Piper Sandler Companies (PIPR) 2025 Q4 法說會逐字稿

Good morning, and welcome to the Piper Sandler Companies fourth quarter and full year 2025 earnings conference call. Today's call is being recorded and will include remarks by Piper Sandler management followed by a question-and-answer session.

早安，歡迎參加 Piper Sandler 公司 2025 年第四季及全年財報電話會議。今天的電話會議將進行錄音，內容包括Piper Sandler管理層的講話，隨後是問答環節。

I'll begin by turning the call over to Kate Winslow. Please go ahead.

我先將電話轉給凱特·溫斯洛。請繼續。

Thank you, operator. Good morning and thank you for joining the Piper Sandler Companies fourth quarter and full year 2025 earnings conference call. Hosting the call today are Chairman and CEO, Chad Abraham; our President, Deb Schoneman; and CFO, Kate Clune.

謝謝接線生。早安，感謝各位參加 Piper Sandler 公司 2025 年第四季及全年財報電話會議。今天主持電話會議的是董事長兼執行長查德·亞伯拉罕；總裁黛布·肖內曼；以及財務長凱特·克倫。

Earlier this morning, we issued a press release announcing Piper Sandler's fourth quarter and full year 2025 financial results, which is available on our website at pipersandler.com/earnings. Today's discussion of the results is complementary to the press release. A replay of this call will also be available at that same website later today.

今天早些時候，我們發布了一份新聞稿，公佈了Piper Sandler 2025年第四季度和全年財務業績，該新聞稿可在我們的網站pipersandler.com/earnings上查閱。今天對業績的討論是新聞稿的補充。今天晚些時候，該電話會議的錄音也將在該網站上提供。

Before we begin, let me remind you that remarks made on today's call may contain forward-looking statements that are not historical or current facts, including statements about beliefs and expectations and involve inherent risks and uncertainties.

在開始之前，請允許我提醒各位，今天電話會議上發表的言論可能包含前瞻性陳述，這些陳述並非歷史事實或當前事實，包括關於信念和預期的陳述，並且涉及固有的風險和不確定性。

Factors that could cause actual results to differ materially from those anticipated are identified in the company's reports on file with the SEC, which are available on our website at pipersanler.com and on the SEC website at sec.gov.

可能導致實際結果與預期結果有重大差異的因素已在公司向美國證券交易委員會提交的報告中列出，這些報告可在我們的網站 pipersanler.com 和美國證券交易委員會的網站 sec.gov 上查閱。

Today's discussion also includes statements regarding certain non-GAAP financial measures that management believes are meaningful when evaluating the company's performance. The non-GAAP measures should be considered in addition to and not a substitute for measures of financial performance prepared in accordance with GAAP. A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measure is provided in our earnings release issued today.

今天的討論也包括一些關於非GAAP財務指標的聲明，管理階層認為這些指標在評估公司績效時具有重要意義。非GAAP指標應作為補充資訊考慮，而非取代依照GAAP編製的財務績效指標。我們今天發布的獲利報告中提供了這些非GAAP財務指標與最直接可比較的GAAP指標的調節表。

I will now turn the call over to Chad.

現在我將把電話轉給查德。

Thank you, Kate. Good morning, everyone. Thank you for joining us. Our business performed well during 2025, driven by strong execution and improving market conditions. We had a strong finish to the year with record adjusted net revenues of $635 million in the fourth quarter, a 27.2% operating margin and adjusted EPS of $6.88.

謝謝你，凱特。各位早安。感謝您的參與。在強有力的執行和不斷改善的市場環境的推動下，我們的業務在 2025 年表現良好。我們以強勁的業績結束了這一年，第四季度調整後淨收入創下 6.35 億美元的紀錄，營業利潤率為 27.2%，調整後每股收益為 6.88 美元。

On a full year basis, adjusted net revenues were $1.9 billion, achieving a 21.9% operating margin and adjusted EPS of $17.74. There are a number of highlights from 2025. Adjusted net revenues grew 22% with contributions from all businesses, resulting in a 39% increase in adjusted net income compared to 2024.

全年調整後淨收入為19億美元，營業利益率為21.9%，調整後每股收益為17.74美元。 2025年還有許多亮點。經調整後的淨收入成長了 22%，所有業務均有所貢獻，導致經調整後的淨收入比 2024 年增長了 39%。

We delivered a record year in advisory with over $1 billion of revenues, representing 55% of total net revenues. We grew our investment banking MD headcount to 187 Managing Directors and meaningfully increased productivity per banker.

我們在諮詢業務方面取得了創紀錄的一年，收入超過 10 億美元，佔總淨收入的 55%。我們將投資銀行董事總經理人數增加到 187 人，並顯著提高了每位銀行家的生產力。

We completed the acquisition of G Squared complementing other key hires to expand and strengthen our technology investment banking practice. We generated record revenues in equity brokerage and recorded our second best year in both public finance and fixed income brokerage. We returned $239 million to shareholders through share repurchases and dividends.

我們完成了對 G Squared 的收購，並進行了其他關鍵的人員招聘，以擴大和加強我們的科技投資銀行業務。我們在股票經紀業務中創造了創紀錄的收入，並在公共融資和固定收益經紀業務中均取得了第二好的業績。我們透過股票回購和分紅向股東返還了 2.39 億美元。

2025 marks another successful year for Piper Sandler. We have now achieved nine consecutive quarters of year-over-year growth, underscoring our strong execution and sustained momentum. This progress is supported by our ongoing investments in the business, the diversification of our sector and product capabilities and an improving market backdrop.

2025年對Piper Sandler來說又是成功的一年。我們連續九個季度實現同比增長，這凸顯了我們強大的執行力和持續的成長勢頭。這項進展得益於我們對業務的持續投資、我們行業和產品能力的多元化以及不斷改善的市場環境。

2025 also marked our firm's 130th anniversary. The foundation of our success is serving the best interest of clients, employees, shareholders and the communities where we live and work. I'd like to thank my employee partners for their continued hard work and dedication to providing best-in-class service to our clients.

2025年也是本公司成立130週年。我們成功的基石在於服務客戶、員工、股東以及我們生活和工作的社區的最大利益。我要感謝我的員工夥伴們，感謝他們一直以來的辛勤工作和奉獻精神，為我們的客戶提供一流的服務。

Turning now to Corporate Investment Banking. During the fourth quarter, we generated $469 million of revenues, up meaningfully over the prior year driven by robust M&A activity as well as solid debt capital markets advisory activity.

接下來我們來談談企業投資銀行業務。第四季度，我們實現了 4.69 億美元的收入，較上年同期大幅成長，這主要得益於強勁的併購活動以及穩健的債務資本市場諮詢業務。

For the year, Corporate Investment Banking revenues totaled $1.3 billion, representing a 28% increase from the prior year. Sector contributions were diverse as five out of seven industry teams grew revenues versus 2024. Within Corporate Investment Banking, Advisory revenues for the quarter were $403 million, up 44% year-over-year.

