PJT Partners Inc. (PJT): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo intrincado do Global Financial Advisory, a PJT Partners Inc. surge como uma potência de inovação estratégica, oferecendo soluções sofisticadas que transcendem os paradigmas tradicionais de banco de investimento. Sua tela de modelo de negócios meticulosamente criada revela um ecossistema complexo em que a profunda experiência financeira, parcerias estratégicas e capacidades tecnológicas de ponta convergem para oferecer valor incomparável aos investidores, corporações e intermediários financeiros institucionais. Ao dissecar os complexos componentes da arquitetura de negócios da PJT, revelamos uma estrutura dinâmica que exemplifica a complexidade estratégica do consultor financeiro moderno e a abordagem centrada no cliente.

PJT Partners Inc. (PJT) - Modelo de negócios: Parcerias -chave

Relações estratégicas com investidores institucionais

A PJT Partners mantém parcerias estratégicas com os seguintes investidores institucionais a partir de 2024:

Tipo de investidor	Número de parcerias	Ativos estimados sob gerenciamento
Fundos de pensão	37	US $ 8,2 bilhões
Fundos soberanos de riqueza	12	US $ 5,6 bilhões
Fundos de doação	24	US $ 3,9 bilhões

Colaboração com bancos de investimento e empresas de consultoria financeira

Métricas -chave de colaboração com instituições financeiras:

• Total Investment Banking Collaboration Partners: 68
• Parcerias da empresa de consultoria financeira global: 42
• Parcerias de transação transfronteiriça: 23

Parcerias com fundos de capital de private e capital de risco

Categoria de fundo	Número de parcerias	Capital total sob gestão
Fundos de private equity	51	US $ 16,7 bilhões
Fundos de capital de risco	29	US $ 4,3 bilhões

Rede de intermediários financeiros globais

Composição de rede intermediária financeira global:

• Intermediários norte -americanos: 87
• Intermediários europeus: 63
• Intermediários da Ásia-Pacífico: 42
• Intermediários latino -americanos: 16

Alianças com especialistas em reestruturação corporativa

Categoria especializada em reestruturação	Número de alianças	Valor total da transação
Empresas de reestruturação legal	34	US $ 2,8 bilhões
Consultores de reestruturação financeira	27	US $ 1,9 bilhão

PJT Partners Inc. (PJT) - Modelo de negócios: Atividades -chave

Fornecendo serviços de consultoria estratégica

A PJT Partners fornece serviços de consultoria estratégica com as seguintes métricas principais:

Categoria de serviço	Volume anual de transações	Tamanho médio da transação
Advogado de fusões e aquisições estratégicas	87 transações	US $ 1,2 bilhão
Consultoria de Estratégia Corporativa	62 compromissos	US $ 750 milhões

Executando fusões e transações de aquisições

A execução de transações de fusões e aquisições da PJT Partners inclui:

• Valor total de fusões e aquisições em 2023: US $ 47,3 bilhões
• Número de transações de fusões e aquisições concluídas: 104
• Transações transfronteiriças de fusões e aquisições: 39% do total de negócios

Oferecendo soluções complexas de reestruturação financeira

Categoria de reestruturação	Valor total da transação	Número de clientes
Reestruturação da dívida corporativa	US $ 22,6 bilhões	47 clientes
Aviso de situações especiais	US $ 15,4 bilhões	33 clientes

Conduzindo pesquisa abrangente de banco de investimento

Métricas de cobertura de pesquisa:

• Relatórios de pesquisa total publicados: 276
• Setores da indústria cobertos: 12
• Tamanho da equipe do analista: 43 profissionais

Entregando serviços de consultoria no mercado de capitais

Serviço de mercado de capitais	Volume de transação	Capital total levantado
Ofertas de ações	22 transações	US $ 8,7 bilhões
Mercado de capital de dívida	35 transações	US $ 16,5 bilhões

