pwp-20260630

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, 2026


☐			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

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

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 28, 2026, the registrant had 74,019,967 shares of Class A common stock, par value $0.0001 per share, and 20,018,315 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, 2026 and December 31, 2025	3
	Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2026 and 2025	4
	Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended June 30, 2026 and 2025	5
	Condensed Consolidated Statements of Changes in Equity and Redeemable Non-Controlling Interests for the Three and Six Months Ended June 30, 2026 and 2025	6
	Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2026 and 2025	8
	Notes to Condensed Consolidated Financial Statements (Unaudited)	9
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	24
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	31
Item 4.	Controls and Procedures	31
PART II.	OTHER INFORMATION
Item 1.	Legal Proceedings	32
Item 1A.	Risk Factors	32
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	32
Item 3.	Defaults Upon Senior Securities	32
Item 4.	Mine Safety Disclosures	32
Item 5.	Other Information	33
Item 6.	Exhibits	33
Signatures		34

On June 24, 2021, Perella Weinberg Partners consummated a business combination (the “Business Combination”) pursuant to the Business Combination Agreement, dated as of December 29, 2020. 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 expectations for the 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)

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




	June 30, 2026		December 31, 2025
Assets
Cash and cash equivalents	$	115,847	$	255,906
Restricted cash	1,123		1,144

Accounts receivable, net of allowance	36,234		62,689
Due from related parties	418		626
Fixed assets, net of accumulated depreciation and amortization	72,566		77,206
Intangible assets, net of accumulated amortization	8,017		12,523
Goodwill	72,691		72,691
Prepaid expenses and other assets	50,450		46,776
Right-of-use lease assets	133,198		138,495
Deferred tax assets, net	154,421		129,581
Total assets	$	644,965	$	797,637
Liabilities, Redeemable Non-Controlling Interests, and Equity
Accrued compensation and benefits	$	54,934	$	210,268
Accounts payable, accrued expenses and other liabilities	40,775		47,102

Lease liabilities	179,279		186,066

Amount due pursuant to tax receivable agreement	105,625		93,461
Total liabilities	380,613		536,897
Commitments and Contingencies (Note 16)
Redeemable non-controlling interests (20,018,315 units at redemption value of $15.49 per unit as of June 30, 2026; 22,139,506 units at redemption value of $17.53 per unit as of December 31, 2025)	310,142		388,099
Equity
Class A common stock, par value $0.0001 per share (1,500,000,000 shares authorized, 87,839,777 issued and 73,766,370 outstanding at June 30, 2026; 1,500,000,000 shares authorized, 81,308,801 issued and 66,739,647 outstanding at December 31, 2025)	9		8
Class B common stock, par value $0.0001 per share (600,000,000 shares authorized, 20,018,315 issued and outstanding at June 30, 2026; 600,000,000 shares authorized, 22,139,506 issued and outstanding at December 31, 2025)	2		2
Preferred stock, par value $0.0001 per share (100,000,000 shares authorized, no shares issued and outstanding at June 30, 2026 and December 31, 2025)	—		—
Additional paid-in-capital	229,449		144,197
Retained earnings (accumulated deficit)	(136,635)		(130,596)
Accumulated other comprehensive income (loss)	(3,958)		(2,521)
Treasury stock, at cost (14,073,407 and 14,569,154 shares of Class A common stock at June 30, 2026 and December 31, 2025, respectively)	(134,657)		(138,449)


Total equity	(45,790)		(127,359)
Total liabilities, redeemable non-controlling interests, and equity	$	644,965	$	797,637

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,
	2026		2025		2026		2025
Revenues	$	156,525	$	155,267	$	305,442	$	367,098
Expenses
Compensation and benefits	79,616		80,280		170,891		203,279
Equity-based compensation	36,278		28,034		67,063		54,279
Total compensation and benefits	115,894		108,314		237,954		257,558
Professional fees	4,589		6,899		12,501		26,095
Technology and infrastructure	9,834		9,237		19,814		18,526
Rent and occupancy	5,933		6,596		11,805		12,922
Travel and related expenses	5,578		5,329		11,506		10,973
General, administrative and other expenses	3,815		4,892		8,050		10,355
Depreciation and amortization	5,827		5,052		11,658		10,053
Total expenses	151,470		146,319		313,288		346,482
Operating income (loss)	5,055		8,948		(7,846)		20,616
Non-operating income (expenses)

Other income (expense)	1,029		(2,700)		3,288		(2,469)
Total non-operating income (expenses)	1,029		(2,700)		3,288		(2,469)
Income (loss) before income taxes	6,084		6,248		(4,558)		18,147
Income tax expense (benefit)	(247)		1,980		(10,144)		(7,494)
Net income (loss)	6,331		4,268		5,586		25,641
Less: Net income (loss) attributable to non-controlling interests	1,027		1,530		(1,205)		5,564
Net income (loss) attributable to Perella Weinberg Partners	$	5,304	$	2,738	$	6,791	$	20,077
Net income (loss) per share attributable to Class A common shareholders
Basic	$	0.07	$	0.04	$	0.09	$	0.32
Diluted	$	0.06	$	0.04	$	0.08	$	0.29
Weighted-average shares of Class A common stock outstanding
Basic	74,162,048		63,064,731		72,290,670		62,604,779
Diluted	101,732,555		98,831,307		101,897,486		74,555,206

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)