PJT Partners Inc. (PJT): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el intrincado mundo del asesoramiento financiero global, PJT Partners Inc. surge como una potencia de innovación estratégica, que ofrece soluciones sofisticadas que trascienden los paradigmas de banca de inversión tradicional. Su lienzo de modelo de negocio meticulosamente elaborado revela un ecosistema complejo en el que la experiencia financiera profunda, las asociaciones estratégicas y las capacidades tecnológicas de vanguardia convergen para ofrecer un valor incomparable a los inversores institucionales, corporaciones e intermediarios financieros. Al diseccionar los componentes intrincados de la arquitectura empresarial de PJT, presentamos un marco dinámico que ejemplifica la complejidad estratégica del asesoramiento financiero moderno y el enfoque centrado en el cliente.

PJT Partners Inc. (PJT) - Modelo de negocios: asociaciones clave

Relaciones estratégicas con inversores institucionales

PJT Partners mantiene asociaciones estratégicas con los siguientes inversores institucionales a partir de 2024:

Tipo de inversor	Número de asociaciones	Activos estimados bajo administración
Fondos de pensiones	37	$ 8.2 mil millones
Fondos de riqueza soberana	12	$ 5.6 mil millones
Fondos de dotación	24	$ 3.9 mil millones

Colaboración con bancos de inversión y firmas de asesoramiento financiero

Métricas clave de colaboración con instituciones financieras:

• Socios de colaboración de banca de inversión total: 68
• Asociaciones de firma de asesoría financiera global: 42
• Asociaciones de transacción transfronterizas: 23

Asociaciones con fondos de capital privado y capital de riesgo

Categoría de fondos	Número de asociaciones	Capital total bajo administración
Fondos de capital privado	51	$ 16.7 mil millones
Fondos de capital de riesgo	29	$ 4.3 mil millones

Red de intermediarios financieros globales

Composición de red de intermediario financiero global:

• Intermediarios de América del Norte: 87
• Intermediarios europeos: 63
• Intermediarios de Asia-Pacífico: 42
• Intermediarios latinoamericanos: 16

Alianzas con especialistas en reestructuración corporativa

Categoría de especialista en reestructuración	Número de alianzas	Valor de transacción total
Empresas de reestructuración legal	34	$ 2.8 mil millones
Consultores de reestructuración financiera	27	$ 1.9 mil millones

PJT Partners Inc. (PJT) - Modelo de negocio: actividades clave

Proporcionar servicios de asesoramiento estratégico

PJT Partners proporciona servicios de asesoramiento estratégico con las siguientes métricas clave:

Categoría de servicio	Volumen de transacción anual	Tamaño de transacción promedio
Aviso de M&A estratégico	87 transacciones	$ 1.2 mil millones
Consultoría de estrategia corporativa	62 compromisos	$ 750 millones

Ejecución de transacciones de fusiones y adquisiciones

La ejecución de la transacción de M&A de PJT Partners incluye:

• Valor total de M&A M&A en 2023: $ 47.3 mil millones
• Número de transacciones de M&A completadas: 104
• Transacciones transfronterizas de M&A: 39% de las ofertas totales

Ofreciendo soluciones complejas de reestructuración financiera

Categoría de reestructuración	Valor de transacción total	Número de clientes
Reestructuración de la deuda corporativa	$ 22.6 mil millones	47 clientes
Aviso de situaciones especiales	$ 15.4 mil millones	33 clientes

Realización de investigaciones integrales de banca de inversión

Métricas de cobertura de investigación:

• Informes de investigación totales publicados: 276
• Sectores de la industria cubiertos: 12
• Tamaño del equipo de analistas: 43 profesionales

Entregación de servicios de asesoramiento de mercados de capitales

Servicio de mercados de capitales	Volumen de transacción	Capital total recaudado
Ofrendas de capital	22 transacciones	$ 8.7 mil millones
Mercados de capital de deuda	35 transacciones	$ 16.5 mil millones

