FinTech Q4 2025 Perella Weinberg Partners Earnings Call | AllMind AI Earnings | AllMind AI
Q4 2025 Perella Weinberg Partners Earnings Call
<unk> earnings conference call Curran.
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And following management's prepared remarks, the call will be open for your questions.
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Please be advised that today's call is being recorded.
I will now turn the call over to Taylor Reinhart head of communications and marketing you may begin.
Thank you operator and welcome all joining me today are Andrew Burton, our Chief Executive Officer, and Alex <unk> Chief Financial Officer.
Before we begin I'd like to note that this call may contain forward looking statements, including perella Weinberg expectations of future financial and business performance and conditions and industry outlook.
We're looking statements are inherently subject to risks uncertainties and assumptions that could cause actual results to differ materially from those discussed in the forward looking statements and are not guarantees of future events or performance.
Please refer to perella Weinberg most recent SEC filings for a discussion of certain of these risks and uncertainties.
The forward looking statements are based on our current beliefs and expectations and the berm undertakes no obligation to update any forward looking statements.
During the call. There will also be a discussion of some metrics, which are non-GAAP financial measures, which management believes are relevant in assessing the financial performance of the business.
Speaker #1: Please stand by. Your meeting is about to begin. Good morning and welcome to the Perella Weinberg Full Year and Fourth Quarter 2025 Earnings Conference Call.
<unk> has reconciled these items to the most comparable GAAP measures in the press release filed with today's form 8-K, which can be found on the company's website.
Operator: Good morning, and welcome to the Perella Weinberg Full Year and Q4 2025 Earnings Conference Call. Currently, all callers have been placed in a listen-only mode. In following management's prepared remarks, the call will be open for your questions. If you would like to ask a question at that time, please press star one on your telephone keypad. If you need to remove yourself from the queue, press star two.
I will now turn the call over to Andrew <unk> to discuss our results.
Speaker #1: Currently, all callers have been placed in a listen-only mode. And following management's prepared remarks, the call will be open for your questions. If you would like to ask a question at that time, please press star one on your telephone keypad.
Today, we reported full year 2025 revenues of $751 million.
Fourth quarter revenues of $219 million.
While 2025 revenues were down 14% from 2024 as record results 2025 was the third highest revenue year in our firm's 20 year history, a testament to the strength and resilience of our business and the result of our deliberate investments in building a focused and differentiated platform that can perform.
Speaker #1: If you need to remove yourself from the queue, press star two. At any time, if you should need operator assistance, please press star zero.
Operator: At any time, if you should need operator assistance, please press star zero. Please be advised that today's call is being recorded. I will now turn the call over to Taylor Reinhardt, Head of Communications and Marketing. You may begin.
Operator: At any time, if you should need operator assistance, please press star zero. Please be advised that today's call is being recorded. I will now turn the call over to Taylor Reinhardt, Head of Communications and Marketing. You may begin.
Speaker #1: Please be advised that today's call is being recorded. I will now turn the call over to Taylor Reinhardt, Head of Communications and Marketing. You may
Across market conditions.
And M&A it was a productive year for expanding and deepening our coverage and expertise that we fell short of our revenue additions of several large transactions. We advised on did not complete as we had hoped.
Speaker #2: Thank you, Operator, and welcome
Taylor Reinhardt: Thank you, operator, and welcome all. Joining me today are Andrew Bednar, Chief Executive Officer, and Alex Gottschalk, Chief Financial Officer. Before we begin, I'd like to note that this call may contain forward-looking statements, including Perella Weinberg's expectations of future financial and business performance, conditions, and industry outlook. Forward-looking statements are inherently subject to risks, uncertainties, and assumptions that could cause actual results to differ materially from those discussed in the forward-looking statements and are not guarantees of future events or performance. Please refer to Perella Weinberg's most recent SEC filings for a discussion of certain of these risks and uncertainties. The forward-looking statements are based on our current beliefs and expectations, and the firm undertakes no obligation to update any forward-looking statements.
Taylor Reinhardt: Thank you, operator, and welcome all. Joining me today are Andrew Bednar, Chief Executive Officer, and Alex Gottschalk, Chief Financial Officer. Before we begin, I'd like to note that this call may contain forward-looking statements, including Perella Weinberg's expectations of future financial and business performance, conditions, and industry outlook. Forward-looking statements are inherently subject to risks, uncertainties, and assumptions that could cause actual results to differ materially from those discussed in the forward-looking statements and are not guarantees of future events or performance. Please refer to Perella Weinberg's most recent SEC filings for a discussion of certain of these risks and uncertainties. The forward-looking statements are based on our current beliefs and expectations, and the firm undertakes no obligation to update any forward-looking statements.
Speaker #2: all. Joining me today are Andrew Bednar, begin. Chief Executive Officer, and Alex Gottschalk, Chief Financial Officer. Before we begin, I'd like to note that this call may contain forward-looking statements, including Perella Weinberg's expectations of future financial and business performance and conditions in industry outlook.
That said, we are pleased with our progress and I have confidence that our investments and laser focus on clients, we will deliver in 2026 and beyond.
Speaker #2: Forward-looking statements are inherently subject to risks, uncertainties, and assumptions that could cause actual results to differ materially, from those discussed in the of future events or forward-looking statements and are not guarantees performance.
In Europe, we delivered record revenues further cementing our position as a leading advisor and the most active regions on the continent.
Our restructuring practice also had record revenues gaining market share in a market that continues to grow.
Speaker #2: Please refer to Perella Weinberg's most recent SEC filings, for discussion of certain of these risks and uncertainties. The forward-looking statements are based on our current beliefs and expectations and the firm undertakes no obligation to update any forward-looking statements.
Consistently delivering superior results for our clients. It is attracting more high profile and high value assignments, especially in debtor side mandates.
This positions us extremely well going forward across our financing and capital solutions business.
Speaker #2: During the call, there will also be a discussion of some metrics, which are non-GAAP financial measures, which management believes are relevant in assessing the financial performance of the business.
Taylor Reinhardt: During the call, there will also be a discussion of some metrics, which are non-GAAP financial measures, which management believes are relevant in assessing the financial performance of the business. Perella Weinberg has reconciled these items to the most comparable GAAP measures in the press release filed with today's Form 8K, which can be found on the company's website. I will now turn the call over to Andrew Bednar to discuss our results.
Taylor Reinhardt: During the call, there will also be a discussion of some metrics, which are non-GAAP financial measures, which management believes are relevant in assessing the financial performance of the business. Perella Weinberg has reconciled these items to the most comparable GAAP measures in the press release filed with today's Form 8K, which can be found on the company's website. I will now turn the call over to Andrew Bednar to discuss our results.
Now in 2025 was a record year for both recruiting and promoting senior bankers and new higher momentum continues we see a flywheel effect top talent is attracting more top talent that our pipeline of future senior hires remains very strong.
Speaker #2: Perella Weinberg has reconciled these items to the most comparable GAAP measures, in the press release filed with today's Form 8-K, which can be found on the company's website.