該年度企業投資銀行業務收入總計 13 億美元，較上年成長 28%。各行業的貢獻各不相同，七個行業團隊中有五個團隊的收入較 2024 年有所增長。在企業投資銀行領域，本季諮詢收入為 4.03 億美元，年增 44%。

Our financial services and services and industrial teams led sector performance. For the year, Advisory Services generated $1 billion in revenues, up 28% from 2024 and exceeded our previous high watermark from 2021.

我們的金融服務、服務和工業團隊引領了產業績效。本年度，諮詢服務收入達 10 億美元，比 2024 年成長 28%，超過了 2021 年創下的最高紀錄。

This reflected a strong relative performance compared to a 7% growth rate in overall M&A activity in the middle market. During 2025, we completed 335 advisory transactions. 16% more than the prior year and earned higher average fees. Advisory revenues from both corporate and sponsor clients were up meaningfully year-over-year.

與中端市場整體併購活動 7% 的成長率相比，這反映出相對強勁的表現。2025年，我們完成了335筆諮詢交易，比前一年增加了16%，平均收費也更高。來自企業客戶和贊助商的諮詢收入均較上年同期大幅成長。

We were ranked as the number two adviser based on a number of announced US M&A deals under $1 billion. In addition, non-M&A advisory generated another record year and increasingly constitutes a meaningful amount of our total advisory revenues.

根據已公佈的10億美元以下的美國併購交易數量，我們被評為第二大顧問。此外，非併購顧問業務又創下歷史新高，並且在我們的諮詢總收入中佔比越來越大。

Industry team contributions were led by financial services, followed by a record year from services and industrials and solid contributions from our healthcare, energy, power and infrastructure and consumer sectors. Our performance within Financial Services was led by depositories, where a more accommodating regulatory environment bolstered a resurgence in bank M&A activity.

產業團隊貢獻主要來自金融服務業，其次是服務業和工業，它們都取得了創紀錄的成績，醫療保健、能源、電力和基礎設施以及消費品產業也做出了穩健的貢獻。我們在金融服務領域的表現主要由存款機構引領，更寬鬆的監管環境促進了銀行併購活動的復甦。

We were the number one adviser in US Bank M&A based on the number of announced transactions during 2025. Additionally, we saw solid contributions from our insurance, asset management and specialty finance subsectors.

根據 2025 年公佈的交易數量，我們是美國銀行併購領域排名第一的顧問。此外，我們的保險、資產管理和專業金融子行業也做出了穩健的貢獻。

Record performance from our services and industrials team in 2025 was driven by larger transactions generating higher average fees. These results reflect investments we've made in this sector, developing and recruiting exceptional bankers with deep client relationships particularly with the financial sponsors community.

2025 年，我們的服務和工業團隊取得了創紀錄的業績，這主要得益於交易規模擴大，從而產生了更高的平均成本。這些成果反映了我們在該領域的投資，包括培養和招募與客戶（尤其是金融機構）建立深厚關係的優秀銀行家。

In addition, our non-M&A advisory teams have been a key driver of performance. In recent years, we have made substantial investments in these advisory capabilities to expand client offerings and increase market share, especially with private equity.

此外，我們的非併購顧問團隊也是績效成長的關鍵驅動力。近年來，我們對這些諮詢能力進行了大量投資，以擴大客戶服務範圍並提高市場份額，尤其是在私募股權領域。

The most meaningful components of our non-M&A advisory revenues, our debt capital markets advisory, private capital advisory and restructuring. Non-M&A revenues have outpaced the growth of our M&A revenues for several years and exceeded 25% of total advisory revenues in 2025.

我們非併購諮詢收入中最有意義的部分是債務資本市場諮詢、私募資本諮詢和重組。多年來，非併購收入的成長速度一直超過併購收入的成長速度，到 2025 年將超過諮詢總收入的 25%。

Our debt capital markets advisory business has been a significant contributor to this growth as it recorded its third consecutive year of record revenues, benefiting from higher average fees as well as a broader and more diversified client base. We also have significant opportunities within our private capital advisory group to leverage our sponsor relationships and sector expertise to further grow market share.

我們的債務資本市場諮詢業務對這一增長做出了重大貢獻，連續第三年創下收入紀錄，這得益於更高的平均費用以及更廣泛、更多元化的客戶群。我們的私募股權諮詢團隊也擁有巨大的機會，可以利用我們與投資者的關係和行業專業知識，進一步擴大市場份額。

Looking ahead, while several larger advisory transactions closed in the last week of 2025, our pipeline of engagement mandates is building, and we expect to see another strong year of advisory revenue in 2026. Corporate financing markets were solid throughout the quarter, and we generated $67 million of revenues.

展望未來，雖然在 2025 年最後一周完成了幾筆較大的諮詢交易，但我們的業務委託項目正在不斷增加，我們預計 2026 年諮​​詢收入將再創新高。本季企業融資市場表現穩健，我們創造了 6,700 萬美元的收入。

We completed 31 financings, raising $15 billion for corporate clients with activity centered in health care and depository sectors. For the year, corporate financing revenues of $217 million increased 25% from 2024, driven by a strong second half of the year.

我們完成了 31 項融資，為主要從事醫療保健和存款業務的企業客戶籌集了 150 億美元。本年度企業融資收入為 2.17 億美元，比 2024 年成長 25%，主要得益於下半年的強勁表現。

During 2025, we completed 122 equity, debt and preferred financings, raising $48 billion for corporate clients. Sector contributions for the year were again led by our healthcare team, which served as book runner on 37 of the 38 equity deals they priced during 2025, and we participated in all six med tech IPOs that priced in the market.

2025年，我們完成了122筆股權、債務和優先股融資，為企業客戶籌集了480億美元。今年，醫療保健團隊再次領銜各行業貢獻，在 2025 年定價的 38 筆股權交易中，有 37 筆交易由該團隊擔任簿記管理人，並且我們參與了所有 6 家在市場上定價的醫療技術 IPO。

Our financial services team also contributed a strong underwriting performance in 2025, pricing 65 transactions that raised $19 billion in capital for our clients. As we look ahead, January financing activity has been strong. Our pipeline of new issues is healthy, and we are seeing strong demand from institutional investors looking to deploy capital across sectors.

我們的金融服務團隊在 2025 年也取得了強勁的承銷業績，為客戶完成了 65 筆交易，籌集了 190 億美元的資金。展望未來，1月的融資活動表現強勁。我們的新股發行計畫進展順利，我們看到來自希望在各個行業部署資本的機構投資者的強勁需求。

Shifting to Talent. We finished the year with 187 investment banking Managing Directors, while our net MD headcount increased modestly from 2024 levels, we strengthened our talent base and improved productivity helping to drive profitability in the business.

