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they were involved with oil and gas companies, which is a sector they should not be heavily involved <br />with in first place. Also, they were financing for partners when corporate mergers were not going <br />through. Jon and Paul mentioned the rates of inflation and borrower’s struggling to make payments are <br />part of the issue, as well as lingering effects from the Global Pandemic. They spoke of returns on <br />capital. Returns are slower than usual right now on client exit strategies. It is expected to be better <br />over the next few quarters. White Oak’s goal is to return 10-15% by years end, then 40-50% in 2024. <br />They wrapped up the presentation at 9:45 am. <br />Robert Cunha made a motion to adjourn the meeting at 9:47 am, which was seconded by Fred Weiss, <br />and unanimously approved by Carolyn Kosnoff, Alan Fields, and Joseph Foley. <br />The next Retirement Board meeting will be held on Thursday, August 24, 2023 at 8:30 am via Zoom. <br />Future Board meeting dates will be September 28th and October 19th. <br /> <br />_____ __________________ <br />Robert Cunha, Chairman Alan Fields, Appointed Member <br /> <br /> <br />Carolyn Kosnoff, Ex Officio Member Joseph Foley, Elected Member <br /> <br /> <br /> <br />Frederick Weiss, Appointed Member <br /> <br /> <br /> <br />