Speaker #2: I will now turn the call over to Andrew Bednar to discuss our
During the year, we added 23, new senior bankers to our platform.
Speaker #2: results. Thank you, Taylor, and good
Andrew Bednar: Thank you, Taylor, and good morning. Today, we reported full year 2025 revenues of $751 million and fourth quarter revenues of $219 million. While 2025 revenues were down 14% from 2024's record results, 2025 was the third highest revenue year in our firm's 20-year history, a testament to the strength and resilience of our business and the result of our deliberate investment in building a focused and differentiated platform that can perform across market conditions. In M&A, it was a productive year for expanding and deepening our coverage and expertise, though we fell short of our revenue ambitions as several large transactions we advised on did not complete as we had hoped. That said, we are pleased with our progress and have confidence that our investments and laser focus on clients will deliver in 2026 and beyond.
Andrew Bednar: Thank you, Taylor, and good morning. Today, we reported full year 2025 revenues of $751 million and fourth quarter revenues of $219 million. While 2025 revenues were down 14% from 2024's record results, 2025 was the third highest revenue year in our firm's 20-year history, a testament to the strength and resilience of our business and the result of our deliberate investment in building a focused and differentiated platform that can perform across market conditions. In M&A, it was a productive year for expanding and deepening our coverage and expertise, though we fell short of our revenue ambitions as several large transactions we advised on did not complete as we had hoped. That said, we are pleased with our progress and have confidence that our investments and laser focus on clients will deliver in 2026 and beyond.
Already in 2026, we added two more partners.
Speaker #3: morning. Today, we reported full-year 2025 revenues of $751 million and fourth-quarter revenues of $219 million. While 2025 revenues were down 14% from 2024's record results, 2025 was the third-highest revenue year in our firm's 20-year history.
Reflecting our continued build out of our health care services business and the other strengthening our U S software coverage following the recent partner additions in Europe.
Looking ahead the opportunity to grow our business is exceptional our gross pipeline stands at record highs and our announced and pending backlog is strong and building.
Speaker #3: A testament to the strength and resilience of our business and the result of our deliberate investment in building a focused and differentiated platform that can perform across market conditions.
Sentiment is positive across our client base from corporates to sponsors and we see momentum building.
As we enter our 20th year as a firm we feel great about our position we're incredibly proud of the firm we built over two decades and we're excited to write the next chapter.
Speaker #3: In M&A, it was a productive year for expanding and deepening our coverage and expertise, though we fell short of our revenue ambitions as several large transactions we advised on did not complete as we had hoped.
One that builds on our strengths to deliver both superior outcomes for our clients and attractive returns for our shareholders.
Hence, we're really just getting started with that I'll now turn the call over to Alex to review, our financial results and capital management in more detail. Thank.
Speaker #3: Progress and have confidence that our—That said, we are pleased with our investments, and our laser focus on clients will deliver in 2026 and beyond.
Speaker #3: In Europe, we delivered record revenues further cementing our position as a leading advisor in the most active regions on the continent. Our restructuring practice also hit record revenues, gaining market share in a market that continues to grow.
Thank you Andrew our fourth quarter revenues of $219 million included $18 $5 million related to closings that occurred within the first few days 'twenty 'twenty six.
Andrew Bednar: In Europe, we delivered record revenues, further cementing our position as a leading advisor in the most active regions on the continent. Our restructuring practice also hit record revenues, gaining market share in a market that continues to grow. Consistently delivering superior results for our clients is attracting more high-profile and high-value assignments, especially in debtor-side mandates. This positions us extremely well going forward across our financing and capital solutions business. On talent, 2025 was a record year for both recruiting and promoting senior bankers, and new hire momentum continues. We see a flywheel effect. Top talent is attracting more top talent, and our pipeline of future senior hires remains very strong. During the year, we added 23 new senior bankers to our platform.
Andrew Bednar: In Europe, we delivered record revenues, further cementing our position as a leading advisor in the most active regions on the continent. Our restructuring practice also hit record revenues, gaining market share in a market that continues to grow. Consistently delivering superior results for our clients is attracting more high-profile and high-value assignments, especially in debtor-side mandates. This positions us extremely well going forward across our financing and capital solutions business. On talent, 2025 was a record year for both recruiting and promoting senior bankers, and new hire momentum continues. We see a flywheel effect. Top talent is attracting more top talent, and our pipeline of future senior hires remains very strong. During the year, we added 23 new senior bankers to our platform.
In accordance with relevant accounting principle was recorded in the fourth quarter. Our adjusted compensation margin was 68% for the full year 2025 compared to 67% in 2024, we maintain strong discipline in managing our compensation ratio, despite as Andrew mentioned and year of record talent investment, including the debt.
Speaker #3: Consistently delivering superior results for our clients is attracting more high-profile and high-value assignments, especially in debtor-side mandates. This positions us extremely well going forward across our financing and capital solutions business.
Speaker #3: On talent, 2025 was a record year for both recruiting and promoting senior bankers, and new hire momentum continues. We see a flywheel effect. Top talent is attracting more top talent, and our pipeline of future senior hires remains very strong.
<unk> Park acquisition, we remain highly aligned with our shareholders with partners and our broader team owning over 30% of the firm and we are committed to thoughtfully managing our compensation ratio as we drive profitability, while strategically investing in top talent.
Speaker #3: During the year, we added 23 new senior bankers to our platform. And already in 2026, we added two more partners. One reflecting our continued build-out of our healthcare services business, and the other strengthening our US software coverage.
Our adjusted non compensation expense was $159 million for the full year 2025 down 2% from a year ago and well below the single digit growth range. We originally projected earlier in the year.
Andrew Bednar: Already in 2026, we added two more partners, one reflecting our continued build-out of our healthcare services business and the other strengthening our US software coverage following a recent partner addition in Europe. Looking ahead, the opportunity to grow our business is exceptional. Our gross pipeline stands at record highs, and our announced impending backlog is strong and building. Sentiment is positive across our client base from corporates to sponsors, and we see momentum building. As we enter our 20th year as a firm, we feel great about our position. We're incredibly proud of the firm we've built over two decades, and we're excited to write the next chapter, one that builds on our strengths to deliver both superior outcomes for our clients and attractive returns for our shareholders. In a sense, we're really just getting started.
Andrew Bednar: Already in 2026, we added two more partners, one reflecting our continued build-out of our healthcare services business and the other strengthening our US software coverage following a recent partner addition in Europe. Looking ahead, the opportunity to grow our business is exceptional. Our gross pipeline stands at record highs, and our announced impending backlog is strong and building. Sentiment is positive across our client base from corporates to sponsors, and we see momentum building. As we enter our 20th year as a firm, we feel great about our position. We're incredibly proud of the firm we've built over two decades, and we're excited to write the next chapter, one that builds on our strengths to deliver both superior outcomes for our clients and attractive returns for our shareholders. In a sense, we're really just getting started.
