Perella Weinberg Partners

Previous wording

The following table provides revenue statistics for the three and six months ended June 30, 2026 and 2025:

Current wording

The following table provides revenue statistics for the three and nine months ended September 30, 2026 and 2025:

Previous wording

Revenues were $156.5 million for the three months ended June 30, 2026 as compared to $155.3 million for the three months ended June 30, 2025, an increase of 1%. In the current period, higher mergers and acquisitions activity, driven by an increase in the number of related fee events, was partially offset by decreased financing and capital solutions activity.

Current wording

Revenues were $251.4 million and $556.8 million for the three and nine months ended September 30, 2026, as compared to $164.6 million and $531.7 million for the three and nine months ended September 30, 2025, an increase of 53% and 5%, respectively. In the current periods, higher mergers and acquisitions activity, driven by an increase in the number of related fee events, was partially offset by decreased financing and capital solutions activity.

Previous wording

For the three months ended June 30, 2026, total compensation and benefits expenses were $115.9 million, an increase of 7% compared to $108.3 million for the three months ended June 30, 2025. The increase was primarily the result of a higher non-bonus compensation base, reflecting the impact of recent investments in new hires. It also reflected Business Realignment costs, including separation and transition benefits and the accelerated amortization of equity-based awards.

Current wording

For the three months ended September 30, 2026, total compensation and benefits expenses were $175.0 million, an increase of 50% compared to $116.3 million for the three months ended September 30, 2025. The increase was primarily the result of higher revenues, acquisition-related compensation arrangements, as well as Business Realignment costs, including separation and transition benefits and the accelerated amortization of equity-based awards.

Previous wording

For the three months ended June 30, 2026, total non-compensation expenses were $35.6 million, a decrease of 6% compared to $38.0 million for the three months ended June 30, 2025. The decrease was primarily driven by lower professional fees due to litigation insurance recoveries in excess of previous estimates, a decrease in rent expense due to sublease income, and lower general, administrative and other expenses. The overall decrease was partially offset by an increase in intangible asset amortization related to the Devon Park Acquisition.

Current wording

For the three months ended September 30, 2026, total non-compensation expenses were $41.4 million, an increase of 5% compared to $39.4 million for the three months ended September 30, 2025. The increase was primarily driven by an increase in technology costs, as well as increased intangible asset amortization due to the acquisitions of Gleacher Shacklock and Devon Park Advisors. The overall increase was partially offset by a decrease in employee travel costs and lower general, administrative and other expenses.

Previous wording

For the six months ended June 30, 2026, total non-compensation expenses were $75.3 million, a decrease of 15% compared to $88.9 million for the six months ended June 30, 2025. The decrease was primarily driven by lower professional fees due to reduced litigation spend coupled with related insurance recoveries in excess of previous estimates, a decrease in bad debt expense, and a decrease in rent expense due to sublease income. This decrease was partially offset by increases in technology costs and intangible asset amortization.

Current wording

For the nine months ended September 30, 2026, total non-compensation expenses were $116.7 million, a decrease of 9% compared to $128.4 million for the nine months ended September 30, 2025. The decrease was primarily driven by lower professional fees due to reduced litigation spend coupled with related insurance recoveries in excess of previous estimates, a decrease in bad debt expense, and a decrease in rent expense due to sublease income. This overall decrease was partially offset by increases in technology costs and intangible asset amortization.

Previous wording

For the three months ended June 30, 2026, non-operating income was $1.0 million compared to non-operating expenses of $2.7 million for the three months ended June 30, 2025. In the current period, non-operating income included interest income, a gain on the change in fair value of the Earn-out, and a net loss from foreign exchange rate fluctuations. Non-operating expenses in the prior year period included a larger net loss from foreign exchange rate fluctuations, which was partially offset by interest income.

