Condensed Consolidated Statements of Changes in Equity and Redeemable Non-Controlling Interests (Unaudited) - USD ($)
$ in Thousands |
Total |
Class A Common Stock |
Class B Common Stock |
Common Stock
Class A Common Stock
|
Common Stock
Class B Common Stock
|
Treasury Stock |
Additional Paid-In Capital |
Retained Earnings (Accumulated Deficit) |
Accumulated Other Comprehensive Income (Loss) |
| Common stock, beginning balance (in shares) at Dec. 31, 2024 |
|
|
|
72,544,696
|
27,460,600
|
|
|
|
|
| Treasury stock, beginning balance (in shares) at Dec. 31, 2024 |
|
|
|
|
|
(13,362,975)
|
|
|
|
| Beginning balance at Dec. 31, 2024 |
$ (421,375)
|
|
|
$ 7
|
$ 3
|
$ (111,484)
|
$ 0
|
$ (303,708)
|
$ (6,193)
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
| Net income (loss) |
17,339
|
|
|
|
|
|
|
17,339
|
|
| Equity-based awards |
26,396
|
|
|
|
|
|
|
26,396
|
|
| Issuance of Class A common stock for vested PWP Incentive Plan Awards (in shares) |
|
|
|
3,366,995
|
|
387,054
|
|
|
|
| Issuance of Class A common stock for vested PWP Incentive Plan Awards |
0
|
|
|
|
|
$ 4,644
|
|
(4,644)
|
|
| Withholding tax payments on vested PWP Incentive Plan Awards |
(69,741)
|
|
|
|
|
|
|
(69,741)
|
|
| Dividends declared per share of Class A common stock |
(6,030)
|
|
|
|
|
|
|
(6,030)
|
|
| Foreign currency translation gain (loss) |
1,932
|
|
|
|
|
|
|
|
1,932
|
| Other |
424
|
|
|
|
|
|
|
424
|
|
| Exchange of PWP OpCo Units and corresponding Class B common stock for cash (in shares) |
|
|
|
|
(1,270,086)
|
|
|
|
|
| Exchange of PWP OpCo Units and corresponding Class B common stock for cash (Note 10—Stockholders’ Equity and Redeemable Non-Controlling Interests) |
0
|
|
|
|
|
|
|
|
|
| Treasury stock purchase (in shares) |
|
|
|
|
|
(749,432)
|
|
|
|
| Treasury stock purchase |
(14,442)
|
|
|
|
|
$ (14,442)
|
|
|
|
| Change in ownership interests |
3,207
|
|
|
|
|
|
|
3,207
|
|
| Changes in redemption value of redeemable non-controlling interests |
139,162
|
|
|
|
|
|
|
139,162
|
|
| Common stock, ending balance (in shares) at Mar. 31, 2025 |
|
|
|
75,911,691
|
26,190,514
|
|
|
|
|
| Treasury stock, ending balance (in shares) at Mar. 31, 2025 |
|
|
|
|
|
(13,725,353)
|
|
|
|
| Ending balance at Mar. 31, 2025 |
(323,128)
|
|
|
$ 7
|
$ 3
|
$ (121,282)
|
0
|
(197,595)
|
(4,261)
|
| Beginning balance at Dec. 31, 2024 |
651,140
|
|
|
|
|
|
|
|
|
| Redeemable Non-Controlling Interests |
|
|
|
|
|
|
|
|
|
| Net income (loss) |
4,034
|
|
|
|
|
|
|
|
|
| Foreign currency translation gain (loss) |
824
|
|
|
|
|
|
|
|
|
| Other |
(3)
|
|
|
|
|
|
|
|
|
| Exchange of PWP OpCo Units and corresponding Class B common stock for cash (Note 10—Stockholders’ Equity and Redeemable Non-Controlling Interests) |
(28,792)
|
|
|
|
|
|
|
|
|
| Change in ownership interests |
(3,207)
|
|
|
|
|
|
|
|
|
| Changes in redemption value of redeemable non-controlling interests |
(139,162)
|
|
|
|
|
|
|
|
|
| Ending balance at Mar. 31, 2025 |
484,834
|
|
|
|
|
|
|
|
|