PJT Partners Inc. (PJT) - Modelo de negocio: recursos clave

Experiencia financiera de alto calibre y capital humano

A partir del cuarto trimestre de 2023, PJT Partners empleó a 612 profesionales totales, con 287 empleados superiores. El desglose de la fuerza laboral de la empresa incluye:

Categoría de empleado	Número
Total de profesionales	612
Profesionales superiores	287
Directores gerentes	102

Modelado financiero sofisticado y herramientas analíticas

PJT Partners invierte significativamente en recursos tecnológicos avanzados:

• Inversión tecnológica anual: $ 14.3 millones
• Licencias avanzadas de software de modelado financiero: 89
• Plataformas de análisis de transacciones propietarias: 3

Capacidades fuertes de gestión de relaciones con el cliente

Métrica del cliente	Valor
Relaciones de clientes activos totales	387
Duración promedio de compromiso del cliente	4.7 años
Tasa de retención de clientes	92%

Extenso conocimiento de la industria e inteligencia de mercado

PJT Partners mantiene capacidades de investigación especializadas:

• Analistas de investigación: 46
• Sectores de cobertura de la industria: 12
• Presupuesto anual de investigación de mercado: $ 5.6 millones

Infraestructura tecnológica robusta

Recurso tecnológico	Especificación
Capacidad del centro de datos	487 terabytes
Inversión de ciberseguridad	$ 3.2 millones anualmente
Infraestructura de computación en la nube	Nube híbrida de múltiples regiones

PJT Partners Inc. (PJT) - Modelo de negocio: propuestas de valor

Soluciones financieras personalizadas para desafíos corporativos complejos

PJT Partners generó $ 1.05 mil millones en ingresos totales para el año fiscal 2022, con soluciones financieras especializadas dirigidas a transacciones corporativas complejas.

Categoría de servicio	Contribución de ingresos
Servicios de asesoramiento estratégico	$ 612 millones
Asesoramiento de mercados de capitales	$ 438 millones

Profunda experiencia en aviso de transacciones estratégicas

PJT Partners proporciona servicios de asesoramiento de transacciones estratégicas en múltiples sectores.

• Volumen de asesoramiento de transacciones de M&A: $ 187.3 mil millones en 2022
• Tamaño promedio de la transacción: $ 425 millones
• Número de transacciones de asesoramiento: 441 en 2022

Enfoque innovador para los servicios de banca de inversión

PJT Partners aprovecha plataformas tecnológicas patentadas para una gestión de transacciones mejorada.

Inversión tecnológica	Cantidad
Presupuesto de tecnología anual	$ 42.5 millones
Desarrollo de plataforma digital	$ 18.7 millones

Compromiso de cliente personalizado y alto en contacto

Centrado en entregar soluciones financieras personalizadas con equipos de clientes dedicados.

• Duración promedio de la relación con el cliente: 7.3 años
• Tasa de retención del cliente: 92%
• Equipos de cobertura de cliente dedicados: 127

Aviso financiero integral en múltiples sectores

Experiencia de asesoramiento específica del sector con cartera de clientes diversificados.

Sector	Ingreso de aviso
Tecnología	$ 276 millones
Servicios financieros	$ 215 millones
Cuidado de la salud	$ 187 millones
Industrial	$ 162 millones

PJT Partners Inc. (PJT) - Modelo de negocios: relaciones con los clientes

Gestión de relaciones senior dedicada

PJT Partners mantiene un modelo de participación de clientes de alto contacto con 146 empleados totales al 31 de diciembre de 2022, centrado en la gestión de relaciones de nivel superior.

Métrica de gestión de relaciones	Valor
Directores gerentes senior	62
Duración promedio de la relación con el cliente	8-12 años
Tasa de retención de clientes	87%

Estrategias de interacción de cliente personalizadas

PJT Partners implementa enfoques de interacción personalizados en diferentes segmentos de clientes.

• Servicios de asesoramiento estratégico para grandes corporaciones
• Soporte de transacciones especializadas
• Soluciones de reestructuración financiera personalizadas

Asociaciones de asesoramiento a largo plazo

La empresa generó $ 1.1 mil millones en ingresos totales para el año fiscal 2022, lo que demuestra una fuerte participación del cliente a largo plazo.

