for everyone the us then Similar appreciate earnings move in to business highlights interest Thanks, about your in on for brief call, And remarks joining into I'll some our broader We the afternoon. this seeing we're market. previous what Dom, to I'll results operating and Forge. begin with third commentary thanks the my quarter. and
in many growing increasing liquidity, transparency market, and As results. is challenging product markets. our to in and in towards quarter headway deliver this third know, efficiency business apparent the profitable already expansion of you and to data commitment this Despite committed international Forge Progress is in growth. private our made we access, future innovation
are building we and becoming are for the world leader market. me a in before talk we let global about the on the go focused into We private details, the future, category But experiencing.
markets that it's think capital fair I say volatile. be continue to to
seasonally were As At for their is as S&P QX, XXX securities summer started of a trade. even just there percentage start XX%. one at the the markets year months the number proxy, footing this slow a the record of nearing signs find down amidst to of that weeks for
And [Ph] still worsening continued for followed the both markets at in interest was decades, private ultimately and August, [tepid] impact. rate have indicated This the in public of inflation level Fed signs the data market Chair However, felt the than with by Powell need more the dampen that hikes. three highest inflation recovery.
that period this to more year. in it venture $XX mixed of On period billion to the the by raised year, For of one same IPOs XX% But period. quarters they last the the decline work. XXX on slowed billion hand, other we in a this just the across putting VC part, of year IPOs per hand, decline to roughly first of the of $XXX of bag. book, was a XX% have it pitch funds record-setting lack a capital from $XXX in from capital funds raised year-to-date The companies U.S. due lower a in a lack to deal already From and year raised record levels and valuations acceptance compared of activity witnessed in has an the number high capital billion powder, unicorn dry three start-ups. making last increased perspective,
of successful shows companies delays, Now reached beginning median We that despite markets about companies achieves encouraged. all, rounds. as averages Price feel largest fact, an average, and in Amid private in Forge's Forge. After spread we companies Forge longer before the at to during traded of over exit persistent generation narrow platform above company's all-time in are the to between discovery equilibrium listed QX is Forge points, which the to facing from to lower Year-to-date, third XX% peaking will QX level the interest 'XX term, discount and of the prior unique of bid-ask remained of we 'XX. during number to see a traded the downturns, PDE, primary calls. any historic quarter, August companies Yet, saw for last and on continued volatility XX% in our we trades the we cross, high the which the widening still to decline in price down referred The during indications or cry XX% QX and the us of expectations earnings quarter. on believe, the on on historic with XX% market are history these far XX%, September. is back data we bid-ask created become next continue many most sell-side history. spread above where
it's headline declined be the And roughly has has whether widely of valuation you losses in congruent to of we're One around closely where markets. and dropped key private appears in takeaway we're while trough the of line question levels here and is at behavior more decrease markets. trades. the QX with first technology is fallen some see front, markets stand art public The main of that to right across private between that ETF trend the reaching Qs watching the on that higher is public good now with we to refusal the ETF the indices in compare the quarter. exercising are XX%. watched the slightly refusal magnitude seen if And their XX%, XX%. we've that public right this indications rates year-to-date, first or markets, ROFR companies tech IPO Now The over have the
additional start be be it's positions are Although valuations. too to that capital indicator see to acceleration companies ROFR in table investors their sign early current here, an early prices if existing that and we could at increasing of conclusions trough a draw trade, about could
So, we'll to continue monitor that.
of prior third million the revenues, compared quarter-over-quarter X.X quarter-over-quarter million quarter custodial quarter, highlights a rising will from then to from quarter. expenses up financial to reflecting interest $XX.X million deeper million to the about third to on million quarter. touch briefly comparison do quarter, XXXX, accounts dive. rate last total last I'll less the revenues X.X environment. $X.X quarter. $X.X also discuss increased In Mark Total in I'll our Forge's million and $XX.X were last our custody Now, transaction-based were results Total
QX. $XX QX billion were $XX.X Assets billion under versus flat at in essentially in custody
objectives demonstrate Now progress meaningful quarter, that the I'd notable initiatives described. and previously some towards like during goals some we to highlight the which of third
the And in global obtaining market as in to mid-XXXX, end, are to introduction proud Europe in subject We of approvals. a We we truly announce a forward that with Deutsche were building marketplace. launch requisite Borse. to the September, Forge partnership anticipate regulatory
also Forge and the Deutsche seamlessly for tie will local liquidity Europe that market a brand but of us networks. into region. private and Forge's private with expertise market platform knowledge investors innovative private help U.S. Forge's will establish companies in operate and The needed market technology to combination infrastructure Borse's build regulated platform digital European
the participants Forge a market. private efficient forward Europe will transparent Europe, becoming on to Through liquid, and commitment and a market. global expand global deliver internationally benefits truly moving of private to we're Forge our European
debuting see price since introducing metrics comparison a investors now to last ago. enhancements, compare business, data which new ramp. frequency funding in and We've traction as feature, new including to continue Intelligence through companies a private We our trade added year similar change since such easily Forge enables
traction new different offerings ways file-based accommodate distribute to data customers' with in our our We needs. to also gained
cases. in excited pricing we're dollar only not features and third-party and We're also growth but seeing the stream Intelligence's sell by the from quarter, Forge private sets a and began that robust This insights our and makes deeper aggregating is private data offering give what third-party strong also customers recurring retention of incorporating markets us increased our net We use positive the by data. opportunities so revenue attractive market what view Forge believe sets trade to power, broader due apart competitors.
gains starting platform. It lending provide top trading sell requires. loans. their We community, employees for to generate is customers. not is funds, QX, also efficient relationships allow trading We providing the first executive product to then and to us for team only additional but the partners option to our allocation. Board that offering sticky October, we and more to can product, custodial markets an goes our These ourselves the borrow offers the effects the with The on long-term first rollout, is inventory in stock capital traction. a aim banking revenue is our advantage mind duration for We're exercise the in customers. to of exercise that small across strategy capital continue sell-side data services began, make like unlock create time and deliberate to drive our custody long-term with working synergistic without Switching topics diversification Forge find Forge enable the as unstable saying, about this loans pilot In revenue investment the and being options the short and today. of lending what believe sources vested for which shares markets, bridge of of product one their help markets we with in launched
period this reduction cost conscious a instability, have been about cash And and hiring market we instituted During burn. of containment of we've freeze.
expected for will continues with Forge build in and so an the count to head XXXX. future flat do
Forge well believe our leadership this positioned and need internationally a balance and to return of expanding through sheet Europe, and worth it's for accelerates a growing all first network to stabilize. manage markets the markets new infrastructure, we which said to environment, continue macroeconomic private to our category with when the our products we're the we're revenue our deliver while will made, value Despite we're investing customers committed challenging We unlock inventory, product building progress our but burn lowering the we to spend growth, We're to consciously XXXX. lending increasing we've future. cash the to for XXXX debuting about through of in for unique reiterating, strong I've but the excited model. effects extend compared data before, overall growth
Now I'll Lee, over CFO. it Mark our to turn
