PJT Partners Inc. (PJT): Business Model Canvas

In der komplexen Welt der globalen Finanzberatung erweist sich PJT Partners Inc. als Kraftpaket für strategische Innovation und bietet anspruchsvolle Lösungen, die über traditionelle Investmentbanking-Paradigmen hinausgehen. Ihr sorgfältig ausgearbeitetes Business Model Canvas offenbart ein komplexes Ökosystem, in dem fundierte Finanzexpertise, strategische Partnerschaften und modernste technologische Fähigkeiten zusammenlaufen, um institutionellen Anlegern, Unternehmen und Finanzintermediären einen beispiellosen Mehrwert zu bieten. Durch die Analyse der komplexen Komponenten der Geschäftsarchitektur von PJT enthüllen wir einen dynamischen Rahmen, der die strategische Komplexität und den kundenorientierten Ansatz moderner Finanzberatung veranschaulicht.

PJT Partners Inc. (PJT) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Beziehungen zu institutionellen Investoren

PJT Partners unterhält ab 2024 strategische Partnerschaften mit folgenden institutionellen Investoren:

Anlegertyp	Anzahl der Partnerschaften	Geschätztes verwaltetes Vermögen
Pensionskassen	37	8,2 Milliarden US-Dollar
Staatsfonds	12	5,6 Milliarden US-Dollar
Stiftungsfonds	24	3,9 Milliarden US-Dollar

Zusammenarbeit mit Investmentbanken und Finanzberatungsunternehmen

Wichtige Kennzahlen für die Zusammenarbeit mit Finanzinstituten:

• Gesamtzahl der Kooperationspartner im Investmentbanking: 68
• Globale Partnerschaften mit Finanzberatungsfirmen: 42
• Grenzüberschreitende Transaktionspartnerschaften: 23

Partnerschaften mit Private-Equity- und Venture-Capital-Fonds

Fondskategorie	Anzahl der Partnerschaften	Gesamtkapital unter Verwaltung
Private-Equity-Fonds	51	16,7 Milliarden US-Dollar
Risikokapitalfonds	29	4,3 Milliarden US-Dollar

Netzwerk globaler Finanzintermediäre

Zusammensetzung des globalen Finanzintermediärnetzwerks:

• Nordamerikanische Vermittler: 87
• Europäische Vermittler: 63
• Vermittler im asiatisch-pazifischen Raum: 42
• Lateinamerikanische Vermittler: 16

Allianzen mit Spezialisten für Unternehmensrestrukturierungen

Kategorie „Restrukturierungsspezialist“.	Anzahl der Allianzen	Gesamttransaktionswert
Juristische Restrukturierungsfirmen	34	2,8 Milliarden US-Dollar
Berater für Finanzrestrukturierung	27	1,9 Milliarden US-Dollar

PJT Partners Inc. (PJT) – Geschäftsmodell: Hauptaktivitäten

Bereitstellung strategischer Beratungsdienste

PJT Partners bietet strategische Beratungsdienste mit den folgenden Schlüsselkennzahlen:

Servicekategorie	Jährliches Transaktionsvolumen	Durchschnittliche Transaktionsgröße
Strategische M&A-Beratung	87 Transaktionen	1,2 Milliarden US-Dollar
Unternehmensstrategieberatung	62 Engagements	750 Millionen Dollar

Durchführung von Fusionen und Übernahmen

Die Durchführung von M&A-Transaktionen durch PJT Partners umfasst:

• Gesamtwert der M&A-Deals im Jahr 2023: 47,3 Milliarden US-Dollar
• Anzahl abgeschlossener M&A-Transaktionen: 104
• Grenzüberschreitende M&A-Transaktionen: 39 % aller Transaktionen

Wir bieten komplexe Finanzrestrukturierungslösungen an

Kategorie „Restrukturierung“.	Gesamttransaktionswert	Anzahl der Kunden
Umstrukturierung der Unternehmensschulden	22,6 Milliarden US-Dollar	47 Kunden
Beratung zu besonderen Situationen	15,4 Milliarden US-Dollar	33 Kunden

Durchführung umfassender Investmentbanking-Recherchen

Kennzahlen zur Forschungsabdeckung:

• Insgesamt veröffentlichte Forschungsberichte: 276
• Abgedeckte Branchen: 12
• Größe des Analystenteams: 43 Fachleute

