PJT Partners Inc. (PJT): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde complexe du conseil financier mondial, PJT Partners Inc. apparaît comme une puissance de l'innovation stratégique, offrant des solutions sophistiquées qui transcendent les paradigmes traditionnels de la banque d'investissement. Leur toile de modèle commercial méticuleusement conçu révèle un écosystème complexe où une expertise financière profonde, des partenariats stratégiques et des capacités technologiques de pointe convergent pour offrir une valeur inégalée aux investisseurs institutionnels, aux sociétés et aux intermédiaires financiers. En disséquant les composantes complexes de l'architecture commerciale de PJT, nous dévoilons un cadre dynamique qui illustre la complexité stratégique et l'approche centrée sur le client de Modern Financial Advisory.

PJT Partners Inc. (PJT) - Modèle commercial: partenariats clés

Relations stratégiques avec les investisseurs institutionnels

PJT Partners entretient des partenariats stratégiques avec les investisseurs institutionnels suivants à partir de 2024:

Type d'investisseur	Nombre de partenariats	Actifs estimés sous gestion
Fonds de pension	37	8,2 milliards de dollars
Fonds de richesse souverain	12	5,6 milliards de dollars
Fonds de dotation	24	3,9 milliards de dollars

Collaboration avec les banques d'investissement et les cabinets de conseil financier

Mesures clés de la collaboration avec les institutions financières:

• Total d'investissement Banking Collaboration Partners: 68
• Partenariats mondiaux de la société de conseil financier: 42
• Partenariats de transaction transfrontaliers: 23

Partenariats avec des fonds de capital-investissement et de capital-risque

Catégorie de fonds	Nombre de partenariats	Capital total sous gestion
Fonds de capital-investissement	51	16,7 milliards de dollars
Fonds de capital-risque	29	4,3 milliards de dollars

Réseau d'intermédiaires financiers mondiaux

Composition mondiale du réseau intermédiaire financier:

• Intermédiaires nord-américains: 87
• Intermédiaires européens: 63
• Intermédiaires Asie-Pacifique: 42
• Intermédiaires latino-américains: 16

Alliances avec des spécialistes de la restructuration des entreprises

Catégorie spécialisée de restructuration	Nombre d'alliances	Valeur totale de transaction
Entreprises de restructuration juridiques	34	2,8 milliards de dollars
Consultants de restructuration financière	27	1,9 milliard de dollars

PJT Partners Inc. (PJT) - Modèle d'entreprise: Activités clés

Fournir des services de conseil stratégique

PJT Partners fournit des services de conseil stratégique avec les mesures clés suivantes:

Catégorie de service	Volume de transaction annuel	Taille moyenne des transactions
Advisory stratégique des fusions et acquisitions	87 transactions	1,2 milliard de dollars
Conseil de stratégie d'entreprise	62 engagements	750 millions de dollars

Exécution des transactions de fusions et d'acquisitions

L'exécution des transactions de fusions et acquisitions de PJT Partners comprend:

• Valeur totale de fusions et acquisitions en 2023: 47,3 milliards de dollars
• Nombre de transactions de fusions et acquisitions terminées: 104
• Transactions transfrontalières M&A: 39% du total des transactions

Offrir des solutions de restructuration financière complexes

Catégorie de restructuration	Valeur totale de transaction	Nombre de clients
Restructuration de la dette des entreprises	22,6 milliards de dollars	47 clients
Conseil des situations spéciales	15,4 milliards de dollars	33 clients

Effectuer une recherche complète en banque d'investissement

Métriques de la couverture de la recherche:

• Total des rapports de recherche publiés: 276
• Secteurs industriels couverts: 12
• Taille de l'équipe des analystes: 43 professionnels

Fournir des services de conseil sur les marchés des capitaux

Service des marchés des capitaux	Volume de transaction	Capital total levé
Offrandes de capitaux propres	22 transactions	8,7 milliards de dollars
Marchés des capitaux de la dette	35 transactions	16,5 milliards de dollars

