Mark Hughes: Okay. And then the elevated legal spending, does that continue at the same level on a go-forward basis, but it’s offset by better collections? Or does that paper at some point? And if so, when?
Pete Graham: Yes. I think that’s going to be — we’ve only given guidance on the first quarter. I think that’s largely going to be contingent on how the inventories continue to build. And quite frankly, we would expect it to normalize and go a little bit higher as we start investing in more portfolio. So I think it might be a little lumpy quarter-to-quarter as we go through this year. So we’ll try and give color as and when we feel comfortable releasing that.
Mark Hughes: Yes. Okay. And Kevin, what was your comment that you made about returns in the U.S., maybe starting to improve a bit. Could you expand on that if possible?
Kevin Stevenson: Yes, sure can. I was thinking about that before the call. And if I could maybe give some color kind of broadly about how things kind of unfold. But — so we are. So we are seeing, again, I would say, in the U.S. but also across the globe. So we are seeing some increased improvements to yield. But what you tend to see is when a market is transitioning, right? So market is transitioning from where we were to where we’re going, it’s not easy a smooth progression. It’s kind of jerky. And so yes, we’ve seen and won some deals at higher returns, and we’ve also lost some deals bidding at higher returns. So we’ve seen — as I mentioned before, we’ve seen some sellers that maybe will stop selling in Europe and they reenter the market.
We’ve seen some deals that we didn’t expect to see. One of the things I read in my script was this idea the fresh flows we have in the U.S. are starting to increase. They’re increased kind of a small progression every month along the way, and we’re still seeing that into February. So, yes, but that’s — it’s a little spotty right now, though. And it will continue to do that and it will settle in at some point to, I think, appropriate levels given credit normalization, but also kind of the reality of increased funding, the cost of increased funding across the globe. They just have to go up just for that alone.
Mark Hughes: Yes. Your forward flow agreements in Europe, if I’m reading it properly, maybe down a little bit. Is that the timing is right to be more active on the spot market? Or is that just the ebb and flow of things?
Pete Graham: That’s a combination of sort of elapsation of time because remember, we’re forecasting those to kind of next breakpoint in the contracts, but there’s also a feature in some of those European agreements where they reset periodically based on the sellers latest forecast of what they’re anticipating volumes to be. So, that’s just reflective of the fact that the fresh charge-off supply in Europe, particularly in the U.K., has been slower to develop than what we would have anticipated at this point.
Operator: The next question comes from Robert Dodd with Raymond James. Please go ahead.
Robert Dodd: Congratulations on the quarter and question coming back to month. On legal collection and legal fees and costs combined, I mean you mentioned 2018 in your prepared remarks, Pete, I think in 2018, combined those two numbers were $150 million; in ’22, obviously, it was $115 million. What kind of purchase environment or ERC acquisition would necessitate moving back to that $150 million level? Or is that just not going back there given the investments you’ve made in the internal capabilities on that one.
