Bryce Rowe: Understood that. I appreciate that. Maybe I’ll just move on to another topic here. Henri, the quarterly dividend income, you called out $1.3 million from the senior loan fund. There is an additional, let’s call it, $500,000 that came in there. Is that — would we characterize that as kind of recurring in nature, or is that more one-time?
Henri Steenkamp: Yeah. There’s one portfolio company that regularly pays us a dividend every quarter, but it’s more $100,000, $150,000. I’d say the additional piece, you’re right, Bryce, was sort of — it definitely — it won’t be recurring every quarter. It was another one of our portfolio companies who distributed some of their excess flow from operations.
Bryce Rowe: Okay. That’s helpful. One more for me. And certainly, I understand you’re not going to give specific guidance around kind of repayments, but we’ve — or exits, but we’ve seen relatively muted activity on the repayment exit side for the last few quarters, understandably. So, can you speak to — and maybe this is a question for Mike, but can you speak to kind of the market activity right now within the portfolio? Is there interest in potential exits? And if there is, can you kind of speak to maybe the velocity or the probability of stuff kind of coming to market over the next little bit? Thanks.
Michael Grisius: Hey, Bryce, this is Mike. As it relates to that, it’s bit of a question mark, right? I think that’s going to coincide with the overall deal market picking up. So, really hard to tell. I would say some of the things that we look at is for some of our assets, they’ve been in sponsor ownership for a period of time. So, at some point, even if they feel like they’re not going to optimize the valuation relative to what they would have gotten 18 months ago or a couple of years ago, let’s say, they’re going to be inclined to exit. So, we think that at some point, that will turn, and probably we’ll start to see some redemptions within our portfolio. At the same time that, that starts to occur, we would expect, and this is just naturally how it tends to work, the deal volume in general will pick up.
And so, we’ll be a little bit back on that typical cadence that we have where we’re getting redemptions and then our origination activity has to outstrip that, which it has comfortably for a long time now. But right now, we’re in a position where deal volume and originations are skewing more towards supporting our portfolio of companies, which we’re delighted by, and we’re not getting much redemption. So, our portfolio growth — even though our new platforms are not increasing, our portfolio growth is still solid. But hard to say on the redemptions. We — I can’t tell you that, hey, we see that on the horizon and there’s going to be a big wave this year, although that could occur, it’s just hard to say.
Bryce Rowe: Okay. I appreciate that. Thanks for taking the questions.
Christian Oberbeck: Thanks, Bryce.
Operator: Thank you. This concludes the question-and-answer session. I’d now like to turn it back to Chris Oberbeck for closing remarks.
Christian Oberbeck: Well, we want to thank all of you, all our shareholders and everyone on this call for listening, for considering Saratoga. And we look forward to speaking to you next quarter. Thank you.
Operator: This concludes today’s conference call. Thank you for participating. You may now disconnect.
