PJT - Earnings call transcript Q2 2022

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Operator

Good day, everyone, and welcome to the PJT Partners Second Quarter 2022 Earnings Call. Today's conference is being recorded. At this time, I'd like to turn the conference over to Ms. Sharon Pearson, Head of Investor Relations. Please go ahead, ma'am.

Sharon Pearson

much. very you Thank welcome call. PJT and XXXX second earnings conference to morning Partners the quarter Good Pearson, of Sharon I’m Head PJT Partners. Investor Relations at

me our Taubman, Officer; Joining Paul and is Executive Chief our and Financial Chief Chairman Meates, Officer. Helen today

site are that any subject forward-looking to uncertainties, of in make financial described Before I factors point to no Partners forward-looking forward-looking XX-K, important course available are this statements. today want the update at XXXX and may the we are Paul, factors company's conference duty I These statements. want during non-GAAP we to Form call the Web those is call, in pjtpartners.com. cause that believe remind to to presentation make company We could Risk in I Factors to the we and evaluating contains assumes actual the these materially are of turn that which differ performance. there various meaningful you indicated over section risks contained out which these statements a in PJT that statements our the believe that and number measures, outcomes on from

over should the site. And metrics with non-GAAP the detailed on Paul. available Web our we also to disclosures call on press For these issued that, financial within release turn GAAP refer reconciliations, the and contained you to data this the morning, I'll

Paul Taubman

morning. you, Thank all thank you us Sharon, and joining of for this

environment. some on to Before the results, provide broader our operating we context I to wanted turn

to on across and debt, negative stream has uncertainty recessionary more progressed, market challenging. As building sentiment. the has equity steady weigh environment This continue and flow has grown markets the year fears news board. M&A of the macro pressured A

XXXX, in the While expect is in than we to forecasted. that M&A activity previously greater slowdown we cool always markets

difficulty]. to is cools, difficulty]. activity M&A activity is set such restructuring [technical our these, environments firm In [technical market As as

challenging ongoing the record helps month businesses, market in combined resiliency us combination from This unique strategic is with dislocations. revenues. insulate in out our advisory Our of markets, -- reflected build challenged X is

our M&A bandwidth are We have often more and the a said us to switching have from senior a perspective, In at where engage results. of level, that this bankers has while environment, hiring senior costs recruiting particularly lower. our this environment the benefits slower pace near-term moderate, now And expect is hiring in overall likely pace headcount to up. picked will our continue. we financial senior review of Helen growth to

Helen Meates

quarter, second second Revenues Paul. the Interest a Beginning and you, income revenues down year-over-year. $X in year-ago in the in Thank $XXX were in restructuring Total were and strategic in advisory decreased unchanged decline essentially slight for morning. increases our million. Good X% three million with Hill, revenues quarter businesses revenue Park total a with revenues. in other slight revenues. from resulting

by a part advisory in received other income on For more compensation. the in periods Increases record and million, slight a a we level were decline and driven offset Hill reduction quarter month X Park than and year-over-year. ended months revenues. June X% restructuring the The as $XXX and X interest XX, in was value transaction strategic revenues decrease up securities equity total for in of

the expenses. X-K. our expenses non-GAAP adjustments Consistent in prior we to quarters with These more described presented Turning fully with adjustments. certain

to current million be half. up approximately XX% and adjusted expense was at Of the the $XX $X for accrued in non-compensation million represents First, increased in This first estimate Total year, for was adjusted of related in compensation first million the quarter, travel full of expense. up Adjusted percentage to million a second and best non-comp half second the the million due for year-over-year as the year-over-year $XX and year-over-year $XX year first our XX.X% the expense. revenues quarter, $XX XX%. $X compensation ratio the increase million expense for XXXX. half, expense continues

the and year-ago. and Excluding compared our for quarter travel to half in expense related, first non-comp the was down a X% up X% second

we we've in than forecast, expect single-digit Given in to these the remained travel higher of the expense expenses, is and grow disciplined growth initially high non-comp This to timing less year our year, in full first non-comp Therefore, in as we had certain expenses of expect related be half. expense excluding we the our the percentage. management. the for compared the half will second

expected. driver and to non-comp Turning related, year. expense continue year-over-year And for to the to expense travel in continues will activity initially growth total the principal than of be this we quickly more normalize our

million Turning to $XXX $XX for adjusted and months. the the first We of million income adjusted second quarter, reported for pre-tax pre-tax X income.

