Direct investments are private market transactions in which we make a debt, preferred stock or equity investment in a business expecting to receive a cash return and generally additional upside if the business performs according to our projections. For private debt investments, we look for inefficiently-financed situations in which we can facilitate a recapitalization, or for situations in which traditional institutional financing is not available. In all private debt and equity investments, we typically look for businesses with substantial franchise value, healthy cash flow, and motivated management.