Operator: And we will move next to James Yaro with Goldman Sachs.
James Yaro: Hey, Scott and Lindsey. Thanks for taking my questions.
Scott Beiser: Hi, James.
James Yaro: I just wanted to start with the sponsors versus strategic point here. Maybe you could just talk about the differences in — among your clients across strategic sponsors, where they are seeing roadblocks to engaging and closing transactions, and what this might mean for the mix of sponsor versus strategic deal making over, let’s say, the next two years or so?
Scott Beiser: Yeah. I don’t think we see or expect major changes in what we have experienced over the last couple of years in any given small quarter trend at times you see sponsors more active in our book of business than financials and vice versa. But the financial sponsors are still incredibly important. There continues to be more of them. They are still raising money. They are still deploying it. They are probably just taking more time in deciding what they want to do or when they get started or when they are waiting for a particular key point of when they want to approach the marketplace, whether it’s on the sell side or buy side. So we still think it’s an important part of our business and for the industry at large.
James Yaro: Okay. That makes sense. And then just on the Restructuring business, is there any ability to sort of contextualize where you are seeing most of these new mandates you talked about being announced? Is it on the debtor side, creditor side and then are they more liability management or traditional Restructuring assignments?
Scott Beiser: It’s really in everything that you have mentioned. In different parts of the globe, we tend to be maybe slightly more active debtor oriented and creditor, a quarter ago, probably, had a little more better type of work recently. It’s been maybe a little more creditor oriented, depending upon the particular company situation, sometimes it starts in the liability management side, sometimes it’s right into a transaction that might immediately lead into a bankruptcy filing. I wouldn’t say that there is a particular unique trend out there. It’s — really, I think, just a lot of its catch up, companies that probably just don’t have the right business plan. You still have some technology disruptors. You obviously have higher interest rates and the ability to refinance any of the situations that you could have done 12 months or 18 months ago is not the same today.
And therefore, that’s why we have got a — I’d say, in some regards, it’s just a pent-up demand for Restructuring that maybe the ordinary course should have occurred over the last one year or two years, had the central governments not be as helpful in providing liquidity in the system.
James Yaro: Okay. Thanks a lot.
Operator: And we will move to our next question from Steven Chubak with Wolfe Research.
Steven Chubak: Hi. Good evening.
Scott Beiser: Hi, Steven.
