So that I think is an indicator with cash burn continuing to slow based on what Mike and Greg just said, that we can get back without going to the 2021 deployment level, to not just deposit of being at the same level, but the potential for deposit growth.
Casey Haire: Got you. Okay. Just last one for me, the premium amortization that you guys talked about for the first quarter here, you have it down a little bit. But it’s predicated on a 375 tenure, which is, tenure, obviously a little bit lower today. With incremental pressure on that number, if the tenure finishes 50 bp lower, can you just provide some color on the premium memorization because this does create a lot of, I think confusion.
Daniel Beck: Yes. So we would still anticipate the premium amortization to decline here in the first quarter. And the reason for that is that mortgage spreads continue to come in. Now, after the first quarter, to the extent that we continue to see the 10-year come down, we do have the sensitivity to an increase in premium amortization from that quarter, but just from the fourth quarter to the first quarter, consider that it’s going to continue to come down just because of the decrease in mortgage spreads in the quarter.
Operator: Your next question comes from the line of Steven Alexopoulos with JPMorgan. Your line is now open.
Steven Alexopoulos: So to follow up with the pace of cash burn now slowing, has the amount of cash on hand and the burn levels are those both what you guys would consider a normal level right now or those each still elevated?
Greg Becker: Yes. It’s Greg. I’ll start. Trying to say what normal is, is really difficult for a variety of different ways. When you go back and the one thing you go back, five or six, seven years and try to say well, is that more of a normal period? Our portfolio, we have a lot more mature companies in the portfolio. So you going to think about they tend to keep a lot more cash. And so we don’t have quite the same level of experience. I think towards the end of this year, my sense is like, we’re going to get more to what I’ll call more of a normal cash balance level, because you’re going to see the cash burn rates are still be elevated from the first half, they’re going to be reducing, but they’ll still be higher. And so we’ll get to this more I’ll call normal level.
And I think, again, when you get to 24, we expect a modest increase in venture capital deployment. But one more thing that gets factored in is, which has been zero for almost all at ’22 and it’s first part of ’23. And most of ’23 have been unexpected big impact is private market or public markets. And, again, this for the longest time that they have hadn’t really been any IPOs. And as we spend more time with our late-stage clients, there’s many of them that are doing really well. And when that market opens up, that we certainly believe that we’re going to be in a really good position to do two things, one, help them go public, number one, and number two, be the beneficiaries of that cash when it comes in. And so all those things are factored in, which makes it, it’s just hard to predict exactly how it will, €œsettle out to a normal level€.
Steven Alexopoulos: Okay. That’s fair. And I know it’s not one-for-one, but very roughly, what type of year would you need from a VC investment level? To get to this 2023 guidance? Like what is this roughly based on?
