John Dunn: Maybe just any – yes, it did. Any fourth quarter seasonality we should be thinking about either unclosed or expenses or anything else?
Suren Rana: Yes, there is some seasonality in the fourth quarter. Of course, our performance fee is one which we’re well aware of. There are some seasonal adjustments in the OpEx as well on the fourth quarter that you may see. But not a business, it’s consistent with prior years.
John Dunn: Thank you.
Operator: Our next question is a follow-up from Michael Cyprys with Morgan Stanley. Michael, please go ahead.
Michael Cyprys: Thanks for taking the follow-up. Just wanted to ask on the expense side over the past couple of years, you’ve made some investments launching some of the new products that you spoke about earlier here. And now that these strategies have been developed, you’ve launched them. How are you thinking about the pace of expense growth from here? Are we past the major investment spend? Or do you anticipate launching some meaningful new strategies that will require some investment spend from here?
Suren Rana: Yes. On these two, we’re mostly built out – and there may be some selective additions here or there, but we’re mostly built out. So I would say there is no material additions to expenses for these initiatives. Similarly, on infrastructure, we’re well built out. We’ve spent a fair bit over the last few years on adding to our infrastructure to make it more scalable. So I think we’re good there and nothing – we’re not taking on anything new that would be big, at least not that we have any visibility on. We’re always open to figuring out new areas that we can leverage our capabilities in, but nothing imminent.
Michael Cyprys: Okay. And just a final question for me. Just from the balance sheet standpoint, you have some maturities coming up in ’26 – debt maturity, things like $274 million of senior notes, a little ways off in ’26. But just curious at this point, how you’re thinking about that just in terms of would you look to pay that down entirely and building cash to facilitate there? Or would you look to refinance that? And how much in advance, just curious how you’re thinking about that.
Suren Rana: Yes. That one has a prepayment penalty. So we’ll just – we’re trying to just let it be alone for some time and we’re approaching any way closer to what maybe a year from what we may refinance it. And what we think we can – that much leverage is about right, it’s about prudent – so we may just refinance at that same level. The revolver, as you know, is more of a temporary seasonal need, which we draw on in the first quarter and then just pay down. So we see that as separate. So with both the facilities combined, that gives us adequate cushion for our needs. But now we could probably bring it down a little bit in terms of size, and we have that flexibility. But I think it’s safe to assume that we will just keep those two.
Operator: This concludes our question-and-answer session. I’d like to turn the conference call back over to Suren Rana.
Suren Rana: Thank you, operator. Thanks, everyone, for joining us today. We appreciate you taking the time.