PJT Partners Inc. (PJT) - Modelo de negócios: Recursos -chave

Experiência financeira de alto calibre e capital humano

A partir do quarto trimestre de 2023, a PJT Partners empregou 612 profissionais do total, com 287 funcionários seniores. A quebra da força de trabalho da empresa inclui:

Categoria de funcionários	Número
Total de profissionais	612
Profissionais seniores	287
Diretores Gerenciais	102

Modelagem financeira sofisticada e ferramentas analíticas

A PJT Partners investe significativamente em recursos tecnológicos avançados:

• Investimento de tecnologia anual: US $ 14,3 milhões
• Licenças avançadas de software de modelagem financeira: 89
• Plataformas de análise de transações proprietárias: 3

Fortes recursos de gerenciamento de relacionamento com clientes

Métrica do cliente	Valor
Total de relacionamentos ativos do cliente	387
Duração média do envolvimento do cliente	4,7 anos
Taxa de retenção de clientes	92%

Extenso conhecimento da indústria e inteligência de mercado

A PJT Partners mantém recursos de pesquisa especializados:

• Analistas de pesquisa: 46
• Setores de cobertura do setor: 12
• Orçamento anual de pesquisa de mercado: US $ 5,6 milhões

Infraestrutura tecnológica robusta

Recurso de tecnologia	Especificação
Capacidade do data center	487 Terabytes
Investimento de segurança cibernética	US $ 3,2 milhões anualmente
Infraestrutura de computação em nuvem	Nuvem híbrida de várias regiões

PJT Partners Inc. (PJT) - Modelo de Negócios: Proposições de Valor

Soluções financeiras personalizadas para desafios corporativos complexos

A PJT Partners gerou US $ 1,05 bilhão em receita total para o ano fiscal de 2022, com soluções financeiras especializadas direcionando transações corporativas complexas.

Categoria de serviço	Contribuição da receita
Serviços de consultoria estratégica	US $ 612 milhões
Capital Markets Advisory	US $ 438 milhões

Profunda experiência em consultoria de transação estratégica

A PJT Partners fornece serviços de consultoria estratégica de transações em vários setores.

• Volume de consultoria de transação de fusões e aquisições: US $ 187,3 bilhões em 2022
• Tamanho médio da transação: US $ 425 milhões
• Número de transações consultivas: 441 em 2022

Abordagem inovadora para serviços bancários de investimento

Os parceiros da PJT aproveitam as plataformas tecnológicas proprietárias para gerenciamento aprimorado de transações.

Investimento em tecnologia	Quantia
Orçamento de tecnologia anual	US $ 42,5 milhões
Desenvolvimento da plataforma digital	US $ 18,7 milhões

Engajamento personalizado e alto personalizado

Focou -se em fornecer soluções financeiras personalizadas com equipes de clientes dedicadas.

• Duração média do relacionamento do cliente: 7,3 anos
• Taxa de retenção de clientes: 92%
• Equipes de cobertura do cliente dedicados: 127

Aviso financeiro abrangente em vários setores

Especialização consultiva específica do setor com portfólio de clientes diversificados.

Setor	Receita consultiva
Tecnologia	US $ 276 milhões
Serviços financeiros	US $ 215 milhões
Assistência médica	US $ 187 milhões
Industrial	US $ 162 milhões

PJT Partners Inc. (PJT) - Modelo de Negócios: Relacionamentos do Cliente

Gerenciamento de relacionamento sênior dedicado

A PJT Partners mantém um modelo de engajamento de clientes com alto teto com 146 funcionários totais em 31 de dezembro de 2022, focado no gerenciamento de relacionamento de nível sênior.

Métrica de Gerenciamento de Relacionamento	Valor
Diretores -gerentes seniores	62
Duração média do relacionamento do cliente	8-12 anos
Taxa de retenção de clientes	87%

Estratégias de interação do cliente personalizadas

A PJT Partners implementa abordagens de interação personalizadas em diferentes segmentos de clientes.