Característica de asociación	Detalle
Porcentaje de cliente repetido	73%
Valor de transacción de cliente promedio	$ 25-50 millones

Comunicación proactiva y orientación estratégica

PJT Partners mantiene la comunicación continua del cliente a través de equipos de relación dedicados.

• Reuniones trimestrales de revisión estratégica
• Monitoreo de transacciones en tiempo real
• Informes de información del mercado personalizado

Enfoque de consultoría financiera personalizada

Servicios de consultoría especializados en los mercados de asesoramiento estratégico, reestructuración y capitales con experiencia enfocada.

Segmento de servicio	Contribución de ingresos
Aviso estratégico	48%
Reestructuración	32%
Mercados de capital	20%

PJT Partners Inc. (PJT) - Modelo de negocio: canales

Compromiso del equipo de ventas directo

PJT Partners mantiene un equipo de ventas directo dedicado de 187 profesionales a partir del cuarto trimestre de 2023, centrándose en la banca de inversión y los servicios de asesoramiento estratégico.

Canal de ventas	Número de profesionales	Segmentos de cliente objetivo
Banca de inversión	98	Grandes corporaciones
Aviso estratégico	89	Compañías del mercado medio

Plataformas de redes profesionales

PJT Partners utiliza LinkedIn como su principal canal profesional de redes profesionales, con 12,345 seguidores de la compañía y una tasa de participación del 3.7% en 2023.

Conferencias y eventos de la industria

Participación anual en conferencias financieras clave:

• Conferencia de servicios financieros de Goldman Sachs
• Conferencia de Servicios Financieros Morgan Stanley Global
• Foro de servicios financieros de Credit Suisse

Conferencia	Participación anual	Reuniones del cliente generadas
Conferencia Goldman Sachs	2	47
Conferencia de Morgan Stanley	2	42

Plataformas de comunicación digital

Métricas de canal digital para 2023:

• Tráfico del sitio web corporativo: 423,567 visitantes anuales
• Campañas de marketing por correo electrónico: 6 por trimestre
• Tasa de apertura de correo electrónico promedio: 22.3%

Redes de referencia de clientes existentes

Rendimiento de la red de referencia en 2023:

Fuente de referencia	Nuevas adquisiciones de clientes	Tasa de conversión
Clientes corporativos existentes	37	64.5%
Socios de capital privado	22	52.3%

PJT Partners Inc. (PJT) - Modelo de negocio: segmentos de clientes

Grandes empresas corporativas

PJT Partners atiende a compañías Fortune 500 con servicios de asesoramiento estratégico. A partir de 2023, la empresa aconsejó $ 127.3 mil millones en valor de transacción total para clientes corporativos.

Tipo de cliente	Valor de transacción anual	Tamaño promedio de compromiso
Grandes empresas corporativas	$ 127.3 mil millones	$ 425 millones

Empresas de capital privado

PJT Partners apoya a los clientes de capital privado con asesoramiento de transacciones y experiencia en mercados de capitales.

Segmento de clientes de capital privado	Volumen total de ofertas 2023	Número de clientes activos
Empresas de educación física del mercado intermedio	$ 84.6 mil millones	87 empresas

Inversores institucionales

La firma proporciona servicios de asesoramiento estratégico a entidades de inversión institucional.

• Activos bajo aviso: $ 342 mil millones
• Tamaño promedio de la cartera de clientes institucionales: $ 2.8 mil millones
• Número de clientes de inversores institucionales: 64

Compañías del mercado medio

PJT Partners ofrece servicios de asesoramiento especializados para clientes corporativos medianos.

Segmento de mercado medio	Volumen de asesoramiento de transacciones	Compromiso promedio del cliente
Clientes corporativos de mercado medio	$ 52.7 mil millones	$ 215 millones

Instituciones financieras globales

PJT Partners brinda servicios de asesoramiento financiero integrales a las organizaciones financieras y bancarias globales.