Looking ahead to 2026 with certain nonrecurring items now behind US we expect a further single digit percent increase.
Speaker #3: Following a recent partner addition in Europe, looking ahead, the opportunity to grow our business is exceptional. Our gross pipeline stands at record highs, and our announced impending backlog is strong and building.
Turning to capital management, we returned over $163 million to equity holders in 2025 through dividends RFC and settlements share repurchases and unit exchanges as a part of these efforts. We retired six 5 million shares during the year, reflecting our continued focus on managing our share count.
Speaker #3: Sentiment is positive across our client base, from corporates to sponsors, and we see momentum building. As we enter our 20th year as a firm, we feel great about our position.
Speaker #3: We're incredibly proud of the firm we've built over two decades, and we're excited to write the next chapter. One that builds on our strengths to deliver both superior outcomes for our clients and attractive returns for our shareholders.
At year end, we had 67 million shares of class a common stock and 22 million partnership units outstanding Finally, we closed the year with $256 million in cash and no debt and this morning, we declared a quarterly dividend of <unk> <unk> per share with that operator. Please open the line for questions.
Speaker #3: In a sense, we're really just getting started. With that, I'll now turn the call over to Alex to review our financial results and capital management in more detail.
Andrew Bednar: With that, I'll now turn the call over to Alex to review our financial results and capital management in more detail.
Andrew Bednar: With that, I'll now turn the call over to Alex to review our financial results and capital management in more detail.
Thank you at this time, if you wish to ask a question. Please press star one on your telephone keypad, you may remove yourself from the queue by pressing star Q. Once again that is star one to ask a question, we'll pause for just a moment to allow questions to queue.
Speaker #2: Thank you, Andrew. Our fourth-quarter revenues of $219 million included $18.5 million related to closings that occurred within the first few days of 2026. Which, in accordance with relevant accounting principles, were recorded in the fourth quarter.
Alex Gottschalk: Thank you, Andrew. Our fourth quarter revenues of $219 million included $18.5 million related to closings that occurred within the first few days of 2026, which, in accordance with relevant accounting principles, were recorded in the fourth quarter. Our adjusted compensation margin was 68% for the full year 2025 compared to 67% in 2024. We maintain strong discipline in managing our compensation ratio despite, as Andrew mentioned, a year of record talent investment, including the Devon Park acquisition. We remain highly aligned with our shareholders, with partners in our broader team owning over 30% of the firm, and we are committed to thoughtfully managing our compensation ratio as we drive profitability while strategically investing in top talent. Our adjusted non-compensation expense was $159 million for the full year 2025, down 2% from a year ago and well below the single-digit growth range we originally projected earlier in the year.
Alexandra Gottschalk: Thank you, Andrew. Our fourth quarter revenues of $219 million included $18.5 million related to closings that occurred within the first few days of 2026, which, in accordance with relevant accounting principles, were recorded in the fourth quarter. Our adjusted compensation margin was 68% for the full year 2025 compared to 67% in 2024. We maintain strong discipline in managing our compensation ratio despite, as Andrew mentioned, a year of record talent investment, including the Devon Park acquisition. We remain highly aligned with our shareholders, with partners in our broader team owning over 30% of the firm, and we are committed to thoughtfully managing our compensation ratio as we drive profitability while strategically investing in top talent. Our adjusted non-compensation expense was $159 million for the full year 2025, down 2% from a year ago and well below the single-digit growth range we originally projected earlier in the year.
Speaker #2: Our adjusted compensation margin was 68% for the full year 2025 compared to 67% in 2024. We maintain strong discipline in managing our compensation ratio despite, as Andrew mentioned, a year of record talent investment, including the Devon Park acquisition.
Our first question will come from Devin Ryan with citizens Bank. Your line is open.
Great. Good morning, Andrew Alex how are you.
Hi, Devin.
Doing great.
Question, just first on kind of the advisory environment and kind of outlook.
Speaker #2: We remain highly aligned with our shareholders, with partners in our broader team owning over 30% of the firm, and we are committed to thoughtfully managing our compensation ratio as we drive profitability while strategically investing in top talent.
Obviously, you don't want to dwell too much on what happened in 2025, but you did mentioned there was some large deals that didn't come together.
Like order of magnitude of how much that impacted results on the year and then as we think about two.
Speaker #2: Our adjusted non-compensation expense was $159 million for the full year 2025, down 2% from a year ago and well below the single-digit growth range we originally projected earlier in the year.
2026, I'm, assuming you're kind of batting averages more normal versus maybe just a bit below normal on those large deals how much of an impact does that have if you look at your kind of record backlog as you noted.
Speaker #2: Looking ahead to 2026, with certain non-recurring items now behind us, we expect a further single-digit percent decrease. Turning to capital management, we returned over $163 million to equity holders in 2025 through dividends, RSU settlements, share repurchases, and unit exchanges.
Alex Gottschalk: Looking ahead to 2026, with certain non-recurring items now behind us, we expect a further single-digit percent decrease. Turning to capital management, we returned over $163 million to equity holders in 2025 through dividends, RSU settlements, share repurchases, and unit exchanges. As a part of these efforts, we retired 6.5 million shares during the year, reflecting our continued focus on managing our share count. At year end, we had 67 million shares of Class A common stock and 22 million partnership units outstanding. Finally, we closed the year with $256 million in cash and no debt. And this morning, we declared a quarterly dividend of $0.07 per share. With that, operator, please open the line for questions.
Alexandra Gottschalk: Looking ahead to 2026, with certain non-recurring items now behind us, we expect a further single-digit percent decrease. Turning to capital management, we returned over $163 million to equity holders in 2025 through dividends, RSU settlements, share repurchases, and unit exchanges. As a part of these efforts, we retired 6.5 million shares during the year, reflecting our continued focus on managing our share count. At year end, we had 67 million shares of Class A common stock and 22 million partnership units outstanding. Finally, we closed the year with $256 million in cash and no debt. And this morning, we declared a quarterly dividend of $0.07 per share. With that, operator, please open the line for questions.
How much is kind of large deals versus kind of a broadening out in the M&A market.
Look we live for large scale M&A transactions, but we don't we don't die when when they don't put out last year, there were 70 transactions over $10 billion a.
Speaker #2: As a part of these efforts, we retired $6.5 million shares during the year, reflecting our continued focus on managing our share count. At year-end, we had $67 million shares of Class A common stock and $22 million partnership units outstanding.
The year before that there were 35 in the year, where we had record results. We were four transactions over 10 billion last year, we were not in any this year out of the gate or in one already so I think generally the.
Speaker #2: Finally, we closed the year with $256 million in cash and no debt. And this morning, we declared a quarterly dividend of please open the line for $0.07 per share.
The trending is better.
Because of our scale, we're just going to have a lower incident rate too.
Speaker #2: questions.
All segments of the market, but in particular, we all feel it a little bit more when we're not in the larger scale larger fee transactions. There are several that where the ball just didn't bounce or a way for us and for our clients. That's unfortunate so that usually leads to some other type of strategic activities. So that doesn't usually.
