Good morning, and welcome to Stifel Financial's Third Quarter 2025 Earnings Call. On behalf of Stifel Financial Corp., I will begin the call with the following information and disclaimers. This call is being recorded. During today's presentation, we will refer to our earnings release and financial supplement, copies of which are available at stifel.com. Today's presentation may include forward-looking statements that are subject to risks and uncertainties that may cause actual results to differ materially. Stifel Financial Corp. does not undertake to update the forward-looking statements in this discussion. Please refer to our notices regarding forward-looking statements and non-GAAP measures that appear in our earnings release. I will now turn the call over to our Chairman and Chief Executive Officer, Ron Kruszewski.

Thanks, Joel, and good morning, everyone. Stifel delivered another record quarter, once again demonstrating the strength of our diversified business model and the leverage it provides in an improving environment. In my nearly 30 years as CEO, Stifel has grown from a regional firm to a global company by consistently reinvesting in our people and our platform. That same mindset, reinvesting to increase relevancy, has defined our 135-year history. This quarter, we achieved record net revenue of more than $1.4 billion, record client assets, and produced our third highest earnings per share in firm history and a record for any third quarter at $1.95. Return on tangible common equity exceeded 24%. Both of our business segments contributed to the performance with another record in Global Wealth Management and the third-best quarter in terms of revenue for our institutional group. On last quarter's call, I said we expected a strong second half as optimism builds around lower taxes, reduced regulatory burdens, and higher capital spending in technology. And that's exactly how it's played out. The S&P 500 is up roughly 15% this year and more than 35% from its lows following liberation day tariffs. The Fed's first rate cut in September added further momentum. While valuations are elevated and the nominal equity risk premium has narrowed to near zero, the underlying economy remains constructive. We've also seen something worth noting. Even with yesterday's pullback, this year, gold and silver have outperformed even as equities have rallied. When risk assets and traditional hedges rise together, it often reflects abundant liquidity and a search for stability. It reminds investors that confidence in markets can sometimes outpace confidence in currency, and that's when discipline and fundamentals matter most. In that environment, Stifel's balanced model and disciplined execution continue to deliver results. Turning to Slide 2. I think it's important to put this year's quarter results into perspective. At our core, Stifel is a growth company, decades of consistent reinvestment, hiring talented advisers and bankers, making strategic acquisitions, and executing on our integrated banking strategy with a focus on risk-adjusted returns that produce steady, durable growth and meaningful operating scale. I find it worth pointing out that our third quarter revenue alone exceeded our total annual revenue in 2011. That comparison speaks not only to our growth but how we've achieved it. We've grown in a balanced way, expanding both of our core businesses while maintaining a consistent mix between wealth management and our institutional group. Today, wealth represents about 64% of revenue and institutional 36%, essentially the same proportion as more than a decade ago. Equally important is how that revenue has evolved. What was once primarily transactional is now largely fee-based. Fee-related businesses, asset management, and net interest income in wealth and advisory and institutional now account for 62% of total revenue, up from 26% in 2011. That shift has made our earnings more stable, our margins stronger, and our growth more durable. Our pretax margin reached 21.2%, more than 800 basis points higher than 2011, and annualized EPS has grown more than fivefold. Our growth has allowed us to raise our dividend every year since we introduced the dividend in 2017. Looking ahead, milestones that we've talked about like $10 billion in annual revenue and $1 trillion in client assets are not distant goals. They're the logical next step in the evolution of our strategy and scale. As is our custom, we compare our results each quarter to consensus estimates. Once again, we exceeded Street expectations across the board. Total net revenue of $1.4 billion, as I said, was about 7% above consensus, reflecting broad-based strength in investment banking, transactional activity, and net interest income. Earnings per share of $1.95 were 5% ahead of estimates, marking another quarter of strong operating leverage. Investment banking outperformed across both underwriting and advisory and Wealth Management activity was stronger than forecast. Expenses were in line with guidance, and our pretax margin came in above expectations. In short, we delivered another quarter of record results, balanced contributions across our businesses, and continued momentum heading into year-end. And with that, let me turn the call over to our Chief Financial Officer, Jim Marischen, to provide more detail on our financial results.

