beginning of the call. Yeah, look, I mean, I think we’ve demonstrated our ability to do it. I feel really good about both the level of activity. We talked about those lead measures that Adam asked about. And the amount of rocks our OIRs are turning over and very healthy pipeline, I feel very good about it. Yeah, but buying a company, buying 100% of a small business is always a very hard endeavor and fraught with risk and things that go wrong, and so with the proper caveat that it’s hard to predict.
James Carbonara: Got it. And then last one here is, without giving guidance, do you think that EBITDA growth will start to turn positive as we move through the next two or three quarters?
Kent Hansen: Yeah. Yes. Just because JT mentioned, on the Warranty side, the claims expense really started to increase about this time a year ago in Q2 and Q3. So, we just believe with, not giving any guidance, but keeping at our pace, we should have favorable year-over-year comps going forward.
James Carbonara: Great. I see no further email questions. I’ll pass it back to the Operator.
Operator: There are no further questions from the phone lines. I’ll turn the floor over to management for any closing remarks.
JT Fitzgerald: Okay. Thank you, Holly. No additional remarks other than we hope to see you all at our Investor Day in New York on May 20th. We’ll do kind of a management presentation and deep dive on KSX. Under the hood on DDI, Peter Dausman will be there to talk about his business. And then a wonderful fireside chat with our KSX Advisory Board member, Will Thorndyke. In addition to talking about his book, Outsiders, and his podcast, 50X, we’ll talk about his experience as a Search fund investor and some of the research he’s done around that asset class and the power of long-term holding periods. So I think it’ll be a really nice way to tie together a bunch of interesting threads and hope you’re all there. I think for those that come, I think we have purchased copies of Will’s book and he probably signed them for you. So that will be fun. That’s all I have, Holly.
Operator: Thank you. This concludes today’s conference and you may disconnect your lines at this time. Thank you for your participation.
