In public markets, the FOCUS Telecom Business Services Index (TBSI) held up extremely well in our spring reporting period despite some choppiness in the overall market. The TBSI was up 5.7% for the three-month period, far exceeding the 0.8% gain in the S&P 500 and the 2.7% drop in the NASDAQ. The TBSI also has outperformed over the 12-month period. Over this time frame, the TBSI is up 7.1%. This once again compares favorably to the 0.4% decline in the S&P 500 and the 0.6% drop in the NASDAQ. Sector multiples were at to slightly up over the last year. The sector revenue multiple remained at 0.3x, while the sector EBITDA multiple increased from 7.4x a year ago to 7.9x currently.