Financial Data and Key Metrics Changes - Total revenue for Q3 2025 was $84.2 million, with adjusted pre-tax income of $16.4 million, representing 19.4% of total revenue [6][12] - Year-to-date total revenue through September 30, 2025, was $172.8 million, with adjusted pre-tax income of $23.2 million, representing 13.4% of total revenue [6][12] - Net income attributable to shareholders for Q3 was $4.6 million, or $2.58 per fully diluted share, compared to $1.4 million or $0.81 per share in the prior quarter [13] Business Line Data and Key Metrics Changes - Cohen & Company Capital Markets (CCM) generated $133 million in revenue for the first nine months of 2025, up from $22.7 million in the full year of 2021 [8] - CCM accounted for 77% of total company revenue for the first nine months of 2025, up from 15% in 2021 [8] - New issue and advisory revenue for Q3 was $228 million, primarily driven by SPAC M&A activity and IPO transactions [14] Market Data and Key Metrics Changes - CCM has underwritten 18 SPAC IPOs year-to-date, with a gross pipeline of possible transactions valued at $300 million [9][10] - The company raised over $12 billion with crypto clients, placing CCM in the top three firms on Wall Street in the digital asset space [8] Company Strategy and Development Direction - The company aims to be the advisor of choice in the growth and frontier technology sectors, including blockchain, fintech, and rare earth metals [9] - The focus on SPACs and digital assets is expected to continue, with plans to enhance liquidity through an equity trading team [7][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in generating more than $50 million in revenue for Q4 2025 and over $220 million for the full year [11] - The declining interest rate environment has positively impacted trading revenue, which was up 26% in Q3 from the previous quarter [10] Other Important Information - Compensation and benefits expense for Q3 was $53.7 million, representing 64% of revenue [17] - The company declared a quarterly dividend of $0.25 per share, payable on December 3, 2025 [19] Q&A Session Summary - There were no questions during the Q&A session, and management concluded the call without further inquiries [23][25]

Financial Data and Key Metrics Changes - The company's total revenue for Q3 2025 was $84.2 million, with adjusted pretax income of $16.4 million, representing 19.4% of total revenue [7] - Year-to-date total revenue through September 30, 2025, was $172.8 million, with adjusted pretax income of $23.2 million, representing 13.4% of total revenue [7] - Net income attributable to shareholders for Q3 2025 was $4.6 million, or $2.58 per fully diluted share, compared to $1.4 million or $0.81 per share in the prior quarter [14] Business Line Data and Key Metrics Changes - Cohen and Company Capital Markets (CCM) generated $133 million in the first nine months of 2025, up from $22.7 million in the full year of 2021 [10] - CCM accounted for 77% of total company revenue for the first nine months of 2025, up from 15% in the full year of 2021 [10] - New issue and advisory revenue for Q3 2025 was $228 million, primarily driven by SPAC M&A activity and SPAC IPO transactions [15] Market Data and Key Metrics Changes - The company maintained its position as the leading adviser for de-SPAC transactions and has built strong franchises in rare earth and quantum computing [5] - CCM has underwritten 18 SPAC IPOs year-to-date, with significant potential de-SPAC fees expected in the next 12 to 18 months [11] Company Strategy and Development Direction - The company is focused on capitalizing on innovative areas in capital markets, including blockchain, fintech, and rare earth metals [10] - The strategy includes enhancing the SPAC franchise and expanding into digital asset markets, with over $12 billion raised with crypto clients [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in generating more than $50 million in revenue for Q4 2025 and over $220 million for the full year [13] - The declining interest rate environment has bolstered trading revenue, which was up 26% in Q3 2025 from the previous quarter [12] Other Important Information - The company declared a quarterly dividend of $0.25 per share, payable on December 3, 2025 [22] - Total equity at the end of the quarter was $101.1 million, an increase from $90.3 million at the end of the previous year [21] Q&A Session Summary Question: What are the expectations for future revenue growth? - Management is confident in the ability to navigate the current environment and execute strategic priorities to enhance long-term value for stockholders [23]

Core Insights - UBS has completed its first end-to-end tokenized fund transaction using the Chainlink Digital Transfer Agent (DTA) technical standard, highlighting the integration of blockchain technology into institutional finance [1][2] - The transaction involved the UBS USD Money Market Investment Fund Token (uMINT) and demonstrated the automation of fund lifecycles entirely on-chain [3][4] Group 1: Transaction Details - The live transaction was executed through UBS Tokenize in collaboration with DigiFT, showcasing automated fund operations on blockchain [2][3] - DigiFT acted as the on-chain fund distributor for uMINT, successfully completing subscription and redemption requests [3][7] Group 2: Operational Efficiency - The new tokenized fund workflow provides a secure, compliant, and scalable model for real-time investment fund operations [4] - The DTA protocol standardizes communication between on-chain and off-chain systems, ensuring transparency and operational efficiency [4] Group 3: Industry Impact - This transaction marks a significant milestone in enhancing fund operations and the investor experience through smart contract-based technologies [5][6] - The collaboration between UBS and DigiFT sets a new benchmark for institutional finance on-chain, demonstrating secure and scalable workflows for tokenized assets [6][7]

