PJT Partners Inc. reported total revenues of $324.5 million for the three months ended March 31, 2025, a decrease of $4.9 million compared to $329.4 million for the same period in 2024. Advisory fees decreased by $6.5 million to $282.2 million, primarily due to decreases in restructuring and private capital solutions revenues, offset by an increase in strategic advisory revenues. Placement fees increased by $1.5 million to $36.0 million, driven by higher fund placement revenues. Expenses decreased by $3.5 million to $272.0 million, mainly due to a $7.8 million decrease in compensation and benefits, partially offset by increases in travel, occupancy, and communications expenses. The company reported a benefit for taxes of $21.6 million, resulting in an effective tax rate of -41.1%, compared to a provision for taxes of $0.5 million and an effective tax rate of 1.0% in the prior year. Net income attributable to PJT Partners Inc. increased by 66% to $54.0 million, compared to $32.6 million in the same period last year. The company repurchased 0.8 million shares of its Class A common stock at an average price of $158.51 per share, totaling $127.1 million, under its share repurchase program. As of March 31, 2025, the remaining repurchase authorization was $150.5 million. The Board declared a quarterly dividend of $0.25 per share of Class A common stock, payable on June 18, 2025.