OFS Capital

More reviews (5)

Live  

OFS Capital is a publicly traded business development company (BDC) that provides innovative, flexible, and customized financing solutions to middle-market companies. The company was founded in 2006 and is headquartered in Chicago, Illinois.
The company’s primary objective is to provide capital to large and well-established companies through various forms of debt and equity investments. By providing financing solutions to middle-market companies, OFS Capital helps these businesses grow and expand.
The company specializes in providing senior secured loans, subordinated debt, and equity investments to companies across various industries, including healthcare, business services, and industrial products. OFS Capital also offers customized financing solutions, such as mezzanine loans, unitranche facilities, and equity co-investments.
OFS Capital is externally managed by OFS Capital Management LLC, a subsidiary of OFS Capital Corporation, and has a team of experienced professionals with a strong track record in middle-market lending and investing.
OFS Capital’s investment strategy is focused on identifying companies with stable cash flows, strong management teams, and growth potential. The company also aims to maintain a diversified portfolio of investments to minimize risk and maximize returns for its shareholders.
In addition to its core business of providing financing solutions, OFS Capital also actively manages its portfolio of investments to ensure optimal performance. The company monitors its investments regularly and works closely with its portfolio companies to provide strategic and operational support.
OFS Capital is listed on the Nasdaq Global Select Market under the ticker symbol OFS.

T0ZTIENhcG l0YWwgaXMg YSBjb21wYW 55IHRoYXQg aGVscHMgb3 RoZXIgYnVz aW5lc3Nlcy BieSBnaXZp bmcgdGhlbS Btb25leSB3 aGVuIHRoZX kgbmVlZCBp dC4gSW1hZ2 luZSBhIGZy aWVuZCB3aG 8gbGVuZHMg eW91IG1vbm V5IHRvIGJ1 eSBhIHZpZG VvIGdhbWUg YW5kIHlvdS Bwcm9taXNl IHRvIHBheS B0aGVtIGJh Y2sgbGF0ZX IuIE9GUyBD YXBpdGFsIG RvZXMgc29t ZXRoaW5nIH NpbWlsYXIg YnV0IHdpdG ggYnVzaW5l c3Nlcy48Yn I+VG8gbWFr ZSBtb25leS wgT0ZTIENh cGl0YWwgbG VuZHMgbW9u ZXkgdG8gdG hlc2UgY29t cGFuaWVzIG FuZCB0aGVu IGNoYXJnZX MgdGhlbSBh IGxpdHRsZS BleHRyYSB3 aGVuIHRoZX kgcGF5IGl0 IGJhY2suIF RoaXMgZXh0 cmEgbW9uZX kgaXMgY2Fs bGVkIGludG VyZXN0LiBT bywgd2hlbi BhIGJ1c2lu ZXNzIGJvcn Jvd3MgbW9u ZXksIGl0IH BheXMgYmFj ayB0aGUgYW 1vdW50IGl0 IGJvcnJvd2 VkIHBsdXMg c29tZSBleH RyYSwgYW5k IHRoYXQgZX h0cmEgaXMg aG93IE9GUy BDYXBpdGFs IGVhcm5zIG l0cyBpbmNv bWUuPGJyPk 9GUyBDYXBp dGFsIGlzIH N1Y2Nlc3Nm dWwgZm9yIG EgZmV3IHJl YXNvbnMuIE ZpcnN0LCB0 aGV5IGhhdm UgYSBnb29k IHRlYW0gdG hhdCBrbm93 cyBob3cgdG 8gcGljayBi dXNpbmVzc2 VzIHRoYXQg d2lsbCBkby B3ZWxsLiBX aGVuIHRoZX kgbGVuZCBt b25leSB0by Bjb21wYW5p ZXMgdGhhdC BzdWNjZWVk LCB0aG9zZS BidXNpbmVz c2VzIGNhbi BwYXkgYmFj ayB0aGUgbG 9hbiB3aXRo IG1vcmUgaW 50ZXJlc3Qs IHdoaWNoIG hlbHBzIE9G UyBDYXBpdG FsIGVhcm4g ZXZlbiBtb3 