The Trends in Sponsor and Private Equity Activity

Vito: I think we're seeing a fair amount of activity in the second half of the year, whether it's carve outs in certain areas or bolt on transactions. There is a ton of ample capital that the financial sponsor community has to deploy with over a trillion dollars of capital across both larger cap financial sponsors and middle cap firms. We are seeing an increasing desire by financial sponsors to try to pre-em processes. And fundamentally, we do think that the number of high quality assets has been declining over time given a lot of the M&A that took place in 2022.