Speaker #4: Thank you. At this
Operator: Thank you. At this time, if you wish to ask a question, please press star one on your telephone keypad. You may remove yourself from the queue by pressing star two. Once again, that is star one to ask a question. We will pause for just a moment to allow questions to queue. Our first question will come from Devin Ryan with Citizens Bank. Your line is open.
Operator: Thank you. At this time, if you wish to ask a question, please press star one on your telephone keypad. You may remove yourself from the queue by pressing star two. Once again, that is star one to ask a question. We will pause for just a moment to allow questions to queue. Our first question will come from Devin Ryan with Citizens Bank. Your line is open.
Speaker #4: time, if you wish to ask a question, please
Speaker #4: press star one on your telephone With that operator, keypad. You may remove yourself from the queue by pressing star two. Once again, that is star one to ask a question.
Speaker #4: We will pause for just a moment to allow questions to queue. Our first question will come from Devon Ryan, with Citizens Bank. Your line is open.
So just a dead.
The environment for deal flow generally once you have that client relationship you're thinking about the next thing.
Speaker #5: Hi, great. Good morning, Andrew and Alex. How are
Speaker #5: Hi, great. Good morning, Andrew and Alex. How are you? Yeah, hi, Devon.
Devin Ryan: Great. Good morning, Andrew and Alex. How are you?
Devin Ryan: Great. Good morning, Andrew and Alex. How are you?
Thats encouraging and generally you know a few of them the bolts didn't bounce our way and we're more optimistic heading into 2006 again, given the starting point that we have here in January.
Andrew Bednar: Yeah. Hi, Devin. How are you?
Andrew Bednar: Yeah. Hi, Devin. How are you?
Speaker #6: How are
Speaker #6: you?
Speaker #5: Doing
Speaker #5: great. Question just first on kind of the advisory environment and kind of outlook. Obviously, don't want to dwell too much on what happened in 2025, but you did mention there were some kind of large deals that didn't come together.
Devin Ryan: Doing great. Question just first on kind of the advisory environment and kind of outlook. Obviously, don't want to dwell too much on what happened in 2025, but you did mention there were some kind of large deals that didn't come together. Any sense of order of magnitude of how much that impacted results on the year? And then as we think about 2026, and assuming you're kind of batting averages more normal versus maybe a little bit below normal on those large deals, how much of an impact does that have as you look at your kind of record backlog, as you noted, and how much is kind of large deals versus kind of a broadening out in the M&A market?
Devin Ryan: Doing great. Question just first on kind of the advisory environment and kind of outlook. Obviously, don't want to dwell too much on what happened in 2025, but you did mention there were some kind of large deals that didn't come together. Any sense of order of magnitude of how much that impacted results on the year? And then as we think about 2026, and assuming you're kind of batting averages more normal versus maybe a little bit below normal on those large deals, how much of an impact does that have as you look at your kind of record backlog, as you noted, and how much is kind of large deals versus kind of a broadening out in the M&A market?
Where we announced to you.
$15 billion transaction, a couple of weeks ago.
Speaker #5: Any sense of order of magnitude of how much that impacted results on the year? And then as we think about 2026 and assuming you're kind of batting averages more normal versus maybe a little bit below normal on those large deals, how much of an impact does that have as you look at your kind of record backlog, as you noted, and how much is kind of large deals versus kind of a broadening out in the M&A
Okay. That's great. Thanks, Andrew and follow up here on the private capital Devon Park kind of addition can now that thats been part of the business, obviously, not too long, but any.
Any anecdotes on how thats going how it's making you more relevant and client conversations and just how we can think about maybe the order of magnitude of what that business could mean for weinberg over the intermediate term just like how's it going.
Speaker #6: Yeah, thanks, Devon. Look,
Andrew Bednar: Yeah. Thanks, Devin. Look, we live for large-scale M&A transactions, but we don't die when they don't play out. I mean, last year, there were 70 transactions over $10 billion. The year before that, there were 35. And in the year where we had record results, we were in four transactions over $10 billion. Last year, we were not in any. This year, out of the gate, we're in one already. So I think generally, the trending is better. Because of our scale, we're just going to have a lower incident rate in really all segments of the market, but in particular, we all feel it a little bit more when we're not in the larger-scale, larger-fee transactions. There are several where the ball just didn't bounce our way for us and for our client. That's unfortunate. That usually leads to some other type of strategic activity.
Andrew Bednar: Yeah. Thanks, Devin. Look, we live for large-scale M&A transactions, but we don't die when they don't play out. I mean, last year, there were 70 transactions over $10 billion. The year before that, there were 35. And in the year where we had record results, we were in four transactions over $10 billion. Last year, we were not in any. This year, out of the gate, we're in one already. So I think generally, the trending is better. Because of our scale, we're just going to have a lower incident rate in really all segments of the market, but in particular, we all feel it a little bit more when we're not in the larger-scale, larger-fee transactions. There are several where the ball just didn't bounce our way for us and for our client. That's unfortunate. That usually leads to some other type of strategic activity.
Speaker #6: We live for large-scale M&A transactions, but we don't die when they don't, or when the market doesn’t play out. I mean, last year, there were 70 transactions over $10 billion.
The anecdotes youre seeing there thanks.
Yes, so far we feel great about the combination as you know we look for.
Situations, where they are culturally and financially and strategically.
Speaker #6: The year before that, there were 35. And in the year where we had record results, we were in four transactions over $10 billion last year.
Haile.
Uh-huh attractive to us and to our new partners I think that report transaction has gone very well in all those regards.
Speaker #6: We were not in any. This year, out of the gate, we're in one already. So I think generally the trending is better. Because of our scale, we're just going to have lower incident rate and really all segments of the market, but in particular, we all feel it a little bit more when we're not in the larger scale, larger fee transactions.
The take up rate and the conversations with our.
Private equity clients, who are credit clients in real estate clients has gone very well.
We have already jointly won new mandates. So we're very encouraged by that.
And the pipeline looks very good we're only month for obviously, so it's early days, but we couldnt be happier with the early days.
Speaker #6: There are several that where the ball just didn't bounce our way for us and for our client. That's unfortunate. That usually leads to some other type of strategic lead to just a dead environment for deal flow generally once you have that client relationship.
Okay great.
Trust squeeze one more in here if I can just on compensation, obviously in a year, where revenues go down not surprising to see the comp ratio tick up a little bit.
Andrew Bednar: So that doesn't usually lead to just a dead environment for deal flow. Generally, once you have that client relationship, you're thinking about the next thing. So that's encouraging. And generally, a few of them, the ball just didn't bounce our way, and we're more optimistic heading into 2026 again, given the starting point that we have here in January where we announced a $15 billion transaction a couple of weeks ago.
Andrew Bednar: So that doesn't usually lead to just a dead environment for deal flow. Generally, once you have that client relationship, you're thinking about the next thing. So that's encouraging. And generally, a few of them, the ball just didn't bounce our way, and we're more optimistic heading into 2026 again, given the starting point that we have here in January where we announced a $15 billion transaction a couple of weeks ago.
