Rigorous Investment Process
We have a deliberate, collaborative, and highly disciplined investment process. For each proposed investment, our investment committee reviews the detailed investment memorandum and related financial projections for the proposed portfolio company.

Key Investment Factors
Our fixed income team conducts a rigorous and ongoing analysis of current and potential investments that focuses on five major factors: credit standards, management quality, valuation, relative asset class valuation, and our views on macroeconomic conditions. Building on these factors, we are guided by the following key principles:

1.    Credit Philosophy: We have an intense focus on it as part of our ongoing analysis of each investment opportunity � this includes anticipating credit performance by analyzing the competitive environment and industry dynamics.
2.    Fundamental Investing vs. Momentum: We are driven by company and investment fundamentals, rather than momentum driven investments.
3.    Multi-Asset Class Strategy: We invest in multiple classes of assets that allow us to rotate sectors as industry and economic factors dictate to generate attractive, risk-adjusted returns under our operating and tax model. 

Key Business Principles
1.    Our clients' interests always come first.
2.    Our assets are our people, capital and reputation.
3.    Our goal is to provide superior returns to our shareholders.
4.    We take great pride in the professional quality of our work.
5.    We stress creativity and imagination in everything we do.
6.    We make an unusual effort to identify and recruit the very best person for every job.
7.    We offer our people the opportunity to move ahead more rapidly than is possible at most other places.
8.    We stress teamwork in everything we do.
9.    The dedication of our people to the firm and the intense effort they give their jobs are greater than one finds in most other organizations.
10.  We consider our size an asset that we try hard to preserve.13.  We constantly strive to anticipate the rapidly changing needs of our clients and to develop new services to meet those needs.
11.  We regularly receive confidential information as part of our normal client relationships.
12.  Our business is highly competitive, and we aggressively seek to expand our client relationships. However, we must always be fair competitors and must never denigrate other firms.
13.  Integrity and honesty are at the heart of our business.

Investment and Operating Mantras
1.    Make Money on the Buy
2.    Listen to Customers
3.    Listen to Markets
4.    Shorten Development Cycles
5.    Manage Working Capital
6.    Reduce Costs
7.    Stimulate Sales and Leasing
8.    Improve Product and Design
9.    Drive Results