• Goldman Sachs' M&A advisory, but as a standalone independent company.
• The McKinsey & Company for complex financial deals.

• Mergers & Acquisitions (M&A) Advisory: Provides strategic advice and execution services for mergers, acquisitions, divestitures, and other corporate combinations.
• Restructuring Advisory: Advises companies, creditors, and other stakeholders on financial restructurings, bankruptcies, and liability management.
• Capital Markets Advisory: Assists clients in raising capital through debt and equity markets, including IPOs, follow-on offerings, and private placements.
• Private Funds Advisory: Offers strategic advice and placement services to general partners raising private investment funds and limited partners seeking secondary liquidity.

Moelis & Company (symbol: MC) is an investment bank that primarily provides financial advisory and capital raising services to other companies, financial sponsors (such as private equity firms), and governments.

Due to the project-based and confidential nature of investment banking services, Moelis does not publicly disclose a list of "major customers" in the traditional sense (i.e., clients providing consistent, recurring revenue streams). Their revenue is generated from fees for specific transactions. However, Moelis advises a diverse range of companies on significant transactions. Below are examples of public companies that Moelis has advised on major, publicly announced deals, thus acting as "customers" for those specific engagements:

• Qualtrics International Inc. (NASDAQ: XM) - Moelis advised Qualtrics on its 2023 sale to Silver Lake and CPP Investments.
• Mandiant (NASDAQ: MNDT) - Moelis advised Mandiant on its 2022 sale to Google. (Note: Mandiant was subsequently integrated into Google Cloud and its symbol is no longer active.)
• Cerner Corporation (NASDAQ: CERN) - Moelis advised Cerner on its 2021 sale to Oracle. (Note: Cerner was subsequently integrated into Oracle and its symbol is no longer active.)

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Navid Mahmoodzadegan, Chief Executive Officer & Co-Founder

Navid Mahmoodzadegan is the Chief Executive Officer and Co-Founder of Moelis & Company. He previously served as Co-President, co-leading the firm's investment banking business and driving strategic growth since its founding. Prior to co-founding Moelis & Company in 2007, he held leadership roles at UBS Investment Bank, including Global Head of Media Investment Banking. He was also an investment banker at Donaldson, Lufkin & Jenrette and began his career as an attorney.

Christopher Callesano, Chief Financial Officer

Christopher Callesano was appointed Chief Financial Officer of Moelis & Company effective March 31, 2025. He has been with Moelis since 2010, previously serving as Managing Director, Principal Accounting Officer and Corporate Controller. With over 25 years of finance and accounting experience, he was instrumental in building the firm's finance and accounting infrastructure. Prior to joining Moelis, Mr. Callesano was Senior Managing Director of Financial Reporting and Policy at NASDAQ OMX and Director of Corporate Reporting at Merrill Lynch. He began his career as an auditor at Ernst & Young.

Ken Moelis, Founder & Executive Chairman

Ken Moelis is the Founder and Executive Chairman of Moelis & Company. He served as the firm's Chief Executive Officer from its founding in 2007 through September 2025. With over 40 years of experience, he has been responsible for the innovation and growth of investment banking franchises across the industry. Before founding Moelis & Company, Ken Moelis was President of UBS Investment Bank and previously the Head of Corporate Finance at Donaldson, Lufkin & Jenrette. He began his investment banking career at Drexel Burnham Lambert. Moelis co-founded Moelis & Company with several senior UBS investment bankers.

Jeffrey Raich, Co-Founder & Executive Vice Chairman

Jeffrey Raich is a Co-Founder and Executive Vice Chairman of Moelis & Company. He previously served as Co-President. He has been a trusted partner since the firm's founding and continues to lead key business areas.

Eric Cantor, Vice Chairman

Eric Cantor is a Vice Chairman and Managing Director at Moelis & Company. He joined the firm in 2014.

The key risks for Moelis & Company (MC) primarily revolve around the cyclical nature of its business and its reliance on human capital.

1. Economic and Global Financial Conditions

   Moelis & Company's financial performance is materially affected by overall economic and global financial conditions, as its business is heavily dependent on mergers and acquisitions (M&A) and other corporate finance activities. A decrease in M&A activity, potentially triggered by a recession, economic policy uncertainty, or rising tariffs, can directly impact the number of deals the firm advises on, leading to inconsistent revenues.

2. Competition for Talent

   The company operates in a highly competitive industry where the ability to attract, recruit, and retain top talent, particularly experienced professionals and managing directors, is crucial for its growth and success. Intense competition for these skilled individuals poses a significant risk to the firm's ability to maintain its expertise and client relationships.