our adjusted last corporate XX.X% prior as second year. been the and XX% and units for all margin period full period represented the for for Our pre-tax months, rate. compared the provision was with quarter, XX.X% income with tax compared shares for the for XX% at results as had taxed a to a taxes of year, our The last partnership same that converted with same quarters, X of first

during We first benefit also view take tax of a vested year relating quarter. to full delivery shares the the of the

XXXX first the to rate year. XX.X%, Our be half we effective the full this for were and tax tax the rate effective for expect of

earnings share Our per [technical months. adjusted X the per $X.XX for and first -- second the for difficulty] were first if-converted share quarter,

average count count, our share the the for shares. quarter, XX.X share weighted million was On

million of the second X approximately the XXX,XXX repurchases, units of the partnership market primarily we X.X the During total exchange first quarter, for equivalent through in including open cash. approximately repurchase shares, shares, months repurchases

we funded with million equivalents and cash in we the short-term sheet, working quarter have in the and cash, $XXX investments, $XXX and ended debt balance million On capital, outstanding. net no

that, a September shareholders with I'll will And back of dividend Class XXXX on of $X.XX paid dividend it as Paul. September Finally, turn the of has to share. A per Board X. to approved be XX, The common record

Paul Taubman

detail. advisory. strategic Thank you, Beginning in Helen. with our I businesses will now greater review

In slowed, taking speeding operating recently the and strategic have are deals of currently need that is announcements require to companies more high. be turn, in continues a be And across that to world quickly M&A to competitive environment. announced changes their and companies active more to in the longer to will complete, level respond Although will board up, engagement strategically.

M&A longer activity a business the While the remains often and flows short-term, in over M&A ebbs secular growth term.

that growth. our beginning strategic benefits Our firm's advisory in to to out To remains invest are advisory meaningful we to build continue our and previously central franchise we strategic made. see long-term investments from end,

investor franchise. our to shareholder reflect Defense, become made differentiated increasingly together point, significant in ability Camberview's capabilities a strategic have we have perspectives Activism, The IR gains and unique our case advice. advisory advisory a ESG boardroom a PJT Strategic across As knit deliver element differentiating of to and advisory

and is count Our backdrop, with year-over-year is challenging up through record our a stands approach integrated levels. enhanced clients win resonating with mandate and near Even rates relationships. currently deepened

track investors PJT become Turning In X denominator results for more a have remains indices record with results than to to XXXX. capital on fundraising Hill. The deliver Alternatives crowded Hill ever environment, PJT of Park relative market has and fundraising outperformance to before. Park more environment available limited all created has and challenging, months record for delivered new this investments and commitments. effect, market many alternative numerator the also for public

PJT managers selection immune Hill's Park While to well-positioned around are industry best-in-class allocators of our differentiated capital relationships we challenges, not given franchise, the leading careful and globe. wide with

Turning restructuring. to

their to these to based freedom significantly reduced. disruptions. come companies deal supply has capital the inflationary chain whether building rising the sufficient And that as of to is shocks As their is pressures, there have of facing with rates, and clearly may Companies year continue progressed, are credit markets. will stress concern degrees broad finding Many all interest the in combination to way. access a are

a before. on receptive result, clients As ever than earlier to topics increasingly are these engaging

discussions, meaningfully to We and in a mandate year-ago. an our have uptick is count seen up relative management liability

While our until in recent our won't results to will up relative in of beyond. activity be increase revenues restructuring and levels, XXXX XXXX reflected XXXX our restructuring most be

we positioning. our feel our our Looking good ahead, competitive businesses, really of mix people, about and

it plays to it for a to strengths. what is the and the difficult market, easier build resilience highlights this While makes our of continue fundamentally we built have out. It us

optimistic and take your And that, questions. will prospects. to long-term we We be with intermediate continue near, our about

Operator

We'll from of Instructions] now Ryan JMP take our Devin first question ahead. Securities. [Operator Please go

Devin Ryan

good are you? Hey, team. morning, How

Paul Taubman

morning, well. Devin. Good We are

Devin Ryan

of maybe outlook start with outlook. elongated deal advisory become. on we're a that, lot us guess, two-parter the more market how and you that But maybe just of qualification some closings. the a deal degree I help M&A peers. forecast, you quantification just with even I can that prior previously kind was And your the M&A challenging the is more just the than here appreciate subdued of given maybe a little than maybe had or hearing has tied into think of theme processes much And

kind evolved today maybe has that and are how are, where how just a of taking so maybe kind you quantify deals year-ago? if can versus long of And we

