Crescent's Special Situations strategy primarily focuses on investing in the distressed debt of middle market companies, typically taking a leadership role in the restructuring process and beyond. We seek to invest at or above the fulcrum debt tranche of under-followed companies with quality assets and strong competitive positions. The strategy aims to make investments that derive current income from debt obligations coupled with potential upside from taking post-reorganization equity stakes. Our investment process involves detailed bottom-up and top-down analyses combined with credit judgment and valuation discipline which we believe supports consistency of returns. Crescent Special Situations may also provide primary debt capital in select situations to companies positioned to execute a turnaround.