Form 10-Q - Quarterly report [Sections 13 or 15(d)]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

_____________________________________________________________________________________________________________________________________________________________________

FORM 10-Q

_____________________________________________________________________________________________________________________________________________________________________

(Mark One)


x			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2024


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM TO

Commission File Number: 001-39558

_____________________________________________________________________________________________________________________________________________________________________

PERELLA WEINBERG PARTNERS

(Exact Name of Registrant as Specified in its Charter)

_____________________________________________________________________________________________________________________________________________________________________


Delaware			84-1770732
( State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)
767 Fifth Avenue New York, NY			10153
(Address of principal executive offices)			(Zip Code)

Registrant’s telephone number, including area code: (212) 287-3200

_____________________________________________________________________________________________________________________________________________________________________

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Class A Common Stock, par value $0.0001 per share

PWP

Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	o	Accelerated filer	x
Non-accelerated filer	o	Smaller reporting company	o
		Emerging growth company	x

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x

As of July 30, 2024, the registrant had 52,535,701 shares of Class A common stock, par value $0.0001 per share, and 33,303,517 shares of Class B common stock, par value $0.0001 per share, outstanding.

Perella Weinberg Partners

Table of Contents


		Page
PART I.	FINANCIAL INFORMATION
Item 1.	Financial Statements (Unaudited)	3
	Condensed Consolidated Statements of Financial Condition as of June 30, 2024 and December 31, 2023	4
	Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2024 and 2023	5
	Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended June 30, 2024 and 2023	6
	Condensed Consolidated Statements of Changes in Equity and Redeemable Non-Controlling Interests for the Three and Six Months Ended June 30, 2024 and 2023	7
	Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2024 and 2023	9
	Notes to Condensed Consolidated Financial Statements (Unaudited)	10
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	26
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	33
Item 4.	Controls and Procedures	33
PART II.	OTHER INFORMATION
Item 1.	Legal Proceedings	34
Item 1A.	Risk Factors	34
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	34
Item 3.	Defaults Upon Senior Securities	34
Item 4.	Mine Safety Disclosures	34
Item 5.	Other Information	34
Item 6.	Exhibits	35
Signatures		36

On June 24, 2021 (the “Closing Date” or the “Closing”), Perella Weinberg Partners consummated a business combination pursuant to that certain Business Combination Agreement, dated as of December 29, 2020 (the “Business Combination Agreement”). Unless the context otherwise requires, all references to “PWP,” the “Company,” “we,” “us” or “our” refer to Perella Weinberg Partners and its consolidated subsidiaries.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

Certain statements made in this Quarterly Report on Form 10-Q are “forward-looking statements” within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Statements regarding the expectations regarding the combined business are “forward-looking statements.” In addition, words such as “estimates,” “projected,” “expects,” “estimated,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “would,” “future,” “propose,” “target,” “goal,” “objective,” “outlook” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the control of the parties, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements.

Important factors, among others, that may affect actual results or outcomes include (but are not limited to): changing market conditions; the Company’s ability to execute on its growth initiatives, business strategies or operating plans; the Company’s ability to successfully identify, recruit, develop and retain talent; the Company's dependence on its fee-paying clients and fluctuating revenues from its non-exclusive, engagement-by-engagement business model; the high volatility of the Company’s revenue as a result of its reliance on advisory fees that are largely contingent on the completion of events which may be out of its control; the Company’s ability to appropriately manage conflicts of interest and tax and other regulatory factors relevant to the Company’s business, including actual, potential or perceived conflicts of interest and other factors that may damage its business and reputation; substantial litigation risks in the financial services industry; cybersecurity and other operational risks; extensive regulation of the corporate advisory industry and U.S. and foreign regulatory developments relating to, among other things, financial institutions and markets, government oversight, fiscal and tax policy and laws; and other risks and uncertainties described under the section entitled “Part I—Item 1A. Risk Factors” included in our Annual Report on Form 10-K.

The forward-looking statements contained in this Quarterly Report on Form 10-Q are based on current expectations and beliefs concerning future developments and their potential effects on the Company. There can be no assurance that future developments affecting the Company will be those that the Company has anticipated. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

Website Disclosure

We file annual, quarterly and current reports, proxy statements and other information with the Securities and Exchange Commission (the “SEC”). The SEC maintains an internet site where reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC are available. Our SEC filings are available to the public over the Internet at the SEC’s website at www.sec.gov and on our website at https://investors.pwpartners.com/ free of charge as soon as reasonably practicable after such reports are electronically filed with or furnished to the SEC. Our website is https://pwpartners.com/. Although we refer to our website in this report, the contents of our website are not included or incorporated by reference into this report. All references to our website in this report are intended to be inactive textual references only.

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements (Unaudited)

The accompanying notes are an integral part of these condensed consolidated financial statements (unaudited)

Perella Weinberg Partners
Condensed Consolidated Statements of Financial Condition
(Unaudited)
(Dollars in Thousands, Except Per Share and Per Unit Amounts)




	June 30, 2024		December 31, 2023
Assets
Cash and cash equivalents	$	185,280	$	247,171
Restricted cash	1,231		2,931
Investments in short-term marketable debt securities	—		91,174
Accounts receivable, net of allowance	90,519		47,771
Due from related parties	3,593		3,575
Fixed assets, net of accumulated depreciation and amortization	90,913		93,652
Intangible assets, net of accumulated amortization	15,902		19,192
Goodwill	34,383		34,383
Prepaid expenses and other assets	32,166		30,871
Right-of-use lease assets	139,376		143,935
Deferred tax assets, net	52,147		46,453
Total assets	$	645,510	$	761,108
Liabilities, Redeemable Non-Controlling Interests, and Equity
Accrued compensation and benefits	$	132,777	$	233,927
Accounts payable, accrued expenses and other liabilities	74,019		52,106

Lease liabilities	181,478		175,901
Amount due pursuant to tax receivable agreement	33,845		30,928
Total liabilities	422,119		492,862
Commitments and Contingencies (Note 16)
Redeemable non-controlling interests, 32,884,770 units at redemption value of $15.40 per unit as of June 30, 2024	506,366		—
Equity
Class A common stock, par value $0.0001 per share (1,500,000,000 shares authorized, 66,115,225 issued and 52,535,701 outstanding at June 30, 2024; 1,500,000,000 shares authorized, 57,361,073 issued and 44,642,849 outstanding at December 31, 2023)	7		6
Class B common stock, par value $0.0001 per share (600,000,000 shares authorized, 33,303,517 issued and outstanding at June 30, 2024; 600,000,000 shares authorized, 41,589,339 issued and outstanding at December 31, 2023)	3		4
Preferred stock, par value $0.0001 per share (100,000,000 shares authorized, no shares issued and outstanding at June 30, 2024 and December 31, 2023)	—		—
Additional paid-in-capital	4,115		312,523
Retained earnings (accumulated deficit)	(167,852)		(54,650)
Accumulated other comprehensive income (loss)	(5,166)		(4,480)
Treasury stock, at cost (13,579,524 and 12,718,224 shares of Class A common stock at June 30, 2024 and December 31, 2023, respectively)	(114,082)		(100,747)
Total Perella Weinberg Partners equity	(282,975)		152,656
Non-controlling interests	—		115,590
Total equity	(282,975)		268,246
Total liabilities, redeemable non-controlling interests, and equity	$	645,510	$	761,108

The accompanying notes are an integral part of these condensed consolidated financial statements (unaudited)

Perella Weinberg Partners

Condensed Consolidated Statements of Operations

(Unaudited)

(Dollars in Thousands, Except Per Share Amounts)


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Revenues	$	271,998	$	165,545	$	374,125	$	296,971
Expenses
Compensation and benefits	149,973		106,216		218,563		176,179
Equity-based compensation	160,498		42,212		207,305		89,883
Total compensation and benefits	310,471		148,428		425,868		266,062
Professional fees	11,743		8,737		22,803		16,290
Technology and infrastructure	9,125		9,293		17,897		17,805
Rent and occupancy	5,860		6,678		12,137		14,092
Travel and related expenses	4,700		4,726		9,285		9,500
General, administrative and other expenses	7,223		5,796		11,742		11,190
Depreciation and amortization	5,108		3,639		10,188		6,474
Total expenses	354,230		187,297		509,920		341,413
Operating income (loss)	(82,232)		(21,752)		(135,795)		(44,442)
Non-operating income (expenses)
Related party income	—		276		—		549
Other income (expense)	745		(1,337)		3,402		(1,054)

Total non-operating income (expenses)	745		(1,061)		3,402		(505)
Income (loss) before income taxes	(81,487)		(22,813)		(132,393)		(44,947)
Income tax expense (benefit)	(642)		(4,543)		18,452		743
Net income (loss)	(80,845)		(18,270)		(150,845)		(45,690)
Less: Net income (loss) attributable to non-controlling interests	(14,817)		(18,629)		(48,973)		(40,926)
Net income (loss) attributable to Perella Weinberg Partners	$	(66,028)	$	359	$	(101,872)	$	(4,764)
Net income (loss) per share attributable to Class A common shareholders
Basic	$	(1.21)	$	0.01	$	(1.96)	$	(0.11)
Diluted	$	(1.21)	$	(0.19)	$	(1.96)	$	(0.56)
Weighted-average shares of Class A common stock outstanding
Basic	54,589,542		42,743,611		51,894,913		42,531,895
Diluted	54,589,542		86,521,626		51,894,913		86,566,075

The accompanying notes are an integral part of these condensed consolidated financial statements (unaudited)

Perella Weinberg Partners

Condensed Consolidated Statements of Comprehensive Income (Loss)

(Unaudited)

(Dollars in Thousands)


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Net income (loss)	$	(80,845)	$	(18,270)	$	(150,845)	$	(45,690)
Foreign currency translation gain (loss), net of tax	(16)		1,898		(1,206)		3,483
Comprehensive income (loss)	(80,861)		(16,372)		(152,051)		(42,207)
Less: Comprehensive income (loss) attributable to non-controlling interests	(14,781)		(17,661)		(49,493)		(39,159)
Comprehensive income (loss) attributable to Perella Weinberg Partners	$	(66,080)	$	1,289	$	(102,558)	$	(3,048)

The accompanying notes are an integral part of these condensed consolidated financial statements (unaudited)

Perella Weinberg Partners

Condensed Consolidated Statements of Changes in Equity and Redeemable Non-Controlling Interests

(Unaudited)

(Dollars in Thousands, Except Per Share Amounts)


	Shares
	Class A Common Stock	Class B Common Stock	Treasury Stock	Class A Common Stock		Class B Common Stock		Treasury Stock		Additional Paid-In Capital		Retained Earnings (Accumulated Deficit)		Accumulated Other Comprehensive Income (Loss)		Non- Controlling Interests		Total Equity		Redeemable Non-Controlling Interests
Balance at December 31, 2023	57,361,073	41,589,339	(12,718,224)	$	6	$	4	$	(100,747)	$	312,523	$	(54,650)	$	(4,480)	$	115,590	$	268,246	$	—
Net income (loss)	—	—	—	—		—		—		—		(35,844)		—		(34,156)		(70,000)		—
Equity-based awards	—	—	—	—		—		—		33,371		—		—		13,942		47,313		—
Distributions to partners	—	—	—	—		—		—		—		—		—		(2,867)		(2,867)		—
Issuance of Class A common stock for vested PWP Incentive Plan Awards	2,086,273	—	113,673	—		—		1,364		(1,143)		(221)		—		—		—		—
Withholding tax payments on vested PWP Incentive Plan Awards	—	—	—	—		—		—		(24,568)		—		—		—		(24,568)		—
Dividends declared ($0.07 per share of Class A common stock)	—	—	—	—		—		—		150		(5,265)		—		—		(5,115)		—
Foreign currency translation gain (loss)	—	—	—	—		—		—		—		—		(634)		(556)		(1,190)		—
Other	—	—	—	—		—		—		656		—		—		(11)		645		—
Issuance of Class A common stock in public offering (Note 9—Stockholders’ Equity and Redeemable Non-Controlling Interests)	5,750,000	—	—	1		—		—		65,986		—		—		—		65,987		—
Exchange of PWP OpCo Units and corresponding Class B common stock for Class A common stock (Note 9—Stockholders’ Equity and Redeemable Non-Controlling Interests)	794,146	(793,354)	—	—		—		—		570		—		—		—		570		—

Change in ownership interests	—	—	—	—		—		—		(25,168)		—		—		25,168		—		—
Balance at March 31, 2024	65,991,492	40,795,985	(12,604,551)	$	7	$	4	$	(99,383)	$	362,377	$	(95,980)	$	(5,114)	$	117,110	$	279,021	$	—
Effect of the Merger and related transactions	—	(6,149,211)	—	—		(1)		—		64		—		—		(109,737)		(109,674)		97,496
Net income (loss)	—	—	—	—		—		—		—		(66,028)		—		—		(66,028)		(14,817)
Equity-based awards	—	—	—	—		—		—		30,967		—		—		—		30,967		60,794
Distributions to partners	—	—	—	—		—		—		—		—		—		—		—		(2,331)
Issuance of Class A common stock for vested PWP Incentive Plan Awards	123,733	—	25,027	—		—		301		(206)		(95)		—		—		—		—
Withholding tax payments on vested PWP Incentive Plan Awards and equity-classified ACUs	—	—	—	—		—		—		(1,264)		—		—		—		(1,264)		(12,534)
Dividends declared ($0.07 per share of Class A common stock)	—	—	—	—		—		—		132		(5,749)		—		—		(5,617)		—
Foreign currency translation gain (loss)	—	—	—	—		—		—		—		—		(52)		—		(52)		36
Other	—	—	—	—		—		—		634		—		—		—		634		14
Exchange of PWP OpCo Units and corresponding Class B common stock for cash (Note 9—Stockholders’ Equity and Redeemable Non-Controlling Interests)	—	(1,343,257)	—	—		—		—		(19)		—		—		(7,373)		(7,392)		(10,862)
Treasury stock purchase	—	—	(1,000,000)	—		—		(15,000)		—		—		—		—		(15,000)		—
Change in ownership interests	—	—	—	—		—		—		37,735		—		—		—		37,735		(37,735)
Changes in redemption value of redeemable non-controlling interests	—	—	—	—		—		—		(426,305)		—		—		—		(426,305)		426,305
Balance at June 30, 2024	66,115,225	33,303,517	(13,579,524)	$	7	$	3	$	(114,082)	$	4,115	$	(167,852)	$	(5,166)	$	—	$	(282,975)	$	506,366

The accompanying notes are an integral part of these condensed consolidated financial statements (unaudited)

Perella Weinberg Partners

Condensed Consolidated Statements of Changes in Equity and Redeemable Non-Controlling Interests

(Unaudited)

(Dollars in Thousands, Except Per Share Amounts)


	Shares
	Class A Common Stock	Class B Common Stock	Treasury Stock	Class A Common Stock		Class B Common Stock		Treasury Stock		Additional Paid-In Capital		Retained Earnings (Accumulated Deficit)		Accumulated Other Comprehensive Income (Loss)		Non- Controlling Interests		Total Equity
Balance at December 31, 2022	52,237,247	44,563,877	(10,492,286)	$	5	$	4	$	(80,067)	$	242,129	$	(18,071)	$	(6,538)	$	122,678	$	260,140
Net income (loss)	—	—	—	—		—		—		—		(5,123)		—		(22,297)		(27,420)
Equity-based awards	—	—	—	—		—		—		27,932		—		—		20,334		48,266
Distributions to partners	—	—	—	—		—		—		—		—		—		(3,119)		(3,119)
Issuance of Class A common stock for vested PWP Incentive Plan Awards	1,250,162	—	99,057	—		—		1,189		(1,189)		—		—		—		—
Withholding tax payments on vested PWP Incentive Plan Awards	—	—	—	—		—		—		(11,356)		—		—		—		(11,356)
Dividends declared ($0.07 per share of Class A common stock)	—	—	—	—		—		—		169		(4,925)		—		—		(4,756)
Foreign currency translation gain (loss)	—	—	—	—		—		—		—		—		786		799		1,585
Other	—	—	—	—		—		—		(14)		—		—		(17)		(31)

Exchange of PWP OpCo Units and corresponding Class B common stock for Class A common stock (Note 9—Stockholders’ Equity and Redeemable Non-Controlling Interests)	786,644	(785,862)	—	—		—		—		457		—		—		—		457
Treasury stock purchase	—	—	(1,457,304)	—		—		(14,754)		—		—		—		—		(14,754)
Change in ownership interests	—	—	—	—		—		—		2,678		—		—		(2,678)		—
Balance at March 31, 2023	54,274,053	43,778,015	(11,850,533)	$	5	$	4	$	(93,632)	$	260,806	$	(28,119)	$	(5,752)	$	115,700	$	249,012
Net income (loss)	—	—	—	—		—		—		—		359		—		(18,629)		(18,270)
Equity-based awards	—	—	—	—		—		—		24,173		—		—		18,407		42,580
Distributions to partners	—	—	—	—		—		—		—		—		—		(5,692)		(5,692)
Issuance of Class A common stock for vested PWP Incentive Plan Awards	97,163	—	24,386	—		—		293		(189)		(98)		—		—		6
Withholding tax payments on vested PWP Incentive Plan Awards	—	—	—	—		—		—		(453)		—		—		—		(453)
Dividends declared ($0.07 per share of Class A common stock)	—	—	—	—		—		—		156		(4,758)		—		—		(4,602)
Foreign currency translation gain (loss)	—	—	—	—		—		—		—		—		930		968		1,898
Other	—	—	—	—		—		—		747		—		—		777		1,524

Treasury stock purchase	—	—	(919,379)	—		—		(7,735)		—		—		—		—		(7,735)
Change in ownership interests	—	—	—	—		—		—		(5,923)		—		—		5,923		—
Balance at June 30, 2023	54,371,216	43,778,015	(12,745,526)	$	5	$	4	$	(101,074)	$	279,317	$	(32,616)	$	(4,822)	$	117,454	$	258,268

The accompanying notes are an integral part of these condensed consolidated financial statements (unaudited)

Perella Weinberg Partners

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(Dollars in Thousands)


	Six Months Ended June 30,
	2024		2023
Cash flows from operating activities
Net income (loss)	$	(150,845)	$	(45,690)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Equity-based awards vesting expense	137,392		90,846
Depreciation and amortization	10,188		6,474
Bad debt expense	3,544		1,065
Foreign currency revaluation	(513)		1,401
Non-cash operating lease expense	5,250		7,006
Deferred taxes	(992)		343
Other	607		79
Decrease (increase) in operating assets:
Accounts receivable, net of allowance	(46,903)		16,431
Due from related parties	(18)		(138)
Prepaid expenses and other assets	(1,486)		1,364
Increase (decrease) in operating liabilities:
Accrued compensation and benefits	(106,841)		(126,207)
Accounts payable, accrued expenses and other liabilities	29,361		(8,033)
Lease liabilities	4,920		4,692
Net cash provided by (used in) operating activities	(116,336)		(50,367)
Cash flows from investing activities
Purchases of fixed assets	(14,724)		(34,829)
Purchases of investments in short-term marketable debt securities	—		(49,733)
Maturities of investments in short-term marketable debt securities	91,188		140,551
Other	—		488
Net cash provided by (used in) investing activities	76,464		56,477
Cash flows from financing activities
Proceeds from issuance of Class A common stock in public offering, net of underwriting discount and offering costs	65,986		—
Exchange of PWP OpCo Units and corresponding Class B common stock for cash	(19,382)		—
Withholding tax payments for vested PWP Incentive Plan Awards and equity-classified ACUs	(38,366)		(11,809)
Distributions to partners	(5,198)		(8,811)
Dividends paid on Class A and Class B common stock	(8,628)		(6,502)
Treasury stock purchases	(15,000)		(22,489)
Payments pursuant to tax receivable agreement	—		(472)
Other	(2,369)		—
Net cash provided by (used in) financing activities	(22,957)		(50,083)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(762)		2,217
Net increase (decrease) in cash, cash equivalents and restricted cash	(63,591)		(41,756)
Cash, cash equivalents and restricted cash, beginning of period	250,102		174,166
Cash, cash equivalents and restricted cash, end of period	$	186,511	$	132,410
Supplemental disclosure of non-cash activities
Lease liabilities arising from obtaining right-of-use lease assets	$	1,060	$	178
Accrued capital expenditures	$	793	$	6,906
Accrued dividends and dividend equivalent units on unvested PWP Incentive Plan Awards	$	4,142	$	3,781
Non-cash paydown of Partner promissory notes	$	896	$	1,547
Deferred tax effect resulting from changes in ownership and exchanges of PWP OpCo Units, net of amounts payable under tax receivable agreement	$	1,848	$	457



Supplemental disclosures of cash flow information
Cash paid for income taxes	$	1,039	$	4,185

The accompanying notes are an integral part of these condensed consolidated financial statements (unaudited)

Perella Weinberg Partners

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(Dollars in Thousands, Except Per Share Amounts and Where Otherwise Noted)

Note 1—Organization and Nature of Business

Perella Weinberg Partners and its consolidated subsidiaries, including PWP Holdings LP (“PWP OpCo”) (collectively, “PWP” and the “Company”), is a global independent advisory firm that provides strategic and financial advice to a wide range of clients. The Company’s activities as an investment banking advisory firm constitute a single business segment that provides a range of advisory services, including advice related to strategic and financial decisions, mergers and acquisitions (“M&A”) execution, shareholder and defense advisory, financing and capital solutions advice with resources focused on restructuring and liability management, capital markets advisory, private capital placement, as well as specialized underwriting and research services primarily for the energy and related industries.

