Melissa Wedel: Okay, appreciate that. And I do appreciate the detail that you provided on the three new non-accruals in the portfolio. I was hoping to circle back to the previous two companies that you talked about last quarter, I believe, as I recall, with regard to both of those companies that were already on non-accrual headed into the June quarter, you’d indicated that you expected somewhat near-term resolutions on those as well. Just curious if that’s still your outlook, or things have evolved. Thank you.
Armen Panossian: Thanks. So the other two, one was called the Avery, one is SiO2. Avery is a real estate asset in the San Francisco market. We are – we continue to work with the sponsor there the developer, they are very skilled developer and marketer of all types of real estate assets. And so we think their highest and best use is to have that developer continue to sell the units. The good news is that the units are continuing to sell at a creative prices relative to our attachment point on – an attachment point on our load. So it’s just going to take a little bit longer, I don’t think we’re going to do a bulk sale of the remaining units anytime soon. But I think it’s kind of steady as it goes. And it will take a little bit of time to get all of the capital back.
I wouldn’t be surprised if they did a bulk sale. But that’s certainly not – we’re not putting the pressure on to get the capital back quickly rather do an orderly liquidation. In the case of SiO2, the company had its confirmation hearing for emergence from bankruptcy that is an ongoing situation it is going to exit bankruptcy very soon. And we will have more to report probably at the end of the fiscal year, at the end of the next quarter as to an update. We have been very heavily involved with operational changes for the business during the pendency of the case. We are also engaging with strategic partners and investors as well as financial investors to help in terms of the equity infusions that the company would like to engage in to grow.
There is a lot of interest in the intellectual property and the capabilities of this business. And we at Oaktree are not really on the mindset to grow our equity exposure the company, but we’re happy to have – especially strategic investors join in and help grow that business. So we are cautiously optimistic about that situation. But it is not, I would say a resolution – a complete resolution of the position over the course of the next few weeks, I think it will take at least a few quarters to have a clear path here. But we are – I think in the thick of the bankruptcy and the operational changes to the business as well as engaging with many investors on the equity side to help kind of take their business to the next level as it emerges to bankruptcy in the coming weeks.
So I think the only update there is that it is going to emerge from bankruptcy quickly, very quick bankruptcy, we are in control of the business. And we are really setting it up for success but that success is not at hand at the moment or in the near-term.
Melissa Wedel: Got it. Thank you, Armen.
Operator: [Operator Instructions] We have a question coming from Bryce Rowe from B. Riley. Bryce, please go ahead.
Bryce Rowe: Thank you so much. Good morning. Wanted to maybe start on some of the repayment activity and then also on the portfolios of the JVs, somewhat elevated repayment activity here this quarter and then the portfolios of the JVs sell in terms of their outstanding. So kind of curious if it’s more, if that’s intentional both with the own balance sheet and the JV portfolios in terms of trying to exit with a market that might be more active than not?
