In public markets, the FOCUS Telecom Business Services Index (TBSI) notched a third straight period in positive territory and also outperformed the broader indices for our Summer reporting period. The TBSI was up 2.3% over this most recent three-month period, which compares favorably to both the 0.2% drop in the S&P 500 and the 1.8% gain in the NASDAQ. The TBSI still lags the indices by a wide margin on a year-over-year basis. The TBSI is only up 0.9% over the past 12 months. This compares to a 5.2% gain in the S&P 500 and a 13.1% gain in the NASDAQ. The revenue multiple for the TBSI remained steady over the past year at 0.3x. The EBITDA multiple dropped slightly over this same period from 7.7x to 7.4x. The cur- rent 7.4x sector EBITDA multiple is also unchanged from our Spring reporting period.