Adjusting for the previously mentioned legal matter reserve in the quarter, Non-compensation expenses of $633 million increased 20% sequentially. Adjusting for the previously mentioned legal matter reserve in the quarter, non-compensation expenses were $575 million, up 9% sequentially. While the third quarter typically experiences higher seasonal costs related to conferences and events, a large portion of this quarterly increase also supports firm-wide growth initiatives, including advisor recruiting, professional fees associated with increased underwriting activity, and higher investment sub-advisory fee expense.

Jul 23, 2025 / CFO / receipt, needs a key / Butch Orlong, CFO | earnings call 2025-07-23 | transcript b6ad04f9-2c76-4cf1-93a7-11ed46e6d5bc | chars 15168-15789 | segment 15