Scott Beiser: And I’d add, Lindsey, described kind of third-party costs that we will not have to incur. There’s also a decent amount of time that people in our accounting department and our legal department and our compliance department, and our HR department, you just — you have to deal with all these different entities, albeit when we go to the marketplace, we’re not working in that mindset as we think about three core business segments, industry groups, geographies, et cetera. We think we’ll be able to streamline to some of the efforts that we’re doing with existing employees as well. So I think we just got to a point, we’ve made so many acquisitions over the years. We need to start more rationalizing and whittling it down and we’ll probably be a little more cognizant to thinking about that every time we make an another acquisition, and especially if it’s an acquisition outside of the United States, it just seems to always carry another entity that we’d like to ultimately be able to consolidate into an entity that we already have.
Michael Brown: Okay, great. Well, thank you. It sounds like a very onerous task, and good luck. Thank you for taking my questions.
Scott Beiser: Thank you. Maybe Solo was our ultimate objective. Could we get it down to one, but we’ll never get it [indiscernible] entity.
Operator: Thank you. Our next question comes from the line of Jim Mitchell with Seaport Global. Please proceed with your question.
Jim Mitchell: Hey, good afternoon. Maybe you should call the project multiple. Maybe, it seems like you made a pretty significant hire in private credit, the Head of Private Credit at Morgan Stanley. So just how — is that bringing on new capabilities in that space and it just may be more broadly, given the totality of what you’re doing there? How are you thinking of the opportunity set in growth?
Scott Beiser: First of all, I can give you a good broad perspective of Houlihan Lokey and I think with just our ongoing growth and success and brand recognition allows us to attract and retain certain quality people that we probably would have never been able to attract and retain 3 years ago, 5 years ago, 10 years ago. So part of it’s just a recognition of who and what Houlihan Lokey is today. Specific [indiscernible] individual that you’re talking about, we’ve always been very bullish on our views on what we think we can do and grow in the capital markets area, it’s a multifaceted in terms of within different components of the capital structure going along industry lines going on certain geographies and being able to help clients in their various financing needs.
And so yes, I think this hire is just another individual that we will build around to continue to expand the capabilities that we have staying within our true meeting of — in capital markets which continue to be a leading advisor, not one that is deploying the capital but one that is actually advising others who are seeking to raise capital for a variety of reasons.
Jim Mitchell: Okay. That’s helpful. Any — I guess maybe any way to size what you think the opportunity set in private credit is relative to today? Do you think it’s a double or triple in terms of your revenue? Just trying to think through the materiality of the investment and growth.
Scott Beiser: I won’t necessarily specifically answer your direct question. I think we have looked at how we define capital markets, almost in baseball terms. Maybe we’re in the second inning, maybe [indiscernible] we’re in the third inning, where I think the maturity in the industry of M&A is much further along. So I think everything that is being done, especially for the mid-cap market, especially with private credit, especially with private companies, especially the private equity firms, these are earlier secular times, and therefore, we do think there’s quite a bit of growth. I don’t think any of us have a decent crystal ball to tell you whether that’s a 50% increase or a 500% increase over the next 10 years. But we do think there’s some substantial growth, not only for ourselves, but others in the industry that participate along these lines.
Jim Mitchell: That that’s definitely helpful. Thanks for that. And then just as a follow-up, I know you typically have seasonality in your fiscal fourth quarter kind of stepped down, see across the industry. But you noted a lot of momentum across all three businesses. Do you think that seasonality components a little less this year? How are you thinking about that cadence on the revenue side?