Thanks, Ron, and good morning, everyone. Record quarterly net revenue grew 17% year-over-year with gains across the board. Commissions and principal transactions rose 20% as both Global Wealth and Institutional segments improved from last year. Investment Banking revenue was up 33%, our strongest quarter since late 2021. Asset Management revenue rose 13% on market appreciation and improved organic growth. Net interest income increased 6% as higher interest-earning assets and lower funding costs more than offset lower asset yields. Our compensation ratio was 58%, which is consistent with guidance. Our operating pretax margin was 21.2%, and operating EPS was $1.95, up 30% from last year. Turning to Slide 5. I'll discuss our Wealth business. Global Wealth Management delivered another record quarter with revenue of $907 million and pretax margins of nearly 38%, our highest in almost 2 years. Transactional revenue reached a record $203 million as clients were active in both equity and fixed income markets, and asset management revenue also reached a record $431 million. We ended the quarter with a record total client assets of $544 billion and record fee-based assets of $219 billion, reflecting continued market appreciation and net new asset growth in the low to mid-single digits. Adviser recruiting remained active and high quality. We added 33 advisers during the quarter, including 17 experienced hires with trailing 12-month production of $19 million. Retention remains strong. Our recruiting pipeline is healthy heading into year-end. Productivity benefited from higher client engagement, record asset management revenue, and an expanding suite of wealth and lending solutions. Moving on to Slide 6. Our integrated banking model continues to strengthen our wealth platform. Net interest income was $276 million, which was above guidance as firm-wide net interest margin improved modestly, and our cost of funds remained essentially flat. We forecast fourth quarter NII to be in a range of $270 million to $280 million. Client cash levels increased during the quarter with sweep deposits up $640 million and non-wealth deposits up $760 million, including strong growth from the venture banking team as those deposits increased by more than $1 billion during the quarter. Credit metrics remain solid with the nonperforming asset ratio at 49 basis points, provision expense of $8 million, and an allowance to loans ratio of 81 basis points. On the next slide, I'll discuss our Institutional Group. Institutional revenue was $500 million, up 34% from the prior year. Strength was broad-based across investment banking and transactional revenues. Investment Banking totaled $323 million with gains in both capital raising and advisory. Equity capital raising revenue was $79 million, the best since late 2021, with continued activity in financials and renewed issuance in biotech. Fixed income underwriting was $59 million, up from last year, driven by increased public finance activity. Stifel remains the #1 negotiated issue manager by deal count, and our calendar remains very active into the fourth quarter. Trading results were also strong with equity trading revenue of $58 million and fixed income trading revenue of $123 million, reflecting higher client activity, healthy secondary market liquidity, and multiple strategic balance sheet restructuring assignments. Advisory revenue was $179 million, with broad contributions across sectors and early benefits from the integration of Bryan, Garnier. Our investment banking and advisory pipelines ended the quarter at record levels, providing strong visibility into the fourth quarter and beyond. Moving on to Slide 8. Expenses remained well controlled. Non-compensation expenses were $298 million, up 7% from a year ago, and the adjusted non-comp operating ratio was 19%. Sequential increases in total expenses reflected deal-related investment banking gross-ups. We expect a similar adjusted non-comp ratio in the fourth quarter, which is at the low end of our annual guidance range. The tax rate for the quarter was 26.1%. If our share price remains around current levels, we anticipate a full-year effective tax rate of 20% to 22%, implying a fourth-quarter rate of 12% to 14%. The projected decline in the effective tax rate is a result of the excess tax benefit associated with stock-based compensation. Our balance sheet remains well capitalized. Tier 1 leverage capital rose to 11.1%, and Tier 1 risk-based capital ratio increased to 17.6%. Based on a 10% Tier 1 leverage target, we ended the quarter with approximately $421 million of excess capital. We repurchased about 275,000 shares during the quarter and 7.9 million shares remaining on our current authorization. Assuming no additional repurchases and a stable stock price, the fully diluted share count for the fourth quarter will be about 110.3 million shares. With that, Ron, back to you.

