Brendan O’Brien: That’s great color. Thank you. And I guess for my follow-up, I just wanted to touch on the Triago acquisition. Given it didn’t meet the materiality threshold for disclosure, it doesn’t feel like it’ll have a significant impact on revenues in the near-term. However, it does seem like you could realize significant synergies once it’s plugged into your sponsor coverage platform. So I just want to get a sense as to how quickly you believe this business become — could become a meaningful contributor to your revenues, and what the growth opportunity is there?
Scott Beiser: Well, we’ve always felt that we’ll call on the private finance side, it’s an important part of what we can do for our clients. We recognize it’s a global business, we recognize their different components in advising GPs at times and LPs at times, and as we call it directs, et cetera. And we think we had certain strengths in some of those categories, but not enough of them. And so really, I’d say what we already had, we’re — will be adding in some acquisitions and some hirings that we’ve done. We think we will have a much larger platform, and will continue to be a growing part of really the whole capital provisioning to clients for different reasons. And as you’d mentioned, a very good connecting point with our financial sponsor coverage efforts since we really know hundreds and hundreds of GPs and LPs. We think there’s a decent amount of work that we can do over the coming years.
Brendan O’Brien: Okay. Thank you for taking my questions.
Scott Beiser: Thanks, Brendan.
Operator: Thank you. Our next question comes from the line of James Yaro with Goldman Sachs. Please proceed with your question.
James Yaro: Thanks, Scott, and Lindsey for taking my questions. Maybe you could just speak to quickly what you see as the key risks at this point to the M&A recovery for 2024. I thought it would just be useful given there’s so much good news here to get your perspective on that.
Scott Beiser: So I’d start with a comment that we do see more local positive news than potential [indiscernible] news going forward. But a couple that I point out that we have no control over what the impact might be. First, I would talk about just the geopolitical environment out there, and specifically the two wars going on in Europe and the Middle East and where they go, and if they expand and what impact that could have on other parts of the economy would be point one I had mentioned. I think point two, is as we get closer and closer to the U.S elections, and there’s always uncertainty regarding elections, and regardless of how it goes, you will likely have some clientele that will just want to wait to see the outcome before they might do things.
I don’t think that’s impacting business yet. I suspect as we get closer to summertime, we’ll get a better feel before. And the third thing I’d mentioned as well, we do believe interest rates, at least for the moment have hit their peak and are going to head downward at some level. We are not expecting [indiscernible] client base that they’re going back down to zero or close to zero, so we will be living in a higher interest rate environment than we’ve seen over, call it the last 10 years. But you might argue it’s an interest rate environment that for those of us who’ve been in the business for 10, 20, 30 years, it’s probably more akin to what we’ve seen. Those would be a couple things I would mention.
James Yaro: Okay. That’s really helpful. Thanks, Scott. Just real one for you, Lindsey, just on the non-comp expenses. You did talk about how they should remain higher in the second half of the fiscal year. Maybe you could just speak to the longer term outlook for those, should we expect them to continue to rise into subsequent fiscal years?
Lindsey Alley: I mean, the quick answer is yes. We continue to experience inflation across the major categories, rent, TM&E, professional fees. I don’t think that’s going away. I do believe you might see a bit more measured increases next year. We did have quite a bit of increase in rent this year. As I think we’ve mentioned on previous calls, we had a little bit of a perfect storm in terms of movement of offices and investments and rent. And so you saw some significant pressure there. You continue to see a little bit of pressure on TM&E on the return to work kind of as a hangover from COVID. But you should expect to see it, I’d say probably closer to inflation versus significant growth. But, yes, we do expect to see some increases in non-comp next year. And I think next quarter, I’ll probably give us a little bit more insight on what our fiscal ’25 might look like.
James Yaro: Okay, that makes a lot of sense. Thanks a lot.
Operator: Thank you. Our next question comes from the line of Ryan Kenny with Morgan Stanley. Please proceed with your question.