轉向人才。到年底，我們擁有 187 位投資銀行董事總經理，雖然董事總經理淨人數較 2024 年略有增加，但我們加強了人才基礎，提高了生產力，從而有助於推動業務盈利能力。

Over the last 10 years, we have grown MD headcount at a 10% CAGR. We're consistently looking for talented partners who strengthen the platform and position us for growth in our product and sector teams, expand our geographic reach or add additional capabilities to support our clients. Overall, our 2025 results were strong, and we're pleased with our performance.

過去 10 年，我們的 MD 人數以 10% 的複合年增長率成長。我們一直在尋找能夠增強平台實力、促進產品和產業團隊發展、擴大地理覆蓋範圍或增加額外能力以支援客戶的優秀合作夥伴。整體而言，我們 2025 年的業績表現強勁，我們對自己的表現感到滿意。

The combination of improved activity levels, strong execution across business lines and a constructive market environment resulted in excellent financial returns. We've entered 2026 with good momentum strong client engagement and an accommodative regulatory environment and meaningful opportunities to gain share.

業務活動水準的提高、各業務線的強勁執行以及良好的市場環境，共同帶來了優異的財務回報。進入 2026 年，我們擁有良好的發展勢頭、強大的客戶參與度、寬鬆的監管環境以及獲得市場份額的重大機會。

Before handing it off to Deb, I'd like to highlight a recent leadership announcement. In January, we named JP Peltier as Co-Head of Investment Banking and Capital Markets. JP will co-head the group alongside Mike Delahunt and James Baker, who have served together as Global Heads of Investment Banking and Capital Markets since 2021.

在將發言權交給黛布之前，我想先重點介紹一下最近發布的一項領導層公告。1月份，我們任命JP Peltier為投資銀行和資本市場聯席主管。JP 將與 Mike Delahunt 和 James Baker 共同領導團隊，自 2021 年以來一直共同擔任投資銀行和資本市場的全球主管。

JP is a 25-year veteran of Piper Sandler, an exceptional banker and growth-oriented team builder. He recently served as Co-Head of the Healthcare Investment Banking Group where his leadership helped build a market-leading franchise. I'm confident that JP, Mike and James will successfully lead our corporate investment banking business to accomplish the medium-term goal of growing annual revenues to $2 billion-plus in the coming years.

JP 是 Piper Sandler 的資深員工，擁有 25 年的經驗，是一位傑出的銀行家和以成長為導向的團隊建立者。他最近擔任醫療保健投資銀行集團聯席主管，在他的領導下，該集團建立了市場領先的業務。我相信，JP、Mike 和 James 將成功帶領我們的企業投資銀行業務在未來幾年內實現年收入成長至 20 億美元以上的中期目標。

With that, I will turn the call over to Deb to discuss our public finance and brokerage business.

接下來，我將把電話轉交給黛布，讓她來討論我們的公共融資和經紀業務。

Thanks, Chad. I'll be with an update on our public finance business where market conditions remain favorable with record issuance levels driven by funding needs for infrastructure upgrades and strong investor demand.

謝謝你，查德。我將為大家帶來我們公共融資業務的最新進展，目前市場狀況依然良好，受基礎設施升級的資金需求和強勁的投資者需求推動，債券發行量創下歷史新高。

We generated $39 million of municipal financing revenues for the quarter, flat sequentially and down 5% compared to the strong prior year quarter. For 2025, we generated $146 million of municipal financing revenues, our second strongest year on record. These results reflect the diversification of our business and strong relative performance.

本季我們獲得了 3,900 萬美元的市政融資收入，與上一季持平，但與去年同期強勁的業績相比下降了 5%。2025 年，我們創造了 1.46 億美元的市政融資收入，這是我們有史以來第二高的年份。這些業績反映了我們業務的多元化和強勁的相對錶現。

Our revenues increased 19% over last year, exceeding the municipal negotiated market issuance growth of 12%. We underwrote 555 municipal negotiated transactions during 2025, raising $19 billion of PAR value for our clients.

我們的營收比去年成長了 19%，超過了市政債券市場發行量 12% 的成長。2025 年，我們承銷了 555 筆市政債券協商交易，為客戶籌集了 190 億美元的 PAR 價值。

Additionally, we maintained our position as the number two underwriter based on a number of transactions. Activity was solid across both our governmental and specialty businesses, reflective of our client and geographic reach.

此外，憑藉多項交易，我們維持了第二大承銷商的地位。我們的政府業務和專業業務都表現穩健，反映了我們廣泛的客戶群和地理覆蓋範圍。

Performance was broad-based with strong results in Texas, California, Oregon and the Midwest as well as our special district, healthcare and hospitality sectors. In addition to revenue growth, we focused on local market relationships and knowledge to strengthen our market leadership in our core sectors.

業績表現全面，在德克薩斯州、加利福尼亞州、俄勒岡州和中西部地區以及我們的特殊區域、醫療保健和酒店業均取得了強勁的成績。除了營收成長，我們還專注於本地市場關係和知識，以鞏固我們在核心領域的市場領導地位。

Our special district team has 50% market share in the states in which they compete, and we ranked number two nationally in K-12 education by number of issues and paramount. In terms of outlook for 2026, we anticipate public finance market conditions to remain favorable with similar issuance volumes to 2025, [albeit] back to the more normalized seasonality.

我們的特區團隊在他們競爭的州擁有 50% 的市場份額，並且在 K-12 教育領域，按議題數量和重要性排名，我們在全國排名第二。展望 2026 年，我們預期公共財政市場狀況將保持良好，發行量與 2025 年類似，[儘管]季節性波動將更加正常化。

Our equity brokerage business finished 2025 at record highs, following a year with strong volumes and volatility. Fourth quarter 2025 equity brokerage revenues of $64 million, a quarterly record led to record revenues of $230 million for the full year. These results demonstrate successful collaboration and the integration of products and investments across our platform.

在經歷了交易量和波動性強勁的一年後，我們的股票經紀業務在 2025 年創下歷史新高。2025 年第四季股票經紀業務收入為 6,400 萬美元，創季度紀錄，全年收入達到創紀錄的 2.3 億美元。這些結果表明，我們平台上的產品和投資實現了成功的協作和整合。

The strength of our platform attracted approximately 1,700 unique clients, and we traded 11 billion shares on their behalf in 2025. As we look forward to 2026, we expect our equity brokerage revenues to be similar to 2025.

我們平台的強大實力吸引了約 1,700 位獨立客戶，2025 年我們代表他們交易了 110 億股股票。展望 2026 年，我們預期股票經紀業務收入將與 2025 年類似。

And last, we generated $48 million of fixed income revenues for the fourth quarter down from both a strong third quarter and year ago period. For 2025, we generated $203 million of fixed income revenues, up 9% from the prior year, driven by robust activity with our depository clients.

