The main drivers of the expense increase for the first nine months of the year were higher occupancy costs, which are up 19% year-over-year, reflecting the expansion of our New York and London offices, and higher travel and related expenses, which are up 25% year over year, primarily reflecting higher levels of business-related travel.

Nov 4, 2025 / CFO / receipt, needs a key / Helen Yates, CFO | earnings call 2025-11-04 | transcript a9393012-ac7e-416c-b591-fa994c51be33 | chars 4170-4507 | segment 4