Financial Analysis

12. COMMITMENTS AND CONTINGENCIES Commitments Line of Credit On July 29, 2024, PJT Partners Holdings LP, as borrower (the Borrower), entered into a syndicated revolving credit agreement (the Credit Agreement) and related documents with Bank of America, N.A., as the administrative agent (the Administrative Agent), and certain other financial institutions party thereto as lenders. The Credit Agreement provides for a revolving credit facility with an aggregate principal amount of up to $ 100.0 million. Outstanding borrowings under the revolving credit facility bear interest of Secured Overnight Financing Rate plus 1.85 % per annum. In connection with the closing of the Credit Agreement, the Borrower paid certain closing costs and fees. In addition, the Borrower will also pay a commitment fee on the unused portion of the revolving credit facility of 0.25 % per annum, payable quarterly in arrears. The revolving credit facility was scheduled to mature and the commitments thereunder were scheduled to terminate on July 29, 2026, subject to extension by agreement of the Borrower and Administrative Agent. On July 28, 2026, the maturity date of the Credit Agreement was extended, by amendment, to January 29, 2027 , with all other material terms remaining the same. The Credit Agreement contains usual and customary affirmative and negative covenants that among other things, limit or restrict the ability of the Borrower (subject to certain qualifications and exceptions) to make certain paym …

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9. EQUITY-BASED AND OTHER DEFERRED COMPENSATION Overview Further information regarding the Companys equity-based compensation awards is described in Note 10. Equity-Based and Other Deferred Compensation in the Notes to Consolidated Financial Statements in Part II. Item 8. Financial Statements and Supplementary Data in the Companys Annual Report on Form 10-K for the year ended December 31, 2025. The following table represents equity-based compensation expense and related income tax benefit for the three and six months ended June 30, 2026 and 2025: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Equity-Based Compensation Expense $ 55,465 $ 49,447 $ 140,597 $ 138,250 Income Tax Benefit $ 7,561 $ 7,275 $ 18,438 $ 19,812 Restricted Stock Units The following table summarizes activity related to unvested RSUs, including those that have fully achieved market conditions in prior periods and remain subject to service conditions, for the six months ended June 30, 2026: Restricted Stock Units Weighted- Average Grant Date Number of Fair Value Units (in dollars) Balance, December 31, 2025 6,283,555 $ 105.37 Granted 1,467,106 162.01 Dividends Reinvested on RSUs ( 31,917 ) 52.10 Forfeited ( 29,358 ) 150.61 Vested ( 2,299,298 ) 81.66 Balance, June 30, 2026 5,390,088 $ 130.97 As of June 30, 2026, there was $ 378.9 million of estimated unrecognized compensation expense related to unvested RSU awards. This cost is expected to be recognized over a weighted-average period …

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6. FAIR VALUE MEASUREMENTS The following tables summarize the valuation of the Companys investments by the fair value hierarchy: June 30, 2026 Level I Level II Level III Total Treasury Securities $ $ 299,253 $ $ 299,253 Money Market Funds 83,744 83,744 Total $ $ 382,997 $ $ 382,997 December 31, 2025 Level I Level II Level III Total Treasury Securities $ $ 46,940 $ $ 46,940 Money Market Funds 311,282 311,282 Total $ $ 358,222 $ $ 358,222 Investments in Treasury securities were included in Investments at June 30, 2026 and December 31, 2025 in the Condensed Consolidated Statements of Financial Condition. Investments in money market funds were included in Cash and Cash Equivalents at June 30, 2026 and December 31, 2025 in the Condensed Consolidated Statements of Financial Condition. …

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7. INCOME TAXES The following table summarizes the Companys tax position: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Income Before Provision (Benefit) for Taxes $ 102,093 $ 76,479 $ 182,478 $ 129,057 Provision (Benefit) for Taxes $ 20,808 $ 15,041 $ 11,940 $ ( 6,544 ) Effective Income Tax Rate 20.4 % 19.7 % 6.5 % - 5.1 % The Companys effective tax rate differed from the U.S. federal statutory tax rate for the three and six months ended June 30, 2026 primarily due to partnership income not being subject to U.S. corporate income taxes, state and local taxes, and permanent differences related to equity-based compensation. The Company had no unrecognized tax benefits as of June 30, 2026 . …

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Recent Accounting Developments In November 2024, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2024-03, Disaggregation of Income Statement Expenses (ASU 2024-03). ASU 2024-03 primarily requires enhanced disclosures about certain types of expenses. The guidance is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently assessing the impact that adoption will have on its condensed consolidated financial statements. In December 2025, the FASB issued Accounting Standards Update 2025-11, Narrow-Scope Improvements (ASU 2025-11). ASU 2025-11 clarifies the current interim disclosure requirements and the applicability of ASC 270, Interim Reporting by creating a comprehensive list of required interim disclosures and adding a principle that requires entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. The guidance is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently assessing the impact that adoption will have on its interim condensed consolidated financial statements . …

