James Yaro: Good morning. Thanks for taking my questions. Firstly, Gary, it’s been great working with you and good luck in the future. Maybe we can just turn to the M&A trends here. So a longer-term one and then a shorter-term one. The longer-term one is just how you’re thinking about the cadence of the eventual industry M&A recovery? And then in the short term, just how you’re thinking about the seasonality for the fourth quarter, typically, that is obviously the strongest quarter across the industry. So is that something that we should expect for you as well?
Andrew Bednar: Yeah. I think on the broader M&A market, we have seen flashes of light that have been quite positive, but they haven’t been as steady as I think I and the rest of the industry would like to see. So we’ve had speed bumps along the way. We’ve had moments where we thought we were getting into a more sustained recovery, but I think we’ve been met with some obstacles along the way. That being said, as I mentioned earlier in response to Devin’s question, we are seeing a change in the client receptivity and in client reaction to those market conditions being more about let’s get on with our business and get on with key decisions rather than waiting. So I think that is a healthy sign that people are willing to travel through choppy waters because it doesn’t seem like the choppy orders will abate.
I think with respect to your question on seasonality, historically, we and the industry have had stronger fourth quarters relative to other quarters. I think we are starting to see some of that emerge again and get back to that pattern of stronger fourth quarters. And I do expect that to be the case.
James Yaro: Okay. That’s super helpful. And then on the comp ratio, I think you generated very strong comp discipline this quarter. It was better than expected, better than most peers despite your strong hiring over the course of the year. Maybe you could just talk about how you’re thinking about the ability to generate comp leverage over the next few years. And any reason why we shouldn’t be able to get back to a more normalized level of comp ratio over the next couple of years in a more normal environment?
Andrew Bednar: Yeah. So first, we put out our comp ratio based on quarter end. That is our estimate. We have a very close look at fourth quarter. That’s usually when we determine what the annual comp ratio will be. So all the action really is in the fourth quarter, not in the lead up to the fourth quarter. And given the scale of our business and the potential for significant fee events to move from period to period, we have to watch that closely as we head into year-end. As I’ve said historically, that, in part, comp is really CapEx, and we got to make sure that we are keeping our assets in place and incentivized properly for the long term. And I know that a lot of investors and analysts like to think quarter-to-quarter, but we have to think much longer term, and we’re kind of playing cricket more than we are baseball.
So we look out many, many years in thinking about our assets, and making sure that we’ve got our best people in place and incentivized to keep driving our business. So I think there’s no reason to think there’s a structural change in compensation ratios in our business or across the sector. But when we do go through turbulence, you do have to make sure that, again, you’re investing behind the team and also taking advantage of opportunities to grow the team appropriately. And we’ve had a very disciplined approach to growing our partnership. We want the best people. We don’t want to simply add to the partnership just to say we’ve grown it, and we will continue to be disciplined around that. But we’ll have moments where we have to invest behind the team.
And again, in turbulent conditions, you will see the comp ratio jump around a bit.
James Yaro: Okay. That’s very clear. Thanks so much.
Andrew Bednar: Thank you.
Operator: Our next question comes from Steven Chubak with Wolfe Research. Your line is open.
