Our SPAC Attack index has continued to achieve all-time highs with each successive quarter despite slowing trends in IPO activity. SPACs continue to face intense pressure to find strong, marketable targets in the face of heightened SEC scrutiny and this quarter saw a meaningful correction from Q1 2022 in the multiples of announced transactions. Time is of the essence for many of the SPACs still searching for targets, and strong middle market companies with compelling growth stories and histories of profitability remain the most enticing targets to be taken public.