Current wording

For the three months ended September 30, 2026, non-operating income was $0.2 million compared to non-operating income of $2.7 million for the three months ended September 30, 2025. In the current period, non-operating income included interest income and a gain on the change in fair value of the Earn-out, partially offset by a loss on fixed asset disposals and a net loss from foreign exchange rate fluctuations. Non-operating income in the prior year period included a net gain from foreign exchange rate fluctuations and higher interest income.

Previous wording

For the six months ended June 30, 2026, non-operating income was $3.3 million compared to non-operating expenses of $2.5 million for the six months ended June 30, 2025. In the current period, non-operating income primarily included interest income, a gain on the change in fair value of the Earn-out, and a net gain from foreign exchange rate fluctuations. Non-operating expenses in the prior year period included a net loss from foreign exchange rate fluctuations, which was partially offset by interest income. For all periods, the impact of foreign exchange rate fluctuations was largely related to U.S. dollar-denominated cash and intercompany receivables held by our foreign subsidiaries.

Current wording

For the nine months ended September 30, 2026, non-operating income was $3.5 million compared to non-operating income of $0.3 million for the nine months ended September 30, 2025. In the current period, non-operating income primarily included interest income, a gain on the change in fair value of the Earn-out, and a net gain from foreign exchange rate fluctuations. Non-operating income in the prior year period included higher interest income, which was substantially offset by a net loss from foreign exchange rate fluctuations. For all periods, the impact of foreign exchange rate fluctuations was largely related to U.S. dollar-denominated cash and intercompany receivables held by our foreign subsidiaries.

Previous wording

The Company’s income tax benefit and effective tax rate were $(0.2) million and (4.1)%, respectively, for the three months ended June 30, 2026 compared to an income tax expense and effective tax rate of $2.0 million and 31.7%, respectively, for the three months ended June 30, 2025.

Current wording

The Company’s income tax expense and effective tax rate were $11.9 million and 33.8%, respectively, for the three months ended September 30, 2026 compared to an income tax expense and effective tax rate of $3.0 million and 26.1%, respectively, for the three months ended September 30, 2025.

Previous wording

The Company’s income tax benefit and effective tax rate were $(10.1) million and 222.6%, respectively, for the six months ended June 30, 2026 compared to an income tax benefit and effective tax rate of $(7.5) million and (41.3)%, respectively, for the six months ended June 30, 2025.

Current wording

The Company’s income tax expense and effective tax rate were $1.7 million and 5.7%, respectively, for the nine months ended September 30, 2026 compared to an income tax benefit and effective tax rate of $(4.5) million and (15.0)%, respectively, for the nine months ended September 30, 2025.

Previous wording

The change in the effective tax rate in each period was primarily due to the relative size of our permanent differences in relation to the pre-tax income (loss) in the respective periods. In addition, the Company recognized an $8.7 million tax benefit associated with the appreciation in our share price upon vesting of RSUs above the original grant price during the six months ended June 30, 2026 compared to $12.6 million in the prior year period.

Current wording

The change in the effective tax rate in each period was primarily due to the relative size of our permanent differences in relation to the pre-tax income in the respective periods. In addition, the Company recognized a $10.9 million tax benefit associated with the appreciation in our share price upon vesting of RSUs above the original grant price during the nine months ended September 30, 2026 compared to $13.9 million in the prior year period.

Previous wording

Our current assets are typically composed of cash, receivables related to fees earned from providing advisory services, certain prepaid expenses and certain amounts due from related parties. Our current liabilities are primarily composed of accrued employee compensation, accounts payable and other accrued expenses. Cash and cash equivalents include cash held at banks, including interest-bearing money market accounts, and any short-term highly liquid investments that have original maturities of three months or less from the date of purchase. As of June 30, 2026 and December 31, 2025, the Company had cash balances of $115.8 million and $255.9 million, respectively, and no cash equivalents.

Current wording

Our current assets are typically composed of cash, receivables related to fees earned from providing advisory services, certain prepaid expenses and certain amounts due from related parties. Our current liabilities are primarily composed of accrued employee compensation, accounts payable and other accrued expenses. Cash and cash equivalents include cash held at banks, including interest-bearing money market accounts, and any short-term highly liquid investments that have original maturities of three months or less from the date of purchase. As of September 30, 2026 and December 31, 2025, the Company had cash balances of $149.9 million and $255.9 million, respectively, and no cash equivalents.

