So if we kind of go back over the last three, six months, there was a little bit of a catch up because they’re showing a quarter earlier and maybe the performance was much more decent, but now all of a sudden, performance is eroding a bit because of the inflationary and higher base rates. And so then you get in this whole, negotiation around valuation and deals fall apart. So I’ve seen that for sure in a lot of situations. On the competitive side, what’s really unique, I think, right now in this deal environment, it’s because there’s not a lot of new properties coming to market that are extremely attractive. So the compression of the deal cycle has really been reduced. And a lot of times lenders are really not coming in or allowed to come in by the investment bankers till the second stage because they’re really trying to control these deals and certainly sponsors that are working these deals are trying to avoid losing to the competition.
So it’s fiercely competitive out there. We’ve got to be really responsive as a team to be working very quickly with these sponsors, going through all the third-party diligence and doing our underwriting, so we’re not slowing them down. But that definitely is an overall theme in the market.
Robert Dodd: I appreciate that, thank you for the color. On another one, on different subject, on the buyback, obviously you didn’t buyback in the third quarter, did in the second. Can you give us any, I mean, was it blackout dates? What would, you know, obviously what we end or anything, but you did have in Investor Day. Can you give us any comment on why no buybacks in Q3 versus quite a lot in Q2?
Elizabeth Murray: Yes, Robert, great question and as we mentioned on Investor Day since 2019 we spent 73 million buying shares which equates to like 8 million shares. In 2Q, we bought 1.4 million shares at an average price of $7.75. As of yesterday, I think we were around $9.39, is what we closed at. And this quarter we had to balance leverage with some portfolio opportunities. And as we’ve always said, we’re very shareholder friendly. We’re very committed to our share buybacks, but this just wasn’t a quarter that it worked out and you will see us in the market in coming quarters. Since 2019 we’ve been in the market 11 out of 12 times when we weren’t blacked out. So you can know that we’re committed to it. We just had to choose different levers this quarter.
Matt Freund: Got it. Thank you.
Elizabeth Murray: Yes.
Operator: Thank you. Our next questions come from the line of Casey Alexander with Compass Point. Please proceed with your questions.
Casey Alexander: Hi. Good morning. Thank you for taking my questions. The two Sierra positions that were realized after the end of the quarter. Can you tell us how they were realized just relative to what their marks were? I don’t even need to know the names, just if there’s any additional gain or loss on those subsequent to the end of the quarter versus the three-quarter mark?
Elizabeth Murray: Yes, Casey, so like you said, we exited two, one we exited, I want to say, about $20,000 above the mark, and the other one was, I mean, the other one was marked at only $9,000, and we either exited that, like, right around the mark or slightly under. So very immaterial to the overall portfolio.
Casey Alexander: Okay, that’s fine. That’s fine. Thank you, Elizabeth. Then looking at slide 13, we see what the portfolios are at. What is the mark-to-market loss on the Sierra portfolio and the MVC portfolio, just so that we can compare them to where the credit support agreements are valued?
Elizabeth Murray: So I’m going to give you a couple data points, Casey, which I think will answer your question, if not, let me know. So MVC, the current portfolio is valued at $62.5 versus prior quarter was $72.4, where the CSA was valued at $16.8 versus $15.6. So that’s the MVC portfolio.
Casey Alexander: But that’s not what I’m asking. What I’m asking is the CSA is — for MVC is valued at $16.8. The top side of the CSA is $23. What is the actual current mark-to-market loss on the MVC portfolio?
Elizabeth Murray: Got it. So that’s about $30 million, Casey.
Casey Alexander: Okay, that’s about $30 million. Okay, and what’s the actual mark-to-market loss on the Sierra portfolio?