JlIG1vbmV5 Ljxicj5TZW NvbmQsIGxl bmRpbmcgbW 9uZXkgdG8g YnVzaW5lc3 NlcyBjYW4g YmUgYSBzYW ZlIHdheSB0 byBpbnZlc3 QgYmVjYXVz ZSBtYW55IG NvbXBhbmll cyBuZWVkIG 1vbmV5IHRv IGdyb3csIG FuZCB0aGV5 IGFyZSBvZn RlbiB3aWxs aW5nIHRvIH BheSBiYWNr IHRoZWlyIG xvYW5zLiBU aGlzIG1lYW 5zIHRoYXQg T0ZTIENhcG l0YWwgY2Fu IGtlZXAgbW FraW5nIG1v bmV5IGZyb2 0gZGlmZmVy ZW50IGJ1c2 luZXNzZXMg b3ZlciB0aW 1lLjxicj5M b29raW5nIH RvIHRoZSBm dXR1cmUsIE 9GUyBDYXBp dGFsIGlzIG xpa2VseSB0 byBzdGF5IH N1Y2Nlc3Nm dWwgYmVjYX VzZSBidXNp bmVzc2VzIH dpbGwgYWx3 YXlzIG5lZW QgbW9uZXkg dG8gZ3Jvdy BhbmQgdGhy aXZlLiBBcy Bsb25nIGFz IHRoZXkgY2 9udGludWUg dG8gY2hvb3 NlIGdvb2Qg YnVzaW5lc3 NlcyB0byB3 b3JrIHdpdG ggYW5kIGxl bmQgbW9uZX kgd2lzZWx5 LCB0aGV5IG NhbiBrZWVw IG1ha2luZy Bwcm9maXRz IGFuZCBoZW xwaW5nIHRo b3NlIGNvbX BhbmllcyBz dWNjZWVkIH Rvby4gUGx1 cywgaWYgdG hlIGVjb25v bXkgZ2V0cy BiZXR0ZXIg YW5kIG1vcm UgYnVzaW5l c3NlcyBvcG VuIHVwLCB0 aGF0IGNvdW xkIG1lYW4g ZXZlbiBtb3 JlIGNoYW5j ZXMgZm9yIE 9GUyBDYXBp dGFsIHRvIG xlbmQgYW5k IGVhcm4gbW 9uZXkuPGJy Pg==

T0ZTIENhcG l0YWwgQ29y cG9yYXRpb2 4gaXMgYSBi dXNpbmVzcy BkZXZlbG9w bWVudCBjb2 1wYW55IHRo YXQgc3BlY2 lhbGl6ZXMg aW4gcHJvdm lkaW5nIGZp bmFuY2luZy Bzb2x1dGlv bnMgdG8gbW lkZGxlLW1h cmtldCBjb2 1wYW5pZXMg aW4gdGhlIG Zvcm0gb2Yg ZGVidCBhbm QgZXF1aXR5 IGludmVzdG 1lbnRzLiBJ dCBmb2N1c2 VzIG9uIHBh cnRuZXJpbm cgd2l0aCBl c3RhYmxpc2 hlZCBhbmQg Z3Jvd2luZy Bjb21wYW5p ZXMgd2l0aC BhIHN0cm9u ZyBtYW5hZ2 VtZW50IHRl YW0sIHN0YW JsZSBjYXNo IGZsb3dzLC BhbmQgYSB0 cmFjayByZW NvcmQgb2Yg cGVyZm9ybW FuY2UuIFRo aXMgY29tcG FueSBhbHNv IHByb3ZpZG VzIGN1c3Rv bWl6ZWQgYW 5kIGZsZXhp YmxlIGZpbm FuY2luZyBv cHRpb25zIH RvIG1lZXQg dGhlIHNwZW NpZmljIG5l ZWRzIG9mIG l0cyBjbGll bnRzLiA8Yn I+U29tZSBv dGhlciB1bm lxdWUgYXNw ZWN0cyBvZi BPRlMgQ2Fw aXRhbCBDb3 Jwb3JhdGlv biBpbmNsdW RlOjxicj4x LiBFeHBlcm llbmNlZCBN YW5hZ2VtZW 50IFRlYW06 IFRoZSBjb2 1wYW55IGlz IGxlZCBieS BhIGhpZ2hs eSBleHBlcm llbmNlZCBt YW5hZ2VtZW 50IHRlYW0g d2l0aCBhIH N0cm9uZyB0 cmFjayByZW NvcmQgb2Yg c3VjY2Vzcy BpbiB0aGUg aW52ZXN0bW VudCBhbmQg ZmluYW5jaW FsIHNlcnZp Y2VzIGluZH VzdHJ5Ljxi cj4yLiBOaW NoZSBGb2N1 czogT0ZTIE NhcGl0YWwg c3BlY2lhbG l6ZXMgaW4g dGhlIGxvd2 VyIG1pZGRs ZS1tYXJrZX Qgc2VnbWVu dCwgd2hpY2 ggaXMgb2Z0 ZW4gb3Zlcm xvb2tlZCBi eSBsYXJnZX IgZmluYW5j aWFsIGluc3 RpdHV0aW9u cy4gVGhpcy BnaXZlcyB0 aGVtIGEgY2 9tcGV0aXRp dmUgYWR2YW 50YWdlIGlu IGlkZW50aW Z5aW5nIGFu ZCBpbnZlc3 RpbmcgaW4g aGlnaC1wb3 RlbnRpYWwg Y29tcGFuaW VzLjxicj4z LiBEaXZlcn NlIEludmVz dG1lbnQgUG 9ydGZvbGlv OiBUaGUgY2 9tcGFueSBo YXMgYSBkaX ZlcnNlIHBv cnRmb2xpby BvZiBpbnZl c3RtZW50cy BhY3Jvc3Mg dmFyaW91cy BpbmR1c3Ry aWVzIGFuZC BzZWN0b3Jz LCByZWR1Y2 luZyByaXNr IGFuZCBwcm 92aWRpbmcg cG90ZW50aW FsIGZvciBn cm93dGguPG JyPjQuIEFj Y2VzcyB0by BDYXBpdGFs OiBPRlMgQ2 FwaXRhbCBo YXMgYWNjZX NzIHRvIGEg dmFyaWV0eS BvZiBmaW5h bmNpbmcgc2 91cmNlcywg aW5jbHVkaW 5nIGl0cyBv d24gY2FwaX RhbCwgdG8g cHJvdmlkZS BjdXN0b21p emVkIHNvbH V0aW9ucyB0 byBpdHMgY2 xpZW50cy48 YnI+NS4gQW N0aXZlIElu dmVzdG1lbn QgTWFuYWdl bWVudDogVG hlIGNvbXBh bnkgdGFrZX MgYSBwcm9h Y3RpdmUgYX