On June 24, 2021, the Company consummated a business combination pursuant to a Business Combination Agreement that resulted in PWP OpCo becoming jointly-owned by Perella Weinberg Partners, PWP Professional Partners LP (together with its successors (including pursuant to the Division and Merger (each as defined below)) and assigns, as applicable, “Professional Partners”) and certain existing partners of PWP OpCo as part of an umbrella limited partnership C-corporation (Up-C) structure (the “Business Combination”).

On December 31, 2023, as part of an internal reorganization, Professional Partners was divided into three partnerships pursuant to a plan of division (the “Division”), which, among other things, provided that (i) all of its limited partnership interests in PWP OpCo were allocated to one of the divided partnerships, PWP AdCo Professionals LP (“AdCo Professionals”), (ii) all of its shares of Class B-1 common stock of the Company were allocated to another divided partnership, PWP VoteCo Professionals LP (“VoteCo Professionals”) and (iii) PWP Professional Partners LP changed its name to PWP AmCo Professionals LP. On April 1, 2024, as part of this internal reorganization, AdCo Professionals merged with and into PWP OpCo (the “Merger”). At the time of the Merger, (i) the original capital units (“OCUs”), value capital units (“VCUs”), and alignment capital units (“ACUs”) of AdCo Professionals were converted into an equivalent number of newly created OCUs, VCUs and ACUs of PWP OpCo, (ii) the net assets of AdCo Professionals became the net assets of PWP OpCo and (iii) PWP OpCo adopted an amended and restated limited partnership agreement (the “PWP OpCo LPA”) that permits the Company to settle quarterly exchanges in cash or shares at the Company’s discretion. The principal purpose of the internal reorganization was to simplify the structure for the partners in Professional Partners with respect to their indirect interests in PWP OpCo. There was no consideration exchanged in connection with the Division or the Merger, and neither the Division nor the Merger affected the respective rights or economic interests of the Company, PWP GP LLC (“PWP GP”), or any limited partner with respect to PWP OpCo. Refer to Note 9—Stockholders’ Equity and Redeemable Non-Controlling Interests and Note 11—Equity-Based Compensation for additional information on the Merger and related transactions.

The operations of PWP OpCo are conducted through a wholly-owned subsidiary, Perella Weinberg Partners Group LP, and its subsidiaries which are consolidated in these financial statements. PWP GP is the general partner that controls PWP OpCo. The limited partner interests of PWP OpCo are held by the Company, an Investor Limited Partner (the “ILP”), and certain current and former working partners. The Company shareholders are entitled to receive a portion of PWP OpCo’s economics through their direct ownership interests in shares of Class A common stock of PWP. The non-controlling interest owners of PWP OpCo receive economics through ownership of PWP OpCo Class A partnership units (“PWP OpCo Units”).

Note 2—Summary of Significant Accounting Policies

Basis of Presentation

The unaudited condensed consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) and all intercompany balances and transactions have been eliminated.

These condensed consolidated financial statements and notes thereto are unaudited, and as permitted by the interim reporting rules and regulations set forth by the SEC, exclude certain financial information and note disclosures normally included in annual audited financial statements prepared in accordance with U.S. GAAP. Accordingly, these condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2023, included in the Company’s Annual Report on Form 10-K. The condensed consolidated financial statements reflect all material adjustments of a normal recurring nature that, in the opinion of management, are necessary for a fair presentation of the results for the interim periods.

Perella Weinberg Partners

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(Dollars in Thousands, Except Per Share Amounts and Where Otherwise Noted)

Consolidation

The Company’s policy is to consolidate entities in which the Company has a controlling financial interest and variable interest entities where the Company is deemed to be the primary beneficiary. The Company is deemed to be the primary beneficiary of a variable interest entity (“VIE”) when it has both (i) the power to make the decisions that most significantly affect the economic performance of the VIE and (ii) the obligation to absorb significant losses or the right to receive benefits that could potentially be significant to the VIE. PWP is the primary beneficiary of and consolidates PWP OpCo, a VIE. As of June 30, 2024 and December 31, 2023, the net assets of PWP OpCo were $217.2 million and $249.6 million, respectively. As of June 30, 2024 and December 31, 2023, the Company did not consolidate any VIEs other than PWP OpCo.

Use of Estimates

The preparation of the condensed consolidated financial statements and related disclosures in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Estimates and the assumptions underlying these estimates are reviewed periodically, and the effects of revisions are reflected in the period in which they are determined to be necessary.

In preparing the condensed consolidated financial statements, management makes certain estimates regarding the measurement of amounts due pursuant to the tax receivable agreement, measurement and timing of revenue recognition, assumptions used in the provision for income taxes, measurement of equity-based compensation, expected insurance reimbursements related to litigation costs, evaluation of goodwill and intangible assets, fair value measurement of financial instruments, and other matters that affect the reported amounts and disclosures of contingencies in the condensed consolidated financial statements.

Cash, Cash Equivalents and Restricted Cash

Cash and cash equivalents include cash held at banks, including interest-bearing money market accounts, and any highly liquid investments with original maturities of three months or less from the date of purchase. Cash account balances often exceed federally insured limits. Restricted cash represents cash that is not readily available for general purpose cash needs. As of June 30, 2024 and December 31, 2023, the Company had no cash equivalents and had restricted cash of $1.2 million and $2.9 million, respectively, maintained as collateral for letters of credit related to certain office leases. The sum of Cash and cash equivalents and Restricted cash on the Condensed Consolidated Statements of Financial Condition corresponds to the total cash, cash equivalents, and restricted cash presented on the Condensed Consolidated Statements of Cash Flows.

Foreign Currencies

In the normal course of business, the Company and its subsidiaries may enter into transactions denominated in a non-functional currency. The Company recognized net foreign exchange gains (losses) arising from such transactions of $(0.2) million and $0.3 million during the three and six months ended June 30, 2024, respectively, and $(1.1) million and $(2.2) million for the three and six months ended June 30, 2023, respectively, which are included in Other income (expense) in the Condensed Consolidated Statements of Operations. In addition, the Company consolidates its foreign subsidiaries that have non-U.S. dollar functional currencies. Non-U.S. dollar denominated assets and liabilities are translated to U.S. dollars at the exchange rate prevailing at the reporting date and profit and loss activity is generally translated using the average exchange rate throughout the period. Cumulative translation adjustments arising from the translation of non-U.S. dollar denominated operations are included as a component of Accumulated other comprehensive income (loss) on the Condensed Consolidated Statements of Changes in Equity and Redeemable Non-Controlling Interests.

Perella Weinberg Partners

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(Dollars in Thousands, Except Per Share Amounts and Where Otherwise Noted)

Equity-Based Compensation

Equity-based compensation relates to equity-based awards granted to employees and partners of the Company. Equity-based compensation expense is recognized over the requisite vesting period or requisite service period in an amount equal to the grant date fair value (for equity-classified awards) or the settlement fair value (for liability-classified awards). Equity-based compensation expense for employees and partners is included in Equity-based compensation on the Condensed Consolidated Statements of Operations and equity-based compensation expense for non-employees is included in Professional fees on the Condensed Consolidated Statements of Operations. The Company accounts for forfeitures of awards as they occur rather than applying an estimated forfeiture rate. For an award with service-only conditions that has a graded vesting schedule, the Company recognizes the compensation cost for the entire award on a straight-line basis over the requisite service period, ensuring that the amount recognized is at least equal to the vested portion of the award at each reporting date.

Redeemable Non-Controlling Interests

For entities that are consolidated but not 100% owned, a portion of the income or loss and equity is allocated to holders of the non-controlling interest. Profits and losses of PWP OpCo are allocated to the non-controlling interests in proportion to their ownership interest regardless of their basis, with an exception for certain equity-based compensation expense which was fully attributed to non-controlling interests prior to the Merger. Refer to Note 11—Equity-Based Compensation for further information.

As a result of the Merger, Non-controlling interests presented within equity on the Condensed Consolidated Statements of Financial Condition were reclassified to Redeemable non-controlling interests within temporary equity. Redeemable non-controlling interests are recorded at their current redemption value, which corresponds to the price of the Company’s Class A common stock. Changes in the current redemption value are recorded to Additional paid-in capital, or Retained earnings (deficit) to the extent there is insufficient Additional paid-in capital, immediately as they occur. When the Company has an unconditional obligation to purchase the Redeemable non-controlling interests for cash, the mandatorily redeemable interests are reclassified from temporary equity to a liability with changes in fair value recorded to Other income (loss) in the Condensed Consolidated Statements of Operations. As of June 30, 2024, there were no non-controlling interests considered mandatorily redeemable.

Recently Adopted Accounting Pronouncements

There were no recently adopted accounting pronouncements that had a material effect on the Company’s condensed consolidated financial statements.

Future Adoption of Accounting Pronouncements

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2023-07, Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which amends the guidance in Accounting Standards Codification (“ASC” or the “Codification”) Topic 280, Segment Reporting, to require enhanced disclosures about reportable segments on an annual and interim basis. The amendments will require disclosure of significant segment expenses, identification of the chief operating decision maker (“CODM”), and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. ASU 2023-07 clarifies that an entity that has a single reportable segment is subject to all the disclosures required by the amendments and all existing segment disclosures in Topic 280. The amendments in ASU 2023-07 are effective for the Company beginning with the annual period ended December 31, 2024 and interim periods within the year ended December 31, 2025. The amendments are required to be applied retrospectively to all period presented and early adoption is permitted. The Company does not expect the adoption of ASU 2023-07 to have a material impact on the consolidated financial statements.

In December 2023, the FASB issued Accounting Standards Update 2023-09, Improvements to Income Tax Disclosures (“ASU 2023-09”), which amends the guidance in ASC Topic 740, Income Taxes (“ASC 740”), to improve the transparency of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. The amendments in ASU 2023-09 are effective for the Company beginning with the annual period ended December 31, 2025. The amendments are to be applied prospectively with both retrospective application and early adoption permitted. The Company does not expect the adoption of ASU 2023-09 to have a material impact on the consolidated financial statements.

Perella Weinberg Partners

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(Dollars in Thousands, Except Per Share Amounts and Where Otherwise Noted)

Note 3—Revenue and Receivables from Contracts with Customers

The following table disaggregates the Company’s revenue between over time and point in time recognition:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Over time	$	261,860	$	157,469	$	362,865	$	281,798
Point in time	10,138		8,076		11,260		15,173
Total revenues	$	271,998	$	165,545	$	374,125	$	296,971

Reimbursable expenses billed to clients were $1.5 million and $3.4 million for the three and six months ended June 30, 2024, respectively, and $1.3 million and $2.5 million for the three and six months ended June 30, 2023, respectively.

Performance Obligations and Contract Balances

As of June 30, 2024, the aggregate amount of the transaction price, as defined in the Codification, allocated to performance obligations yet to be satisfied was $0.3 million, and the Company generally expects to recognize this revenue within the next twelve months. Such amounts primarily relate to the Company’s performance obligations of providing transaction-related advisory services. The Company recognized revenue of $207.2 million and $265.4 million during the three and six months ended June 30, 2024, respectively, and $86.8 million and $181.0 million during the three and six months ended June 30, 2023, respectively, related to performance obligations that were satisfied or partially satisfied in prior periods. These amounts were recognized upon the resolution of revenue constraints and uncertainties in the respective periods and were generally related to transaction-related advisory services.

As of June 30, 2024 and December 31, 2023, the Company recorded $6.8 million and $0.9 million, respectively, for contract liabilities which are presented within Accounts payable, accrued expenses and other liabilities on the Condensed Consolidated Statements of Financial Condition. The Company recognized previously deferred revenue of $1.6 million and $0.7 million for the three and six months ended June 30, 2024, respectively, and $1.2 million and $3.4 million for the three and six months ended June 30, 2023, respectively, which was primarily related to transaction-related advisory services that are recognized over time.

Accounts Receivable and Allowance for Credit Losses

As of June 30, 2024 and December 31, 2023, $16.2 million and $7.1 million, respectively, of accrued revenue was included in Accounts receivable, net of allowance on the Condensed Consolidated Statements of Financial Condition. These amounts have been recognized as revenue in accordance with the Company’s revenue recognition policies but remain unbilled at the end of the period. As of June 30, 2024, certain accounts receivable in the aggregate amount of $38.0 million were individually greater than 10% of the Company’s gross accounts receivable and were concentrated with one client. Of that amount, all was subsequently received after June 30, 2024. As of December 31, 2023, certain accounts receivable in the aggregate amount of $17.3 million, were individually greater than 10% of the Company’s gross accounts receivable and were concentrated with two clients. Of that amount, all was subsequently received after year end.

The allowance for credit losses activity for the three and six months ended June 30, 2024 and 2023 was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Beginning balance	$	2,685	$	1,227	$	2,198	$	1,143
Bad debt expense	2,957		903		3,544		1,065
Write-offs	(4,465)		(198)		(4,536)		(281)
Recoveries	—		82		—		82
Foreign currency translation and other adjustments	23		7		(6)		12
Ending balance	$	1,200	$	2,021	$	1,200	$	2,021

Perella Weinberg Partners

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(Dollars in Thousands, Except Per Share Amounts and Where Otherwise Noted)

Note 4—Leases

The Company leases office space and equipment under operating lease agreements. The following is information related to such operating leases:


	June 30, 2024	December 31, 2023
Weighted-average discount rate – operating leases	4.8%	4.7%
Weighted-average remaining lease term – operating leases	13.9 years	14.3 years


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Operating lease cost	$	4,691	$	5,388	$	9,429	$	10,772
Variable lease cost	604		594		1,504		1,944
Sublease income – operating leases	—		(160)		—		(319)
Total net lease cost	$	5,295	$	5,822	$	10,933	$	12,397

Net cash outflows on operating leases(1)	$	(2,653)	$	(2,857)	$	(749)	$	(466)

__________________

(1)Presented net of lease incentives received, including landlord contributions to tenant improvements.

As of June 30, 2024, the maturities of undiscounted operating lease liabilities of the Company are as follows:


Years Ending:	Operating Leases
Remainder of 2024	$	3,501
2025	18,822
2026	20,189
2027	19,357
2028	17,565
Thereafter	173,464
Total lease payments(1)	252,898
Less: Imputed Interest	(71,420)
Total lease liabilities	$	181,478

__________________

(1)Total future lease payments are presented net of expected lease incentives, including landlord contributions to tenant improvements.

Perella Weinberg Partners

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(Dollars in Thousands, Except Per Share Amounts and Where Otherwise Noted)

Note 5—Intangible Assets

The following table provides the detail of the Company’s intangible assets:


	June 30, 2024
	Gross Amount		Accumulated Amortization		Net Carrying Amount
Customer relationships	$	47,400	$	(35,945)	$	11,455
Trade names and trademarks	18,400		(13,953)		4,447
Total	$	65,800	$	(49,898)	$	15,902


	December 31, 2023
	Gross Amount		Accumulated Amortization		Net Carrying Amount
Customer relationships	$	47,400	$	(33,575)	$	13,825
Trade names and trademarks	18,400		(13,033)		5,367
Total	$	65,800	$	(46,608)	$	19,192

The intangible assets are being amortized over an average useful life of ten years and resulted in amortization expense of $1.6 million and $3.3 million for the three and six months ended, respectively, for both June 30, 2024 and 2023, all of which is included in Depreciation and amortization in the Condensed Consolidated Statements of Operations. Amortization of intangible assets held at June 30, 2024 is expected to be $6.6 million for each of the years ending December 31, 2024 and 2025 and $6.0 million for the year ending December 31, 2026. These intangible assets will be fully amortized by November 30, 2026.

Note 6—Regulatory Requirements

The Company has a number of consolidated subsidiaries registered as broker-dealers with regulatory agencies in their respective countries. None of the SEC-regulated subsidiaries hold funds or securities for, or owe money or securities to, clients or carry accounts of or for clients, and as such are all exempt from the SEC Customer Protection Rule (Rule 15c3-3). As of June 30, 2024 and December 31, 2023, all regulated subsidiaries had capital in excess of their applicable minimum capital requirements. As a result of the minimum capital requirements and various regulations on these broker dealers, a portion of the capital of each subsidiary of the Company is restricted and may be unavailable to pay its creditors.

Note 7—Fixed Assets

Fixed assets are recorded at cost less accumulated depreciation and amortization and consist of the following as of June 30, 2024 and December 31, 2023:


	June 30, 2024		December 31, 2023
Leasehold improvements	$	81,820	$	79,719
Furniture and fixtures	12,735		12,442
Equipment	23,603		22,522
Software	6,017		5,756
Total	124,175		120,439
Less: Accumulated depreciation and amortization	(33,262)		(26,787)
Fixed assets, net	$	90,913	$	93,652

Perella Weinberg Partners

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(Dollars in Thousands, Except Per Share Amounts and Where Otherwise Noted)

Depreciation expense related to fixed assets was $3.4 million and $6.8 million for the three and six months ended June 30, 2024, respectively, and $1.9 million and $3.0 million for the three and six months ended June 30, 2023, respectively. Amortization expense related to software costs was immaterial for the three and six months ended June 30, 2024 and 2023.

Note 8—Income Taxes

The following table summarizes the Company’s tax position for the periods presented:


	Three Months Ended June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
Income (loss) before income taxes	$	(81,487)		$	(22,813)		$	(132,393)		$	(44,947)
Income tax expense (benefit)	$	(642)		$	(4,543)		$	18,452		$	743
Effective income tax rate	0.8		%	19.9		%	(13.9)		%	(1.7)		%

The Company’s overall effective tax rate in each of the periods presented above varies from the U.S. federal statutory rate primarily because (i) a portion of the Company’s income is allocated to non-controlling interests held in PWP OpCo in which the majority of any tax liability on such income is borne by the holders of such non-controlling interests and reported outside of the condensed consolidated financial statements and (ii) permanent differences related to compensation expenses.

Neither the Company nor its subsidiaries recognized any gain or loss for income tax purposes as a result of the Division or the Merger.

The Company recorded a liability for unrecognized tax benefits of $3.7 million as of June 30, 2024 and December 31, 2023, primarily related to potential double taxation at certain of its foreign subsidiaries. The Company does not expect there to be any material changes to uncertain tax positions within 12 months of the reporting date.

Note 9—Stockholders’ Equity and Redeemable Non-Controlling Interests

Class A Common Stock Offering

On March 1, 2024, the Company issued and sold 5,750,000 shares of Class A common stock at a price of $12.00 per share for net proceeds of $66.0 million after deducting underwriting discounts and offering costs.

Share Repurchases

On February 16, 2022, the Company’s Board of Directors initially approved a stock repurchase program and the authorized amount under such program was increased on February 8, 2023 such that the Company is authorized to repurchase up to $200.0 million of the Company’s Class A common stock. On June 3, 2024, the Company repurchased 1,000,000 founder shares at a purchase price of $15.00 per share for a total purchase price of $15.0 million. Since inception of the share repurchase program, 12,920,699 shares have been purchased at an average price per share of $8.22 through June 30, 2024. Prior to the implementation of the stock repurchase program, on August 9, 2021, the Company repurchased 1,000,000 founder shares at a purchase price of $12.00 per share for a total purchase price of $12.0 million.

Redeemable Non-Controlling Interests

As a result of the Merger, the Non-controlling interests on the Condensed Consolidated Statements of Financial Condition were reclassified to Redeemable non-controlling interests within temporary equity. Redeemable non-controlling interests are presented at the current redemption value and represent the ownership interests in PWP OpCo held by holders other than Perella Weinberg Partners. As of June 30, 2024, the current and former working partners and the ILP collectively own 32,884,770 PWP OpCo Units, which represent a 38.5% non-controlling ownership interest in PWP OpCo.

Perella Weinberg Partners

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(Dollars in Thousands, Except Per Share Amounts and Where Otherwise Noted)

Exchange Rights

Holders of PWP OpCo Units (the “PWP OpCo Unitholders”) other than the Company may exchange their units for (i) shares of Class A common stock on a one-for-one basis or (ii) cash from an offering of shares of Class A common stock and (iii) subsequent to the Merger, cash from any other source. Concurrently with an exchange, such PWP OpCo Unitholder is required to surrender shares of Class B common stock for additional shares of Class A common stock or cash at a conversion rate of 0.001. Whether the exchanging PWP OpCo Unitholder receives cash or Class A common stock in exchange for their PWP OpCo Units and Class B common stock is at the Company’s option. Working partners are restricted in their ability to exchange PWP OpCo Units for a period between three to five years after the Closing. PWP GP may waive, and in certain cases has waived, the foregoing restrictions for any holder with respect to all or a portion of such holder’s units, with no obligation to do so for any other holder. During the three months ended June 30, 2024, the Company elected to settle exchanges of certain PWP OpCo Units and corresponding shares of Class B common stock for $19.5 million in cash, of which $0.1 million of related tax withholding remained unpaid as of June 30, 2024. During the six months ended June 30, 2024, in addition to the cash-settled exchange, the Company settled exchanges in the first quarter of 2024 for 794,146 shares of Class A common stock. During the six months ended June 30, 2023, the Company settled exchanges of certain PWP OpCo Units and corresponding shares of Class B common stock for 786,644 shares of Class A common stock. There were no exchanges during the three months ended June 30, 2023. To the extent an exchange creates a step-up in tax basis, the Company records an increase in Deferred tax assets, net, Amounts due pursuant to tax receivable agreement, and Additional paid-in-capital.

