The January transfer window has been and gone.
Six players left and only one came in, with that being the return of Morgan Whittaker from his loan spell with Plymouth Argyle.
It comes as a huge source of frustration to those on the ground at Fairwood who worked tirelessly to continuously line up targets right until the final stages of the window having been told they would be backed within what was financially sound for the club, only to find there was no scope for the deals to be done. Repeatedly.
Here's a closer look at how the transfer window unfolded for the Swans...
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Exits were planned well before January 1, particularly those of fringe players Nathanael Ogbeta and Brandon Cooper who had plenty of admirers. This was the relatively straightforward part of it all.
Fresh from the beginning of his fourth stint as Peterborough United boss, Darren Ferguson enquired about the availability of Ogbeta, and The Posh ultimately pipped Exeter City to the loan signing of the left-sided defender in a move that will afford the 21-year-old the opportunity to finally get some game-time.
As for Cooper, his move to Forest Green Rovers was done with minimal fuss, despite the significant amount of interest in his signature.
The recalls of Armstrong Oko-Flex and Fin Stevens by parent clubs West Ham United and Brentford were expected by the time most were tucking into their Christmas dinners, and, while the former's return to London took longer than anticipated, the Hammers ultimately decided the attacker was best off seeing out the season in the Hammers' youth system as minutes in south Wales were expected to be limited.
With Jordon Garrick not featuring in Russell Martin's long-term plans, the winger was recalled and sold to Forest Green Rovers which at least ensured he did not leave for nothing in the summer when his contract expired.
As for incomings, stacks of players were discussed well before the window opened, but some were shot down by the time Big Ben chimed to signal the beginning of 2023.
The Swans were keen to re-sign Hannes Wolf on loan from Borussia Mönchengladbach, although the German outfit were not willing to let the Austrian exit in January.
Chiedozie Ogbene was admired in the summer, and he was identified as the top transfer target for the opening month of the new year given the expected shake-up to the attacking department (plenty more on that later). It was a deal was never going to be straightforward, mind, despite Ogbene's admiration of the club and his refusal to sign a new contract with the Millers.
A source close to the player was rarely optimistic throughout the month when it came to the possibility of a deal progressing.
With Michael Obafemi and Jamie Paterson told they could leave having effectively been frozen out, the Swans were in need of attacking reinforcements. But the pursuit of a new forward option proved both frustrating and ultimately fruitless.
Joe Gelhardt was firmly admired and was thought to be a serious option, although his hefty wages ultimately meant a loan deal from Leeds United was never going to be sanctioned.
Having appeared destined for a return to Wigan Athletic, the 20-year-old joined Sunderland - who are now without striker Ross Stewart due to injury - for the remainder of the campaign.
Manchester City's decision to recall Liam Delap from his stint with Stoke City put the Swans on red alert, although that option swiftly fell by the wayside given the goings on at Preston North End.
Ryan Lowe's side lost Aston Villa loan man Cameron Archer, with Swansea seeing the 21-year-old as an ideal fit for their system. But he was duly snapped up by big-spending promotion rivals Middlesbrough which led to Preston taking Delap from Man City for the final months of the season - leaving Martin once again returning to the drawing board.
Spotted a theme yet?
There were, of course, other irons in the fire, although they too failed to come to fruition.
By this point, Swansea had already missed out on Malcolm Ebiowei who was re-united with Liam Rosenior - who he worked with at Derby County - at Hull City after the Tigers were willing to meet the financial demands required to land the Crystal Palace ace. Sorba Thomas is another who featured on their list, although the Wales international secured a loan switch from Huddersfield Town to Blackburn Rovers.
Obafemi's situation quietened somewhat after Burnley failed with two bids for the striker in the earlier stages of the window. The Clarets looked at former Swans Viktor Gyokeres and Sam Surridge but, after lining up a deal for Lyle Foster from Westerlo, they went hell for leather on signing Obafemi after Millwall had shown an interest.
There was of course Whittaker's situation to be taken into account. The player himself and head coach Martin made their feelings clear following the 22-year-old's recall from Plymouth.
After Plymouth fell well short when exploring the possibility of signing the attacker on a permanent basis following his excellent loan spell at Home Park, tensions subsequently arose between Rangers and Swansea over Whittaker's future.
The Scottish Premiership side failed with multiple bids for the frontman, with all parties becoming increasingly irritated over the handling of the saga - which ultimately ended with no movement and Whittaker remaining in south Wales.
