One of the biggest areas of opportunity was could we ever have a tech business that was the same size as financial services and healthcare. Obviously, we’re undersized relative to some peers there, but that market certainly presents that opportunity, and we continue to invest in tech. Obviously, we did DBO. We talked about some of the products we weren’t big in. Obviously, we did TRS in restructuring and frankly that’s gone incredibly well, keeps growing, and eventually we’ll get to the size and scale where it becomes counter-cyclical to some of the advisory businesses. And then, even our other teams, there’s lots of white space. So, I would say, we still believe in that $2 billion banking target, it’s still out there for us. Do I think it’s going to happen for 2026?
Obviously, that depends on the recovery. When we talked about this, we sort of said, it doesn’t really matter if it happens in five years, seven years, eight years, but getting that sort of continued growth path is important to us. And then, I would say, relative to other transactions, what definitely is happening in the marketplace, I mean people have seen the success we had with valence in chemicals in the TRS team in restructuring and obviously what we did with Sandler and Simmons in energy. So, yes, we’re getting lots of good looks, I would say the bigger deals get tougher because we don’t like to do a lot of transactions that have a lot of people overlap, but the pace of things we’re looking at and seeing is quite good, and I would also say we’re starting to get to a zone where new boutiques or TMC aren’t talking about 2021 results, there’s sort of being more realism on sort of the current market and that will help us get something executed.
Brendan O’Brien: That’s great color. Thank you. I guess, switching gears here. Wanted to talk on the fixed income business took another step down this quarter, and it feels like it’s been a story of one step forward and two steps back for the fixed income environment in general. However, in the past, you’ve talked about activity picking up once there’s rate volatility — less rate volatility and it does feel like we’re closer to the end of this rate hike cycle. Just wanted to get a sense as to how we should be thinking about the outlook for this business from here? And Deb, I know you mentioned like yield curve inversion, whether or not that needs to resolve itself before we actually see activity pick up or if there’s some other indicators we should be looking at?
Deb Schoneman: Yes. I would agree that it feels like we’re heading towards the end of that Fed rate cycle, and there’s just still uncertainty around that, which is driving lack of activity. And as I just mentioned, again the primary driver of the challenges in the business have been within the depository space and their lack of activity. So, you can think about that in terms of when banks are able to get back. And in terms of your question on the yield curve, the inversion doesn’t have to be reversed. It’s just that we need to see that there is a belief that the Fed has ended, that rates are going to start coming down, and that’s going to drive more investment out on the curve and longer duration. So, it does — the inversion doesn’t have to go away, but we need to feel like it’s at the end and it’s going to start moving the other way.
