Tom Raterman: So our goal in the BDC is really to increase our diversification in the portfolio. There are certain limitations under our lending agreements that where it drops out. So there’s a series of limitations, deals over a certain dollar amount, we lose in our borrowing base for the key bank revolver to the extent we hit concentrations in various industries or maturities, things like that. The JV will pick those up first and allow us to maximize the availability under our revolver and effectively utilize our leverage there. So that’s really the focus on the allocation is making sure that we’re using our leverage effectively and using the assets effectively to gain leverage.
Mickey Schleien: And just lastly, last quarter, you gave us a little bit of an update on David’s — the expectation for David Spreng to returns to day-to-day involvement with the company. Anything you can say on that at this time?
Tom Raterman: Really, no change. We expect David to be back later this year. I know he certainly appreciates all the well wishes he’s received, and Greg and I speak with David quite frequently.
Operator: Our next question will be coming from Casey Alexander of Compass.
Casey Alexander: I missed quite a bit of this call because I had another conference call that started at 4.45, so I apologize for that. I do want to confirm that if I read the release correctly, in the fourth quarter, you did not repurchase any shares?
Tom Raterman: That’s correct.
Casey Alexander: And I’m curious why after the Oaktree offering in November when the stock was quite weak, how come you chose not to repurchase some shares in that window?
Tom Raterman: Well, Casey, we looked at how the stock traded, we looked at the opportunities for us to deploy capital. And the stock really moved back, in our opinion, into a trading range where we felt it could stand on its own and decided to reserve that dry powder — either in the program itself or the dry powder on our balance sheet for a period where there was a greater need.
Casey Alexander: I’ll get the rest of this from the transcript. I’m sorry, I got here late, and I don’t want to ask you to repeat anything that you’ve already said.
Operator: Thank you. And at this time, there are no more questions in the queue. And I would like to turn the call back over to Greg Greifeld for closing remarks. Please go ahead, sir.
Greg Greifeld: Thank you, operator. We see immense opportunity for growth in the year ahead and believe we are well positioned to provide essential support for high quality, late stage companies that are faced with a variety of nuanced funding challenges. Thank you all for joining us today. We look forward to updating you on our first quarter 2024 financial results in May.
Operator: This concludes today’s conference call. Thank you for participating. You may all disconnect.
