Craig Packer: As you know, we’ve been really pleased with the performance in Wingspire. As a reminder, we built that business organically working with a very experienced management team. It took a few years for them to sort of hit the momentum that they’re at now. It’s performing quite well and delivering very attractive dividends and ROE for ORCC. There, we talk to them regularly. And I think they’re seeing good market conditions already just given the environment. And we will — we do expect to continue to provide additional capital to Wingspire as they find opportunities. It stands to reason that if regional banks pull back from credit support, that will provide additional opportunities for Wingspire. I don’t think we’ve seen that effect yet, but it stands to reason we will.
In addition, generally in a weaker economy, companies will turn to asset-based financing more frequently. So I think that I agree with the supposition of your question. There will be more opportunities for Wingspire and we can put more capital in it and earn really attractive returns.
Operator: Your next question comes from Ryan Lynch, KBW.
Ryan Lynch: First question I just had. Have you seen any sort of pullback in funding in the CLO markets or any sort of slowdown in funding in the CLO markets with the sort of disruption that we’ve seen in the banking sector? Or has that market been functioning kind of the same kind of pre-banking crisis versus post-banking crisis?
Craig Packer: So I’m not sure if you’re asking about how we are using CLOs to finance our portfolios? Or you’re just talking about the general BSL CLO market?
Ryan Lynch: Yes. I’m talking about the general BSL market. Obviously, there’s been a big shift in loans to the direct lending marketplace. That’s just probably going to continue. I’m just wondering if there’s further disruption in the CLO funding and margin .
Craig Packer: I think that market is functioning fine. I don’t think it’s a — it’s the strongest CLO market we’ve seen, but it’s a functioning market. We have been utilizing it. I think it’s a little more expensive but it’s open. It’s not seeing any significant disruption. If anything, in the last couple of months, you’ve seen a nice rally in BSL and strengthening conditions overall in that part of the market. And so I don’t think it’s an area of weakness or an area of concern. If anything, functioning fine with upside from here, I think, would be my characterization of it. I don’t see that as a particular stress point, if that’s what you’re asking.
Ryan Lynch: Okay. Then my other question was — is I see we’re in kind of a difficult marketplace as far as just the economic impacts are hitting some industries greater versus others and some industries actually have tailwinds. I would just love to hear, as you kind of look at your portfolio, and I know each individual business has probably idiosyncratic things that affect each portfolio company you invest in. But from a higher level, is there maybe one industry in your portfolio that that’s maybe outperforming the rest of the group and performing really well in this current economic environment? And is there any industry that’s maybe underperforming or has potential headwinds given some of the cross currents in the current economic environment?
