Christopher Nolan: And my follow-up question is, given all the turmoil and venture debt and venture capital, are you guys rethinking in terms of how you are allocating your resources by industry so less life science, more technology or…
Scott Bluestein: Yes. I think the key for us really is on diversification. Right now, we’re managing our book at roughly 50-50. So approximately 50% of our asset base is invested in technology companies. Approximately 50% of our companies – of our debt positions are in life sciences companies. We will toggle that percentage on a quarterly basis depending on what our view of the macro environment is. Right now, we’re managing the book at roughly 50-50, and that’s what we intend to maintain certainly through the next quarter or so.
Christopher Nolan: Thank you.
Scott Bluestein: Thanks Chris.
Operator: [Operator Instructions] Our next question comes from Paul Johnson with KBW. Paul, go ahead with your question.
Paul Johnson: Yes. Thanks guys for taking my questions. A lot of good ones have already been asked. And just a few for me, I guess. But – so I guess your prepayments this quarter were a little bit, I think, higher than maybe just a little bit higher than we were expecting. But I guess, sort of counter to some of the other venture BDCs have reported. Just kind of wondering what’s going on there with activity and why prepayments have been a little bit higher than you expect in this environment?
Scott Bluestein: Thanks, Paul. Two things. First, our prepayments were in line with our public guidance. Our public guidance for Q2 was $225 million to $325 million. We ended up at about $297 million, so certainly within our public guidance. And in terms of what’s different and why other venture lenders are reporting different things. All I can tell you is I think it speaks to the quality of our portfolio. Year-to-date, we’ve already had 11 closed M&A events – that’s driving a significant spike in M&A across our portfolio, which obviously leads to prepayments. And I think we’ll continue to have relatively higher prepayments relative to others in the space because of the quality of our portfolio.
Paul Johnson: Thanks, Scott. It makes sense. And then on the call, you mentioned emphasizing diversification this quarter. I’m just curious if you guys are finding any sort of particular attracted more particularly attractive value in any specific kind of stage of growth? Are you seeing better opportunities and expansion stage type of companies versus established versus pretty much the best market you’ve seen in years and it’s all good?
Scott Bluestein: I think it’s a really strong market, Paul. But we’re not going to comment publicly on areas or industries or sectors or stages that we’re focused on. Obviously, that’s something that we’ll talk about after we finished the quarter. But there are certainly parts of the market and certain stages that we are much more focused on now. We’re just not going to talk about that publicly.
Paul Johnson: Hey guys. Thanks. That’s all for me. Congratulations on a good quarter.
Scott Bluestein: Thanks, Paul.
Operator: I’m showing no further questions at this time. I would now like to turn the conference back over to Scott for closing remarks.
Scott Bluestein: Thank you, Stacy, and thanks to everyone for joining our call today. As a final note, we will be participating in the KBW Midtown March on September 28 in New York. If you are interested in attending this event, please contact KBW directly or Michael Hara. We look forward to reporting our progress on our Q3 2023 earnings call. Thank you, and have a great day.
Operator: This concludes today’s conference call. Thank you for participating. You may now disconnect.