最後，我們第四季固定收益收入為 4,800 萬美元，低於強勁的第三季和去年同期水準。2025 年，我們實現了 2.03 億美元的固定收益收入，比上一年增長了 9%，這主要得益於我們存款客戶的強勁業務活動。

The increase in bank M&A activity during the year, aligned with depository clients adjusting to the changing rate environment provided more opportunities to advise on balance sheet repositioning. We also experienced healthy growth across other client verticals, including asset managers and public entities.

年內銀行併購活動的增加，與存款客戶對不斷變化的利率環境的調整一致，為就資產負債表重新定位提供諮詢提供了更多機會。我們在其他客戶領域，包括資產管理公司和公共實體，也實現了健康成長。

From a product perspective, both municipal and taxable fixed income showed significant growth year-over-year. We continue to elevate the platform by investing in talent that expands our product expertise and enhances client relationships, allowing us to provide differentiated advice.

從產品角度來看，市政債券和應稅固定收益債券均實現了顯著的年成長。我們持續投資人才，提昇平台水平，拓展產品專業知識，加強客戶關係，從而提供差異化的建議。

In our municipal franchise, we've established ourselves as a trusted adviser with a specialized sales force able to find liquidity for our institutional clients. In the taxable space, we have expanded our expertise in structured products with experienced talent and leadership. As we look to 2026, we expect clients to be more active in anticipation of further rate cuts and anticipate additional work stemming from a robust M&A environment.

在我們的市政特許經營業務中，我們已確立了自己作為值得信賴的顧問的地位，並擁有一支專業的銷售團隊，能夠為我們的機構客戶尋找流動性。在應稅領域，我們憑藉著經驗豐富的人才和領導團隊，拓展了我們在結構化產品方面的專業知識。展望 2026 年，我們預期客戶會更積極地預期進一步降息，並預期強勁的併購環境會帶來更多業務。

Now I will turn the call over to Kate to review our financial results and provide an update on capital use.

現在我將把電話交給凱特，讓她回顧我們的財務表現並報告資金使用情況。

Thanks, Deb. My comments will address our adjusted non-GAAP financial results, which should be considered in addition to and not a substitute for the corresponding GAAP financial measures. For the fourth quarter of 2025, we generated net revenues of $635 million, operating income of $172 million and an operating margin of 27.2%.

謝謝你，黛布。我的評論將針對我們調整後的非GAAP財務業績，這些業績應作為補充資訊考慮，而不是取代相應的GAAP財務指標。2025 年第四季度，我們實現了 6.35 億美元的淨收入、1.72 億美元的營業收入和 27.2% 的營業利潤率。

Net income totaled $123 million and diluted EPS was $6.88. For 2025, net revenues totaled $1.9 billion, operating income was $411 million and our operating margin was 21.9%. We generated $318 million of net income and $17.74 of diluted EPS.

淨利潤總計 1.23 億美元，稀釋後每股收益為 6.88 美元。 2025 年，淨收入總計 19 億美元，營業收入為 4.11 億美元，營業利益率為 21.9%。我們實現了 3.18 億美元的淨收入和 17.74 美元的稀釋後每股盈餘。

Net revenues for the fourth quarter of 2025 increased 39% from the sequential quarter and grew 27% over the fourth quarter of last year. This growth was driven by robust advisory revenues, the second strongest quarter on record. For the year, net revenues increased 22% compared to 2024, powered by a 28% growth in advisory revenues as well as strong performance across the rest of our businesses.

2025 年第四季淨收入較上一季成長 39%，較去年同期成長 27%。這一成長主要得益於強勁的諮詢收入，這是有史以​​來第二強勁的季度。與 2024 年相比，本年度淨收入成長了 22%，這主要得益於諮詢收入成長了 28%，以及其他業務的強勁表現。

Turning to expenses. We reported a compensation ratio of 60.1% for the fourth quarter of 2025 and 61.4% for the full year. Both ratios improved from the comparable periods of 2024, driven by increased net revenues and continued operating discipline. We continue to drive leverage where possible while balancing employee retention and strategic investment opportunities.

接下來談談費用。我們公佈的 2025 年第四季薪資比率為 60.1%，全年薪資比率為 61.4%。這兩個比率均較 2024 年同期有所改善，這主要得益於淨收入的成長和持續的營運紀律。我們將繼續盡可能地利用槓桿效應，同時兼顧員工留任和策略性投資機會。

We expect our 2026 compensation ratio to be similar to 2025. For the fourth quarter of 2025, non-compensation expenses, excluding reimbursed deal costs were $67 million, including reimbursed deal expenses, non-compensation costs were $81 million or 12.7% of net revenues.

我們預期 2026 年的薪酬比率將與 2025 年類似。2025 年第四季度，不包括已報銷交易費用的非補償性支出為 6,700 萬美元；包括已報銷交易費用在內，非補償性支出為 8,100 萬美元，佔淨收入的 12.7%。

This ratio improved 440 basis points from the third quarter and 270 basis points from the fourth quarter of last year. Non-compensation costs for 2025, excluding reimbursed deal expenses, were $271 million, an increase of 8% compared to last year. The increase in expenses was driven by three factors, increased business activity, relocating our Minneapolis headquarters office and investments in the business, including technology and related consulting fees.

該比率較第三季改善了 440 個基點，較去年第四季改善了 270 個基點。2025 年的非補償性成本（不包括已報銷的交易費用）為 2.71 億美元，比上年增長 8%。支出增加主要受三個因素驅動：業務活動增加、搬遷明尼阿波利斯總部辦公室以及對業務的投資，包括技術和相關諮詢費用。

Including reimbursed deal costs, non-compensation expenses were $315 million for the year, and our non-compensation ratio was 16.7%, an improvement of 160 basis points versus 2024. Looking ahead to 2026, we anticipate a modest increase to non-compensation expenses with the most notable driver being the relocation of our New York office.

包括已報銷的交易成本在內，本年度非補償性支出為 3.15 億美元，非補償性比率為 16.7%，比 2024 年改善了 160 個基點。展望 2026 年，我們預計非薪資支出將略有增加，其中最顯著的驅動因素是我們紐約辦事處的搬遷。

Our diligent management of the fixed controllable costs continues to be a key driver of leverage. Going forward, we expect our full year non-compensation expense ratio to be similar to the 2025 level with some variability across quarters depending on the timing of expenses.

我們對固定可控成本的嚴格管理仍然是提高槓桿率的關鍵驅動因素。展望未來，我們預計全年非薪酬費用率將與 2025 年的水平相似，但各季度之間會因費用發生時間的不同而有所波動。

Moving to income tax expense. Our income tax rate for the fourth quarter was 28.5%. For the year, income tax expense was reduced by $30 million of tax benefits related to divesting of restricted stock awards, which resulted in an income tax rate of 22.6%.

