Ryan Lynch: Okay. Yes, that makes sense. I was just curious on – obviously, it’s been a pretty slow environment right now. Multiples are not necessarily high, spreads are wide, base rates are high, growth is slowing. So it’s not a great time I don’t think for – and there will be M&A and companies will really transact. I’m just curious, what type of companies do you see transacting in this current environment number one. And then number two, what do you think has to change – and maybe there’s multiple things that need to change before you think there will be a more consistent level of deal volume out of the marketplace?
David Golub: Sure. So first again, just share of fact base. M&A volumes have been very slow, not a little low, not a small decrease from 2021 or the early part of 2022 but a very dramatic decline. And it’s small deals. It’s large deals. It runs across the board. And I think to your point it’s not entirely surprising. We saw – in the spring and summer of 2022, we saw a decline in public equity prices and we saw a very significant increase in financing costs. So when we’ve seen that pattern before, it typically takes a bit of time for buyers and sellers to recalibrate and to come to agreement again on what constitutes fair value. I think it is changing right now. We’re seeing some improvement in deal activity, in our pipeline.
I think private equity sponsors are in many cases eager to get new deals done. I think some private equity firms are now testing the market by bringing out for sale companies that are strong performers. So I think it’s going to start improving over the course of calendar Q2 and more particularly over the second half of the year. But it would help us a whole lot, Ryan, if we also saw an improvement in the macro picture. So if we saw signs of continued deceleration in inflation and people could get more comfortable that the interest rates have already peaked and are going to head down in 2024. I think that would help a lot.
Ryan Lynch: Yes. Makes sense. And then just one last question if I can. I don’t remember if this has been addressed in the past but both your securitizations both exited – or both exited their reinvestment period earlier this year. I know there’s not a lot of repayments in the marketplace occurring today. But as there’s more repayments in each of those vehicles, I think they become less efficient from a capital funding source. I’m just curious longer term, what do you — I would assume at some point you’re going to want to replace those as they become less efficient. What do you anticipate replacing those with? And is there sort of any estimated timeline of when they would be replaced? And I would assume that that probably depends on the level of repayments in those vehicles, which I’m assuming is probably pretty low at this point.
David Golub: Yes, as Chris Ericson said, we’ve got enormous liquidity. So, there’s no rush to do anything. You are correct that over time it’s good to refresh securitization so that at least some of them are in reinvestment period. And we do have two that are very attractively priced, but that are now out of their reinvestment period. It’s not a problem. We have such ample liquidity that there’s no need to manage this and prepay those early. We don’t want to prepay them early because the pricing on them is below where market is today. But at some point in the future as we see repayments, it will make sense to refresh those securitizations. I like having a mix of different kinds of financing, a combination of unsecured notes and securitizations and the bank revolver. I think that combination works very well. So, I’d anticipate we’d continue to want to manage the right-hand side of the balance sheet with a mix of those three.
