Matt Stewart: Yes, hi, it’s Matt Stewart. I would say across both the on balance sheet and the JVs, we were better sellers as the syndicated loan market rally during the quarter. If you look at our repayment activity on balance sheet, about a third of that was us actively selling. Some of the positions that we purchased in the secondary market at the end of last year or that came along with the OSI2 merger, we were better sellers of. So, we were selling out of those positions. And then we did similar themes in the JV as well, just given the strength in the loan market. But we continue to monitor the primary market for broadly syndicated loans for the JVs. And then on balance sheet, again, we have been rotating out of some of the liquid positions in anticipation of our private pipeline.
Bryce Rowe: Okay. And Matt, are there may be continued opportunities to do that, or pretty well exhausted.
Matt Pendo: We worked through most of our liquid positions from the OSI2 merger, and obviously, the balance of our OSI merger a few years back. But there is still some rotation opportunities in the portfolio, just not as plentiful as it was previously.
Bryce Rowe: Okay. Alright. Maybe shifting to capital structure, obviously active with some of the amendments with the credit facilities, just kind of curious, how you are thinking about the unsecured opportunity at this point to maybe layer in some more unsecured notes. And then a follow-up to that, any appetite to use the ATM, now that your stock prices is over NAV?
Matt Pendo: So, we are still watching the unsecured market. We feel comfortable where our capital structure is today. As you mentioned, we pushed out both our secured facilities by a little over 2 years, or near-term maturities of ‘25 and ‘26, are now ‘27 and ‘28. We are about 36% unsecured at this point. So, we are going to continue to watch that market, it’s tightened about 100 basis points, if you look at some of the recent prints in the market versus where we were a few quarters ago. But we do feel comfortable about where we are today. Our next maturity is February of 2025, so we have significant runway. But we will continue to evaluate that market and see if there is any opportunities. But then on the ATM side, we have had the ATM in place for about 1.5 years now.
We have accessed it very little last year. We will continue to watch that. And we will see how the stock trades and what our pipeline looks like. And if there is any opportunities for ROE in the future there.
Bryce Rowe: Got it. Okay. Thanks. Thanks for taking the questions.
Operator: We have a question from Ryan Lynch from KBW. Ryan, please proceed.
Ryan Lynch: Hey. Good morning. First question I had was just you had about $2.6 million of non-interest operating expenses this quarter. That was a little bit lower than we were expecting. I know there were expected to be some synergies, is that a pretty good run rate that we should expect going forward, or is anything that that kind of lower that or is there anything in other quarters that expected to kind of make that a little bit higher?
Chris McKown: Hey Ryan, Chris McKown here. Thanks for the question. Yes, we were very happy to realize some of the synergies from the OSI2 merger. We are always going to have some puts and takes quarter-in and quarter-out with respect to the operating expenses. But I do think that where we landed this quarter is a decent run rate, again counts on puts and takes. In addition to the synergies, we did have some items that were kind of non-recurring nature last quarter that also contributed to the decline.
Ryan Lynch: And then outside of maybe the non-accruals that you guys have had put on this quarter. Have you guys been receiving many amendment activity requests from borrowers in your portfolio relative to call it, requests you would have received on a normal basis, like a year ago?
