December 2023
Fellow Shareholders, As an Israeli American, I have to start by condemning the vicious murders, rapes and kidnappings conducted by the terror organization Hamas on October 7th, 2023. I pray for the release of the hostages, and for the fast recovery of the injured and I offer my sincere condolences to the families of the murdered. I believe that our financial results for the year 2023 were impressive. We broke our record of both revenue and net earnings, while managing to avoid foreclosures and losses. Our low debt-to-equity ratio had become a major benefit in a high-interest environment, as we don’t pay higher interest on the majority of our capital, while charging higher interest on the entire portfolio.