And as you suggest, as they get refinanced, we’ll have a chance to replace those with more market spreads. So possibly, we could do a bit better. It really depends where market spreads go as the market strengthens. So I don’t want to promise we’ll do better. I promise we’ll try. But I think our spread is very high already relative to the peers. Again, unitranche today is coming about 6.50% to 7.25% over. So to the extent — I’ll just do this math quickly. If we had 10% of the book at 5.75% over and we could replace 10% of the book at 6.75% over, that’s 100 basis points, you’re talking 10 basis points across the book. So we’ll, I hope so, but we’ll have to see how that aligns with where new deals are coming at the time that’s happening.
Operator: Our next question comes from Mark Hughes with Truist.
Mark Hughes: Just a question on the trajectory of new fundings or new commitments versus what gets repaid or sold. As the market opens up a little bit, do those move in parallel or does one kind of move ahead of the other as the cycle progresses, so to speak?
Craig Packer: Sorry, Mark, I heard you, but I’m not sure I followed it. Does what move in parallel?
Mark Hughes: Just the trend in new commitments versus pay-downs as they — does one precede the other as we ?
Craig Packer: Look, we’re — we’ve got a 0.9 and 1.25 target leverage. We’re towards the higher end of that. I think that’s the ideal place to be. We’ve really — would like to stick there. We don’t want to exceed it and it sort of get beyond our leverage target, but we’d like to be at the higher end. So essentially, we’re matching new investments to repayments. And so as we get visibility on repayments, we will try to match up as best we can, new investments to take their place. I mean it’s — you can’t be totally precise about it because the deals don’t happen every day. But we’re pretty good at matching them up. Certainly within a quarter, we can match them up pretty well. If we got an environment where there’s significantly elevated repayments, perhaps there’d be a bit of a lag.
But I don’t — we’re a long way from that. But a more just modestly increasing repayment environment, we would layer in new deals. I mean we are doing new investments on our platform weekly, and so there are opportunities sitting here today for us to put more in ORCC. We’re just sizing them to keep leverage pretty flat, so we can be nimble as the repayment opportunities present themselves.
Operator: And there are no further questions at this time. I’ll hand the floor back to Craig Packer for closing remarks.
Craig Packer: All right. Terrific. Thank you all for listening. I really encourage everyone to tune into our Investor Day. We’re quite excited about it. You’re going to get, I think, a much deeper understanding of our team, our process, a lot of the topics we’ve touched on today. And so please tune into it. If you need any help on how to get access to it, just reach out to our team, and we will help you there. Thank you, and have a great afternoon.
Operator: Thank you. This concludes today’s call. All parties may disconnect.
