Our adjusted non-compensation expenses were $81 million for the quarter, an increase of $13 million over the same period last year, but relatively flat compared with last quarter. This resulted in an adjusted non-compensation expense ratio of 15.6% for the quarter compared to an adjusted non-compensation expense ratio of 15.3% for the same period last year. On a pro-employee basis, our adjusted non-comp expense was $31,000 this quarter versus $26,000 for the same period last year. For the last couple of fiscal years, our adjusted non-compensation expense has grown significantly as we invested heavily in real estate, technology, our bankers returned to travel post-pandemic, and we experienced inflation across all of our non-comp categories. A significant increase in our employee headcount also contributed to increases in our non-compensation expense.
For the fiscal year on a pro-employee basis, our adjusted non-compensation expense grew 8% from 112,000 per employee in fiscal 2023 to 121,000 per employee in fiscal 2024. We expect that absolute dollar growth in our non-compensation expense will temper in fiscal 2025. For the quarter, we adjusted out of our non-compensation expenses $2.5 million in non-cash acquisition related amortization, $1.3 million for acquisition related costs primarily related to the Triago acquisition, which closed during our first quarter of fiscal 2025, and $3.5 million pertaining to professional fees associated with streamlining our global organizational structure, which we refer to as Project Solo as we discussed on our last quarter’s call. We are more than halfway through Project Solo and expect that the bulk of the work will be completed by the end of calendar year 2024.
Our adjusted other income and expense produced income of approximately $5.8 million versus income of approximately $3.9 million in the same period last year. The improvement in this category was primarily due to a net increase in interest income generated by our investment securities. We adjusted out of other income and expense again of approximately $9.6 million related to the reduction in value of an earnout liability associated with one of our prior acquisitions. We treat all acquisition related earnouts as purchase price and adjust out of our P&L any significant changes in the value of these earnouts. Our adjusted effective tax rate for the quarter was 29.9% compared to 28% for the same quarter last year. Our taxes increased year-over-year primarily as a result of increased taxes due to our foreign operations.
Our long-term targeted range for our adjusted effective tax rate is between 28% and 30%. Turning to the balance sheet, as of the quarter end we had approximately $759 million of unrestricted cash and equivalents and investment securities. As a reminder, a significant portion of our cash is earmarked to cover accrued but unpaid bonuses for fiscal year 2024 that will be paid this month and in November. Shares issued this month as part of our fiscal 2024 compensation will vest into the fully diluted share count over a four-year period from the date issued. In this past quarter, we did not repurchase any shares in the open market. We continue to take a conservative approach to share repurchases as we are prioritizing balance sheet strength, liquidity, and flexibility to be able to take advantage of acquisition and hiring opportunities in this market.
And finally, the board approved a 3.5% increase to our quarterly dividend, the $0.57 per share. And with that, operator, we can open the line for questions.
Operator: Thank you, Mr. Alley. [Operator Instructions] We go first this afternoon to Brennan Hawken of UBS.
Brennan Hawken: Good afternoon, Scott and Lindsay. Thank you for taking my questions. I wanted to start with your structure and you spoke to the fact that there were larger deals and some timing that benefited the quarter, But could you take a step back and talk about the near-term outlook for structure and it seems as though the environment is pretty solid from comments that some of your competitors have made. You hear a lot about the maturity level this year and in 2025. And so, how should we be thinking about restructuring revenues and the potential growth off of the base that we’ve established this year? Thanks.
Scott Beiser: Brennan, it sounds like you’re on some construction equipment yard. It was a little hard to hear you, but I think we got the gist of your question. I think the market environment for restructuring is similar to what we’ve seen really over the last couple quarters. As we’ve described, we think it’s going to stay at an elevated level for a while, still driven by a number of companies that are going to need to do some form of solutions. And while there is some opening of the capital markets, as we’ve described, it’s still going to be at a higher interest rate environment than what they’ve experienced in the past. So that isn’t necessarily the solution that ones could have had before. There’s still all the technology disruptors that were occurring over the last couple years that are still continuing.
We’re seeing a lot of work, not only in the United States and Western Europe, but really in other parts of the globe as our restructuring franchise is one of the most global components of our firm. And we think we’re just not only ourselves, but probably the industry in general is going to be in an uptick in this area for some time. We do note it is most volatile of our businesses. And so we’re going to have some quarters that are probably a little higher than normal and some quarters maybe a little lower than normal. But we think kind of the operating level we’ve been at it for a while is probably going to exist for the next year or two.
Brennan Hawken: Okay, got it. I switched. Sorry, I’m actually in an airport, dealing with flight delays. So I switched off Bluetooth. Hopefully it’s a little easier to hear now. So I appreciate all that color. Thank you. For my follow-up, FVA actually came in a little bit better even though called FIN was a little lighter and those businesses have historically moved together. Are you seeing an emergence of maybe some divergence in between those two businesses or maybe some greater resilience or unique drivers to the FVA business that could allow for that historical relationship to diverge a little and we could see a little bit more strength than FVA, even the corp [ph] FIN is still a bit of a waiting game?
