Daniel Wolfe: Thanks David. So, the way that we’ve designed it is really looking over a period of the first period would be ‘24. And I think, historically, if you look at 180, one of the big problems was, is that you didn’t have — you had all these privately held investments that were really hard to understand and you had fair values, but you didn’t know where they moved on a daily basis. And you didn’t have a reference in the public markets. And also you didn’t have liquidity, right? That you could count on from those to be able to take any type of action that we’re talking about. So, we are now in a position from an asset base that we’ve never been in before. And so, it’ll be interesting to see how the discount performs during that period.
And so, we’ll be looking actively at that on a daily basis over the next year through the end of next year. And then at that point, the Board will determine what the steps are. The first steps will be to address the discount if it’s greater than 12%. The reason that the Board didn’t lock in on something right now is because for example, if you were to say, we plan to tender at the end of a discount management program from the point when you say that to the point when you actually do the tender, the Company is not allowed to buy back stock. But even worse in our view is that management is not allowed to buy stock in the open market. So, to basically restrict the management from, which I think is shareholder friendly from being able to buy stock in the open market and show their support and continue to increase their holdings of the Company given we cannot issue equity as compensation.
They were not allowed to under the 40 Act that didn’t seem appropriate. And then also, if you said, we’re going to do a dividend or a distribution, well, the issue there is that depending on where we’re at in year, in terms of gains or losses, if we were in a gain position, then that return of — that distribution could be a dividend rather than a return of capital. And it also depends on if we’re a wreck or not particularly investment company for tax purposes or if we end up being taxed at C Corp. So, there’s a lot of complexities in there to lock in what will happen at the end of the pro — at the end of the first measurement period. But I think you can be confident that everyone is aligned to have the discount be as narrow as possible and to generate as much value for shareholders as possible.
Kevin, something you want to add.
Kevin Rendino: So, one we got to find at — just like we have done for the first seven years, not notwithstanding the last seven quarters, find companies whose stock prices materially rise. Our NAV will rise on an absolute basis. Most important thing we can do. I’ve said it in 27 quarters of me being here, that the discount should be narrower, if you’ve got more liquid public transparent balance sheet of public companies versus what we had when we got here. And if that’s not the case in a year then we need to take action on the discount. But again, that’s just — and if people want to potentially think we’re going to tender at a 5% discount or something like that, then they can orbit, and then the discount’s going to narrow between now and then.
And we’re serious about creating value for our shareholders on an absolute basis. And we’re also serious about the discount. We’re serious about both. And so, we’ll make sure that in a year’s time, we’ll look at it and see if my thesis is right. In other words, we should trade it a narrow discount because everyone understands what our NAV is on a regular basis versus what they thought they thought the NAV was before. I mean, anybody could have valued our private — I mean, we valued our privates properly, but I think it was hard for investors to really understand what we owned. So, we’ll look at it in a year and then we’ll look at it six months from now and we are serious about it.
Unidentified Analyst: That’s helpful.
Daniel Wolfe: I think that is the end of the call.
Kevin Rendino: So thanks. As I said earlier, this we went, did it a little different way of doing this call where you can look at the appendix at the end of our presentation to get a full understanding for the quarter. We do think this is a unique time in the marketplace for what we’re — what we do for a living, both in terms of the indices and the names that we own. To Daniel’s point about hope is not a strategy. We are not going to sit around and hope for eventual outcomes. I think, you’ll see over the next few weeks, few months, how we will engage with the companies that we own to hopefully create value for their shares and as a result, create value for Turn shares. So, look forward to speaking with you when we record Q4. We wish you nothing but the best of investing for the next month and a half, and we’ll speak to you in a few months. Of course, if anybody has any questions that they want to discuss or about this quarter, the program that we [Call Ended Abruptly]