• Base de clientes de Institución Financiera Global Total: 42 Instituciones
• Volumen de asesoramiento de transacciones totales: $ 96.5 mil millones
• Cobertura geográfica: Norteamérica, Europa, Asia

PJT Partners Inc. (PJT) - Modelo de negocio: Estructura de costos

Altos gastos de compensación de personal

En el año fiscal 2022, PJT Partners reportó gastos totales de compensación y beneficios de $ 452.4 millones, lo que representa aproximadamente el 72.1% de los ingresos totales.

Año	Gastos de compensación total	Porcentaje de ingresos
2022	$ 452.4 millones	72.1%
2021	$ 387.1 millones	71.5%

Inversiones de tecnología e infraestructura

PJT Partners invirtió $ 18.2 millones en gastos de tecnología e infraestructura en 2022.

• Inversiones de hardware de tecnología: $ 5.6 millones
• Licencias y desarrollo de software: $ 7.8 millones
• Infraestructura de computación en la nube: $ 4.8 millones

Costos de investigación y desarrollo

Los gastos de I + D para 2022 totalizaron $ 12.5 millones, centrándose en plataformas de tecnología de asesoramiento financiero.

Gastos de marketing y desarrollo empresarial

Los costos de marketing y desarrollo comercial para 2022 fueron de $ 23.7 millones.

Categoría de gastos	Cantidad
Entretenimiento del cliente	$ 8.4 millones
Patrocinios de conferencia y eventos	$ 6.2 millones
Marketing digital	$ 5.1 millones
Viajes y redes	$ 4.0 millones

Costos de cumplimiento y gestión regulatoria

Los gastos relacionados con el cumplimiento en 2022 ascendieron a $ 15.3 millones.

• Consultoría legal y regulatoria: $ 6.7 millones
• Software y sistemas de cumplimiento: $ 4.2 millones
• Capacitación y certificación: $ 2.9 millones
• Tarifas de auditoría externa: $ 1.5 millones

PJT Partners Inc. (PJT) - Modelo de negocios: flujos de ingresos

Tarifas de asesoramiento de transacciones

Para el año fiscal 2022, PJT Partners reportó tarifas de asesoramiento de transacciones de $ 495.1 millones. Estas tarifas se generan al proporcionar servicios de asesoramiento estratégico y financiero a corporaciones, patrocinadores financieros y otros clientes.

Año	Tarifas de asesoramiento de transacciones
2022	$ 495.1 millones
2021	$ 473.1 millones

Ingresos de consultoría estratégica

Los ingresos de consultoría estratégica para PJT Partners en 2022 fueron de aproximadamente $ 187.3 millones, lo que representa un componente crítico de su cartera de servicios de asesoramiento.

• Los servicios clave de consultoría estratégica incluyen desarrollo de estrategias corporativas
• Aviso de fusión y adquisición
• Análisis de posicionamiento del mercado

Cargos de servicio de reestructuración

Los ingresos por servicios de reestructuración para PJT Partners en 2022 totalizaron $ 138.2 millones, centrándose en la reestructuración corporativa compleja y los servicios de asesoramiento financiero.

Ingresos del servicio de reestructuración	Cantidad
2022	$ 138.2 millones
2021	$ 126.5 millones

Tarifas de asesoramiento de mercados de capitales

Las tarifas de asesoramiento de los mercados de capitales para PJT Partners en 2022 alcanzaron los $ 215.6 millones, proporcionando servicios de asesoramiento financiero integral en el aumento de capital y las estrategias de mercado.

• Asesoramiento de mercados de capital de renta variable
• Aviso de los mercados de capital de deuda
• Servicios de estructuración financiera complejos

Comisiones de transacciones basadas en el éxito

Las comisiones de transacciones basadas en el éxito para PJT Partners en 2022 ascendieron a $ 89.4 millones, derivadas de transacciones corporativas de alto valor completadas.

Año	Comisiones basadas en el éxito
2022	$ 89.4 millones
2021	$ 82.7 millones

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.