Previous wording

Our liquidity is highly dependent upon cash receipts from clients, which generally require the successful completion of transactions. Accounts receivable typically have net terms of 30 days. Accounts receivable, net of allowance for credit losses, were $36.2 million and $62.7 million as of June 30, 2026 and December 31, 2025, respectively.

Current wording

Our liquidity is highly dependent upon cash receipts from clients, which generally require the successful completion of transactions. Accounts receivable typically have net terms of 30 days. Accounts receivable, net of allowance for credit losses, were $111.0 million and $62.7 million as of September 30, 2026 and December 31, 2025, respectively.

Previous wording

Operating activities resulted in a net cash outflow of $120.4 million primarily attributable to cash operating expense outflows, including discretionary bonuses paid during the first quarter of 2025 with respect to prior year compensation expense, partially offset by cash collections from clients.

Current wording

Operating activities resulted in a net cash inflow of $12.2 million primarily attributable to cash collections from clients, net of operating expense outflows, including discretionary bonuses paid during the first quarter of 2026 with respect to prior year compensation expense.

Previous wording

Investing activities resulted in a net cash outflow of $3.7 million attributable to purchases of fixed assets.

Current wording

Investing activities resulted in a net cash outflow of $23.8 million attributable to the cash paid to acquire Gleacher Shacklock and purchases of fixed assets primarily related to office space renovations.

Previous wording

Financing activities resulted in a net cash outflow of $72.7 million primarily due to withholding tax payments for vested PWP Incentive Plan Awards, dividend payments, and distributions to partners.

Current wording

Financing activities resulted in a net cash outflow of $90.8 million primarily due to withholding tax payments for vested PWP Incentive Plan Awards, dividend payments, distributions to partners, share repurchases, and tax receivable agreement payments.

Previous wording

Operating activities resulted in a net cash outflow of $60.9 million primarily attributable to cash operating expense outflows, including discretionary bonuses paid during the first quarter of 2026 with respect to prior year compensation expense, partially offset by cash collections from clients.

Current wording

Operating activities resulted in a net cash outflow of $61.2 million primarily attributable to cash operating expense outflows, including discretionary bonuses paid during the first quarter of 2025 with respect to prior year compensation expense, partially offset by cash collections from clients.

Previous wording

Investing activities resulted in a net cash inflow of $73.1 million attributable to the maturation of investments in U.S. Treasury securities, which was nominally offset by capital expenditures related to office space renovations.

Current wording

Investing activities resulted in a net cash inflow of $71.6 million attributable to the maturation of investments in U.S. Treasury securities, which was nominally offset by capital expenditures related to office space renovations.

Previous wording

Financing activities resulted in a net cash outflow of $144.7 million primarily due to withholding tax payments for vested PWP Incentive Plan Awards, the cash settlement of exchanges of PWP OpCo Units, share repurchases, and dividend payments.

Current wording

Financing activities resulted in a net cash outflow of $162.6 million primarily due to withholding tax payments for vested PWP Incentive Plan Awards, the cash settlement of exchanges of PWP OpCo Units, share repurchases, and dividend payments.

Previous wording

Our board of directors has approved a stock repurchase program under which we are authorized to repurchase up to $200.0 million of our Class A common stock with no requirement to purchase any minimum number of shares. As of June 30, 2026, $60.2 million remains of the $200.0 million authorized for share repurchases.

Current wording

Our board of directors has approved a stock repurchase program under which we are authorized to repurchase up to $200.0 million of our Class A common stock with no requirement to purchase any minimum number of shares. As of September 30, 2026, $58.2 million remains of the $200.0 million authorized for share repurchases.