Financial Data and Key Metrics Changes - The company reported record results with third-quarter revenue of $447 million, up 37% year-over-year, and nine-month revenues of $1.18 billion, up 16% year-over-year [3][5] - Adjusted pre-tax income for the third quarter was $94 million, up 86%, and for the nine months, it was $230 million, reflecting a 34% increase [3][8] - Adjusted EPS for the third quarter was $1.85, up 99%, and for the nine months, it was $4.43, up 43% from the previous year [9][10] Business Line Data and Key Metrics Changes - Strategic advisory revenues significantly increased for both the third quarter and the first nine months, contributing to overall revenue growth [5][14] - Restructuring revenues rose slightly in both periods, while PJT Partners' revenues were flat in the third quarter and down modestly for the first nine months [5][11] - The primary fundraising environment remains challenged, with PJT Partners' revenues comparable to the previous year, driven by strength in private capital solutions [12] Market Data and Key Metrics Changes - The macro environment has improved, with equity prices near record highs and low volatility in equities and credit, contributing to a recovery in M&A activity [3][4] - Despite favorable conditions, certain industries are experiencing stress due to high interest rates and changing consumer preferences, impacting restructuring activity [11][65] Company Strategy and Development Direction - The company aims to be the world's best investment bank, focusing on building a next-generation investment bank that addresses complex challenges with creative solutions [15] - Continued investment in strategic advisory and talent acquisition is expected to drive future growth, with a 7% increase in headcount year-over-year [15][16] - The company anticipates that restructuring bankers will remain active in addressing liability management opportunities [11] Management's Comments on Operating Environment and Future Outlook - Management expressed tempered optimism about the near-to-intermediate operating environment, acknowledging risks such as geopolitical uncertainty and high interest rates [4] - The company expects restructuring results to meet or exceed last year's record levels, despite mixed trends in the broader market [11][20] - Management believes there is potential for further margin improvement and operating leverage as revenue growth continues [40][44] Other Important Information - The company ended the quarter with $520 million in cash and equivalents, and no funded debt outstanding [10] - A quarterly dividend of $0.25 per share was approved by the board [10] Q&A Session Summary Question: Outlook on restructuring activity - Management sees no reduction in restructuring activity and expects elevated levels to continue, driven by factors such as sponsor client penetration and global expansion [20][22] Question: Partner productivity and revenue expectations - Management does not focus on specific revenue per partner targets but emphasizes hiring impactful individuals to enhance overall financial results [24][27] Question: Impact of government shutdown - Management believes the shutdown will not significantly affect business but is concerned about broader macroeconomic implications [32][34] Question: Primary fundraising business outlook - Management notes that while fundraising is improving, increased competition may arise as more firms seek to tap the market [36] Question: Operating leverage and pre-tax margin outlook - Management expects operating margins to be at the high end of historical levels and believes there is potential for further improvement [40][44] Question: Divergence of deal value versus deal count - Management attributes the increase in larger transactions to a favorable regulatory environment and anticipates a reset in sponsor activity to improve transaction counts [49][51] Question: Credit backdrop and restructuring activity - Management highlights that technological dislocation may lead to an increase in companies needing to address their balance sheets over time [65][66]