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11. TRANSACTIONS WITH RELATED PARTIES Exchange Agreement The Company has entered into an exchange agreement, as amended, with the limited partners of PJT Partners Holdings LP pursuant to which they (or certain permitted transferees) have the right, subject to the terms and conditions set forth in the Partnership Agreement, on a quarterly basis (subject to the terms of the exchange agreement, as amended), to exchange all or part of their Partnership Units for PJT Partners Inc. Class A common stock on a one -for-one basis, subject to applicable vesting and transfer restrictions. Further, pursuant to the terms in the Partnership Agreement of PJT Partners Holdings LP, the Company may also require holders of Partnership Units who are not Service Providers (as defined in the Partnership Agreement of PJT Partners Holdings LP) to exchange such Partnership Units. PJT Partners Inc. retains the sole option to determine whether to settle the exchange in either cash or for shares of PJT Partners Inc. Class A common stock on a one -for-one basis, subject to customary conversion rate adjustments for splits, unit distributions, and reclassifications. Further information regarding the exchange agreement is described in Note 13. Transactions with Related PartiesExchange Agreement in the Notes to Consolidated Financial Statements in Part II. Item 8. Financial Statements and Supplementary Data in the Companys Annual Report on Form 10-K for the year ended December 31, 2025. For the six months end …

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3. REVENUES AND ACCOUNTS RECEIVABLE Beginning in the first quarter of 2026, the Company no longer separately presents advisory fees and placement fees within Revenues on the Condensed Consolidated Statements of Operations and Notes to the Condensed Consolidated Financial Statements. The nature of the Companys advisory services is substantially similar across engagements, and these services are delivered through a fully integrated platform with engagements routinely incorporating cross-disciplinary expertise. This presentation more accurately represents the nature of the Companys business and has no impact on total Revenues, net income, or the Condensed Consolidated Statements of Financial Condition. Performance Obligations The Company generally expects performance obligations from contracts with customers to have an original expected duration of one year or less ; therefore, the Company has elected to apply the practical expedient in ASC 606-10-50-14. The transaction price allocated to performance obligations yet to be satisfied with an original expected duration exceeding one year was not material as of June 30, 2026. The majority of revenues recognized by the Company for the three and six months ended June 30, 2026 and 2025 were related to performance obligations that were satisfied or partially satisfied in prior periods, primarily due to constraints on variable consideration from prior periods being resolved. Contract Balances There were no significant impairments related …

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14. SEGMENT AND GEOGRAPHIC INFORMATION The Companys activities of providing advisory services constitute a single reportable segment. An operating segment is a component of an entity that conducts business and incurs revenues and expenses for which discrete financial information is available that is reviewed by the chief operating decision maker (CODM) in assessing performance and making resource allocation decisions. The Company's CODM is the Chief Executive Officer . The Company has a single operating segment and therefore a single reportable 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 senior professionals across the Company. The accounting policies of the reportable segment are the same as those described in the summary of significant accounting policies. The CODM assesses performance and allocates resources on a consolidated basis based on consolidated Net Income that is presented on the Condensed Consolidated Statements of Operations as well as other broad considerations, including the market opportunity, available expertise across the Company, and the strength and efficacy of professionals collaboration. The measure of segment assets is presented on the Condensed Consolidated Statements of Financial Condition as total consolidated assets. The CODM reviews segment assets at the same level or category as presented on the Condensed Consoli …

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2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The Company prepared the accompanying condensed consolidated financial statements in conformity with accounting principles generally accepted in the U.S. (GAAP) for interim financial information and the instructions to Form 10-Q. The condensed consolidated financial statements, including these notes, are unaudited and exclude some of the disclosures required in annual financial statements. Management believes it has made all necessary adjustments (consisting of only normal recurring items) so that the condensed consolidated financial statements are presented fairly and that estimates made in preparing its condensed consolidated financial statements are reasonable and prudent. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Companys Annual Report on Form 10-K for the year ended December 31, 2025. Intercompany transactions have been eliminated for all periods presented. There were no material changes to significant accounting policies previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025. For a comprehensive disclosure of the Companys significant accounting policies, see Note 2. Summary of Significant Accoun …

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15. SUBSEQUENT EVENTS The Board has declared a quarterly dividend of $ 0.25 per share of the Companys Class A common stock, which will be paid on September 16, 2026 to the Companys Class A common stockholders of record as of September 2, 2026 . The Company has evaluated the impact of subsequent events through the date these financial statements were issued and determined there were no subsequent events requiring adjustment or further disclosure to the financial statements besides the exchange of Partnership Units described in Note 11. Transactions with Related PartiesExchange Agreement and the maturity extension related to the Credit Agreement described in Note 12. Commitments and ContingenciesCommitments, Line of Credit. …

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