Ryan Lynch: Okay, understood. And then your prepared comments. You mentioned about approximately half of the dollars deployed over the last 12 months, which also included in the third quarter were two existing portfolio companies. Could you kind of just give a ballpark of generally what are those proceeds being used for? Are they just refinance existing debt packages you have in these borrowers? Are they for new growth or dividend recaps? Just love to kind of get a good framework of when you’re investing in the existing borrow on the last 12 months. What are the use of those proceeds?
Philip Tseng: Yes, thanks, Ryan. This is Phil. So in every single one of those cases where we do provide additional financing for public companies. There are always healthy situations, obviously, because we’re willing to, based on the performance that we’ve observed over the years that these companies have been our portfolio, we feel very comfortable extending additional credit. And in large part, it’s for add-on acquisitions primarily. There are some situations where they’re continuing to grow their business, investing organic growth rather than inorganic acquisitions. And then in a very small sense, probably some dividend recap capacity. But again, these are all for performing situations, are very well performing where we feel like they have additional tech capacity.
Good example of that is our companies that have de-levered substantially over the time that they’ve been in our portfolio. And based on our analysis, we view that they have additional tech capacity that we’re very willing to participate in and help facilitate.
Ryan Lynch: Okay. My final question I had was sizable special dividend made in the third quarter, a very large spend in the fourth quarter. I would just love to hear dividend covered [indiscernible] its remain really strong over your core dividend next year, as far as estimates and consensus. It’s an expectation that you will continue to pay out some level of special dividend on a quarterly basis if earnings stay within this range, and that special dividend will obviously vary from time-to-time, or is this more of a year-end sort of true up you did the last two quarters?
Rajneesh Vig: So let me try to take that one. I think the — certainly we don’t want people to take the special as a forecast of a repeating special, because then it’s not a special anymore. So I do think we are looking at this as one way to give value back to the shareholders in a more concentrated fashion. Obviously we’ve — it’s not the only thing we’ve done. We’ve also done some dividend raises, which should be seen as recurring. And we are more frequently and periodically and more frequently assessing the dividend and other tools to return value to the shareholders. The merger is actually another form of that as well as we think about benefits that accrue from that. But our Board, we do a review, a thorough review with our Board around the business, where it’s going, the current prospects, and maintaining a dividend that is healthy but also very well covered so we don’t find ourselves in a position to take it up and then to take down, which I think will be not received well.
So it’s a long way of saying we’re going to continue to assess the conditions are very good. Obviously, you can tell by the NII over the last few quarters. The portfolio looks like it’s in good shape and the market is pretty attractive. I think you can just — and obviously, we have a transaction that we’re looking to close and we’ll revisit all of it as we do a recorder under the new co-dynamic versus just TCP to the standalone. And as we do that, we will come back and convey our thoughts to the market and where we can give more to the shareholders. We’re going to continue to focus on that. I would just encourage you not to take any one-time item as a recurring item. It’s the reason we put it as a one-time. In part, there is a year-end dynamic that tied to our over earning the dividend quite a bit through the year that ties into this one as well.
Ryan Lynch: Okay. Understood. I appreciate the time today.
Rajneesh Vig: Thanks, Ryan.
Operator: Thank you. At this time, we currently have no further questions. So, I’ll hand back to Raj Vig for any further remarks.
Rajneesh Vig: We appreciate your participation on today’s call. I would like to thank our team for all of the continued hard work and dedication. I would also like to thank our shareholders and capital partners for your confidence and your continued support. Thanks for joining us. This concludes today’s call.
Operator: Thank you for joining today’s call. You may now disconnect your lines.