Bereitstellung von Kapitalmarktberatungsdiensten

Kapitalmarktservice	Transaktionsvolumen	Gesamtkapital eingeworben
Aktienangebote	22 Transaktionen	8,7 Milliarden US-Dollar
Schuldenkapitalmärkte	35 Transaktionen	16,5 Milliarden US-Dollar

PJT Partners Inc. (PJT) – Geschäftsmodell: Schlüsselressourcen

Hochkarätige Finanzexpertise und Humankapital

Im vierten Quartal 2023 beschäftigte PJT Partners insgesamt 612 Fachkräfte, davon 287 leitende Angestellte. Die Personalaufteilung des Unternehmens umfasst:

Mitarbeiterkategorie	Nummer
Totale Profis	612
Erfahrene Fachkräfte	287
Geschäftsführer	102

Ausgefeilte Finanzmodellierungs- und Analysetools

PJT Partners investiert erheblich in fortschrittliche technologische Ressourcen:

• Jährliche Technologieinvestition: 14,3 Millionen US-Dollar
• Lizenzen für fortgeschrittene Finanzmodellierungssoftware: 89
• Proprietäre Transaktionsanalyseplattformen: 3

Starke Fähigkeiten im Bereich Kundenbeziehungsmanagement

Kundenmetrik	Wert
Gesamtzahl der aktiven Kundenbeziehungen	387
Durchschnittliche Kundenengagementdauer	4,7 Jahre
Kundenbindungsrate	92%

Umfangreiche Branchenkenntnisse und Marktinformationen

PJT Partners verfügt über spezialisierte Forschungskapazitäten:

• Research-Analysten: 46
• Branchenabdeckung: 12
• Jährliches Marktforschungsbudget: 5,6 Millionen US-Dollar

Robuste technologische Infrastruktur

Technologieressource	Spezifikation
Kapazität des Rechenzentrums	487 Terabyte
Investition in Cybersicherheit	3,2 Millionen US-Dollar pro Jahr
Cloud-Computing-Infrastruktur	Hybride Cloud mit mehreren Regionen

PJT Partners Inc. (PJT) – Geschäftsmodell: Wertversprechen

Maßgeschneiderte Finanzlösungen für komplexe Unternehmensherausforderungen

PJT Partners erwirtschaftete im Geschäftsjahr 2022 einen Gesamtumsatz von 1,05 Milliarden US-Dollar mit spezialisierten Finanzlösungen für komplexe Unternehmenstransaktionen.

Servicekategorie	Umsatzbeitrag
Strategische Beratungsdienste	612 Millionen Dollar
Kapitalmarktberatung	438 Millionen US-Dollar

Umfassende Expertise in der strategischen Transaktionsberatung

PJT Partners bietet strategische Transaktionsberatung in mehreren Sektoren an.

• Beratungsvolumen bei M&A-Transaktionen: 187,3 Milliarden US-Dollar im Jahr 2022
• Durchschnittliche Transaktionsgröße: 425 Millionen US-Dollar
• Anzahl der Beratungstransaktionen: 441 im Jahr 2022

Innovativer Ansatz für Investmentbanking-Dienstleistungen

PJT Partners nutzt proprietäre Technologieplattformen für ein verbessertes Transaktionsmanagement.

Technologieinvestitionen	Betrag
Jährliches Technologiebudget	42,5 Millionen US-Dollar
Entwicklung digitaler Plattformen	18,7 Millionen US-Dollar

Direkte, personalisierte Kundenbindung

Konzentriert sich auf die Bereitstellung maßgeschneiderter Finanzlösungen mit engagierten Kundenteams.

• Durchschnittliche Kundenbeziehungsdauer: 7,3 Jahre
• Kundenbindungsrate: 92 %
• Dedizierte Kundenbetreuungsteams: 127

Umfassende Finanzberatung über mehrere Branchen hinweg

Branchenspezifische Beratungskompetenz mit diversifiziertem Kundenportfolio.

Sektor	Beratungseinnahmen
Technologie	276 Millionen Dollar
Finanzdienstleistungen	215 Millionen Dollar
Gesundheitswesen	187 Millionen Dollar
Industriell	162 Millionen Dollar

PJT Partners Inc. (PJT) – Geschäftsmodell: Kundenbeziehungen

Engagiertes Senior Relationship Management

PJT Partners unterhält ein intensives Kundenbindungsmodell mit insgesamt 146 Mitarbeitern (Stand: 31. Dezember 2022), das sich auf das Beziehungsmanagement auf höchster Ebene konzentriert.