Bwcm9hY2gg dG8gbWFuYW dpbmcgaXRz IGludmVzdG 1lbnRzLCBw cm92aWRpbm cgb25nb2lu ZyBzdXBwb3 J0IGFuZCBn dWlkYW5jZS B0byBpdHMg cG9ydGZvbG lvIGNvbXBh bmllcyB0by BoZWxwIGRy aXZlIGdyb3 d0aCBhbmQg bWF4aW1pem UgcmV0dXJu cy48YnI+Ni 4gRW1waGFz aXMgb24gUm lzayBNYW5h Z2VtZW50Oi BPRlMgQ2Fw aXRhbCBoYX MgYSBkaXNj aXBsaW5lZC ByaXNrIG1h bmFnZW1lbn Qgc3RyYXRl Z3kgaW4gcG xhY2UsIGZv Y3VzaW5nIG 9uIHRob3Jv dWdoIGR1ZS BkaWxpZ2Vu Y2UgYW5kIG 1haW50YWlu aW5nIGEgd2 VsbC1kaXZl cnNpZmllZC Bwb3J0Zm9s aW8gdG8gbW l0aWdhdGUg cmlzay48Yn I+Ny4gSW52 ZXN0b3ItRn JpZW5kbHkg U3RydWN0dX JlOiBUaGUg Y29tcGFueS BpcyBzdHJ1 Y3R1cmVkIG FzIGEgcmVn dWxhdGVkIG ludmVzdG1l bnQgY29tcG FueSAoUklD KSwgd2hpY2 ggb2ZmZXJz IHRheCBhZH ZhbnRhZ2Vz IGZvciBpbn Zlc3RvcnMg c3VjaCBhcy B0YXgtZnJl ZSBkaXZpZG VuZHMgYW5k IGEgcG90ZW 50aWFsIHJl ZHVjdGlvbi BpbiB0YXgg bGlhYmlsaX R5Ljxicj5P dmVyYWxsLC B3aGF0IHNl dHMgT0ZTIE NhcGl0YWwg YXBhcnQgaX MgaXRzIG5p Y2hlIGZvY3 VzLCBleHBl cmllbmNlZC BtYW5hZ2Vt ZW50IHRlYW 0sIGFuZCBj b21wcmVoZW 5zaXZlIGFw cHJvYWNoIH RvIGludmVz dG1lbnQgbW FuYWdlbWVu dCwgbWFraW 5nIGl0IGEg dW5pcXVlIG FuZCBhdHRy YWN0aXZlIG ludmVzdG1l bnQgb3B0aW 9uIGZvciBi b3RoIGNvbX BhbmllcyBh bmQgaW52ZX N0b3JzLg==

T0ZTIENhcG l0YWwgaXMg YSBsZWFkaW 5nIGJ1c2lu ZXNzIGRldm Vsb3BtZW50 IGNvbXBhbn kgdGhhdCBw cm92aWRlcy BmaW5hbmNp bmcgc29sdX Rpb25zLCBp bmNsdWRpbm cgZGVidCBh bmQgZXF1aX R5IGludmVz dG1lbnRzLC B0byBtaWRk bGUtbWFya2 V0IGNvbXBh bmllcy4gVG hlIGNvbXBh bnnigJlzIG J1c2luZXNz IG1vZGVsIG lzIHByaW1h cmlseSBmb2 N1c2VkIG9u IGxlbmRpbm cgdG8gYW5k IGludmVzdG luZyBpbiBl c3RhYmxpc2 hlZCwgZ3Jv d2luZyBjb2 1wYW5pZXMg d2l0aCBzdH JvbmcgbWFu YWdlbWVudC B0ZWFtcyBh bmQgYSBoaX N0b3J5IG9m IHN0YWJsZS BlYXJuaW5n cy4gT0ZTIE NhcGl0YWwg dHlwaWNhbG x5IHRhcmdl dHMgY29tcG FuaWVzIHdp dGggYW5udW FsIHJldmVu dWVzIGJldH dlZW4gJDEw IG1pbGxpb2 4gYW5kICQy NTAgbWlsbG lvbi4gVGhl eSBhbHNvIG hhdmUgYSBm b2N1cyBvbi BpbnZlc3Rp bmcgaW4gY2 9tcGFuaWVz IGluIHRoZS BoZWFsdGhj YXJlIGFuZC BpbmR1c3Ry aWFsIHNlY3 RvcnMuIFRo ZSBjb21wYW 554oCZcyBn b2FsIGlzIH RvIHByb3Zp ZGUgZmxleG libGUgYW5k IGN1c3RvbW l6ZWQgZmlu YW5jaW5nIG 9wdGlvbnMg dG8gaGVscC B0aGVpciBw b3J0Zm9saW 8gY29tcGFu aWVzIGFjaG lldmUgdGhl aXIgZ3Jvd3 RoIGFuZCBl eHBhbnNpb2 4gb2JqZWN0 aXZlcy4gQW RkaXRpb25h bGx5LCBPRl MgQ2FwaXRh bCBzZWVrcy B0byBnZW5l cmF0ZSBhdH RyYWN0aXZl IHJldHVybn MgZm9yIGl0 cyBpbnZlc3 RvcnMgYnkg Y2FyZWZ1bG x5IG1hbmFn aW5nIGl0cy BpbnZlc3Rt ZW50cyBhbm QgbWFpbnRh aW5pbmcgYS BkaXZlcnNl IHBvcnRmb2 xpby4=

To assess whether AI poses a material threat to OFS Capital’s products, services, or competitive positioning, we can consider a few key aspects:
1. Substitution: AI has the potential to create alternative products or services that may compete with OFS Capital’s offerings. If OFS Capital’s current services can be automated or replaced by AI-driven solutions, it could face significant competition. For instance, if there are AI tools that automate financial analysis or portfolio management, it could substitute some traditional financial services offered by the company.
