Robert Dodd: Got it. Thank you. Since you brought up Park Place, it says $2 billion facility now [indiscernible] 3 years ago, obviously they’ve made acquisitions since. But could you walk us through it in terms of like, 3 years ago it was first lien, second lien $1 billion with a blended spread that like 575. Now it’s $2 billion with a dividend taken out with a blend [indiscernible] I think 525. So could you give us — because I don’t think the leverage is any higher, but what — what’s the thought process for you in the second lien before? What’s the thought process for going to unit tranche for that particular structure. I mean, because they’re more for you. I mean, honestly, they choose in terms of that, because it’s gone to all UNI with a dividend taken out with a lower spread, and less so ID I presume, as well. So is it just that much [indiscernible] today than it was 3 years ago?
Brad Marshall: Yes, that’s not exactly accurate, Robert. So it’s actually a first lien and press [ph] capital structure. So what you had was an all cash pay for a second lien capital structure. The company continues to grow, wants growth capital. So we approached the company and said, why don’t we do a first lien security and put a big press, that’s 100% PIC. Behind that, free up your cash flow in order to continue to grow. We’ll give you some additional growth capital to do some acquisitions. So it was highly strategic to them on two fronts, one gave more flexible capital structure; two, freed up a lot of cash flow. And the junior part of that capital structure sits in kind of higher risk oriented funds. And the first lien sits in our lower risk strategy. So I would not characterize that as a unit tranche. It’s a first lien plus PIC press.
Robert Dodd: Got it. Thanks.
Brad Marshall: And by the way, the momentum — I’ll just add to the momentum in data centers is an incredible opportunity and Carlos hit on this, but Blackstone across [indiscernible] and digital realty owns something like $100 billion in equity in data centers. So we are highly strategic to assets like Park Place. And we think the long-term tailwinds in the sector are enormous. It’s one of Blackstone’s key investment theses, if you’ve kind of listened to Jon Gray kind of highlight this on previous earnings calls, but it is something that we’re very bullish on.
Robert Dodd: Thank you.
Operator: Thank you. We’ll take our final question from Casey Alexander with Compass Point.
Casey Alexander: Yes, good morning. Thanks for taking my question. This is just more of a curiosity, over the last couple of years there when the deal activity was more prevalent, you guys were expanding in software, there was a lot of software around the market. I’m just curious if the composition industry wise of deals being introduced has changed? And if so, what kind of industries are you guys seeing opportunities in it? And what kind of industries does it look like private equity seems to be centered on if we’re kind of starting a new cycle of deal flow here.
Brad Marshall: Yes, I think — I wouldn’t say there is a material change over the last couple of years as where we’re focused. What you see is, is more of an intentional focus on quality, right. Larger companies in the right parts of the market. We’re in this period where we’ve seen inflation abate a little bit, but we are seeing a deceleration of growth really across the economy. If you look at default rates, for instance, in direct lending, you see some of the cyclical, more capital intensive businesses at the higher end of the range, north of 4% default rates. Whereas services and software are less than 2%. I think that’s where the majority of the capital is going both from a credit perspective and in equity perspective.
Casey Alexander: Yes. Okay. That’s my only question. Thank you.
Operator: With no additional questions in queue at this time, I’d like to turn the call back over to Ms. Wang, for any additional or closing remarks.
Stacy Wang: That would be all. Thank you all for joining us this quarter. We look to speak — we look forward to speaking to you next quarter. Thanks, everyone.
Operator: Goodbye.