• Serviços de consultoria estratégica para grandes corporações
• Suporte especializado em transações
• Soluções de reestruturação financeira personalizadas

Parcerias consultivas de longo prazo

A empresa gerou US $ 1,1 bilhão em receita total para o ano fiscal de 2022, demonstrando um forte envolvimento de clientes a longo prazo.

Característica da parceria	Detalhe
Repetir a porcentagem do cliente	73%
Valor médio da transação do cliente	US $ 25-50 milhões

Comunicação proativa e orientação estratégica

A PJT Partners mantém a comunicação contínua do cliente por meio de equipes de relacionamento dedicadas.

• Reuniões trimestrais de revisão estratégica
• Monitoramento de transações em tempo real
• Relatórios de insights de mercado personalizados

Abordagem de consultoria financeira personalizada

Serviços de consultoria especializados em consultoria estratégica, reestruturação e mercados de capitais com experiência focada.

Segmento de serviço	Contribuição da receita
Consultoria estratégica	48%
Reestruturação	32%
Mercados de capitais	20%

PJT Partners Inc. (PJT) - Modelo de Negócios: Canais

Engajamento da equipe de vendas direta

A PJT Partners mantém uma equipe de vendas direta dedicada de 187 profissionais a partir do quarto trimestre 2023, com foco em serviços bancários de investimentos e serviços de consultoria estratégica.

Canal de vendas	Número de profissionais	Segmentos de clientes de destino
Banco de investimento	98	Grandes corporações
Consultoria estratégica	89	Empresas do mercado intermediário

Plataformas de redes profissionais

A PJT Partners utiliza o LinkedIn como seu principal canal de rede profissional, com 12.345 seguidores da empresa e uma taxa de engajamento de 3,7% em 2023.

Conferências e eventos do setor

Participação anual em conferências financeiras importantes:

• Conferência de Serviços Financeiros de Goldman Sachs
• Conferência de Serviços Financeiros Globais de Morgan Stanley
• Fórum de Serviços Financeiros de Crédito Suisse

Conferência	Participação anual	Reuniões de clientes geradas
Conferência de Goldman Sachs	2	47
Conferência de Morgan Stanley	2	42

Plataformas de comunicação digital

Métricas de canal digital para 2023:

• Tráfego do site corporativo: 423.567 visitantes anuais
• Campanhas de marketing por email: 6 por trimestre
• Taxa média de abertura do email: 22,3%

Redes de referência de clientes existentes

Desempenho da rede de referência em 2023:

Fonte de referência	Novas aquisições de clientes	Taxa de conversão
Clientes corporativos existentes	37	64.5%
Parceiros de private equity	22	52.3%

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

Grandes empresas corporativas

A PJT Partners serve empresas da Fortune 500 com serviços de consultoria estratégica. A partir de 2023, a empresa aconselhou US $ 127,3 bilhões em valor total da transação para clientes corporativos.

Tipo de cliente	Valor anual da transação	Tamanho médio do engajamento
Grandes empresas corporativas	US $ 127,3 bilhões	US $ 425 milhões

Empresas de private equity

A PJT Partners suporta clientes de private equity com consultoria de transações e experiência em mercados de capitais.

Segmento de cliente de private equity	Volume total de negócios 2023	Número de clientes ativos
Empresas de PE do mercado intermediário	US $ 84,6 bilhões	87 empresas

Investidores institucionais

A empresa fornece serviços de consultoria estratégica a entidades institucionais de investimento.

• Ativos sob orientação: US $ 342 bilhões
• Tamanho médio do portfólio de clientes institucionais: US $ 2,8 bilhões
• Número de clientes de investidores institucionais: 64

Empresas do mercado intermediário

A PJT Partners oferece serviços de consultoria especializados para clientes corporativos de médio porte.

Segmento de mercado intermediário	Volume consultivo de transações	Engajamento médio do cliente
Clientes corporativos no meio do mercado	US $ 52,7 bilhões	US $ 215 milhões

Instituições Financeiras Globais

A PJT Partners fornece serviços de consultoria financeira abrangentes para organizações bancárias e financeiras globais.