2. Disintermediation: AI can enable direct transactions between buyers and sellers, potentially bypassing companies like OFS Capital that act as intermediaries. If clients can utilize AI platforms to fulfill their financial needs without relying on traditional capital services, OFS Capital could see a decline in its role, leading to reduced revenue and market share.
3. Margin Pressure: The implementation of AI can lead to increased efficiency and reduced costs for competitors. If competitors adopt AI technologies and can offer similar services at lower prices, OFS Capital may be compelled to lower its prices to remain competitive, which could pressure profit margins.
In summary, AI has the potential to threaten OFS Capital through substitution of its services, disintermediation of its role in the market, and increased pressure on profit margins. The degree of this threat will depend on how quickly AI technologies evolve, how effectively OFS Capital can adapt, and how its competitors choose to integrate AI into their own strategies.

The sensitivity of OFS Capital’s earnings, cash flow, and valuation to changes in interest rates can be analyzed in several ways:
1. Earnings: OFS Capital’s earnings are influenced by the rates at which it can borrow and lend. If interest rates rise, the cost of borrowing increases for the company, which can pressure profit margins on its loans. Additionally, if the company holds fixed-rate assets, rising rates may reduce the market value of these assets, impacting reported earnings. Conversely, higher interest rates could allow the company to charge more on new loans, potentially increasing income if managed effectively.
2. Cash Flow: Cash flow can also be significantly affected by interest rate fluctuations. Higher interest expenses may reduce net cash flow from operations if the company has substantial variable-rate debt. If rates increase, cash outflows related to interest payments will rise, which could limit the company’s ability to reinvest or distribute dividends. Additionally, changes in economic conditions associated with fluctuating interest rates can influence borrower behavior, impacting repayment rates and defaults.
3. Valuation: The valuation of OFS Capital is typically based on discounted cash flow models and market comparisons. Higher interest rates generally lead to higher discount rates used in valuation models, which can reduce the present value of future cash flows and, therefore, the overall valuation of the company. The increase in rates may also prompt investors to seek higher returns elsewhere, potentially leading to a decline in the market price of OFS Capital’s shares.
In conclusion, OFS Capital’s earnings, cash flow, and valuation are sensitive to interest rate changes. Rising rates can lead to increased costs and reduced cash flows, thereby affecting earnings and company valuations. Conversely, in an environment of declining interest rates, the company might benefit from lower borrowing costs and increased demand for its lending products.

