Dan Pietrzak: I think we have seen, let’s call it issues, that event have impacted companies sort of broadly, I think, if you went back, four or six quarters, it was probably supply chain challenges. I think today most companies who maybe are heavily reliant on the expense side on wages are sort of generally sort of struggling. And I think the environment we’re in, I do think if you look at that bottom 25% example, it’s outside of the idiosyncratic sort of points, it’s probably companies who have struggled for whatever reason to pass through sort of price, right, just with everything that sort of happened, and that has sort of been impactful. And I think that some of that has been maybe not in an environment or a sector where they could do that, maybe there’s, maybe their end customers are sort of well stocked, but I think wages, I think where we sit today is probably wages and lack of ability to pass through price to keep the revenue side up.
Ryan Lynch: Okay. I just had one last one. I know there’s been a lot of disruption in the banking sector, with the several failures, it seems like there’s going to be probably a pullback in bank. I’m not sure how much that really affects your overall LBOs kind of private credit buyout business. So I’m not sure how much of competitors, banks really aren’t holding those assets on their balance sheet. But it does seem that that bank potentially could be a competitor and maybe some of your ABL businesses. So I would just love to hear, have you seen any sort of pickup in your ABL business from the retreat or do you expect any sort of pickup in opportunities from a potential retreat in banks that they do some lending and anything else?
Dan Pietrzak: Yes, that’s a fair question, considering what’s happened this quarter. I think you’re right. I mean the impact on the regional banks I don’t think moves a lot on the regular way direct lending business. Remember what and you were sort of mentioning ABL when we talked about ABL, we’re probably talking more about receivables and inventory financing. That’s clearly a product that we have that were out to companies, those companies are probably ones who are struggling who need to access an alternative form of capital, and we’re probably better providers of that than banks due to the shape of the corporate. I think the broader sort of piece just not to confuse it to is our asset-based finance effort. That’s more consumer mortgage sort of funding the real economy, but not really sort of corporate credit.
My sense is everything that is going on with the regional banks is probably a net positive to both those pieces as there should be more deal flow. And I think history will tell you that the private debt markets can come and fill that capital void that might be left. I think — that said, on the other side, I think we’re a little bit mindful from a risk perspective that the regional banks taking a step back or being forced to shrink their balance sheet could cause a credit contraction in the overall market and could provide some additional pumps either from a volatility perspective or an impact on a recession. So I think we’re mindful about all those factors.
Ryan Lynch: Okay. I understand, yes. The negative impact has just been going back broadly, so, understood. I appreciate the time today.
Dan Pietrzak: All right, have a good day.
Operator: Thank you. Our next question comes from the line of Melissa Wedel with JPMorgan. Your line is open. Please go ahead.
Melissa Wedel: Thanks so much. Appreciate you taking my questions today. First, I want to touch on the share repurchase authorization, which you completed this quarter. With shares trading where they are relative to NAV, are you guys thinking about future share repurchase activity and possibly pursuing another authorization?
