pwp-20260331

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 MARCH 31, 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 April 28, 2026, the registrant had 71,009,967 shares of Class A common stock, par value $0.0001 per share, and 21,924,506 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 March 31, 2026 and December 31, 2025	3
	Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2026 and 2025	4
	Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three Months Ended March 31, 2026 and 2025	5
	Condensed Consolidated Statements of Changes in Equity and Redeemable Non-Controlling Interests for the Three Months Ended March 31, 2026 and 2025	6
	Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 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	23
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	30
Item 4.	Controls and Procedures	30
PART II.	OTHER INFORMATION
Item 1.	Legal Proceedings	31
Item 1A.	Risk Factors	31
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	31
Item 3.	Defaults Upon Senior Securities	31
Item 4.	Mine Safety Disclosures	32
Item 5.	Other Information	32
Item 6.	Exhibits	32
Signatures		33

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)




	March 31, 2026		December 31, 2025
Assets
Cash and cash equivalents	$	77,655	$	255,906
Restricted cash	1,124		1,144

Accounts receivable, net of allowance	33,455		62,689
Due from related parties	617		626
Fixed assets, net of accumulated depreciation and amortization	74,711		77,206
Intangible assets, net of accumulated amortization	10,270		12,523
Goodwill	72,691		72,691
Prepaid expenses and other assets	50,128		46,776
Right-of-use lease assets	135,325		138,495
Deferred tax assets, net	139,819		129,581
Total assets	$	595,795	$	797,637
Liabilities, Redeemable Non-Controlling Interests, and Equity
Accrued compensation and benefits	$	49,321	$	210,268
Accounts payable, accrued expenses and other liabilities	42,172		47,102

Lease liabilities	182,057		186,066

Amount due pursuant to tax receivable agreement	93,988		93,461
Total liabilities	367,538		536,897
Commitments and Contingencies (Note 16)
Redeemable non-controlling interests (21,924,506 units at redemption value of $17.47 per unit as of March 31, 2026; 22,139,506 units at redemption value of $17.53 per unit as of December 31, 2025)	382,966		388,099
Equity
Class A common stock, par value $0.0001 per share (1,500,000,000 shares authorized, 84,629,593 issued and 70,556,186 outstanding at March 31, 2026; 1,500,000,000 shares authorized, 81,308,801 issued and 66,739,647 outstanding at December 31, 2025)	8		8
Class B common stock, par value $0.0001 per share (600,000,000 shares authorized, 21,924,506 issued and outstanding at March 31, 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 March 31, 2026 and December 31, 2025)	—		—
Additional paid-in-capital	119,364		144,197
Retained earnings (accumulated deficit)	(135,616)		(130,596)
Accumulated other comprehensive income (loss)	(3,810)		(2,521)
Treasury stock, at cost (14,073,407 and 14,569,154 shares of Class A common stock at March 31, 2026 and December 31, 2025, respectively)	(134,657)		(138,449)
Total Perella Weinberg Partners equity	(154,709)		(127,359)

Total equity	(154,709)		(127,359)
Total liabilities, redeemable non-controlling interests, and equity	$	595,795	$	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 March 31,
		2026		2025
Revenues		$	148,917	$	211,831
Expenses
Compensation and benefits		91,275		122,999
Equity-based compensation		30,785		26,245
Total compensation and benefits		122,060		149,244
Professional fees		7,912		19,196
Technology and infrastructure		9,980		9,289
Rent and occupancy		5,872		6,326
Travel and related expenses		5,928		5,644
General, administrative and other expenses		4,235		5,463
Depreciation and amortization		5,831		5,001
Total expenses		161,818		200,163
Operating income (loss)		(12,901)		11,668
Non-operating income (expenses)

Other income (expense)		2,259		231
Total non-operating income (expenses)		2,259		231
Income (loss) before income taxes		(10,642)		11,899
Income tax expense (benefit)		(9,897)		(9,474)
Net income (loss)		(745)		21,373
Less: Net income (loss) attributable to non-controlling interests		(2,232)		4,034
Net income (loss) attributable to Perella Weinberg Partners		$	1,487	$	17,339
Net income (loss) per share attributable to Class A common shareholders
Basic		$	0.02	$	0.28
Diluted		$	0.02	$	0.24
Weighted-average shares of Class A common stock outstanding
Basic		70,398,710		62,138,123
Diluted		101,175,788		75,839,577