3. Inconsistent Revenues from Advisory Services

   The revenue generated by Moelis & Company from its advisory services is inherently inconsistent due to the episodic nature of M&A transactions and other corporate finance matters. Fees are generally realized at key transaction milestones, such as closing, the timing of which is outside the company's control. This can lead to significant variations in revenues and net income from one period to another, making comparisons challenging and future performance less predictable.

Moelis & Company (MC) operates as a global independent investment bank, primarily offering financial advisory services. The addressable markets for its main products and services are as follows:

• Mergers & Acquisitions (M&A) and Strategic Advisory: The global mergers and acquisitions advisory market was valued at approximately USD 27.87 billion in 2024 and is projected to reach USD 34.8 billion by 2033, growing at a Compound Annual Growth Rate (CAGR) of 2.5% from 2025 to 2033. In 2023, the global M&A deal value reached approximately $3.2 trillion. The United States accounted for 38% of this global market share, with Europe at 25% and Asia-Pacific at 22%. North America is identified as the largest market for M&A advisory services.
• Capital Structure Advisory / Restructuring and Recapitalization: The global corporate restructuring advisory market was estimated at US$ 24.1 billion in 2023 and is expected to grow to US$ 44.5 billion by the end of 2033, with a CAGR of 6.3% from 2023 to 2033. North America held a 41% share of this global market in 2022. The U.S. corporate restructuring advisory market alone was valued at US$ 8.4 billion in 2023.
• Capital Markets Advisory: The global Capital Markets Advisory Services market is estimated at $50 billion in 2025 and is projected to grow to approximately $85 billion by 2033, exhibiting a CAGR of 7% from 2025 to 2033.
• Private Capital Advisory: This service falls under the broader Financial Advisory Services market. The global financial advisory services market was valued at USD 117.04 billion in 2025 and is expected to reach USD 225.97 billion by 2035, expanding at a CAGR of approximately 6.8% between 2026 and 2035. North America represents the largest region within this market, projected to hold a 42% share by 2035.

Expected Drivers of Future Revenue Growth for Moelis (MC) Over the Next 2-3 Years:

1. Sustained M&A Momentum and Broadening Activity: Moelis has experienced robust revenue growth driven by mergers and acquisitions (M&A) activity. Management anticipates this recovery to continue and expand into 2026, moving beyond large transactions to include middle-market and sponsor-driven deals. The firm's pipeline is currently near record levels.
2. Growth in Capital Markets Advisory: The company has demonstrated strong performance and achieved record revenues within its capital markets advisory business.
3. Strategic Expansion in Private Capital Advisory (PCA): Moelis is significantly investing in and aggressively expanding its Private Capital Advisory business, with the aim of becoming a leading player in this segment. This area is identified as a substantial revenue opportunity, potentially reaching $200 million.
4. Continued Strategic Hiring and Talent Acquisition: The firm is focused on attracting and retaining top talent, evidenced by increased hiring of managing directors to bolster expertise in key growth sectors such as PCA, technology, and private asset segments.
5. Supportive Regulatory Environment: A more adaptable regulatory landscape is expected to facilitate larger transactions and enhance overall market confidence, contributing to increased deal activity.

Share Repurchases

• Moelis & Company completed a share buyback tranche totaling 3,346,784 shares for $152.33 million as part of a program initiated in February 2019. In the third quarter of 2025, the company repurchased 0.2 million shares for $14.5 million.
• For the 2022 performance year, Moelis returned approximately $315.6 million to shareholders through dividends and share repurchases.
• In 2021, Moelis returned approximately $575 million in capital to shareholders through dividends and share repurchases, including a record 1.9 million shares repurchased during the year.

Share Issuance

• Moelis had net common equity repurchases of $11 million in 2024, $47 million in 2023, and $148 million in 2022, indicating net repurchases rather than issuances.
• Share repurchases often include shares bought back from employees to settle tax liabilities related to equity-based compensation.

Inbound Investments

• In Q2 2025, World Investment Advisors purchased a new stake of 7,268 shares in Moelis & Company, valued at approximately $453,000.

Outbound Investments

• In Q3 2025, Moelis recorded a gain of $19.1 million from the sale of 5.0 million shares of its investment in MA Financial Group Limited.
• In Q3 2024, the firm recognized a $7.0 million gain from the sale of 5.0 million shares of its investment in MA Financial Group Limited.
• Moelis continues to hold a significant investment in and partnership with MA Financial Group Limited (formerly Moelis Australia).

Capital Expenditures

• Moelis's capital expenditures were $12.09 million in 2024, $16.70 million in 2023, and $5.96 million in 2022.
• For 2021 and 2020, capital expenditures were $16.43 million and $40.66 million, respectively.