Matthew Nicholls
Executive VP, CFO & COO at Franklin Resources
We are shedding the double rent at One Madison, and we have about 3.5 to $4,000,000 of that left for the next quarter, and that will leave us just about $70,000,000, so flat to to the last quarter. And G and A, we expect to be also very similar to this, to the quarter we're reporting today at around 185, million dollars In terms of the full year guidance for full year '25, adjusting for the additional quarter of Putnam and excluding performance fee compensation, we expect our expenses to be roughly flat to 2024, very similar to 2024. We continue to make important strategic investments in the areas that Jenny mentioned in her prepared remarks in alternative assets, ETFs, Canvas, solutions, including digital assets, in particular, and are funding these with cost saves elsewhere in the business. So while our while our, expenses are expected to be flat, to last year for fiscal twenty twenty five adjusted for Putnam and performance fees, as I mentioned, it is important to note that we're being disciplined with the circulation of savings, additional savings in the business into those very significant growth areas for us. And then I'll finally say that, in the last quarter, I mentioned fiscal twenty twenty six because, obviously, we're managing through the Western situation where we've had revenue declines there, but we're supporting the team in terms of expenses that's impacted our margin, again, that I explained last quarter.