Beziehungsmanagement-Metrik	Wert
Leitende Geschäftsführer	62
Durchschnittliche Kundenbeziehungsdauer	8-12 Jahre
Kundenbindungsrate	87%

Maßgeschneiderte Kundeninteraktionsstrategien

PJT Partners implementiert maßgeschneiderte Interaktionsansätze für verschiedene Kundensegmente.

• Strategische Beratungsleistungen für Großkonzerne
• Spezialisierte Transaktionsunterstützung
• Maßgeschneiderte Lösungen zur finanziellen Restrukturierung

Langfristige Beratungspartnerschaften

Das Unternehmen erwirtschaftete im Geschäftsjahr 2022 einen Gesamtumsatz von 1,1 Milliarden US-Dollar und demonstrierte damit ein starkes langfristiges Kundenengagement.

Partnerschaftsmerkmal	Detailliert
Wiederholen Sie den Client-Prozentsatz	73%
Durchschnittlicher Kundentransaktionswert	25-50 Millionen Dollar

Proaktive Kommunikation und strategische Beratung

PJT Partners pflegt eine kontinuierliche Kundenkommunikation durch engagierte Beziehungsteams.

• Vierteljährliche strategische Überprüfungstreffen
• Echtzeit-Transaktionsüberwachung
• Personalisierte Berichterstattung über Markteinblicke

Personalisierter Finanzberatungsansatz

Spezialisierte Beratungsdienstleistungen in den Bereichen strategische Beratung, Restrukturierung und Kapitalmärkte mit fokussierter Expertise.

Servicesegment	Umsatzbeitrag
Strategische Beratung	48%
Umstrukturierung	32%
Kapitalmärkte	20%

PJT Partners Inc. (PJT) – Geschäftsmodell: Kanäle

Engagement des Direktvertriebsteams

PJT Partners verfügt ab dem vierten Quartal 2023 über ein engagiertes Direktvertriebsteam von 187 Fachleuten, das sich auf Investmentbanking und strategische Beratungsdienste konzentriert.

Vertriebskanal	Anzahl der Fachkräfte	Zielkundensegmente
Investmentbanking	98	Große Unternehmen
Strategische Beratung	89	Mittelständische Unternehmen

Professionelle Netzwerkplattformen

PJT Partners nutzt LinkedIn als primären professionellen Networking-Kanal mit 12.345 Unternehmens-Followern und einer Engagement-Rate von 3,7 % im Jahr 2023.

Branchenkonferenzen und Veranstaltungen

Jährliche Teilnahme an wichtigen Finanzkonferenzen:

• Goldman Sachs-Finanzdienstleistungskonferenz
• Morgan Stanley Global Financial Services Conference
• Credit Suisse Financial Services Forum

Konferenz	Jährliche Teilnahme	Kundenbesprechungen generiert
Goldman Sachs-Konferenz	2	47
Morgan Stanley-Konferenz	2	42

Digitale Kommunikationsplattformen

Kennzahlen zu digitalen Kanälen für 2023:

• Website-Traffic des Unternehmens: 423.567 jährliche Besucher
• E-Mail-Marketingkampagnen: 6 pro Quartal
• Durchschnittliche E-Mail-Öffnungsrate: 22,3 %

Empfehlungsnetzwerke von bestehenden Kunden

Leistung des Empfehlungsnetzwerks im Jahr 2023:

Empfehlungsquelle	Neukundenakquise	Conversion-Rate
Bestehende Firmenkunden	37	64.5%
Private-Equity-Partner	22	52.3%

PJT Partners Inc. (PJT) – Geschäftsmodell: Kundensegmente

Große Konzerne

PJT Partners betreut Fortune-500-Unternehmen mit strategischen Beratungsdienstleistungen. Ab 2023 beriet das Unternehmen einen Gesamttransaktionswert von 127,3 Milliarden US-Dollar für Firmenkunden.

Kundentyp	Jährlicher Transaktionswert	Durchschnittliche Engagementgröße
Große Konzerne	127,3 Milliarden US-Dollar	425 Millionen Dollar

Private-Equity-Firmen

PJT Partners unterstützt Private-Equity-Kunden mit Transaktionsberatung und Kapitalmarktexpertise.

Private-Equity-Kundensegment	Gesamtdealvolumen 2023	Anzahl der aktiven Kunden
Mittelständische PE-Unternehmen	84,6 Milliarden US-Dollar	87 Firmen

Institutionelle Anleger

Das Unternehmen bietet strategische Beratungsdienstleistungen für institutionelle Investmentgesellschaften an.

