We believe that deal spreads now reflect and compensate for the additional risk. We remain optimistic that we will continue to see robust transaction activity across all market capitalizations, along with greater-than-historical nominal as well as risk-adjusted spreads (given the increase in the risk-free rate).

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The commentary is the opinion of Westchester Capital Management. This material has been prepared using sources of information generally believed to be reliable; however, its accuracy is not guaranteed. Opinions represented are subject to change and should not be considered investment advice or an offer of securities.

Past performance is no guarantee of future results.

All investments carry a certain degree of risk, including possible loss of principal.