Financial Analysis

Note 16Commitments and Contingencies Indemnifications The Company enters into certain contracts that contain a variety of indemnification provisions. The Companys maximum exposure under these arrangements is unknown. As of June 30, 2026 and December 31, 2025, 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, 2026 and December 31, 2025 and for the three and six months ended June 30, 2026 and 2025. 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 Companys restructuring group to secretly form a new competing firm in breach of their contractual and fiduciary duties. The complaint contains 14 causes of action and seeks declaratory relief as well …

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Note 12Other 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 Companys employees. In all instances, compensation expense is accrued over the requisite service period. Benefit Plans Certain employees participate in employee benefit plans, which consist 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 Companys employee benefit plans were $2.0 million and $4.2 million for the three and six months ended June 30, 2026, respectively, and $1.7 million and $3.4 million for the three and six months ended June 30, 2025, respectively, and are included in Compensation and benefits on the Condensed Consolidated Statements of Operations. Business Realignment During the second quarter of 2026, the Company began a review of the business, which will result in headcount reductions to focus resources on higher-performing areas of the business (the Business Realignment). In conjunction with the Business Realignment and for the three months ended June 30, 2026, the Company incurred expenses related to separation and transition benefits of $5.1 million, and the acceleration of equity-based compensation amortization of $8.6 million. Such amoun …

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Note 9Debt As of June 30, 2026 and December 31, 2025, the Company had no outstanding debt. The Company has a revolving credit facility (the Revolving Credit Facility) through a credit agreement with Cadence Bank (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, 2028. Issuance costs incurred related to the Credit Agreement are amortized 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. …

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The following table disaggregates the Companys revenue between over time and point in time recognition: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Over time $ 145,342 $ 154,391 $ 288,837 $ 363,122 Point in time 11,183 876 16,605 3,976 Total revenue $ 156,525 $ 155,267 $ 305,442 $ 367,098 …

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Note 11Equity-Based Compensation Further information regarding the Companys equity-based compensation awards is described in Note 12Equity-Based 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. 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 Genera …

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Note 8Income Taxes The following table summarizes the Companys tax position for the periods presented: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Income (loss) before income taxes $ 6,084 $ 6,248 $ (4,558) $ 18,147 Income tax expense (benefit) $ (247) $ 1,980 $ (10,144) $ (7,494) Effective income tax rate (4.1) % 31.7 % 222.6 % (41.3) % The Companys overall effective income tax rate in each of the periods presented above varies from the U.S. federal statutory rate primarily because (i) a portion of the Companys 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. As of June 30, 2026 and December 31, 2025, the Company recorded a liability for unrecognized tax benefits of $3.7 million 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. …

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Note 4Leases The Company leases office space and equipment under operating lease agreements. On April 1, 2025, the Company entered into a seven-year agreement to sublease a portion of its New York office. The sublease term commenced in September 2025 and continues through August 2032. Sublease income is presented net within Rent and occupancy on the Condensed Consolidated Statements of Operations. Variable lease payments for the subtenants portion of occupancy costs will be recognized as incurred. Other information as it relates to the Companys operating leases is as follows: June 30, 2026 December 31, 2025 Weighted-average discount rate operating leases 5.3% 5.0% Weighted-average remaining lease term operating leases 12.1 years 12.5 years Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Operating lease cost $ 5,017 $ 4,752 $ 10,027 $ 9,444 Variable lease cost 889 1,003 1,818 2,015 Sublease income operating leases (935) (1,870) Total net lease cost $ 4,971 $ 5,755 $ 9,975 $ 11,459 Net cash outflows on operating leases $ 5,684 $ 4,582 $ 11,429 $ 9,518 Cash inflows on sublease $ 1,038 $ $ 1,384 $ As of June 30, 2026, the maturities of undiscounted cash payments and cash receipts for operating leases are as follows: Years Ending: Operating Lease Payments Sublease Receipts Net Payments Remainder of 2026 $ 9,577 $ 2,076 $ 7,501 2027 18,393 4,153 14,240 2028 20,064 4,153 15,911 2029 21,011 4,153 16,858 2030 20,513 4,153 16,360 Thereafter 153,045 7,379 145,6 …