Note 10—Debt

As of June 30, 2024, and December 31, 2023, the Company had no outstanding debt. The Company has a revolving credit facility (the “Revolving Credit Facility”) through a credit agreement with Cadence Bank, N.A. (“Cadence Bank”), dated November 30, 2016 (as amended, the “Credit Agreement”), with an available line of credit of $50.0 million with up to $20.0 million of available incremental revolving commitments, and a maturity date of July 1, 2025. Issuance costs incurred related to the Credit Agreement are amortized as interest expense using the effective interest method over the life of the Revolving Credit Facility. The Company is also charged a quarterly commitment fee of 0.25% on any unused portion of the line of credit, which is recorded as interest expense. Interest expense related to the Revolving Credit Facility was immaterial during the three and six months ended June 30, 2024 and June 30, 2023 and is included within Other income (expense) in the Condensed Consolidated Statements of Operations.

Note 11—Equity-Based Compensation

Further information regarding the Company’s equity-based compensation awards is described in Note 12—Equity-Based Compensation in the Notes to Consolidated Financial Statements in “Part II. Item 8. Financial Statements and Supplementary Data” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

PWP Omnibus Incentive Plan Awards

Concurrent with the Business Combination, the Company adopted the Perella Weinberg Partners 2021 Omnibus Incentive Plan (the “PWP Incentive Plan”), which establishes a plan for the granting of various forms of incentive compensation awards, including restricted stock units (“RSUs”) and performance restricted stock units (“PSUs”), measured by reference to PWP Class A common stock (“PWP Incentive Plan Awards”). The PWP Incentive Plan established a reserve for a one-time grant of awards in connection with the Business Combination as well as a reserve for general purpose grants (the “General Share Reserve”). Grantees have rights to dividends declared during the vesting period and receive such dividends only upon vesting in the form of cash or dividend equivalent units. The Company uses newly issued shares of Class A common stock to satisfy vested awards, with the exception of shares issued out of treasury stock for vested awards (and related dividend equivalent units) held by French employees. Pursuant to the PWP Incentive Plan, the number of shares of Class A common stock reserved for issuance from the General Share Reserve increases each year.

Perella Weinberg Partners

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(Dollars in Thousands, Except Per Share Amounts and Where Otherwise Noted)

During the third quarter of 2021, in connection with the Business Combination, the Company granted awards (the “Business Combination Awards”) in the form of (a) RSUs that vest upon the achievement of service conditions (“Transaction RSUs”) and (b) PSUs that only vest upon the achievement of both service and market conditions, including certain long-term incentive awards granted to management (“Transaction PSUs”). As of June 30, 2024, the $12.00, $13.50, and $15.00 price targets were met for the Transaction PSUs.

The Company grants units from the General Share Reserve from time to time in the ordinary course of business in the form of (a) RSUs that vest upon the achievement of service conditions (“General RSUs”) and (b) PSUs that only vest upon the achievement of both service and market conditions (“General PSUs”). During the six months ended June 30, 2024 and 2023, the Company granted 6,773,129 and 6,857,726 General RSUs, respectively, at a weighted average grant date fair value of $13.47 and $10.13 per award, respectively. During the six months ended June 30, 2024 and 2023, 4,009,592 and 2,564,468 General RSUs vested with a total fair value of $53.2 million and $25.8 million, respectively. During the six months ended June 30, 2023, the Company granted 1,000,000 General PSUs at a weighted average grant date fair value of $6.02 per award. No General PSUs were granted during the six months ended June 30, 2024. As of June 30, 2024, the $15.00 price target was met for General PSUs.

Legacy Awards and Professional Partners Awards

Prior to the Business Combination, Professional Partners granted certain equity-based awards to partners providing services to PWP OpCo (the “Legacy Awards”). In connection with the Business Combination and a related internal reorganization of Professional Partners, existing Legacy Awards were canceled and replaced by converting each limited partner’s capital interests in Professional Partners attributable to PWP OpCo into OCUs, VCUs, and/or ACUs. The OCUs were fully vested upon recapitalization. The VCUs and ACUs (collectively, “Professional Partners Awards”) were held by current working partners and required services to be performed on behalf of PWP OpCo. The Professional Partners Awards were generally subject to a service-based graded vesting schedule over a three to five-year requisite service period. Once vested, the Professional Partners Awards became OCUs, other than the cash-settled ACUs referenced below, and are eligible for the same exchange rights as other PWP OpCo Units, subject to certain lock-up periods. Refer to Note 9—Stockholders’ Equity and Redeemable Non-Controlling Interests for more information on exchange rights.

At the time of the Merger, the Company entered into vesting acceleration agreements with certain holders of Professional Partners Awards (the “Accelerated Units”) to accelerate vesting during the second quarter of 2024 (the “Vesting Acceleration”). The Accelerated Units are generally subject to a lock-up period that is identical to the lockup period applicable to such units prior to the Vesting Acceleration. The Company also provided each holder of Accelerated Units that are ACUs the ability to convert a portion of such holder’s ACUs into cash upon vesting in an aggregate amount up to such holder’s estimated tax liability. The principal purpose of the Vesting Acceleration was to facilitate the payment of taxes associated with ACU vesting to align with the treatment of vested restricted stock units of the Company.

As a result of the Merger and Vesting Acceleration, certain Professional Partners Awards were modified from equity-classified to liability-classified awards with changes in fair value generally recorded as incremental equity-based compensation expense through the date of vesting. During the three months ended June 30, 2024, the Company recorded $130.0 million of equity-based compensation expense related to the acceleration of the Professional Partners Awards. Of that amount, $69.2 million was related to liability-classified awards.

In connection with the Vesting Acceleration, the Company paid or accrued a combined $86.6 million in settlement of 6,149,211 ACUs and corresponding shares of Class B common stock. Of that amount, the Company paid $60.6 million in settlement of liability-classified ACUs and $15.7 million for withholding tax payments on equity-classified ACUs and the settlement of other liabilities. These amounts are included within cash flows from operating activities and financing activities, respectively, on the Condensed Consolidated Statement of Cash Flows for the six months ended June 30, 2024. As of June 30, 2024, $10.3 million of withholding taxes payable is included in Accounts payable, accrued expenses and other liabilities on the Condensed Consolidated Statement of Financial Condition.

Prior to the Merger, all of the compensation expense and corresponding capital contribution associated with the Legacy Awards and Professional Partners Awards were allocated to Non-controlling interests in the Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Financial Condition as the granting of the Professional Partners Awards did not change Professional Partners’ interest in PWP OpCo and did not economically dilute Perella Weinberg Partners shareholders relative to Professional Partners. As a result of the Merger, the Professional Partners Awards are held directly at PWP OpCo and PWP OpCo as a whole bears the cost of the cash settlement feature of the awards. As a result, subsequent to the Merger, the Company allocates the costs associated with the Professional Partners Awards between Perella Weinberg Partners and non-controlling interests in proportion to their ownership interests, which is consistent with the allocation of the other profit and loss activity of PWP OpCo.

Perella Weinberg Partners

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(Dollars in Thousands, Except Per Share Amounts and Where Otherwise Noted)

The following table presents the expense related to equity-based awards that were recorded in Professional fees and components of Equity-based compensation included in the Condensed Consolidated Statements of Operations:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Professional fees
PWP Incentive Plan Awards	$	508	$	368	$	1,014	$	963


Equity-based compensation
PWP Incentive Plan Awards	$	30,459	$	23,805	$	63,324	$	51,142
Legacy Awards	—		3,224		—		6,449
Professional Partners Awards (equity-classified)	60,794		15,183		74,736		32,292
Professional Partners Awards (liability-classified)	69,245		—		69,245		—
Total Equity-based compensation	$	160,498	$	42,212	$	207,305	$	89,883

Income tax benefit of equity-based awards	$	4,727	$	3,065	$	9,436	$	6,624

As of June 30, 2024, total unrecognized compensation expense related to all unvested equity-based awards was $166.9 million, which is expected to be recognized over a weighted average period of 2.1 years.

Note 12—Other Compensation and Benefits

Compensation and benefits expense consists of salaries, bonuses (discretionary awards and guaranteed amounts), severance, as well as payroll and related taxes and benefits for the Company’s employees. In all instances, compensation expense is accrued over the requisite service period.

Benefit Plans

Certain employees participate in employee benefit plans, which consists of defined contribution plans including (i) profit-sharing plans qualified under Section 401(k) of the Internal Revenue Code, (ii) a U.K. pension scheme for U.K. employees and (iii) a German pension plan for employees in Germany. Expenses related to the Company’s employee benefit plans were $1.8 million and $3.6 million for the three and six months ended June 30, 2024, respectively, and $1.7 million and $3.4 million for the three and six months ended June 30, 2023, respectively, and are included in Compensation and benefits in the Condensed Consolidated Statements of Operations.

Perella Weinberg Partners

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(Dollars in Thousands, Except Per Share Amounts and Where Otherwise Noted)

Business Realignment

During the second quarter of 2023, the Company began a review of the business, which resulted in headcount reductions in order to improve compensation alignment and to provide greater flexibility to advance strategic opportunities (the “Business Realignment”). In conjunction with the Business Realignment, the Company incurred expenses related to separation and transition benefits of $1.8 million for the six months ended June 30, 2024 and $3.8 million for both the three and six months ended June 30, 2023. Additionally, the Company incurred the acceleration of equity-based compensation amortization (net of forfeitures) of $1.5 million for the six months ended June 30, 2024 and $1.3 million for both the three and six months ended June 30, 2023. Such amounts are presented in Compensation and benefits and Equity-based compensation in the Condensed Consolidated Statements of Operations, respectively. All of the expected Business Realignment costs were incurred as of March 31, 2024.

Activity within Accrued compensation and benefits on the Condensed Consolidated Statements of Financial Condition related to the Business Realignment was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Beginning balance	$	3,138	$	—	$	12,525	$	—
Incurred expenses	—		5,106		3,249		5,106
Non-cash expenses	—		(1,257)		(1,499)		(1,257)
Payments	(2,431)		(537)		(13,568)		(537)
Ending balance	$	707	$	3,312	$	707	$	3,312

Note 13—Net Income (Loss) Per Share Attributable to Class A Common Shareholders

The calculations of basic and diluted net income (loss) per share attributable to Class A common shareholders are presented below:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Numerator:
Net income (loss) attributable to Perella Weinberg Partners – basic	$	(66,028)	$	359	$	(101,872)	$	(4,764)

Dilutive effect from assumed exchange of PWP OpCo Units, net of tax	—		(16,980)		—		(43,859)

Net income (loss) attributable to Perella Weinberg Partners – diluted	$	(66,028)	$	(16,621)	$	(101,872)	$	(48,623)
Denominator:
Weighted average shares of Class A common stock outstanding – basic	54,589,542		42,743,611		51,894,913		42,531,895

Weighted average number of incremental shares from assumed exchange of PWP OpCo Units	—		43,778,015		—		44,034,180

Weighted average shares of Class A common stock outstanding – diluted	54,589,542		86,521,626		51,894,913		86,566,075
Net income (loss) per share attributable to Class A common shareholders
Basic	$	(1.21)	$	0.01	$	(1.96)	$	(0.11)
Diluted	$	(1.21)	$	(0.19)	$	(1.96)	$	(0.56)

Perella Weinberg Partners

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(Dollars in Thousands, Except Per Share Amounts and Where Otherwise Noted)

Basic and diluted net income (loss) per share attributable to Class B common shareholders has not been presented as these shares are entitled to an insignificant amount of economic participation.

The Company uses the treasury stock method to determine the potential dilutive effect of unvested PWP Incentive Plan Awards and the if-converted method to determine the potential dilutive effect of exchanges of PWP OpCo Units into Class A common stock. The Company adjusts net income (loss) attributable to Class A common shareholders under both the treasury stock method and if-converted method for the reallocation of net income (loss) between Class A common shareholders and non-controlling interests that result upon the assumed issuance of dilutive shares of Class A common stock as if the issuance occurred as of the beginning of the applicable period.

The following table presents the weighted average potentially dilutive shares that were excluded from the calculation of diluted net income (loss) per share under the treasury stock method or if-converted method, as applicable, because the effect of including such potentially dilutive shares was antidilutive for the period presented:


	Three Months Ended June 30,		Six Months Ended June 30,
	2024	2023	2024	2023
PWP OpCo Units	33,022,579	—	37,170,827	—
PWP Incentive Plan Awards	9,133,806	275,508	7,205,942	1,001,289

Note 14—Fair Value Measurements and Investments

Fair value is generally based on quoted prices, however if quoted market prices are not available, fair value is determined based on other relevant factors, including dealer price quotations, price activity for equivalent instruments and valuation pricing models. The Company established a fair value hierarchy which prioritizes and ranks the level of market price observability used in measuring financial instruments at fair value. Market price observability is affected by a number of factors, including the type of instrument, the characteristics specific to the instrument and the state of the marketplace (including the existence and transparency of transactions between market participants). Financial instruments with readily available, actively quoted prices or for which fair value can be measured from actively quoted prices in an orderly market will generally have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value.

Financial instruments measured and reported at fair value are classified and disclosed in one of the following categories (from highest to lowest) based on inputs:

Level 1—Unadjusted quoted prices are available in active markets for identical financial instruments as of the reporting date.

Level 2—Pricing inputs are observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities in inactive markets.

Level 3—Pricing inputs are unobservable for the financial instruments and include situations where there is little, if any, market activity for the financial instrument. The inputs into the determination of fair value require significant management judgment or estimation.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the determination of which level within the fair value hierarchy is appropriate for any given investment is based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the instrument.

As of June 30, 2024 and December 31, 2023, the fair values of cash, restricted cash, accounts receivable, due from related parties, accounts payable and certain accrued liabilities approximate their carrying amounts due to the short-term nature of these items.

Perella Weinberg Partners

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(Dollars in Thousands, Except Per Share Amounts and Where Otherwise Noted)

Fair Value of Financial Instruments

The following table summarizes the categorization and fair value estimate of the Company’s financial instruments that were measured on a recurring basis pursuant to the above fair value hierarchy levels as of December 31, 2023:


	December 31, 2023
	Level 1		Level 2		Level 3		Total
Financial asset
U.S. Treasury securities	$	91,174	$	—	$	—	$	91,174

The Company held no financial instruments subject to fair value measurement as of June 30, 2024. The Company had no transfers between fair value levels during the three and six months ended June 30, 2024 and 2023.

As of December 31, 2023, the Company’s investment in U.S. Treasury securities is presented within Investments in short-term marketable debt securities on the Condensed Consolidated Statements of Financial Condition, and the aggregate cost basis of the investment was $89.3 million. These U.S. Treasury securities matured in January 2024. The Company had nominal net realized and unrealized gains (losses) on these investments for the three and six months ended June 30, 2024, and $0.3 million and $0.7 million for the three and six months ended June 30, 2023, respectively.

Note 15—Related Party Transactions

PWP Capital Holdings LP

On February 28, 2019, a reorganization of the existing investment banking advisory and asset management businesses of PWP Holdings LP was effected which resulted in the spin-off of its asset management business (the “Separation”). PWP Holdings LP was divided into (i) PWP OpCo, which holds the advisory business and (ii) PWP Capital Holdings LP (“Capital Holdings”), which holds the asset management business. In connection with the Separation, the Company entered into a transition services agreement (the “TSA”) with Capital Holdings under which the Company agreed to provide certain administrative services to Capital Holdings. The TSA was terminated as of January 1, 2024. The Company also subleased certain portions of its office space to Capital Holdings through October 2023. Income earned from Capital Holdings related to the TSA and the sublease is presented within Related party income in the Condensed Consolidated Statements of Operations. Amounts due from Capital Holdings are reflected as Due from related parties on the Condensed Consolidated Statements of Financial Condition as of December 31, 2023, with no amounts due as of June 30, 2024.

Separately, Capital Holdings entered into an arrangement with certain employees of the Company, including members of management, related to services provided directly to Capital Holdings. With respect to services provided to Capital Holdings, the amounts paid and payable to such employees now and in the future are recognized by Capital Holdings. All compensation related to services these employees provide to the Company are included in Compensation and benefits in the Condensed Consolidated Statements of Operations.

Perella Weinberg Partners

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(Dollars in Thousands, Except Per Share Amounts and Where Otherwise Noted)

Tax Receivable Agreement

In connection with the Business Combination, the Company entered into a tax receivable agreement with PWP OpCo, Professional Partners and ILPs that provides for payment of 85% of the amount of cash savings, if any, in U.S. federal, state and local and foreign income taxes that the Company is deemed to realize as a result of (a) each exchange of interests in PWP OpCo for cash or stock of the Company and certain other transactions and (b) payments made under the tax receivable agreement. As of June 30, 2024, the Company had an amount due of $33.8 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 and is reported within Amount due pursuant to tax receivable agreement on the Condensed Consolidated Statements of Financial Condition. The Company expects to make the following payments with respect to the tax receivable agreement, which are exclusive of potential payments in respect of future exchanges and may differ significantly from actual payments made:


Years Ending:	Estimated Payments Under Tax Receivable Agreement
Remainder of 2024	$	1,105
2025	1,426
2026	1,825
2027	1,896
2028	1,935
Thereafter	25,658
Total payments	$	33,845

Partner Promissory Notes and Other Partner Loans

The Company loaned money pursuant to promissory note agreements (the “Partner Promissory Notes”) to certain partners. The Partner Promissory Notes bear interest at a semi-annual rate equal to the Federal Mid-Term Rate. The Partner Promissory Notes are due on various dates or in the event a partner is terminated or leaves at will and are primarily secured by the partner’s equity interests in PWP OpCo or one of its affiliates. As the Partner Promissory Notes and associated interest receivable relate to equity transactions, they have been recognized as a reduction of equity on the Condensed Consolidated Statements of Financial Condition in the amounts of $1.2 million and $2.1 million as of June 30, 2024 and December 31, 2023. During the six months ended June 30, 2024, $0.9 million of principal and interest related to Partner Promissory Notes was effectively repaid through the cancellation of PWP OpCo units held by such partners. During the six months ended June 30, 2023, $1.5 million was effectively repaid by foregoing the amount due to such partners under deferred compensation agreements.

In November 2021, PWP OpCo agreed to provide loans to certain partners. As of June 30, 2024 and December 31, 2023, $3.6 million and $3.5 million, respectively, of outstanding loans to certain partners and related interest receivable are recognized in Due from related parties on the Condensed Consolidated Statements of Financial Condition.

Other Related Party Transactions

The Merger on April 1, 2024 was effected to simplify the structure for the partners in Professional Partners with respect to their indirect interests in PWP OpCo. The purpose of the related Vesting Acceleration was to facilitate the payment of taxes associated with ACU vesting to align with the treatment of vested restricted stock units of the Company. Certain holders of these interests in PWP OpCo, including holders of Accelerated Units, are directors and officers of the Company. Refer to Note 11—Equity-Based Compensation for additional information on the Merger and related transactions.

Prior to the Merger, the Company’s U.K. subsidiary, Perella Weinberg UK Limited, as well as Professional Partners and certain partners (including one partner who serves as a Company director and president) were party to a reimbursement agreement, pursuant to which such partners directed Professional Partners to pay distributions related to certain of their Professional Partners Awards first to a subsidiary of the Company, so that the subsidiary could make employment income tax payments on such distributions to the appropriate non-U.S. authorities.

Perella Weinberg Partners

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(Dollars in Thousands, Except Per Share Amounts and Where Otherwise Noted)

Note 16—Commitments and Contingencies

Indemnifications

The Company enters into certain contracts that contain a variety of indemnification provisions. The Company’s maximum exposure under these arrangements is unknown. As of June 30, 2024 and December 31, 2023, the Company expects no claims or losses pursuant to these contracts; therefore, no liability has been recorded related to these indemnification provisions.

Legal Contingencies

From time to time, the Company is named as a defendant in legal actions relating to transactions conducted in the ordinary course of business. Some of these matters may involve claims of substantial amounts. Although there can be no assurance of the outcome of such legal actions, in the opinion of management and, after consultation with external counsel, the Company believes it is neither probable nor reasonably possible that any current legal proceedings or claims would individually or in the aggregate have a material adverse effect on the consolidated financial statements of the Company as of June 30, 2024 and December 31, 2023 and for the three and six months ended June 30, 2024 and 2023.

In 2015, the Company filed a complaint against three former partners and one former employee which alleges they entered into a scheme while at PWP to lift out the Company’s restructuring group to form a new competing firm that they were secretly forming in breach of their contractual and fiduciary duties. The complaint contains 14 causes of action and seeks declaratory relief as well as damages. Trial is currently scheduled for January 24, 2025 through February 14, 2025.

The Company incurred $3.6 million and $5.9 million during the three and six months ended June 30, 2024, respectively, and immaterial amounts during the three and six months ended June 30, 2023 in legal and professional fees, net of expected insurance reimbursement, related to this litigation. These litigation costs are included in Professional fees in the Condensed Consolidated Statements of Operations.

Note 17—Business Information

The Company’s activities of providing advisory services for M&A, private placements and financial advisory, as well as services for underwriting of securities offered for sale in public markets, and equity research constitute a single business segment. The Company is organized as one operating segment in order to maximize the value of advice to clients by drawing upon the diversified expertise and broad relationships of its senior professionals across the Company. The Company has a single operating segment and therefore a single reportable segment.

