“This year we're making an effort to actually spread it out over the course of the year, so it won't be showing up only in the third quarter.”

In context

“bout non-comp. We saw a charitable contribution this quarter, which is normally, I believe, in the fourth quarter instead. Was that just a timing change, or is there going to be contributions just the back half going forward, like third and fourth quarter? What's the right way to think about a jumping off point for non-comp? Dennis Coleman: Appreciate the comment on non comp. We continue to have all the same programming and discipline around managing overall non comp growth. The biggest driver for us again was transaction-based expenses. That's obviously correlated with the elevated levels of activity we're seeing across the board. We did call out the charitable expenses. You are correct in your recollection that traditionally we did recognize most of those expenses in the fourth quarter. This year we're making an effort to actually spread it out over the course of the year, so it won't be showing up only in the third quarter. Kayte: Thank you. We'll take our next question from Dan Fannon with Jefferies. Dan Fannon: Thanks. Good morning. You've exceeded or met most if not all of your targets in asset and wealth management except the kind of billion dollars of incentive fees, you're tracking below that this year. Just curious as to when you think your ability to hit that is sure. Dennis Coleman: Fair point, Dan. Your question actually also helps answer the question on how asset and wealth management sort of migrates towards a higher return profile over time. It's another one of the contributors to top line that also has significant marginal margin contribution. You're right to ask because the unrealized balance of incentive fees as of the last quarter is now at $4.6 billion. We still do have visibility and expe”