| Common stock, beginning balance (in shares) at Dec. 31, 2024 |
|
|
|
72,544,696
|
27,460,600
|
|
|
|
|
| Treasury stock, beginning balance (in shares) at Dec. 31, 2024 |
|
|
|
|
|
(13,362,975)
|
|
|
|
| Beginning balance at Dec. 31, 2024 |
(421,375)
|
|
|
$ 7
|
$ 3
|
$ (111,484)
|
0
|
(303,708)
|
(6,193)
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
| Exchange of PWP OpCo Units and corresponding Class B common stock for Class A common stock (in shares) |
|
|
|
1,234,357
|
|
|
|
|
|
| Exchange of PWP OpCo Units and corresponding Class B common stock for cash (in shares) |
|
|
|
|
(1,270,086)
|
|
|
|
|
| Common stock, ending balance (in shares) at Jun. 30, 2025 |
|
|
|
77,289,741
|
24,957,389
|
|
|
|
|
| Treasury stock, ending balance (in shares) at Jun. 30, 2025 |
|
|
|
|
|
(14,682,880)
|
|
|
|
| Ending balance at Jun. 30, 2025 |
(318,422)
|
|
|
$ 8
|
$ 2
|
$ (138,282)
|
0
|
(179,429)
|
(721)
|
| Beginning balance at Dec. 31, 2024 |
651,140
|
|
|
|
|
|
|
|
|
| Ending balance at Jun. 30, 2025 |
494,518
|
|
|
|
|
|
|
|
|
| Common stock, beginning balance (in shares) at Mar. 31, 2025 |
|
|
|
75,911,691
|
26,190,514
|
|
|
|
|
| Treasury stock, beginning balance (in shares) at Mar. 31, 2025 |
|
|
|
|
|
(13,725,353)
|
|
|
|
| Beginning balance at Mar. 31, 2025 |
(323,128)
|
|
|
$ 7
|
$ 3
|
$ (121,282)
|
0
|
(197,595)
|
(4,261)
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
| Net income (loss) |
2,738
|
|
|
|
|
|
|
2,738
|
|
| Equity-based awards |
28,222
|
|
|
|
|
|
|
28,222
|
|
| Issuance of Class A common stock for vested PWP Incentive Plan Awards (in shares) |
|
|
|
143,693
|
|
25,530
|
|
|
|
| Issuance of Class A common stock for vested PWP Incentive Plan Awards |
0
|
|
|
|
|
$ 306
|
|
(306)
|
|
| Withholding tax payments on vested PWP Incentive Plan Awards |
(2,224)
|
|
|
|
|
|
|
(2,224)
|
|
| Dividends declared per share of Class A common stock |
(5,724)
|
|
|
|
|
|
|
(5,724)
|
|
| Foreign currency translation gain (loss) |
3,540
|
|
|
|
|
|
|
|
3,540
|
| Other |
224
|
|
|
|
|
|
|
224
|
|
| Exchange of PWP OpCo Units and corresponding Class B common stock for Class A common stock (in shares) |
|
|
|
1,234,357
|
1,233,125
|
|
|
|
|
| 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) |
1,935
|
|
|
$ 1
|
$ (1)
|
|
|
1,935
|
|
| Treasury stock purchase (in shares) |
|
|
|
|
|
(983,057)
|
|
|
|
| Treasury stock purchase |
(17,306)
|
|
|
|
|
$ (17,306)
|
|
0
|
|
| Change in ownership interests |
(1,356)
|
|
|
|
|
|
|
(1,356)
|
|
| Changes in redemption value of redeemable non-controlling interests |
(5,343)
|
|
|
|
|
|
|
(5,343)
|
|
| Common stock, ending balance (in shares) at Jun. 30, 2025 |
|
|
|
77,289,741
|
24,957,389
|
|
|
|
|
| Treasury stock, ending balance (in shares) at Jun. 30, 2025 |
|
|
|
|
|
(14,682,880)
|
|
|
|
| Ending balance at Jun. 30, 2025 |
(318,422)
|
|
|
$ 8
|
$ 2
|
$ (138,282)
|
0
|
(179,429)
|
(721)
|
| Beginning balance at Mar. 31, 2025 |
484,834
|
|
|
|
|
|
|
|
|
| Redeemable Non-Controlling Interests |
|
|
|
|
|
|
|
|
|
| Net income (loss) |
