December 31, will result in compensation savings, we expect to see an increase in overall compensation expense from our fiscal third quarter due to merit increases taking effect on January 1. General administrative expenses were $27 million up $4 million sequentially. Included in this quarter were expenses associated with our StepStone 360 Private Markets Conference. We will host our Annual Venture Capital Conference later this month, so expect to see a similar level of expenses in the next quarter. As a re ...