轉入所得稅費用。我們第四季的所得稅稅率為28.5%。本年度，由於剝離受限股票獎勵而獲得的稅收優惠減少了 3000 萬美元，所得稅支出減少了 3000 萬美元，所得稅稅率為 22.6%。

Excluding the $30 million benefit, our effective tax rate was 29.8% for 2025. We continue to expect our full year tax rate to be around 30%, excluding the impact from divesting of restricted stock awards. Now finishing with capital. During the quarter, we returned an aggregate of $35 million of capital to our shareholders through stock repurchases and quarterly dividends paid.

除去 3,000 萬美元的收益，我們 2025 年的實際稅率為 29.8%。我們仍然預計全年稅率在 30% 左右，不包括出售受限股票獎勵的影響。現在要用資金收尾了。本季度，我們透過股票回購和季度分紅，向股東返還了總計 3,500 萬美元的資本。

In 2025, we returned an aggregate of $239 million to shareholders, which includes repurchases of approximately 421,000 shares of our common stock or $125 million related to employee tax withholding on divesting of restricted stock awards as well as in the open market. These repurchases offset the share count dilution for this year's annual grants.

2025 年，我們向股東返還了總計 2.39 億美元，其中包括回購約 42.1 萬股普通股，或與員工因出售限制性股票獎勵而預扣的稅款相關的 1.25 億美元，以及在公開市場上的回購。這些回購抵消了今年年度授予的股份數量稀釋。

It also includes an aggregate of $114 million or $5.70 per share in dividends paid to shareholders during 2025 through our quarterly and special cash dividends. Given our level of earnings today, the Board approved a special cash dividend of $5 per share related to our full year 2025 results, including this special cash dividend and our quarterly dividends paid, our total dividend for 2025 equals $7.70 per share of common stock or a payout ratio of 43% of adjusted net income.

其中還包括在 2025 年透過季度和特別現金股息向股東支付的總計 1.14 億美元或每股 5.70 美元的股息。鑑於我們目前的獲利水平，董事會批准了與我們 2025 年全年業績相關的每股 5 美元的特別現金股息。包括這項特別現金股息和我們已支付的季度股息在內，我們 2025 年的總股息等於每股普通股 7.70 美元，或調整後淨收入的 43% 的派息率。

In addition, the Board approved a quarterly cash dividend of $0.70 per share. Both the special and the quarterly cash dividends will be paid on March 13 to shareholders of record as of the close of business on March 3.

此外，董事會批准派發每股 0.70 美元的季度現金股利。特別股利和季度現金股利都將於 3 月 13 日支付給截至 3 月 3 日營業結束時登記在冊的股東。

Lastly, as part of our ongoing commitment to delivering shareholder value, I'm pleased to announce that the Board has approved a four for one forward split of our common stock to increase liquidity and help make our stock more accessible to a wider range of investors.

最後，作為我們持續致力於為股東創造價值的一部分，我很高興地宣布，董事會已批准將普通股拆分為 1 股，以提高流動性，並幫助更多投資者更容易購買我們的股票。

The split will be accompanied by a proportionate increase in the number of shares of our authorized common stock. Our common stock will begin trading on a split-adjusted basis at the start of trading on March 24, 2026.

此次拆分將伴隨著我們授權普通股股數的相應增加。我們的普通股將於 2026 年 3 月 24 日開始以拆股調整後的價格進行交易。

2025 marked another successful year for Piper Sandler. We grew revenues and profitability while furthering the strategic expansion of our businesses. Looking ahead, we remain focused on executing on our strategic priorities to drive continued growth and strong returns for our shareholders.

2025年對Piper Sandler來說又是成功的一年。我們在實現收入和獲利能力成長的同時，也進一步推進了業務的策略擴張。展望未來，我們將繼續專注於執行我們的策略重點，以推動持續成長並為股東帶來豐厚回報。

With that, we can open up the call for questions.

接下來，我們可以開始接受提問了。

(Operator Instructions) Devin Ryan, Citizens Bank.

（操作員指示）Devin Ryan，Citizens Bank。

Great. Good morning, everyone. I want to start on the advisory business. Obviously, I think terrific results on the year, revenue is up 28% even though we had quite a bit of volatility earlier in the year and then sponsors seem like they're just starting to really come back and reengage in a more meaningful way. So -- and at the same time, bank M&A is really picking up.

偉大的。各位早安。我想開始從事顧問業務。顯然，我認為今年的業績非常出色，收入成長了 28%，儘管年初時市場波動較大，但贊助商似乎也開始真正回歸，並以更有意義的方式重新參與。所以——同時，銀行併購活動也確實在加速成長。

So it'd be great to just maybe talk through kind of those two components, like how much more activity you're seeing with sponsor clients today relative to maybe six months ago. And then the other piece we get questions from investors around is like order of magnitude in a more functioning bank consolidation backdrop, like how much incremental revenue could that be for Piper relative to maybe what you were doing previously?

所以，如果你能詳細討論這兩個方面就太好了，例如與六個月前相比，你現在看到的贊助商客戶的活躍度提高了多少。此外，投資人也會問我們另一個問題，例如在銀行業整合更完善的背景下，Piper 的增量收入相對於你們之前的業務能達到多少？

I know there a couple of hundred million dollars on top? Or just any way to kind of think that piece through. Thanks.

我知道上面還有幾億美元？或者說，任何能讓我理清思緒的方法都可以。謝謝。

Yeah thanks, Devin. Yeah, maybe just to step back relative to the 28% growth, 2024 was a pretty good year for us. But on relative performance, we were a little probably off where we wanted to be in financial services and healthcare obviously, if those are your two biggest businesses that has a big impact. Both those teams had very good years in 2025, which given our concentration in those sectors that leads to outperformance when that happens.

謝謝你，德文。是的，如果以 28% 的成長率來衡量，2024 年對我們來說算是相當不錯的一年了。但就相對錶現而言，我們在金融服務和醫療保健領域顯然可能沒有達到預期目標，如果這兩個領域是你最大的兩個業務，影響就很大了。這兩個團隊在 2025 年都取得了非常好的成績，考慮到我們對這些領域的關注，當這種情況發生時，就能取得優異的成績。

I would say relative to the sponsor business, I do think we outperformed. I think it's been frankly, a pretty good market for a good six months here relative to deals we're getting done, deals we're getting closed. And I think that's really just emphasized by probably the team that had like the biggest year, not in total revenues, but just in sort of step functions was our diversified services and industrials team, which is pretty much entirely a private equity sponsor business.

