Two chapters of Aristotle’s Metaphysics, E 4 and Θ 10, discuss truth and a use of the verb ‘to be’ associated with it. The relationship between these two chapters is problematic because despite an apparent cross-reference connecting them, they seem to put forward incompatible views. This chapter argues that (contrary to appearances and to what some commentators believe) E 4 fully agrees with Θ 10. One of the assumptions on which the reconciliation relies is that when ‘to be’ is employed in accordance with the use associated with truth, it applies to external things (mainly, but not exclusively, states of affairs) but neither to thoughts nor to sentences (to both of which however ‘true’ applies). This sheds a novel light on E 4, which turns out to make claims rather different from those which commentators have taken it to defend. In particular, E 4 commits Aristotle to the view that states of affairs (unlike Fregean thoughts) are mind-dependent entities.