Ryan Lynch: Okay. That’s helpful. And that’s the backdrop, the other question I had, you mentioned the 2 loans this quarter that received sort of a credit-related mark down Pure Fish and KDS. And you gave a background of why those businesses were feeling some pressure. But then you ended it with saying that you consider both of these — both of the problems that these businesses are experiencing seem to be transitory. And it wasn’t clear to me why you thought that those issues were transitory. And so if you could explain your thought process behind that comment, that would be helpful.
Daniel Pietrzak: Yes. I’m happy to, Brian might want to add to it. I mean, I think what we’re saying is we believe in the strength of these companies, the size and scale of these companies probably between the 2 of them, there’s an average of $500 million or so of sort of equity sort of beneath the loans and the loans we sort have made. So I think on — we’ve seen this in other retailers just a bit of a lot of inventory. People overbought during some of the euphoria cohort, we think that sort of works its way out. We think there’s real brands there. And I think on KPS, the same. We think it’s a very large, high-quality business that’s fairly sort of tough times with wage inflation, et cetera. So we think they worked ourselves out is the point obviously, we’re reflecting the current move though in the marks, which is why we’re raising it on the call. .
Operator: And our next question coming from the line of Casey Alexander with Compass Point.
Casey Alexander: If we can focus a little bit, go back to Slide #10. As you said, you don’t manage the averages. And I’m a little curious about sort of the tails of the portfolio. Can you share with us what percentage of the portfolio is currently under onetime interest coverage and sort of what — I know you guys do a lot of forecasting and are good at math, kind of at the terminal expected rate, sort of what percentage of the portfolio would it then at that point in time likely be under onetime interest coverage?
Daniel Pietrzak: Yes. Thanks, Casey. Just a handful of names would be under sort of 1 time today. I think it’s 2% to 3% of the total value of the portfolio. I don’t think I have off the top of my head if we fast forward it to kind of the terminal rate point. And I think you’re right. I don’t think — I think the information on Slide 10 is, I think, very important for someone to understand how the portfolio has evolved, right? But I do think you end up being much more focused on the individual line items. That said, to put in context, I think that 1.9x that you see there on Slide 10, if you look at the MAX forward curve, with no change in sort of earnings, that $1.9 billion goes to $1.64, right? So maybe that handful of them goes up a couple of more names and maybe it pops up a couple more percent.
Brian Gerson: And Casey, this is Brian. I think the other point to recognize that as rates go higher from here on a percentage basis, looking at the base rate plus the coupon the change gets smaller and smaller, so the impact is less on a go-forward basis versus what it was in the past.
Casey Alexander: My next question is in sort of a broader context, the folks operating your portfolio companies are not operating in a vacuum. They see the news, they understand what’s going on in the environment. How do you feel like your portfolio of companies, I mean they must be adjusting to an inflationary environment. So even if inflation sticks around for longer, how do you think your portfolio companies are adjusting to that and their ability to manage forward. And don’t you think that would ultimately companies successfully adjusting to that begin to enhance the M&A environment?
