Bowen Diehl: Yeah. Certainly, a good — an interesting question. So, it’s kind of both of those things. So from a sponsor perspective, I mean, as indexes widening, if you’re buying a company, the cash cost of that debt has gone up, right, dollar for dollar. And so, naturally, the way you solve for that is if you want to start amount of free cash flow to support the business and grow the business, you bring leverage down. That’s why my comment on loan to value, not really — loan to value also coming down, it’s interesting because that would suggest certainly in the universe we’re looking at the multiple for good, strong companies hasn’t really come down much yet. It’s kind of a nice wave nice time to be a first lien lender because we’re effectively capturing a larger piece of the cash flow.
And so — and then on top of that, I think lender, we’ve been able to be more conservative on our proposals and candidly win some deals. And so, I would interpret that as the lending market being may be more cautious, also some dynamics. I mean, many lenders are backed by insurance companies and they’re investing capital and it’s their access their appetite for illiquid credit versus some of the more liquid credit and as they’re investing in their books. And so, they kind of come and go. So, there’s a dynamic of that in the market as well. So it’s kind of over all of those things.
Michael Sarner: We’re working with sponsors now that — in conversations with for the last three to six years, we probably haven’t found a way to be useful to them. And right now with sort of less lenders playing in the market, we are able to be helpful to them, and we think long-term, this is going to enhance our originations platform.
Robert Dodd : Got it. I really appreciate the color. Kind of are you seeing in the pipeline early stage or whatever? Are you seeing any changes in quality of companies. Obviously, that can be in customer environment, obviously, the average quality tends to go up and vice versa and things like that. So, are you seeing a mix shift on who’s coming to market versus where it was, say, a year ago?
Bowen Diehl: Yeah. I would definitely say there is some aspect of that. It’s true because really companies that are in the market right now for sale are ones that are candidly not super cyclical, right, because they would be able to raise the financing to do the deal, et cetera. So, in many respects, higher-quality companies, higher margins all the aspects of the company that make it higher quality credit. I think, it’s definitely the case because anything that’s even more lovely offset of the fairway, it would be very hard to sell the convert. I would definitely agree with that being a factor.
Robert Dodd : And just if I can, this is maybe an unfair question. In your experience over the — where is your impression of — where do you think that given all these dynamics? Where do you think the 2023 vintage in terms of quality could shake out as a lag against previous originations and produce?
