10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2021

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM           TO           

Commission File Number: 001-36869

PJT Partners Inc.

(Exact name of registrant as specified in its charter)

Delaware	36-4797143
(State or other jurisdiction of	(I.R.S. Employer
incorporation or organization)	Identification No.)

280 Park Avenue

New York, New York 10017

(Address of principal executive offices)(Zip Code)

(212) 364-7800

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Class A common stock, par value $0.01 per share	PJT	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer	☒	Accelerated Filer	☐
Non-Accelerated Filer	☐	Smaller Reporting Company	☐
		Emerging Growth Company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of April 26, 2021, there were 24,605,063 shares of Class A common stock, par value $0.01 per share, and 170 shares of Class B common stock, par value $0.01 per share, outstanding.

TABLE OF CONTENTS

		Page
PART I.	FINANCIAL INFORMATION
ITEM 1.	FINANCIAL STATEMENTS	4
	Unaudited Condensed Consolidated Financial Statements — March 31, 2021 and 2020:
	Condensed Consolidated Statements of Financial Condition as of March 31, 2021 and December 31, 2020	4
	Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2021 and 2020	5
	Condensed Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2021 and 2020	6
	Condensed Consolidated Statements of Changes in Equity for the Three Months Ended March 31, 2021 and 2020	7
	Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2021 and 2020	9
	Notes to Condensed Consolidated Financial Statements	10
ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	23
ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	32
ITEM 4.	CONTROLS AND PROCEDURES	33
PART II.	OTHER INFORMATION
ITEM 1.	LEGAL PROCEEDINGS	34
ITEM 1A.	RISK FACTORS	34
ITEM 2.	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	34
ITEM 3.	DEFAULTS UPON SENIOR SECURITIES	35
ITEM 4.	MINE SAFETY DISCLOSURES	35
ITEM 5.	OTHER INFORMATION	35
ITEM 6.	EXHIBITS	36
SIGNATURES		37

1

PJT Partners Inc. was formed in connection with certain merger and spin-off transactions whereby the financial and strategic advisory services, restructuring and reorganization advisory services and Park Hill Group businesses of The Blackstone Group Inc. (“Blackstone” or our “former Parent”) were combined with PJT Capital LP, a financial advisory firm founded by Paul J. Taubman in 2013 (together with its then affiliates, “PJT Capital”), and the combined business was distributed to Blackstone’s unitholders to create PJT Partners Inc., a stand-alone, independent publicly traded company. Throughout this Quarterly Report on Form 10-Q, we refer to this transaction as the “spin-off.” In October 2018, we acquired CamberView Partners Holdings, LLC (“CamberView” or “PJT Camberview”). PJT Partners Inc. is a holding company and its only material asset is its controlling equity interest in PJT Partners Holdings LP, a holding partnership that holds the company’s operating subsidiaries, and certain cash and cash equivalents it may hold from time to time. As the sole general partner of PJT Partners Holdings LP, PJT Partners Inc. operates and controls all of the business and affairs of PJT Partners Holdings LP and its operating subsidiaries.

In this Quarterly Report on Form 10-Q, unless the context requires otherwise, the words “PJT Partners Inc.” refers to PJT Partners Inc., and “PJT Partners,” the “Company,” “we,” “us” and “our” refer to PJT Partners Inc., together with its consolidated subsidiaries, including PJT Partners Holdings LP and its operating subsidiaries.

Forward-Looking Statements

Certain material presented herein contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements include certain information concerning future results of operations, business strategies, acquisitions, financing plans, competitive position, potential growth opportunities, potential operating performance improvements, the effects of competition and the effects of future legislation or regulations. Forward-looking statements include all statements that are not historical facts and can be identified by the use of forward-looking terminology such as the words “believe,” “expect,” “opportunity,” “plan,” “intend,” “anticipate,” “estimate,” “predict,” “potential,” “continue,” “may,” “might,” “should,” “could” or the negative of these terms or similar expressions.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations, and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy, and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict, many of which are outside our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not place undue reliance upon any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: (a) changes in governmental regulations and policies; (b) the possibility of cyberattacks, security vulnerabilities, and internet disruptions, including breaches of data security and privacy leaks, data loss, and business interruptions; (c) the possibility of failure of our computer systems or communication systems during a catastrophic event, including as a result of the increased use of remote work environments and virtual platforms during the outbreak of COVID-19 (coronavirus); (d) the impact of catastrophic events, such as COVID-19, on the U.S. and the global economy, including business disruptions, reductions in employment and an increase in business failures; (e) the impact of catastrophic events, such as COVID-19, on our employees and our ability to provide services to our clients and respond to their needs; (f) the failure of third-party service providers to perform their functions; and (g) volatility in the political and economic environment.

