Stockholders' Equity and Redeemable Non-Controlling Interests |
9 Months Ended |
|---|---|
Sep. 30, 2026 | |
| Equity [Abstract] | |
| Stockholders' Equity and Redeemable Non-Controlling Interests | Note 11—Stockholders’ Equity and Redeemable Non-Controlling Interests Share Repurchases On February 16, 2022, the Company’s 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 Company’s Class A common stock. Since inception of the share repurchase program, 14,877,364 shares have been purchased at an average price per share of $9.53 through September 30, 2026 for a total purchase price of $141.8 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 September 30, 2026, the current and former working partners collectively own 18,021,285 PWP OpCo Units, which represents an 18.5% non-controlling ownership interest in PWP OpCo. Exchange Rights Holders of PWP OpCo Units (the “PWP OpCo Unitholders”) other than the Company may exchange their units for (i) shares of Class A common stock on a one-for-one basis or (ii) cash from an offering of shares of Class A common stock and (iii) cash from any other source. Concurrently with an exchange, such PWP OpCo Unitholder is required to surrender shares of Class B common stock for additional shares of Class A common stock or cash at a conversion rate of 0.001. Whether the exchanging PWP OpCo Unitholder receives cash or Class A common stock in exchange for their PWP OpCo Units and Class B common stock is at the Company’s discretion. The Company settled exchanges of certain PWP OpCo Units and corresponding shares of Class B common stock for 1,999,015 and 4,122,314 shares of Class A common stock during the three and nine months ended September 30, 2026, respectively, and 1,500,380 and 2,734,737 shares of Class A common stock during the three and nine months ended September 30, 2025, respectively. During the nine months ended September 30, 2025, the Company settled exchanges of 1,270,086 PWP OpCo Units and corresponding shares of Class B common stock at a price of $22.65 per PWP OpCo Unit for $28.3 million in cash as well as the non-cash settlement of certain partner loans. Refer to Note 16—Related Party Transactions for more information on partner loans. To the extent an exchange creates a step-up in tax basis, the Company records an increase in Deferred tax assets, net, Amount due pursuant to tax receivable agreement, and Additional paid-in-capital.
|