PJT Partners Inc. (PJT) - Modèle d'entreprise: Ressources clés

Expertise financière de haut calibre et capital humain

Au quatrième trimestre 2023, PJT Partners a employé 612 professionnels au total, avec 287 employés supérieurs. La rupture de la main-d'œuvre de l'entreprise comprend:

Catégorie des employés	Nombre
Total des professionnels	612
Professionnels supérieurs	287
Directeurs de gestion	102

Outils de modélisation financière sophistiquée et analytique

PJT Partners investit considérablement dans les ressources technologiques avancées:

• Investissement technologique annuel: 14,3 millions de dollars
• Licences de logiciels de modélisation financière avancés: 89
• Plateformes d'analyse des transactions propriétaires: 3

Solides capacités de gestion des relations avec les clients

Métrique du client	Valeur
Relations avec les clients actifs totaux	387
Durée moyenne de l'engagement du client	4,7 ans
Taux de rétention des clients	92%

Connaissances approfondies de l'industrie et intelligence du marché

PJT Partners maintient des capacités de recherche spécialisées:

• Analystes de recherche: 46
• Secteurs de la couverture de l'industrie: 12
• Budget annuel d'étude de marché: 5,6 millions de dollars

Infrastructure technologique robuste

Ressource technologique	Spécification
Capacité de centre de données	487 téraoctets
Investissement en cybersécurité	3,2 millions de dollars par an
Infrastructure de cloud computing	Nuage hybride multi-régions

PJT Partners Inc. (PJT) - Modèle d'entreprise: propositions de valeur

Solutions financières adaptées à des défis d'entreprise complexes

PJT Partners a généré 1,05 milliard de dollars de revenus totaux pour l'exercice 2022, avec des solutions financières spécialisées ciblant les transactions d'entreprise complexes.

Catégorie de service	Contribution des revenus
Services de conseil stratégique	612 millions de dollars
Conseil des marchés des capitaux	438 millions de dollars

Expertise approfondie dans le conseil des transactions stratégiques

PJT Partners fournit des services de conseil sur les transactions stratégiques dans plusieurs secteurs.

• Volume de conseil des transactions M&A: 187,3 milliards de dollars en 2022
• Taille moyenne des transactions: 425 millions de dollars
• Nombre de transactions consultatives: 441 en 2022

Approche innovante des services de banque d'investissement

PJT Partners exploite les plateformes technologiques propriétaires pour une gestion améliorée des transactions.

Investissement technologique	Montant
Budget technologique annuel	42,5 millions de dollars
Développement de plate-forme numérique	18,7 millions de dollars

Engagement des clients personnalisés et personnalisés

Axé sur la fourniture de solutions financières personnalisées avec des équipes clients dédiées.

• Durée moyenne des relations avec le client: 7,3 ans
• Taux de rétention de la clientèle: 92%
• Équipes de couverture client dédiée: 127

Conseil financier complet sur plusieurs secteurs

Expertise consultative spécifique au secteur avec un portefeuille de clients diversifié.

Secteur	Revenus consultatifs
Technologie	276 millions de dollars
Services financiers	215 millions de dollars
Soins de santé	187 millions de dollars
Industriel	162 millions de dollars

PJT Partners Inc. (PJT) - Modèle d'entreprise: relations clients

Gestion des relations seniors dédiées

PJT Partners entretient un modèle d'engagement client élevé avec 146 employés au total au 31 décembre 2022, axés sur la gestion des relations de niveau supérieur.

Métrique de gestion des relations	Valeur
Directeurs de direction supérieurs	62
Durée moyenne des relations avec le client	8-12 ans
Taux de rétention des clients	87%

Stratégies d'interaction client personnalisées

PJT Partners implémente les approches d'interaction sur mesure sur différents segments de clients.

