Raj Vig: Yes, I’ll try to add some color and ultimately I think you’re highlighting the key point, which is this book is valued, almost just about entirely by third parties or in the case of market quotes, where the market quotes are available, which was more the driver of some of the unrealized losses. But as far as the valuation providers go, they typically are doing a triangulation of approaches. It’s not just a discounted market rate. There will be pressed in transactions particularly around M&A, and then there will be some public market comp applicability, and obviously there’s never a clean fit, but it’s really a combination of those two. But I think in terms of the market rate they’re using, it’ll vary. There will be a reference rate and then a kind of spread adjusted above that.
They do try to take a longer term view on the discounted cash flows and whether they’re using three months SOFR or some forward curve adjustment in the forecasted rates will vary by provider. I guess from a point of view of the overall book, though, keep in mind we have taken some in earlier quarters, but there was more volatility and before a recovery in the equity markets, which has happened through this year, we have taken more of the mark downs. I would guess a part of it in this market is, more of what’s happening in the public market equity that has a knock on effect to their approach, but it will be valuation provider specific and ultimately done independently.
Christopher Nolan: Okay, thanks, Raj.
Phil Tseng: And Chris, I’ll add that as Raj noted, where we are doing fundamental valuations by the valuation providers, they are using market spreads. So whatever spreads they are seeing in the public markets is typically what they will use to discount the cash flows adjusted as needed and on one-off basis. And those were relatively flattish quarter-over-quarter the markdowns that you did see were more on the more traded loans that we hold where you do tend to send to see a little bit more volatility in markets like this.
Christopher Nolan: Thank you.
Operator: Thank you. Our next question today comes from the line of Robert Dodd from Raymond James. Please go ahead, Robert. Your line is now open.
Robert Dodd: Hi guys. A couple questions. First I got to ask on the dividend the $0.10 and I realize again, it’s, it’s a board decision, but the $0.10 special, would it be reasonable to assume, I mean, if we look at the forward curve, which is, as it stands today, coming down slowly or projected to come down slowly, your earnings could stay elevated for some time and generate earnings, well in excess of the base dividend. So should investors expect or anticipate maybe that that $0.10 special this quarter continues in future so long as earnings exceed the base dividend by a sizable margin? Or can you give us any color on how that’s being thought about?
Raj Vig: Yes. Thanks for the question, Robert, and I’m glad you’re joined by your – you cannot associate in the background. But let me provide a little color. And as you know, we are very focused on being prudent and disciplined around the dividend. I wouldn’t call us a fast mover in this regard, but very methodical and deliberate, but one where we are very focused on a sustainable dividend and even as spend, and the question is special or for dividend increase, I would argue, I would sort of highlight that we’ve done both and within the last get, call it for three quarters or four quarters. As far as a special goes, it’s, the way we thought about it was, it is a very effective way in one quarter to give more cash back than even an increase on an annualized basis.
