Perella Weinberg Partners

Good morning and welcome to the Perella-Weinberg full year and fourth quarter 2025 earnings conference call. 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,

Chief Financial Officer. Before we begin, I'd like to note that this call may contain forward-looking statements, including Parola Weinberg's expectations of future financial and business performance and 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 guaranteed of future events or performance. Please refer to Perrella 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. 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. Perrella Weinberg has reconciled these items to the most comparable gap 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.

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. that 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. 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 higher 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. 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 U.S. 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 and pending 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. With that, I'll now turn the call over to Alex to review our financial results and capital management in more detail.