Thanks, Jim. Look, I'm pleased with our overall results and how our teams are executing across the firm. We're entering year-end well positioned to capitalize on the favorable market environment, supported by continued momentum across both our operating segments. Specifically, in our Wealth business, another record quarter with record client assets and strong profitability. We continue to attract highly selective advisers, and our recruiting pipeline remains robust. Deposit gathering continues to grow, both through adviser recruiting and the addition of venture banking teams, driving strong treasury deposit growth. Earlier this year, as I've mentioned before, Stifel was recognized by J.D. Power for having the highest investor satisfaction among full-service wealth management firms, a reflection of our adviser-centric model and the trust our clients place in us. In our institutional business, investment banking pipelines are at record levels as our earlier investments continue to drive scale. We maintain leading market share in financials through our KBW platform and rank in the top 10 in equity capital market fees year-to-date. In public finance, as Jim said, we remain #1 by number of negotiated issues led. We're also seeing increasing synergies between fixed income trading and investment banking, strengthening client relationships and expanding our reach. Looking at the markets more broadly, there's a lot of optimism out there, and I share that optimism. But we all know markets move in cycles. The best way to navigate them is with discipline, balance, and perspective, qualities that have defined Stifel from the beginning. And sort of in conclusion, I have a little food for thought. In the past, I've illustrated what I believe to be Stifel's valuation gap compared to both the market and our peers. Instead of repeating those metrics, let me put it this way. At current prices, you get a growth company at value company prices. I think it's a compelling valuation. So as we move forward, we'll keep doing what's always worked for Stifel: staying disciplined, managing risk, and investing for the long term. That approach has built Stifel today and positions us well for the opportunities ahead. With that, please open the call for questions.

And our first question is going to come from Devin Ryan from Citizens.

I want to start with a question on investment banking. Obviously, it has been an uneven year, but the second-best start to the year since 2021. And we look at Stifel today relative to then, you're obviously quite a bit even bigger than that point. So it would just be good to hear a little more about, I guess, the record investment banking pipeline and how you guys are thinking about the upside for revenues in a more normal environment? I'm not sure if there's any way to frame it relative to kind of that prior 2021 peak. And then if you can, just give a little more color on the sector supporting that and specifically, I would love to hear about what you're seeing in the depository space as well.

We generated approximately $500 million in institutional revenue, which annualizes to around $2 billion, compared to $2.2 billion in 2021. This indicates that, even on an annualized basis, we haven't reached the 2021 level. However, our mix has shifted and our capabilities have improved since 2021. We are making progress in relation to our potential, and the current market environment is supportive, particularly due to a more favorable regulatory attitude. The current administration is more open to mergers and acquisitions and other strategic initiatives than the previous one, which is widely acknowledged. That said, the government shutdown has negatively impacted initial public offerings. It's worth noting that the projects currently under review will eventually be processed, not just for Stifel but across the industry. Financial services have performed well, both on the capital side and through our work in fixed income and balance sheet restructuring related to mergers. Our performance in depository mergers and acquisitions reflects this success, both in absolute and relative market share terms. However, the health care sector has underperformed, with volumes falling short of expectations. I see potential for improvement there. Technology remains strong, and while there are significant deals happening, I believe we can do even better in this area. The industrial sector is also performing well. Overall, we are seeing positive trends throughout the markets, particularly in major sectors, while health care has room for growth. We are noticing early signs of improvement, and although I won't use the term "green shoots," the overall environment is more favorable now. Jim, would you like to add anything?

Yes. That's great. And just a follow-up just on the credit backdrop. Obviously, several recent credit hiccups in the market, several private credit players and banks disclosing losses, and that's received some attention. So I'm just curious what you're all seeing in the market right now, how you feel about the position at Stifel just across both the loan book and the CLO exposure as well? Just any other thoughts more broadly.

Yes. Well, look, I think that there's a lot of commentary you've heard, whether there's more credit stress, et cetera, things like that as it relates to the credit. It feels to me still a little idiosyncratic about things that have happened at least in terms of the two bankruptcies and the asset management. But it doesn't feel like a broad-based sector type thing. I would say that in general. But you give me an opportunity, Devin, just to maybe point out that I think it's very important to understand, and I know that you do. First of all, Stifel is not a regional bank. So I'll give you some commentary on my view from KBW and all our great bank clients that we talk to. But as you know, many regional banks have 85% to 90% of their revenues generated by NII. Consequently, lending and the lending environment is very important to their ability to grow. Look at Stifel; as we've pointed out many times, a little over 20, maybe a little bit more, of our revenue is NII. We're fee-based, and NII with PCG and institutional accounting for the vast majority of our revenue, and we don't look nor are we a regional bank. We really drive our revenue growth without greater exposure to credit. Look, when we do grow our loan book, it's relatively low-risk categories like mortgages to our high-net-worth clients, security-based loans, and fund banking. In fact, Jim, those account for what...

