But I think we’re in a very comfortable position in terms of where our dividend is and being able to sustain it over the long run. And the incremental earnings that we have are going right into our equity base and allowing us to do more business. I think as Mike had elaborated in his piece, we had to have a tremendous pipeline and we’re actually turning down very interesting deals, because our bar has been raised even higher. And so the terms, conditions, quality of what we’re seeing is very strong. And so I think the shareholders feel comfortable that, that those incremental earnings are being put to very good use in this current environment.
Bryce Rowe: That’s helpful, Chris. Maybe one more from me. It looks like on the phasing page of the queue that shares outstanding are up a little bit quarter-to-date with the quarter ending August. You know, I assume that, that you’ve been a little bit active on the ATM and I guess the question is, are you all at the adviser level helping to subsidize some of the costs of the ATM?
Christian Oberbeck: Well, I think that’s a very astute observation, Bryce, and I and yes, that is the case. We have sought to raise some more equity and we had some small raises in the past. And yes, the advisor has been involved in assuring that the BDC receives NAV for any shares sold.
Bryce Rowe: Excellent. And with that in mind, Chris, you know, I think we’ve talked about this in past calls as well, but is there a understand, kind of, the nature of your debt outstanding and the higher quality nature of it? Is there a, kind of, a certain, kind of, target debt to equity ratio that you would optimize or that you would ultimately like to be at with the ability to possibly raise equity in the future?
Christian Oberbeck: Well, again, last call we had a very extensive conversation on that. I think our comments from that are still what we think about it. I think we’ve got a balancing act that we’re working on here, which is we’ve got a tremendous pipeline of very high quality investments. We’ve got a very solid liability structure that is really structured to handle a lot of adversity, and right now is paying off super well given the rising rates. And so I think on the downside of leverage, I think we’re very, very well positioned in that we don’t have any covenants. We don’t have any hard maturities that are coming anytime soon that aren’t pretty manageable. And so we’re very well structured on the downside. And I know in terms of leverage, everybody, especially these days are very concerned about the downside.
I think the flip side is the positive, right? I mean leverage is good, and there’s a whole good aspect of leverage. And I think as you can see, our earnings performance, kind of, was way, way ahead of projections by many people looking at us and part of that is because of our leverage. And so we have a very strong — at the heart of it, super strong portfolio. And that portfolio with the rising rates and then the increase and better terms in our newer deals is driving, you know, I mean, our earnings are twice what they were a year ago. Our stock price is in twice what it was — what our earnings are. And so — and our earnings yield is over 15%. So dividend yield, 10%-plus earnings yield, 15%-plus. So from — looking at our portfolio, I mean, we’re performing extraordinarily well.
