Stephen Yarad: Sure, Wilma. So as we got into the fourth quarter, we did some further restructuring. We’ve been repositioning the business to some degree throughout all of 2023, but particularly in the second half. And as we work through and try to simplify the business and restructure some arrangements with some of the partners, it has led to those arrangements as they get restructured, the need to write down some carried interest receivables, which wouldn’t be necessarily — wouldn’t be recoverable going forward, and also on equity method investment. So there was about $17 million of impairments on those two items during the quarter. And we really don’t think that, that’s going to be a feature of the results going forward. We’ve done a lot of work on that over the past six months or so, and we think that most of that’s behind us now. So we wouldn’t expect those types of impairments in the results in the first quarter and beyond.
Wilma Burdis: Got you. And then maybe just give a little bit of color on the M&A, the merger arbitrage fund and the outlook, and just the environment for that business?
Michael Tiedemann: Well, the event-driven strategy just completed its 30th year of profitable performance, which is really amazing, and I reference that. It really is an amazing history and the team has worked together for a very long time. The environment is, I would say a good environment in terms of the fact that deals are being announced. There’s interest rates having leveled-off mid-year last year, have at least allowed financial projections and modeling to be done for businesses. So then people are — CFOs and management teams are able to make strategic decisions and begin to move deals forward. The event environment is off to a slightly slower start than the team expected. Spreads are, I would say average from where they’ve been historically.
So we are hopeful that the deal flow will continue to pick up, but you continue to see some regulatory and political interference at times, which create volatility in the space. But beyond that, I would say it sort of will track to a standard year for the strategy.
Wilma Burdis: All right. Thank you. Have a good evening.
Stephen Yarad: Thanks, Wilma.
Michael Tiedemann: Thank you, Wilma.
Operator: Thank you. [Operator Instructions] And, gentlemen, it appears we have no further questions this afternoon. Mr. Tiedemann, I’d like to turn things back to you for any closing comments.
Michael Tiedemann: Okay. Thank you, operator, and thank you, everyone, for dialing in late on a Friday. And we invite you to contact us with any questions that you might have or to schedule any follow-up calls. And we’re excited for 2024 and look forward to updating you further on our first quarter call. Have a great weekend. Thank you again.
Operator: Again, ladies and gentlemen, that will conclude today’s conference call. We’d like to thank you all so much for joining us. And again, wish you all a great evening. Goodbye.