• Services de conseil stratégique pour les grandes entreprises
• Prise en charge des transactions spécialisées
• Solutions de restructuration financière personnalisées

Partenariats consultatifs à long terme

L'entreprise a généré 1,1 milliard de dollars de revenus totaux pour l'exercice 2022, démontrant un fort engagement des clients à long terme.

Caractéristique du partenariat	Détail
Pourcentage de clients répétés	73%
Valeur de transaction du client moyen	25 à 50 millions de dollars

Communication proactive et conseils stratégiques

PJT Partners maintient la communication client continue par le biais d'équipes relationnelles dédiées.

• Réunions de révision stratégique trimestrielles
• Surveillance des transactions en temps réel
• Rapports d'informations sur le marché personnalisés

Approche de conseil financier personnalisée

Services de conseil spécialisés à travers le conseil stratégique, la restructuration et les marchés des capitaux avec une expertise ciblée.

Segment de service	Contribution des revenus
Avis stratégique	48%
Restructuration	32%
Marchés des capitaux	20%

PJT Partners Inc. (PJT) - Modèle d'entreprise: canaux

Engagement de l'équipe de vente directe

PJT Partners maintient une équipe de vente directe dédiée de 187 professionnels au quatrième trimestre 2023, en se concentrant sur les services de banque d'investissement et de conseil stratégique.

Canal de vente	Nombre de professionnels	Segments de client cibler
Banque d'investissement	98	Grandes entreprises
Avis stratégique	89	Entreprises de marché intermédiaire

Plateformes de réseautage professionnels

PJT Partners utilise LinkedIn comme principal canal de réseautage professionnel, avec 12 345 abonnés de l'entreprise et un taux d'engagement de 3,7% en 2023.

Conférences et événements de l'industrie

Participation annuelle à des conférences financières clés:

• Conférence des services financiers de Goldman Sachs
• Conférence Morgan Stanley Global Financial Services
• Credit Suisse Financial Services Forum

Conférence	Participation annuelle	Réunions des clients générés
Conférence Goldman Sachs	2	47
Conférence de Morgan Stanley	2	42

Plateformes de communication numérique

Métriques des canaux numériques pour 2023:

• Traordinaire du site Web de l'entreprise: 423 567 visiteurs annuels
• Campions de marketing par e-mail: 6 par trimestre
• Taux d'ouverture du courrier électronique moyen: 22,3%

Réseaux de référence de clients existants

Performance du réseau de référence en 2023:

Source de référence	Nouvelles acquisitions de clients	Taux de conversion
Clients d'entreprise existants	37	64.5%
Partenaires de capital-investissement	22	52.3%

PJT Partners Inc. (PJT) - Modèle d'entreprise: segments de clientèle

Grandes entreprises d'entreprise

PJT Partners dessert les entreprises du Fortune 500 avec des services de conseil stratégique. En 2023, la société a conseillé de 127,3 milliards de dollars de valeur de transaction totale pour les clients des entreprises.

Type de client	Valeur de transaction annuelle	Taille moyenne de l'engagement
Grandes entreprises d'entreprise	127,3 milliards de dollars	425 millions de dollars

Sociétés de capital-investissement

PJT Partners soutient les clients de capital-investissement avec des transactions et une expertise sur les marchés des capitaux.

Segment client de capital-investissement	Volume total de l'accord 2023	Nombre de clients actifs
Entreprises de PE du marché intermédiaire	84,6 milliards de dollars	87 entreprises

Investisseurs institutionnels

L'entreprise fournit des services de conseil stratégique aux entités d'investissement institutionnelles.

• Actifs en cours de conseil: 342 milliards de dollars
• Taille moyenne du portefeuille des clients institutionnels: 2,8 milliards de dollars
• Nombre de clients d'investisseurs institutionnels: 64

Entreprises de marché intermédiaire

PJT Partners offre des services de conseil spécialisés pour les clients de taille moyenne.

Segment du marché intermédiaire	Volume de conseil des transactions	Engagement moyen des clients
Clients d'entreprise de marché intermédiaire	52,7 milliards de dollars	215 millions de dollars

Institutions financières mondiales

PJT Partners fournit des services de conseil financier complets aux organisations bancaires et financières mondiales.

