Devin Ryan: I guess I want to start here on investment banking. I appreciate the outlook commentary. We obviously track M&A backlogs and equity issuance pretty closely. The fixed income capital raising business is a bit harder for us to follow, and that was actually the biggest area of delta from our model. And so if I could look at that business, it’s less of half where it was a year ago at least in the third quarter. It’s run rating about $100 million. If you go back to 2021, you generated $225 million. So I just want to kind of dig in a little bit around the intermediate-term outlook for that business. And is normalized or something more normal, somewhere between where we are maybe right now in 2021 or how would you frame where that business is right now? Thanks.
Ron Kruszewski: Well, certainly depressed. I mean, thank you for reminding me about how depressed it is, but of course, I know that. Look, as I’ve said, this business we’ve built capabilities, and we haven’t lost market share. That’s small solids to what I’m saying in terms of — in this environment. In fact, I believe the way we measure, we’ve gained market share. So I don’t really want to put numbers on what the normalized overall equity capital market revenue will be when it rebounds. That’s a hard thing to do. I certainly don’t believe this is the new normal at all of about $100 million. And when you’re talking to $100 million, you’re talking about equity revenue. We priced an IPO last night, the [indiscernible] IPO, which felt good.
I don’t think we haven’t done that in a while. And when these markets — I’ve said this, I said it in my remarks, the markets like this tend to improve slowly and then suddenly, okay? And suddenly, there’s a lot to do. The potential for that suddenly is there because I see and talk to a lot of clients that have a lot to do in their capital stacks. I’m just going to be reluctant to try to put a time frame on it, which might be the most optimistic thing I’m saying because I feel that once I quit predicting when things are going to rebound and tend to be closer to that moment.
Devin Ryan: Understood. Got it. Okay. Thanks, Ron. Appreciate it. So a follow-up here. Just on CRE. So provision obviously picked up a little bit. I know it’s a small portion of the balance sheet and the allowance looks pretty healthy. But how do you guys feel about that portfolio right now and anything else that you might need to do there? Thanks.
James Marischen: I would kind of — maybe starting with the top down across the entire loan book, we feel pretty good. The portfolio was down probably $140 million, $150 million in the quarter, mainly in fund banking, but the vast majority of that portfolio, 70%-plus in mortgage, fund banking, SBLs, CRE is only $1.5 billion. Obviously, the reserves did tick up on there. We are continuing to watch that space, but it is a relatively modest exposure for us. And you think about, in the grand scheme of things, a $10 million provision, given the size of our portfolio, not something that we view as a concerning trend. Non-performing loans, only less than $40 million, past-due loans at $16 million. We feel pretty good overall on the credit profile of the bank.
Devin Ryan: Okay. Perfect. Thanks so much, guys.
Operator: Our next question or comment comes from the line of Alex Blostein with Goldman Sachs. Please go ahead.
Alex Blostein: Hi, guys. Good morning. Thanks for the question.
James Marischen: Good morning, Alex.
