So why would they want to borrow $20 million, $30 million. And so obviously, it’s gotten harder. Not that they couldn’t raise money, it’s that they’re choosing not to because of the valuation, that they would like to see, those are great opportunities for us. So the team is doing a great job of winning, really some great, great business on the technology side. In the global funds banking, you’ve got, again, we’ve been doing this longer than anybody else. So we’ve got a great experience. That’s the term sheets, and the new business is still in very, very strong demand and we’ve seen some people pull out of the market. And so that allows us to, in some cases get a little bit higher margin. But I’d say it’s as much getting — making sure we have the highest quality clients that we’re bringing on board to the platform.
So it’s still competitive. But we’re able to bring in some great clients, and we’re able to see some nice outstandings in this environment. So I don’t know, Marc or Mike?
Marc Cadieux: So I’ll just comment, specifically on underwriting that was part of your question. Generally speaking, we try to keep our underwriting standards consistent. And what that will mean generally, in times when the environment is getting worse is fewer clients clearing the bar. At the same time, as Greg mentioned, that has been offset by more demand. And so we are continuing to see some great opportunities to grow loans, really across the segments, including the core tech and healthcare. Mike anything you want to add.
Mike Descheneaux: Yes. The only thing I would add is, I mean, clearly, we’re very cognizant of the economic environment that we’re operating in. So when we’re looking at underwriting, we’re very conscientious of business models that are relying on the consumer as the consumer might be hit with inflation, starting to think about interest rates and how they might impact the business models as well, or their amount of financing. So all these things are coming into factor. But as Marc said, right, we’re very consistent or underwriting standards, which has served us well for many, many years.
Jared Shaw: Okay, thanks. And then, I guess a corollary of that you look at the credit, expectations and the growth in the allowance looks like, inside 30 of — you’re nearly at peak stage losses are very close to it for coverage. How much higher do you think we can see the allowances or ratio go with sort of your broader credit expectation backdrop for normalizing losses?
Marc Cadieux: That’s Mark, I’ll start, Dan or others may wish to chime in. So certainly, there’s a fair bit of reserve build, as you pointed out in ’22, because the reserves go higher in ’23. As I think you probably know, economic forecasts can drive the reserve as it did for us, this particular quarter. So that’s one factor. We could, as we’ve noted, see higher levels of non-performing loans that could drive higher specific reserves. And so there is that potential for the reserves to go higher, again, recognizing that we have a fair bit of reserve built behind us in 2022.
Operator: Your next question comes from the line of Bill Carcache with Wolfe Research. Your line is now open.
Bill Carcache: I wanted to follow up on the reopening of IPO markets being a clear positive for the business. From a timing perspective, would you expect that reopening to coincide with a Fed pause? Are we more likely to need to see rate cuts? Just curious for your high-level thoughts there?
