v3.26.3
Condensed Consolidated Statements of Changes in Equity and Redeemable Non-Controlling Interests (Unaudited) - USD ($)
$ in Thousands
Total
Devon Park
Gleacher Shacklock
Class A Common Stock
Class B Common Stock
Common Stock
Class A Common Stock
Common Stock
Class A Common Stock
Devon Park
Common Stock
Class A Common Stock
Gleacher Shacklock
Common Stock
Class B Common Stock
Treasury Stock
Additional Paid-In Capital
Additional Paid-In Capital
Devon Park
Additional Paid-In Capital
Gleacher Shacklock
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 Class A common stock (in shares)                 1,270,086            
Exchange of PWP OpCo Units and corresponding Class B common stock for Class A common stock (Note 11—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 11—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)           2,734,737                  
Common stock, ending balance (in shares) at Sep. 30, 2025           79,564,534     23,458,506            
Treasury stock, ending balance (in shares) at Sep. 30, 2025                   (14,569,154)          
Ending balance at Sep. 30, 2025 (302,402)         $ 8     $ 2 $ (138,449) 0     (161,906) (2,057)
Beginning balance at Dec. 31, 2024 651,140                            
Ending balance at Sep. 30, 2025 502,922                            
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 11—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                            
Increase (Decrease) in Stockholders' Equity [Roll Forward]                              
Net income (loss) 6,004                         6,004  
Equity-based awards 27,791                         27,791  
Issuance of Class A common stock for vested PWP Incentive Plan Awards (in shares)           774,413       210,574          
Issuance of Class A common stock for vested PWP Incentive Plan Awards 0                 $ 1,740       (1,740)  
Withholding tax payments on vested PWP Incentive Plan Awards (4,837)                         (4,837)  
Dividends declared per share of Class A common stock (5,821)                         (5,821)  
Foreign currency translation gain (loss) (1,336)                           (1,336)
Other 486                         486  
Exchange of PWP OpCo Units and corresponding Class B common stock for Class A common stock (in shares)           1,500,380     1,498,883            
Exchange of PWP OpCo Units and corresponding Class B common stock for Class A common stock (Note 11—Stockholders’ Equity and Redeemable Non-Controlling Interests) 2,014                         2,014  
Treasury stock purchase (in shares)                   (96,848)          
Treasury stock purchase (1,907)                 $ (1,907)          
Change in ownership interests (1,371)                         (1,371)  
Changes in redemption value of redeemable non-controlling interests (5,003)                         (5,003)  
Common stock, ending balance (in shares) at Sep. 30, 2025           79,564,534     23,458,506            
Treasury stock, ending balance (in shares) at Sep. 30, 2025                   (14,569,154)          
Ending balance at Sep. 30, 2025 (302,402)         $ 8     $ 2 $ (138,449) 0     (161,906) (2,057)
Redeemable Non-Controlling Interests                              
Net income (loss) 2,561                            
Foreign currency translation gain (loss) (531)                            
Other 0                            
Change in ownership interests 1,371                            
Changes in redemption value of redeemable non-controlling interests 5,003                            
Ending balance at Sep. 30, 2025 $ 502,922                            
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 11—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)           4,122,314                  
Common stock, ending balance (in shares) at Sep. 30, 2026       79,476,027 18,021,285 93,461,253     18,021,285            
Treasury stock, ending balance (in shares) at Sep. 30, 2026 (13,985,226)                 (13,985,226)          
Ending balance at Sep. 30, 2026 $ 64,144         $ 9     $ 2 $ (135,011) 328,088     (123,576) (5,368)
Beginning balance at Dec. 31, 2025 388,099                            
Ending balance at Sep. 30, 2026 297,065                            
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 Devon Park and Gleacher Shacklock Acquisition (in shares)             3,781                
Issuance of Class A common stock related to Devon Park and Gleacher Shacklock 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 11—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           87,839,777     20,018,315            
Treasury stock, ending balance (in shares) at Jun. 30, 2026                   (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                            
Increase (Decrease) in Stockholders' Equity [Roll Forward]                              
Net income (loss) 17,560                         17,560  
Equity-based awards 29,238                   29,238        
Distributions to partners 0                            
Issuance of Class A common stock for vested PWP Incentive Plan Awards (in shares)           2,139,895       215,509          
Issuance of Class A common stock for vested PWP Incentive Plan Awards 0                 $ 1,648 (1,648)        
Issuance of Class A common stock related to Devon Park and Gleacher Shacklock Acquisition (in shares)             355,037 1,127,529              
Issuance of Class A common stock related to Devon Park and Gleacher Shacklock Acquisition   $ 0 $ 54,989                   $ 54,989    
Withholding tax payments on vested PWP Incentive Plan Awards (4,341)                   (4,341)        
Dividends declared per share of Class A common stock (4,450)                   51     (4,501)  
Foreign currency translation gain (loss) (1,410)                           (1,410)
Other 800                   800        
Exchange of PWP OpCo Units and corresponding Class B common stock for Class A common stock (in shares)           1,999,015     1,997,030            
Exchange of PWP OpCo Units and corresponding Class B common stock for Class A common stock (Note 11—Stockholders’ Equity and Redeemable Non-Controlling Interests) 2,388                   2,388        
Treasury stock purchase (in shares)                   (127,328)          
Treasury stock purchase (2,002)                 $ (2,002)          
Change in ownership interests (10,638)                   (10,638)        
Changes in redemption value of redeemable non-controlling interests $ 27,800                   27,800        
Common stock, ending balance (in shares) at Sep. 30, 2026       79,476,027 18,021,285 93,461,253     18,021,285            
Treasury stock, ending balance (in shares) at Sep. 30, 2026 (13,985,226)                 (13,985,226)          
Ending balance at Sep. 30, 2026 $ 64,144         $ 9     $ 2 $ (135,011) $ 328,088     $ (123,576) $ (5,368)
Redeemable Non-Controlling Interests                              
Net income (loss) 5,730                            
Distributions to partners (1,401)                            
Foreign currency translation gain (loss) (244)                            
Change in ownership interests 10,638                            
Changes in redemption value of redeemable non-controlling interests (27,800)                            
Ending balance at Sep. 30, 2026 $ 297,065