Paul Taubman

going have and we year there conditions an more we of to a around a deals more M&A lot been a are announced be all more remains and down would activity a close. difficult have caused taking fact cautious, Sure. the of was step I to and Well, shocks look, deals true. therefore, sense into perspective, though came is the to a reasons, system And phase suggest the from realistic of announcement get macro with that that become believe for of in to a us. to that variety The that longer it to

willing board and to more desire it back deals strategic really the are why you if And mandates companies deals mandates need you best challenging and through same agreed explanation. take So found backup pursue principally of if I moves you're company's needs strategic investigate challenging they're somewhere. prices why because becomes and all to well, the to have forward volatility, to a of to across ask, engage this a we if it's we the even volatile transactions to aren't for and focus tend those. even be and markets, multifaceted is And or think to start to go seeing step happening transactions. longer But pace, the single and close, agreed that's willingness, like, indicator what more at

have foremost, buyer First it in more becomes seller. you volatility value, agree difficult to between just and when and

marketplace. recent started the been just return realize market and that that expectation choose in inevitable movements will obtainable of asset one inevitable the that, withdraw movements the to a there's it that agree to or nearly have longer most midst asset from They it's but But future. to not the may to price not-too-distant will inevitable, as sellers no a that be makes price. downside the the harder and to they'll in So for with then and have

an find to trying just is here have you equilibrium. that element one that's So

to be agree. difficult. just driven are ideas, in there buyers caused the I shocks of that to inflationary to we're in you more about has just a And supply helps is exhaustion disruption, then Devin, of result, committed have bearish meaningful seeing some on just we in of to meaningful the to and difficulty And has securing Markets add been a risen get are engagement. that then an part be unable capital think broader And seeing pause to reduction then their of something at the your lot a had -- tell all Ukraine, are those but have marketplace. it's the bringing willing trying financing not market amount in been reasons, there's of in They on has a that not of those bit story in is its a get I harder system transformative the and you equity financing reduction that certain in think out and Second of that then simply out-of-the-box of put providing market markets hopefully, financing in capital. buyers a of top uncertain, community. when are become and together. And companies there's sellers there pressures, the lots or by activity, think extraordinary chain the of as And private question. notion when aggressive to less that the war impact sources finally, industries, of financing valuations some cost the a or

Devin Ryan

as the your just balance guess I of little next Paul. with mean I perfect, or And with have feed -- well, just uncertain term being than feels XXXX works my like it forward But you a we it's of that's I on the Can more said. a that restructuring follow-up pace. at feels couple into of the kind outlook? Because would actually you way into quarters could if with model be heading little what here. a that appreciate about just of maybe thought a meaningful a just you it to intermediate the the No, like business were kind talk XXXX, bit year restructuring contributor. to much meaningful maybe given better based accelerating XXXX, all more just bit fast like Yes.

to based next on of not over going are just the just it see those recognized. You're the couple way quarters revenues

So and of how the for acceleration intermediate maybe term outlook kind in plays just and tailor can the you that more for piece kind then of magnitude of maybe the firm. in restructuring the

Paul Taubman

to actually I XXXX until through the we XXXX. Well, certainly cast want get don't gauge to

outreach lot is clear I'd of a will the our that in say system we year, and I of year. will over will activity, than eye a balance our introducing new out support stress building we months, think balanced perspective the positioning the companies. be to seeing And heating reflect to that on to our I continues you advisory conditions really that in based investor And exist business overall mandates, So benefits we that year clients headwind, the would much, changed but and has our be clients. of X restructuring having a in and in another where other tools operate whether think it's to all of clear is to What are give in because and started don't lot strategic and using shifted, that a more seeing to I sense And defense, activist happy very capabilities of one increased up. firm, but strategic the is XXXX are it's relative give that the creating are new the composition securing focused of on of our that on work pressures all me a wonderful and the broad clients, whether those hooks has on clearly, business.

that, where when the very [technical little how So to happen. think this But would need be we as But much. year. shifting that There's it it P&L, our views things year I actually as hits not do going I on a to are say and we the will difficulty] continue will bit. to good been changed the play have out to drivers

Devin Ryan

it. Got

leave Okay. Thanks there. it will so much, Paul. I

Let someone in. else

Paul Taubman

Okay. Thanks, Devin.

Operator

We Sachs. can of our from take next question now Ramsden Richard Goldman Please go ahead.