Speaker #6: You're thinking about the next thing, so that's encouraging. And generally, a few of them, the ball just didn't bounce our way. And we're more optimistic heading into 2026, again, given the starting point that we have here in January.
And Directionally.
The bid defense.
We look ahead, the environment's, improving hopefully a better hit rate in 2006 on some of these larger deals how do we think about the algorithm from this jumping off point to get back into that mid twenty's or even Berkshire mid sixties or below.
Speaker #6: Where we announced a $15 billion transaction a couple of weeks
On the comp ratio.
Speaker #6: ago. Okay.
About 2000.
Yeah. Thanks for the look we didn't.
Devin Ryan: Okay. That's great. Thanks, Andrew. And follow-up here on the private capital, the Devon Park kind of addition. Now that that's been part of the business, obviously, not too long, but any anecdotes on how that's going, how it's making you more relevant in client conversations, and just how we can think about maybe the order of magnitude of what that business could mean for Perella Weinberg over the intermediate term, just how's it going and the anecdotes you're seeing there? Thanks.
Devin Ryan: Okay. That's great. Thanks, Andrew. And follow-up here on the private capital, the Devon Park kind of addition. Now that that's been part of the business, obviously, not too long, but any anecdotes on how that's going, how it's making you more relevant in client conversations, and just how we can think about maybe the order of magnitude of what that business could mean for Perella Weinberg over the intermediate term, just how's it going and the anecdotes you're seeing there? Thanks.
Speaker #5: That's great. Thanks, Andrew. And follow up here on the private capital and the Devon Park kind of addition. Now that that's been part of the business, obviously not too long, but any anecdotes on how that's going, how it's making you more relevant in client conversations and just how we can think about maybe the order of magnitude of what that business could mean for Perella Weinberg over the intermediate term, just like how's it going and the anecdotes you're seeing there?
It didn't didn't hit our revenue targets for <unk>.
25, and combined with our heavy investment I always look at the balance of trade between our productive partners and our shareholders and Ive always committed to finding the right balance point between how the partners invest in future growth and having shareholders invest in future growth.
I think we've historically struck the right balance we're all large shareholders as you know so we care about the equity of this company and we're always looking at ways to drive. This forward. We do have comp leverage we have flex that in the past as you know we flex in 'twenty one.
Speaker #5: Thanks.
Speaker #6: Yeah, thanks. So far, we feel great about the combination as you know. We look for situations where they're culturally and financially and strategically highly attractive to us and to our new partners.
Andrew Bednar: Yeah. Thanks. So far, we feel great about the combination. As you know, we look for situations where they're culturally, financially, and strategically highly attractive to us and to our new partners. I think the Devon Park transaction has gone very well in all those regards. The take-up rate and the conversations with our private equity clients, our credit clients, and real estate clients have gone very well. And we have already jointly won new mandates, so we're very encouraged by that. And the pipeline looks very good. We're only month four, obviously, so it's early days, but we couldn't be happier with the early days.
Andrew Bednar: Yeah. Thanks. So far, we feel great about the combination. As you know, we look for situations where they're culturally, financially, and strategically highly attractive to us and to our new partners. I think the Devon Park transaction has gone very well in all those regards. The take-up rate and the conversations with our private equity clients, our credit clients, and real estate clients have gone very well. And we have already jointly won new mandates, so we're very encouraged by that. And the pipeline looks very good. We're only month four, obviously, so it's early days, but we couldn't be happier with the early days.
Reflected in 'twenty.
Sure we took it down 300 basis points from 2023.
We need more scale, so we need the revenue.
Speaker #6: I think the Devon Park transaction has gone very well in all those regards. The take-up rate and the conversations with our private equity clients and our credit clients and real estate clients has gone very well.
Progression to continue and get back on what we think we can earn here I think last year, we under based on our capabilities.
And our capacity so we're more optimistic going into 'twenty six.
Speaker #6: And we have already jointly won new mandates. So we're very encouraged by that. And the pipeline looks very good. We're only month four, obviously.
But I don't have a specific algorithm because it really depends on this multi variable equation, where we have to look at not only the revenue outcome, but also what our investors like do you know Devin.
Speaker #6: So it's early days, but we couldn't be happier with the early days.
Different view than the accountants, but the accounts control the outcome on how it's reported but.
Speaker #5: Okay, great. I'm going to try to squeeze one more in here. If I can, just on compensation, obviously, in a year where revenues go down, not surprising to see the comp ratio tick up a little bit.
Devin Ryan: Okay. Great. I'm going to try to squeeze one more in here, if I can, just on compensation. Obviously.
Devin Ryan: Okay. Great. I'm going to try to squeeze one more in here, if I can, just on compensation. Obviously.
Some of our current margin as Capex and I think that when we are wisely investing we're going to see the results of that and the go forward periods, there's a bit of a mismatch where we have to invest before we get the revenue, but we feel really good about the 'twenty three senior hires we had.
Speaker #5: And directionally kind of it made sense. As we look ahead, and the environment's improving, hopefully a better hit rate in 2026 on some of these larger deals, how do we think about the algorithm from this jumping-off point to get back into that mid-20s or even or sorry, mid-60s or below on the comp ratio?
'twenty three senior additions we had.
In 2025, <unk> of whom are new to the platform, which is great and we see the pipeline looking pretty good for two.
Speaker #5: Not 20s.
<unk> 26, as well, but that's a constant balancing that we have to do to make sure that we're sharing appropriately.
Speaker #6: Yeah, thanks for that. Look, we didn't hit our revenue targets for '25 and combined with our heavy investment. I always look at the balance of trade between our productive partners and our shareholders, and I've always committed to finding the right balance point between having partners invest in future growth and having shareholders invest in future growth.
How we think about Capex heroes and this impact on comp margin, but as you get scale.
We have that comp leverage flex and we've done that in the past, we just weren't able to do with it.
In 2025, and I think it was a one point.
Increase from where we were accruing reflects the level of investments that we're doing.
Speaker #6: I think we've historically struck the right balance. We're all large shareholders, as you know, so we care about the equity of this company and are always looking at ways to drive us forward.
Yes.
Yes very helpful. Thank you very much I'll hop back in the queue.
Thanks, Kevin.
Speaker #6: We do have comp leverage. We have flex debt in the past, as you know. We flexed it in it in 2004 where we took '21.
Thank you. Our next question will come from Alex Bond with Cave definitely you. Your line is open.
Speaker #6: We flexed it down 300 basis points from 2023. We need more scale, so we need the revenue progression to continue and get back on what we think we can earn here.
Hey, good morning, everyone. Just a question on the restructuring outlook.
This has obviously been an increasingly important part of your business recently.
I'm wondering if you could just speak to your outlook for 2026 year, maybe relative to 2025.
