Matthew Niknam: But just two quick ones, if I could. First, on InfraBridge, if you could just talk about some of the incremental infrastructure opportunities in the mid-market, the deal opens up for DigitalBridge and maybe some of the near-term synergy it provide to your IM business. And then just secondly, maybe for Jacky, the targets you put out imply corporate overhead goes from $50 million this year to about $40 million in 2025 at a time when we’re obviously seeing meaningful inflationary headwinds and the business is scaling. So I’m just wondering if you could talk about your confidence level and actually shrinking those corporate overhead costs.
Marc Ganzi: Well, look, I think Jacky and I are in the corporate overhead discussions together. The CEO and the CFO have put out a guide that we’re going to take $10 million of cost out of the business this year. We’ve already taken steps to do that. You’ll see it on a run rate impact by the fourth quarter, but it’s just taking prudent measures in a variety of directions. We’re trimming some of our investment team. We’re trimming some of the back office team. Jacky has done a great job. We’re getting really good synergies now in terms of the financial reporting on the fund accounting side. We had some duplication of efforts there when we did the merger a couple of years ago. And I give credit to Jacky and his team, they’re pulling a lot of cost out of the back side of the business, and we think we can continue to pull more cost out of the business.
Bonuses are down year-over-year. We didn’t get it done. So you’ll see compensation is going to be down year-over-year, and it starts with the CEO taking a much lower bonus than I took the year previous, and it’s just setting a tone with investors that, that’s the right thing to do. This management team is all about doing right by shareholders. Ever since Jacky and I took on this task of putting these 2 companies together and coming up with the new narrative, we’re dead serious about taking cost out of the business, and you’re going to see that this year from us. A very strong commitment to bring back the earnings potential of the business. I talked about profitability. We will be very profitable this year. As Jacky will tell you about catch-up billings and other fund products, taking the cost out of the business, the new fundraising comes on at an incredibly high margin.
We’re not adding people right now. That’s the important thing you need to know. We added all the people last year. And so that’s why you’re seeing a lot of confidence in the Matt — in the margin increase and certainly looking forward to talking to you next Monday at your conference and going even deeper on this. But I don’t think people are fully grasping what we’ve done here. You look at the $22.2 billion of FEEUM that we generated last year and you look at the sort of midpoint of our guide of $38 billion of FEEUM next year, we’re talking about growing FEEUM by 78% year-over-year. I don’t know of another asset manager on the planet that is telling investors, they’re going to put up 78% growth next year, we are. Can’t say that strong enough.
Like this team is dead serious about where we’re going. We put the right pieces in place in ’22. And once we’re deconsolidated, we’ll have leverage in the same zone as other alternative asset managers, and we’re going to keep taking leverage down. So we’re doing all the right things, and the results are going to follow this year. And I’m happy to go as — Jacky and I are happy to discuss guidance and we’re happy to go as deep as you wish on any of those numbers. Matt, I lost your first question because it was absorbed in the SG&A cuts and the taking $10 million of costs out of the corporate overhead. What was the first question?
