Henry Chung: And Paul, I think – this is Henry speaking. One other thing to note here is the rotation of the First Eagle assets that is still currently in process. So, as those assets monetize, we would seek to reinvest those in directly originated loans from the Crescent platform here. So, if you look at the Q4 activity on a net basis, we were up modestly on a quarter-over-quarter basis. But if you look at the overall activity here, there is a fair amount of realizations just due to the rotation of that book relative to new deployment within the quarter.
Paul Johnson: Got it. That makes sense. And I appreciate the color there. Now, I was just wondering if you could maybe, if it’s possible, just touch on any sort of fundraising efforts the advisor has outside of the BDC, it’s possible to provide any sort of numbers or targets that you are looking to potentially raise and will these assets be, I guess in line with CCAP’s core strategy?
Jason Breaux: Yes. Hey Paul, it’s Jason again. Thanks for the question. I think what I can say is CCAP overall – or Crescent overall is a $40-plus billion platform, of which $30 billion of that is in private credit. If you think about CCAP, that’s just under a couple of billion of that $30 billion. So, we have got some fairly significant affiliated institutional funds that CCAP sits alongside at Crescent that focuses on private credit, whether it’s lower-mid market or core-mid market U.S. and Europe. And so I think what I could say is that we are regularly in the market with institutional funds focused on private credit and certain segments of private credit. That’s nice for CCAP because as a $1.6 billion portfolio, we can maintain really nice diversification within our portfolio and still be very relevant in the marketplace because as we participate alongside the larger institutional funds that we sit next to, CCAP might commit $10 million or $20 million to a given transaction and Crescent as a whole might commit a couple of hundred million dollars to that transaction.
So, it’s certainly an attractive benefit for the BDC to be attached to these larger institutional pools of capital.
Paul Johnson: Thanks for that. And last one for me. You guys, obviously, this quarter as well as for the full year, last year, pretty significantly over-earned the dividend even with the supplemental framework in place. I am just curious if the Board in addition to the supplementals has been evaluating any sort of potentially specials or if you are just comfortable with the current level of spillover that you have built up?
Jason Breaux: It’s Jason again, and maybe Gerhard might have something to add here. But I would say that we are comfortable with where we are at the moment. We talk about the dividend regularly, internally and with our Board. As you know, Paul, having covered us for some time, we really, since inception have prioritized earning our dividend and have never cut our dividend, which are two sort of, I would say, key priorities for us going forward. And as we think about the ongoing environment and what’s going to happen to rates, we certainly run sensitivities around that and around the performance of the portfolio. And I would just say, we want to be in a position where years from now, when rates are down meaningfully potentially from where they are today, we can say that we continue to maintain our base dividend at $0.41 and have hopefully shared a lot of the upside from the higher base rate environment with our shareholders in the form of the supplemental.
Paul Johnson: Appreciated. That makes sense. Helpful answers and congrats on a very good quarter.
Jason Breaux: Thanks Paul.
Operator: Thank you. There are no further questions. I will turn the call back over for closing comments.
Jason Breaux: Okay. Well, thank you everyone for joining the call here today. We are appreciative of your interest and your time that you have invested in CCAP, and we look forward to further conversations with you all.
Operator: Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and we ask that you please disconnect your lines.