• Beratenes Vermögen: 342 Milliarden US-Dollar
• Durchschnittliche Portfoliogröße institutioneller Kunden: 2,8 Milliarden US-Dollar
• Anzahl institutioneller Anlegerkunden: 64

Mittelständische Unternehmen

PJT Partners bietet spezialisierte Beratungsdienstleistungen für mittelständische Unternehmenskunden.

Mittleres Marktsegment	Transaktionsberatungsvolumen	Durchschnittliches Kundenengagement
Mittelständische Firmenkunden	52,7 Milliarden US-Dollar	215 Millionen Dollar

Globale Finanzinstitutionen

PJT Partners bietet umfassende Finanzberatungsdienste für globale Bank- und Finanzorganisationen.

• Gesamtkundenbasis globaler Finanzinstitute: 42 Institutionen
• Gesamtvolumen der Transaktionsberatung: 96,5 Milliarden US-Dollar
• Geografische Abdeckung: Nordamerika, Europa, Asien

PJT Partners Inc. (PJT) – Geschäftsmodell: Kostenstruktur

Hohe Personalvergütungsaufwendungen

Im Geschäftsjahr 2022 meldete PJT Partners einen Gesamtaufwand für Vergütungen und Sozialleistungen in Höhe von 452,4 Millionen US-Dollar, was etwa 72,1 % des Gesamtumsatzes entspricht.

Jahr	Gesamte Vergütungskosten	Prozentsatz des Umsatzes
2022	452,4 Millionen US-Dollar	72.1%
2021	387,1 Millionen US-Dollar	71.5%

Technologie- und Infrastrukturinvestitionen

PJT Partners investierte im Jahr 2022 18,2 Millionen US-Dollar in Technologie- und Infrastrukturausgaben.

• Investitionen in Technologie-Hardware: 5,6 Millionen US-Dollar
• Softwarelizenzierung und -entwicklung: 7,8 Millionen US-Dollar
• Cloud-Computing-Infrastruktur: 4,8 Millionen US-Dollar

Forschungs- und Entwicklungskosten

Die F&E-Ausgaben für 2022 beliefen sich auf insgesamt 12,5 Millionen US-Dollar und konzentrierten sich auf Finanzberatungstechnologieplattformen.

Ausgaben für Marketing und Geschäftsentwicklung

Die Kosten für Marketing und Geschäftsentwicklung beliefen sich im Jahr 2022 auf 23,7 Millionen US-Dollar.

Ausgabenkategorie	Betrag
Kundenunterhaltung	8,4 Millionen US-Dollar
Sponsoring von Konferenzen und Veranstaltungen	6,2 Millionen US-Dollar
Digitales Marketing	5,1 Millionen US-Dollar
Reisen und Networking	4,0 Millionen US-Dollar

Kosten für Compliance und Regulierungsmanagement

Die Compliance-bezogenen Ausgaben beliefen sich im Jahr 2022 auf 15,3 Millionen US-Dollar.

• Rechts- und Regulierungsberatung: 6,7 Millionen US-Dollar
• Compliance-Software und -Systeme: 4,2 Millionen US-Dollar
• Schulung und Zertifizierung: 2,9 Millionen US-Dollar
• Externe Prüfungsgebühren: 1,5 Millionen US-Dollar

PJT Partners Inc. (PJT) – Geschäftsmodell: Einnahmequellen

Transaktionsberatungsgebühren

Für das Geschäftsjahr 2022 meldete PJT Partners Transaktionsberatungsgebühren in Höhe von 495,1 Millionen US-Dollar. Diese Gebühren werden durch die Bereitstellung strategischer und finanzieller Beratungsdienstleistungen für Unternehmen, Finanzsponsoren und andere Kunden generiert.

Jahr	Transaktionsberatungsgebühren
2022	495,1 Millionen US-Dollar
2021	473,1 Millionen US-Dollar

Strategische Beratungserlöse

Die strategischen Beratungseinnahmen für PJT Partners beliefen sich im Jahr 2022 auf etwa 187,3 Millionen US-Dollar und stellen einen entscheidenden Bestandteil ihres Beratungsdienstleistungsportfolios dar.

• Zu den wichtigsten strategischen Beratungsleistungen gehört die Entwicklung der Unternehmensstrategie
• Beratung bei Fusionen und Übernahmen
• Analyse der Marktpositionierung

Gebühren für Restrukturierungsdienstleistungen

Die Einnahmen aus Restrukturierungsdienstleistungen für PJT Partners beliefen sich im Jahr 2022 auf insgesamt 138,2 Millionen US-Dollar und konzentrierten sich auf komplexe Unternehmensrestrukturierungen und Finanzberatungsdienstleistungen.