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Recently Adopted Accounting Pronouncements Credit Losses Effective January 1, 2026, the Company prospectively adopted Accounting Standards Update 2025-05, Measurement of Credit Losses for Accounts Receivable and Contract Assets (ASU 2025-05), which amends the guidance in ASC Topic 326, Financial InstrumentsCredit Losses to simplify the process for preparing the estimate of expected credit losses. The Company elected the practical expedient provided under ASU 2025-05 that assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset. The adoption did not have a material impact on the Companys condensed consolidated financial statements. Future Adoption of Accounting Pronouncements Expense Disaggregation In November 2024, the FASB issued Accounting Standards Update 2024-03, Disaggregation of Income Statement Expenses (ASU 2024-03), which amends the guidance in ASC Topic 220, Income StatementReporting Comprehensive Income, to improve the transparency of expense disclosures by requiring more detailed information about the types of expenses in commonly presented expense captions. The amendments in ASU 2024-03 are effective for the Company beginning with the annual period ended December 31, 2027. The amendments are to be applied prospectively with both retrospective application and early adoption permitted. The Company does not expect the adoption of ASU 2024-03 to have a material impact on the consolidated financial statements. Inte …

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Note 15Related 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. 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 is included in Compensation and benefits on the Condensed Consolidated Statements of Operations. Tax Receivable Agreement In connection with the Business Combination, the Company entered into a tax receivable agreement with PWP OpCo, Professional Partners and Investor Limited Partners 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 a …

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Note 3Revenue and Receivables from Contracts with Customers The following table disaggregates the Companys revenue between over time and point in time recognition: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Over time $ 145,342 $ 154,391 $ 288,837 $ 363,122 Point in time 11,183 876 16,605 3,976 Total revenue $ 156,525 $ 155,267 $ 305,442 $ 367,098 Reimbursable expenses billed to clients were $0.8 million and $1.6 million for the three and six months ended June 30, 2026, respectively, and $1.3 million and $3.0 million for the three and six months ended June 30, 2025, respectively. Performance Obligations and Contract Balances A significant portion of total revenues in any given period often relates to performance obligations that were satisfied or partially satisfied in prior periods. These amounts are recognized upon the resolution of revenue constraints and uncertainties in the relevant period and are generally related to transaction-related advisory services. As of June 30, 2026 and December 31, 2025, the Company recorded $0.5 million and $1.0 million, respectively, for contract liabilities which are presented within Accounts payable, accrued expenses and other liabilities on the Condensed Consolidated Statements of Financial Condition. Accounts Receivable and Allowance for Credit Losses As of June 30, 2026 and December 31, 2025, $16.6 million and $22.2 million, respectively, of accrued revenue was included in Accounts receivable, net of allowa …

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Note 17Segment and Geographic Information As a global independent advisory firm, the Company provides a range of advisory services depending on the needs of its clients, including advice related to M&A execution, shareholder engagement advisory, financing and capital solutions, as well as underwriting and research services primarily for the energy and related industries. The Company provides advisory services to multiple industry sectors, geographic markets and clients, but the nature, process, delivery and regulatory complexities of advisory services are similar across the business. The Company is organized under an integrated approach to maximize the value of advice to clients by drawing upon the diversified expertise and broad relationships of its senior professionals. As such, the Company is managed on a consolidated basis, which results in one reportable segment: Advisory. The Companys chief operating decision maker (CODM), the Chief Executive Officer and Chairman, evaluates the performance of the Advisory segment and allocates resources based on consolidated net income (loss), as presented on the Consolidated Statements of Operations. The CODM uses consolidated net income (loss) to evaluate the profitability generated by segment assets and personnel and decides whether to reinvest any profits in the Advisory segment, such as through hiring, compensation management, and capital expenditures, or to return value to shareholders and partners, such as through share repur …

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Note 2Summary 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 Companys 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 o …

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Note 10Stockholders Equity and Redeemable Non-Controlling Interests Share Repurchases On February 16, 2022, the Companys 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 Companys Class A common stock. Since inception of the share repurchase program, 14,750,036 shares have been purchased at an average price per share of $9.48 through June 30, 2026 for a total purchase price of $139.8 million. These amounts include 1,000,000 founder shares repurchased during 2024 at a purchase price of $15.00 per share for a total purchase price of $15.0 million. During 2021, prior to the implementation of the stock repurchase program, 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 Redeemable non-controlling interests on the Condensed Consolidated Statements of Financial Condition are presented within temporary equity. Redeemable non-controlling interests are presented at their redemption value as of the reporting date and represent the ownership interests in PWP OpCo held by holders other than Perella Weinberg Partners. As of June 30, 2026, the current and former working partners collectively own 20,018,315 PWP OpCo Units, which represents a 21.3% non-controlling ownership interest in PWP OpCo. Exchang …

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Note 18Subsequent Events The Company has evaluated subsequent events through the issuance date of these condensed consolidated financial statements. On July 29, 2026, the Companys 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 10, 2026 to Class A common stockholders of record on August 28, 2026. 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. …

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