1,530
|
|
|
|
|
|
|
|
|
| Foreign currency translation gain (loss) |
1,456
|
|
|
|
|
|
|
|
|
| Other |
(1)
|
|
|
|
|
|
|
|
|
| Change in ownership interests |
1,356
|
|
|
|
|
|
|
|
|
| Changes in redemption value of redeemable non-controlling interests |
5,343
|
|
|
|
|
|
|
|
|
| Ending balance at Jun. 30, 2025 |
$ 494,518
|
|
|
|
|
|
|
|
|
| Common stock, beginning balance (in shares) at Dec. 31, 2025 |
|
66,739,647
|
22,139,506
|
81,308,801
|
22,139,506
|
|
|
|
|
| Treasury stock, beginning balance (in shares) at Dec. 31, 2025 |
(14,569,154)
|
|
|
|
|
(14,569,154)
|
|
|
|
| Beginning balance at Dec. 31, 2025 |
$ (127,359)
|
|
|
$ 8
|
$ 2
|
$ (138,449)
|
144,197
|
(130,596)
|
(2,521)
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
| Net income (loss) |
1,487
|
|
|
|
|
|
|
1,487
|
|
| Equity-based awards |
30,971
|
|
|
|
|
|
30,971
|
|
|
| Issuance of Class A common stock for vested PWP Incentive Plan Awards (in shares) |
|
|
|
3,105,577
|
|
495,747
|
|
|
|
| Issuance of Class A common stock for vested PWP Incentive Plan Awards |
0
|
|
|
|
|
$ 3,792
|
(3,792)
|
|
|
| Withholding tax payments on vested PWP Incentive Plan Awards |
(55,160)
|
|
|
|
|
|
(55,160)
|
|
|
| Dividends declared per share of Class A common stock |
(6,417)
|
|
|
|
|
|
90
|
(6,507)
|
|
| Foreign currency translation gain (loss) |
(1,289)
|
|
|
|
|
|
|
|
(1,289)
|
| Other |
453
|
|
|
|
|
|
453
|
|
|
| Exchange of PWP OpCo Units and corresponding Class B common stock for Class A common stock (in shares) |
|
|
|
215,215
|
215,000
|
|
|
|
|
| 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) |
93
|
|
|
|
|
|
93
|
|
|
| Change in ownership interests |
9,170
|
|
|
|
|
|
9,170
|
|
|
| Changes in redemption value of redeemable non-controlling interests |
(6,658)
|
|
|
|
|
|
(6,658)
|
|
|
| Common stock, ending balance (in shares) at Mar. 31, 2026 |
|
|
|
84,629,593
|
21,924,506
|
|
|
|
|
| Treasury stock, ending balance (in shares) at Mar. 31, 2026 |
|
|
|
|
|
(14,073,407)
|
|
|
|
| Ending balance at Mar. 31, 2026 |
(154,709)
|
|
|
$ 8
|
$ 2
|
$ (134,657)
|
119,364
|
(135,616)
|
(3,810)
|
| Beginning balance at Dec. 31, 2025 |
388,099
|
|
|
|
|
|
|
|
|
| Redeemable Non-Controlling Interests |
|
|
|
|
|
|
|
|
|
| Net income (loss) |
(2,232)
|
|
|
|
|
|
|
|
|
| Foreign currency translation gain (loss) |
(393)
|
|
|
|
|
|
|
|
|
| Other |
4
|
|
|
|
|
|
|
|
|
| Change in ownership interests |
(9,170)
|
|
|
|
|
|
|
|
|
| Changes in redemption value of redeemable non-controlling interests |
6,658
|
|
|
|
|
|
|
|
|
| Ending balance at Mar. 31, 2026 |
$ 382,966
|
|
|
|
|
|
|
|
|
| Common stock, beginning balance (in shares) at Dec. 31, 2025 |
|
66,739,647
|
22,139,506
|
81,308,801
|
22,139,506
|
|
|
|
|
| Treasury stock, beginning balance (in shares) at Dec. 31, 2025 |
(14,569,154)
|
|
|
|
|
(14,569,154)
|
|
|
|
| Beginning balance at Dec. 31, 2025 |
$ (127,359)
|
|
|
$ 8
|
$ 2
|
$ (138,449)
|
144,197
|
(130,596)
|
(2,521)
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
