What I would highlight is travel activity convening client meetings is on the rise, as Peter mentioned. We're very bullish on that, and that's probably an area of non-comp that while we always want to be efficient, it's not something we're trying to Make sure our bankers and our portfolio managers are with their clients, that there's a lot of activity. We see that as a differentiator for those artists, particularly in an environment where AI is increasing. We view the client relationship as paramount. And so that convening activity, that higher T&E spend will be offset by some of the savings that we're trying to do in other areas of income. But we actually see that as almost a revenue driver, if any.

Jul 23, 2026 / receipt, needs a key / Tracy, CFO | earnings call 2026-07-23 | transcript 4e06127d-72f4-448f-ae96-909526d68a4d | chars 54201-54910 | segment 54

While remaining focused on expense management, we continue to invest in the business to support our long-term growth, including successful recruiting efforts to expand our team of financial advisory managing directors and the build out of our ETF business and asset management.

Jul 24, 2025 / receipt, needs a key / Mary Ann Bech, CFO | earnings call 2025-07-24 | transcript 8e741c84-6571-49f0-a41a-d55f4e62a7b0 | chars 6610-6887 | segment 6

We've got continued increase in travel and convening events.

Jan 30, 2025 / receipt, needs a key / Marianne, other | earnings call 2025-01-30 | transcript 0cb4c27a-aba7-45dc-bf17-0f1f58607fa2 | chars 41812-41872 | segment 43

We have been disciplined in finding cuts to offset the increases that would normally go along with the growth that we've had in the business, including travel. including recruiting costs, including investments in technology.

Oct 31, 2024 / receipt, needs a key / Peter Orszag, CEO | earnings call 2024-10-31 | transcript 26816f30-1e10-4815-9311-f2588d492224 | chars 36362-36586 | segment 36

And as you point out, that is a reflection of business activity picking up, increased recruiting costs, increased travel, and also investments that we're continuing to make in technology.

Jul 25, 2024 / receipt, needs a key / Mary Ann, CFO | earnings call 2024-07-25 | transcript 88beddb6-9e95-4538-a5b8-6a565d21ed4e | chars 32453-32640 | segment 32

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