As we move to year end amidst increasingly competitive debt capital markets, True West continues to use our partnership approach to deploy debt capital with good risk adjusted returns and equity capital with promising upside. Our commitment to relationships was central to the success of our first two funds. Focus pays. True West Fund III has made twenty five investments to date. Wrapping up our fifteenth year in business, our newly expanded team helped us be more effective than ever.

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.