Matthew Niknam: No worries. It was just around InfraBridge. Just wondering, incremental infrastructure opportunities in the mid-market, maybe some of the near-term synergy the deal provides.
Marc Ganzi: Well, look, the immediate synergies is in middle market infra, they have 3 people doing middle-market digital infra. And so they’ve got 6 investments, 60% of their latest fund is digital. And so when you’ve got businesses like Expedia and Everstream, and they go from a bench of having 30 to 130 people to help them. As you can imagine, that team is pretty excited to be with our team because we’re leaning in and we’re helping on their investments, and there’s a ton of value add to be delivered there. So immediate synergies around the investment team. We talked about fundraising. They had an excellent fundraising team. I can’t say enough about some of the fundraisers that we picked up. Alice and Brian Lee in Asia. I mean, we picked up some really world-class fundraisers, I had the chance a couple of weeks ago to be in Europe for 12 days, fundraising, saw 50 LPs of which half were InfraBridge LPs, half were DigitalBridge LPs, and it’s just fantastic to have a bigger sales team.
And be able to go and touch more clients, which is what we’re doing right now. So we’re seeing already the payback on the fundraising side. Jacky, do you want to talk about what you’re doing in the back office, Jacky, with InfraBridge and where you see some of the cost synergies there. You’re well ahead of your plan, and I think you’ve got a really targeted plan on how you get synergies there. And then we can come back and talk about other investable asset class in InfraBridge. Go ahead, Jacky.
Jacky Wu: Yes, sure. So I think when we first underwrote the deal, we had FRE overlays in the low to mid-20s millions, and we’re now looking closer towards 30, and that’s principally because of the fact that we’ve been able to plug and play and have those funds really plug right into our back office and our scalable processes. Market — I first took over at Colony now DigitalBridge, we had multiple ERP systems. It’s now consolidated into one, obviously. If you look at the website even just a couple of years back, everybody in their neighbor was an MD and now we’ve effectively prudent down that top echelon pretty sizably. So it’s just working smarter and trying to be much more efficient with both processes and systems, and also streamlining, titling and meritocracy and equity. So those things have allowed us to not miss a beat in terms of amount of work that needs to go on, but certainly, it allows for us to be much more efficient with doing it.
Operator: Thank you. As there are no further questions at this time, I would like to turn the floor back over to Marc Ganzi for closing comments.
Marc Ganzi: Well, thank you, and thank you all of you for your time today. I think this is a pivotal moment in the company’s history, and we’re at an inflection point. And I think that inflection point is advantage of our shareholders. We’ve laid out guidance for next year. It is the guidance level that Jacky and I are very confident that we’re going to hit next year. But most importantly, it’s a guidance level that we believe we can exceed. We prioritize taking down leverage. We do not want to risk the company’s balance sheet. There’s an easy temptation in these markets to take on more leverage, do more M&A, and for the sake of growth. That’s not what this management team is about. We have the building blocks in place to go out and execute the way you want us to execute, which is organic growth, which is where we achieved the highest returns.
