As we have stated previously, Thank you for joining us. The main drivers of the expense growth in both the second quarter and first half of the year are attributable to increased business and client activity, including higher deal-related T&E, expenses associated with client conferences, and underwriting syndication costs from our expanding public equity capital markets capabilities.

Jul 29, 2026 / receipt, needs a key / Chris Callesano, CFO | earnings call 2026-07-29 | transcript f8109741-9118-4d11-8b57-3074541ea821 | chars 9491-9877 | segment 9

As previously communicated, we currently anticipate our full year 2026 non-compensation expenses grow at a similar rate to 2025 due to our ongoing investments in technology including AI, increased deal-related travel expenses, and growth in headcount.

Apr 29, 2026 / receipt, needs a key / Chris Colasana, CFO | earnings call 2026-04-29 | transcript a650b4e5-5006-4e2e-b47f-fbf504df9bb0 | chars 8557-8808 | segment 8

The main drivers of the expense growth for the year were increased deal-related T&E and client conferences, continued investments in technology and data, including AI, and higher occupancy costs due to headcount growth.

Feb 4, 2026 / receipt, needs a key / Chris Colosano, CFO | earnings call 2026-02-04 | transcript dfee49ee-4ea8-42eb-aa5f-968b7addae96 | chars 7134-7353 | segment 7

As I said before, you know, the need for strategic acquirers to get scale efficiencies and I'm positioned themselves well for technology change, the need for requirement for sponsors to return capital and, and keep that return of capital and deployment cycle going. All of those things are driving a lot of what's happening in the M&A market. You know, cost of money is a variable and clearly, you know, low interest rates and ample, ample credit is a positive to the marketplace, but it's not the only variable. And so I don't, I don't read, The market commentary is, you know, the Fed commentary is fundamentally changing our outlook for the business. You know, we'll see, you know, what rolls forward, but I don't believe it's going to fundamentally change the direction of travel and what we're seeing in terms of, you know, demand in the environment for transactions.

Oct 29, 2025 / receipt, needs a key / Nathan Stein, other | earnings call 2025-10-29 | transcript 57646722-d63e-46a1-8762-b691cfb4808f | chars 33411-34283 | segment 34

The main drivers of the expense growth during the first nine months of the year were increased deal-related T&E and client conferences, continued investments in technology and data, including AI, and higher occupancy costs as a result of headcount growth.

Oct 29, 2025 / receipt, needs a key / Chris Colisano, CFO | earnings call 2025-10-29 | transcript 57646722-d63e-46a1-8762-b691cfb4808f | chars 6606-6861 | segment 6

The quarterly year-over-year growth in non-compensation dollars is primarily attributable to increased costs associated with our investment and client conferences, many of which occurred during the first quarter.

Apr 23, 2025 / receipt, needs a key / Chris, other | earnings call 2025-04-23 | transcript 22a65b41-98f0-495a-b348-dce7fd9fcec5 | chars 1371-1583 | segment 1

In 2025, we anticipate non-compensation expenses to trend higher as a result of an expected increase in technology, occupancy, and T&E spend.

Feb 5, 2025 / receipt, needs a key / Joe Simon, CFO | earnings call 2025-02-05 | transcript 8bf4ffc0-cb54-4ae3-82d4-efbc3ff7b44f | chars 2052-2193 | segment 2

8 regional coverage additions • Germany (2) • France (1) • Asia (1) • Benelux (1) • Middle East (1) • Brazil (1) • India (1)

ir_statement / Sep 17, 2026 / receipt

Managing director headcount Growth driven by internal promotion and targeted hiring in key sectors, products and regions

ir_statement / Sep 17, 2026 / receipt

Recent managing director expansion • Technology (20) • Industrials (8) • Energy (8) • Healthcare (8) • Clean Technology (2) • Power & Utilities (2) • Media & Entertainment (1) • Hospitality & Leisure

ir_statement / Sep 17, 2026 / receipt

Investments in expanded coverage through targeted hiring and internal promotion in key global fee pool sectors

ir_statement / Sep 17, 2026 / receipt

Pre-tax margin in 2023 was impacted by significant investment in Managing Director hires

ir_statement / Sep 17, 2026 / receipt

Shareholder mentality: efficiently return excess capital through dividends and share repurchases

ir_statement / Sep 17, 2026 / receipt

Strategic hiring: continually look to deepen coverage capabilities across major products and industries

ir_statement / Sep 17, 2026 / receipt

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company_statement / Sep 8, 2026 / receipt