Ryan Lynch: Yes. I mean, I guess I’m just looking at versus the Credit Swiss, I’m looking at LCDs and the average flow name bid is at a 97. And so I certainly appreciate the potential conservatism in your book if you guys have your first name marked at 91. But I would also ask, I guess why is it marked down that low to that level of conservatism when I don’t see that in broad liquid indices and leverage loan indices, and I don’t see other BDCs marking it down at that level. What drives that level of potential? We’ll find out over time if that’s just conservatism and that overall mark.
Patrick Schafer : I think that 97 number is a today figure. And again, these are marks. So when you look at our liquid indices benchmarks, and again, post SVB, we’ll see if this changes. But obviously, we’ve had a pretty big rally in credit for the first three months of this year. So, if you look at the benchmarks, we used to value our portfolio, they’re tighter today, meaning the spreads are tighter, meaning prices are higher than they were at 1231. So you’ve had a pretty big rally in credit and you’ve definitely had a big rally in floating rate debt, because obviously, this higher for longer has put a real floor under loan valuations. And obviously, the vast majority portfolio is floating rate loans. So the number you’re using, like again, like if we were going to value our book today, and use the indices today, obviously, the NAV would look different.
Ted Goldthorpe : Yes. And Ryan, the only thing I’d say, again, I’m happy to follow up offline. I mean, we use a — again, part of what we use is a broad Credit Suisse levered loan index that I’m literally pulled up and looking at right now, and as of year-end the average price in that index was 91.9, not 97. So, like I said, I’m happy to sync up afterwards. It’s a publicly available indices entity that is part of what makes up our valuation process. But the 97, again, I’m not sure that’s, or that’s apples to apples. And the last thing I’d say, and again, we don’t want to get all high and mighty about our valuation policies because, everybody can speak for themselves. But the other back testing we do for our board is we look at every single realization and where it was valued beforehand, and where it was realized.
And I think across — it’s basically like 100% hit rate for the last couple of quarters and our realizations are at higher values than we were overvalued. So I mean, it just shows — it’s for us to provide comfort to the board that our valuations are generally speaking conservative.
Ryan Lynch: Yes. I guess, what we are trying to do with outsiders looking at is just figure out, and if something is just conservative, then that’s fine. But I guess, from an outsider looking, we are trying to figure out these outsized moves in your portfolio as NAV and the portfolio decline as well as the NAV decline. Is that credit or is that mark-to-market? And there is probably a combination of both of them, given what’s going on in the market today, which is broadly to here in credit quality across the , I think, focus right now for investors particularly for sort of the outside booth and the NAV just trying to navigate that. So I appreciate it.
