So, if we’re investing in something that might be positively impacted by electrical vehicles or energy consumption or things like recycling or closed loop or other things that are certainly more on trend and being driven by social trends and government investing, those are places where we’re going to see continued growth opportunities. So, we’re just more mindful of what the realistic ’23 outlook might bring for the wider swath of credits that we’re seeing.
Robert Dodd: Got it. I appreciate that color. And I’m kind of kind of following on. I mean, yes, the private capital markets, as you say, are still open. I mean, you’re still, (ph), still lending. Are you seeing any increase in competition in your end of the market given, to your point, there’s probably somewhat fewer businesses that actually meet everybody’s kind of — not necessarily us, but other’s underwriting parameters in this environment? Is it resulting in more crowding for the deals that all getting done? It doesn’t seem to be, right? Because spreads…
Bob Marcotte: I don’t think so. I think the idea of we’re consistent player. We’ve got an established position. More often than not, we’re getting calls from sponsors who the banks flaked on them or some lender that was relying on the CLO market to support their business or insurance company to back them isn’t there, and we’ll certainly get those calls and have preferential opportunities. And the thing in today’s marketplace that I would say is there’s no reason for us to stretch. I mean, given our traditional pricing, use a benchmark, seven over something like that. Today, that’s going to generate senior returns in excess of 11%. There’s no reason to stretch for extra credit risk. We have had situations where the senior is approaching what would traditionally be subordinated or second lien returns, there’s no reason to stretch the current level of interest rates, and the current demand for private capital is giving us a tremendous opportunity to put money out as senior risk as long as it’s in the right business.
It’s generating great returns for us.
Robert Dodd: I appreciate that really clear answer. Thank you, Bob.
Bob Marcotte: Thank you for calling in.
Operator: Thank you. At this time, we’ve reached the end of the question-and-answer session. I’ll now turn the floor back to Mr. Gladstone for closing remarks.
David Gladstone: Okay. Thank you all for calling in. I would mention that there’s a lot of junk in the marketplace today. A lot of banks have been out of the market and just closed their door to new loans. I guess the regulators are beating on them pretty hard. Anyway, we’re in great shape to keep moving forward. I expect this quarter that we’re in now, that began in January, is going to be a strong quarter for us. And that’s really the end of this presentation. We’ll see you next quarter. So, thank you all for calling in. Rob?
Operator: Thank you. This will conclude today’s conference. You may disconnect your lines at this time. Thank you for your participation.
