Each year, we are grateful for the opportunity to invest in market-leading companies alongside outstanding management teams. In 2025, we continued to make meaningful progress across our portfolio and firmwide initiatives, reflecting our disciplined and partnership-driven approach to investing.

During the year, we focused on supporting our portfolio companies as they executed on strategic growth initiatives, including add-on acquisitions and operational enhancements across several businesses. These efforts reflect our long-standing thematic investment strategy and our commitment to building durable, market-leading companies.

We also achieved important portfolio milestones during the year, including realizations and liquidity events that underscore our focus on disciplined capital stewardship and returning capital to our investors and co-investors. At the start of the year, we completed the sale of Simple Mills to Flowers Foods, followed by the sale of Presence Marketing to PLTFRM in February and Quest most recently in November. In addition, we completed a dividend recapitalization at 360training toward the end of the year. These outcomes reflect years of collaboration with management teams and a continued emphasis on thoughtful portfolio management.

As we look ahead to 2026, our focus remains on supporting our portfolio companies, driving long-term value creation, and navigating an evolving market environment with discipline and conviction. We thank our investors, management teams, and partners for their continued trust and collaboration.