Payors and strategic buyers appear to be leading the current wave of investment in the sector. Notably, UnitedHealth Group's (NYSE: UNH) subsidiary Optum, Inc. is making progress on its acquisition of Amedisys, Inc. (Nasdaq: AMED), described further below. Additionally, another notable transaction closed in September. The Pennant Group, Inc. (Nasdaq: PNTG) – an Idaho-based home health, hospice and senior living company – continued its expansion by acquiring Arizona-based Valor HospiceCare—this following Pennant's recent acquisitions of Benefit Home Healthcare and Benefit By Your Side in Colorado and Bluebird Home Health, Bluebird Hospice, and Bluebird Home Care in Idaho in Q2. We anticipate Pennant will remain active in the last Quarter of 2023 and into 2024.