And so we’re not expecting significant utilization at closing, but utilization over time as they continue to execute, operate grow, so more back half loaded. And so that’s why, as we said, we see funding, although originations will continue at our current pace and growing over the course of the second half. But we see fundings to be light here in the first and second quarter and then pick up as the originations activity pick up.
Ryan Lynch: Okay. Yeah, understood. And then correct me if I’m wrong, I believe you said half of the funding this quarter were to new companies and half were to existing companies. Out of those existing companies, are those fundings that are just already unfunded commitments that were drawn down by those existing portfolio companies, or are those companies that were in your portfolio that you committed brand new, I guess, commitments to those businesses or?
Sajal Srivastava: Yeah, just to clarify the commitment. So of the new commitments made during the quarter, half were to new portfolio companies and half were to existing portfolio companies. So that was not utilization. That was new commitments.
Ryan Lynch: Okay. That makes sense. And then just one last one for me. Reading just some of the stuff on Medly, it sounds like that was a pretty unusual scenario that went on there with some improprieties going on. I’m just curious, understanding the backdrop was a very unusual situation. Were there any lessons that you guys learned from the whole process and what could be done — could have been done different in the future?
Jim Labe: I’d start by saying that had a very unusual set of facts and circumstances. As I mentioned, there are other lenders, SCB, others, were all caught off guard and also exposed. So, I just don’t think there’d be any different.
Sajal Srivastava: Yes. Well, let me take it more holistically. Listen, I think as a lender as a whole, every credit situation is a learning experience. So absolutely, we will have and we’ll continue to learn. And the great news is 24 years of Jim and I learning together, and so I would say, absolutely learning from it. I’d say specific takeaways again, you can learn from debt-to-equity ratios, LTV ratios, things of that, Ryan, but analyzing business plans, but when you talk about impropriety activities, it’s hard to — there’s a reason why people are — things that they’re doing. So, I would say we’re very open-minded and having conversations internally with auditors and accountants and lawyers on techniques. But I would say, there was no smoking gun, so to speak, that as we look back to our originations activities in our credit activities that would have necessarily identified it.
Ryan Lynch: Okay. Understood and totally getable with that kind of unusual nature of the investment. That’s all from me. I appreciate the time this afternoon.
Operator: This concludes our question-and-answer session. I would like to turn the conference back over to Mr. Jim Labe for closing remarks. Please go ahead.
Jim Labe: Thanks. As always, I’d like to thank everyone for listening and participating in our call today. We look forward to talking with you all again in the very next quarter, in another two months or so. So, thanks again, and everyone, have a nice day. Goodbye.
Operator: The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.
