In public markets it was a solid three-month period for the FOCUS Carrier-Focused Telecom Technology Index (CFTTI) with returns coming in on par with the broader indices. The CFTTI gained 6.1% this three-month period, slightly higher than the 5.5% gain in the S&P 500 but slightly lower than the 7.0% gain in the NASDAQ. Gains were broad-based, with five of our seven sub sectors delivering a positive return. The CFTTI still lags the broader indices for the full year. The sector’s loss of 1.9% in the past 12 months trails the 0.6% gain in the S&P 500 and is well behind the 6.6% gain in the NASDAQ. CFTTI multiples are virtually unchanged from the year-ago period. The sector revenue multiple held steady at 1.5x, while the sector EBITDA multiple dropped slightly from 9.3x a year ago to 9.2x at the end of our current reporting period.