It's about $3 billion or $4 billion; 70% in total of the entire retained loan portfolio.

Yes. We finance these loans using deposits from our wealth clients and our venture business, which strongly support our wealth and institutional operations. Regarding CLOs, Devin, I have been addressing this question for over a decade. I think I'll let Marischen respond to it this time.

Certainly. Whenever we get questions on the CLO book, the first thing we'd like to do is point out where in the CLO structure we are investing. Our entire portfolio is comprised of AAA and AA CLOs. So that breaks down roughly 60% in the AAA class and the remaining 40% in the AA class. And I think from there, and it's important to understand how the diversion of cash flows really protects those senior classes. And the key metric to look at in regards to that is the credit enhancement levels. Our portfolio has a weighted average credit enhancement level of 32%. So it's pretty significant, and the diversion of those cash flows is what protects the senior class. And so when you think back through time, we have never seen a AAA CLO default, and we've only seen one AA CLO default. And that bond was issued prior to the great financial crisis at much lower levels of credit enhancement. So when you think about the structural benefits here, the operating performance over time through a number of different cycles, we feel very, very comfortable with our exposure in the CLO space and where we're at there today.

Devin, and maybe I can't help myself but to answer on this. But look, when I get up and I try to think of things to worry about, right, which I do. That's what my job is. I don't think I ever get up and think worry about our loan book and CLOs.

Yes. Well, I appreciate it. Sorry for giving you the same question 10 years in a row.

You're consistent, okay? It's telling me even...

And our next question is going to come from Bill Katz from TD Cowen.

Just to come back to the investment banking opportunity. Ron, you sort of mentioned that you're already running at a run rate of revenues equal to 2021, which was quite a robust year. Can we talk a little bit about maybe how you sort of see the incremental margin? The Institutional Group margin improved very nicely, both quarter-on-quarter and year-on-year. How much more incremental leverage is there to the segment? And then relatedly, how much that might flow to the bottom line?

Look, I think, Jim, correct me. Broadly speaking, I think we did 12% margin in the quarter.

Institutional 13.6%.

That's year-to-date, so 13.6%. That's really good, as opposed to 12%. We believe that achieving margins in the low 20s is possible. When you consider around 10 points of margin on the $400 million to $500 million, that amounts to an annualized $2 billion. As we restructure and optimize, including improvements in our international operations, I see the potential for an incremental pickup of a couple of hundred million dollars.

Right? When you think about it, that's going to be leverage we're going to get both on the comp ratio as well as in non-comp. Year-to-date, we were about 62% in terms of the comp ratio, and that number could get closer down into the 58% range. But where you see some even more pickup in terms of the type of margin expansion that Ron was talking about, as you can see within the non-comp side of the ledger where that was running about 25% year-to-date as well. So definitely a lot of margin increased capacity there.

We're focused on this, Bill.

Yes, it sounds like it. Okay. Another question for you. So I want to pick up where you left off, Ron, you sort of mentioned you get a sort of a growth company at a value opportunity. You've been pretty prescient in terms of calling that over time. How do we think about maybe capital uses from here? How we should be thinking about either expanding the banking opportunities since the deposits are starting to grow again versus maybe inorganic opportunities, which doesn't sound high right now versus maybe a step-up of capital return through buyback, certainly given the strong balance sheet position?

Bill, that's a great question, and you've asked it several times. The answer remains consistent: our capital allocation will focus on opportunities that provide the best risk-adjusted returns. We continue to pay dividends and repurchase shares. This year, our stock buybacks increased during the market downturn and when equity values were lower. We chose not to expand our balance sheet as much when stock prices rebounded, but we did allocate more capital for lending opportunities as the economy improved. Acquisitions are part of our strategy, especially as CEO, but given the current valuation of cash flows and future earnings, we've taken a more cautious approach. We recognize the importance of capital management and share buybacks to our shareholders. I believe the stock is appealing, which should support buybacks, but we're also focused on growing the bank to enhance our wealth and institutional businesses. While buybacks are a financial transaction, expanding our balance sheet is strategic and builds franchise value. We will continuously evaluate our dividend and consider acquisitions that can positively impact our return on investment, but I can't provide specific numbers as our decisions will depend on the opportunities that arise.

And our next question is going to come from Steven Chubak from Wolfe Research.