Umstrukturierung der Serviceeinnahmen	Betrag
2022	138,2 Millionen US-Dollar
2021	126,5 Millionen US-Dollar

Gebühren für die Kapitalmarktberatung

Die Kapitalmarktberatungsgebühren für PJT Partners beliefen sich im Jahr 2022 auf 215,6 Millionen US-Dollar und bieten umfassende Finanzberatungsdienste bei Kapitalbeschaffung und Marktstrategien.

• Beratung zu Beteiligungskapitalmärkten
• Beratung zu Fremdkapitalmärkten
• Komplexe Finanzstrukturierungsdienstleistungen

Erfolgsbasierte Transaktionsprovisionen

Die erfolgsabhängigen Transaktionsprovisionen für PJT Partners beliefen sich im Jahr 2022 auf 89,4 Millionen US-Dollar und stammten aus abgeschlossenen hochwertigen Unternehmenstransaktionen.

Jahr	Erfolgsbasierte Provisionen
2022	89,4 Millionen US-Dollar
2021	82,7 Millionen US-Dollar

PJT Partners Inc. (PJT) - Canvas Business Model: Value Propositions

You're looking at the core reasons clients choose PJT Partners Inc. over other firms, focusing strictly on the verifiable numbers and the structure of their advice delivery as of late 2025.

Independent, conflict-free advice due to no proprietary trading or lending

PJT Partners Inc. operates as an advisory-focused investment bank, which inherently minimizes conflicts of interest common in firms that also engage in proprietary trading or lending. A concrete indicator of this structure is the balance sheet health supporting pure advisory focus: as of September 30, 2025, PJT Partners reported $521 million in Cash, Cash equivalents and Short-term investments and maintained no funded debt. This lack of a lending book reinforces the commitment to advice being the main event.

Expertise in complex, transformative transactions and restructurings

The firm's value proposition rests on deep expertise across several specialized advisory areas. While specific 2025 transaction volumes are still being compiled, the firm's historical focus areas, which define this expertise, include:

• Strategic Advisory, including Mergers and Acquisitions.
• Restructuring and Special Situations Group, a global market leader.
• Capital Markets Advisory for debt and equity raises.
• Shareholder Advisory through PJT Camberview.

High-touch, senior partner-led client service model

The service model is explicitly built around senior involvement. This is quantified by the firm's human capital structure as of September 30, 2025:

Metric	Value
Total Employees	1,226
Partners	133
Average Partner Experience	25+ Years

This structure means the ratio of Partners to total employees is approximately 10.85% (133 divided by 1,226), showing a high concentration of senior-level personnel guiding client engagements.

Proven ability to deliver growth, with LTM revenue of $1.66 billion (Q3 2025)

The firm has demonstrated significant, recent financial momentum. The Last Twelve Months (LTM) revenue ending with the third quarter of 2025 reached $1.66 billion. This growth trajectory is further supported by the year-to-date figures:

Here's the quick math on recent performance:

• Total Revenue for the nine months ended September 30, 2025, was $1.179 billion, a 16% increase year-over-year.
• Third Quarter 2025 revenue hit a record $447.1 million, marking a 37% increase from the prior year period.

What this estimate hides is the quarterly variability, but the overall trend points to strong demand for their specialized advice. Finance: draft 13-week cash view by Friday.

PJT Partners Inc. (PJT) - Canvas Business Model: Customer Relationships

PJT Partners Inc. focuses on cultivating deep, long-term, and highly personalized relationships with its client base, which consists primarily of corporations, financial sponsors, institutional investors, and governments globally.

Deep, long-term, and highly personalized relationships

The firm emphasizes an ethos of providing independent advice coupled with old-world, high-touch client service. This approach is designed to foster enduring relationships with clients facing their most consequential strategic challenges. The scale of the work undertaken reflects the depth of these relationships, as PJT Partners Inc. delivered revenues of $1.18 billion for the nine months ended September 30, 2025. For the third quarter of 2025 alone, revenues reached $447 million. This consistent engagement across periods suggests a reliance on repeat or continuous advisory mandates from established clients.