2

Any of these factors, as well as such other factors discussed in the “Risk Factors” section of our Annual Report on Form 10-K for the year ended December 31, 2020 filed with the United States Securities and Exchange Commission (“SEC”), as such factors may be updated from time to time in our periodic filings with the SEC, accessible on the SEC’s website at www.sec.gov, could cause our results to differ materially from those expressed in forward-looking statements. There may be other risks and uncertainties that we are unable to predict at this time or that are not currently expected to have a material adverse effect on our business. Any such risks could cause our results to differ materially from those expressed in forward-looking statements.

Website Disclosure

We use our website (www.pjtpartners.com) as a channel of distribution of Company information. The information we post may be deemed material. Accordingly, investors should monitor the website, in addition to following our press releases, SEC filings and public conference calls and webcasts. In addition, you may automatically receive e-mail alerts and other information about PJT Partners when you enroll your e-mail address by visiting the “Investor Relations” page of our website at ir.pjtpartners.com/investor-relations. Although we refer to our website in this report, the contents of our website are not included or incorporated by reference into this report. All references to our website in this report are intended to be inactive textual references only.

3

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

PJT Partners Inc.

Condensed Consolidated Statements of Financial Condition (Unaudited)

(Dollars in Thousands, Except Share and Per Share Data)

	March 31, 2021			December 31, 2020
Assets
Cash and Cash Equivalents	$	99,604		$	299,513
Investments		72,680			137,889
Accounts Receivable (net of allowance for credit losses of $1,201 and    $1,330 at March 31, 2021 and December 31, 2020, respectively)		271,639			233,166
Intangible Assets, Net		30,168			32,030
Goodwill		172,725			172,725
Furniture, Equipment and Leasehold Improvements, Net		37,046			38,777
Operating Lease Right-of-Use Assets		146,413			150,848
Other Assets		60,331			53,329
Deferred Tax Asset, Net		59,651			53,330
Total Assets	$	950,257		$	1,171,607
Liabilities and Equity
Accrued Compensation and Benefits	$	76,209		$	253,456
Accounts Payable, Accrued Expenses and Other Liabilities		25,820			25,944
Operating Lease Liabilities		167,334			172,291
Amount Due Pursuant to Tax Receivable Agreement		23,782			19,573
Taxes Payable		1,625			2,735
Deferred Revenue		8,911			9,762
Total Liabilities		303,681			483,761
Commitments and Contingencies
Equity
Class A Common Stock, par value $0.01 per share (3,000,000,000    shares authorized; 29,111,807 and 27,293,085 issued at March 31,    2021 and December 31, 2020, respectively; 24,977,169 and 23,816,354    outstanding at March 31, 2021 and December 31, 2020,    respectively)		269			267
Class B Common Stock, par value $0.01 per share (1,000,000    shares authorized; 170 issued and outstanding at March 31, 2021;    194 issued and outstanding at December 31, 2020)		—			—
Additional Paid-In Capital		377,825			349,363
Accumulated Deficit		(7,715	)		(33,127	)
Accumulated Other Comprehensive Income		1,481			1,414
Treasury Stock at Cost (4,134,638 and 3,476,731 shares at March 31,    2021 and December 31, 2020, respectively)		(209,554	)		(163,658	)
Total PJT Partners Inc. Equity		162,306			154,259
Non-Controlling Interests		484,270			533,587
Total Equity		646,576			687,846
Total Liabilities and Equity	$	950,257		$	1,171,607

See notes to condensed consolidated financial statements.

4

PJT Partners Inc.

