Brett Reiss: Okay. The remaining private equity positions from the U.K. biotech portfolio, can you give us just a little bit more color on what remains and could there be any hidden positive surprises that we could enjoy in the near- to intermediate-term future on the remaining portfolio?
MJ McNulty: Yeah. So, when you look at the remaining positions, it’s really, and I think, we’ve disclosed this in the past, it’s AMO, which we’re enthusiastic about, which is a drug for pediatric myotonic dystrophy. There’s some news out there on the drug and some of the developments on that drug, which I’m sure you’ve found. So, we’re enthusiastic about that. And then there’s this ownership share we have in Viamet. And the best way our shareholders usually figure — kind of get more color on Viamet is Malin Pharmaceuticals, which is an Irish company, actually publishes on this. They’re an owner in the cap table with us as well. We’re enthusiastic about that one as well. So, I — we can’t make any promises on surprises, but we certainly think that they’re both very attractive businesses and drugs.
Brett Reiss: Great. Thank you for taking my questions. I’m going to drop back in queue, but good show on the quarter.
MJ McNulty: Yeah. No. Thanks. We appreciate it, Brett.
Operator: Thank you very much. [Operator Instructions] Your next question is coming from Todd Felte [ph] of 88 Management, LLC. Todd, your line is live.
Unidentified Analyst: Thank you. Congratulations on a very robust Q4. You made reference…
MJ McNulty: Thanks, Todd.
Unidentified Analyst: … to some settlements on the WiFi patent in Q1. Am I to assume those numbers are not reflected in the $82 million that you referenced for Q4?
MJ McNulty: Yeah. Sorry, Todd.
Kirsten Hoover: Yeah. That’s correct.
MJ McNulty: The delineation we were trying to make was the settlements that we made in Q4, we received the cash for those in February and early March. So, we just wanted to be clear. The settlement was a 2023 event. The receipt of proceeds from that settlement was a 2024 event.
Unidentified Analyst: Gotcha. Gotcha. Just trying to — someone who’s very involved in this name texted me this question. What makes this company uniquely positioned to create shareholder value and energy? And as a follow-up, what is the market not seeing or believing with this strategy? And I guess it’s because of the somewhat ephemeral bump and the total giveback that we noticed over the last couple of weeks subsequent to the announcement?
MJ McNulty: Yeah. I will — I think that’s a two-part question. I’ll take the second part first, which is I don’t want to speculate on that. I think, you may have a view and others that are around the table and shareholders in here may have a view that they can share with your friend. On the first question, our model is to partner with really excellent operating executives and accomplished operating executives to pursue these opportunities and that’s exactly what we’ve done in Benchmark. We partnered with somebody that we’ve known for a long time that has been long-term successful in the oil and gas space, and they are kind of our eyes and ears on the ground in the oil and gas space where we allocate capital. So that’s kind of piece one.
Piece two, unlike general oil and gas, we are not pursuing an acquiring land, drilling wells business model, which means we’re looking at harvesting cash flow from these assets and so it’s really operating the wells better than the prior owners had operated them. And the wells and the packages of wells that we’re acquiring with Benchmark are legacy kind of under-loved, under-managed, under-worked fields where the team that we have has very successfully over a long period of time been able to run those wells better on a less expensive basis in order to generate more cash from them and the valuations that we’re buying them at are very attractive.
Unidentified Analyst: Great. Last question, sell-side coverage. We appreciate Tony covering this thought. At what point do you think we could start shining a light and trying to attract other analysts or potentially be more aggressive in pursuing the buy side to look at this undervalued, very attractive investment?
MJ McNulty: Yeah. I think that’s a great question and it’s one that we ask ourselves a lot. We — for those that have been with us for the last year and been on the earnings calls, we told you what we were going to do, and you said, okay, go do it, and now we’ve started to do it. And so we’re getting to the point where it — we can start having those conversations about how people view us now that we’re a business that’s executing against a strategy instead of telling you what strategy we’re going to execute against. And so we are reluctant to pound the table and wave our arms in the air for people to cover us until we have earned the right to be covered and for the market to pay attention to us.
Unidentified Analyst: Understood. Thank you. Continue the good work.
MJ McNulty: Thanks, Todd. Appreciate the questions.
Operator: Thank you very much. Well, that appears to be the end of our question-and-answer session. I will now hand back over to MJ for any closing comments.
MJ McNulty: All right. Jenny, thanks very much. Everyone, thank you for joining us this afternoon, following us, believing in us. We look forward to talking to you next quarter.
Operator: Thank you very much. And that does conclude today’s conference. You may now disconnect your phone lines and have a wonderful rest of the day. Thank you for your participation.