Speaker #6: I think last year we under-earned based on our capabilities and our capacity. So we're more optimistic going into '26. But I don't have a specific algorithm because it really depends on this multivariable equation where we have to look at not only the revenue outcome, but also what our investing is like.
Are you expecting revenues to be up here, maybe year over year or may be closer to flat or even down slightly.
Any color you could add just on the broader backdrop of restructuring from here would be helpful. As well. Thank you.
Yeah. Thanks, Alex So we feel very very good about the environment for our restructuring business and we feel very good about across sectors in that market as well.
Speaker #6: And you know, Dev and I have a different view than the accountants, but the accountants control the outcome on how it's reported. But some of our comp margin is CapEx.
We saw a record year for our business last year.
Speaker #6: And I think that when we're wisely investing, we're going to see the results of that in the go-forward periods. There's a bit of a mismatch where we have to invest before we get the revenue, but we feel really good about the '23 senior hires we had.
We're not seeing any slowdown, particularly in liability management engagement, so not necessarily 911 gone bankrupt tomorrow, but just generally really prudent.
Very proactive.
Speaker #6: The '23 senior additions we had in 2025, 14 of whom are new to the platform, which is great. And we see the pipeline looking pretty good for 2026 as well.
Finance managers with our clients that are looking ahead at maturity as we're looking ahead, our covenants are looking at ways to.
Enhance their balance sheet.
We guide them through that and receive a fee and those circumstances. So I think the environment is very strong I think with some of the disruption we've seen in software in recent.
Speaker #6: But that's a constant balancing that we have to do to make sure that we're sharing appropriately how we think about CapEx here and this impact on comp margin.
Speaker #6: But as you get scale, we have that comp leverage flex, and we've done that in the past. We just weren't able to do it in 2025, and I think a one-point increase from where we were accruing reflects the level of investments that we're doing.
Sessions has created some level of concern with the credits in those particular.
Sectors that I think we're going to lead to some more activity for us. So that business is quite strong and we're feeling very good about heading into the rest of.
Speaker #5: Yep. Yeah, very helpful. Thank you very much. I'll hop back in the queue.
2026.
Got it that's helpful. And then maybe just another one on the on the recruiting backdrop you know I think you've noted previously that.
Speaker #6: Thanks,
Speaker #6: Thanks, Devin. Thank you.
Speaker #7: Our next question will come from Alex Bond with KBW. Your line is open.
This past year was it was an above average year for you all in terms of hiring but maybe if you could just help us think about.
Speaker #7: open. Hey, good morning, everyone.
Speaker #8: Just a question on the restructuring outlook. This is obviously been an increasingly important part of your business recently. But wondering if you can just speak to your outlook for 2026 here, maybe relative to 2025.
How youre thinking about the recruiting backdrop excuse me for the coming year, maybe what we should expect to see in terms of maybe not necessarily a number but just in terms of your activities. There on the hiring side and also just.
Speaker #8: Are you expecting revenues to be up here maybe year over year, or maybe closer to flat or even down slightly? And then, any color you could add just on the broader backdrop for restructuring from here would be helpful as well.
Any high level thoughts around recruiting.
Our recruiting backdrop as a whole would be helpful as well. Thank you.
Speaker #8: Thank you.
Sure.
Speaker #6: Yeah, thanks, Alex. We feel very, very good about the environment for our restructuring business, and we feel very good about across sectors in that market as well.
That's a continuous exercise for us it's a core part of our strategy to add talent, we have a lot of open space and our platform still with only 77 partners and we have.
Speaker #6: We saw a record year for our business last year. We're not seeing any slowdown, particularly in liability management engagement. So not necessarily 911 going bankrupt tomorrow, but just generally really prudent and very proactive finance managers with our clients that are looking ahead at maturities.
Covering about 1500 to 2000 clients. So we have a lot of open space for high quality bankers to join our platform and the pipeline looks very good we have always every year more candidates that are interested in joining US then we will accept.
That's just reality of I always think about additions to our platform I think it will be likely a more normal year I think it will go back to trend in the coming.
Speaker #6: They're looking ahead at covenants. They're looking ahead at ways to enhance their balance sheet and we guide them through that and receive a fee in those circumstances.
Months, I think again the pipeline looks good but I don't see it as active as we were.
Speaker #6: So I think the environment is very strong. I think with some of the disruption we've seen in software in recent sessions, it has created some level of concern with the credits in those particular sectors that I think will, again, lead to some more activity for us.
Last year in terms of the sort of brick by brick strategy that we've been on but we can get through surprises.
That'll be great. If we can add some more talent.
But I think we're back on trend and the pipeline looks very good so I'm happy about it.
Okay, great that all makes sense. Thank you Andrew.
Speaker #6: So that business is quite strong and the rest of we're feeling very good about heading into 2026.
Thank you. Our next question will come from Brendan O'brien with Wolfe Research. Your line is open.
Speaker #8: Okay, got it. That's helpful. And then maybe just another one on the recruiting backdrop. I think you've noted previously that this past year was an above-average year for you all in terms of hiring.
Good morning, and thank you for taking my questions.
To start I was just a bit surprised that you guys have a record year in Europe given from what we can see in the geologic data trends have continued to lag those U S. So I was just hoping you could unpack some of the drivers what seems like pretty meaningful share gains in the region and to support the tenor of discussions are like in Europe today, and how you feel that people attract realm.
Speaker #8: But maybe if you could just help us think about how you're thinking about the recruiting backdrop—excuse me—for the coming year. Maybe what we should expect to see in terms of, maybe not necessarily a number, but just in terms of your activity there on the hiring side, and also just any high-level thoughts around the recruiting backdrop as a whole would be helpful as well.
The U S over the near to intermediate term.
Yes, I think for the better part of the decade European volumes have been trending below normal and certainly trending disproportionate to the growth in the U S market. So I think it's a matter of just a matter of time before those activity levels get back to where they should be.
Speaker #8: Thank you.
Speaker #6: Sure. That's a continuous exercise for us. It's a core part of our strategy to add talent. We have a lot of open space in our platform still, with only now 77 partners, and we are covering about 1,500 to 2,000 clients.
Again, I think we're seeing the benefits of some of our investments in not only a new talent, but also our investments in clients that.
Speaker #6: So we have a lot of open space for high-quality bankers to join our have always, every year, more candidates that are interested in joining us than we will accept.
You have to make that.
So we're going to take time to.
To actually convert to revenue than we were.
We're fortunate to have some large scale transactions not only announced in the period, but also it will get done in the period, because we're in a business, where typically large scale transactions don't announced and closed in the same quarter or sometimes even in the same year. So I think we had some very good dynamics in our European business, We've got a terrific team there.
Speaker #6: And that's just reality of how we think about additions to our platform. I think it'll be likely a more normal year. I think it'll go back to trend in the coming 12 months.
Speaker #6: I think, again, the pipeline looks good, but I don't see it as active as we were last year. In terms of the sort of brick-by-brick strategy that we've been on, but we can get some surprises and that'll be great if we can add some more talent.
We've got.