Partner-led, consultative engagement model

The consultative model is inherently partner-led, ensuring senior expertise is directly applied to client matters. As of December 31, 2024, the firm employed 1,143 individuals globally, with 119 of those being partners. This ratio of approximately one partner for every 9.6 employees suggests a structure where senior personnel are heavily involved in client execution. Fee arrangements in capital raising services are typically an agreed-upon percentage of the total amount raised, or a minimum flat/discretionary fee, which aligns the firm's compensation with the success of the client's transaction.

The nature of fees and services provided to clients can be summarized as follows:

Service Context	Typical Fee Structure Element	Client Type Focus
Capital Raising Services	Agreed-upon percentage of total amount raised	Corporate or Institutional Clients
Capital Raising Services	Minimum flat fee or discretionary fee	Fund Managers engaging for fundraising
Advisory Services (M&A)	Negotiated fees from the engaging entity	Corporate or Institutional Clients

Discretion and confidentiality in handling sensitive corporate matters

PJT Partners Inc. advises on highly complex capital structure challenges, transformative transactions, and restructurings, matters that inherently require the highest level of discretion. The firm's focus is on delivering leading advice to the world's most consequential companies. The firm's commitment to this is underscored by its strong financial position, holding $521 million in Cash, Cash equivalents and Short-term investments as of September 30, 2025, which supports independent operations.

Key aspects of the advisory relationship environment include:

• Advising on transformative transactions and restructurings.
• Providing independent advice to management teams, corporate boards, sponsors, and creditors.
• Limited brokerage services offered primarily to corporate or institutional clients.
• Potential for advisory services to sophisticated high net worth retail customers in M&A contexts, as noted in a September 9, 2025 update to its Form CRS.

Continuous engagement to anticipate future strategic needs

The firm's business model supports continuous engagement by operating across multiple advisory verticals, including Strategic Advisory, Restructuring and Special Situations, Capital Markets Advisory, Shareholder Advisory, and Private Fund Advisory. The firm reported that revenue growth for the second quarter of 2025 was meaningfully driven by Strategic Advisory, with total Q2 2025 revenues at $407 million. The firm's stated ethos is a commitment to investing through bull and bear markets to build the best advisory firm, suggesting a long-term view that aligns with clients' evolving strategic needs rather than just discrete transaction cycles. The nine months ended September 30, 2025, saw GAAP Pretax Income of $220 million, demonstrating the profitability derived from these sustained relationships.

PJT Partners Inc. (PJT) - Canvas Business Model: Channels

You're looking at how PJT Partners Inc. actually gets its high-value advice in front of clients. It's not about mass marketing; it's about senior access and physical presence. That's the core of their channel strategy.

Direct, in-person engagement by senior partners is the primary channel. This is where the firm's experience-which averages over 25+ years per partner-is deployed directly to the client C-suite or board. The entire structure supports this high-touch model, which is why they maintain a lean employee-to-partner ratio. As of September 30, 2025, the firm had 133 Partners supported by 1,226 total employees. This ratio ensures senior bandwidth for every engagement.

The physical footprint is designed to support this senior engagement model, giving them a base of operations close to major financial and corporate centers. PJT Partners operates a Global network of physical offices, which as of September 30, 2025, totaled 15 offices across 9 Countries. This network is key for localized, senior-level interaction.

Here's a look at where you can find them:

Region	City Location	Key Data Point
Americas	New York (Headquarters)	280 Park Avenue
Americas	Boston	53 State Street
Americas	Chicago	200 West Madison Street
Americas	Houston	600 Travis St
Americas	Los Angeles	100 Wilshire Blvd, Santa Monica
Americas	San Francisco	1 Market Plaza
EMEA	London	1 Curzon Street
EMEA	Frankfurt	OpernTurm
EMEA	Madrid	Paseo de la Castellana 41
EMEA	Paris	134 boulevard Haussmann
EMEA	Munich	Ludwigpalais
Middle East/APAC	Dubai	ICD Brookfield Place
Middle East/APAC	Riyadh	Kingdom Centre

For broader reach, PJT Partners uses targeted digital communication for thought leadership. While the core business is face-to-face, the firm communicates its expertise digitally, often through press releases detailing their activity. For instance, their Q3 2025 results showed revenues of $447 million, a 37% increase year-over-year, demonstrating the market's reception to their advice. Furthermore, the nine months ended September 30, 2025, saw revenues hit $1.18 billion. The firm also reported a strong balance sheet, holding $521 million in Cash, Cash equivalents and Short-term investments as of September 30, 2025, which underpins their ability to invest in thought leadership platforms.