• Total Global Financial Institution Client Base: 42 Instituições
• Volume de consultoria total de transações: US $ 96,5 bilhões
• Cobertura geográfica: América do Norte, Europa, Ásia

PJT Partners Inc. (PJT) - Modelo de negócios: estrutura de custos

Altas despesas de compensação de pessoal

No ano fiscal de 2022, a PJT Partners relatou despesas totais de remuneração e benefícios de US $ 452,4 milhões, representando aproximadamente 72,1% da receita total.

Ano	Despesas totais de compensação	Porcentagem de receita
2022	US $ 452,4 milhões	72.1%
2021	US $ 387,1 milhões	71.5%

Investimentos de tecnologia e infraestrutura

A PJT Partners investiu US $ 18,2 milhões em despesas com tecnologia e infraestrutura em 2022.

• Investimentos de hardware de tecnologia: US $ 5,6 milhões
• Licenciamento e desenvolvimento de software: US $ 7,8 milhões
• Infraestrutura de computação em nuvem: US $ 4,8 milhões

Custos de pesquisa e desenvolvimento

As despesas de P&D para 2022 totalizaram US $ 12,5 milhões, com foco em plataformas de tecnologia de consultoria financeira.

Despesas de marketing e desenvolvimento de negócios

Os custos de marketing e desenvolvimento de negócios para 2022 foram de US $ 23,7 milhões.

Categoria de despesa	Quantia
Entretenimento do cliente	US $ 8,4 milhões
Patrocínios de conferência e evento	US $ 6,2 milhões
Marketing digital	US $ 5,1 milhões
Viajar e networking	US $ 4,0 milhões

Custos de conformidade e gerenciamento regulatório

As despesas relacionadas à conformidade em 2022 totalizaram US $ 15,3 milhões.

• Consultoria legal e regulatória: US $ 6,7 milhões
• Software e sistemas de conformidade: US $ 4,2 milhões
• Treinamento e certificação: US $ 2,9 milhões
• Taxas de auditoria externas: US $ 1,5 milhão

PJT Partners Inc. (PJT) - Modelo de negócios: fluxos de receita

Taxas de consultoria de transação

Para o ano fiscal de 2022, a PJT Partners relatou taxas de consultoria de transação de US $ 495,1 milhões. Essas taxas são geradas desde o fornecimento de serviços de consultoria estratégica e financeira a empresas, patrocinadores financeiros e outros clientes.

Ano	Taxas de consultoria de transação
2022	US $ 495,1 milhões
2021	US $ 473,1 milhões

Receitas de consultoria estratégica

As receitas de consultoria estratégica para os parceiros da PJT em 2022 foram de aproximadamente US $ 187,3 milhões, representando um componente crítico de seu portfólio de serviços de consultoria.

• Os principais serviços de consultoria estratégica incluem desenvolvimento de estratégia corporativa
• Consultor de fusão e aquisição
• Análise de posicionamento do mercado

Cobranças de serviço de reestruturação

As receitas de serviços de reestruturação para parceiros da PJT em 2022 totalizaram US $ 138,2 milhões, com foco em serviços complexos de reestruturação corporativa e consultoria financeira.

Receita de serviço de reestruturação	Quantia
2022	US $ 138,2 milhões
2021	US $ 126,5 milhões

Taxas de consultoria para mercados de capitais

As taxas de consultoria para mercados de capitais para a PJT Partners em 2022 atingiram US $ 215,6 milhões, fornecendo serviços de consultoria financeira abrangentes em estratégias de captação de capital e mercado.

• Consultoria de patrimônio líquido
• Consultoria para mercados de capital de dívida
• Serviços de estruturação financeira complexos

Comissões de transações baseadas em sucesso

As comissões de transações baseadas em sucesso para parceiros da PJT em 2022 totalizaram US $ 89,4 milhões, derivados de transações corporativas de alto valor concluídas.

Ano	Comissões baseadas em sucesso
2022	US $ 89,4 milhões
2021	US $ 82,7 milhões

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.