就贊助業務而言，我認為我們的表現確實超出了預期。坦白說，我認為過去六個月來，就我們達成的交易和最終成交的交易量而言，這裡的市場狀況相當不錯。我認為這主要體現在我們多元化服務和工業團隊身上，該團隊在過去一年取得了最大的成就，雖然不是總收入，而是業績的飛躍式增長，而該團隊幾乎完全是一家私募股權投資公司。

And then relative to bank M&A, obviously, that was a big contributor for us, both in M&A starting to refinance the balance sheet, we see that continued pace. There's obviously a big deal recently announced, but I always do have to sort of stress it's part of our advisory business, which is part of the total and depositories is only half of our financial services. So while it's important, it's a big part of the business, it's hard for just depositories to move the top line in any meaningful way.

就銀行併購而言，顯然，這對我們來說是一個很大的貢獻因素，無論是併購開始對資產負債表進行再融資，我們都看到了這種持續的步伐。最近確實宣布了一項重大交易，但我總是要強調，這是我們諮詢業務的一部分，而諮詢業務只是我們整體業務的一部分，存款業務只占我們金融服務的一半。因此，雖然存款業務很重要，是業務的重要組成部分，但僅靠存款機構很難在有意義的方面推動收入成長。

Got it, thanks Chad. I appreciate it. And then just a follow-up on kind of capital allocation, but also kind of M&A opportunities for the firm. You obviously generating a lot of capital right now, potentially accelerating. Can you talk about potentially appetite to -- I guess, one, buy back more stock in this environment, particularly with the stock being more liquid and creating more capital.

明白了，謝謝查德。謝謝。然後，我們進一步討論了資本配置以及公司的併購機會。你現在顯然正在創造大量資本，而且這種成長速度還有可能加快。您能否談談在當前環境下，特別是股票流動性更強、能創造更多資本的情況下，是否有可能回購更多股票的意願？

And then two, as an outlet, you've been very active over the years on the M&A side, been able to do some really nice tuck-ins. What are you seeing on that front right now? And is that another kind of good use of capital? And could we potentially see some bigger deals in 2026. Just curious kind of how that fits in as you're thinking about capital allocation into 2026. Thanks.

其次，作為一家出口公司，你們多年來在併購方面非常活躍，完成了一些非常好的收購。目前在這方面看到了什麼？這是否也是合理的資本運用方式？我們是否有可能在 2026 年看到一些更大的交易？我只是好奇，在您考慮 2026 年的資本配置時，這會如何融入其中。謝謝。

Thanks. Yeah, And I would say relative to capital, I think for the last few years, we've been pretty consistent. We sort of need all the tools in the toolbox with the sort of cash we're generating and sort of not much of a need for new capital sort of besides investing in growth and acquisitions. Obviously, sort of in this order, we're always focused on the quarterly dividend.

謝謝。是的，而且就資本而言，我認為在過去幾年裡，我們表現得相當穩定。鑑於我們目前獲得的現金，我們需要工具箱裡的所有工具，除了投資成長和收購之外，我們並不太需要新的資本。顯然，大致按照這個順序，我們始終關注季度分紅。

I do think as our liquidity has improved as many of these acquisitions have matured, it's also helped our float obviously, with the stock split. So I think there'll be a chance for us to probably lean into the buyback a little more than we have in the past, just because we've always been conscious of that float. But I would say we really need all of those tools.

我認為，隨著許多收購項目的完成，我們的流動性得到了改善，股票分割也顯著提高了我們的流通股數量。所以我認為我們可能會比過去更傾向於股票回購，因為我們一直都很關注股票的流通情況。但我認為我們確實需要所有這些工具。

And then number one is just we've delivered great returns in terms of the acquisitions and deals we've done and I think we're in a really good environment for that from the perspective of we're doing really well. We've added a lot of products. I think the platform is appealing but also some of these relationships we build over a few years and the time to transact those transactions, while sometimes partners have to transact when things are tougher.

首先，我們在收購和交易方面取得了巨大的回報，我認為從我們目前的發展狀況來看，我們處於一個非常好的環境。我們新增了很多產品。我認為這個平台很有吸引力，但我們建立的一些關係需要幾年時間，完成這些交易也需要時間，而有時合作夥伴不得不在情況比較困難的時候進行交易。

They don't really choose to do that either. And so now that some of the boutiques and sectors, we're seeing are seeing a bit of a recovery, I think there's a lot more interest on the sell side. So I'm pretty optimistic about the pipeline there.

他們其實也不是自願這麼做的。因此，現在我們看到一些精品店和行業出現了一些復甦跡象，我認為賣方也對此產生了更大的興趣。所以我對那裡的管道建設相當樂觀。

James Yaro, Goldman Sachs.

James Yaro，高盛集團。

Good morning and thanks for taking the questions. Chad, you've had a lot of success adding new businesses in -- for example, non-M&A advisory, and that's been a combination of organic and inorganic growth. Are there any other businesses you're looking at and you're interested in potentially exploring or expanding into? And would you have to use the inorganic route to get into those businesses?

早安，感謝各位回答問題。查德，你在拓展新業務方面取得了巨大的成功——例如，非併購諮詢業務，這是有機增長和非有機增長相結合的結果。您目前是否正在關注其他行業，並有興趣探索或拓展相關業務？你必須透過非有機成長的方式才能進入這些產業嗎？

Yeah, I think you're obviously mostly talking about products we've added, I would say, sort of certain products ebb and flow and then there's more and more interest. I would say, right now relative to the product side, we've added quite a bit in terms of in the last five years, restructuring private capital advisory. Obviously, longer than that 10-plus years ago, we added debt capital advisory.

是的，我想你顯然主要指的是我們新增的產品，我會說，某些產品的銷售會經歷起伏，然後又會越來越受歡迎。就產品方面而言，我認為，在過去五年裡，我們在重組私人資本諮詢方面取得了相當大的進展。顯然，早在十多年前，我們就增加了債務資本諮詢服務。

I think we're mostly focused right now on we've got a lot of runway in those products and sort of the collaboration. We've recently done some analysis in some of those products in terms of how many of our bankers have used the various products, and there's just still a lot of upside there.

我認為我們現在主要關注的是，我們在這些產品方面還有很多發展空間，以及各種合作。我們最近對其中一些產品進行了一些分析，了解有多少銀行家使用過各種產品，結果顯示仍有很大的成長空間。

So I think we're pretty focused on continuing that penetration. But in some of our other businesses, obviously, in equities, we added some of the private stock trading. So I always think we're evaluating that the bigger, stronger the platform gets those opportunities become available.

所以我認為我們目前非常注重繼續擴大市場滲透率。但在我們其他一些業務中，顯然在股票方面，我們增加了一些私募股票交易。所以我一直認為，我們評估的結果是，平台越大、越強大，這些機會就越容易出現。

Okay, great. And so you delivered quite healthy corporate financing results this quarter, but the equity markets are clearly struggling. Could you help us think through the puts and takes on the equity capital markets backdrop from here?