The final channel component involves exclusive, invitation-only client events. These are not public-facing webinars; they are curated forums for high-level networking and idea exchange, which naturally flow from the senior partner relationships. The success of this channel is reflected in the growth of their advisory fees, which surged from $307,082 in Q2 2024 to $354,521 in Q2 2025. Also, placement fees specifically saw a 51% increase in the third quarter of 2025.

You can see the direct impact of these channels on their service lines:

• Advisory fees for the first half of 2025 reached $636,708, up from $595,763 in the first half of 2024.
• The firm's ability to execute high-touch service is supported by having no funded debt as of September 30, 2025.
• The firm actively manages its capital, having repurchased 2.3 million shares and share equivalents through September 30, 2025.

PJT Partners Inc. (PJT) - Canvas Business Model: Customer Segments

You're looking at who PJT Partners Inc. actually serves, which is best seen through the lens of their service line performance as of late 2025. Honestly, their client base is defined by the complexity of the financial event they are advising on, not just by industry.

PJT Partners Inc. delivers leading advice to many of the world's most consequential companies and raises billions of dollars of capital around the globe to support both startups and more established companies. This translates directly into the primary groups they work with.

The firm's client segments are best understood by looking at the revenue generated by their core advisory services, which saw strong momentum through the third quarter of 2025.

• Global corporations undertaking transformative M&A
• Financial sponsors (private equity/hedge funds) seeking capital solutions
• Institutional investors and governments worldwide
• Companies in financial distress requiring Restructuring & Special Situations advice

The latest reported financial results for the nine months ended September 30, 2025, show total revenues reaching $1.18 billion. This top-line performance is a direct reflection of engagement across these segments.

Here's a quick look at how the service lines-which map to your customer segments-performed in the third quarter of 2025, where total revenues hit a record $447 million:

Service Line (Customer Activity)	Q3 2025 Revenue Change (YoY)	Implied Customer Segment Focus
Strategic Advisory Fees	Increased by 37%	Global corporations undertaking transformative M&A
Placement Fees	Increased by 51%	Financial sponsors (private equity/hedge funds) seeking capital solutions
Restructuring Revenues	Up modestly in Q2 2025; up slightly for 6 months ended June 30, 2025	Companies in financial distress requiring Restructuring & Special Situations advice

The growth in Placement Fees, up 51% in the third quarter, suggests strong activity from financial sponsors looking for capital solutions, which is a key part of the PJT Park Hill segment. For context, in the second quarter of 2025, PJT Park Hill revenues had decreased year-over-year, but the Q3 placement fee surge suggests a rebound in that client activity.

The segment advising companies in financial distress, Global Restructuring, has a history of top-tier performance; for the full year 2024, Global Restructuring was ranked #1 in announced restructurings globally. While Q2 2025 restructuring revenues only rose modestly, the continued need for such advice keeps this segment a core client base.

The Strategic Advisory segment, serving global corporations on M&A, is clearly a major driver, with its fees up 37% in Q3 2025, showing that large-scale corporate transactions remain a high-value client need. This segment drove meaningful revenue growth for both the second quarter and the first half of 2025.

The firm's overall client base is sophisticated, as evidenced by the fact that they raised billions of dollars of capital around the globe to support various entities, which speaks to the breadth of their institutional investor and government-related advisory work.

Finance: review the Q3 2025 revenue split between Advisory, Restructuring, and Placement by Friday.

PJT Partners Inc. (PJT) - Canvas Business Model: Cost Structure

You're looking at the cost side of PJT Partners Inc. (PJT), and honestly, it's what you'd expect from a premier advisory firm: it's all about the people.

Highly variable cost base dominated by compensation expense is the defining feature here. Because PJT Partners' revenue is tied directly to deal flow-mergers, restructurings, and private capital placements-the largest expense naturally scales with that success. This structure means that when revenues are up, compensation costs are up, but it also provides operating leverage when revenues decline, though the fixed component of compensation for senior talent is always substantial.

The firm's own guidance confirms this focus. The Adjusted compensation expense ratio estimated at 67.5% of revenues for full-year 2025 is the key metric management is using to guide expectations. This is a slight improvement in efficiency compared to the first half of 2024, where the ratio was 69.5% for the first half. For the first six months of 2025, the accrued compensation expense ratio was also 67.5% of revenues.

To give you a sense of the scale for the nine months ended September 30, 2025, the Adjusted Compensation and Benefits Expense totaled $795 million. This contrasts with the nine months ended September 30, 2024, when it was $706 million.

