Jeff Schwartz

So you have to be able to move quickly and efficiently.

So it's not only you can't retrade on terms and pricing, you also can't string a process out when these businesses are often liquidity challenged.

facing the prospect of missing payroll, missing interest payments in a situation where they need a capital solution quickly that they can count on.

That's another competitive advantage.

The advisors in this space don't go out to 100 different

Private equity firms, the way an investment banker who's selling a healthy middle market widget company sends a teaser out to 100 private equity firms who they know could write an X check and close a deal without tremendous time pressure and consideration on the situation.

And they're truly trying to maximize value.

Well, here the advisors need a solution that they can count on.

I think I mentioned it earlier in the context of fundraising.

I think if I would have made a more concerted effort to market the story and the firm to longer term institutional investing partners, it would probably have made subsequent fundraising more less challenging than it's been.

We didn't need to pay fees on placement agents early on, and we didn't need to offer fee discounts early on.

And the fundraising process was pretty painless and straightforward for us.

And we thought that if we could get things done quickly and get back to investing, the results would speak for themselves and the investors would come.

And that hasn't necessarily been the case.

Even with strong performance,

raising each successive fund comes with its challenges.

Our firm has a very strong track record of investing in the loan market and creates a great risk-adjusted return investment opportunity for individuals across different asset classes, whether you have an interest in private credit, whether you have an interest in investing in private equity, or whether you have an interest in investing in special situations.

We have a vehicle for each of those areas, and we have a track record of investing in these markets for the last 12 years with real success.

Thanks so much, David.