| Exchange of PWP OpCo Units and corresponding Class B common stock for Class A common stock (in shares) |
|
|
|
2,123,299
|
|
|
|
|
|
| Common stock, ending balance (in shares) at Jun. 30, 2026 |
|
73,766,370
|
20,018,315
|
87,839,777
|
20,018,315
|
|
|
|
|
| Treasury stock, ending balance (in shares) at Jun. 30, 2026 |
(14,073,407)
|
|
|
|
|
(14,073,407)
|
|
|
|
| Ending balance at Jun. 30, 2026 |
$ (45,790)
|
|
|
$ 9
|
$ 2
|
$ (134,657)
|
229,449
|
(136,635)
|
(3,958)
|
| Beginning balance at Dec. 31, 2025 |
388,099
|
|
|
|
|
|
|
|
|
| Ending balance at Jun. 30, 2026 |
310,142
|
|
|
|
|
|
|
|
|
| Common stock, beginning balance (in shares) at Mar. 31, 2026 |
|
|
|
84,629,593
|
21,924,506
|
|
|
|
|
| Treasury stock, beginning balance (in shares) at Mar. 31, 2026 |
|
|
|
|
|
(14,073,407)
|
|
|
|
| Beginning balance at Mar. 31, 2026 |
(154,709)
|
|
|
$ 8
|
$ 2
|
$ (134,657)
|
119,364
|
(135,616)
|
(3,810)
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
| Net income (loss) |
5,304
|
|
|
|
|
|
|
5,304
|
|
| Equity-based awards |
36,467
|
|
|
|
|
|
36,467
|
|
|
| Distributions to partners |
0
|
|
|
|
|
|
|
|
|
| Issuance of Class A common stock for vested PWP Incentive Plan Awards (in shares) |
|
|
|
1,298,319
|
|
|
|
|
|
| Issuance of Class A common stock related to Business Combination (in shares) |
|
|
|
3,781
|
|
|
|
|
|
| Issuance of Class A common stock related to Devon Park Acquisition |
77
|
|
|
|
|
|
77
|
|
|
| Withholding tax payments on vested PWP Incentive Plan Awards |
(435)
|
|
|
|
|
|
(435)
|
|
|
| Dividends declared per share of Class A common stock |
(6,281)
|
|
|
|
|
|
42
|
(6,323)
|
|
| Foreign currency translation gain (loss) |
(148)
|
|
|
|
|
|
|
|
(148)
|
| Other |
214
|
|
|
|
|
|
214
|
|
|
| Exchange of PWP OpCo Units and corresponding Class B common stock for Class A common stock (in shares) |
|
|
|
1,908,084
|
1,906,191
|
|
|
|
|
| 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) |
2,055
|
|
|
$ 1
|
|
|
2,054
|
|
|
| Change in ownership interests |
(92)
|
|
|
|
|
|
(92)
|
|
|
| Changes in redemption value of redeemable non-controlling interests |
$ 71,758
|
|
|
|
|
|
71,758
|
|
|
| Common stock, ending balance (in shares) at Jun. 30, 2026 |
|
73,766,370
|
20,018,315
|
87,839,777
|
20,018,315
|
|
|
|
|
| Treasury stock, ending balance (in shares) at Jun. 30, 2026 |
(14,073,407)
|
|
|
|
|
(14,073,407)
|
|
|
|
| Ending balance at Jun. 30, 2026 |
$ (45,790)
|
|
|
$ 9
|
$ 2
|
$ (134,657)
|
$ 229,449
|
$ (136,635)
|
$ (3,958)
|
| Beginning balance at Mar. 31, 2026 |
382,966
|
|
|
|
|
|
|
|
|
| Redeemable Non-Controlling Interests |
|
|
|
|
|
|
|
|
|
| Net income (loss) |
1,027
|
|
|
|
|
|
|
|
|
| Distributions to partners |
(2,202)
|
|
|
|
|
|
|
|
|
| Foreign currency translation gain (loss) |
17
|
|
|
|
|
|
|
|
|
| Change in ownership interests |
92
|
|
|
|
|
|
|
|
|
| Changes in redemption value of redeemable non-controlling interests |
(71,758)
|
|
|
|
|
|
|
|
|
| Ending balance at Jun. 30, 2026 |
$ 310,142
|
|
|
|
|
|
|
|
|