For the three months ended June 30, 2024, revenues of $137.9 million related to two individual clients, each accounting for more than 10% of aggregate revenue, while revenues of $17.0 million related to one individual client, which accounted for more than 10% of aggregate revenue for the three months ended June 30, 2023. For the six months ended June 30, 2024, revenues of $137.9 million related to two individual clients, each accounting for more than 10% of aggregate revenue, while no individual client accounted for more than 10% of aggregate revenue for the six months ended June 30, 2023. Since the financial markets are global in nature, the Company generally manages its business based on the operating results of the Company taken as a whole, not by geographic region. The following tables set forth the geographical distribution of revenues and assets based on the location of the office that generates the revenues or holds the assets and therefore may not be indicative of the geography in which the Company’s clients are located:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Revenues
United States	$	239,788	$	134,782	$	322,477	$	230,320
International	32,210		30,763		51,648		66,651
Total	$	271,998	$	165,545	$	374,125	$	296,971

Perella Weinberg Partners

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(Dollars in Thousands, Except Per Share Amounts and Where Otherwise Noted)


	June 30, 2024		December 31, 2023
Assets
United States	$	505,904	$	569,332
International	139,606		191,776
Total	$	645,510	$	761,108

Note 18—Subsequent Events

The Company has evaluated subsequent events through the issuance date of these condensed consolidated financial statements.

Dividends Declared

On July 31, 2024, the Company’s Board of Directors declared a cash dividend of $0.07 per outstanding share of Class A common stock. This dividend will be paid on September 16, 2024 to Class A common stockholders of record on September 5, 2024. Holders of Class B common stock will also receive dividends equal to the amount of dividends declared on 0.001 shares of Class A common stock.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the unaudited condensed consolidated financial statements and related notes included elsewhere in this Form 10-Q. This discussion contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from the forward-looking statements below. Factors that could cause or contribute to such differences include, but are not limited to, those identified below and those discussed in the section entitled “Risk Factors” and elsewhere in this Form 10-Q.

Executive Overview

We are a leading global independent advisory firm that provides strategic and financial advice to clients across some of the most active industry sectors and international markets. Our wide range of global clients include large public multinational corporations, mid-sized public and private companies, individual entrepreneurs, private and institutional investors, creditor committees and government institutions.

For further information regarding our business, refer to “Part I. Item 1. Business” and “Part I. Item1A. Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 as filed with the SEC on February 23, 2024.

Business Environment

Economic and global financial market conditions impact our financial performance. The market environment for advisory services is improving, driving increased dialogue and activity levels across the traditional M&A markets.

Our core advisory services benefit from macroeconomic changes that impact our client base and lead them to consider business combinations, acquisitions and divestitures, capital raises and restructurings. We continue to invest in our platform to achieve scale, accelerate growth, and deliver value.

See “Risk Factors” included in our Annual Report on Form 10-K for a discussion of some of the factors that can affect our performance.

Key Financial Measures

Revenues

We operate in a highly competitive environment, and each revenue-generating engagement is separately solicited and negotiated. Our fee-paying client engagements are not predictable, and we may experience fluctuations in revenues from quarter to quarter. To develop new business, we maintain an active business dialogue with existing and potential clients, and we expect to add new clients each year through expanding our relationships, hiring senior advisory professionals, and receiving introductions from our relationship network. However, we also lose clients each year due to various factors, such as sales or mergers, changes in clients’ senior management, and competition from other financial services firms.

Our revenue recognition is often tied to the completion of a transaction, which can be delayed or terminated due to various reasons, including failure to obtain regulatory or board approval, failure to secure financing, or adverse market conditions. Larger transactions may take longer to close, adding unpredictability to the timing of revenues. Despite our efforts, we may receive lower advisory fees or no fee at all if a transaction is not completed. Other barriers to the completion of restructuring transactions include a lack of anticipated bidders, failure to obtain court approval, or a failure to reach an agreement with creditors. In such cases, our advisory fees may be limited to monthly retainer fees plus the reimbursement of expenses.

We do not present our revenue by the type of advice we provide because of the complexity of the transactions on which we may earn revenue and our holistic approach to client service. For instance, a traditional M&A engagement may require additional advisory services, such as capital markets or capital solutions advice or a private capital raise, which may call for cross-functional expertise from our professionals. We focus on dedicating the necessary resources and expertise to each engagement, regardless of product lines, to achieve the desired outcome for our clients. Consequently, tracking the type of advisory service offered in each instance is not practical.

Operating Expenses

Our operating expenses are classified as (i) total compensation and benefits expenses, including equity-based compensation, and (ii) non-compensation expenses.

Compensation and Benefits Expenses

Our compensation and benefits expenses consist of salaries, bonuses (discretionary awards and guaranteed amounts), severance, payroll and related taxes, benefits, and the amortization of equity-based compensation awards that are subject to a service-based vesting condition, and in some cases, a market-based performance vesting condition. These expenses also include signing bonuses and compensation paid pursuant to guarantees for new hires.

Compensation is determined by management based on revenues earned, headcount, labor market conditions, and anticipated compensation requirements for our employees. Such factors can fluctuate, including headcount and revenues earned, and as a result, our compensation expenses may fluctuate materially in any particular period.

Prior to the Merger, the amortization expense for certain equity-based awards granted by Professional Partners was allocated fully to non-controlling interests. As a result of the Merger, these awards are considered granted by PWP OpCo and PWP OpCo as a whole bears the cost of the cash settlement feature of the awards, which was added in conjunction with the Merger. As a result, subsequent to the Merger, the Company allocates the costs associated with these awards between Perella Weinberg Partners and non-controlling interests in proportion to their ownership interests, which is consistent with the allocation of the other profit and loss activity of PWP OpCo.

Non-Compensation Expenses

Our non-compensation expenses include the costs of professional fees, technology and infrastructure, rent and occupancy, travel and related expenses, depreciation and amortization and general, administrative and other expenses. Our non-compensation expenses also include certain expenses reimbursed by our clients. Overall, our non-compensation expenses are subject to variability due to multiple factors, including headcount, business needs, and inflation.

Non-Operating Income (Expenses)

Non-operating income (expenses) includes the impact of income and expense items that we consider to be non-operational in nature, which typically includes related party income, interest income and expense, and other non-operating gains (losses), including the impact of foreign exchange rate fluctuations.

Non-Controlling Interests

Non-controlling interests represent the ownership interests in PWP OpCo held by holders other than Perella Weinberg Partners, which are current and former working partners and the ILP. Profits and losses of PWP OpCo are allocated to the non-controlling interests in proportion to their ownership interest regardless of their basis, with an exception for certain equity-based compensation expense which was fully attributed to non-controlling interests prior to the Merger.

Results of Operations

The following is a discussion of our results of operations for the respective periods indicated:


	Three Months Ended June 30,					Six Months Ended June 30,
(Dollars in thousands)	2024		2023		2024 vs. 2023	2024		2023		2024 vs. 2023
Revenues	$	271,998	$	165,545	64%	$	374,125	$	296,971	26%
Expenses
Compensation and benefits	149,973		106,216		41%	218,563		176,179		24%
Equity-based compensation	160,498		42,212		280%	207,305		89,883		131%
Total compensation and benefits	310,471		148,428		109%	425,868		266,062		60%
Non-compensation expenses	43,759		38,869		13%	84,052		75,351		12%
Total operating expenses	354,230		187,297		89%	509,920		341,413		49%
Operating income (loss)	(82,232)		(21,752)		(278)%	(135,795)		(44,442)		(206)%
Non-operating income (expenses)
Related party income	—		276		(100)%	—		549		(100)%
Other income (expense)	745		(1,337)		NM	3,402		(1,054)		NM

Total non-operating income (expenses)	745		(1,061)		NM	3,402		(505)		NM
Income (loss) before income taxes	(81,487)		(22,813)		(257)%	(132,393)		(44,947)		(195)%
Income tax expense (benefit)	(642)		(4,543)		86%	18,452		743		NM
Net income (loss)	(80,845)		(18,270)		(343)%	(150,845)		(45,690)		(230)%
Less: Net income (loss) attributable to non-controlling interests	(14,817)		(18,629)		20%	(48,973)		(40,926)		(20)%
Net income (loss) attributable to Perella Weinberg Partners	$	(66,028)	$	359	NM	$	(101,872)	$	(4,764)	NM
NM = Not meaningful

Revenues

The following table provides revenue statistics for the three and six months ended June 30, 2024 and 2023:


	Three Months Ended June 30,			Six Months Ended June 30,
	2024	2023	2024 vs. 2023	2024	2023	2024 vs. 2023
Total Advisory Clients	88	88	—	120	124	(4)
Total Clients with Fees Greater than $1.0 million	42	36	6	65	64	1

Revenues were $272.0 million for the three months ended June 30, 2024 as compared with $165.5 million for the three months ended June 30, 2023, representing an increase of 64%. The increase was attributable to increased mergers and acquisition and financing and capital solutions activity, driven by larger transactions and related fee events across the business.

Revenues were $374.1 million for the six months ended June 30, 2024 as compared with $297.0 million for the six months ended June 30, 2023, representing an increase of 26%. Similar to the quarter-to-date period, revenues attributed to mergers and acquisition and financing and capital solutions activity were higher year-over-year, driven by larger transactions and related fee events across the business.

Compensation and Benefits Expenses

For the three months ended June 30, 2024, total compensation and benefits expenses were $310.5 million, an increase of 109% compared with $148.4 million for the three months ended June 30, 2023. The substantial increase in total compensation and benefits expenses was primarily the result of the Vesting Acceleration of the Professional Partners Awards that resulted in $130.0 million of equity-based compensation expense for those awards for the three months ended June 30, 2024, compared to $15.2 million of equity-based compensation expense in the prior year period for those same awards. The overall increase was also driven by higher equity-based compensation expense from the phase-in of our annual award grants and by a higher bonus accrual in the current year period due to a higher revenue base.

For the six months ended June 30, 2024, total compensation and benefits expenses were $425.9 million, an increase of 60% compared with $266.1 million for the six months ended June 30, 2023. Consistent with the three months ended period, the increase in total compensation and benefits expenses was primarily the result of higher equity-based compensation expense as well as a higher bonus accrual due to increased revenues. The Vesting Acceleration resulted in $144.0 million of equity-based compensation related to the Professional Partners Awards as compared to $32.3 million in the prior year period for those same awards.

Non-Compensation Expenses

For the three months ended June 30, 2024, total non-compensation expenses were $43.8 million, an increase of 13% compared with $38.9 million for the three months ended June 30, 2023. The increase in non-compensation expenses was primarily the result of increased legal and consulting spend, bad debt expense, and higher depreciation expense due to new assets being placed in service subsequent to the second quarter of 2023 related to the renovation of the New York office space. These increases were partially offset by lower rent costs and reduced VAT expense.

For the six months ended June 30, 2024, total non-compensation expenses were $84.1 million, an increase of 12% compared with $75.4 million for the six months ended June 30, 2023. Consistent with the three months ended period, the increase in non-compensation expenses was primarily the result of increased legal and consulting spend, bad debt expense, as well as higher depreciation expense due to the timing of leasehold assets being placed in service from our New York and London office renovation and relocation. These increases were partially offset by reduced rent costs, VAT expense, and D&O insurance costs.

Non-Operating Income (Expenses)

For the three months ended June 30, 2024, non-operating income was $0.7 million compared with non-operating expenses of $(1.1) million for the three months ended June 30, 2023. In the current period, non-operating income included interest income partially offset by a loss on fixed asset disposals and a net loss from foreign exchange rate fluctuations. In comparison to the current year, non-operating expenses for the three months ended June 30, 2023 included slightly lower interest income, a larger net loss from foreign exchange rate fluctuations, and a non-operating loss on investment. For both 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.

For the six months ended June 30, 2024, non-operating income was $3.4 million compared with non-operating expenses of $(0.5) million for the six months ended June 30, 2023. In the current period, non-operating income included interest income, which increased from the prior year due to higher interest rates and larger interest-bearing cash balances. Non-operating expenses in the prior year period primarily included interest income offset by a non-operating loss on investment as well as a net loss from foreign exchange rate fluctuations as compared to a nominal net gain during the six months ended June 30, 2024. For both 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.

Income Tax Expense (Benefit)

The Company’s income tax benefit and effective tax rate were $(0.6) million and 0.8%, respectively, for the three months ended June 30, 2024 compared to an income tax benefit and effective tax rate of $(4.5) million and 19.9%, respectively, for the three months ended June 30, 2023. The change in the effective tax rate was primarily due to the relative size of our permanent differences in relation to the pre-tax loss in the respective periods.

The Company’s income tax expense and effective tax rate were $18.5 million and (13.9)%, respectively, for the six months ended June 30, 2024 compared to an income tax expense and effective tax rate of $0.7 million and (1.7)%, respectively, for the six months ended June 30, 2023. The change in the effective tax rate was primarily due to the relative size of our permanent differences in relation to the pre-tax loss in the respective periods, which was partially offset by the recognition of tax benefits associated with the appreciation in our share price upon vesting of RSUs above the original grant price during the six months ended June 30, 2024.

Liquidity and Capital Resources

General

We regularly monitor our liquidity position, including cash and cash equivalents, working capital assets and liabilities, commitments and other liquidity requirements. Our primary sources of liquidity are generally our cash balances, investments in short-term marketable debt securities, the net cash generated from operations, and the available borrowing capacity under our Revolving Credit Facility. Our primary cash needs are for working capital, operating expenses (including cash compensation for our employees), repurchasing shares of the Company’s Class A common stock, withholding tax payments for vested PWP Incentive Plan Awards, cash-settled exchanges of PWP OpCo Units, income taxes, dividends and distributions, capital expenditures, making payments pursuant to the tax receivable agreement, commitments, and strategic investments. We generally pay a significant portion of our annual cash incentive compensation during the first quarter of each calendar year with respect to the prior year’s results. Therefore, levels of cash and/or investments in short-term marketable debt securities generally decline during the first quarter and build over the remainder of the year.

Our current assets are primarily 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 includes cash held at banks, including interest-bearing money market accounts. As of June 30, 2024 and December 31, 2023, we had cash balances of $185.3 million and $247.2 million, respectively, and as of December 31, 2023, investments in short-term marketable debt securities, consisting entirely of U.S. Treasury securities, of $91.2 million.

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 were $90.5 million, net of a $1.2 million allowance for credit losses balance as of June 30, 2024. Accounts receivable were $47.8 million, net of a $2.2 million allowance for credit losses balance as of December 31, 2023.

We have a Revolving Credit Facility with Cadence Bank with an available line of credit of $50.0 million. Additionally, up to $20.0 million of incremental revolving commitments above the $50.0 million commitment amount may be incurred under the Credit Agreement. As of June 30, 2024, we had no outstanding balance related to the Revolving Credit Facility and no incremental revolving commitments were incurred. For further information on the Revolving Credit Facility, refer to Note 10—Debt in the notes to condensed consolidated financial statements included elsewhere in this Form 10-Q.

On March 1, 2024, we issued and sold 5,750,000 shares of Class A common stock at a price of $12.00 per share for net proceeds of $66.0 million after deducting underwriting discounts and offering costs.

During the second quarter of 2024, we paid or accrued a combined $86.6 million in settlement of ACUs in connection with the Vesting Acceleration. Refer to Note 11—Equity-Based Compensation in the notes to the condensed consolidated financial statements for further information regarding the Vesting Acceleration. Also during the second quarter of 2024, we elected to settle exchanges of certain PWP OpCo Units and corresponding shares of Class B common stock for $19.5 million in cash.

Based on current market conditions, we believe that our cash on hand, net cash generated from operations and the available borrowing capacity under our Revolving Credit Facility will be sufficient to meet our operating needs and commitments for the next twelve months; however, if these sources of liquidity are not sufficient, we may seek additional debt or equity financing.

Cash Flows

A summary of our operating, investing and financing cash flows is as follows:


	Six Months Ended June 30,
(Dollars in thousands)	2024		2023
Cash Provided By (Used In) Operating Activities
Net income (loss)	$	(150,845)	$	(45,690)
Non-cash charges and other operating activity adjustments	155,476		107,214
Other operating activities	(120,967)		(111,891)
Total operating activities	(116,336)		(50,367)
Investing Activities	76,464		56,477
Financing Activities	(22,957)		(50,083)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(762)		2,217
Net increase (decrease) in cash, cash equivalents and restricted cash	(63,591)		(41,756)
Cash, cash equivalents and restricted cash, beginning of period	250,102		174,166
Cash, cash equivalents and restricted cash, end of period	$	186,511	$	132,410

Six Months Ended June 30, 2024

Operating activities resulted in a net cash outflow of $116.3 million primarily attributable to an increase in client receivables and cash operating expense outflows, including the settlement of liability-classified ACUs during the second quarter and discretionary bonuses paid during the first quarter of 2024 with respect to prior year compensation expense.

Investing activities resulted in a net cash inflow of $76.5 million attributable to the maturation of investments in U.S. Treasury securities partially offset by capital expenditures related to office space renovations.

Financing activities resulted in a net cash outflow of $23.0 million primarily due to withholding tax payments for vested PWP Incentive Plan Awards and equity-classified ACUs, the cash settlement of exchanges of PWP OpCo Units, share repurchases, dividend payments, and distributions to partners, all of which was partially offset by the issuance of 5,750,000 shares of Class A common stock for net proceeds of $66.0 million.

Six Months Ended June 30, 2023

Operating activities resulted in a net cash outflow of $50.4 million primarily attributable to cash operating expense outflows, including discretionary bonuses paid during the first quarter of 2023 with respect to prior year compensation expense, partially offset by cash collections from clients.

Investing activities resulted in a net cash inflow of $56.5 million largely attributable to the maturation of investments in U.S. Treasury securities, net of additional investments in U.S. Treasury securities as well as capital expenditures related to office space renovations.

Financing activities resulted in a net cash outflow of $50.1 million primarily related to the repurchase of shares pursuant to the stock repurchase program, withholding tax payments for vested PWP Incentive Plan Awards, distributions to partners, and dividend payments.

Share Repurchase Program

Our board of directors 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. During the six months ended June 30, 2024, we repurchased 1,000,000 founder shares at a purchase price of $15.00 per share. As of June 30, 2024, $93.8 million remains of the $200.0 million authorized for share repurchases.

Exchange Rights

In accordance with the limited partnership agreement of PWP OpCo, holders of PWP OpCo Units (other than the Company) may exchange these units for (i) shares of Class A common stock on a one-for-one basis or (ii) cash from an offering of shares of Class A common stock and (iii) subsequent to the Merger, cash from any other source. Whether future exchanges are settled in cash or shares of Class A common stock is at our option and will depend on our liquidity and capital resources, market conditions, the timing and concentration of exchange elections and other factors. See Note 9—Stockholders’ Equity and Redeemable Non-Controlling Interests in the notes to the condensed consolidated financial statements included elsewhere in the Form 10-Q for further information.

Regulatory Capital

We actively monitor our regulatory capital base. Our principal subsidiaries are subject to regulatory requirements in their respective jurisdictions to ensure general financial soundness and liquidity. This requires, among other things, that we comply with certain minimum capital requirements, record-keeping, reporting procedures, experience and training requirements for employees and certain other requirements and procedures. These regulatory requirements may restrict the flow of funds to and from affiliates. Refer to Note 6—Regulatory Requirements in the notes to condensed consolidated financial statements included elsewhere in this Form 10-Q for further information. These regulations differ in the United States, United Kingdom, Canada, France and other countries in which we operate a registered broker-dealer or regionally similar construct. The license or regulatory framework under which we operate in each such country is meant to comply with applicable laws and regulations to conduct an advisory business. We believe that we provide each of our subsidiaries with sufficient capital and liquidity, consistent with their business and regulatory requirements to effectively operate in each jurisdiction.

Tax Receivable Agreement

As of June 30, 2024, we had an amount due of $33.8 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 the Form 10-Q for further information as well as the expected timing of payments.

Leases

We have various non-cancelable operating leases for our office space and certain equipment. As of June 30, 2024, we had $181.5 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.

Market Risk and Credit Risk

Our business is not capital-intensive and we do not invest in derivative instruments. We are not subject to significant market risk (including interest rate risk and commodity price risk) or significant credit risk.

Risks Related to Cash and Cash Equivalents

Our cash and cash equivalents include any short-term highly liquid investments that are readily convertible to known amounts of cash and have original maturities of three months or less from the date of purchase. Cash is maintained in U.S. and non-U.S. bank accounts. Most account balances exceed U.S. Federal Deposit Insurance Corporation (FDIC) coverage limits or the coverage limits of the relevant foreign deposit insurance system, as applicable. We believe our cash and cash equivalents are not subject to any material interest rate risk, equity price risk, credit risk or other market risk.

Credit Risk

We regularly review our accounts receivable and allowance for credit losses by considering factors such as historical experience, credit quality, age of the accounts receivable, and the current economic conditions that may affect a client’s ability to pay such amounts owed to us. We maintain an allowance for credit losses that, in our opinion, provides for an adequate reserve to cover current expected credit losses. Refer to Note 2—Summary of Significant Accounting Policies in the notes to condensed consolidated financial statements included elsewhere in this Form 10-Q for further information.

When we invest our excess cash, we manage our credit risk exposure by holding investments primarily with investment grade credit quality.