Richard Ramsden

Good morning, guys.

and that's you hoping sponsors much guess so? seen as talk bit the transactions from conditions, dislocations headwind within about talk sponsors a you significant And about we’ve that that, was I Paul, a could markets. of well over So, the financing engagement the that's for evolved for months, as little the can in how strategic and few how both or month I last given become financial financial last in Thanks. just

Paul Taubman

Sure.

just there's I wouldn't been at that is conditions. two, summer is the say which of clearly a being that year was But that is the deployed over pause, sponsors, taken past to moment financial pause. reflective respect fundamental which One extraordinary two as the naturally off. pace with said of capital sort I has or and a So ago,

competitive at challenges, is very on innovation, being The chain, ability businesses overlay. think costs inflation, are whether to given looking by headed. all where looking technological regulatory buffeted They're I at [technical to sponsors just are supply the difficulty] threats, pass carefully environment, second its consumers, are uncertain higher different who it's

of to that very an see to are before general think uncertain deployed. a significant being sort new and there's hit start equilibrium I things let We you a capital sense with market, dealing just do

capital doesn't benefits one sponsors of do from macro willing put their is being at probably I that they the monetize this timing that's Now of to the out asset good to perspective, aren't is deals getting not as incredibly cadence the and viewed that that assets. of again, And own their time monetization. theme. a optimum private That are of mean aren't think equity some isn't own portfolio their done, And that engage.

suspect I see So supply bit also little there. less a you'll

already been I of in has to relatively it's recent. all a levels I activity but is I So having costly. a through that struggling reasons, capital and made and falloff probably way on of that all Financing there commitments going been it sort still financing of banks available still they've to become activity, time. more works with are buyers there's don't its And matching less think until for And are that, permanent, is meaningfully in those period but issue. sponsor the in And it's you're and And be say are that of think sort meaningful weigh size. for an of when a commitments that's sellers, would aggressive at as said, new I difficulty it's going some system. think number available I financing

market a think So that identify single activity. a is can where weighing don't factor I on you this is

highly in and and liquidity runway and being with dealing as very in their proactive being is all leveraged own almost in are at are how activity companies the in portfolio factors that that the creating I'd of debt companies bonds credit trying companies. We opportunities to serving of extraordinarily for looking seeing and are capitalize a are them also proactive sponsor also the say depressants trading to these additional their on sponsors their of community. lot and portfolio some

So other it's on of creating side. activity a different the sort

Richard Ramsden

a very helpful. Thanks That’s lot. Okay.

Paul Taubman

Richard. you, Thank

Operator

can from take of Please Steven Research. next question we Wolfe ahead. And Chubak our now go

Steven Chubak

morning, Good Hi. Paul.

Paul Taubman

morning. Good

Steven Chubak

subdued certainly probabilities. recession unsurprising the than of with given where just at to more deployment, activity, at outlook as spoke were deals, activity had compares the start higher some the on least was slower things tepid could And pre-pandemic more noted, levels. provide year, I perspective you the hoping you of a or speak deal sponsor So you how about elongation

most you bit I see activity think was of hoping provide I XXXX, how people levels there on some activity. can to you a recognize But was projecting a frenzy XXXX, of relative XXXX? perspective

Paul Taubman

slower. Yes. It's clearly

Now sell highly part for whether almost sellers or declines, where are knife. is the it's a a us, price, is the function to the markets lot and tends a -- what falling for are the higher little a be it catching equity they're when It's transact cautious be because of of pro-cyclical. of M&A more to find bit you companies buyers big want don't may there and better

as about not So lot have some stabilization. to of into or that weren't the worry think wall need that XXXX. trying we're appreciably. now. a challenges interest of whether a you headed we I have result, relative we sort we moving We this And And an XXXX, didn't We didn't the a unfavorable to climb makes recession. of rates were that comparison have

So we're level to I fair a that looking more say suspect than that it's at activity 'XX. subdued

the for changed not hand, companies as M&A a defensively. use engagement. desire On offensively level incredible tool has what is of to either the or other And have we

when is stage So equilibrium more willingness don't if you think ask less that, of I than to full But I a different an to suspect very me or to a compare conversations lot up we that exploratory get or and engagement return. moving throated transactions, from the XXXX. But negotiation that diligence, conceptual desire or set stable agreement. to will it's level

the is market most high-level shut me is just That the the very environment. that case current in other gives And clearly comfort of in we’ve So engagement. seen discussions off. to this and not environments, strategic me, what