Here's a quick look at the major expense categories for the nine months ended September 30, 2025, compared to the prior year:

Expense Category (Adjusted)	Nine Months Ended Sept 30, 2025 (in millions)	Nine Months Ended Sept 30, 2024 (in millions)
Compensation and Benefits Expense	$795	$706
Non-Compensation Expense	$153	$138

Non-compensation expenses like occupancy, travel, and technology investment make up the remainder, and these are also growing as PJT Partners expands its physical and technological footprint. For the nine months ended September 30, 2025, Adjusted Non-Compensation Expense was $153 million, up from $138 million the prior year.

You can see the drivers of this non-compensation increase:

• Occupancy and Related expenses rose due to the expansion of our global office footprint.
• Travel and Related expenses increased principally due to increased business development activity and higher travel costs.
• Communications and Information Services climbed due to continued investments in technology infrastructure and higher market data expense.

Partner recruitment and retention costs are a significant investment, which is inherent in this business model. PJT Partners uses deferred cash compensation in connection with hiring or retention awards. For the six months ended June 30, 2025, the compensation expense related to these deferred cash awards was $22.5 million. As of June 30, 2025, there was $37.8 million of unrecognized compensation expense remaining related to these awards, with a weighted-average recognition period of 1.4 years. That's a clear commitment to securing and keeping top-tier talent, which is your key resource. Finance: draft 13-week cash view by Friday.

PJT Partners Inc. (PJT) - Canvas Business Model: Revenue Streams

You're looking at the core ways PJT Partners Inc. makes money as of late 2025. The business model is heavily weighted toward high-margin advisory work, which is typical for a firm built around senior talent. The numbers from the second quarter ended June 30, 2025, give you a clear picture of this concentration.

The firm reported record GAAP revenue of $406.9 million for Q2 2025, a 13% increase year-over-year. For the first six months of 2025, total revenues reached $731 million, up 6% from the prior year's first half. The last twelve months (LTM) ending Q2 2025 showed total revenue of $1.535 billion, marking a 18% increase over the prior LTM period. This growth shows the advisory franchise is gaining traction in the market. Honestly, the reliance on deal flow is the near-term risk here, but the current environment is clearly favorable.

Here's the quick math on how the revenue broke down for the second quarter of 2025, based on the GAAP figures available:

Revenue Stream Component	Q2 2025 Amount (in Thousands USD)	Q2 2024 Amount (in Thousands USD)
Advisory Fees (Strategic Advisory Focus)	$354,521	$307,082
Placement Fees (PJT Park Hill)	$43,219	$46,873
Interest Income and Other	$9,144	$6,226
Total Reported Components	$406,884	$360,181

Advisory Fees from Strategic Advisory mandates are the primary driver, accounting for 87% of the Q2 2025 revenue, totaling $354.521 million for the quarter. This line saw a 15% year-over-year rise, hitting $636.708 million for the first six months of 2025. This segment covers M&A, Capital Markets, and Shareholder Advisory work.

Placement Fees from PJT Park Hill's private capital fundraising showed a year-over-year decrease in Q2 2025, falling 8% to $43.219 million for the quarter. Management attributed this to a decrease in fund placement revenues for the period. For the first half of 2025, Placement Fees were $79.250 million, down from $81.362 million in the first half of 2024. Despite the quarterly dip, the PJT Park Hill business has raised over $545 billion across more than 505 primary funds historically, and maintains relationships with over 5,500 investors.

Restructuring Fees from debtor and creditor advisory services are a key part of the model, though the specific dollar amount was not isolated in the primary revenue table for Q2 2025. Commentary confirms that Restructuring revenues 'rose modestly in the second quarter and were up slightly for the first half.' This segment benefits from elevated liability management activity, which management noted has no current capacity constraints.

Interest Income & Other from cash and short-term investments provided a smaller, but growing, contribution. This stream was $9.144 million in Q2 2025, up significantly from $6.226 million in Q2 2024. The increase was principally due to the higher fair market value of certain equity securities received as part of transaction compensation. As of June 30, 2025, PJT Partners held $318 million in cash, cash equivalents, and short-term investments, with no funded debt.

The revenue streams can be summarized by their primary function:

• Transaction-Driven Fees: Advisory and Restructuring work, which is highly cyclical but commands premium fees.
• Capital Raising Fees: Placement Fees from PJT Park Hill, which can be lumpy based on fund cycles.
• Balance Sheet Income: Interest Income and Other, tied to cash balances and equity holdings from past deals.

Finance: draft 13-week cash view by Friday.