“As a guide, I'd point you to where we were in Q1 and Q2 of this year, something on the order of negative $50 million or $60 million per quarter, just to give you a sense for how that rolls forward from here until closing.”

In context

“And are there any trailers in your P&L when it does close, for example, anything we should be aware of with regard to either payments to on the contract to GM? Or is there like a lot of cap that you have to be involved in? I'm just trying to make sure I understand how to model this as we go forward. Denis Coleman: Sure, Betsy. So, in terms of timing, it's signed but not closed. There has to be a conversion to the new issuer and then ultimately at closing of the platform transfer expectations we're targeting Q3 of 2025. So that's sort of timing from a modeling perspective. And I guess what I would tell you, we obviously have responsibility for operating the platform until that point in time. So, we will continue to incur call it, the run rate operating losses associated with that business. As a guide, I'd point you to where we were in Q1 and Q2 of this year, something on the order of negative $50 million or $60 million per quarter, just to give you a sense for how that rolls forward from here until closing. Operator: We'll go next to Brennan Hawken with UBS. Brennan Hawken: I wanted to follow up a little bit on the investment backlog commentary. I know you said that advisory drove a lot of the growth in the backlog. But we did see some sponsors recently to the IPO market with some success. And so curious about what you're seeing on the ECM and IPO side, particularly as we see early signs of sponsors reengaging with that distribution channel? David Solomon: So, thanks for the question, Brennan. I mean there's no question equity activity picked up. But as I highlighted a few moments ago, volumes are still running 25% below 10-year averages. And IPOs running even more significantly below 10-year averages. I do think the sponsors, again, some of it is sponsor monetization. And because sponsors h”