So, I think that the opportunity for us to continue to grow both the third-party piece as well as on the balance sheet is one we’re going to be talking about, have an opportunity to talk about for a long period of time.
Scott Nuttall: Hey, Brian. It’s Scott. Just a couple incremental thoughts for you. One is a younger part of the private equity asset class, so to some extent there is a bit of an education still happening. As you noted, we do have a significant amount of AUM. We have a lot of dry powder as we sit here today. But we’ve been out talking to investors around the world about why we like it so much and how aligned we are, and we’re having some really good conversations. In addition to the larger plans that Craig referenced, and those may be focused on 10, 15, 20-year compounding, we’re also seeing interest from large scale family offices that tend to think that like we do in terms of the power of long-term compounding, probably a greater appreciation for reinvestment risk. And as the portfolio continues to mature and we spend the dry powder, we have, we’ll be back to market before too long. I’d be happy to share more color then.
Brian McKenna: Great. Thank you guys.
Craig Larson: Thank you.
Operator: The next question is from the line of Mike Brown with KBW. Please proceed with your question.
Michael Brown: Hey, good morning, everyone. I just wanted to ask on the capital markets environment, clearly there’s been some green shoots recently and just wanted to get your take on how that could translate into a broader recovery and just get your thoughts on maybe the next six to 12 months. And then, I know it’s early in the quarter, but any quick color on the monetization out of quarter to date or expectations for the full quarter?
Robert Lewin: Sure. Thanks a lot for the question, Mike. If you look our capital markets business year-to-date, we’ve generated $250 million of revenue. And if you look back over the past four quarters, we’ve averaged $110 million to $115 million of revenue. And so, we’re really proud of that performance and environment where the capital markets put that in equity we’re largely shut for most of that period of time. So, I feel like we’ve built a business model that is quite durable in tough operating conditions. In terms of the back half of the year, you’ve noticed some green shoots and we’ve certainly seen some signs of life in the leverage finance market, a little bit in the IPO market, maybe the secondary market follows. I think it’s a little early to call that we’re out of it, but we do really think that we’re positioned in an environment where the capital markets come back to generate really outsized outcomes.
Hopefully that environment really persists and we can generate those types of outcomes for our shareholders in 2024 and beyond. Like I remind you that in 2021, our capital markets business in a really up market generated $850 million of revenue. So, I feel like we’ve built this model that protects in the downside, but really offers the opportunity for outsized — outcomes when the markets are open. And I think we are doing much more as a firm today than we did in 2021. So, I think the opportunity is greater as we go forward here with that business.
Michael Brown: [Indiscernible]
Robert Lewin: Yeah. Thank you. And then, on your question on the monetization side, it’s a bit of an odd quarter for us. We’ve got a couple of pretty meaningful monetizations that sit on the bubble between Q3 and Q4. So, instead of providing just a Q3 number in isolation, what I can let you know is that we have at least $350 million of visibility around monetization related revenue over the second half of the year. As usual, as we get to the end of this quarter, we’ll provide that specific press release, which details our performance through the quarter. And so, what we’re seeing a bit of an uptick here for sure. I think consistent with the overall tone and what we’re all feeling is a bit more of a constructive environment. I’d still say that we’re in the part of the cycle where we are underearning our intrinsic earnings power. So, hopefully more to come here, but a little bit of upside relative to where we’ve been.