Financial Data and Key Metrics Changes - Third quarter revenue reached $447 million, up 37% year-over-year, while nine-month revenues increased 16% to $1.18 billion [3][5] - Adjusted pre-tax income for the third quarter was $94 million, up 86%, and for the nine months, it increased 34% [3][8] - Adjusted EPS for the third quarter was $1.85, up 99%, and for the nine months, it was $4.43, up 43% [9] Business Line Data and Key Metrics Changes - Strategic Advisory revenues significantly increased for both the third quarter and nine months, contributing to overall revenue growth [5][14] - Restructuring revenues rose slightly in both periods, while PJT Partners' revenues were flat in the third quarter and down modestly for the first nine months [5][12] Market Data and Key Metrics Changes - The macro environment has improved, with equity prices near record highs and low volatility in equities and credit [3][4] - The IPO market has reopened, contributing to M&A recovery, although geopolitical uncertainties and high interest rates pose risks [4][11] Company Strategy and Development Direction - The company aims to be the world's best investment bank, focusing on building a next-generation investment bank that addresses complex challenges with creative solutions [15] - Continued investment in Strategic Advisory and expansion into global markets are key growth strategies [22][12] Management's Comments on Operating Environment and Future Outlook - Management expresses tempered optimism about the near-to-intermediate operating environment, acknowledging risks such as geopolitical uncertainty and high interest rates [4][16] - The company expects restructuring results to meet or exceed last year's record levels, driven by ongoing demand [11] Other Important Information - The company ended the quarter with $520 million in cash and no funded debt outstanding [10] - A quarterly dividend of $0.25 per share has been approved by the board [10] Q&A Session Summary Question: Restructuring outlook and market position - Management sees no reduction in restructuring activity and expects elevated levels to continue, driven by various growth pillars [20][21] Question: Partner productivity and revenue expectations - Management does not focus on specific revenue per partner numbers but emphasizes the importance of hiring impactful individuals [24][27] Question: Impact of government shutdown on business - Management believes the shutdown will not significantly affect business but is concerned about broader macroeconomic implications [32][33] Question: Primary fundraising outlook - Management notes that while fundraising is improving, increased competition may arise as more firms seek to tap the market [34][35] Question: Operating leverage and pre-tax margin outlook - Management expects continued operating leverage and margin improvement, emphasizing long-term growth over short-term metrics [39][41] Question: Divergence of deal value versus deal count - Management attributes the increase in larger transactions to a favorable regulatory environment and anticipates a reset in sponsor activity to improve transaction counts [49][51] Question: Credit backdrop and restructuring activity - Management highlights the potential for increased restructuring needs due to technological dislocation and changing market dynamics [65][66] Question: Pull forward in revenue - Management indicated a modest pull forward of $8 million this quarter, similar to the previous year [73]

Financial Data and Key Metrics Changes - The company reported record results for the third quarter with revenue of $447 million, up 37% year-over-year, and adjusted pre-tax income of $94 million, up 86% [3][5] - Adjusted EPS for the third quarter was $1.85, reflecting a 99% increase from the previous year [3][8] - For the nine months ended September 30, total revenues were $1.179 billion, up 16% year-over-year, with adjusted pre-tax income increasing by 34% [5][8] Business Line Data and Key Metrics Changes - Strategic advisory revenues significantly increased for both the third quarter and the first nine months, contributing to overall revenue growth [5][12] - Restructuring revenues rose slightly in both periods, while PJT Partners' revenues were flat in the third quarter and down modestly for the first nine months [5][10] Market Data and Key Metrics Changes - The macro environment has improved, with equity prices near record highs and low volatility across equities and credit [3][4] - The IPO market has reopened, contributing to a recovery in M&A activity, although the overall number of transactions has declined despite larger deal sizes increasing by almost 40% [3][12] Company Strategy and Development Direction - The company aims to be the world's best investment bank, focusing on building a next-generation investment bank that addresses complex challenges with creative solutions [13][14] - Continued investment in strategic advisory and expansion into global markets are key growth pillars [21][12] Management's Comments on Operating Environment and Future Outlook - Management expressed tempered optimism about the near-to-intermediate operating environment, citing risks such as geopolitical uncertainty and high interest rates [4][10] - The restructuring team is expected to remain active, addressing liability management opportunities due to concentrated stress in certain industries [10][11] Other Important Information - The company ended the quarter with $520 million in cash and no funded debt outstanding, and a quarterly dividend of $0.25 per share was approved [9] - The effective tax rate for the first nine months of 2025 was 15.5%, slightly below previous estimates [7][8] Q&A Session Summary Question: Outlook on restructuring activity - Management indicated that restructuring activity remains high, with expectations to meet or exceed last year's record results despite mixed trends in the broader market [19][20] Question: Partner productivity and revenue per partner - Management does not focus on specific revenue targets per partner but emphasizes hiring impactful individuals to enhance overall financial results [22][25] Question: Impact of government shutdown - Management believes the government shutdown will not significantly affect business operations but is concerned about broader macroeconomic implications [30][31] Question: Primary fundraising outlook - Management noted that while primary fundraising is improving, increased competition may arise as more firms seek to tap the market [32] Question: Operating leverage and pre-tax margin outlook - Management expects further margin improvement as revenue growth continues, emphasizing the importance of managing for long-term value [36][42] Question: Divergence of deal value versus deal count - Management highlighted that favorable regulatory conditions are skewing activity towards larger transactions, which may not reflect in the overall number of deals [47][48] Question: Credit backdrop and restructuring activity - Management expressed concerns about credit pricing and the potential for increased restructuring needs due to technological dislocation and market changes [60][62]