Exchange Rate Risk

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 its 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, 2024 and 2023, the net impact of non-functional currency related transaction gains (losses) recorded in Other income (expense) on our Condensed Consolidated Statements of Operations was $0.3 million and $(2.2) million, respectively, primarily related to U.S. dollar-denominated cash and intercompany receivables held by our foreign subsidiaries as the strength of the U.S. dollar fluctuated. For the six months ended June 30, 2024 and 2023, the net impact from the fluctuation of foreign currencies recorded in Foreign currency translation gain (loss) within our Condensed Consolidated Statements of Comprehensive Income (Loss) was $(1.2) million and $3.5 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, 2024, we held cash balances of $27.4 million in non-U.S. dollar currencies, composed of pound sterling, euros, and Canadian dollars.

Critical Accounting Estimates

The unaudited condensed consolidated financial statements included elsewhere in this Form 10-Q are prepared in accordance with U.S. GAAP, which requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses, and the disclosure of contingent assets and liabilities. Actual results could differ from those estimates. Estimates and the assumptions underlying these estimates are reviewed periodically, and the effects of revisions are reflected in the period in which they are determined to be necessary. For a discussion of our critical accounting estimates, refer to our Annual Report on Form 10-K filed on February 23, 2024.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Quantitative and qualitative disclosures about market risk are set forth above in “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Market Risk and Credit Risk”.

Item 4. Controls and Procedures

This Item 4 includes information concerning the controls and controls evaluation referred to in the certifications of our Chief Executive Officer and Chief Financial Officer required by Rule 13a-14 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) included in this Quarterly Report on Form 10-Q as Exhibits 31.1 and 31.2.

Management’s Evaluation of Disclosure Controls and Procedures

Disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) are designed to ensure that information required to be disclosed in reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms, and that such information is accumulated and communicated to management to allow timely decisions regarding required disclosures.

In connection with the preparation of this Quarterly Report on Form 10-Q, our management, under the supervision and with the participation of our principal executive officer and principal financial officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures as of June 30, 2024. Based on that evaluation, our principal executive officer and principal financial officer concluded that our disclosure controls and procedures were effective to provide reasonable assurance that the information required to be disclosed in reports that we file or submit under the Exchange Act is accumulated and communicated to management, and made known to our principal executive officer and principle financial officer, on a timely basis to ensure that it is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms.

Changes in Internal Control over Financial Reporting

There were no changes in our internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) during the six months ended June 30, 2024 that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

We are now, and from time to time may in the future be, named as a defendant in legal actions relating to transactions conducted in the ordinary course of business. We may also become involved in other judicial, regulatory and arbitration proceedings concerning matters arising in connection with the conduct of our businesses. Some of these matters may involve claims of substantial amounts.

For details on the current legal proceedings, refer to Note 16—Commitments and Contingencies in the notes to condensed consolidated financial statements included elsewhere in this Form 10-Q.

Item 1A. Risk Factors

There have been no material changes or updates to our risk factors that were previously disclosed in “Part I. Item 1A. Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 as filed with the SEC on February 23, 2024.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Repurchases of Equity Securities

The following table summarizes our repurchase of equity securities during the three months ended June 30, 2024:


Period	Total Number of Shares Repurchased	Average Price Paid Per Unit		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Approximate Dollar Value of Shares yet to be Purchased Under the Publicly Announced Plans or Programs
April 1, 2024 - April 30, 2024	—	$	—	—	$	108,823,525
May 1, 2024 - May 31, 2024	—	$	—	—	$	108,823,525
June 1, 2024 - June 30, 2024	1,000,000	$	15.00	1,000,000	$	93,823,525
Total	1,000,000	$	—	1,000,000

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

During the three months ended June 30, 2024, no director or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

Item 6. Exhibits.


Exhibit Number						Description
3.1*						Certificate of Amendment to the Restated Certificate of Incorporation of Perella Weinberg Partners
31.1*						Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*						Certification of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1**						Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2**						Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS						Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document.
101.SCH						Inline XBRL Taxonomy Extension Schema Document
101.CAL						Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF						Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB						Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE						Inline XBRL Taxonomy Extension Presentation Linkbase Document
104						Cover Page Interactive Data File (embedded within the Inline XBRL document)

* Filed herewith.

** Furnished herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


	PERELLA WEINBERG PARTNERS

Date: August 2, 2024	By:	/s/ ANDREW BEDNAR
		Andrew Bednar
		Chief Executive Officer
		(Principal Executive Officer)

Date: August 2, 2024	By:	/s/ ALEXANDRA GOTTSCHALK
		Alexandra Gottschalk
		Chief Financial Officer
		(Principal Financial Officer and Principal Accounting Officer)

Exhibit 3.1

CERTIFICATE OF AMENDMENT
TO THE
RESTATED CERTIFICATE OF INCORPORATION
OF
PERELLA WEINBERG PARTNERS

Pursuant to Section 242 of the General

Corporation Law of the State of Delaware (the “DGCL”)

Perella Weinberg Partners, a Delaware corporation (hereinafter called the “Corporation”), does hereby certify as follows:

FIRST: Clause (8) of Article FIFTH of the Corporation’s Restated Certificate of Incorporation is hereby amended to read in its entirety as set forth below:

(8) No director or Officer (as defined below) shall be personally liable to the Corporation or any of its stockholders for monetary damages for breach of fiduciary duty as a director or Officer; provided, however, that, to the extent required by the provisions of Section 102(b)(7) of the DGCL or any successor statute, or any other laws of the State of Delaware, this provision shall not eliminate or limit the liability of(i) a director or Officer for any breach of the director’s or Officer’s duty of loyalty to the Corporation or its stockholders, (ii) a director or Officer for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law, (iii) a director under Section 174 of the DGCL, (iv) a director or Officer for any transaction from which the director or Officer derived an improper personal benefit or (v) an Officer in any action by or in the right of the Corporation. If the DGCL is amended after the date of this Restated Certificate of Incorporation to authorize the further elimination or limitation of the liability of directors or Officers, then the liability of a director or Officer of the Corporation, in addition to the limitation on personal liability provided in this Restated Certificate of Incorporation, shall be limited to the fullest extent permitted by the DGCL, as so amended. Any amendment, repeal or elimination of this Clause (8) of Article FIFTH shall not affect its application with respect to an act or omission by a director or Officer occurring before such amendment, repeal or elimination. All references in this Clause (8) of Article FIFTH to an “Officer” shall mean only a person who, at the time of an act or omission as to which liability is asserted, falls within the meaning of the term “officer,” as defined in Section 102(b)(7) of the DGCL.

SECOND: The foregoing amendment was duly adopted in accordance with Section 242 of the DGCL.

[SIGNATURE PAGE FOLLOWS]

IN WITNESS WHEREOF, Perella Weinberg Partners has caused this Certificate to be duly executed in its corporate name this 24th day of May, 2024.


	PERELLA WEINBERG PARTNERS

Date: May 24, 2024	By:	/s/ ALEXANDRA GOTTSCHALK
		Alexandra Gottschalk
		Chief Financial Officer
		(Principal Executive Officer)

Exhibit 31.1

CERTIFICATION PURSUANT TO

RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934,

AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Andrew Bednar, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of Perella Weinberg Partners;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

c.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.


Date: August 2, 2024	By:	/s/ ANDREW BEDNAR
		Andrew Bednar
		Chief Executive Officer
		(Principal Executive Officer)

Exhibit 31.2

CERTIFICATION PURSUANT TO

RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934,

AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Alexandra Gottschalk, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of Perella Weinberg Partners;

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.


Date: August 2, 2024	By:	/s/ ALEXANDRA GOTTSCHALK
		Alexandra Gottschalk
		Chief Financial Officer
		(Principal Financial Officer)

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q for the period ended June 30, 2024, as filed by Perella Weinberg Partners (the “Company”) with the Securities and Exchange Commission on the date hereof (the “Report”), I certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

(1)The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


Date: August 2, 2024	By:	/s/ ANDREW BEDNAR
		Andrew Bednar
		Chief Executive Officer
		(Principal Executive Officer)

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

(1)The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


Date: August 2, 2024	By:	/s/ ALEXANDRA GOTTSCHALK
		Alexandra Gottschalk
		Chief Financial Officer
		(Principal Financial Officer)

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2024	Jul. 30, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-39558
Entity Registrant Name	PERELLA WEINBERG PARTNERS
Entity Incorporation State Country Code	DE
Entity Tax Identification Number	84-1770732
Entity Address, Address Line One	767 Fifth Avenue
Entity Address City Or Town	New York
Entity Address State Or Province	NY
Entity Address, Postal Zip Code	10153
City Area Code	212
Local Phone Number	287-3200
Title of 12(b) Security	Class A Common Stock, par value $0.0001 per share
Trading Symbol	PWP
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Central Index Key	0001777835
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		52,535,701
Class B Common Stock, par value $0.0001 per share
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		33,303,517

Condensed Consolidated Statements of Financial Condition (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	$ 185,280	$ 247,171
Restricted cash	1,231	2,931
Investments in short-term marketable debt securities	0	91,174
Accounts receivable, net of allowance	90,519	47,771
Fixed assets, net of accumulated depreciation and amortization	90,913	93,652
Intangible assets, net of accumulated amortization	15,902	19,192
Goodwill	34,383	34,383
Prepaid expenses and other assets	32,166	30,871
Right-of-use lease assets	139,376	143,935
Deferred tax assets, net	52,147	46,453
Total assets	645,510	761,108
Liabilities, Redeemable Non-Controlling Interests, and Equity
Accrued compensation and benefits	132,777	233,927
Accounts payable, accrued expenses and other liabilities	74,019	52,106
Lease liabilities	181,478	175,901
Amount due pursuant to tax receivable agreement	33,845	30,928
Total liabilities	422,119	492,862
Commitments and Contingencies (Note 16)
Redeemable non-controlling interests, 32,884,770 units at redemption value of $15.40 per unit as of June 30, 2024	506,366	0
Equity
Preferred stock, par value $0.0001 per share (100,000,000 shares authorized, no shares issued and outstanding at June 30, 2024 and December 31, 2023)	0	0
Additional paid-in-capital	4,115	312,523
Retained earnings (accumulated deficit)	(167,852)	(54,650)
Accumulated other comprehensive income (loss)	(5,166)	(4,480)
Treasury stock, at cost (13,579,524 and 12,718,224 shares of Class A common stock at June 30, 2024 and December 31, 2023, respectively)	(114,082)	(100,747)
Total Perella Weinberg Partners equity	(282,975)	152,656
Non-controlling interests	0	115,590
Total equity	(282,975)	268,246
Total liabilities, redeemable non-controlling interests, and equity	645,510	761,108
Related Party
Assets
Due from related parties	3,593	3,575
Class A Common Stock
Equity
Common stock value	7	6
Class B Common Stock
Equity
Common stock value	$ 3	$ 4

Condensed Consolidated Statements of Financial Condition (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Redeemable non-controlling interests, units (in Shares)	32,884,770
Redeemable non-controlling interests (in Dollars per share)	$ 15.40
Other Receivable, after Allowance for Credit Loss, Current, Related Party, Type [Extensible Enumeration]	Related Party	Related Party
Preferred stock par or stated value per share (in Dollars per Share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in Shares)	100,000,000	100,000,000
Preferred stock, shares outstanding (in shares)	0	0
Preferred stock, shares issued (in shares)	0	0
Class A Common Stock
Common stock par value (in Dollars per Share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in Shares)	1,500,000,000	1,500,000,000
Common stock, shares issued (in Shares)	66,115,225	57,361,073
Common stock shares outstanding (in Shares)	52,535,701	44,642,849
Treasury stock, shares (in Shares)	13,579,524	12,718,224
Class B Common Stock
Common stock par value (in Dollars per Share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in Shares)	600,000,000	600,000,000
Common stock, shares issued (in Shares)	33,303,517	41,589,339
Common stock shares outstanding (in Shares)	33,303,517	41,589,339

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues	$ 271,998	$ 165,545	$ 374,125	$ 296,971
Expenses
Compensation and benefits	149,973	106,216	218,563	176,179
Equity-based compensation	160,498	42,212	207,305	89,883
Total compensation and benefits	310,471	148,428	425,868	266,062
Professional fees	11,743	8,737	22,803	16,290
Technology and infrastructure	9,125	9,293	17,897	17,805
Rent and occupancy	5,860	6,678	12,137	14,092
Travel and related expenses	4,700	4,726	9,285	9,500
General, administrative and other expenses	7,223	5,796	11,742	11,190
Depreciation and amortization	5,108	3,639	10,188	6,474
Total expenses	354,230	187,297	509,920	341,413
Operating income (loss)	(82,232)	(21,752)	(135,795)	(44,442)
Non-operating income (expenses)
Total non-operating income (expenses)	745	(1,061)	3,402	(505)
Income (loss) before income taxes	(81,487)	(22,813)	(132,393)	(44,947)
Income tax expense (benefit)	(642)	(4,543)	18,452	743
Net income (loss)	(80,845)	(18,270)	(150,845)	(45,690)
Less: Net income (loss) attributable to non-controlling interests	(14,817)	(18,629)	(48,973)	(40,926)
Net income (loss) attributable to Perella Weinberg Partners	$ (66,028)	$ 359	$ (101,872)	$ (4,764)
Net income (loss) per share attributable to Class A common shareholders
Basic (in Dollars per Share)	$ (1.21)	$ 0.01	$ (1.96)	$ (0.11)
Diluted (in Dollars per Share)	$ (1.21)	$ (0.19)	$ (1.96)	$ (0.56)
Weighted-average shares of Class A common stock outstanding
Basic (in Shares)	54,589,542	42,743,611	51,894,913	42,531,895
Diluted (in Shares)	54,589,542	86,521,626	51,894,913	86,566,075
Related Party
Non-operating income (expenses)
Related party income	$ 0	$ 276	$ 0	$ 549
Other income (expense)	0	276	0	549
Nonrelated Party
Non-operating income (expenses)
Related party income	745	(1,337)	3,402	(1,054)
Other income (expense)	$ 745	$ (1,337)	$ 3,402	$ (1,054)

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (80,845)	$ (18,270)	$ (150,845)	$ (45,690)
Foreign currency translation gain (loss), net of tax	(16)	1,898	(1,206)	3,483
Comprehensive income (loss)	(80,861)	(16,372)	(152,051)	(42,207)
Less: Comprehensive income (loss) attributable to non-controlling interests	(14,781)	(17,661)	(49,493)	(39,159)
Comprehensive income (loss) attributable to Perella Weinberg Partners	$ (66,080)	$ 1,289	$ (102,558)	$ (3,048)

Condensed Consolidated Statements of Changes in Equity and Redeemable Non-Controlling Interests (Unaudited) - USD ($) $ in Thousands	Total	Class A Common Stock	Class B Common Stock	Common Stock Class A Common Stock	Common Stock Class B Common Stock	Treasury Stock	Additional Paid-In Capital	Retained Earnings (Accumulated Deficit)	Accumulated Other Comprehensive Income (Loss)	Non- Controlling Interests
Beginning balance (in shares) at Dec. 31, 2022				52,237,247	44,563,877
Beginning treasury stock balance (in shares) at Dec. 31, 2022						(10,492,286)
Beginning Balance at Dec. 31, 2022	$ 260,140			$ 5	$ 4	$ (80,067)	$ 242,129	$ (18,071)	$ (6,538)	$ 122,678
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(27,420)							(5,123)		(22,297)
Equity-based awards	48,266						27,932			20,334
Distributions to partners	(3,119)									(3,119)
Issuance of Class A common stock for vested PWP Incentive Plan Awards (in shares)				1,250,162		99,057
Issuance of Class A common stock for vested PWP Incentive Plan Awards	0					$ 1,189	(1,189)
Withholding tax payments on vested PWP Incentive Plan Awards	(11,356)						(11,356)
Dividends declared ($0.07 per share of Class A common stock)	(4,756)						169	(4,925)
Foreign currency translation gain (loss), net of tax	1,585								786	799
Other	(31)						(14)			(17)
Exchange of PWP OpCo Units and corresponding Class B common stock for Class A common stock (in shares)				786,644	(785,862)
Exchange of PWP OpCo Units and corresponding Class B common stock for Class A common stock (Note 9—Stockholders’ Equity and Redeemable Non-Controlling Interests)	457						457
Change in ownership interests	0						2,678			(2,678)
Treasury stock purchase (in shares)						(1,457,304)
Treasury stock purchase	(14,754)					$ (14,754)
Ending balance (in shares) at Mar. 31, 2023				54,274,053	43,778,015
Ending treasury stock balance (in shares) at Mar. 31, 2023						(11,850,533)
Ending Balance at Mar. 31, 2023	249,012			$ 5	$ 4	$ (93,632)	260,806	(28,119)	(5,752)	115,700
Beginning balance (in shares) at Dec. 31, 2022				52,237,247	44,563,877
Beginning treasury stock balance (in shares) at Dec. 31, 2022						(10,492,286)
Beginning Balance at Dec. 31, 2022	260,140			$ 5	$ 4	$ (80,067)	242,129	(18,071)	(6,538)	122,678
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(45,690)
Net income (loss)	(4,764)
Foreign currency translation gain (loss), net of tax	3,483
Exchange of PWP OpCo Units and corresponding Class B common stock for Class A common stock (in shares)				786,644
Ending balance (in shares) at Jun. 30, 2023				54,371,216	43,778,015
Ending treasury stock balance (in shares) at Jun. 30, 2023						(12,745,526)
Ending Balance at Jun. 30, 2023	258,268			$ 5	$ 4	$ (101,074)	279,317	(32,616)	(4,822)	117,454
Beginning balance (in shares) at Mar. 31, 2023				54,274,053	43,778,015
Beginning treasury stock balance (in shares) at Mar. 31, 2023						(11,850,533)
Beginning Balance at Mar. 31, 2023	249,012			$ 5	$ 4	$ (93,632)	260,806	(28,119)	(5,752)	115,700
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(18,270)							359		(18,629)
Net income (loss)	359
Equity-based awards	42,580						24,173			18,407
Distributions to partners	(5,692)									(5,692)
Issuance of Class A common stock for vested PWP Incentive Plan Awards (in shares)				97,163		24,386
Issuance of Class A common stock for vested PWP Incentive Plan Awards	6					$ 293	(189)	(98)
Withholding tax payments on vested PWP Incentive Plan Awards	(453)						(453)
Dividends declared ($0.07 per share of Class A common stock)	(4,602)						156	(4,758)
Foreign currency translation gain (loss), net of tax	1,898								930	968
Other	1,524						747			777
Exchange of PWP OpCo Units and corresponding Class B common stock for Class A common stock (in shares)				0
Change in ownership interests	0						(5,923)			5,923
Treasury stock purchase (in shares)						(919,379)
Treasury stock purchase	(7,735)					$ (7,735)
Ending balance (in shares) at Jun. 30, 2023				54,371,216	43,778,015
Ending treasury stock balance (in shares) at Jun. 30, 2023						(12,745,526)
Ending Balance at Jun. 30, 2023	258,268			$ 5	$ 4	$ (101,074)	279,317	(32,616)	(4,822)	117,454
Beginning balance (in shares) at Dec. 31, 2023		44,642,849	41,589,339	57,361,073	41,589,339
Beginning treasury stock balance (in shares) at Dec. 31, 2023		(12,718,224)				(12,718,224)
Beginning Balance at Dec. 31, 2023	268,246			$ 6	$ 4	$ (100,747)	312,523	(54,650)	(4,480)	115,590
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(70,000)							(35,844)		(34,156)
Equity-based awards	47,313						33,371			13,942
Distributions to partners	(2,867)									(2,867)
Issuance of Class A common stock for vested PWP Incentive Plan Awards (in shares)				2,086,273		113,673
Issuance of Class A common stock for vested PWP Incentive Plan Awards	0					$ 1,364	(1,143)	(221)
Withholding tax payments on vested PWP Incentive Plan Awards	(24,568)						(24,568)
Dividends declared ($0.07 per share of Class A common stock)	(5,115)						150	(5,265)
Foreign currency translation gain (loss), net of tax	(1,190)								(634)	(556)
Other	645						656	0		(11)
Issuance of Class A common stock in public offering (Note 9—Stockholders’ Equity and Redeemable Non-Controlling Interests) (in shares)				5,750,000
Issuance of Class A common stock in public offering (Note 9—Stockholders’ Equity and Redeemable Non-Controlling Interests)	65,987			$ 1			65,986
Exchange of PWP OpCo Units and corresponding Class B common stock for Class A common stock (in shares)				794,146	(793,354)
Exchange of PWP OpCo Units and corresponding Class B common stock for Class A common stock (Note 9—Stockholders’ Equity and Redeemable Non-Controlling Interests)	570						570
Change in ownership interests	0						(25,168)			25,168
Ending balance (in shares) at Mar. 31, 2024				65,991,492	40,795,985
Ending treasury stock balance (in shares) at Mar. 31, 2024						(12,604,551)
Ending Balance at Mar. 31, 2024	279,021			$ 7	$ 4	$ (99,383)	362,377	(95,980)	(5,114)	117,110
Beginning Balance at Dec. 31, 2023	0
Ending Balance at Mar. 31, 2024	0
Beginning balance (in shares) at Dec. 31, 2023		44,642,849	41,589,339	57,361,073	41,589,339
Beginning treasury stock balance (in shares) at Dec. 31, 2023		(12,718,224)				(12,718,224)
Beginning Balance at Dec. 31, 2023	268,246			$ 6	$ 4	$ (100,747)	312,523	(54,650)	(4,480)	115,590
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(150,845)
Net income (loss)	(101,872)
Foreign currency translation gain (loss), net of tax	(1,206)
Ending balance (in shares) at Jun. 30, 2024		52,535,701	33,303,517	66,115,225	33,303,517
Ending treasury stock balance (in shares) at Jun. 30, 2024		(13,579,524)				(13,579,524)
Ending Balance at Jun. 30, 2024	(282,975)			$ 7	$ 3	$ (114,082)	4,115	(167,852)	(5,166)	0
Beginning Balance at Dec. 31, 2023	0
Ending Balance at Jun. 30, 2024	506,366
Beginning balance (in shares) at Mar. 31, 2024				65,991,492	40,795,985
Beginning treasury stock balance (in shares) at Mar. 31, 2024						(12,604,551)
Beginning Balance at Mar. 31, 2024	279,021			$ 7	$ 4	$ (99,383)	362,377	(95,980)	(5,114)	117,110
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(80,845)
Net income (loss)	(66,028)							(66,028)
Equity-based awards	30,967						30,967
Issuance of Class A common stock for vested PWP Incentive Plan Awards (in shares)				123,733		25,027
Issuance of Class A common stock for vested PWP Incentive Plan Awards	0					$ 301	(206)	(95)
Withholding tax payments on vested PWP Incentive Plan Awards	(1,264)						(1,264)
Dividends declared ($0.07 per share of Class A common stock)	(5,617)						132	(5,749)
Foreign currency translation gain (loss)	(52)								(52)
Foreign currency translation gain (loss), net of tax	(16)
Other	634						634
Change in ownership interests	37,735						37,735
Exchange of PWP OpCo Units and corresponding Class B common stock for cash (Note 9-Stockholders' Equity and Redeemable Non-Controlling Interests) (in shares)					(1,343,257)
Exchange of PWP OpCo Units and corresponding Class B common stock for cash (Note 9—Stockholders’ Equity and Redeemable Non-Controlling Interests)	(7,392)						(19)			(7,373)
Effect of the merger and related transactions (in shares)					(6,149,211)
Effect of the Merger and related transactions	(109,674)				$ (1)		64			(109,737)
Treasury stock purchase (in shares)						(1,000,000)
Treasury stock purchase	(15,000)					$ (15,000)
Changes in redemption value of redeemable non-controlling interests	(426,305)						(426,305)
Ending balance (in shares) at Jun. 30, 2024		52,535,701	33,303,517	66,115,225	33,303,517
Ending treasury stock balance (in shares) at Jun. 30, 2024		(13,579,524)				(13,579,524)
Ending Balance at Jun. 30, 2024	(282,975)			$ 7	$ 3	$ (114,082)	$ 4,115	$ (167,852)	$ (5,166)	$ 0
Beginning Balance at Mar. 31, 2024	0
Redeemable Non-Controlling Interests
Effect of the Merger and related transactions	97,496
Net income (loss)	(14,817)
Equity-based awards	60,794
Distributions to partners	(2,331)
Withholding tax payments on vested PWP Incentive Plan Awards and equity-classified ACUs	(12,534)
Foreign currency translation gain (loss)	36
Other	14
Exchange of PWP OpCo Units and corresponding Class B common stock for cash (Note 9—Stockholders’ Equity and Redeemable Non-Controlling Interests)	(10,862)
Change in ownership interests	(37,735)
Changes in redemption value of redeemable non-controlling interests	426,305
Ending Balance at Jun. 30, 2024	$ 506,366