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 March 31,
		2026		2025
Net income (loss)		$	(745)	$	21,373
Foreign currency translation gain (loss), net of tax		(1,682)		2,756
Comprehensive income (loss)		(2,427)		24,129
Less: Comprehensive income (loss) attributable to non-controlling interests		(2,625)		4,858
Comprehensive income (loss) attributable to Perella Weinberg Partners		$	198	$	19,271

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)		Total Equity		Redeemable Non-Controlling Interests
Balance at December 31, 2025	81,308,801	22,139,506	(14,569,154)	$	8	$	2	$	(138,449)	$	144,197	$	(130,596)	$	(2,521)	$	(127,359)	$	388,099
Net income (loss)	—	—	—	—		—		—		—		1,487		—		1,487		(2,232)
Equity-based awards	—	—	—	—		—		—		30,971		—		—		30,971		—

Issuance of Class A common stock for vested PWP Incentive Plan Awards	3,105,577	—	495,747	—		—		3,792		(3,792)		—		—		—		—
Withholding tax payments on vested PWP Incentive Plan Awards	—	—	—	—		—		—		(55,160)		—		—		(55,160)		—
Dividends declared ($0.07 per share of Class A common stock)	—	—	—	—		—		—		90		(6,507)		—		(6,417)		—
Foreign currency translation gain (loss)	—	—	—	—		—		—		—		—		(1,289)		(1,289)		(393)
Other	—	—	—	—		—		—		453		—		—		453		4


Exchange of PWP OpCo Units and corresponding Class B common stock for Class A common stock (Note 10—Stockholders’ Equity and Redeemable Non-Controlling Interests)	215,215	(215,000)	—	—		—		—		93		—		—		93		—

Change in ownership interests	—	—	—	—		—		—		9,170		—		—		9,170		(9,170)
Changes in redemption value of redeemable non-controlling interests	—	—	—	—		—		—		(6,658)		—		—		(6,658)		6,658
Balance at March 31, 2026	84,629,593	21,924,506	(14,073,407)	$	8	$	2	$	(134,657)	$	119,364	$	(135,616)	$	(3,810)	$	(154,709)	$	382,966

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)		Total Equity		Redeemable Non-Controlling Interests
Balance at December 31, 2024	72,544,696	27,460,600	(13,362,975)	$	7	$	3	$	(111,484)	$	—	$	(303,708)	$	(6,193)	$	(421,375)	$	651,140
Net income (loss)	—	—	—	—		—		—		—		17,339		—		17,339		4,034
Equity-based awards	—	—	—	—		—		—		—		26,396		—		26,396		—

Issuance of Class A common stock for vested PWP Incentive Plan Awards	3,366,995	—	387,054	—		—		4,644		—		(4,644)		—		—		—
Withholding tax payments on vested PWP Incentive Plan Awards	—	—	—	—		—		—		—		(69,741)		—		(69,741)		—
Dividends declared ($0.07 per share of Class A common stock)	—	—	—	—		—		—		—		(6,030)		—		(6,030)		—
Foreign currency translation gain (loss)	—	—	—	—		—		—		—		—		1,932		1,932		824
Other	—	—	—	—		—		—		—		424				424		(3)
Exchange of PWP OpCo Units and corresponding Class B common stock for cash (Note 10—Stockholders’ Equity and Redeemable Non-Controlling Interests)	—	(1,270,086)	—	—		—		—		—		—		—		—		(28,792)
Treasury stock purchase	—	—	(749,432)	—		—		(14,442)		—		—		—		(14,442)		—
Change in ownership interests	—	—		—		—		—		—		3,207		—		3,207		(3,207)
Changes in redemption value of redeemable non-controlling interests	—	—		—		—		—		—		139,162		—		139,162		(139,162)
Balance at March 31, 2025	75,911,691	26,190,514	(13,725,353)	$	7	$	3	$	(121,282)	$	—	$	(197,595)	$	(4,261)	$	(323,128)	$	484,834