Company Overview - PJT Partners is a premier, global, advisory-focused investment bank[11] - The company's revenue for the Last Twelve Months (LTM) ending Q3 2025 was $166 billion[12] - The firm has a global presence with 15 offices[12] - The company's market capitalization is $78 billion[12] Growth and Performance - From 2015 to LTM 3Q25, the number of partners increased by 189%[29] - From 2015 to LTM 3Q25, the firmwide headcount increased by 247%[29] - From 2015 to LTM 3Q25, the total number of clients increased by 102%[29] - Revenues increased by 308% from 2015 to LTM 3Q25, reaching $1656 million[29] - Adjusted EPS increased by 309% from 2016 to LTM 3Q25, reaching $634[29] - Adjusted Pretax Income increased by 704% from 2015 to LTM 3Q25, reaching $337 million[29] Financial Highlights (Third Quarter 2025) - Revenue for the third quarter of 2025 was $447 million, a 37% increase[65] - GAAP Pretax Income for the third quarter was $91 million, an 84% increase[65] - Adjusted Pretax Income for the third quarter was $94 million, an 86% increase[65] - GAAP Diluted EPS was $147, an 86% increase[65] - Adjusted EPS was $185, a 99% increase[65] Financial Highlights (Nine Months 2025) - Revenue for the nine months of 2025 was $1179 million, a 16% increase[65] - GAAP Pretax Income for the nine months was $220 million, a 31% increase[65] - Adjusted Pretax Income for the nine months was $230 million, a 34% increase[65] - GAAP Diluted EPS was $470, a 53% increase[65] - Adjusted EPS was $443, a 43% increase[65] Financial Highlights (Last Twelve Months 3Q25) - Revenue for the last twelve months was $1656 million, a 23% increase[65] - GAAP Pretax Income for the last twelve months was $323 million, a 47% increase[65] - Adjusted Pretax Income for the last twelve months was $337 million, a 50% increase[65] - GAAP Diluted EPS was $650, a 65% increase[65] - Adjusted EPS was $634, a 56% increase[65]

Core Insights - Cohen & Company Inc. reported a third quarter 2025 revenue of $84.2 million, a significant increase from $59.9 million in the previous quarter and $31.7 million in the same quarter last year [1][7]. - The net income attributable to Cohen & Company Inc. for the third quarter was $4.6 million, or $2.58 per diluted share, compared to $1.4 million, or $0.81 per diluted share in the previous quarter [2][7]. - The company declared a quarterly dividend of $0.25 per share, payable on December 3, 2025 [2][11]. Financial Performance - Total revenues for the nine months ended September 30, 2025, were $172.8 million, compared to $61.1 million for the same period in 2024 [4]. - Net trading revenue increased to $13.6 million in Q3 2025, up from $10.8 million in Q2 2025 and $8.8 million in Q3 2024 [4][7]. - Asset management revenue was $1.9 million for Q3 2025, a slight decrease from $2.2 million in both the previous quarter and the same quarter last year [4][7]. - New issue and advisory revenue surged to $228.0 million in Q3 2025, a substantial increase from $37.4 million in Q2 2025 and $22.5 million in Q3 2024 [4][7]. Operational Highlights - The company's Capital Markets division, Cohen & Company Capital Markets (CCM), generated $68.6 million in net revenue during the quarter, primarily from advisory services [5][6]. - The decline in principal transactions revenue was attributed to negative revenue of $159.3 million from investment assets received as client consideration [4][7]. - The company experienced a 26% increase in trading revenue from the previous quarter, supported by a favorable interest rate environment [6]. Equity and Dividends - As of September 30, 2025, total equity was reported at $101.1 million, an increase from $90.3 million at the end of 2024 [11][22]. - The board of directors has committed to evaluating the dividend policy quarterly, with future decisions influenced by operating results and capital needs [11][12]. Future Outlook - The company anticipates generating over $50 million in revenue for the fourth quarter and more than $220 million for the full year 2025, driven by strong trading revenue and a robust pipeline in CCM [6].

Anna Skoglund, Goldman Sachs Co-Head of EMEA Investment Banking, says the private credit market today is a big, deep and sophisticated market. "It is the natural development when the market enters into some form of acceleration and activity. But I would not say there's any reason to worry," she said. Skoglund also weighed in on investment banking in 2026, M&A activity and AI's impact on banking talent. Skoglund joined "The Pulse with Francine Lacqua" on Bloomberg Television. ...

Core Viewpoint - PJT Partners Inc. reported its financial results for the third quarter and nine months ended September 30, 2025, highlighting revenue changes compared to the previous year [1]. Revenue Summary - For the three months ended September 30, 2025, the revenue figures were compared to those of 2024, indicating a percentage change [1]. - For the nine months ended September 30, 2025, the revenue figures were also compared to those of 2024, showing a percentage change [1].