Previous wording

As of June 30, 2026, we had an amount due of $105.6 million pursuant to the tax receivable agreement, which represents management’s best estimate of the amounts currently expected to be owed in connection with the tax receivable agreement for the Business Combination and subsequent exchanges made to date. See Note 15—Related Party Transactions in the notes to the condensed consolidated financial statements included elsewhere in this Form 10-Q for further information as well as the expected timing of payments.

Current wording

As of September 30, 2026, we had an amount due of $116.7 million pursuant to the tax receivable agreement, which represents management’s best estimate of the amounts currently expected to be owed in connection with the tax receivable agreement for the Business Combination and subsequent exchanges made to date. See Note 16—Related Party Transactions in the notes to the condensed consolidated financial statements included elsewhere in this Form 10-Q for further information as well as the expected timing of payments.

Previous wording

We have non-cancelable operating leases for our office space and certain equipment. As of June 30, 2026, we had $179.3 million of operating lease liabilities. See Note 4—Leases in the notes to condensed consolidated financial statements included elsewhere in this Form 10-Q for further information as well as the expected timing of payments.

Current wording

We have non-cancelable operating leases for our office space and certain equipment. As of September 30, 2026, we had $179.0 million of operating lease liabilities. See Note 5—Leases in the notes to condensed consolidated financial statements included elsewhere in this Form 10-Q for further information as well as the expected timing of payments.

Previous wording

We are exposed to exchange rate risk as a result of having foreign subsidiaries with non-U.S. dollar functional currencies as well as from entering into transactions and holding monetary assets and liabilities that are not denominated in the functional currency of our operating subsidiaries. Specifically, the reported amounts in our consolidated financial statements may be affected by movements in the rate of exchange between the pound sterling, euro, and Canadian dollar and our reporting currency, the U.S. dollar. For the six months ended June 30, 2026 and 2025, the net impact of non-functional currency related transaction gains (losses) recorded in Other income (expense) on our Condensed Consolidated Statements of Operations was $0.8 million and $(4.5) million, respectively, primarily related to U.S. dollar-denominated cash and intercompany receivables held by our foreign subsidiaries as foreign exchange rates fluctuated. For the six months ended June 30, 2026 and 2025, the net impact from the fluctuation of foreign currencies recorded in Foreign currency translation gain (loss) on our Condensed Consolidated Statements of Comprehensive Income (Loss) was $(1.8) million and $7.8 million, respectively. We have not entered into any transactions to hedge our exposure to these foreign currency fluctuations using derivative instruments or other methods but may do so if we deem appropriate in the future. As of June 30, 2026, we held cash balances of $24.4 million in non-U.S. dollar currencies, composed of pound sterling, euros, and Canadian dollars.

Current wording

We are exposed to exchange rate risk as a result of having foreign subsidiaries with non-U.S. dollar functional currencies as well as from entering into transactions and holding monetary assets and liabilities that are not denominated in the functional currency of our operating subsidiaries. Specifically, the reported amounts in our consolidated financial statements may be affected by movements in the rate of exchange between the pound sterling, euro, and Canadian dollar and our reporting currency, the U.S. dollar. For the nine months ended September 30, 2026 and 2025, the net impact of non-functional currency related transaction gains (losses) recorded in Other income (expense) on our Condensed Consolidated Statements of Operations was $0.5 million and $(3.0) million, respectively, primarily related to U.S. dollar-denominated cash and intercompany receivables held by our foreign subsidiaries as foreign exchange rates fluctuated. For the nine months ended September 30, 2026 and 2025, the net impact from the fluctuation of foreign currencies recorded in Foreign currency translation gain (loss) on our Condensed Consolidated Statements of Comprehensive Income (Loss) was $(3.5) million and $5.9 million, respectively. We have not entered into any transactions to hedge our exposure to these foreign currency fluctuations using derivative instruments or other methods but may do so if we deem appropriate in the future. As of September 30, 2026, we held cash balances of $69.8 million in non-U.S. dollar currencies, composed of pound sterling, euros, and Canadian dollars.