Solid Revenue Base Despite YoY Decline
Full-year 2025 revenues were $751 million and fourth-quarter revenues were $219 million. While revenue was down 14% from 2024's record results, 2025 was the third-highest revenue year in the firm's 20-year history.
Record Performance in Europe and Restructuring
Europe delivered record revenues in 2025, and the restructuring practice also hit record revenues while gaining market share — positioning the firm strongly in active continental markets and debtor-side mandates.
Financing & Capital Solutions Strength
The financing and capital solutions business hit record levels, with particularly strong liability management engagement activity and a healthy backlog of announced and pending mandates.
Successful Talent Investments and Recruiting Momentum
2025 was a record year for recruiting and promoting senior bankers: the firm added 23 senior bankers (14 of whom were new to the platform). New partner hires continued in early 2026, supporting sector builds (Healthcare Services, U.S. Software).
Devon Park Integration and Early Wins
The Devon Park private capital acquisition has integrated well; early client take-up has been positive and the combined team has already won joint new mandates, with a promising pipeline.
Disciplined Expense and Capital Position
Adjusted non-compensation expense was $159 million for 2025, down 2% YoY and below prior projections, with management expecting a further single-digit percent decrease in 2026. The firm closed the year with $256 million in cash and no debt.
Shareholder-Friendly Capital Actions
Management returned over $163 million to equity in 2025 (dividends, RSU settlements, buybacks, unit exchanges), retired 6.5 million shares, and declared a quarterly dividend of $0.07 per share. Partners and broader team own over 30% of the firm.
Record Pipeline and Backlog
Management reported record-high gross pipeline and a strong announced and pending backlog entering 2026, indicating potential revenue recovery and future deal flow.