Ryan Kenny: Thanks. And then on the comments around the pace of Corporate Finance expecting to be a slow exit from this environment. Is it fair for us to hear that as a more negative tone shift from last quarter? And if so, where are you seeing the most hesitation among your client group? Is there a certain segment or geography?
Scott Beiser: I guess, the way I would describe it is, for several quarters now, everybody has always felt, well, next quarter is when we’ll start really seeing some meaningful improvement and it just feels like it just keeps getting pushed out a little. So, things are improving. They’re just taking longer to get to that improvement and maybe the pace of the improvement, the evidence just says it’s going to be maybe be slower than — not necessarily what we thought a quarter ago, but I think what most people probably thought when forecasting in views of a year ago. We do think that we’ve kind of hit the trough in this cycle, back in spring time, and things have been improving since then. What we do know, not only from ourselves, but from our peers and talking to lawyers, is kind of pipeline backlogs, things that are in the queue are rather significant.
And it’s just a matter of what pace that they can eventually get to the finish line. We are not experiencing any abnormal amount of deals that we’ll call, become dead deals or significant hold deals, they’re just still taking longer to get from getting hired to starting to close. I think that’s the better description and not necessarily that our view of the markets today are meaningfully different than what they were a quarter ago.
Ryan Kenny: So, pipeline’s building, but lags are longer.
Scott Beiser: Yes.
Ryan Kenny: Thanks.
Operator: Thank you. Next question comes from the line of Steven Chubak with Wolfe Research. Please go ahead.
Brendan O’Brien: Good afternoon. This is Brendan O’Brien filling in for Steven. I guess to start, I just wanted to follow up on the last question. It’s encouraging and it feels like we’re at the bottom or the worst is behind us in terms of M&A activity, and that’s consistent with what we’ve been hearing at peers. But as we think about that exit rate or exit growth rate from here, I know it’s a bit of a tough question, but based on what you know today, I wanted to get a sense as to when you think that we can get back to what you would characterize as normal activity levels?
Scott Beiser: I guess we’d be in another business if we really know that answer. While — at least what I thought about it is, in summer of 2020, you started to see a pickup that lasted for probably a good year or year and a half from the trough created by COVID, to maybe the peak in December of 2021. And much harder to describe what caused that switch from a declining environment to an improving and then a rapidly improving. We think the same thing is happening and will happen, that we’re in the process of improving and things will improve. But if you looked at the growth coming from the trough of 2020 to the peak of December 2021, we don’t think it’s going to be at that velocity, if you might. So, I guess that’s our crystal ball, sees is — we see some of the similarities of coming out of this more doldrums. It’s just not going to come out at the same maybe super pace that it came out three years ago.
Brendan O’Brien: Got you. That’s helpful context. And then I guess on restructuring, I know in the past, you pointed to that $120 million or so run rate as being the right level for the next year or so. However, you noted in your prepared remarks that activity has slowed, which makes sense given the improvement in capital markets. So, I just want to get a sense as to whether — like significant improvement in the capital markets environment could potentially present a risk to that $120 million run rate? Or is the debt maturity on some of the dynamics you spoke to earlier enough to sustain that into 2024 and beyond?
