Revenues for 2025 decreased by 14% to $750.9 million, down from $878.0 million in 2024, primarily due to fewer and smaller mergers and acquisition transactions. Operating income turned positive at $48.0 million in 2025, a significant improvement from operating losses of $(78.5) million in 2024 and $(115.1) million in 2023. Net income attributable to Perella Weinberg Partners was $35.5 million in 2025, compared to net losses of $(64.7) million in 2024 and $(17.2) million in 2023. Total compensation and benefits expenses decreased by 32% to $535.4 million in 2025, largely due to the non-recurrence of a $144.2 million equity-based compensation expense from a prior year vesting acceleration. The company acquired Devon Park Advisors, LLC on October 1, 2025, for a purchase price of $49.2 million, consisting of $23.0 million in cash, $22.7 million in equity, and $3.5 million in contingent consideration. Cash dividends of $0.28 per outstanding share of Class A common stock were paid for the year ended December 31, 2025. The company repurchased 1,829,337 shares of Class A common stock at an average price of $18.40 per share in 2025, with $60.2 million remaining authorized under the share repurchase program. Cash and cash equivalents decreased to $255.9 million as of December 31, 2025, from $331.6 million as of December 31, 2024. A liability of $93.5 million is recorded as of December 31, 2025, pursuant to the tax receivable agreement. An ongoing legal proceeding against former partners and an employee, seeking damages of no less than $60.0 million, concluded a bench trial on March 14, 2025, with a decision pending.