Leading share in markets like Germany, and in France, and those were very active markets as we look back at two.
Speaker #6: But I think we're back on trend, and the pipeline looks very good.
<unk> 2020.
<unk> hundred 20, Fives result, so I think Europe.
Speaker #6: so I'm happy about it. Okay,
Is it.
Speaker #8: great. That all makes sense. Thank you,
Very very focused on what their future is looking like there's active investments around industries around defense and energy and energy security things around infrastructure. So the dialogue has picked up quite dramatically in the wake of all the geopolitical changes that we're all witnessing and every day, we wake up and read the news.
Speaker #8: Andrew. Thank you.
Speaker #7: Our next question will come from Brendan O'Brien with Wolf Research. Your line is
Speaker #7: open. Good morning and thank
Speaker #9: you for taking my questions. To start, I was just a bit Europe given from what we can see in surprised that you guys had the record year in the geologic data, trends have continued to lag those in the US.
I think that's leading to more and more discussions on the continent about.
Speaker #9: So I was just hoping you could unpack some of the drivers, what seems like pretty meaningful share gains in the region, and just what the tenor of discussions are like in Europe today and how you feel that people will track relative to the US over the near to intermediate
What the industry is will look like in a.
And they go forward Europe, which is good for our business when people have complex situations they tend to.
Speaker #9: term. Yeah, I think
Experts around them and so we're fortunate to get those calls and big.
Speaker #6: For the better part of the decade, European volumes have been trending below normal, and certainly trending disproportionate to the growth in the U.S. market.
Around the table with industry leaders as they think about and contemplate the future of of what Europes going to look like but we're right in the middle of those dialogues and feel good about our team and have been very happy with the results coming out in.
Speaker #6: So I think it's a matter of just a matter of time before those activity levels get back to where they should be. Again, I think we're seeing the benefits of some of our investments and not only in new talent, but also our investments in clients that you have to make that are going to take time to actually convert to revenue.
2025.
That's helpful color and I guess building on your comments on the geopolitical tensions ramping that's obviously seen a pretty notable uptick as well and then you've also seen an increase in policy uncertainty in the U S, which is only likely to intensify in the mid term elections, just wanted to get a sense as to whether you've seen any impact on dialogue.
Speaker #6: And we were fortunate to have some large-scale transactions not only announced in the period, but also get done in the period because we're in a business where typically large-scale transactions don't announce and close in the same quarter.
At this point.
U S focused clients and do you anticipate the mid terms have any negative impact.
Speaker #6: Or sometimes even in the same year. So I think we had some very good dynamics in our European business. We've got a terrific team there.
On the last point I'm midterms are we're not seeing anything yet I think it's a little too early.
For that to start.
Speaker #6: We've got leading share in markets like Germany and in France, and those were very active markets as we look back at 2025's results. I think Europe is very, very focused on what their future is looking like.
Bleeding into some of the decisions our clients after mix I think it's a little early on that geopolitical generally as I mentioned, a few seconds ago. It's just part of our environment now very much part of the every day, we wake up in and assess what's going on in the world I think it creates a level of anxiety, but not panic and I think once.
Speaker #6: There's active investments around industries, around defense and energy security, things around infrastructure. So the dialogue has picked up quite dramatically in the wake of all the geopolitical changes that we're all witnessing every day.
We and our clients get through some of the thoughts most of our clients I would say the overwhelming majority of clients see opportunities more than they see obstacles coming out of the geopolitical.
Speaker #6: We wake up and read the news, and I think that's leading to more and more discussions on the continent about what the industries will look like in a go-forward Europe, which is good for our business when people have complex situations.
Landscape and that's true for the energy complex for global manufacturing and even for services companies that operate globally. So I think once you get through the initial shock of some of the headlines the news flow I think that the.
Cooler heads prevail and long term thinking sets in and people are seeing more opportunities than they are seeing problems.
Speaker #6: They tend to have experts around them and so we're fortunate to get those calls and be around the table with industry leaders as they think about and contemplate the future of what Europe's going to look like.
Great. Thank you for taking my questions.
Thanks.
Thank you. Our next question will come from James <unk> with Goldman Sachs. Your line is open.
Speaker #6: But we're right in the middle of those dialogues and feel good about our team and happy, very happy with the results coming out in
Speaker #6: 2025. That's helpful, Color.
Good morning would you be able to help us think through at a high level. The mix of your advisor revenue across M&A versus the non <unk> businesses, perhaps for 'twenty 'twenty five in aggregate or however, you'd be willing to break this out.
Speaker #9: And I guess building on your comments on the geopolitical tensions ramping, that's obviously seen a pretty notable uptick as you've also seen an increase in policy uncertainty in the US, which is only likely to intensify into the midterm elections.
Yes, good morning, James as you know.
I've said on prior calls and at various conferences that we don't we.
Speaker #9: Just wanted to get a sense as to whether you've seen any impact on dialogues at this point with your US-focused clients and do you anticipate the midterms to have any negative impact?
We don't segment, our business that way because we don't operate our business based on our products.
We don't sell products, we solve problems for our clients we are.
Speaker #6: On the last point on midterms, we're not seeing anything yet. I think it's a little too early for that to start bleeding into some of the decisions our clients have to make.
Organized by sector, and therefore organized but.
Covers we have of our clients not the products that we're trying to sell so I I know I get this question often on respectfully decline to give that detail because it is and how we operate the business.
Speaker #6: So, I think it's a little early on that. Geopolitical, generally, as I mentioned a few seconds ago, it's just part of our environment now—very much part of the everyday.
Speaker #6: We wake up and assess what's going on in the world. I think it creates a level of anxiety, but not panic, and I think once we and our clients get through some of the fog, most of our clients, I would say, the overwhelming majority of clients see opportunities more than they see obstacles coming out of the geopolitical landscape, and that's true for the energy complex, for global manufacturing, and even for services companies that operate globally.
I do want to give some color on the different markets, we operate in which hopefully I've given in terms of M&A context as well as.
Our financing and capital solutions business, which I mentioned was at a record.
Feel very good about two in particular are a liability management engagements going forward and the activity we see there.
Understood.
Just perhaps update us a little bit on your capital return priorities beyond the organic investment, which is clearly top of top of the list of priorities and that makes sense, but just beyond that anything that we should be thinking about for capital deployment.
Speaker #6: So I think once you get through the initial shock of some of the headlines and news flow, I think the cooler heads prevail, long-term thinking sets in, and people are seeing more opportunities than they are seeing
Our priority stack remains exactly the same as we can invest our capital in future revenue and future clients and building out businesses, that's by far the best use of our capital.
Speaker #6: problems. Great.
Speaker #9: Thank you for taking my questions.
Speaker #6: Thanks.
Speaker #7: Thank
Speaker #7: Thank you. Our next question will come from James Yarrow with Goldman Sachs. Your line is open.
So a really good uses and twenty-five silver weighted a bit more to that deployment as in the prior period.