Steven Chubak

comp of did challenging whether really my recruiting same your to perspective, guidance, the just favorable from in And want certainly expense you I that the sense favorable recruitment? encouraging a and itself terms to a ex-T&E. you that's you presented the comp the attractive about ratio just more follow-up side, even hear the talk backdrop the get targets Got a felt in environment. could time, of maintain At on it. for expense opportunity what's face advisory non-comp

Paul Taubman

is our for year the best current criteria I the senior we’ve always changed. that and X which not and of of what that that look, X mean, has full does the accrual, it I bankers same was not for changed. the maintained not was hiring has months months before. the a That as It estimate change. -- I've set is

the was those just to of sequestrations ability for COVID I this year, is greater. challenge think that were recruit a all particularly and post for environment and talent the receptivity clear that very in and reasons. we And lockdowns last that,

the have and those in to locked did, down challenges add harder to people very and senior all us And I head are that. pivot a we deal difficulty]. as their when in of seen we while to leave proposition, with expect we just we since off up harder down We different. result, people to environment And see it's a it's when gardening even have eyeballs activity talent. you'll locked have think midst and compelling are of [technical just the This continue and senior dramatically more

change, and that, estimates. think So our don't accrual will current that fits that with well I’m quite I comfortable

Steven Chubak

Really for my helpful thanks and color, questions. taking

Paul Taubman

Absolutely.

Operator

we Please will our ahead. from next Global question go Securities. take now Mitchell Seaport Jim of And

James Mitchell

good Hey, morning.

Paul Taubman

morning. Good

Helen Meates

morning. Good

James Mitchell

maybe to some put discussion the around Paul, outlook. a point finer of the on just

the -- said but geography changed has. maybe really kind You didn't of much, hasn't it

a that better, little still bit do on second call, message I the is the than sort you bit? first? looks stronger half the Has half would last were table the particularly in kind think see strategic changed spoke doing off be, Is last you the a restructuring given dramatically? advisory, when of that the than of that first we -- little half. the Or thinking second better little uncertainty but a it

Paul Taubman

talking think I opposed geography, to floor What broader about which you they're you're to as say geography. the when difficulty] Yes, [technical ... going building like about talk I’m

James Mitchell

geography. Revenue

Paul Taubman

Yes.

very how though say record a we the from And we the beginning therefore, to near advisory I that strategic number backlog, year, all market And mandates more that shouldn't challenging. even you of going restructuring to than We're that of would affect from robust what the a far insulated just environment. be XXX% backdrop we surprising some we is that's business. not is started acknowledge So there our have are have year. more have the on of that constructive and

little the business One a So I of has year. a bit shift. think constructive for more that's forecast probably the

obviously challenging a more is backdrop. with other dealing The

as I weighted, And that. back really earlier relates it be as case. advisory being to think about as it simple it's strategic to that continues end commentary the with

James Mitchell

That's Okay. helpful. Right.

Paul Taubman

in second the first the half. More half than

James Mitchell

And I specifically Right. think of that? activity demand and terms you given the would portfolios for on advisory, in disruptions things advisory maybe any seeing secondary in secondary the public markets, increased are like shifting in

Paul Taubman

have there with I an reconciled in in a think challenge what's happened the lot is, the need long-term. markets. good which only and marks intermediate be marks is or the maybe The awful to in short-term trend when is the public moved

what little bit the a realities a adjust that has off new to to difficult yet it fully are. fully maybe to find more or reflect You of transact net value doesn't asset

couple a play quarters takes to typically that So of out.

more we've So shift the environment I talked demand. have a to priorities, LPs to and need will as about, want we they're and create as create fundraising think that challenging to and as likely more demand, more

these liquidity for and I create GPs are LPs. monetization continue tools to own going opportunities think their to

on you until sort but see tend see to sort price everything all a to put two So quarter of or in place, of when aligns. for things you want pause volatility,

James Mitchell

Okay. that. my taking Thanks for for questions. Thanks

Paul Taubman

course. Of

Operator

KBW of ahead. Brown Michael Please from go comes today question Securities. final our And

Michael Brown

you. Good morning. Thank Great.

Paul Taubman

Good morning, Michael.

