As a manager of limited life funds, we know that all capital is not permanent. Bank loans mature, and most private capital funds typically have 5-7 year investment windows. For management teams and business owners, such relatively short time horizons don’t always comport with their longer-term plans. Our capital can be used as a solution to recapitalize any combination of company’s senior debt, subordinated debt, warrants, preferred equity or common equity as the needs arise – typically to either to repay the face value of current indebtedness or to enable a company to repurchase certain of its existing warrants or equity at a pre-negotiated value. Depending on the specific recapitalization needs and cash flow profile of the business, often times we can lower the company’s cost of capital by employing debt or debt-like preferred equity securities and allow more of the company’s common equity value to accrue back to remaining shareholders.