Ronald Kruszewski: Yes. And the other thing that we do, we pay our €“ when we recruit that €“ those recruiting costs run through our comp ratio. We don’t exclude those as some form of non-operating €“ those numbers. So as we anticipate and we do grow our recruiting, which obviously drives our future growth, those initial cost, which can be €“ well, they’re certainly higher than what the comp ratio would suggest for that individual that we hire. Those are absorbed in our comp-to-revenue guidance.
Michael Anagnostakis: Great. Yes. That’s helpful color, for sure. For my follow-up, I just wanted to dig into capital management on the excess capital topic a little bit more. You gave some detail on the drivers behind the $75 million during the quarter. How should we think about the magnitude and cadence of buyback given that $800 million of capacity you had cited after dividend and bank growth? Thank you.
Ronald Kruszewski: Well, if I actually answer that question, it will be the first time in the history that I’ve actually given a future view on buybacks, which, for us, are dependent on market conditions and other opportunities. And so I don’t €“ I do not and will not provide some number. We don’t look at it that way. That said, you’re right about the $400 million of excess plus $800 million potential, that’s the $1.2 billion. When you €“ what I will say is that we have because of the market and some of the uncertainty, we want to see where the Fed lands, a whole bunch of reasons that we’ve decided to slow our balance sheet growth in this environment. That’s taken a lot of capital over the last couple of years. So we just increased our dividend.
And you naturally will have left the ability to make acquisitions or make another acquisition, which is called buying our own stock. And today, when I look at it, and I showed on Page 5, that’s a compelling use of capital to make an investment ourselves. So you take that as you will, but we’re increasing. At this point, we believe that our available capital will be less as it has been years into balance sheet growth and more into capital-return options. Yet, we’re always considering accretive acquisitions.
James Marischen: Maybe just one more comment on the share count. As you think about repurchases last quarter, the vast majority of those repurchases happened in the back half of the quarter. And obviously, that’s based on an average count for the quarter. And so when you see our guidance for next quarter absent any additional share repurchases, the guidance going down to 115.9 million shares. You see the benefit of last quarter showing up more in that number. And we will continue to bring that down over time with the additional repurchases that Ron discussed.
Ronald Kruszewski: And look, I think it’s a great question and something that people can look at because we are generating substantial capital and are well capitalized going into this.
Michael Anagnostakis: Great. Thanks, so much for taking my questions.
Operator: And our next question will come from Alex Blostein with Goldman Sachs.
Ronald Kruszewski: Good morning, Alex.