Always appreciate it. Well, I did want to start off with a question on the FICC brokerage business. The performance was quite impressive this quarter. It was also pretty strong last quarter. You cited some enhanced revenue synergies with the banking side of the business. I was hoping you could just unpack some of the sources of strength a bit further and whether those synergies support a higher run rate, if you can contextualize that a bit more, it would be really helpful.

We've been looking in the last few quarters, even at ourselves at strong fixed income performance. And then we'll say, hey, we want to caution you it's not sustainable. Let's say that. What I think is happening is that the integration of a lot of the things that we've done over the years from Sterne Agee through Empire through some of the smaller acquisitions. Importantly, buying Sparks combined with the pickup in depository environment, which has been a normalization of the yield curve and then M&A activity, which often the restructuring of M&A will lead in an M&A moment to restructuring the balance sheet of either the target or the combined company. So what we've seen is what we talk about. And the reason we do these deals is to increase our relevance so that we're able to have a seat at those tables. So instead of just doing advisory, we're also helping restructure balance sheets. We're talking to financial officers as the yield curve adjusts and not only normalizes, but appears at least on the short end to be coming down. Frankly, our relevance is equaling more revenue.

I think that's fair. Obviously, we've talked about some of the transactions. Obviously, we had some of the gains in the prior quarter related to aircraft, some of the balance sheet restructuring transactions we're talking about here. If you're thinking about it from a pure run rate perspective, I would think about it along the lines of the traditional transactional revenue around $100 million run rate for the fourth quarter prior to layering on any of those, I guess, what we call last quarter, recurring nonrecurring items. So I think...

Your guidance has consistently been somewhat conservative.

It's a good way to think about it.

And a two-parter for my follow-up, and I recognize both questions are unrelated. But the first is just on the recruitment trends. It's nice to see the uptick in FA adds and recruitment levels. I was hoping you could speak to what's driving some of that strength, whether you're seeing continued succession or seeding of share from the wirehouses or if you're seeing just more opportunities with some of the regional brokers. And then I was hoping for an update on sweep deposit trends in the month of October.

I'll start first, and then Jim can cover the second part. Regarding sweep deposits, I want to emphasize that our recruitment efforts are strong. We've discussed the reasons for this, which come from a combination of factors. We've created an excellent platform and service, and we have solid technology. We've ensured our competitiveness because I believe our previous losses were not due to our capabilities but rather financial issues. Recruitment is a continuous process. It's like getting immersed in a novel; you don’t start over once you're halfway through. It's a daily effort for us. We're a compelling choice for many advisors looking for a firm that prioritizes them and has a culture combining wealth management with banking and underwriting services. There aren't many firms like us, and we're successfully attracting a lot of talent. Now we just need to execute on this momentum. I'm feeling optimistic about this aspect of our business. However, I want to point out that recruitment typically slows down in the fourth quarter, especially since the ACAT system is shut down in December, which is something to keep in mind.

In terms of an update on sweep cash, as of yesterday, we saw a decrease of about $500 million from quarter end in those balances. However, I want to emphasize that these balances fluctuate by several hundred million dollars on a daily basis. Additionally, we generated another $1 billion in deposit growth across the venture group. With the new team members we have invested in and the strong recruiting efforts Ron mentioned, we anticipate that cash balances will continue to grow through the end of the year, even though the growth may not always be linear.

We have also hired more leaders who have made a positive impact. I won't mention specific names, but it contributes to a larger cycle. It's essential to have a platform, products, and leadership that can attract talent, and we've made investments in all these areas.

And our next question is going to come from Brennan Hawken from Bank of Montreal.

Ron, you spoke to a valuation gap, which you have spoken to fairly consistently over the years. But the valuation gap has also been persistent. And the interesting thing that's different about the current environment versus recent years is that there's seen as maybe a window for large firms to begin to acquire firms and roll up certain spaces. And the wealth space is an area where a lot of large firms want to grow. And Stifel is an attractive asset, right? You've got an employee-oriented wealth firm which fits well with a large entity. Many investors believe that you can make for a good target. But we all know wealth firms are sold, not bought. So could you maybe share your views on that and how you're thinking about it?

