Well into 2024, the debt capital markets remain open, but more selective and expensive. We continue to make the most of this business climate by honing the strategies responsible for the success of our first two funds. Focus pays. True West Fund III has made twenty two investments to date. The coming year is shaping up to be every bit as promising. With a newly expanded team, we expect to be even more effective.

Our experience navigating the ups and downs of multiple economic cycles affirms our investment philosophy. Tactics change when markets are in flux, but our approach continues to provide flexibility without compromising the rigor of our discipline. And there are always smart business owners worthy of our resources and focus.