好的，太好了。因此，你們本季的企業融資業績相當不錯，但股票市場顯然正在苦苦掙扎。您能否幫我們分析一下目前股票資本市場背景下的買賣策略？

Yeah, and I've been doing this a long time. So I'm always reminded how quick and humbling the equity capital markets can be to your financing business. For us, the big key is just to be diversified across those sectors.

是的，我從事這行很久了。因此，我總是能感受到股權資本市場對你的融資業務來說是多麼迅速和殘酷。對我們來說，關鍵在於實現跨產業的多元化發展。

Obviously, healthcare is a big part of our equity capital markets I would say, relative to the recent sell-off healthcare has performed quite a bit better. This is -- obviously, what we're in now is really led by a tech and software sell-off.

顯然，醫療保健產業在我們股票資本市場中佔據了很大一部分，而且相對於最近的拋售潮，醫療保健行業的表現要好得多。很顯然，我們現在所處的局面其實是由科技和軟體產業的拋售潮所主導的。

So -- obviously, those financings are going to be impacted in I don't know if you say we're one week or two weeks or two weeks into this, but we're pretty into it, but I've seen enough markets, where it only takes a couple of weeks, and then it impacts the whole market and then accounts sort of shut down on issues, but we had a very good January for ECM. But I think you're right to say we just don't spend a lot of time trying to predict more than a few weeks out, what the market environment is going to be for new financings in ECM.

所以——顯然，這些融資將會受到影響。我不知道該說我們已經經歷了一周還是兩週，或者兩週，但我們已經深陷其中了。但我見過很多市場，只需要幾週時間，就會影響整個市場，然後帳戶就會因為一些問題而關閉。不過，1月ECM的表現非常好。但我認為你說得對，我們不會花太多時間去預測幾週以後ECM新融資的市場環境會是什麼樣的。

Brendan O'Brien, Wolfe Research.

Brendan O'Brien，Wolfe Research。

Good morning and thanks for taking my questions. I guess to start, I just wanted to touch on sponsors and get a sense as to how you would characterize the conversations that you're having with your sponsor clients at the moment?

早上好，感謝您回答我的問題。我想先談談贊助商，了解您目前與贊助商客戶的溝通狀況是如何的？

And just specifically, whether there's been any notable shifts in the tenor of these discussions following the recent moves in equity markets that might further delay the acceleration in activity that everybody is hoping for in 2026.

具體來說，在最近的股市波動之後，這些討論的基調是否發生了任何顯著變化，這可能會進一步推遲大家希望在 2026 年看到的經濟活動加速。

Yeah, and I feel like I've been reasonably consistent on this. I mean for us, it's the last couple of years, just been a steady march of improvement sort of nothing gangbusters, but more and more sponsors trying to get liquidity on their one or two top things.

是的，我覺得我在這方面一直都比較穩定。我的意思是，對我們來說，過去幾年一直在穩步發展，雖然沒有什麼爆發式增長，但越來越多的贊助商試圖從他們最主要的一兩個項目中獲得流動性。

I think we had a really good kind of last summer fall sort of pitch calendar, which obviously led to a really good end of the year, and some of that trickles in. But I would also say just relative to market conditions, unlike ECM the sponsor over to (technical difficulty) markets like turning the Titanic, it turned slow.

我認為我們去年夏秋季的提案日程安排得非常好，這顯然促成了年底的良好局面，其中一些成果也逐漸顯現出來。但我還想說，就市場狀況而言，與 ECM 不同，贊助商轉向（技術困難）市場就像泰坦尼克號掉頭一樣，轉向得很慢。

We've been on that sort of slow improvement and sort of weekly jolts to interest rates or what's going on in the equity capital markets doesn't usually impact that. So I feel like we're just still getting slow, steady improvement, and that's really coming across in lots of products, not just our sponsor M&A business, but we had a record year in our debt capital advisory business, and that's a heavy sponsor business.

我們一直處於緩慢改善的狀態，每週利率的波動或股票資本市場的波動通常不會對此產生影響。所以我感覺我們仍然在緩慢而穩定地進步，這一點在許多產品中都有所體現，不僅僅是我們的贊助商併購業務，我們的債務資本諮詢業務也創下了歷史新高，而這又是一項以贊助商業務為主的業務。

And we've added resources sort of in our private capital advisory business, and the continuation vehicles. And while we saw some success kind of in our first full year last year, we're now really positioned in that business for 2026.

我們在私募資本諮詢業務和延續基金方面增加了一些資源。雖然我們在去年第一個完整年度取得了一些成功，但我們現在已經為 2026 年的業務發展做好了充分準備。

Great. That's an excellent segue to my follow-up question, which is on your debt capital advisory and PCA businesses. Comments on the strong growth over the last couple of years, definitely caught my attention. But just given the constructive outlook for M&A.

偉大的。這正好引出了我的後續問題，即關於您的債務資本諮詢和個人護理資產管理業務的問題。過去幾年強勁的成長勢頭確實引起了我的注意。但就併購前景而言，依然保持著正面態勢。

I just wanted to get a sense as to whether you think these businesses can continue to keep pace with the growth in your M&A platform. And what do you see the growth potential for the PCA and Debt Capital Markets advisory business in particular?

我只是想了解一下，您是否認為這些企業能夠繼續跟上您併購平台的發展步伐。您認為個人護理顧問（PCA）和債務資本市場諮詢業務的成長潛力如何？

Yeah, I mean we -- this is the first time we've sort of disclosed what that mix of business on an annual basis is just to give people a flavor of sort of the size and scale for the last several years it has outpaced. Now some of that has been -- we're also adding products and there's a lot of runway in PCA, I think part of why we disclosed that is that provides some diversification from various M&A markets.

是的，我的意思是，這是我們第一次按年度披露業務組合，只是為了讓人們了解過去幾年業務的規模和體量，而這種規模和體量已經遠遠超過了其他公司。現在，其中一些已經實現——我們也在增加產品，而且PCA領域還有很大的發展空間，我認為我們披露這一點的部分原因是，這可以從各種併購市場中獲得一些多元化。

Honestly, do I think my guess is that over time, it continues to outpace the M&A market, but in a very strong M&A market, I'd be super happy if M&A outpaced that business. So some puts and takes, I think we're just trying to make the point that many of those products have become scaled. And frankly, a lot of them line up with the M&A business. Many times, the debt capital advisory business is tied to an M&A transaction.

說實話，我認為隨著時間的推移，它將繼續超越併購市場，但在併購市場非常強勁的情況下，如果併購市場超過該業務，我會非常高興。所以，我認為我們想表達的觀點是，很多這類產品已經實現了規模化。坦白說，其中很多都與併購業務有關。很多時候，債務資本諮詢業務與併購交易息息相關。

[Ned Cuchara], Bank of America.