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)


	Three Months Ended March 31,
	2026		2025
Cash flows from operating activities
Net income (loss)	$	(745)	$	21,373
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Equity-based awards vesting expense	30,971		26,396
Depreciation and amortization	5,831		5,001

Foreign currency revaluation	1,013		(162)
Non-cash operating lease expense	2,752		2,498
Deferred taxes	(9,273)		(10,033)
Other	(155)		2,257
Decrease (increase) in operating assets:
Accounts receivable, net of allowance	29,197		25,645

Prepaid expenses and other assets	(3,490)		(12,213)
Increase (decrease) in operating liabilities:
Accrued compensation and benefits	(160,455)		(241,715)
Accounts payable, accrued expenses and other liabilities	(1,867)		7,180
Lease liabilities	(3,486)		(2,748)
Net cash provided by (used in) operating activities	(109,707)		(176,521)
Cash flows from investing activities
Purchases of fixed assets	(2,064)		(1,044)

Maturities of investments in short-term marketable debt securities	—		74,911


Net cash provided by (used in) investing activities	(2,064)		73,867
Cash flows from financing activities
Exchange of PWP OpCo Units and corresponding Class B common stock for cash	—		(28,258)
Withholding tax payments for vested PWP Incentive Plan Awards	(55,160)		(69,741)

Dividends paid on Class A and Class B common stock	(8,633)		(8,349)
Treasury stock purchases	—		(14,442)


Net cash provided by (used in) financing activities	(63,793)		(120,790)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(2,707)		3,179
Net increase (decrease) in cash, cash equivalents and restricted cash	(178,271)		(220,265)
Cash, cash equivalents and restricted cash, beginning of period	257,050		332,771
Cash, cash equivalents and restricted cash, end of period	$	78,779	$	112,506
Supplemental disclosure of non-cash activities



Accrued dividends and dividend equivalent units on unvested PWP Incentive Plan Awards	$	1,433	$	1,483
Non-cash paydown of Partner promissory notes	$	—	$	534
Deferred tax effect resulting from changes in ownership and exchanges of PWP OpCo Units, net of amounts payable under tax receivable agreement	$	529	$	425

Supplemental disclosures of cash flow information
Cash paid (refunded) for income taxes	$	(166)	$	9,598

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 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 engagement advisory, financing and capital solutions advice with a focus on restructuring and liability management, capital markets advisory, private funds advisory, and 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 that resulted in PWP OpCo becoming jointly-owned by Perella Weinberg Partners, PWP Professional Partners LP (“Professional Partners”) and certain existing partners of PWP OpCo as part of an umbrella limited partnership C-corporation (Up-C) structure (the “Business Combination”). As a result of a subsequent internal reorganization, the interests previously held by Professional Partners are now held by PWP VoteCo Professionals LP (“VoteCo Professionals”) and the former partners of Professional Partners directly.

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 LLC (“PWP GP”) is the general partner that controls PWP OpCo. The limited partner interests of PWP OpCo are held by the Company 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”) and have voting rights through indirect ownership of Class B common stock via VoteCo Professionals.

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, 2025, 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.

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, fair value measurement and impairment assessment 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 and notes thereto.

Perella Weinberg Partners

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

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 March 31, 2026 and December 31, 2025, the Company had restricted cash of $1.1 million maintained as collateral for letters of credit related to certain office leases. As of March 31, 2026 and December 31, 2025, the Company held no cash equivalents. 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.

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 March 31, 2026 and December 31, 2025, the net assets of PWP OpCo were $196.5 million and $235.3 million, respectively. As of March 31, 2026 and December 31, 2025, the Company did not consolidate any VIEs other than PWP OpCo.

Redeemable Non-Controlling Interests

For entities that are consolidated but not 100% owned, a portion of the income (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. Refer to Note 11—Equity-Based Compensation for further information.

Redeemable non-controlling interests are presented within temporary equity on the Condensed Consolidated Statements of Financial Condition at the higher of: (i) their redemption value as of the reporting date, which corresponds to

SEC Form 10-Q filed by Perella Weinberg Partners