In the months leading up to the Global Financial Crisis (“GFC”), we remained true to our rigorous underwriting strategy with emphasis on cash flowing companies, low leverage, and strong financial covenants. This cautious approach culminated in a self-imposed hold on new investments beginning September 2008. We spent six months paying careful attention to the effects of the recession on our portfolio companies and succeeded in limiting losses. By March 2009, we resumed investing and quickly doubled our AUM by the end of 2009.