Greg Becker: Yes. Brody, it’s Greg, I’m going to start at a high level, and Dan, or Mike may want to add some color commentary to it. The challenge of the answer your question is that there is not any more an average client, because it really depends upon early stage, mid stage, late stage, publicly traded, all those things. Here’s one way to think about it again, why, again, Dan made the comment about kind of this bottoming out. It was said, but I’ll repeat. When you look at that high 30s, kind of bottoming out of the non-interest-bearing accounts, you have to think about it and look at the totality of all the total client funds. Right now we’re at about a 24% of all total client funds. But if you factor in this high 30s, as a bottom, you’re going to be in that mid to high teens against that total client funds.
We believe historically, that would be low. And when you factor in all the types of clients, that that seems with all the data and information, we have to be where we’d be bottoming out. Obviously, it can change, our assumptions can be wrong, but that’s the analysis that we’ve done. So think about it in the mid to high teens of total client funds, not just this 23%, 24% kind of at the end of the year. I don’t know, Dan, or Mike, if you guys would add anything to that?
Daniel Beck: Yes., Greg, it really gets back to the same thing. If you look at most commercial banks, you think of total non-interest-bearing deposits, even in these rates, cycles being in the high teens, become a low watermark on non-interest bearing. And that’s effectively where that on balance sheet, high 30% non-interest-bearing range turns out to be if you consider the totality of client funds. So that’s one marker plus, like Greg said, the analysis that we do internally. So I think when we look at those things, yes, it’s subject to change that at the same time, it gives us confidence in the outlook.
Operator: Your next question comes from the line of Jared Shaw with Wells Fargo. Your line is now open.
Jared Shaw: You’re just a little bit over to the loan side and the growth you saw in, and they are going to be talking about clients favoring debt over capital here. Have you changed underwriting? Or have you seen any better terms on loans that are being originated now versus earlier in the cycle for these early and mid-stage companies?
Greg Becker: Yes. This is Greg. I’ll start and Marc and Mike probably both will want to share a perspective on that. It’s the growth has been, again, in the three years that we talked about, it’s the technology side of the portfolio. It’s been in the global funds banking, and then a little bit with the mortgages as well. And on the technology side, we’ve seen price some of the best growth we’ve had in many, many, many years, clearly on an absolute dollar volume basis, and even on a percentage basis. And that’s one, it’s just kind of a simple discussion. We were competing, and we’ve said this on many conference calls. We’re competing as much with equity dollars and anything else. These companies you’d sit back and go, we would love to lend money to you because of all the great fundamentals you have, but they just raised $200 million.
