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