That’s a pretty good number. And to spend a minute and explain the difference between our $0.46 and $0.53 per share, we had safe money parked in treasuries and long-term securities. And the interest rates took the bat to our portfolio. Overall, our company performed outrageously well. We would have been at $0.53 if we didn’t play safe with our long-term portfolio.
Operator: Our next question is from Chris Muller with JMP Securities.
Chris Muller: Congrats on as finish to a challenging year. I wanted to follow up on John’s comments on the banks. I guess, starting on the financing side, how have conversations been going with your existing relationships, nice to see the Needham facility added. But are there any talks about pulling back financing at all or maybe increasing credit lines as a supplement to direct lending coming from the banks?
John Villano: Right now, I think we’re pretty good. We have a $45 million line. It’s expandable to $75 million. John, I’m not sure how much we’ve taken off of it, but I don’t think a whole lot.
John Warch: We haven’t taken much at all. So it’s out there, very expandable and Needham has basically committed that they will do most of the $75 million by themselves. We don’t have to go out and find other sources. We do have that availability to us. And we all know other banks that over time we may bring on board as the situation warrants and/or permits, but we felt Needham and us, had some great synergies and that’s a good starting point for the next facility.
John Villano: And Needham, the first thing that would come to mind is, “Hey, you know what, we can put $45 million on the street tomorrow.” That’s not the play. That’s not what we’re thinking. This is play it safe. This is protection. This is, let’s wait and see what the world does over the next couple of months. So we’re looking at Needham: one, as a really great lending partner with us, but also as the safety net should things get off the rails.
Chris Muller: Got it. That’s helpful. And then on the demand side, as the banks do pull back and competition kind of decreases a little bit, do you expect this $100 million pipeline to kind of be the new norm? Or is that things being pulled forward a little bit?
John Villano: We’ve had a large pipeline for the past 1.5 years. And as I sit here, I talk about walking before running. It would be nice to have a huge chunk of money to go to work. We just — our company is not too big and yet not too small. And we’re kind of stuck in the middle. And that’s kind of a good thing because we get investment capital in moderate sized chunks, and it keeps us playing close to the best. I would love to be able to handle $100 million a quarter and not worry about our next dollar. But for right now, we’re cherry picking the best. I think that will continue to grow, and we’ll see where it goes. But for right now, everybody in the country seems to be calling us.
John Warch: Then just to add to John, if we found accretive capital that we could use, we would certainly do more deals. But while we’ve had discussions and been offered some capital, if it doesn’t work, it doesn’t work. And I totally agree with John on Needham. While it’s there, we’re not going to ramp it up just because it’s there. We’re going to really watch how everything is going and really be good stewards of our shareholders’ investment and the Company. So sometimes slow and steady is better than, “Hey, look, there’s an opportunity,” to jump in because you don’t know what’s going on, on the other side. So I think we’re positioned right with some cushions and some capital that we can continue to grow the business. And if the right deal comes up when the right capital gets offered to us, we’re all ears.