“We expect our 2026 tax rate to be between 22-23%. And consistent with prior years we do expect some quarterly volatility.”

In context

“be seasonal. Fourth quarter revenues were $1.7 billion, driven by higher asset management and related fees on higher average AUM. As a reminder, certain performance fees are recognized on an annual basis largely in the fourth quarter. Which drove the sequential increase. Performance-based income and other revenues were $71 million in the quarter. Gains in US private equity and private credit more than offset markdowns in our infrastructure fund. Turning to the balance sheet. Total spot assets were $1.4 trillion. Standardized RWAs increased sequentially to $553 billion. Our standardized CET1 ratio ended the year at 15%. For the full year, we bought back $4.6 billion of common stock, including $1.5 billion for the quarter. Our tax rate was 21.5% for the full year, and 23.2% for the quarter. We expect our 2026 tax rate to be between 22-23%. And consistent with prior years we do expect some quarterly volatility. As we look ahead into 2026, the firm enters the year from a position of strength. Our wealth and investment management businesses exited with $9.3 trillion in total client assets. Client engagement remains high, Our pipelines are healthy, and our global footprint positions us well to continue to deliver advice and solutions across markets. We remain focused on investing for the future and scaling our business to perform through various market environments. With that, we will now open the line up. To questions. We are now ready to take in questions. To get in the queue, you may press star and the number 1 on your touch tone telephone. If your question has been answered or you wish to remove yourself from the queue, please press star and the number 2 on your touch tone telephone. We'll take”