All the while, Swansea had a new problem to solve as a result of the knee injury sustained by Steven Benda at Queens Park Rangers - coincidentally the game in which Whittaker had been due to feature before asking not to be involved.
By this point, it had become abundantly clear that the pursestrings were, let's say, tight. To that end, there was an acceptance that the emergency loan market may well have to be explored at a later date if required.
As the latter stages of the window approached, the bullet was bitten, so to speak, and other targets were pursued more fiercely, with Ogbene now appearing likely to remain at Rotherham until his contract expires in the summer. It does of course mean a free transfer is now an option for the 25-year-old at the end of the campaign.
Ashley Barnes' name was discussed amid ongoing talks of Obafemi's sale to Burnley. His Championship experience speaks for itself, although he always appeared to be a back-up option at best given his age and lack of resale value.
Harry Cornick - who was wanted by Bristol City - was certainly a more viable option, and while Luton Town had no real desire to flog the 27-year-old, there was an acceptance that, at the right price, the versatile striker could move on in January if the Hatters received a suitable transfer offer.
As for the defensive pursuit, the Swans found themselves in a battle with Luton for Exeter City's Josh Key, although, once again, the club were not willing to meet the League One side's financial demands.
Regardless, the Hatters switched their focus to signing Leeds United's Cody Drameh - another Swans transfer target - on loan.
With funds readily available, Bristol City made their move for Cornick on deadline day, with Swansea fully resigned to missing out on his signature given the figures that were being discussed.
It left Swansea pushing for a new goalkeeper and a forward in the final hours of the window. When has leaving it all until the last minute ever gone wrong, eh?
An exciting deal for Karlan Grant was lined up on the final day of the window, and the 25-year-old was fully expected to be included in Swansea's matchday squad to face Birmingham City on Saturday. The paperwork for the deal was completed on time to ensure Grant would move to the Swansea.com Stadium for the remainder of the season. The two clubs are even understood to have made contact with each other to confirm a time to announce the deal.
But the Baggies pulled the plug after the 11pm deadline having failed to sign Omari Hutchinson on loan from Chelsea in what really was a kick to the nether regions.
As the Jack Army are undoubtedly well aware by this point, a goalkeeper didn't join either. Ultimately, it was far more prudent for the club not to spend for the sake of it, particularly in a window notorious for panic and inflated fees.
It's also vital to remember that 'ambition' does not simply correlate to splashing the cash, something that has the potential to do the club serious long-term harm if done erratically.
But, and it is indeed a big but, there are now serious questions for the club's ownership group, chief executive Julian Winter and head of football operations Josh Marsh to answer following the Swans' inability to add a player to their ranks.
You'd certainly feel Winter and Marsh - two key men on the ground on this side of the Atlantic - had been promised that there was leeway to do at least some positive business.
Remember, on Christmas Eve, Winter said: "As a club we are aiming to be active in the window, with conversations around what we might like to do having begun a while ago. When one transfer window ends, planning for the next one begins immediately.
"Collectively, however, we will be working hard to improve the squad and look ahead to the second half of the season. But one thing is for certain, we will continue to do it our way; The Swansea Way."
The lack of absolute clarity for those bidding to put deals in place has led to endless hours of wasted time. This is nothing new, as per this piece from a year ago.
From an on-pitch perspective, it has led to a weakened squad, albeit one that remains within striking distance of the Championship play-off places, but with most, or maybe even all of their rivals now in a stronger position after the window.
But the off-the-field impact is far more damaging. Clubs have become increasingly angered (stronger words apply in some cases) when it comes to dealing with the key decision makers at Swansea, and that certainly isn't healthy for long-term relationships and future business.
Similar concerns were raised in January 2022. And, of course, the 2019 winter window, although turning off a phone ultimately proved to be an immensely smart decision, although even that was the decision of Huw Jenkins who left Swansea two days later.
It truly is key to remember that spending money on new signings is far from sensible if those players will not improve the squad. Being financially stable is critical. That cannot be understated.
But January 2023 was shambolic.
Martin has a pretty special bond with the Jack Army, and most would love nothing more than him being the man to guide them back into the Premier League. The very fact the Swansea faithful practically collectively agreed that they would not blame the 37-year-old one bit for taking up a new project if one arose in the near future is telling.
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