As I said, we are about two times interest coverage based on today’s — on an LTM perspective of interest rate coverage in the portfolio. We do see that coming down, if we run some of these stress tests, but we still feel like we’re adequately covered across the portfolio.
Paul Johnson: Got it. Appreciate that. Thanks for the color on that. Another question I just had, you guys have a fairly large percentage of your portfolio in the aerospace and defense industry, around 15% or so. That’s generally been a big sector for you guys. That industry has obviously undergone some massive probably changes over the last year or so. I’m just wondering your kind of thoughts on that sector and whether you find things to be, I guess, more attractive there, how you feel about your current portfolio? Just any sort of color you can provide there would be interesting.
Michael Ewald: Sure. So, I mean, if you break it up a little bit and take the kind of pieces separately on the defense side that’s certainly been pretty steady. And arguably that’s a good place to be these days, when you think about geopolitical concerns, and the likely backdrop that that has for defense spending. On the aerospace side, a lot of that exposure has been more on parts and pieces and components and things like that. There’s a little bit of aircraft leasing in there, but we focus a little bit more on the widgets, if you will. And that certainly took a hit from COVID. It also took a hit quite frankly from the 737 MAX grounding. However, coming out of COVID, now you’ve certainly seen travel bounce back pretty considerably.
And you’ve also seen that the 737 MAX orders pick back up again. And so we think we’re on the right platforms from a commercial aerospace perspective the growing ones. We’ve seen that demand pick up pretty considerably again. And so we actually think it’s a pretty interesting place to be today.
Paul Johnson: Yeah. Thanks. That’s interesting. The last question a smaller one. I’m just wondering, if you’re able to give any sort of sense of incentive fee for next quarter, if you expect it to be anywhere kind of in line with, I guess, what we had this quarter $9.2 million. Or any level you can provide would be helpful.
Sally Dornaus: Yeah. So I think a little bit in our remarks, I talked about how our calculation works. And I think that the look back sometimes did this quarter, causes a little bit of volatility quarter-over-quarter. So we’re a bit higher than I would expect the run rate to be although I think we have another quarter of this coming based on how we see the look back calculation working.
Paul Johnson: Appreciate. Thanks.
Michael Ewald: Great. Well, it looks like there’s no more questions. I really appreciate everyone’s time today. Certainly, if you have any other questions, please do reach out, and we look forward to updating you in the normal course here. Thanks very much.
Operator: This concludes today’s teleconference. You may disconnect your lines at this time. Thank you for your participation.
