David Solomon

And so we continue to see significant activity on the M&A front.

And I don't see, unless the overall

environment got much, much worse.

I don't see that slowing based on what we see at the moment.

That said, there is no question that with the conflict in the Middle East, IPO activity slowed a little bit, particularly in March.

Things were only moving a straight line.

And as the quarter progressed, the macro environment started to weigh on sentiment.

Volatility increased meaningfully amid concerns around AI-driven disruption in sectors like software.

heightened uncertainty in parts of private credit and the conflict in the Middle East.

2026 began with a degree of optimism.

Markets hit record highs.

Confidence continued to build.

with most clients focused on growth, strategic activity, and capital deployment.

And as the quarter progressed, the macro environment started to weigh on sentiment.

Things were only moving a straight line.

And as the quarter progressed, the macro environment started to weigh on sentiment.

Volatility increased meaningfully amid concerns around AI-driven disruption in sectors like software.

heightened uncertainty in parts of private credit and the conflict in the Middle East.

Things were only moving a straight line.

And as the quarter progressed, the macro environment started to weigh on sentiment.