The execution is exceedingly hard – it’s exceedingly hard to get the scale and bring in all the dynamics that get priced into this very vibrant, very hard-to-predict trucking industry that is attached to the global supply chain. It’s just hard. So I think Convoy did great things. I think there are many other tech-enabled freight brokers who have built really cool technology. But at the end of the day, cool technology and really good marketing will not make up for the inability to earn your cost of capital. And this market and where the capital markets are, has brought that to bear. And we’ve known that none of us are surprised that this day is coming. We didn’t know exactly when. We didn’t know exactly what would cause it – but it’s our job at Triumph because we’ve had freight brokers as our counterparties in our factoring business for over a decade, frankly, since the inception of our factoring business back in 2004 before we even bought it.
We – it’s our job to think about not who has the best technology or who’s in has the best user interface, it’s who can afford to repay us when payment is due. That is a banking discipline and that is a discipline we have never forgotten because we know what it’s like when it goes the other way. So I suspect there will be some more. I suspect this technology will live on, and we’ll improve the industry for all of us I hope that these really talented people I’ve gotten to know will land places and continue to make the freight industry better. It’s just you have to do this. You have to build things for us with Triumph. You have to build it in a way that when the market inevitably turns against you. You can afford to keep making investments.
And that is a discipline we take very seriously.
Gary Tenner: I appreciate thoughts on that. I just threw in 1 last really quick question, a follow-up on the expense question. Really thinking about the fourth quarter and kind of modeling a jumping up point there from a segment perspective. the return or normalization of expenses in the fourth quarter, closer to the second quarter, I assume that’s similarly weighted towards the Payments segment.
Brad Voss: I would expect the fourth quarter to look pretty similar, Gary, to the second quarter across each of our segments.
Aaron Graft: And Gary, one thing if I may add on that, those expenses – and I think we’re all in a cycle where talking about expense control is appropriate, and that’s what we should be talking about. But understand that those expense spikes that we sometimes have in TriumphPay that are tied to the onboarding of a large freight broker are the best kind of expense. Because that is an investment in a long-term contractual relationship. And so we take a lot of that expense, not all of it, but we take a significant amount of that expense upfront. And we have yet to have a large freight broker ever leave our ecosystems. The duration of those relationships is proving to be very long. And every quarter, we go forward and do more for these customers, the relationship gets deeper.
So we want to be thoughtful about expenses. We don’t take it lightly. But those specific spikes, that part of the expense base, I will take all day every day because I know over the long term, it creates a lot of value for us.
Gary Tenner: Fair enough. Thanks, Aaron.
Aaron Graft: Thank you.
Operator: Our next question comes from Hal Goetsch from B. Riley Securities. Hal, please go ahead.