[Ned Cuchara]，美國銀行。

Hi, good morning. 2026 was just dominated by the large cap M&A. I was just hoping you could give us a current mark-to-market on deals under $1 billion? And if you've seen any momentum in this cohort towards the end and if the momentum is kind of carried over into the first month of '26. Thank you.

您好，早安。 2026年主要以大型併購交易為主。我只是希望您能提供一下目前交易額低於10億美元的交易的市值估值數據？如果你看到這一屆學生在接近畢業時表現出任何勢頭，並且這種勢頭能夠延續到 2026 年的第一個月。謝謝。

Yeah, I would say, I mean, obviously, we get that question, people -- they just look at M&A volume, total volume and sort of forget that sometimes that's driven by whatever the top 5, 6, 10 transactions, especially if there is some large ones. So yeah, we're much more focused on volume in the middle market.

是的，我的意思是，很明顯，我們經常會遇到這個問題，人們——他們只關注併購交易量、總交易量，卻忽略了有時這主要取決於前 5、6、10 筆交易，尤其是一些大型交易。是的，我們更加重視中階市場的銷售量。

I think in our release, we talked about some of the data we had said that grew high single digits, obviously, with our advisory business. We outpaced that. I do feel like the M&A market in that sort of middle market range, which for a lot of our stuff, north of 50% is sponsor-based.

我認為在我們的新聞稿中，我們談到了一些數據，這些數據表明，我們的諮詢業務實現了接近兩位數的成長。我們超越了那個速度。我確實覺得，在那種中等規模的併購市場中，我們許多專案超過 50% 都是由發起人主導的。

I do feel like we think that accelerated in the back half of the year. but we'll have to watch that mix. That mix is very important to us. I mean, we get our fair share of large transactions, but the vast majority of our volume is in that middle market.

我確實覺得下半年這種趨勢有所加速，但我們需要密切關注這種變化。這種組合對我們來說非常重要。我的意思是，我們也有相當一部分大額交易，但我們絕大部分的交易量都來自中階市場。

Mike Grondahl, Northland Securities.

Mike Grondahl，北地證券。

Congrats on a very strong finish to the year. And on that note, Chad, could you just talk a little bit about the pipeline or backlog on the advisory side? And I think you mentioned a couple larger transactions happen near year-end. How does that affect your thinking about like first half '26 versus second half '26. Just trying to think through the cadence as we kind of get into '26 here.

恭喜你以非常出色的成績結束了這一年。查德，說到這裡，你能稍微談談諮詢方面的專案儲備或積壓情況嗎？我想你也提到過，年底前後會有幾筆較大的交易。這如何影響你對 2026 年上半年和下半年的看法？我們正在努力理清節奏，因為我們即將進入 2026 年。

Yeah, I mean that is a -- it's funny. I've been doing this a long time. Sometimes we're always lining up the planes for the last couple of weeks. In some years, we land most of them. In some years, we have a handful that slip. I mean I think we made the comment.

是啊，我的意思是，這——這很有趣。我從事這項工作已經很久了。有時我們總是要花最後幾週時間來安排航班。有些年份，我們能成功擊落大部分目標。有些年份，會有少數人漏網。我的意思是，我覺得我們已經發表過那則評論了。

We landed a lot in the last week of December. So that obviously always has a bit of an impact on January. January is never a huge month for new announcements. So it's sort of always hard to tell. But I would say our backlogs are good. Our seasonality is fairly typical. Q1 is always our toughest quarter to predict. So we'll have to see that seasonality.

我們在十二月的最後一周降落了很多飛機。所以這顯然會對一月產生一定影響。一月份通常不是新消息發布很多的月份。所以，這總是很難說清楚。但我認為我們的積壓工作情況良好。我們的季節性變化相當典型。第一季一直是我們最難預測的季度。所以我們需要觀察一下季節性因素。

Got it. And then, Deb, on the municipal side, and sort of trading side, how are you feeling about the environment and just sort of approaching priorities for '26.

知道了。然後，Deb，從市政和貿易的角度來看，你對環境有什麼看法？你對 2026 年的優先事項有什麼看法？

Yeah, so if I take that broadly across municipals from our financing standpoint, we continue to see and feel like the market will remain solid here, similar trends to what was coming out of '25. I mean part of that is we need to look at both the supply and demand side of that equation.

是的，所以如果我從融資角度對市政債券進行大規模分析，我們繼續看到並感覺到市場將保持穩健，與 2025 年的趨勢類似。我的意思是，我們需要同時考慮供給面和需求側兩個面向。

So rates definitely matter there. I mean to the extent we see rates coming down, it could, first, more refinancing opportunities, which haven't been there yet. We also just continue to watch the fund flows as those continue to be -- again, solid, watching that particularly in high yield, that's going to help support the municipal financing business.

所以利率在那裡確實很重要。我的意思是，如果利率下降，首先可能會出現更多再融資機會，而這些機會目前還沒有出現。我們也會繼續關注資金流動，因為這些資金流動依然穩健，尤其是在高收益債券領域，這將有助於支持市政融資業務。

On the trading side, I would say, holistically, this is true for municipals as well as tactical products. Spreads are really tight. And so it's just causing a little bit of a pause for investors, as they look to see what might happen there. And a little nervous to step into strongly because of that. So watching spreads on the fixed income is going to be an important part for you to try to see what's happening with our business.

從交易角度來看，我認為，總體而言，這對於市政產品和戰術產品都是如此。價差非常小。因此，這讓投資者們稍稍猶豫了一下，他們都在觀望接下來會發生什麼事。正因如此，我有點緊張，不敢貿然行動。因此，觀察固定收益產品的價差對於您了解我們業務的走向至關重要。

And I guess the other thing I would just say relative to '26 is as we see bank M&A improved here in '25, we saw the repositioning of balance sheet that we're able to do as part of that continue, and that's something we see going into '26 as being likely to continue to be strong along with the bank M&A environment.

關於 2026 年，我想補充一點，正如我們在 2025 年看到的銀行併購活動有所改善一樣，我們也看到了作為其中一部分的資產負債表重新調整仍在繼續，我們認為這種情況在 2026 年可能會繼續保持強勁勢頭，同時銀行併購環境也將保持良好勢頭。

At this time, there are no further questions. I'd like to turn the call back to Chad for any additional or closing remarks.

目前沒有其他問題了。我想把電話轉回給查德，讓他補充或作總結發言。

Okay. Thank you, operator, and thanks to everyone that joined us this morning. We look forward to updating you on our first quarter results in a few months. Have a great day.

好的。謝謝接線員，也感謝今天早上所有參與的朋友。我們期待在幾個月後向您報告第一季業績。祝你有美好的一天。

This does conclude today's conference. We thank you for your participation.

今天的會議到此結束。感謝您的參與。