T25lIHJlYW xpc3RpYyBz Y2VuYXJpby B0aGF0IGNv dWxkIHBlcm 1hbmVudGx5 IGltcGFpci BPRlMgQ2Fw aXRhbOKAmX MgZWNvbm9t aWNzIG92ZX IgdGhlIG5l eHQgMy01IH llYXJzIG1p Z2h0IGJlIG EgcHJvbG9u Z2VkIGRvd2 50dXJuIGlu IHRoZSBlbm VyZ3kgc2Vj dG9yLCBwYX J0aWN1bGFy bHkgaWYgdG hlIGNvbXBh bnkgaGFzIH NpZ25pZmlj YW50IGV4cG 9zdXJlIHRv IG9pbCBhbm QgZ2FzIGlu ZHVzdHJ5IG NsaWVudHMu IFN1Y2ggYS Bkb3dudHVy biBjb3VsZC BiZSB0cmln Z2VyZWQgYn kgc2V2ZXJh bCBmYWN0b3 JzLCBpbmNs dWRpbmcgYS ByYXBpZCBz aGlmdCB0b3 dhcmQgcmVu ZXdhYmxlIG VuZXJneSwg Y2hhbmdlcy BpbiBnb3Zl cm5tZW50IH JlZ3VsYXRp b25zLCBnbG 9iYWwgZWNv bm9taWMgaW 5zdGFiaWxp dHksIG9yIH NpZ25pZmlj YW50IHRlY2 hub2xvZ2lj YWwgYWR2YW 5jZW1lbnRz IG1ha2luZy B0cmFkaXRp b25hbCBlbm VyZ3kgc291 cmNlcyBsZX NzIHJlbGV2 YW50Ljxicj 5VbmRlciB0 aGlzIHNjZW 5hcmlvLCBP RlMgQ2FwaX RhbCBjb3Vs ZCBmYWNlIH NldmVyYWwg YWR2ZXJzZS BpbXBhY3Rz Ojxicj4xLi A8c3Ryb25n Pk1hcmdpbn M8L3N0cm9u Zz46IFRoZS Bjb21wYW55 4oCZcyBwcm 9maXQgbWFy Z2lucyB3b3 VsZCBsaWtl bHkgc2hyaW 5rLiBBcyBl bmVyZ3kgcH JpY2VzIGRl Y2xpbmUgYW 5kIHRoZSBj cmVkaXR3b3 J0aGluZXNz IG9mIGNsaW VudHMgaW4g dGhlIGVuZX JneSBzZWN0 b3IgZGV0ZX Jpb3JhdGVz LCBPRlMgQ2 FwaXRhbCBt YXkgaGF2ZS B0byBpbmNy ZWFzZSBwcm 92aXNpb25z IGZvciBsb2 FuIGxvc3Nl cy4gVGhpcy B3b3VsZCBy ZXN1bHQgaW 4gcmVkdWNl ZCBuZXQgaW 50ZXJlc3Qg bWFyZ2lucy BhbmQgb3Bl cmF0aW5nIG 1hcmdpbnMs IHB1dHRpbm cgZG93bndh cmQgcHJlc3 N1cmUgb24g cHJvZml0YW JpbGl0eS48 YnI+Mi4gPH N0cm9uZz5D YXNoIEZsb3 c8L3N0cm9u Zz46IENhc2 ggZmxvdyBm cm9tIG9wZX JhdGlvbnMg Y291bGQgd2 Vha2VuIHNp Z25pZmljYW 50bHkuIFdp dGggY2xpZW 50cyBmYWNp bmcgZmluYW 5jaWFsIGRp ZmZpY3VsdG llcywgdGhl cmUgbWF5IG JlIGluY3Jl YXNlZCBpbn N0YW5jZXMg b2YgbG9hbi BkZWZhdWx0 cyBvciBkZW xheWVkIHBh eW1lbnRzLC BsZWFkaW5n IHRvIGxvd2 VyIGNhc2gg aW5mbG93cy 4gQWRkaXRp b25hbGx5LC BpZiBPRlMg Q2FwaXRhbC BuZWVkcyB0 byB3cml0ZS Bkb3duIGl0 cyBsb2FuIH BvcnRmb2xp byBvciBzZW xsIG9mZiBk aXN0cmVzc2 VkIGFzc2V0 cyBhdCB1bm Zhdm9yYWJs ZSBwcmljZX MsIGl0IGNv dWxkIGZ1cn RoZXIgZGVw bGV0ZSBjYX NoIHJlc2Vy dmVzLjxicj 4zLiA8c3Ry b25nPkJhbG FuY2UgU2hl ZXQ8L3N0cm 9uZz46IFRo ZSBiYWxhbm NlIHNoZWV0 IGNvdWxkIG RldGVyaW9y YXRlIGFzIG EgcmVzdWx0 IG9mIGRlY2 xpbmluZyBh c3NldCB2YW x1ZXMgYW5k IGluY3JlYX NlZCBub3Bl cmZvcm1pbm cgbG9hbnMu IFRoZSBjb2 1wYW554oCZ cyBsZXZlcm FnZSByYXRp b3MgbWlnaH Qgd29yc2Vu LCBhbmQgdG hlIGVxdWl0 eSBiYXNlIG 1pZ2h0IHNo cmluayBkdW UgdG8gd3Jp dGUtZG93bn MgYW5kIGxv c3NlcyBpbm N1cnJlZC4g SWYgT0ZTIE NhcGl0YWwg cmVsaWVzIG 9uIGV4dGVy bmFsIGZpbm FuY2luZywg dGhleSBtaW dodCBmYWNl IGhpZ2hlci BpbnRlcmVz dCBjb3N0cy BhbmQgc3Ry aWN0ZXIgbG VuZGluZyB0 ZXJtcywgbW FraW5nIGl0 IG1vcmUgY2 hhbGxlbmdp bmcgdG8gbW FpbnRhaW4g bGlxdWlkaX R5Ljxicj5P dmVyYWxsLC B0aGlzIHNj ZW5hcmlvIG NvdWxkIGxl YWQgdG8gYS BmdW5kYW1l bnRhbCBzaG lmdCBpbiBP RlMgQ2FwaX RhbOKAmXMg YnVzaW5lc3 MgbW9kZWwg YW5kIG5lY2 Vzc2l0YXRl IHN0cmF0ZW dpYyBjaGFu Z2VzLCBzdW NoIGFzIGRp dmVyc2lmeW luZyBpdHMg Y2xpZW50IG Jhc2Ugb3Ig cGl2b3Rpbm cgdG93YXJk cyBtb3JlIH N0YWJsZSBp bmR1c3RyaW VzIHRvIHJl Z2FpbiBlY2 9ub21pYyB2 aWFiaWxpdH kuIFRoZSBj b21wYW554o CZcyBsb25n LXRlcm0gb3 V0bG9vayB3 b3VsZCBiZS BzaWduaWZp Y2FudGx5IG ltcGFjdGVk LCBhZmZlY3 RpbmcgaW52 ZXN0b3IgY2 9uZmlkZW5j ZSBhbmQgc3 RvY2sgdmFs dWF0aW9uIG FzIHdlbGwu PGJyPg==