Condensed Consolidated Statements of Operations (Unaudited)

(Dollars in Thousands, Except Share and Per Share Data)

	Three Months Ended March 31,
	2021		2020
Revenues
Advisory Fees	$	152,600	$	156,591
Placement Fees		50,383		38,992
Interest Income and Other		3,717		4,588
Total Revenues		206,700		200,171
Expenses
Compensation and Benefits		132,793		134,024
Occupancy and Related		8,459		8,654
Travel and Related		517		5,296
Professional Fees		7,717		4,523
Communications and Information Services		4,174		3,546
Depreciation and Amortization		3,834		3,820
Other Expenses		5,317		6,749
Total Expenses		162,811		166,612
Income Before Provision for Taxes		43,889		33,559
Provision for Taxes		93		1,550
Net Income		43,796		32,009
Net Income Attributable to    Non-Controlling Interests		17,114		13,149
Net Income Attributable to PJT Partners Inc.	$	26,682	$	18,860
Net Income Per Share of Class A Common Stock
Basic	$	1.07	$	0.78
Diluted	$	1.03	$	0.72
Weighted-Average Shares of Class A Common    Stock Outstanding
Basic		24,969,388		24,097,715
Diluted		42,858,757		40,353,624

See notes to condensed consolidated financial statements.

5

PJT Partners Inc.

Condensed Consolidated Statements of Comprehensive Income (Unaudited)

(Dollars in Thousands)

	Three Months Ended March 31,
	2021		2020
Net Income	$	43,796	$	32,009
Other Comprehensive Income (Loss), Net of Tax —    Currency Translation Adjustment		124		(2,782	)
Comprehensive Income		43,920		29,227
Less:
Comprehensive Income Attributable to Non-    Controlling Interests		17,171		11,847
Comprehensive Income Attributable to PJT Partners Inc.	$	26,749	$	17,380

See notes to condensed consolidated financial statements.

6

PJT Partners Inc.

Condensed Consolidated Statements of Changes in Equity (Unaudited)

(Dollars in Thousands, Except Share Data)

	Shares																		Accumulated
	Class A		Class B						Class A		Class B		Additional						Other					Non-
	Common		Common			Treasury			Common		Common		Paid-In			Accumulated			Comprehensive		Treasury			Controlling
	Stock		Stock			Stock			Stock		Stock		Capital			Deficit			Income		Stock			Interests			Total
Balance at December 31, 2020		27,293,085		194			(3,476,731	)	$	267	$	—	$	349,363		$	(33,127	)	$	1,414	$	(163,658	)	$	533,587		$	687,846
Net Income		—		—			—			—		—		—			26,682			—		—			17,114			43,796
Other Comprehensive Income		—		—			—			—		—		—			—			67		—			57			124
Dividends Declared ($0.05 Per Share of    Class A Common Stock)		—		—			—			—		—		—			(1,270	)		—		—			—			(1,270	)
Equity-Based Compensation		—		—			—			—		—		27,938			—			—		—			2,010			29,948
Net Share Settlement		—		—			—			—		—		(20,415	)		—			—		—			—			(20,415	)
Deliveries of Vested Shares of    Class A Common Stock		1,818,722		—			—			2		—		—			—			—		—			—			2
Change in Ownership Interest		—		(24	)		—			—		—		20,939			—			—		—			(68,498	)		(47,559	)
Treasury Stock Purchases		—		—			(657,907	)		—		—		—			—			—		(45,896	)		—			(45,896	)
Balance at March 31, 2021		29,111,807		170			(4,134,638	)	$	269	$	—	$	377,825		$	(7,715	)	$	1,481	$	(209,554	)	$	484,270		$	646,576

(continued)

See notes to condensed consolidated financial statements.

7

PJT Partners Inc.

Condensed Consolidated Statements of Changes in Equity (Unaudited)

(Dollars in Thousands, Except Share Data)

	Shares																	Accumulated
	Class A		Class B					Class A		Class B		Additional						Other						Non-
	Common		Common		Treasury			Common		Common		Paid-In			Accumulated			Comprehensive			Treasury			Controlling
	Stock		Stock		Stock			Stock		Stock		Capital			Deficit			Income (Loss)			Stock			Interests			Total
Balance at December 31, 2019		25,621,451		204		(2,544,657	)	$	251	$	—	$	290,896		$	(144,919	)	$	146		$	(114,984	)	$	543,127		$	574,517
Adoption of Accounting Standard		—		—		—			—		—		—			(938	)		—			—			—			(938	)
Net Income		—		—		—			—		—		—			18,860			—			—			13,149			32,009
Other Comprehensive Loss		—		—		—			—		—		—			—			(1,480	)		—			(1,302	)		(2,782	)
Dividends Declared ($0.05 Per Share of    Class A Common Stock)		—		—		—			—		—		—			(1,217	)		—			—			—			(1,217	)
Equity-Based Compensation		—		—		—			—		—		35,043			—			—			—			2,289			37,332
Forfeiture Liability for Equity Awards		—		—		—			—		—		1			—			—			—			—			1
Net Share Settlement		—		—		—			—		—		(12,124	)		—			—			—			—			(12,124	)
Deliveries of Vested Shares of   Class A Common Stock		1,537,271		—		—			15		—		(15	)		—			—			—			—			—
Change in Ownership Interest		—		6		—			—		—		36,131			—			—			—			(47,422	)		(11,291	)
Treasury Stock Purchases		—		—		(539,297	)		—		—		—			—			—			(25,194	)		—			(25,194	)
Balance at March 31, 2020		27,158,722		210		(3,083,954	)	$	266	$	—	$	349,932		$	(128,214	)	$	(1,334	)	$	(140,178	)	$	509,841		$	590,313

See notes to condensed consolidated financial statements.

8

PJT Partners Inc.

Condensed Consolidated Statements of Cash Flows (Unaudited)

(Dollars in Thousands)

	Three Months Ended March 31,
	2021			2020
Operating Activities
Net Income	$	43,796		$	32,009
Adjustments to Reconcile Net Income to Net Cash Used in    Operating Activities
Equity-Based Compensation Expense		29,948			37,332
Depreciation and Amortization Expense		3,834			3,820
Amortization of Operating Lease Right-of-Use Assets		4,780			5,193
Provision for Credit Losses		(192	)		997
Deferred Taxes		—			(92	)
Other		(1,399	)		279
Cash Flows Due to Changes in Operating Assets and Liabilities
Accounts Receivable		(41,087	)		(21,982	)
Other Assets		(4,236	)		(18,319	)
Accrued Compensation and Benefits		(177,771	)		(55,645	)
Accounts Payable, Accrued Expenses and Other Liabilities		(102	)		(5,957	)
Operating Lease Liabilities		(5,351	)		(4,118	)
Taxes Payable		(1,109	)		2,838
Deferred Revenue		(856	)		(1,414	)
Net Cash Used in Operating Activities		(149,745	)		(25,059	)
Investing Activities
Purchases of Investments		(97,638	)		(23,918	)
Proceeds from Sales and Maturities of Investments		162,813			1,324
Purchases of Furniture, Equipment and Leasehold Improvements		(43	)		(5,364	)
Net Cash Provided by (Used in) Investing Activities		65,132			(27,958	)
Financing Activities
Dividends		(1,270	)		(1,217	)
Proceeds from Revolving Credit Facility		15,000			16,000
Payments on Revolving Credit Facility		(15,000	)		(16,000	)
Principal Payments on Term Loan		—			(21,500	)
Employee Taxes Paid for Shares Withheld		(20,415	)		(12,124	)
Cash-Settled Exchanges of Partnership Units		(48,478	)		(11,480	)
Treasury Stock Purchases		(45,896	)		(25,194	)
Payments Pursuant to Tax Receivable Agreement		(1,165	)		—
Principal Payments on Finance Leases		(15	)		(39	)
Net Cash Used in Financing Activities		(117,239	)		(71,554	)
Effect of Exchange Rate Changes on Cash and Cash Equivalents		1,943			(3,035	)
Net Decrease in Cash and Cash Equivalents		(199,909	)		(127,606	)
Cash and Cash Equivalents, Beginning of Period		299,513			215,950
Cash and Cash Equivalents, End of Period	$	99,604		$	88,344
Supplemental Disclosure of Cash Flows Information
Payments for Income Taxes, Net of Refunds Received	$	4,458		$	2,407
Payments for Interest	$	—		$	109
Non-Cash Receipt of Shares	$	1,125		$	—

See notes to condensed consolidated financial statements.