Did you just ask me about selling the firm? Welcome back, Brennan. Yes, first of all, I appreciate the compliment. We have a valuable asset. For many firms that want to be in our space, there are not many alternatives to a company with a 24% return on tangible equity, strong margins, a great culture, and excellent technology. My persistent valuation gap may stem from how I frequently respond to this question; we see no need to sell unless it’s for a short-term increase in share price, which would undermine a 135-year-old firm that continues to gain market share. I faced this question back in 2011 when I was asked why we wouldn’t sell since we were seen as an attractive asset, especially as many were eager to invest post-financial crisis. We've significantly grown the firm, as shown in the slide. Some may wonder if the CEO is running out of energy and considering a sale, but that's not the case here. I'm not looking to do anything. We occasionally receive phone calls, and I jokingly say I could run it as a combined entity, and they seem surprised. My main point is that we're positioned well. We're gaining market share; owning our stock is advisable despite the current valuation discount supported by our historical growth in revenue, earnings per share, profitability, and relevance. We are a growth company, as evidenced by our results, yet we are trading like a company that struggles to grow, more like a value play. I’ll keep saying this; it doesn’t matter, but it makes for an interesting way to conclude calls sometimes.

I would like to hear about some trends you are observing in advisory. Sponsors represent a significant part of your advisory business. What do your backlogs look like for that group of market participants? Are we beginning to see a resurgence there? It appears that your advisory revenue exceeded public data, which may indicate that smaller sponsor-oriented deals contributed. Is that accurate? Additionally, how are you planning to engage with that group moving forward?

First of all, I think our reported numbers are consistently above what you would try to anticipate in the public data. And I think that is because we do small and mid-cap deals as well, and that has been true not just last quarter, but for years. So that's the case.

Right. In terms of pipeline, we're seeing strength across the board, every single vertical, every single product. We've built the company here really to take advantage of the markets when it is accommodative, and we're starting to see that. So we're optimistic as we look forward to the fourth quarter and 2026.

Yes, it's good. Let's not underestimate the importance of the environment, and we're doing well. I'm sure many of my peers and competitors are also doing well. From my perspective, we are gaining market share and seeing a strong growth outlook, similar to what I experienced in 2011. That's why we're optimistic.

Our next question is going to come from Michael Cho.

I just wanted to follow up on the corporate M&A discussion that we're just having. There's some news about the Stifel's independent adviser business. I mean I recognize it's a small part of the business and something Stifel maybe strategically deemphasized for some time, but maybe it's a good time. I was hoping maybe to just get your broader perspective on some key considerations around this prospective exit of this segment? And how you think Stifel will be better positioned longer term from this reshuffling of the business?

That's a valid question; however, I can't provide any specific details on this. I think the article that was written captures some of the history and our perspective on the business quite well, even though I didn't speak with the reporter. That said, the topic is not significant for us and doesn’t impact our growth outlook. While I can't fully answer your question, I hope you understand that. Overall, much of our thought process was represented accurately in the article.

Okay. Great. Fair enough. I guess just a quick small follow-up, Jim, just on balance sheet growth outlook from here. You called out venture banking during the quarter. And I think maybe last quarter, you were talking about maybe $1 billion of loan growth into the end of '25. Just kind of curious any updates in terms of balance sheet growth from here. Any key segments you might call out maybe outside of venture banking?

Right. In some of our prepared remarks, we talked about the confirmation of the goal of getting to $1 billion of loan growth in the back half of the year, and we still feel confident in that. When you think about the component line items that are comprising that growth, I think you'll continue to see what you've seen historically. You're going to continue to see fund banking being a large contributor there. We continue to add one to four family residential loans. And then again, as we talked about, you'll continue to see some additional venture balances there as well, but that's much more of a deposit generation play more than the loan growth perceived that.

And there are no further questions. At this time, I will turn the conference back over to Joel Jeffrey for any additional or closing remarks.

I appreciate you asking for my opinions, but I'm going to turn it over to Ron to have his closing remarks.

Josh, what you're going to say. We thank you all for attending and your interest in Stifel. I'll reiterate what we said at the call. We talked about the back half of the year being where we could see some nice pickup in activity driven by the environment. We see that. Let's get the government shutdown done so we can get some regoing on some of the capital market transactions. But the environment is good and the company, Stifel is well positioned. So I look forward to reporting to you our fourth quarter and full year results. And everyone, have a great remainder of the day and holidays and everything until we meet again. Thank you.

And this concludes today's call. Thank you for your participation. You may now disconnect.