But we’re going to see more of it over the course of ’23. And then the final one is, what I’ll call the in between, it’s the structure deal where it is, it looks like it’s the same round valuation as the last round, but they have preferences and things like that, that you would say, when you really look through it isn’t keeping it at the same valuation, there’s structure involved. All those things are happening but you’re going to see more my view, more down rounds occur in ’23, you’ll see some more structured deals. So all three of those scenarios are played out, you’re just going to see more activity happening. And again, as we talked about earlier, more in the second half of the year, than the first half of the year.
Bill Carcache: That’s very helpful. Thank you. If I could squeeze in one last one. Really wanted to follow up on your commentary around the non-interest-bearing deposit mix. I’m sorry to keep coming to that question about stabilizing the high 30% range. But the question is sort of around this broad concern around the banking system in general that we’re hearing from a lot of investors that we could see the mix of non-interest-bearing deposits revert to pre GFC levels. But when we look to the pre-GST era, your mix of non-interest-bearing deposits was in the mid to high 60% range, which is around where you were pre-COVID. So I appreciate your commentary around looking at non-interest bearing in relation to total client funds. But maybe like a broader question is, do you envision a scenario where we can sort of get back to that mid to high 60% non-interest-bearing mix as we look beyond some of these more near-term liquidity pressures that you’re dealing with?
Greg Becker: Yes. As people would say, hope is not a strategy. So while it would be great to be there. There certainly is nothing in our forecasts that would say we’re getting back to that at all. And so, do we — is there a scenario that we would see an uptick from the bottom that we think will happen later this year? The answer is yes. And we haven’t come out with a guidance on what that would look like. But it’s going to be well below our historical level of non-interest deposits. I know, Dan what you add to it.
Daniel Beck: Yes. The other way to think about it is, when you go back to the history of pre-global financial crisis, just the size of the overall balance sheet, the types of companies that we bank are very, very different. And I think as a result of that change in client mix, we’re not going to get back to those levels of non-interest-bearing deposits. That doesn’t mean that we don’t have the quality of the deposit franchise, it’s just a different mix of clients, now versus then with close to $215 billion balance sheet.
Greg Becker: And maybe the only thing I would add on to what Dan said, thinking more about it is, there’s, kind of — the way you’re describing, it’s either — its market interest bearing, or it’s zero. And I think you can see scenarios. And Mike and team have done a great job, this is looking at different products and solutions. So you’re going to see a whole different level on the interest-bearing deposits of different yields based on the profile of clients. So I think you have to understand that that, yes. interest bearing is going to be a higher percentage, but the spread of yields on that will be varied.
Bill Carcache: That’s super helpful. Thank you for taking my questions.
Operator: Your next question comes from the line of John Pancari with Evercore. Your line is now open.
