Greg Becker: Yes. It’s Greg. We don’t — we haven’t talked about pipeline, we did give guidance on what we expect the outlook to be from a revenue perspective, which is an uptick from where we saw it in ’22. And maybe just to kind of walk like, why would we show an improvement. If you’re called back, you’ve got, there’s kind of three parts — actually four parts of the business. You got the biopharma business, which is really what we brought on board, an incredible franchise with limited partners. When we added healthcare services, we added technology. And they had — the team had sales and trading and they had research. But now then, with the addition of MoffettNathanson, you have to look at the entire platform. So now you’ve got M&A capability, full ECM capability across all three verticals, you have strong sales and trading.
And you have actually, I would say incredible research when you look across the entire platform, so you have a full stack platform. And it’s actually, people are in the saddles and they’re productive. And so even though the market is going to be a challenge, we look across that whole portfolio of opportunities and actually feel very good. I feel very good about the team, the strategy and their ability to execute. This is going to be a tough year, our outlook shows, it’s going to be a tough year. But I’m actually really excited about ’24 and ’25. And having that team be on the platform longer and really take advantage of an improving market at some point. But it’s going to be a tough market, but still an uptick in revenue from what we saw in ’22.
John Pancari: Okay. Thanks, Greg. Appreciate it.
Operator: Your next question comes from the line of Jennifer Demba with Truist Securities. Your line is now open.
Jennifer Demba: Question on credit quality. I know you have a very small commercial real estate portfolio. But I wonder if you could just kind of give us a characterization of what’s in there. And if you have any concerns about any piece of it. I know it’s really small. But a lot of banks have been talking about concern about commercial real estate in a tougher environment?
Marc Cadieux: Hi, it’s Marc. And that is a segment certainly bears watching, particularly if there is a recession in the offing. But generally speaking, as you pointed out, it’s 3% of total loan, it’s reasonably well diversified across several different categories. And probably what’s most important, is that it’s on average, well margins, relative to the underlying real estate collateral. And so that was certainly going back to the Boston Private acquisition. It was a portfolio we were more concerned about, in part because it was — we were in the depths of COVID at the time, and it has continued to really outperform my expectations.
Jennifer Demba: Great. Is there any office exposure in there?
Marc Cadieux: There is some office exposure, it is not an enormous part of that 3% but significant again, so far has continued to outperform expectations.
Operator: Your next question comes from the line of Chris Kotowski with Oppenheimer. Your line is now open.
Chris Kotowski: Yes. Good evening. Thank you. It’s a question, I guess, mainly for Dan. And I hear you and I understand exactly why you’re saying the only securities restructuring would be in the available for sale portfolio. But I wonder as you’re looking at that held to maturities portfolio, I’m looking at your average balance sheet, there’s like the $85 billion taxable hold to maturities portfolio. I wonder, just if you can highlight a few of the dynamics of the run-off there. And the first thing I’d say is, I noticed like the yield went down from, like 192 to 172 from the third quarter to the fourth quarter. Presumably that’s the $50 million of amortization. But I’m wondering, what’s the go forward? I mean, was the third quarter a $50 million, good guy or is the fourth quarter $50 million bad guy, I guess?