Condensed Consolidated Statements of Changes in Equity and Redeemable Non-Controlling Interests (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023
Class A Common Stock
Dividend declared (in Dollars per Share)	$ 0.07	$ 0.07	$ 0.07	$ 0.07

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities
Net income (loss)	$ (150,845)	$ (45,690)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Equity-based awards vesting expense	137,392	90,846
Depreciation and amortization	10,188	6,474
Bad debt expense	3,544	1,065
Foreign currency revaluation	(513)	1,401
Non-cash operating lease expense	5,250	7,006
Deferred taxes	(992)	343
Other	607	79
Decrease (increase) in operating assets:
Accounts receivable, net of allowance	(46,903)	16,431
Due from related parties	(18)	(138)
Prepaid expenses and other assets	(1,486)	1,364
Increase (decrease) in operating liabilities:
Accrued compensation and benefits	(106,841)	(126,207)
Accounts payable, accrued expenses and other liabilities	29,361	(8,033)
Lease liabilities	4,920	4,692
Net cash provided by (used in) operating activities	(116,336)	(50,367)
Cash flows from investing activities
Purchases of fixed assets	(14,724)	(34,829)
Purchases of investments in short-term marketable debt securities	0	(49,733)
Maturities of investments in short-term marketable debt securities	91,188	140,551
Other	0	488
Net cash provided by (used in) investing activities	76,464	56,477
Cash flows from financing activities
Proceeds from issuance of Class A common stock in public offering, net of underwriting discount and offering costs	65,986	0
Exchange of PWP OpCo Units and corresponding Class B common stock for cash	(19,382)	0
Withholding tax payments for vested PWP Incentive Plan Awards and equity-classified ACUs	(38,366)	(11,809)
Distributions to partners	(5,198)	(8,811)
Dividends paid on Class A and Class B common stock	(8,628)	(6,502)
Treasury stock purchases	(15,000)	(22,489)
Payments pursuant to tax receivable agreement	0	(472)
Other	(2,369)	0
Net cash provided by (used in) financing activities	(22,957)	(50,083)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(762)	2,217
Net increase (decrease) in cash, cash equivalents and restricted cash	(63,591)	(41,756)
Cash, cash equivalents and restricted cash, beginning of period	250,102	174,166
Cash, cash equivalents and restricted cash, end of period	186,511	132,410
Supplemental disclosure of non-cash activities
Lease liabilities arising from obtaining right-of-use lease assets	1,060	178
Accrued capital expenditures	793	6,906
Accrued dividends and dividend equivalent units on unvested PWP Incentive Plan Awards	4,142	3,781
Non-cash paydown of Partner promissory notes	896	1,547
Deferred tax effect resulting from exchanges of PWP OpCo Units, net of amounts payable under tax receivable agreement	1,848	457
Supplemental disclosures of cash flow information
Cash paid for income taxes	$ 1,039	$ 4,185

Organization and Nature of Business	6 Months Ended
Organization and Nature of Business	Jun. 30, 2024
Organization and Nature of Business Abstract
Organization and Nature of Business	Note 1—Organization and Nature of Business Perella Weinberg Partners and its consolidated subsidiaries, including PWP Holdings LP (“PWP OpCo”) (collectively, “PWP” and the “Company”), is a global independent advisory firm that provides strategic and financial advice to a wide range of clients. The Company’s activities as an investment banking advisory firm constitute a single business segment that provides a range of advisory services, including advice related to strategic and financial decisions, mergers and acquisitions (“M&A”) execution, shareholder and defense advisory, financing and capital solutions advice with resources focused on restructuring and liability management, capital markets advisory, private capital placement, as well as specialized underwriting and research services primarily for the energy and related industries. On June 24, 2021, the Company consummated a business combination pursuant to a Business Combination Agreement that resulted in PWP OpCo becoming jointly-owned by Perella Weinberg Partners, PWP Professional Partners LP (together with its successors (including pursuant to the Division and Merger (each as defined below)) and assigns, as applicable, “Professional Partners”) and certain existing partners of PWP OpCo as part of an umbrella limited partnership C-corporation (Up-C) structure (the “Business Combination”). On December 31, 2023, as part of an internal reorganization, Professional Partners was divided into three partnerships pursuant to a plan of division (the “Division”), which, among other things, provided that (i) all of its limited partnership interests in PWP OpCo were allocated to one of the divided partnerships, PWP AdCo Professionals LP (“AdCo Professionals”), (ii) all of its shares of Class B-1 common stock of the Company were allocated to another divided partnership, PWP VoteCo Professionals LP (“VoteCo Professionals”) and (iii) PWP Professional Partners LP changed its name to PWP AmCo Professionals LP. On April 1, 2024, as part of this internal reorganization, AdCo Professionals merged with and into PWP OpCo (the “Merger”). At the time of the Merger, (i) the original capital units (“OCUs”), value capital units (“VCUs”), and alignment capital units (“ACUs”) of AdCo Professionals were converted into an equivalent number of newly created OCUs, VCUs and ACUs of PWP OpCo, (ii) the net assets of AdCo Professionals became the net assets of PWP OpCo and (iii) PWP OpCo adopted an amended and restated limited partnership agreement (the “PWP OpCo LPA”) that permits the Company to settle quarterly exchanges in cash or shares at the Company’s discretion. The principal purpose of the internal reorganization was to simplify the structure for the partners in Professional Partners with respect to their indirect interests in PWP OpCo. There was no consideration exchanged in connection with the Division or the Merger, and neither the Division nor the Merger affected the respective rights or economic interests of the Company, PWP GP LLC (“PWP GP”), or any limited partner with respect to PWP OpCo. Refer to Note 9—Stockholders’ Equity and Redeemable Non-Controlling Interests and Note 11—Equity-Based Compensation for additional information on the Merger and related transactions. The operations of PWP OpCo are conducted through a wholly-owned subsidiary, Perella Weinberg Partners Group LP, and its subsidiaries which are consolidated in these financial statements. PWP GP is the general partner that controls PWP OpCo. The limited partner interests of PWP OpCo are held by the Company, an Investor Limited Partner (the “ILP”), and certain current and former working partners. The Company shareholders are entitled to receive a portion of PWP OpCo’s economics through their direct ownership interests in shares of Class A common stock of PWP. The non-controlling interest owners of PWP OpCo receive economics through ownership of PWP OpCo Class A partnership units (“PWP OpCo Units”).

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2—Summary of Significant Accounting Policies Basis of Presentation The unaudited condensed consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) and all intercompany balances and transactions have been eliminated. These condensed consolidated financial statements and notes thereto are unaudited, and as permitted by the interim reporting rules and regulations set forth by the SEC, exclude certain financial information and note disclosures normally included in annual audited financial statements prepared in accordance with U.S. GAAP. Accordingly, these condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2023, included in the Company’s Annual Report on Form 10-K. The condensed consolidated financial statements reflect all material adjustments of a normal recurring nature that, in the opinion of management, are necessary for a fair presentation of the results for the interim periods. Consolidation The Company’s policy is to consolidate entities in which the Company has a controlling financial interest and variable interest entities where the Company is deemed to be the primary beneficiary. The Company is deemed to be the primary beneficiary of a variable interest entity (“VIE”) when it has both (i) the power to make the decisions that most significantly affect the economic performance of the VIE and (ii) the obligation to absorb significant losses or the right to receive benefits that could potentially be significant to the VIE. PWP is the primary beneficiary of and consolidates PWP OpCo, a VIE. As of June 30, 2024 and December 31, 2023, the net assets of PWP OpCo were $217.2 million and $249.6 million, respectively. As of June 30, 2024 and December 31, 2023, the Company did not consolidate any VIEs other than PWP OpCo. Use of Estimates The preparation of the condensed consolidated financial statements and related disclosures in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Estimates and the assumptions underlying these estimates are reviewed periodically, and the effects of revisions are reflected in the period in which they are determined to be necessary. In preparing the condensed consolidated financial statements, management makes certain estimates regarding the measurement of amounts due pursuant to the tax receivable agreement, measurement and timing of revenue recognition, assumptions used in the provision for income taxes, measurement of equity-based compensation, expected insurance reimbursements related to litigation costs, evaluation of goodwill and intangible assets, fair value measurement of financial instruments, and other matters that affect the reported amounts and disclosures of contingencies in the condensed consolidated financial statements. Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents include cash held at banks, including interest-bearing money market accounts, and any highly liquid investments with original maturities of three months or less from the date of purchase. Cash account balances often exceed federally insured limits. Restricted cash represents cash that is not readily available for general purpose cash needs. As of June 30, 2024 and December 31, 2023, the Company had no cash equivalents and had restricted cash of $1.2 million and $2.9 million, respectively, maintained as collateral for letters of credit related to certain office leases. The sum of Cash and cash equivalents and Restricted cash on the Condensed Consolidated Statements of Financial Condition corresponds to the total cash, cash equivalents, and restricted cash presented on the Condensed Consolidated Statements of Cash Flows. Foreign Currencies In the normal course of business, the Company and its subsidiaries may enter into transactions denominated in a non-functional currency. The Company recognized net foreign exchange gains (losses) arising from such transactions of $(0.2) million and $0.3 million during the three and six months ended June 30, 2024, respectively, and $(1.1) million and $(2.2) million for the three and six months ended June 30, 2023, respectively, which are included in Other income (expense) in the Condensed Consolidated Statements of Operations. In addition, the Company consolidates its foreign subsidiaries that have non-U.S. dollar functional currencies. Non-U.S. dollar denominated assets and liabilities are translated to U.S. dollars at the exchange rate prevailing at the reporting date and profit and loss activity is generally translated using the average exchange rate throughout the period. Cumulative translation adjustments arising from the translation of non-U.S. dollar denominated operations are included as a component of Accumulated other comprehensive income (loss) on the Condensed Consolidated Statements of Changes in Equity and Redeemable Non-Controlling Interests. Equity-Based Compensation Equity-based compensation relates to equity-based awards granted to employees and partners of the Company. Equity-based compensation expense is recognized over the requisite vesting period or requisite service period in an amount equal to the grant date fair value (for equity-classified awards) or the settlement fair value (for liability-classified awards). Equity-based compensation expense for employees and partners is included in Equity-based compensation on the Condensed Consolidated Statements of Operations and equity-based compensation expense for non-employees is included in Professional fees on the Condensed Consolidated Statements of Operations. The Company accounts for forfeitures of awards as they occur rather than applying an estimated forfeiture rate. For an award with service-only conditions that has a graded vesting schedule, the Company recognizes the compensation cost for the entire award on a straight-line basis over the requisite service period, ensuring that the amount recognized is at least equal to the vested portion of the award at each reporting date. Redeemable Non-Controlling Interests For entities that are consolidated but not 100% owned, a portion of the income or loss and equity is allocated to holders of the non-controlling interest. Profits and losses of PWP OpCo are allocated to the non-controlling interests in proportion to their ownership interest regardless of their basis, with an exception for certain equity-based compensation expense which was fully attributed to non-controlling interests prior to the Merger. Refer to Note 11—Equity-Based Compensation for further information. As a result of the Merger, Non-controlling interests presented within equity on the Condensed Consolidated Statements of Financial Condition were reclassified to Redeemable non-controlling interests within temporary equity. Redeemable non-controlling interests are recorded at their current redemption value, which corresponds to the price of the Company’s Class A common stock. Changes in the current redemption value are recorded to Additional paid-in capital, or Retained earnings (deficit) to the extent there is insufficient Additional paid-in capital, immediately as they occur. When the Company has an unconditional obligation to purchase the Redeemable non-controlling interests for cash, the mandatorily redeemable interests are reclassified from temporary equity to a liability with changes in fair value recorded to Other income (loss) in the Condensed Consolidated Statements of Operations. As of June 30, 2024, there were no non-controlling interests considered mandatorily redeemable. Recently Adopted Accounting Pronouncements There were no recently adopted accounting pronouncements that had a material effect on the Company’s condensed consolidated financial statements. Future Adoption of Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2023-07, Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which amends the guidance in Accounting Standards Codification (“ASC” or the “Codification”) Topic 280, Segment Reporting, to require enhanced disclosures about reportable segments on an annual and interim basis. The amendments will require disclosure of significant segment expenses, identification of the chief operating decision maker (“CODM”), and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. ASU 2023-07 clarifies that an entity that has a single reportable segment is subject to all the disclosures required by the amendments and all existing segment disclosures in Topic 280. The amendments in ASU 2023-07 are effective for the Company beginning with the annual period ended December 31, 2024 and interim periods within the year ended December 31, 2025. The amendments are required to be applied retrospectively to all period presented and early adoption is permitted. The Company does not expect the adoption of ASU 2023-07 to have a material impact on the consolidated financial statements. In December 2023, the FASB issued Accounting Standards Update 2023-09, Improvements to Income Tax Disclosures (“ASU 2023-09”), which amends the guidance in ASC Topic 740, Income Taxes (“ASC 740”), to improve the transparency of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. The amendments in ASU 2023-09 are effective for the Company beginning with the annual period ended December 31, 2025. The amendments are to be applied prospectively with both retrospective application and early adoption permitted. The Company does not expect the adoption of ASU 2023-09 to have a material impact on the consolidated financial statements.

Revenue and Receivables from Contracts with Customers

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenue and Receivables from Contracts with Customers

Note 3—Revenue and Receivables from Contracts with Customers

The following table disaggregates the Company’s revenue between over time and point in time recognition:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Over time	$	261,860	$	157,469	$	362,865	$	281,798
Point in time	10,138		8,076		11,260		15,173
Total revenues	$	271,998	$	165,545	$	374,125	$	296,971

Performance Obligations and Contract Balances

Accounts Receivable and Allowance for Credit Losses

The allowance for credit losses activity for the three and six months ended June 30, 2024 and 2023 was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Beginning balance	$	2,685	$	1,227	$	2,198	$	1,143
Bad debt expense	2,957		903		3,544		1,065
Write-offs	(4,465)		(198)		(4,536)		(281)
Recoveries	—		82		—		82
Foreign currency translation and other adjustments	23		7		(6)		12
Ending balance	$	1,200	$	2,021	$	1,200	$	2,021

Leases

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

Leases

Note 4—Leases

The Company leases office space and equipment under operating lease agreements. The following is information related to such operating leases:


	June 30, 2024	December 31, 2023
Weighted-average discount rate – operating leases	4.8%	4.7%
Weighted-average remaining lease term – operating leases	13.9 years	14.3 years


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Operating lease cost	$	4,691	$	5,388	$	9,429	$	10,772
Variable lease cost	604		594		1,504		1,944
Sublease income – operating leases	—		(160)		—		(319)
Total net lease cost	$	5,295	$	5,822	$	10,933	$	12,397

Net cash outflows on operating leases(1)	$	(2,653)	$	(2,857)	$	(749)	$	(466)

__________________

(1)Presented net of lease incentives received, including landlord contributions to tenant improvements.

As of June 30, 2024, the maturities of undiscounted operating lease liabilities of the Company are as follows:


Years Ending:	Operating Leases
Remainder of 2024	$	3,501
2025	18,822
2026	20,189
2027	19,357
2028	17,565
Thereafter	173,464
Total lease payments(1)	252,898
Less: Imputed Interest	(71,420)
Total lease liabilities	$	181,478

__________________

(1)Total future lease payments are presented net of expected lease incentives, including landlord contributions to tenant improvements.

Intangible Assets

6 Months Ended

Jun. 30, 2024

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Intangible Assets

Note 5—Intangible Assets

The following table provides the detail of the Company’s intangible assets:


	June 30, 2024
	Gross Amount		Accumulated Amortization		Net Carrying Amount
Customer relationships	$	47,400	$	(35,945)	$	11,455
Trade names and trademarks	18,400		(13,953)		4,447
Total	$	65,800	$	(49,898)	$	15,902


	December 31, 2023
	Gross Amount		Accumulated Amortization		Net Carrying Amount
Customer relationships	$	47,400	$	(33,575)	$	13,825
Trade names and trademarks	18,400		(13,033)		5,367
Total	$	65,800	$	(46,608)	$	19,192

Regulatory Requirements	6 Months Ended
Regulatory Requirements	Jun. 30, 2024
Regulatory Requirements [Abstract]
Regulatory Requirements	Note 6—Regulatory Requirements The Company has a number of consolidated subsidiaries registered as broker-dealers with regulatory agencies in their respective countries. None of the SEC-regulated subsidiaries hold funds or securities for, or owe money or securities to, clients or carry accounts of or for clients, and as such are all exempt from the SEC Customer Protection Rule (Rule 15c3-3). As of June 30, 2024 and December 31, 2023, all regulated subsidiaries had capital in excess of their applicable minimum capital requirements. As a result of the minimum capital requirements and various regulations on these broker dealers, a portion of the capital of each subsidiary of the Company is restricted and may be unavailable to pay its creditors.

Fixed Assets

6 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

Fixed Assets

Note 7—Fixed Assets

Fixed assets are recorded at cost less accumulated depreciation and amortization and consist of the following as of June 30, 2024 and December 31, 2023:


	June 30, 2024		December 31, 2023
Leasehold improvements	$	81,820	$	79,719
Furniture and fixtures	12,735		12,442
Equipment	23,603		22,522
Software	6,017		5,756
Total	124,175		120,439
Less: Accumulated depreciation and amortization	(33,262)		(26,787)
Fixed assets, net	$	90,913	$	93,652

Income Taxes

6 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

Note 8—Income Taxes

The following table summarizes the Company’s tax position for the periods presented:


	Three Months Ended June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
Income (loss) before income taxes	$	(81,487)		$	(22,813)		$	(132,393)		$	(44,947)
Income tax expense (benefit)	$	(642)		$	(4,543)		$	18,452		$	743
Effective income tax rate	0.8		%	19.9		%	(13.9)		%	(1.7)		%

Neither the Company nor its subsidiaries recognized any gain or loss for income tax purposes as a result of the Division or the Merger.