Speaker #10: Good morning. Would you be able to help us think through at a high level the mix of your advisory revenue across M&A versus the non-M&A businesses?
26, we don't you know it's early days. So we don't know we may have some good investment opportunities and we will take advantage of those as they present themselves.
Speaker #10: Perhaps for 2025, an aggregate or however you'd be willing to break this down.
But we're still laser focused on our share count.
Speaker #6: Yeah. Good morning, James. As you know, I've said on prior calls and at various conferences that we don't segment our business that way because we don't operate our business based on our products.
Our dividend, which we announced this morning.
And.
We will take advantage of buyback opportunities either through exchanges and our typical RFU investing where we buy in the.
Shares to pay taxes in.
Speaker #6: We don't sell products. We sell problems to our clients. We are organized by sector and therefore organized by the coverage we have of our clients, not the products that we're trying to sell.
From time to time, we are in the open market, but I don't see any departure from our.
Priority stack there.
And from time to time, we may emphasize one over the other but the priorities remain in place James So no change there.
Speaker #6: So I know I get this question often. I'm respectfully declining to give that detail because it isn't how we operate the business. I do want to give some color on the different markets we operate in, which hopefully I've given in terms of M&A context as well as our financing and capital solutions business, which I mentioned was at a record, and we feel very good about, in particular, our liability management engagements going forward and the activity we see
Thank you and maybe if I can if I may just one more.
What is the right starting point for the comp ratio.
As we head into 2020, thanks, I'm just trying to make sure that we understand I think different firms do differently should we be looking at the full year 25 ratio as the jumping off point for Q number.
And then Doug.
The mid sixteens comp ratio target still hold.
Speaker #6: there. Understood.
Yes, the Q4 number to me at least is irrelevant. That's just what you know.
Speaker #10: Could you just perhaps update us a little bit on your capital return priorities beyond the organic investment, which is clearly top of the list of priorities, and that makes sense, but just beyond that, anything that we should be thinking about for capital deployment?
The map shows to get through our.
Annual comp ratio, which is 68, which is 100 basis points above where we were accruing in the first three quarters, which I explained I thought it was a.
Our balance of trade for who will pay for future growth and I think we're going to get that and it's a good investment.
Speaker #6: Our priority stack remains exactly the same. If we can invest our capital in future revenue and future clients, and building out businesses, capital, we saw really good uses in '25, so we were weighted a bit. That's by far the best use of our capital—more to that deployment in the prior period.
Our jumping off point, we're going to have the same as last year. So we will start at 67 for Q1 and I've just always asked all of our stakeholders people on this phone and Mike.
My partners employees that own shares that we just need some flexibility in Q4 to assess what.
Speaker #6: '26, we don't—it's early days—so we don't know. We may have some good investment opportunities, and we'll take advantage of those if they present themselves.
What the final.
Comp ratio needs to be in order to prudently manage our business and reflect our investments. So that's our typical cadence, we'll stick with that but the jumping off point as you call. It.
Speaker #6: But we're still laser-focused on our share count. We have our dividend, which we announced this morning, and we will take advantage of buyback opportunities either through exchanges and our typical RSU vesting, where we buy in the shares to pay taxes. And from time to time, we're in the open market.
For Q1 will be a 67.
Percent accrual.
That's very clear thanks, a lot. Thank you.
Yeah.
Thank you. This concludes the Q&A portion of today's call I would now like to turn the call back over to Anne Butler for any additional or closing remarks.
Speaker #6: But I don't see any departure from our priority stack there. And from time to time, we may emphasize one over the other, but the priorities remain in place.
Okay. Thank you Katie and thank you everyone for joining us today.
Mark or <unk>.
Speaker #6: James, so no change
<unk> 20th anniversary as a firm.
Speaker #6: there.
Speaker #10: Thank you. And
I want to express our gratitude to first of all of our clients who have trusted us with their most consequential transactions over the last two decades.
Speaker #10: Maybe, if I may, just one more. What is the right starting point for the comp ratio as we head into '26? I'm just trying to make sure that we understand.
Our relationships are the foundation of everything we do and we thank you for placing your trust and confidence in us over the years.
Speaker #10: I think different firms do it differently. Should we be looking at the full-year '25 ratio as the jumping-off point, the Q4 number, and then does the mid-60s comp ratio target still hold?
To our investors many of you have been with US since we went public five years ago.
And others have joined along the way or more recently.
Speaker #6: Yeah. The Q4 number to me at least is irrelevant. That's just what the math shows to get to our annual comp ratio, which is 68, which is 100 basis points above where we were accruing in the first three quarters, which I explained I thought was a fair balance of trade for who will pay for future growth.
Thank you for your confidence and for all your support.
We're committed to delivering for you as you know as Ive mentioned many times, we're also large shareholders and finally to my teammates around the world.
You make this firm what it is.
Exceptional talent and tireless dedication to our clients drive their success every day and in turn our success. Thank you.
Speaker #6: that, and it's a good And I think we're going to get investment. Our jumping-off point, we're going to have the same as last year.
We look forward to updating all of you on our next quarter and thanks again for joining us today.
Speaker #6: So we'll start at 67 for Q1, and I've just always asked all of our stakeholders, people on this phone and my partners, employees that own shares, that we just need some flexibility in Q4 to assess what the final comp ratio needs to be in order to prudently manage our business and reflect our investment.
This concludes the perella Weinberg full year and fourth quarter 2025 earnings call and webcast. You may disconnect. Your lines at this time and have a wonderful day.
Speaker #6: So that's our typical cadence. We'll stick with that, but the jumping-off point, as you call it, for Q1 will be a 67%.
Speaker #6: accrual.
Speaker #10: That's
Speaker #10: very clear. Thanks a lot.
Speaker #6: you. Thank
Speaker #7: you. This concludes the Q&A portion of today's call. I would now like to turn the call back over to Andrew Bednar for any additional or closing
Speaker #7: This concludes the Q&A portion of today's call. I would now like to turn the call back over to Andrew Bednar for any additional or closing remarks.
Speaker #6: Okay. Thank you, Katie. And thank you, everyone, for joining us today. As we mark our 20th anniversary as a firm, I want to express our gratitude to, first, all of our clients who have trusted us with their most consequential transactions over the last two decades.
Speaker #6: Relationships are the foundation of everything we do, and we thank you for placing your trust and confidence in us over the years. To our investors, many of you have been with us since we went public five years ago.
Speaker #6: And others have joined along the way or more recently. Thank you for your confidence and for all your support. We're committed to delivering for you, as you know, and as I've mentioned many times, we're also large shareholders.
Speaker #6: And finally, to my teammates around the world, you make this firm what it is. You're exceptional talent and tireless dedication to their success every day, and in turn, our success.
Speaker #6: Thank you. We look forward to updating all of you on our next quarter, and thanks again for joining us
Speaker #6: today. This concludes the
Speaker #7: Perella Weinberg Full Year and Fourth Quarter 2025 Earnings Call and Webcast. You may disconnect your lines at this time and have a wonderful day.
