Dermot McDonogh: I think it’s in the 200 zip code.
Ken Usdin: Okay, and then last one, just duration of the portfolio. Can you just give us an update on where that stands?
Dermot McDonogh: Roughly, two years, give or take, yeah, but yeah, two years is the best number to give you on that one.
Ken Usdin: Okay, so to your point, like still keeping really short and opportunistic.
Dermot McDonogh: Correct, yeah.
Ken Usdin: All right, great, thanks a lot.
Operator: And our final question comes from the line of Mike Mayo with Wells Fargo Securities. Please go ahead.
Mike Mayo: Hi. When you mentioned your comments about commercial real estate, I was just wondering, I don’t think you have much exposure, but you highlighted that commercial real estate, I guess, to the industry or are you talking office? You said it’s really a 2025 refinancing story and ASCO the 10-year, ASCO commercial real estate. It’s just – if you could provide any color. Why did you highlight that and why do you have that sort of conclusion?
Robin Vince : Well, the question, Mike, was more general in nature. It wasn’t really applying to us. Dermot talked a little bit about us in particular on commercial real estate, but I think the question that was being asked was just using our vantage point, I think it was from Gerard, just using our vantage point in the world because we’re not particularly invested in the space. What do we see in the world, maybe as a slightly less conflicted observer? And so I was just giving my perspective on it.
Mike Mayo: Yes, your perspective, what’s — I’m just curious, interested. ASCO to 10 year, it’s a 2025 refinancing story. Any color behind that?
Robin Vince : Sure, so at the end of the day, as you look at the various different owners of commercial real estate who have refinancings and they’re looking at their own occupancy level, they’re looking at their own maturity of their own debt stack, and they need to go out and they need to find refinancing, of course, as you know better than anybody, when their debt stack starts to come due. That isn’t a Fed funds type of refinancing because they’re not for funding of very short dates. And most of them, for understandable reasons, like to lock in funding as well. So they’re looking further out the curve, it’s not precisely at the 10 year point but my point really is the risk to refinancing in the commercial real estate space is very correlated to the shape of the treasury curve overall.
Clearly credit spreads matter as well, but it’s a different proposition when you have the longer, call it 10 years, but it’s probably a little inside of that, part of the curve at 4% versus 5% versus 6%. That was the purpose of my observation.
Mike Mayo: All right. That’s helpful. Thank you.
Robin Vince : You’re welcome.
Operator: And with that, that does conclude our question and answer session for today. I would now like to hand the call back over to Robin with any additional or closing remarks.
Robin Vince: Thank you, operator. I’d just like to wrap up by thanking our employees for their hard work to unlock the tremendous opportunity inside of BNY Mellon. We started the year with great momentum, delivered very solid results in the first quarter, and the pace of change continues to pick up. And I want to thank our investors for their continued support. We appreciate your interest in BNY Mellon and thank you for your time today. If you have any follow-up questions, please reach out to Marius and the IR team. Be well.
Operator: Thank you. And that does conclude today’s conference and webcast. A replay of this conference call and webcast will be available on the BNY Mellon Investor Relations website at 2 Eastern Standard Time today. Have a great day.
