Our Guiding Principles.

1. We are value investors.

2. Debt does not drive any transaction. If an acquisition’s unleveraged return looks average and the leveraged return looks extraordinary, the deal is average.

3. We will, to the best of our abilities, continue to choose and work with service providers and partners that share our value system and our investment philosophy. You can do a bad deal with a good partner but you cannot do a good deal with a bad partner.

4. We lose more sleep┬áthan our investors on anything we work on. A higher percentage of our total capital will be at risk than any of our investors’.

5. We are not, and will not be, fee driven.

6. Doing no transaction is better than doing a bad transaction. We are not deal junkies. We are long-term investors.

7. If we are attracted to an asset class or transaction in which we need additional local knowledge or industry-specific experience, we will find a partner we trust to share in the investment (assuming that the partner is expert in that asset class).

8. We will ask many questions and do exhaustive due diligence.

9. We will treat all parties with respect.

10. We will be honest and straightforward and avoid spin doctoring at all costs.