And I think that’s why you see that growing as nicely as it is and I think that there’s a number of funds better pivoting towards private credit and other private fund type investments, and I think, that’s going to continue. Does that help.
Terry Tillman: Yeah. Got it. And maybe just one more — yeah. It did. I had Patrick off on a goose chase.
Patrick Pedonti: I got the number for you, Terry. So the number for
Terry Tillman: Okay.
Patrick Pedonti: Q4 for the Financial Services, excluding Healthcare, organic growth of 1.3%.
Terry Tillman: Wonderful. Okay. Thank you all very much.
Operator: Your next question comes from the line of James Faucette with Morgan Stanley.
James Faucette: Great. Thank you so much. You guys — Bill you mentioned that you are seeing — you want to be acquisitive and you are seeing some dislocations in the fintech space. I am wondering if you can talk about a little how you are thinking about potential structure of those deals financially, especially since the cost of capital now is obviously higher than has been at least pre-pandemic, et cetera. Just wondering if that changes the way that you have to approach those deals, what kind of companies you can look for and what would be a targeted structure for you there?
Bill Stone: Yeah. I think I — I think that there’s still money to be had out there and I don’t think that you have to get to cute with the structures and we like to have a capital structure that is pretty easy to understand. And we have operated under quite a bit higher interest rates than what we are seeing today, even though interest rates today are quite a bit higher than they have been for the last five years to 10 years. And so I don’t think that we would structure them very different. We might have a partner or we might have a large scale private fund or large scale pension be a big supplier of credit to us or even some equity. We give it at the right price, which was not
James Faucette: Got it.
Bill Stone: where we are now.
James Faucette: Got it. Okay. That’s really helpful. And then you mentioned that you felt like you were taking some share in the hedge fund space. Is this as, and I guess, kind of what I am looking at is one of your primary competitors, at least in the hedge fund launches has been going through some management transitions. How much of an opportunity is that presented and has that been chance for Eze Eclipse to grab some share in business?
Bill Stone: Well, we think we have very stuck pipelines. The question is, is obviously closing them, and as you well know, right, when the markets are as choppy as they have been for the last couple of quarters, you don’t have nearly as many fund launches as you have had in the past. So we are cautiously optimistic that we can ramp our Eclipse product and then also tie in even with our fund administration capabilities. And so, yeah, we are optimistic about that, and yeah, that’s just one other fintech company that has a few challenges.
James Faucette: Great. Hey. I appreciate that color, Bill. Thanks.
Operator: There are no further questions at this time. I will now turn the call back over to Bill Stone.
Bill Stone: Yeah. We really appreciate everybody getting on the call today. I would like to recommend that you recognize that the $518 million in adjusted EBITDA is the third largest in our history, which is 36 years. So we are pretty proud of that, we think we are doing the right things, we are thinking that we are keeping our nose the grindstone and getting stuff done, and I appreciate people that work with us and make things happen. And we are optimistic that when we talk to you at the end of Q1 that hopefully we have a positive story to tell. Thanks again.
Operator: This concludes today’s call. You may now disconnect.
