Melissa Forman: Yes. So that’s a beautiful question. I’m glad you asked it. So as we have expanded our technology and capabilities – the point of conforming transactions or network transactions is to provide the data that factors need in order to do their verification, validation and cash application processes. TriumphPay, while we’re making 21 – a little over $21 billion in payments, we are touching over $47 billion in carrier spend. And so we have data associated with the audit only brokers on our platform that are very valuable to the factoring industry. And so over the last couple of quarters, we’ve been working on our technology to be able to include those data sets into the conforming transactions on network transactions so that they begin to see the value and are able to utilize that data on the front end, even though the payment data doesn’t – is not attached to it.
Thomas Wendler: And then just moving over to credit. You’ve seen to have some increased fears around CRE, and I noticed an uptick in the loan modifications for CRE – was there any theme behind the loan modifications, any specific group of loans? And then are you expecting to see any more modifications going forward?
Todd Ritterbusch: We did allude a little bit to that in the shareholder letter. The theme is that those are variable rate credits. And so when you have a variable rate credit that price is up 500 basis points in a short period of time, obviously, that puts some borrowers at stress. And so we had to make modifications to address that. We ended up at a rate that is still okay. Our economics are not as good as we would love, but it allows that loan to continue – those loans to continue to perform. And there’s still equity in those properties. So the borrowers are willing to work with us on a long-term basis. So we expect more of that to occur over the course of the next few months as more and more of those variable rate borrowers are dealing with the reality of the new environment.
Thomas Wendler: All right. I appreciate you answering all my questions.
Aaron Graft: Thank you.
Operator: Our next question comes from [Joanne Tunis] from Raymond James.
Unidentified Analyst: Good morning.
Aaron Graft: Good morning, Joe.
Unidentified Analyst: So kind of on expenses. You guys had – you mentioned your shareholder letter that you expect 5% noninterest expense growth in 2024, absent any ramping of large clients. I was wondering if you could flesh that out that growth by different segments for payment factoring Medibank and corporate?
Brad Voss: Bulk of the incremental spending that you’ll see next year is likely to be in the payment side. You’ll see a little bit in corporate, but I would probably couch it as 60% corporate, 60% payments, 40% corporate, roughly.
Unidentified Analyst: And then whether through deepening customer penetration or the onboarding of new brokers, how much annualized payment volume is contracted to come on to the network in the next 6 to 12 months?
Melissa Forman: Yes. So the way I would describe that for you, Joe, is we speak only about brokers that are in active integrations. And so those that are contracted and in active integrations represent that’s come on board in Q2, Q3 and then what we expect to on board in Q4 represents approximately $9 billion in annualized carrier payments amongst all of them. Some of them, they’ve been onboarded and they’re in their ramp-up stage, again, which takes 6 to 12 months for them to typically fully ramp.
