Perella Weinberg Partners

Good morning, everyone. Welcome to the Perella Weinberg second quarter 2026 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, please press star 1 on your telephone. If you would like to remove yourself from the queue, press star 2. And finally, at any time, if you should need any operator assistance, please press star 0. Please be advised that today's call is being recorded. I will now turn the call over to Ms. Taylor Reinhardt, Head of Communications and Marketing. Please go ahead, ma'am.

Thank you, operator, and welcome all. Joining me today are Andrew Bednar, Chief Executive Officer and Chairman, and Alex Gottschalk, Chief Financial Officer and Chief Operating 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 guarantees of future events or performance. These refer to Frella 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. Farola 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. I will now turn the call over to Andrew Bednar to discuss our results.

Thank you, Taylor, and good morning. Today we reported second quarter revenues of $157 million, up 1% from a year ago, bringing our first half revenues to $305 million, down 17% compared to last year. Our booked revenue does not yet reflect the momentum we're seeing across our business. Announced transactions have picked up significantly. We're running ahead of where we were at this point in 2025, and the pace has accelerated this summer with nearly 40% of our year-to-date announcements occurring since the start of June. Our announcements are M&A weighted with recent elevated activity in our healthcare, industrials, energy, and TMT businesses. In addition, our restructuring and liability management pipeline continues to grow,