At the core of our private equity investment strategy is our focus on lower middle market operating companies with revenues of $15 to $100 million. In this target rich environment, businesses generally sell at more reasonable multiples, present greater opportunities for operational and strategic improvements and have greater potential to grow, both organically and through acquisitions. Often such businesses are works in progress, improving their products and services, building out management teams and systems and refining their marketing and sales strategies. Our goal is to be active participants in this process by providing capital, strategic planning, operational support and experience with the objective of mitigating risk and realizing the potential of each business opportunity. Given the inherent risks of small companies, we favor conservative capital structures. We do not seek to run the businesses of our portfolio companies - we rely on the management teams of our portfolio companies to oversee day-to-day operations.