pwp-20250630

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, 2025


☐			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 29, 2025, the registrant had 62,521,774 shares of Class A common stock, par value $0.0001 per share, and 24,957,389 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 , 2025 and December 31, 2024	3
	Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30 , 2025 and 2024	4
	Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended June 3 0 , 2025 and 2024	5
	Condensed Consolidated Statements of Changes in Equity and Redeemable Non-Controlling Interests for the Three and Six Months Ended June 3 0 , 2025 and 2024	6
	Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 3 0 , 2025 and 2024	8
	Notes to Condensed Consolidated Financial Statements (Unaudited)	9
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	25
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	32
Item 4.	Controls and Procedures	32
PART II.	OTHER INFORMATION
Item 1.	Legal Proceedings	33
Item 1A.	Risk Factors	33
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	33
Item 3.	Defaults Upon Senior Securities	33
Item 4.	Mine Safety Disclosures	33
Item 5.	Other Information	33
Item 6.	Exhibits	34
Signatures		35

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 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)

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




	June 30, 2025		December 31, 2024
Assets
Cash and cash equivalents	$	145,037	$	331,558
Restricted cash	1,153		1,213
Investments in short-term marketable debt securities	—		75,830
Accounts receivable, net of allowance	47,724		73,293
Due from related parties	636		1,146
Fixed assets, net of accumulated depreciation and amortization	80,547		84,886
Intangible assets, net of accumulated amortization	9,322		12,612
Goodwill	34,383		34,383
Prepaid expenses and other assets	35,533		29,224
Right-of-use lease assets	136,870		139,637
Deferred tax assets, net	115,497		92,969
Total assets	$	606,702	$	876,751
Liabilities, Redeemable Non-Controlling Interests, and Equity
Accrued compensation and benefits	$	106,694	$	325,225
Accounts payable, accrued expenses and other liabilities	63,351		68,919

Lease liabilities	184,995		187,349
Amount due pursuant to tax receivable agreement	75,566		65,493
Total liabilities	430,606		646,986
Commitments and Contingencies (Note 16)
Redeemable non-controlling interests (24,957,389 units at redemption value of $19.81 per unit as of June 30, 2025; 27,460,600 units at redemption value of $23.71 per unit as of December 31, 2024)	494,518		651,140
Equity
Class A common stock, par value $0.0001 per share (1,500,000,000 shares authorized, 77,289,741 issued and 62,606,861 outstanding at June 30, 2025; 1,500,000,000 shares authorized, 72,544,696 issued and 59,181,721 outstanding at December 31, 2024)	8		7
Class B common stock, par value $0.0001 per share (600,000,000 shares authorized, 24,957,389 issued and outstanding at June 30, 2025; 600,000,000 shares authorized, 27,460,600 issued and outstanding at December 31, 2024)	2		3
Preferred stock, par value $0.0001 per share (100,000,000 shares authorized, no shares issued and outstanding at June 30, 2025 and December 31, 2024)	—		—
Additional paid-in-capital	—		—
Retained earnings (accumulated deficit)	(179,429)		(303,708)
Accumulated other comprehensive income (loss)	(721)		(6,193)
Treasury stock, at cost (14,682,880 and 13,362,975 shares of Class A common stock at June 30, 2025 and December 31, 2024, respectively)	(138,282)		(111,484)


Total equity	(318,422)		(421,375)
Total liabilities, redeemable non-controlling interests, and equity	$	606,702	$	876,751

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,
	2025		2024		2025		2024
Revenues	$	155,267	$	271,998	$	367,098	$	374,125
Expenses
Compensation and benefits	80,280		149,973		203,279		218,563
Equity-based compensation	28,034		160,498		54,279		207,305
Total compensation and benefits	108,314		310,471		257,558		425,868
Professional fees	6,899		11,743		26,095		22,803
Technology and infrastructure	9,237		9,125		18,526		17,897
Rent and occupancy	6,596		5,860		12,922		12,137
Travel and related expenses	5,329		4,700		10,973		9,285
General, administrative and other expenses	4,892		7,223		10,355		11,742
Depreciation and amortization	5,052		5,108		10,053		10,188
Total expenses	146,319		354,230		346,482		509,920
Operating income (loss)	8,948		(82,232)		20,616		(135,795)
Non-operating income (expenses)

Other income (expense)	(2,700)		745		(2,469)		3,402

Total non-operating income (expenses)	(2,700)		745		(2,469)		3,402
Income (loss) before income taxes	6,248		(81,487)		18,147		(132,393)
Income tax expense (benefit)	1,980		(642)		(7,494)		18,452
Net income (loss)	4,268		(80,845)		25,641		(150,845)
Less: Net income (loss) attributable to non-controlling interests	1,530		(14,817)		5,564		(48,973)
Net income (loss) attributable to Perella Weinberg Partners	$	2,738	$	(66,028)	$	20,077	$	(101,872)
Net income (loss) per share attributable to Class A common shareholders
Basic	$	0.04	$	(1.21)	$

SEC Form 10-Q filed by Perella Weinberg Partners