Forge Global Holdings, Inc.

activity and late stage investment activity.

Got it. And then going back to the expansion reduction plan, could you please maybe add more color on how much savings you expect to capture for the second half of this year? I mean, should we expect just half of the $11.3 million this year and then the full $11.3 million in 2025? And then will there be any like other reinvestment so that, you know, the total expense saving will be lower than that? Any more color would be helpful. Thanks.

Yeah, thanks. Thanks for the question, Owen. For, you know, as you kind of look at your models, what I would say, you know, specifically, I broke out the $11.3 million. The $11.3 million is against our budgeted expenses. And we kind of said it's primarily headcount related, you know, with some other expense saves as well now if you look at kind of the saves relative to kind of run rate i think you can take that 11.3 million and assume that roughly roughly speaking two-thirds of it is against our current run rate and one-third is kind of cost future cost avoidance so i think that that's the bulk of it should be achieved you know in q3 and in q4 but there's probably some straggling you know timing related issues but but the best should benefit us on a go-forward basis. We are also very specific to say that excludes severance, Owen, and obviously severance would be a one-time expense.