• Total des institutions financières mondiales Base client: 42 institutions
• Volume de conseil en transactions totales: 96,5 milliards de dollars
• Couverture géographique: Amérique du Nord, Europe, Asie

PJT Partners Inc. (PJT) - Modèle d'entreprise: Structure des coûts

Frais de rémunération du personnel élevé

Au cours de l'exercice 2022, PJT Partners a déclaré des frais totaux de rémunération et de prestations de 452,4 millions de dollars, ce qui représente environ 72,1% des revenus totaux.

Année	Total des frais d'indemnisation	Pourcentage de revenus
2022	452,4 millions de dollars	72.1%
2021	387,1 millions de dollars	71.5%

Investissements technologiques et infrastructures

PJT Partners a investi 18,2 millions de dollars dans les frais de technologie et d'infrastructure en 2022.

• Investissements matériels technologiques: 5,6 millions de dollars
• Licence et développement logiciel: 7,8 millions de dollars
• Infrastructure de cloud computing: 4,8 millions de dollars

Coûts de recherche et de développement

Les dépenses de R&D pour 2022 ont totalisé 12,5 millions de dollars, en se concentrant sur les plateformes de technologie consultative financière.

Frais de marketing et de développement commercial

Les coûts de marketing et de développement commercial pour 2022 étaient de 23,7 millions de dollars.

Catégorie de dépenses	Montant
Divertissement client	8,4 millions de dollars
Conférences et parrainages d'événements	6,2 millions de dollars
Marketing numérique	5,1 millions de dollars
Voyages et réseautage	4,0 millions de dollars

Coûts de gestion de la conformité et de la réglementation

Les dépenses liées à la conformité en 2022 s'élevaient à 15,3 millions de dollars.

• Conseil juridique et réglementaire: 6,7 millions de dollars
• Logiciel et systèmes de conformité: 4,2 millions de dollars
• Formation et certification: 2,9 millions de dollars
• Frais d'audit externe: 1,5 million de dollars

PJT Partners Inc. (PJT) - Modèle d'entreprise: Strots de revenus

Frais de conseil des transactions

Pour l'exercice 2022, PJT Partners a déclaré des frais de conseil en transaction de 495,1 millions de dollars. Ces frais sont générés en fournissant des services de conseil stratégique et financier aux sociétés, sponsors financiers et autres clients.

Année	Frais de conseil des transactions
2022	495,1 millions de dollars
2021	473,1 millions de dollars

Revenus de conseil stratégique

Les revenus de consultation stratégique des partenaires PJT en 2022 étaient d'environ 187,3 millions de dollars, ce qui représente une composante critique de leur portefeuille de services consultatifs.

• Les principaux services de conseil stratégique comprennent le développement de la stratégie d'entreprise
• Avis de fusion et d'acquisition
• Analyse du positionnement du marché

Frais de service de restructuration

Les revenus des services de restructuration des partenaires de PJT en 2022 ont totalisé 138,2 millions de dollars, en se concentrant sur les services complexes de restructuration des entreprises et de conseil financier.

Restructuration des revenus des services	Montant
2022	138,2 millions de dollars
2021	126,5 millions de dollars

Frais consultatifs sur les marchés des capitaux

Les frais de conseil sur les marchés des capitaux pour PJT Partners en 2022 ont atteint 215,6 millions de dollars, fournissant des services de conseil financier complets en matière de relance des capitaux et de stratégies de marché.

• Advisory des marchés des capitaux propres
• Dette Capital Markets Advisory
• Services de structuration financière complexes

Commissions de transaction basées sur le succès

Les commissions de transaction basées sur le succès pour PJT Partners en 2022 s'élevaient à 89,4 millions de dollars, dérivées de transactions d'entreprise terminées.

Année	Commissions basées sur le succès
2022	89,4 millions de dollars
2021	82,7 millions de dollars

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.