Stockholders' Equity and Redeemable Non-Controlling Interests	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Stockholders' Equity and Redeemable Non-Controlling Interests	Note 9—Stockholders’ Equity and Redeemable Non-Controlling Interests Class A Common Stock Offering On March 1, 2024, the Company issued and sold 5,750,000 shares of Class A common stock at a price of $12.00 per share for net proceeds of $66.0 million after deducting underwriting discounts and offering costs. Share Repurchases On February 16, 2022, the Company’s Board of Directors initially approved a stock repurchase program and the authorized amount under such program was increased on February 8, 2023 such that the Company is authorized to repurchase up to $200.0 million of the Company’s Class A common stock. On June 3, 2024, the Company repurchased 1,000,000 founder shares at a purchase price of $15.00 per share for a total purchase price of $15.0 million. Since inception of the share repurchase program, 12,920,699 shares have been purchased at an average price per share of $8.22 through June 30, 2024. Prior to the implementation of the stock repurchase program, on August 9, 2021, the Company repurchased 1,000,000 founder shares at a purchase price of $12.00 per share for a total purchase price of $12.0 million. Redeemable Non-Controlling Interests As a result of the Merger, the Non-controlling interests on the Condensed Consolidated Statements of Financial Condition were reclassified to Redeemable non-controlling interests within temporary equity. Redeemable non-controlling interests are presented at the current redemption value and represent the ownership interests in PWP OpCo held by holders other than Perella Weinberg Partners. As of June 30, 2024, the current and former working partners and the ILP collectively own 32,884,770 PWP OpCo Units, which represent a 38.5% non-controlling ownership interest in PWP OpCo. Exchange Rights Holders of PWP OpCo Units (the “PWP OpCo Unitholders”) other than the Company may exchange their units for (i) shares of Class A common stock on a one-for-one basis or (ii) cash from an offering of shares of Class A common stock and (iii) subsequent to the Merger, cash from any other source. Concurrently with an exchange, such PWP OpCo Unitholder is required to surrender shares of Class B common stock for additional shares of Class A common stock or cash at a conversion rate of 0.001. Whether the exchanging PWP OpCo Unitholder receives cash or Class A common stock in exchange for their PWP OpCo Units and Class B common stock is at the Company’s option. Working partners are restricted in their ability to exchange PWP OpCo Units for a period between three to five years after the Closing. PWP GP may waive, and in certain cases has waived, the foregoing restrictions for any holder with respect to all or a portion of such holder’s units, with no obligation to do so for any other holder. During the three months ended June 30, 2024, the Company elected to settle exchanges of certain PWP OpCo Units and corresponding shares of Class B common stock for $19.5 million in cash, of which $0.1 million of related tax withholding remained unpaid as of June 30, 2024. During the six months ended June 30, 2024, in addition to the cash-settled exchange, the Company settled exchanges in the first quarter of 2024 for 794,146 shares of Class A common stock. During the six months ended June 30, 2023, the Company settled exchanges of certain PWP OpCo Units and corresponding shares of Class B common stock for 786,644 shares of Class A common stock. There were no exchanges during the three months ended June 30, 2023. To the extent an exchange creates a step-up in tax basis, the Company records an increase in Deferred tax assets, net, Amounts due pursuant to tax receivable agreement, and Additional paid-in-capital.

Debt	6 Months Ended
Debt	Jun. 30, 2024
Debt Disclosure [Abstract]
Debt	Note 10—Debt As of June 30, 2024, and December 31, 2023, the Company had no outstanding debt. The Company has a revolving credit facility (the “Revolving Credit Facility”) through a credit agreement with Cadence Bank, N.A. (“Cadence Bank”), dated November 30, 2016 (as amended, the “Credit Agreement”), with an available line of credit of $50.0 million with up to $20.0 million of available incremental revolving commitments, and a maturity date of July 1, 2025. Issuance costs incurred related to the Credit Agreement are amortized as interest expense using the effective interest method over the life of the Revolving Credit Facility. The Company is also charged a quarterly commitment fee of 0.25% on any unused portion of the line of credit, which is recorded as interest expense. Interest expense related to the Revolving Credit Facility was immaterial during the three and six months ended June 30, 2024 and June 30, 2023 and is included within Other income (expense) in the Condensed Consolidated Statements of Operations.

Equity-Based Compensation

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Equity-Based Compensation

Note 11—Equity-Based Compensation

PWP Omnibus Incentive Plan Awards

Legacy Awards and Professional Partners Awards


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Professional fees
PWP Incentive Plan Awards	$	508	$	368	$	1,014	$	963


Equity-based compensation
PWP Incentive Plan Awards	$	30,459	$	23,805	$	63,324	$	51,142
Legacy Awards	—		3,224		—		6,449
Professional Partners Awards (equity-classified)	60,794		15,183		74,736		32,292
Professional Partners Awards (liability-classified)	69,245		—		69,245		—
Total Equity-based compensation	$	160,498	$	42,212	$	207,305	$	89,883

Income tax benefit of equity-based awards	$	4,727	$	3,065	$	9,436	$	6,624

Other Compensation and Benefits

6 Months Ended

Jun. 30, 2024

Other Compensation and Benefits

Note 12—Other Compensation and Benefits

Benefit Plans

Business Realignment

Activity within Accrued compensation and benefits on the Condensed Consolidated Statements of Financial Condition related to the Business Realignment was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Beginning balance	$	3,138	$	—	$	12,525	$	—
Incurred expenses	—		5,106		3,249		5,106
Non-cash expenses	—		(1,257)		(1,499)		(1,257)
Payments	(2,431)		(537)		(13,568)		(537)
Ending balance	$	707	$	3,312	$	707	$	3,312

Net Income (Loss) Per Share Attributable to Class A Common Shareholders

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Net Income (Loss) Per Share Attributable to Class A Common Shareholders

Note 13—Net Income (Loss) Per Share Attributable to Class A Common Shareholders

The calculations of basic and diluted net income (loss) per share attributable to Class A common shareholders are presented below:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Numerator:
Net income (loss) attributable to Perella Weinberg Partners – basic	$	(66,028)	$	359	$	(101,872)	$	(4,764)

Dilutive effect from assumed exchange of PWP OpCo Units, net of tax	—		(16,980)		—		(43,859)

Net income (loss) attributable to Perella Weinberg Partners – diluted	$	(66,028)	$	(16,621)	$	(101,872)	$	(48,623)
Denominator:
Weighted average shares of Class A common stock outstanding – basic	54,589,542		42,743,611		51,894,913		42,531,895

Weighted average number of incremental shares from assumed exchange of PWP OpCo Units	—		43,778,015		—		44,034,180

Weighted average shares of Class A common stock outstanding – diluted	54,589,542		86,521,626		51,894,913		86,566,075
Net income (loss) per share attributable to Class A common shareholders
Basic	$	(1.21)	$	0.01	$	(1.96)	$	(0.11)
Diluted	$	(1.21)	$	(0.19)	$	(1.96)	$	(0.56)

Basic and diluted net income (loss) per share attributable to Class B common shareholders has not been presented as these shares are entitled to an insignificant amount of economic participation.


	Three Months Ended June 30,		Six Months Ended June 30,
	2024	2023	2024	2023
PWP OpCo Units	33,022,579	—	37,170,827	—
PWP Incentive Plan Awards	9,133,806	275,508	7,205,942	1,001,289

Fair Value Measurements and Investments

6 Months Ended

Jun. 30, 2024

Fair Value Measurements And Investments [Abstract]

Fair Value Measurements and Investments

Note 14—Fair Value Measurements and Investments

Financial instruments measured and reported at fair value are classified and disclosed in one of the following categories (from highest to lowest) based on inputs:

Level 1—Unadjusted quoted prices are available in active markets for identical financial instruments as of the reporting date.

Fair Value of Financial Instruments


	December 31, 2023
	Level 1		Level 2		Level 3		Total
Financial asset
U.S. Treasury securities	$	91,174	$	—	$	—	$	91,174

Related Party Transactions

6 Months Ended

Jun. 30, 2024

Related Party Transactions

Note 15—Related Party Transactions

PWP Capital Holdings LP

Tax Receivable Agreement


Years Ending:	Estimated Payments Under Tax Receivable Agreement
Remainder of 2024	$	1,105
2025	1,426
2026	1,825
2027	1,896
2028	1,935
Thereafter	25,658
Total payments	$	33,845

Partner Promissory Notes and Other Partner Loans

Other Related Party Transactions

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 16—Commitments and Contingencies Indemnifications The Company enters into certain contracts that contain a variety of indemnification provisions. The Company’s maximum exposure under these arrangements is unknown. As of June 30, 2024 and December 31, 2023, the Company expects no claims or losses pursuant to these contracts; therefore, no liability has been recorded related to these indemnification provisions. Legal Contingencies From time to time, the Company is named as a defendant in legal actions relating to transactions conducted in the ordinary course of business. Some of these matters may involve claims of substantial amounts. Although there can be no assurance of the outcome of such legal actions, in the opinion of management and, after consultation with external counsel, the Company believes it is neither probable nor reasonably possible that any current legal proceedings or claims would individually or in the aggregate have a material adverse effect on the consolidated financial statements of the Company as of June 30, 2024 and December 31, 2023 and for the three and six months ended June 30, 2024 and 2023. In 2015, the Company filed a complaint against three former partners and one former employee which alleges they entered into a scheme while at PWP to lift out the Company’s restructuring group to form a new competing firm that they were secretly forming in breach of their contractual and fiduciary duties. The complaint contains 14 causes of action and seeks declaratory relief as well as damages. Trial is currently scheduled for January 24, 2025 through February 14, 2025. The Company incurred $3.6 million and $5.9 million during the three and six months ended June 30, 2024, respectively, and immaterial amounts during the three and six months ended June 30, 2023 in legal and professional fees, net of expected insurance reimbursement, related to this litigation. These litigation costs are included in Professional fees in the Condensed Consolidated Statements of Operations.

Business Information

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Business Information

Note 17—Business Information


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Revenues
United States	$	239,788	$	134,782	$	322,477	$	230,320
International	32,210		30,763		51,648		66,651
Total	$	271,998	$	165,545	$	374,125	$	296,971


	June 30, 2024		December 31, 2023
Assets
United States	$	505,904	$	569,332
International	139,606		191,776
Total	$	645,510	$	761,108

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Note 18—Subsequent Events The Company has evaluated subsequent events through the issuance date of these condensed consolidated financial statements. Dividends Declared On July 31, 2024, the Company’s Board of Directors declared a cash dividend of $0.07 per outstanding share of Class A common stock. This dividend will be paid on September 16, 2024 to Class A common stockholders of record on September 5, 2024. Holders of Class B common stock will also receive dividends equal to the amount of dividends declared on 0.001 shares of Class A common stock.

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net income (loss) attributable to Perella Weinberg Partners – basic	$ (66,028)	$ 359	$ (101,872)	$ (4,764)

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The unaudited condensed consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) and all intercompany balances and transactions have been eliminated. These condensed consolidated financial statements and notes thereto are unaudited, and as permitted by the interim reporting rules and regulations set forth by the SEC, exclude certain financial information and note disclosures normally included in annual audited financial statements prepared in accordance with U.S. GAAP. Accordingly, these condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2023, included in the Company’s Annual Report on Form 10-K. The condensed consolidated financial statements reflect all material adjustments of a normal recurring nature that, in the opinion of management, are necessary for a fair presentation of the results for the interim periods.
Consolidation	Consolidation The Company’s policy is to consolidate entities in which the Company has a controlling financial interest and variable interest entities where the Company is deemed to be the primary beneficiary. The Company is deemed to be the primary beneficiary of a variable interest entity (“VIE”) when it has both (i) the power to make the decisions that most significantly affect the economic performance of the VIE and (ii) the obligation to absorb significant losses or the right to receive benefits that could potentially be significant to the VIE. PWP is the primary beneficiary of and consolidates PWP OpCo, a VIE. As of June 30, 2024 and December 31, 2023, the net assets of PWP OpCo were $217.2 million and $249.6 million, respectively. As of June 30, 2024 and December 31, 2023, the Company did not consolidate any VIEs other than PWP OpCo.
Use of Estimates	Use of Estimates The preparation of the condensed consolidated financial statements and related disclosures in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Estimates and the assumptions underlying these estimates are reviewed periodically, and the effects of revisions are reflected in the period in which they are determined to be necessary. In preparing the condensed consolidated financial statements, management makes certain estimates regarding the measurement of amounts due pursuant to the tax receivable agreement, measurement and timing of revenue recognition, assumptions used in the provision for income taxes, measurement of equity-based compensation, expected insurance reimbursements related to litigation costs, evaluation of goodwill and intangible assets, fair value measurement of financial instruments, and other matters that affect the reported amounts and disclosures of contingencies in the condensed consolidated financial statements.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents include cash held at banks, including interest-bearing money market accounts, and any highly liquid investments with original maturities of three months or less from the date of purchase. Cash account balances often exceed federally insured limits. Restricted cash represents cash that is not readily available for general purpose cash needs. As of June 30, 2024 and December 31, 2023, the Company had no cash equivalents and had restricted cash of $1.2 million and $2.9 million, respectively, maintained as collateral for letters of credit related to certain office leases. The sum of Cash and cash equivalents and Restricted cash on the Condensed Consolidated Statements of Financial Condition corresponds to the total cash, cash equivalents, and restricted cash presented on the Condensed Consolidated Statements of Cash Flows.
Foreign Currencies	Foreign Currencies In the normal course of business, the Company and its subsidiaries may enter into transactions denominated in a non-functional currency. The Company recognized net foreign exchange gains (losses) arising from such transactions of $(0.2) million and $0.3 million during the three and six months ended June 30, 2024, respectively, and $(1.1) million and $(2.2) million for the three and six months ended June 30, 2023, respectively, which are included in Other income (expense) in the Condensed Consolidated Statements of Operations. In addition, the Company consolidates its foreign subsidiaries that have non-U.S. dollar functional currencies. Non-U.S. dollar denominated assets and liabilities are translated to U.S. dollars at the exchange rate prevailing at the reporting date and profit and loss activity is generally translated using the average exchange rate throughout the period. Cumulative translation adjustments arising from the translation of non-U.S. dollar denominated operations are included as a component of Accumulated other comprehensive income (loss) on the Condensed Consolidated Statements of Changes in Equity and Redeemable Non-Controlling Interests.
Equity-Based Compensation	Equity-Based Compensation Equity-based compensation relates to equity-based awards granted to employees and partners of the Company. Equity-based compensation expense is recognized over the requisite vesting period or requisite service period in an amount equal to the grant date fair value (for equity-classified awards) or the settlement fair value (for liability-classified awards). Equity-based compensation expense for employees and partners is included in Equity-based compensation on the Condensed Consolidated Statements of Operations and equity-based compensation expense for non-employees is included in Professional fees on the Condensed Consolidated Statements of Operations. The Company accounts for forfeitures of awards as they occur rather than applying an estimated forfeiture rate. For an award with service-only conditions that has a graded vesting schedule, the Company recognizes the compensation cost for the entire award on a straight-line basis over the requisite service period, ensuring that the amount recognized is at least equal to the vested portion of the award at each reporting date.
Redeemable Non-Controlling Interests	Redeemable Non-Controlling Interests For entities that are consolidated but not 100% owned, a portion of the income or loss and equity is allocated to holders of the non-controlling interest. Profits and losses of PWP OpCo are allocated to the non-controlling interests in proportion to their ownership interest regardless of their basis, with an exception for certain equity-based compensation expense which was fully attributed to non-controlling interests prior to the Merger. Refer to Note 11—Equity-Based Compensation for further information. As a result of the Merger, Non-controlling interests presented within equity on the Condensed Consolidated Statements of Financial Condition were reclassified to Redeemable non-controlling interests within temporary equity. Redeemable non-controlling interests are recorded at their current redemption value, which corresponds to the price of the Company’s Class A common stock. Changes in the current redemption value are recorded to Additional paid-in capital, or Retained earnings (deficit) to the extent there is insufficient Additional paid-in capital, immediately as they occur. When the Company has an unconditional obligation to purchase the Redeemable non-controlling interests for cash, the mandatorily redeemable interests are reclassified from temporary equity to a liability with changes in fair value recorded to Other income (loss) in the Condensed Consolidated Statements of Operations. As of June 30, 2024, there were no non-controlling interests considered mandatorily redeemable.
Recently Adopted Accounting Pronouncements and Future Adoption of Accounting Pronouncements	Recently Adopted Accounting Pronouncements There were no recently adopted accounting pronouncements that had a material effect on the Company’s condensed consolidated financial statements. Future Adoption of Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2023-07, Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which amends the guidance in Accounting Standards Codification (“ASC” or the “Codification”) Topic 280, Segment Reporting, to require enhanced disclosures about reportable segments on an annual and interim basis. The amendments will require disclosure of significant segment expenses, identification of the chief operating decision maker (“CODM”), and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. ASU 2023-07 clarifies that an entity that has a single reportable segment is subject to all the disclosures required by the amendments and all existing segment disclosures in Topic 280. The amendments in ASU 2023-07 are effective for the Company beginning with the annual period ended December 31, 2024 and interim periods within the year ended December 31, 2025. The amendments are required to be applied retrospectively to all period presented and early adoption is permitted. The Company does not expect the adoption of ASU 2023-07 to have a material impact on the consolidated financial statements. In December 2023, the FASB issued Accounting Standards Update 2023-09, Improvements to Income Tax Disclosures (“ASU 2023-09”), which amends the guidance in ASC Topic 740, Income Taxes (“ASC 740”), to improve the transparency of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. The amendments in ASU 2023-09 are effective for the Company beginning with the annual period ended December 31, 2025. The amendments are to be applied prospectively with both retrospective application and early adoption permitted. The Company does not expect the adoption of ASU 2023-09 to have a material impact on the consolidated financial statements.

Revenue and Receivables from Contracts with Customers (Tables)

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

The following table disaggregates the Company’s revenue between over time and point in time recognition:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Over time	$	261,860	$	157,469	$	362,865	$	281,798
Point in time	10,138		8,076		11,260		15,173
Total revenues	$	271,998	$	165,545	$	374,125	$	296,971

Schedule of Allowance for Credit Losses

The allowance for credit losses activity for the three and six months ended June 30, 2024 and 2023 was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Beginning balance	$	2,685	$	1,227	$	2,198	$	1,143
Bad debt expense	2,957		903		3,544		1,065
Write-offs	(4,465)		(198)		(4,536)		(281)
Recoveries	—		82		—		82
Foreign currency translation and other adjustments	23		7		(6)		12
Ending balance	$	1,200	$	2,021	$	1,200	$	2,021

Leases (Tables)

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

Summary of Operating Leases

The following is information related to such operating leases:


	June 30, 2024	December 31, 2023
Weighted-average discount rate – operating leases	4.8%	4.7%
Weighted-average remaining lease term – operating leases	13.9 years	14.3 years


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Operating lease cost	$	4,691	$	5,388	$	9,429	$	10,772
Variable lease cost	604		594		1,504		1,944
Sublease income – operating leases	—		(160)		—		(319)
Total net lease cost	$	5,295	$	5,822	$	10,933	$	12,397

Net cash outflows on operating leases(1)	$	(2,653)	$	(2,857)	$	(749)	$	(466)

__________________

(1)Presented net of lease incentives received, including landlord contributions to tenant improvements.

Schedule of Operating Lease Maturities

As of June 30, 2024, the maturities of undiscounted operating lease liabilities of the Company are as follows:


Years Ending:	Operating Leases
Remainder of 2024	$	3,501
2025	18,822
2026	20,189
2027	19,357
2028	17,565
Thereafter	173,464
Total lease payments(1)	252,898
Less: Imputed Interest	(71,420)
Total lease liabilities	$	181,478

__________________

(1)Total future lease payments are presented net of expected lease incentives, including landlord contributions to tenant improvements.

Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2024

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Summary of Components of Gross and Net Intangible Asset

The following table provides the detail of the Company’s intangible assets:


	June 30, 2024
	Gross Amount		Accumulated Amortization		Net Carrying Amount
Customer relationships	$	47,400	$	(35,945)	$	11,455
Trade names and trademarks	18,400		(13,953)		4,447
Total	$	65,800	$	(49,898)	$	15,902


	December 31, 2023
	Gross Amount		Accumulated Amortization		Net Carrying Amount
Customer relationships	$	47,400	$	(33,575)	$	13,825
Trade names and trademarks	18,400		(13,033)		5,367
Total	$	65,800	$	(46,608)	$	19,192

Fixed Assets (Tables)

6 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

Summary of Property, Plant and Equipment

Fixed assets are recorded at cost less accumulated depreciation and amortization and consist of the following as of June 30, 2024 and December 31, 2023:


	June 30, 2024		December 31, 2023
Leasehold improvements	$	81,820	$	79,719
Furniture and fixtures	12,735		12,442
Equipment	23,603		22,522
Software	6,017		5,756
Total	124,175		120,439
Less: Accumulated depreciation and amortization	(33,262)		(26,787)
Fixed assets, net	$	90,913	$	93,652

Income Taxes (Tables)

6 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Schedule of Company's Tax Position

The following table summarizes the Company’s tax position for the periods presented:


	Three Months Ended June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
Income (loss) before income taxes	$	(81,487)		$	(22,813)		$	(132,393)		$	(44,947)
Income tax expense (benefit)	$	(642)		$	(4,543)		$	18,452		$	743
Effective income tax rate	0.8		%	19.9		%	(13.9)		%	(1.7)		%

Equity-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Expense Related to Awards


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Professional fees
PWP Incentive Plan Awards	$	508	$	368	$	1,014	$	963


Equity-based compensation
PWP Incentive Plan Awards	$	30,459	$	23,805	$	63,324	$	51,142
Legacy Awards	—		3,224		—		6,449
Professional Partners Awards (equity-classified)	60,794		15,183		74,736		32,292
Professional Partners Awards (liability-classified)	69,245		—		69,245		—
Total Equity-based compensation	$	160,498	$	42,212	$	207,305	$	89,883

Income tax benefit of equity-based awards	$	4,727	$	3,065	$	9,436	$	6,624

Other Compensation and Benefits (Tables)

6 Months Ended

Jun. 30, 2024

Restructuring and Related Costs

Activity within Accrued compensation and benefits on the Condensed Consolidated Statements of Financial Condition related to the Business Realignment was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Beginning balance	$	3,138	$	—	$	12,525	$	—
Incurred expenses	—		5,106		3,249		5,106
Non-cash expenses	—		(1,257)		(1,499)		(1,257)
Payments	(2,431)		(537)		(13,568)		(537)
Ending balance	$	707	$	3,312	$	707	$	3,312

Net Income (Loss) Per Share Attributable to Class A Common Shareholders (Tables)

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Net Income (Loss) Per Share Attributable to Class A Common Shareholders

The calculations of basic and diluted net income (loss) per share attributable to Class A common shareholders are presented below:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Numerator:
Net income (loss) attributable to Perella Weinberg Partners – basic	$	(66,028)	$	359	$	(101,872)	$	(4,764)

Dilutive effect from assumed exchange of PWP OpCo Units, net of tax	—		(16,980)		—		(43,859)

Net income (loss) attributable to Perella Weinberg Partners – diluted	$	(66,028)	$	(16,621)	$	(101,872)	$	(48,623)
Denominator:
Weighted average shares of Class A common stock outstanding – basic	54,589,542		42,743,611		51,894,913		42,531,895

Weighted average number of incremental shares from assumed exchange of PWP OpCo Units	—		43,778,015		—		44,034,180

Weighted average shares of Class A common stock outstanding – diluted	54,589,542		86,521,626		51,894,913		86,566,075
Net income (loss) per share attributable to Class A common shareholders
Basic	$	(1.21)	$	0.01	$	(1.96)	$	(0.11)
Diluted	$	(1.21)	$	(0.19)	$	(1.96)	$	(0.56)

Schedule of Weighted Average Potentially Dilutive Shares Excluded from Computation of Diluted Net Income (Loss) Per Share


	Three Months Ended June 30,		Six Months Ended June 30,
	2024	2023	2024	2023
PWP OpCo Units	33,022,579	—	37,170,827	—
PWP Incentive Plan Awards	9,133,806	275,508	7,205,942	1,001,289

Fair Value Measurements and Investments (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Measurements And Investments [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis


	December 31, 2023
	Level 1		Level 2		Level 3		Total
Financial asset
U.S. Treasury securities	$	91,174	$	—	$	—	$	91,174

Related Party Transactions (Tables)

6 Months Ended

Jun. 30, 2024

Schedule of Estimated Payments Under Tax Receivable Agreement

The Company expects to make the following payments with respect to the tax receivable agreement, which are exclusive of potential payments in respect of future exchanges and may differ significantly from actual payments made:


Years Ending:	Estimated Payments Under Tax Receivable Agreement
Remainder of 2024	$	1,105
2025	1,426
2026	1,825
2027	1,896
2028	1,935
Thereafter	25,658
Total payments	$	33,845

Business Information (Tables)

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Schedule of Geographical Distribution of Revenues and Assets Based on the Location of the Office

The following tables set forth the geographical distribution of revenues and assets based on the location of the office that generates the revenues or holds the assets and therefore may not be indicative of the geography in which the Company’s clients are located:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Revenues
United States	$	239,788	$	134,782	$	322,477	$	230,320
International	32,210		30,763		51,648		66,651
Total	$	271,998	$	165,545	$	374,125	$	296,971


	June 30, 2024		December 31, 2023
Assets
United States	$	505,904	$	569,332
International	139,606		191,776
Total	$	645,510	$	761,108

Organization and Nature of Business (Details)	Dec. 31, 2023 partner
Organization and Nature of Business Abstract
Number of partnerships	3

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Accounting Policies [Abstract]
Cash equivalents	$ 0		$ 0		$ 0
Restricted cash	1,231		1,231		2,931
Foreign currency transaction gain (loss), before tax	(200)	$ (1,100)	300	$ (2,200)
PWP OpCo
Variable Interest Entity [Line Items]
Net assets	$ 217,200		$ 217,200		$ 249,600

Revenue and Receivables from Contracts with Customers - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation Of Revenue [Line Items]
Total revenues	$ 271,998	$ 165,545	$ 374,125	$ 296,971
Over time
Disaggregation Of Revenue [Line Items]
Total revenues	261,860	157,469	362,865	281,798
Point in time
Disaggregation Of Revenue [Line Items]
Total revenues	$ 10,138	$ 8,076	$ 11,260	$ 15,173

Revenue and Receivables from Contracts with Customers - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Reimbursable expenses recorded as revenue	$ 1,500	$ 1,300	$ 3,400	$ 2,500
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Reimbursable expenses recorded as revenue	1,500	1,300	3,400	2,500
Contract with customer, performance obligation satisfied in previous period	207,200	86,800	265,400	181,000
Deferred revenue	6,800		6,800		$ 900
Deferred revenue recognized	1,600	$ 1,200	700	$ 3,400
Accrued revenue included in accounts receivable	16,200		16,200		7,100
Accounts receivable, net of allowance	90,519		90,519		47,771
One Client \| Accounts Receivable \| Client Accounting for More than 10% of Aggregate Receivable
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Accounts receivable, net of allowance	38,000		38,000
Two Clients \| Client Accounting for More than 10% of Aggregate Receivable
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Accounts receivable, net of allowance					$ 17,300
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Aggregate amount of transaction price allocated to performance obligations yet to be satisfied	$ 300		$ 300
Revenue, remaining performance obligation, expected timing of satisfaction, period	12 months		12 months

Revenue and Receivables from Contracts with Customers - Schedule of Allowance for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 2,685	$ 1,227	$ 2,198	$ 1,143
Bad debt expense	2,957	903	3,544	1,065
Write-offs	(4,465)	(198)	(4,536)	(281)
Recoveries	0	82	0	82
Foreign currency translation and other adjustments	23	7	(6)	12
Ending balance	$ 1,200	$ 2,021	$ 1,200	$ 2,021

Leases - Summary of Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Leases [Abstract]
Weighted-average discount rate – operating leases	4.80%		4.80%		4.70%
Weighted-average remaining lease term – operating leases	13 years 10 months 24 days		13 years 10 months 24 days		14 years 3 months 18 days
Operating lease cost	$ 4,691	$ 5,388	$ 9,429	$ 10,772
Variable lease cost	604	594	1,504	1,944
Sublease income – operating leases	0	(160)	0	(319)
Total net lease cost	5,295	5,822	10,933	12,397
Net cash outflows on operating leases	$ (2,653)	$ (2,857)	$ (749)	$ (466)

Leases - Schedule of Operating Lease Maturities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Operating Leases
Remainder of 2024	$ 3,501
2025	18,822
2026	20,189
2027	19,357
2028	17,565
Thereafter	173,464
Total lease payments	252,898
Less: Imputed Interest	(71,420)
Total lease liabilities	$ 181,478	$ 175,901

Intangible Assets - Summary of Components of Gross and Net Intangible Asset (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Gross Amount	$ 65,800	$ 65,800
Accumulated Amortization	(49,898)	(46,608)
Net Carrying Amount	15,902	19,192
Customer relationships
Gross Amount	47,400	47,400
Accumulated Amortization	(35,945)	(33,575)
Net Carrying Amount	11,455	13,825
Trade names and trademarks
Gross Amount	18,400	18,400
Accumulated Amortization	(13,953)	(13,033)
Net Carrying Amount	$ 4,447	$ 5,367

Intangible Assets - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Finite-Lived intangible asset, useful life	10 years		10 years
Amortization expense	$ 1.6	$ 1.6	$ 3.3	$ 3.3
Finite-Lived Intangible Assets, Net, Amortization Expense, Rolling Maturity [Abstract]
Finite-lived intangible asset, expected amortization, 2024	6.6		6.6
Finite-lived intangible asset, expected amortization, 2025	6.6		6.6
Finite-lived intangible asset, expected amortization, 2026	$ 6.0		$ 6.0

Fixed Assets - Summary of Fixed Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 124,175	$ 120,439
Less: Accumulated depreciation and amortization	(33,262)	(26,787)
Fixed assets, net	90,913	93,652
Leasehold improvements
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	81,820	79,719
Furniture and fixtures
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	12,735	12,442
Equipment
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	23,603	22,522
Software
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 6,017	$ 5,756

Fixed Assets - Additional information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 3.4	$ 1.9	$ 6.8	$ 3.0

Income Taxes - Schedule of Company's Tax Position (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income (loss) before income taxes	$ (81,487)	$ (22,813)	$ (132,393)	$ (44,947)
Income tax expense (benefit)	$ (642)	$ (4,543)	$ 18,452	$ 743
Effective income tax rate	0.80%	19.90%	(13.90%)	(1.70%)

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 3.7	$ 3.7

Stockholders' Equity and Redeemable Non-Controlling Interests (Details) - USD ($) $ / shares in Units, $ in Thousands				3 Months Ended				6 Months Ended		29 Months Ended
	Jun. 03, 2024	Mar. 01, 2024	Aug. 09, 2021	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Dec. 31, 2023	Feb. 08, 2023
Class of Stock [Line Items]
Treasury stock purchases								$ 15,000	$ 22,489
Share price (in dollars per Share)	$ 15.00
Distribution rate				0.001				0.001		0.001
Payment for the Exchange of Equity				$ (19,500)				$ 19,382	$ 0
Accrued payment for the exchange of partnership units				100				100		$ 100
Accounts payable, accrued expenses and other liabilities				$ 74,019				$ 74,019		$ 74,019	$ 52,106
Founder Share Purchase Option
Class of Stock [Line Items]
Treasury stock purchase (in shares)			1,000,000
Treasury stock purchases			$ 12,000
Share price (in dollars per Share)			$ 12.00
Minimum \| Working Partners
Class of Stock [Line Items]
Lock-up period								3 years
Maximum \| Working Partners
Class of Stock [Line Items]
Lock-up period								5 years
Professional Partners and ILPs
Class of Stock [Line Items]
Noncontrolling interest, units owned (in Shares)				32,884,770				32,884,770		32,884,770
Noncontrolling interest, ownership percentage by noncontrolling owners				38.50%				38.50%		38.50%
Private Placement
Class of Stock [Line Items]
Consideration received		$ 66,000
Common Class A
Class of Stock [Line Items]
Stock repurchase program, authorized amount												$ 200,000
Treasury stock purchase (in shares)	1,000,000									12,920,699
Treasury stock purchases	$ 15,000
Share price (in dollars per Share)										$ 8.22
Conversion ratio				1				1		1
Common Class A \| Private Placement
Class of Stock [Line Items]
Shares sold in offering		5,750,000
Price per share (in usd per share)		$ 12.00
Common Class A \| Common Stock
Class of Stock [Line Items]
Common stock, new shares issued, class B, shares (in shares)					794,146	0	786,644		786,644

Debt (Details) - Revolving Credit Facility - USD ($)	3 Months Ended		6 Months Ended
Debt (Details) - Revolving Credit Facility - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Debt Instrument [Line Items]
Borrowings outstanding under revolving line of credit facility	$ 0		$ 0		$ 0
Maximum incremental revolving commitments			$ 20,000,000
Commitment fee percentage			0.25%
Interest expense	0	$ 0	$ 0	$ 0
Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 50,000,000		$ 50,000,000

Equity-Based Compensation - Additional information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity-based compensation		$ 137,392	$ 90,846
Withholding tax payments on ACUs and settlement of other liabilities		38,366	$ 11,809
Withholding taxes payable	$ 74,019	$ 74,019		$ 52,106
Weighted average period of unrecognized compensation cost to RSUs		2 years 1 month 6 days
Unrecognized compensation expense	166,900	$ 166,900
Vesting Acceleration
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting acceleration, number of ACUs and shares (in shares)		6,149,211
Vesting acceleration, amount paid or accrued in settlement		$ 86,600
Withholding tax payments on ACUs and settlement of other liabilities		15,700
Withholding taxes payable	10,300	$ 10,300
General RSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted (in Shares)		6,773,129	6,857,726
Weighted average grant date fair value, granted (in Dollars per Share)		$ 13.47	$ 10.13
Vested (in shares)		4,009,592	2,564,468
General PSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted (in Shares)		0	1,000,000
Weighted average grant date fair value, granted (in Dollars per Share)			$ 6.02
Professional Partners Award
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity-based compensation expense	130,000
Professional Partners Award \| Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period (in years)		3 years
Professional Partners Award \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period (in years)		5 years
Professional Partners Awards (liability-classified)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity-based compensation expense	$ 69,200
General RSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total fair value of RSUs vested		$ 53,200	$ 25,800
Transaction Pool PSUs \| $12 Price Tranche
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Market condition share price achieved (in Dollars per Share)	$ 12.00	$ 12.00
Transaction Pool PSUs \| $15.00 Price Tranche
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Market condition share price achieved (in Dollars per Share)	15.00	15.00
Transaction Pool PSUs \| $13.50 Price Tranche
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Market condition share price achieved (in Dollars per Share)	$ 13.50	$ 13.50
Liability-Classified ACUs \| Vesting Acceleration
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting acceleration, amount paid or accrued in settlement		$ 60,600

Equity-Based Compensation - Summary of Awards Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Professional fees	$ 11,743	$ 8,737	$ 22,803	$ 16,290
Total Equity-based compensation	160,498	42,212	207,305	89,883
Income tax benefit of equity-based awards	4,727	3,065	9,436	6,624
PWP Incentive Plan Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Professional fees	508	368	1,014	963
Total Equity-based compensation	30,459	23,805	63,324	51,142
Legacy Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total Equity-based compensation	0	3,224	0	6,449
Professional Partners Awards (equity-classified)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total Equity-based compensation	60,794	15,183	74,736	32,292
Professional Partners Awards (liability-classified)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total Equity-based compensation	$ 69,245	$ 0	$ 69,245	$ 0

Other Compensation and Benefits - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Defined Benefit Plan Disclosure [Line Items]
Costs incurred for employee benefit plans	$ 1,800	$ 1,700	$ 3,600	$ 3,400
Business Realignment
Defined Benefit Plan Disclosure [Line Items]
Incurred expenses	$ 0	5,106	3,249	5,106
Business Realignment \| Business Realignment \| Employee Severance
Defined Benefit Plan Disclosure [Line Items]
Incurred expenses		3,800	1,800	3,800
Business Realignment \| Accelerated Share Based Compensation \| Employee Severance
Defined Benefit Plan Disclosure [Line Items]
Incurred expenses		$ 1,300	$ 1,500	$ 1,300

Other Compensation and Benefits - Restructuring and Related Costs (Details) - Business Realignment - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Restructuring Reserve [Roll Forward]
Beginning balance	$ 3,138	$ 0	$ 12,525	$ 0
Incurred expenses	0	5,106	3,249	5,106
Non-cash expenses	0	(1,257)	(1,499)	(1,257)
Payments	(2,431)	(537)	(13,568)	(537)
Ending balance	$ 707	$ 3,312	$ 707	$ 3,312

Net Income (Loss) Per Share Attributable to Class A Common Shareholders - Schedule of Computation of Basic and Diluted Net Income (Loss) Per Share Attributable to Class A Common Shareholders (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator:
Net income (loss) attributable to Perella Weinberg Partners – basic	$ (66,028)	$ 359	$ (101,872)	$ (4,764)
Dilutive effect from assumed exchange of PWP OpCo Units, net of tax	0	(16,980)	0	(43,859)
Net income (loss) attributable to Perella Weinberg Partners – diluted	$ (66,028)	$ (16,621)	$ (101,872)	$ (48,623)
Denominator:
Weighted average shares of Class A common stock outstanding - basic (in Shares)	54,589,542	42,743,611	51,894,913	42,531,895
Weighted average number of incremental shares from assumed exchange of PWP OpCo Units (in Shares)	0	43,778,015	0	44,034,180
Weighted average shares of Class A common stock outstanding - diluted (in Shares)	54,589,542	86,521,626	51,894,913	86,566,075
Net income (loss) per share attributable to Class A common shareholders
Basic (in Dollars per Share)	$ (1.21)	$ 0.01	$ (1.96)	$ (0.11)
Diluted (in Dollars per Share)	$ (1.21)	$ (0.19)	$ (1.96)	$ (0.56)

Net Income (Loss) Per Share Attributable to Class A Common Shareholders - Schedule of Weighted Average Potentially Dilutive Shares Excluded from Computation of Diluted Net Income (Loss) Per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
PWP OpCo Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in Shares)	33,022,579	0	37,170,827	0
PWP Incentive Plan Awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in Shares)	9,133,806	275,508	7,205,942	1,001,289

Fair Value Measurements and Investments - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Recurring Basis $ in Thousands	Dec. 31, 2023 USD ($)
Financial Assets Fair Value Disclosure [Abstract]
U.S. treasury securities	$ 91,174
Level 1
Financial Assets Fair Value Disclosure [Abstract]
U.S. treasury securities	91,174
Level 2
Financial Assets Fair Value Disclosure [Abstract]
U.S. treasury securities	0
Level 3
Financial Assets Fair Value Disclosure [Abstract]
U.S. treasury securities	$ 0

Fair Value Measurements and Investments - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Fair Value Measurements And Investments [Abstract]
Investment owned, at cost					$ 89.3
Net realized and unrealized gain (loss) on treasury securities	$ 0.0	$ 0.3	$ 0.0	$ 0.7

Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Tax savings agreement, percent	85.00%
Amount due pursuant to tax receivable agreement	$ 33,845	$ 30,928
Partner promissory notes recognized as a reduction in equity	1,200	2,100
Partners
Related Party Transaction [Line Items]
Due from related parties	$ 3,600	$ 3,500

Related Party Transactions - Schedule of Estimated Payments Under Tax Receivable Agreement (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Related Party Transactions [Abstract]
Remainder of 2024	$ 1,105
2025	1,426
2026	1,825
2027	1,896
2028	1,935
Thereafter	25,658
Total payments	$ 33,845	$ 30,928

Commitments and Contingencies (Details)	3 Months Ended		6 Months Ended		12 Months Ended
Commitments and Contingencies (Details)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2015 partner employee	Dec. 31, 2023 USD ($)	Oct. 20, 2015 claim
Loss Contingencies [Line Items]
Number of former partners \| partner					3
Number of former employees \| employee					1
Litigation costs	$ 3,600,000	$ 0	$ 5,900,000	$ 0
Pending Litigation
Loss Contingencies [Line Items]
Loss contingency, pending plaintiffs claims, number \| claim							14
Indemnification Guarantee
Loss Contingencies [Line Items]
Estimate of possible loss	$ 0		$ 0			$ 0

Business Information - Additional Information (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) Segment	Jun. 30, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of operating segments \| Segment			1
Number of reportable segments \| Segment			1
Revenues	$ 271,998	$ 165,545	$ 374,125	$ 296,971
Two Clients \| Revenue
Segment Reporting Information [Line Items]
Revenues			$ 137,900
Client Accounting for More than 10% of Aggregate Revenue \| One Client
Segment Reporting Information [Line Items]
Revenues		$ 17,000
Client Accounting for More than 10% of Aggregate Revenue \| One Client \| Revenue
Segment Reporting Information [Line Items]
Concentration risk, percentage		10.00%
Client Accounting for More than 10% of Aggregate Revenue \| Two Clients
Segment Reporting Information [Line Items]
Revenues	$ 137,900
Client Accounting for More than 10% of Aggregate Revenue \| Two Clients \| Revenue
Segment Reporting Information [Line Items]
Concentration risk, percentage	10.00%		10.00%

Business Information - Schedule of Geographical Distribution of Revenues and Assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 271,998	$ 165,545	$ 374,125	$ 296,971
Assets	645,510		645,510		$ 761,108
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	239,788	134,782	322,477	230,320
Assets	505,904		505,904		569,332
International
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	32,210	$ 30,763	51,648	$ 66,651
Assets	$ 139,606		$ 139,606		$ 191,776

Subsequent Events (Details)		3 Months Ended
Subsequent Events (Details)	Jul. 31, 2024 $ / shares	Jun. 30, 2024 $ / shares	Mar. 31, 2024 $ / shares	Jun. 30, 2023 $ / shares	Mar. 31, 2023 $ / shares
Class A Common Stock
Subsequent Event [Line Items]
Dividend declared (in Dollars per Share)		$ 0.07	$ 0.07	$ 0.07	$ 0.07
Class A Common Stock \| Subsequent Event
Subsequent Event [Line Items]
Dividend declared (in Dollars per Share)	$ 0.07
Class B Common Stock \| Subsequent Event
Subsequent Event [Line Items]
Class B dividends rate compared to Class A	0.001

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