Our 4th investment of 2026 has officially closed! A sizeable residential sprinkler business, with two great searchers stepping in. Takeaways from the journey: - The searchers put together a detailed Day 1 Checklist and First 100 Day Plan, and are hitting the ground running. This will help them maximize their learning and risk mitigation in the first crucial months. - The SBA "1 strike rule" almost derailed the deal, but fortunately, the SBA fixed it in time to allow the needed equity investment to happen. - One searcher found the deal and wanted an operations-oriented partner. We shared the opportunity in our newsletter, 30+ searchers applied, and an amazing partner was found. (We love doing this to help good deals!) - The searchers put $750k of cash on the balance sheet as working capital at close, above and beyond the working capital peg. This is extremely smart, in our view, especially since the business has some seasonality. - The searchers built a great advisory board and are planning the first meeting to be in person. Brilliant way to build rapport among the group. - Both searchers had been looking for a pretty long time. But they stayed persistent, kept pushing, and ultimately got a deal done. Our hat is off to everyone who is in the arena, pushing forward one day at a time!