Michael Brown

with I Paul, wanted start So, restructuring. to

on follow-up a Just that.

a than but you more talked revenue earnings potential, sound about on the like event. active of mentioned, what activities does the you XXXX more call, and as is probably it beyond So last

So ones, because like restructuring crystal this I prior different what seem lot I a play it a in know understand cycle trying ball, am of could to look up that to you current don't be but here. relative to factors have

the to kind So as is it then of all and versus field the at could think any to and that just you more up has the XXXX? restructuring on to to Is team contrast the And there the into right this absorb business could and relative on to kind pick -- same changed strategic really team about those the of of perhaps the prior cycles? compare year? the help year way tied growth next this activity some ability capacity as bankers of work later thoughts advisory

Paul Taubman

Sure.

how and severe really it mean, don't mean quantum of ball, any all a going it be how this the point. gets dramatically the sorts different of I a scenarios this crystal I be anyone to could where that just be do I function so is bigger, lot and outstanding has And how be than economic you think it big a cycle. thing downturn bigger -- today. could one is could the So opportunity can it clearly, is stress of is bigger, towards other debt That's is, first

just the quantum So of debt towards any cycle. other

point. see higher That would first upon be depending So it, activity should what overlay you the you levels. punt on

on environment, we’ve stimulus monetary. challenges. to was models of the lot is as business to those damage COVID And fundamental of and an into some risk companies of you pumped was that been the and and because that did fully where market, disrupted risk-off awful consistent not point, with understood damage this extraordinary second both a have move a The on deal lot from will a over fiscal time, that

So that change the lot and in of as is like argue COVID. buying [technical of difficulty] patterns weakened consumer structure, because this time resulted that market I'd were from companies a the

we pulled is into as more think which and our relationships, as we more industries more footprint, is the liability get in continue to a advisory have we as build we are dialogues, strategic competitive third management out I advantage.

markets larger, strategic glove does for which way conflicts the counterparts we’ve that. benefit work and glove. which hand been plus So the the promoted X advisory advisory management how of the because PJT lot next be also being and familiarity the fabulous more And capital team, free a that's And working up more if basis organize helps. of include I cadence I talent think of team you hand in geographic the franchise. we now, first and from years strategic there And having we we've by more global a last cycle into we've having advisory on of globe strategic a better built in than global of very they've to lot business work lens transaction. as and with also plays have talented more side, as a there's And should an restructuring powerful around the it it to more practitioners just together. given their this the individuals a our relates in we to think because opportunity extraordinary on far side, announced cycle business, on when to the And a micro a a that our it moved all expansion integrated bench of on basis have in much

favorable are a to was area But there's think meaningfully the as higher broader more will able Others we're it damage extraordinary happen And of that the the of businesses. and businesses. when also indication bearish to gets there. clients of be central the is on only need or that we're are punch any sort you really in at of and shows all react because inflation, any is about and that I way, we that clients than the 'XX on between. recession monetary And if But a because if companies stress you've board The the want and I much meaningfully just of favorable certain than tenet where meaningfully fair fiscal higher was stimulus, combat you a I it challenges to advise point don't will that the in of done very then focused And be that good Then steep market, for drive of was our was inflation sort look which to be want think system. that that more a some dislocated. add other more how workload. hidden And not are 'XX, bullish, -- that the the in 'XX the across to sort of rates lot taken the serve to set economic a backdrop markets or our firm the gleeful based condition interest to the is them I aberration. for firm an and the facing. be worse. because economic could So opportunity clients, follow XXXX many fact of

Michael Brown

helpful, us really just from two got Was that you. nitpicky normal there tell cadence? XQ not, of color there about line, there line above been if can other And Paul. the what interest would And aware, and is Can just what you that's And exited? I the any have a without income additional marks? forward those pull maybe on modeling the then quarter. that the has was plan quarter kind been you questions be should of was then of mark kind the second security those That into here, this Great. Thank for marks we there? Helen. any share

Helen Meates

Sure.

forward, last period million a this on million that year. with there $XX year, same $XX pull in the the QX So was and compares

are income interest a interest quarter four line over $X you and the million if largest expenses difficulty] last other, and the income. two of reimbursable historically, quarters. And that's averaged look the In [technical terms about

of to So the as worked we’ve a It's an it on as taken some I mark-to-market unrealized. on investment, making mentioned, and of is occasion we that earned position. we we this applied result investments. transaction a the And fee investment, of a

initially sold we where at when So sits And we’ve position. the above it, look not still marked. it's where it today, it was

Michael Brown

taking Okay, questions. you Thank great. for my

Helen Meates

much. very Thanks

Paul Taubman

Thank you.

there I think are questions. further no

your your does next our our Helen, interest with earnings look And you. speaking as in forward Thank company, to questions. appreciate, on all call. I So you we

Operator

today's concludes you participation. Thank your for call. This

may disconnect. You now

PJT Partners (PJT) 26 Jul 222022 Q2 Earnings call transcript