CiAgICAgIC AgICAgIDxk aXYgc3R5bG U9J3dpZHRo OiAxMDAlOy BkaXNwbGF5 OiBmbGV4Oy BqdXN0aWZ5 LWNvbnRlbn Q6IGNlbnRl cjsnPgogIC AgICAgICAg ICAgICAgPG RpdiBzdHls ZT0nCiAgIC AgICAgICAg ICAgICAgIC AgZGlzcGxh eTogZmxleD sKICAgICAg ICAgICAgIC AgICAgICBh bGlnbi1pdG VtczogY2Vu dGVyOwogIC AgICAgICAg ICAgICAgIC AgIGJhY2tn cm91bmQtY2 9sb3I6ICNm MGY0Zjg7Ci AgICAgICAg ICAgICAgIC AgICAgYm9y ZGVyOiAxcH ggc29saWQg I2QxZTNmMD sKICAgICAg ICAgICAgIC AgICAgICBi b3JkZXItcm FkaXVzOiAx MHB4OwogIC AgICAgICAg ICAgICAgIC AgIHBhZGRp bmc6IDEwcH g7CiAgICAg ICAgICAgIC AgICAgICAg bWFyZ2luOi AyMHB4IDA7 CiAgICAgIC AgICAgICAg ICAgICAgZm 9udC1mYW1p bHk6ICJTZW dvZSBVSSIs IFJvYm90by wgc2Fucy1z ZXJpZjsKIC AgICAgICAg ICAgICAgIC AgICBib3gt c2hhZG93Oi AwIDJweCA2 cHggcmdiYS gwLCAwLCAw LCAwLjA1KT sKICAgICAg ICAgICAgIC AgICAgICBt YXgtd2lkdG g6IDkwMHB4 OwogICAgIC AgICAgICAg ICAgICAgIH dpZHRoOiAx MDAlOyc+Cg ogICAgICAg ICAgICAgIC AgICAgIDxp bWcgc3JjPS Jhc3NldHMv bG9nb3MvWG NLM1Z5dWpN ZlNWWG1sbE dmbkcud2Vi cCIgYWx0PS JPRlMgQ2Fw aXRhbCIgdG l0bGU9Ik9G UyBDYXBpdG FsIiAgY2xh c3M9ImltZy 1mbHVpZCIg aGVpZ2h0PT UwIHdpZHRo PTUwIGxvYW Rpbmc9J2xh enknIHN0eW xlPSdib3Jk ZXItcmFkaX VzOiA2cHg7 Jz4KCiAgIC AgICAgICAg ICAgICAgIC AgPGRpdiBz dHlsZT0nZm xleDogMTsg dGV4dC1hbG lnbjogY2Vu dGVyOyBtYX JnaW4tbGVm dDogNXB4Oy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgIDxwIH N0eWxlPSdm b250LXNpem U6IDI2cHg7 IGNvbG9yOi AjMzMzOyBt YXJnaW4tYm 90dG9tOiAx NXB4Oyc+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICDwn5 OIIFdhbnQg dG8gcmVhZC Btb3JlIGFi b3V0IE9GUy BDYXBpdGFs PwogICAgIC AgICAgICAg ICAgICAgIC AgICA8L3A+ CgogICAgIC AgICAgICAg ICAgICAgIC AgICA8YSBo cmVmPSdpbm RleC5waHA/ cGFnZT1zaW dudXAnIHN0 eWxlPScKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIGJhY2 tncm91bmQt Y29sb3I6IC MwMDdCRkY7 CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBj b2xvcjogI2 ZmZjsKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIHBhZGRp bmc6IDEwcH ggMjBweDsK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIGJv cmRlci1yYW RpdXM6IDVw eDsKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IHRleHQtZG Vjb3JhdGlv bjogbm9uZT sKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG ZvbnQtd2Vp Z2h0OiBib2 xkOwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgbWFyZ2lu LXJpZ2h0Oi AxMHB4Owog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgdHJh bnNpdGlvbj ogYmFja2dy b3VuZC1jb2 xvciAwLjNz IGVhc2U7Jw ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgb2 5tb3VzZW92 ZXI9J3RoaX Muc3R5bGUu YmFja2dyb3 VuZENvbG9y PSIjMDA1Nm IzIicKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIG9ubW91 c2VvdXQ9J3 RoaXMuc3R5 bGUuYmFja2 dyb3VuZENv bG9yPSIjMD A3QkZGIic+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBT aWduIHVwIG ZvciBmcmVl CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDwvYT4K CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDxzcGFu IHN0eWxlPS dtYXJnaW46 IDAgOHB4Oy Bjb2xvcjog IzU1NTsnPm 9yPC9zcGFu PgoKICAgIC AgICAgICAg ICAgICAgIC AgICAgPGEg aHJlZj0naW 5kZXgucGhw P3BhZ2U9bG 9naW4nIHN0 eWxlPScKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIGNvbG 9yOiAjMDA3 QkZGOwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgdGV4dC 1kZWNvcmF0 aW9uOiB1bm RlcmxpbmU7 CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBm b250LXdlaW dodDogNTAw Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBsb2cgaW 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgPC9hPg oKCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDxwIH N0eWxlPSdt YXJnaW4tdG 9wOiAxNXB4 OyBmb250LX NpemU6IDEz cHg7IGZvbn Qtd2VpZ2h0 OiBib2xkOy Bjb2xvcjog I2QzMmYyZj snPgogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Ag8J+GkyBE aXNjb3Zlci A8aT4iVGhl IENoZWNrbG lzdCBWYWx1 ZSBJbnZlc3 RvciDigJQg QSBTbWFydG VyIFdheSB0 byBQaWNrIF N0b2NrcyI8 L2k+IOKAlC BmcmVlIGVC b29rIQogIC AgICAgICAg ICAgICAgIC AgICAgICA8 L3A+CgogIC AgICAgICAg ICAgICAgIC AgICAgICA8 IS0tCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDxk aXYgc3R5bG U9J21hcmdp bi10b3A6ID EycHg7IGZv bnQtc2l6ZT ogMTNweDsg Y29sb3I6IC M0NDQ7Jz4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIFNp Z24gdXAgbm 93IGFuZCBn ZXQgb3VyIG ZyZWUgZUJv b2sgCiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICA8Yj5UaG UgQ2hlY2ts aXN0IFZhbH VlIEludmVz dG9yIOKAlC BBIFNtYXJ0 ZXIgV2F5IH RvIFBpY2sg U3RvY2tzPC 9iPgogICAg ICAgICAgIC AgICAgICAg ICAgICA8L2 Rpdj4KICAg ICAgICAgIC AgICAgICAg ICAgICAgLS 0+CiAgICAg ICAgICAgIC AgICAgICAg ICAgIDwhLS 0KICAgICAg ICAgICAgIC AgICAgICAg ICAgPGRpdi BzdHlsZT0n bWFyZ2luLX RvcDogMTZw eDsgZm9udC 1zaXplOiAx NHB4OyBjb2 xvcjogIzQ0 NDsgZm9udC 1mYW1pbHk6 IC1hcHBsZS 1zeXN0ZW0s IEJsaW5rTW FjU3lzdGVt Rm9udCwgU2 Vnb2UgVUks IFJvYm90by wgSGVsdmV0 aWNhIE5ldW UsIHNhbnMt c2VyaWY7IG xpbmUtaGVp Z2h0OiAxLj Y7Jz4KICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIEhhdmUg eW91IGhlYX JkIGFib3V0 IG91ciBzaG 9ydCA8c3Ry b25nIHN0eW xlPSdmb250 LXdlaWdodD ogNjAwOyc+ RGFpbHkgVm lkZW8gTmV3 c2xldHRlcj wvc3Ryb25n Pj8KICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IDxhIGhyZW Y9J2h0dHBz Oi8vd3d3Lm luc2lnaHRm dWx2YWx1ZS 5jb20vbmV3 c2xldHRlci 5waHAnIHRh cmdldD0nX2 JsYW5rJyBz dHlsZT0nY2 9sb3I6ICMw MDdCRkY7IH RleHQtZGVj b3JhdGlvbj ogbm9uZTsg Zm9udC13ZW lnaHQ6IDUw MDsgbWFyZ2 luLWxlZnQ6 IDZweDsnPg ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIEZpbmQg b3V0IG1vcm UKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgID wvYT4KICAg ICAgICAgIC AgICAgICAg ICAgICAgPC 9kaXY+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC 0tPgogICAg ICAgICAgIC AgICAgICAg IDwvZGl2Pg ogICAgICAg ICAgICAgIC AgPC9kaXY+ CiAgICAgIC AgICAgIDwv ZGl2PgogIC AgICAgICAg ICAKICAgIC AgICAKICAg ICAgICA8c3 BhbiBjbGFz cz0nYmx1cn JlZC10ZXh0 Jz4KICAgIC AgICAgICAg TVM0Z1JtOT FibSBSbFpD QnBiaUF5IE 1EQTJMQ0JQ UmwgTWdRMk Z3YVhSaCBi Q0JwY3lCaE lIIEIxWW14 cFkyeDUgSU hSeVlXUmxa QyBCaWRYTn BibVZ6IGN5 QmtaWFpsYk cgOXdiV1Z1 ZENCaiBiMj F3WVc1NUlD IGhDUkVNcE lIUm8gWVhR Z2FYTWdZbS BGelpXUWdh VzRnIFEyaH BZMkZuYnkg d2dTV3hzYV c1diBhWE11 UEdKeVBqIE l1SUZSb1pT QmogYjIxd1 lXNTVJSCBC eWFXMWhjbW xzIGVTQm1i Mk4xYzIgVn pJRzl1SUds dSBkbVZ6ZE dsdVp5IEJw YmlCdGFXUm sgYkdVdGJX RnlhMiBWME lHTnZiWEJo IGJtbGxjeU IzYVggUm9J R0Z1Ym5WaC BiQ0J5Wlha bGJuIFZsY3 lCaVpYUjMg WldWdUlDUX hNQyBCdGFX eHNhVzl1IE lHRnVaQ0Fr TWogVXdJRz FwYkd4cCBi MjR1UEdKeV BqIE11SUU5 R1V5QkQgWV hCcGRHRnNJ SCBCeWFXMW hjbWxzIGVT QndjbTkyYV cgUmxjeUJt YVc1aCBibU 5wYm1jZ2FX IDRnZEdobE lHWnYgY20w Z2IyWWdjMi BWdWFXOXlJ SE5sIFkzVn laV1FnYkcg OWhibk1zSU cxbCBlbnBo Ym1sdVpTIE JrWldKMExD QmggYm1RZ1 pYRjFhWCBS NUlHbHVkbV Z6IGRHMWxi blJ6TGogeG ljajQwTGlC VSBhR1VnWT I5dGNHIEZ1 ZWVLQW1YTW cgYVc1MlpY TjBiVyBWdW RDQndiM0ow IFptOXNhVz hnYVggTWda R2wyWlhKei BhV1pwWldR Z1lXIE55Yj NOeklHRWcg ZG1GeWFXVj BlUyBCdlpp QnBibVIxIG MzUnlhV1Z6 TEMgQnBibU 5zZFdScCBi bWNnYUdWaG JIIFJvWTJG eVpTd2cgWW 5WemFXNWxj MyBNZ2MyVn lkbWxqIFpY TXNJR0Z1Wk MgQnBibVIx YzNSeSBhV0 ZzSUcxaGJu IFZtWVdOMG RYSnAgYm1j dVBHSnlQai BVdUlFRnpJ RzltIElGTm xjSFJsYlcg SmxjaUF5TU RJeCBMQ0JQ UmxNZ1EyIE Z3YVhSaGJD Qm8gWVdRZ1 lYQndjbSA5 NGFXMWhkR1 ZzIGVTQWtO emN6SUcgMX BiR3hwYjI0 ZyBhVzRnZE c5MFlXIHdn WVhOelpYUn ogSUhWdVpH VnlJRyAxaG JtRm5aVzFs IGJuUXVQR0 p5UGogWXVJ RWx1SUdGay BaR2wwYVc5 dUlIIFJ2SU dsMGN5QnAg Ym5abGMzUn RaVyA1MElH RmpkR2wyIG FYUnBaWE1z SUUgOUdVeU JEWVhCcCBk R0ZzSUc5bV ptIFZ5Y3lC MllXeDEgWl MxaFpHUmxa QyBCelpYSj JhV05sIGN5 QjBieUJwZE ggTWdjRzl5 ZEdadiBiR2 x2SUdOdmJY IEJoYm1sbG N5d2cgYzNW amFDQmhjeS BCbWFXNWhi bU5wIFlXd2 dZVzVrSUgg TjBjbUYwWl dkcCBZeUJ6 ZFhCd2IzIE owTGp4aWNq NDMgTGlCVW FHVWdZMiA5 dGNHRnVlU0 JwIGN5Qmxl SFJsY20gNW hiR3g1SUcx aCBibUZuWl dRZ1luIGtn VDBaVElFTm ggY0dsMFlX d2dUVyBGdV lXZGxiV1Z1 IGRDd2dURX hETEMgQmhJ SE4xWW5OcC BaR2xoY25r Z2IyIFlnVD BaVElFTmgg Y0dsMFlXd2 dRMiA5eWNH OXlZWFJwIG IyNHVQR0p5 UGogZ3VJRT lHVXlCRCBZ WEJwZEdGc0 lFIE52Y25C dmNtRjAgYV c5dUlHbHpJ RyB4cGMzUm xaQ0J2IGJp QjBhR1VnVG 0gRnpaR0Z4 SUhOMCBiMk 5ySUdWNFky IGhoYm1kbE lIVnUgWkdW eUlIUm9aUy BCMGFXTnJa WElnIGMzbH RZbTlzSU8g S0FuRTlHVX k3aSBnSjA4 WW5JK09TID RnVkdobElH TnYgYlhCaG JubmlnSiBs eklHMWhibU ZuIFpXMWxi blFnZEcgVm hiU0JvWVhN ZyBaWGgwWl c1emFYIFps SUdWNGNHVn kgYVdWdVky VWdhVyA0Z2 NISnBkbUYw IFpTQmxjWF ZwZEgga2dZ VzVrSUcxcC BaR1JzWlMx dFlYIEpyWl hRZ2JHVnUg WkdsdVp5d2 dkMiBsMGFD QmhiaUJoIG RtVnlZV2Rs SUcgOW1JRz kyWlhJZyBN akFnZVdWaG NuIE1nYjJZ Z1pYaHcgWl hKcFpXNWpa UyBCcGJpQj BhR1VnIGFX NWtkWE4wY2 4ga3VQR0p5 UGpFdyBMaU JQUmxNZ1Ey IEZ3YVhSaG JDQm8gWVhN Z2IyWm1hVy BObGN5QnBi aUJEIGFHbG pZV2R2TEMg Qk9aWGNnV1 c5eSBheXdn WVc1a0lFIH h2Y3lCQmJt ZGwgYkdWek xDQmhiRyB4 dmQybHVaeU JwIGRDQjBi eUJvWVggWm xJR0VnYm1G MCBhVzl1WV d3Z2NtIFZo WTJnZ1lXNW sgSUdGalky VnpjeSBCMG J5QmhJSGRw IFpHVWdkbU Z5YVcgVjBl U0J2WmlCcC BiblpsYzNS dFpXIDUwSU c5d2NHOXkg ZEhWdWFYUn BaWCBNdUlE eGljajQ9Ci AgICAgICAg PC9zcGFuPg ogICAgICAg IAogICAgIC AgIA==