But suffice to say the growth opportunities are in front of us are quite significant, and we can use a lot of different levers that drive that growth. The one thing I will say as we look into 2024, to reiterate what I said earlier, 67% of the growth in absolute dollars in revenue year-over-year were from non-lending businesses. As you go into 2024, you should assume that personal loans and student loans will be additive to growth, not the drivers of growth. Our Technology Platform business and our Financial Services segment business will be the drivers of growth, and we’ll supplement that on the lending side. In addition to that, we’re committed to GAAP profitability in the fourth quarter of 2023 and for the full year 2024. So those are two guideposts to think about.
And then the last I’d say is, we’re really focused on tangible book value growth on the trailing 12-month basis in my remarks. And then Chris, we talked about driving over $107 million of tangible book value growth, we’re just getting started there. So that’s another pillar you could think about.
Christopher Lapointe: Yes. And then, Jeff, in terms of your question about the $100 million sale in Q4, that was at 105.1% on an unhedged basis. In terms of the actual pool of loans that we sold, we’ll get into more details on loan sales in our next quarterly call, specifically as they relate to Q4. But what I would say is that it’s generally reflective of the overall portfolio. This specific pool had slightly higher weighted average coupon than the average, but there are other offsetting inputs as well to it. So it’s a blend, but we don’t talk about the specific loan pools that we’re selling.
Operator: The next question in the queue comes from Michael Ng of Goldman Sachs. Your line is open.
Michael Ng: Hey. Good morning. I just have two questions, one for Anthony and one for Chris. First, Anthony, on just sales and marketing efficiency per new member, I wanted to follow up on an earlier question, which was just around that point. Anything you could tell us about in terms of like how sales and marketing per new members becoming more efficient? Do you see continuing opportunities to drive efficiency and effectiveness there? And then for Chris, I wanted to ask about the discount rate changes for personal loans and student loans relative to last quarter. I think the PL discount rate went up by 50 basis points, student loans went up by 40 basis points. Any color there in terms of that increase in the context of how benchmark rates have changed and any other key factors? Thank you.
Anthony Noto: On the sales and marketing side, there are many factors that are driving efficiency, but I’m going to just focus on the big macro factor. There are others that are much more detail. Over the long term, as we drive our native brand awareness higher, all rest of the money that we spend will be more efficient. If people know the brand, if they trust the brand and we’re a household brand name, the promotions we do will have a higher click-through rate, the conversion that we have to new customers and new products will also have a greater efficiency. And so as we scale the business and scale the unaided brand awareness, those will be the two macro drivers. Many other factors in there, tied to (ph) data and channels and additional technologies like artificial intelligence and other algorithms that we have and for retargeting, et cetera. But the biggest factor is going to be unaided brand awareness and the scale that we have.
Christopher Lapointe: And then in terms of the underlying inputs of our marks and the discount rate move specifically, I’ll hit on both PL and SLR, and some of the movements there. So in Q3, the fair market value mark and our PL loans decreased from 104.1% to 104.0%, so it was down 10 basis points. That was a function of the discount rate increasing by 50 basis points. Embedded in that discount rate assumption was that benchmark rates increased 17 basis points, that’s a two-year swap, and then spread assumptions widened by about 33 points. And then, we had CPRs increasing and collectively, those were offset by a 20 basis point increase in the weighted average coupon. The one thing that’s important to note in the personal loans business is that our actual CDR rates realized in Q3 were 3.44% versus an assumed 4.6% embedded in the marks.
So that means what we’re actually observing in terms of losses are about 116 basis points per year or 175 basis points over the life of the loan below what is actually embedded in the 104.0% mark. And then, within SLR, the fair market value mark for our student loans decreased from 101.9% to 101.4%, that was 50 basis points, and that was a function of the discount rate increasing by 40 basis points. Our benchmark rates increased by about 35 basis points and then spread assumptions widened slightly. This was offset by a 30 basis point increase in VAT (ph) and prepayment rates ended up decreasing by about 10 basis points.
Operator: Next in the queue, we have a question from Dominick Gabriele of Oppenheimer. Please go ahead.
Dominick Gabriele: Hey. Good morning. Thanks so much for taking my question. I was just curious about if the environment stays roughly the way it is today for demand for your products, on the origination side, in particular, how should we be thinking about the current level of personal loans versus the current level of student loans? And I only asked because given where the quarter went, it feels like you could actually see an acceleration of revenue growth next year. And so, I was just curious what — how you’re feeling about the demand for your products and the current level and market penetration rate that you have in these products? Thanks so much.
