Moelis is a global independent investment bank that provides purely advisory services — it does not lend, trade securities, or take balance sheet risk. The firm advises corporations, financial sponsors, governments, and sovereign wealth funds on M&A, capital structure, capital markets, and private capital transactions. M&A advisory is the largest business, representing roughly two-thirds of revenues, covering mergers, acquisitions, divestitures, spin-offs, and joint ventures. Capital structure advisory (restructuring and liability management) provides some countercyclical balance to the M&A business, tending to hold up when deal activity slows. Capital markets advisory — acting as placement agent or underwriter on IPOs, private placements, and debt transactions — has grown significantly in recent years. Private capital advisory, focused on GP-led secondary transactions for financial sponsors, is a newer and still-ramping business that management views as a potential fourth revenue pillar. Moelis earns fees when transactions close, making revenue lumpy and transaction-driven with no recurring streams. The firm's cost structure is dominated by compensation, with non-compensation costs relatively modest, giving Moelis meaningful operating leverage as revenues grow. Moelis grows primarily by hiring senior bankers (Managing Directors) with established client franchises in target sectors or geographies, alongside internal promotion. The firm runs a capital-light model, carries no debt, and returns substantial cash to shareholders through dividends and buybacks.