9

PJT Partners Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited)

(All Dollars Are in Thousands, Except Share and Per Share Data, Except Where Noted)

1. ORGANIZATION

PJT Partners Inc. and its consolidated subsidiaries (the “Company” or “PJT Partners”) offer a unique portfolio of advisory services designed to help clients achieve their strategic objectives. The Company’s team of senior professionals delivers a range of strategic advisory, capital markets advisory, restructuring and special situations and shareholder advisory services to corporations, financial sponsors, institutional investors and governments around the world. The Company also provides, through PJT Park Hill, private fund advisory and fundraising services for alternative investment managers, including private equity funds, real estate funds and hedge funds.

On October 1, 2015, The Blackstone Group Inc. (“Blackstone” or the “former Parent”) distributed on a pro rata basis to its common unitholders all of the issued and outstanding shares of Class A common stock of PJT Partners Inc. held by it. This pro rata distribution is referred to as the “Distribution.” The separation of the PJT Partners business from Blackstone and related transactions, including the Distribution, the internal reorganization that preceded the Distribution and the acquisition by PJT Partners of PJT Capital LP (together with its general partner and their respective subsidiaries, “PJT Capital”) that occurred substantially concurrently with the Distribution, is referred to as the “spin-off.”

PJT Partners Inc. is the sole general partner of PJT Partners Holdings LP. PJT Partners Inc. owns less than 100% of the economic interest in PJT Partners Holdings LP, but has 100% of the voting power and controls the management of PJT Partners Holdings LP. As of March 31, 2021, the non-controlling interest was 39.0%. As the sole general partner of PJT Partners Holdings LP, PJT Partners Inc. operates and controls all of the business and affairs and consolidates the financial results of PJT Partners Holdings LP and its operating subsidiaries. The Company operates through the following subsidiaries: PJT Partners LP, PJT Partners (UK) Limited, PJT Partners (HK) Limited and PJT Partners Park Hill (Spain) A.V., S.A.U.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The Company prepared the accompanying condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the instructions to Form 10-Q. The condensed consolidated financial statements, including these notes, are unaudited and exclude some of the disclosures required in annual financial statements. Management believes it has made all necessary adjustments (consisting of only normal recurring items) so that the condensed consolidated financial statements are presented fairly and that estimates made in preparing its condensed consolidated financial statements are reasonable and prudent. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.

Intercompany transactions have been eliminated for all periods presented.

For a comprehensive disclosure of the Company’s significant accounting policies, see Note 2. “Summary of Significant Accounting Policies” in the “Notes to Consolidated Financial Statements” in “Part II. Item 8. Financial Statements and Supplementary Data” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.

10

PJT Partners Inc.

Notes to Condensed Consolidated Financial Statements – Continued (Unaudited)

(All Dollars Are in Thousands, Except Share and Per Share Data, Except Where Noted)

Cash, Cash Equivalents and Investments

Cash and Cash Equivalents include short-term highly liquid investments that are readily convertible to known amounts of cash and have original maturities of three months or less from the date of purchase. Cash and Cash Equivalents are primarily held at four major financial institutions. Also included in Cash and Cash Equivalents are amounts held in bank accounts that are subject to advance notification to withdraw. Such amounts totaled $0.7 million and $47.8 million as of March 31, 2021 and December 31, 2020, respectively.

Treasury securities with original maturities greater than three months when purchased are classified as Investments in the Condensed Consolidated Statements of Financial Condition.

Recent Accounting Developments

In December 2019, the FASB issued guidance that modifies the accounting for income taxes. The guidance provides clarification on multiple topics, including hybrid tax regimes, the tax basis step-up in goodwill that is not classified as a business combination, separate financial statements of legal entities not subject to tax, intraperiod tax allocation, ownership changes in investments, interim period accounting for enacted changes in tax law and year-to-date loss limitations in interim period tax accounting. The guidance is effective for annual and interim periods beginning after December 15, 2020, with early adoption permitted. The Company adopted this guidance on January 1, 2021 with no material impact on its condensed consolidated financial statements.

In August 2020, the FASB issued updated guidance that simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts in an entity’s own equity. The guidance is effective for annual and interim periods beginning after December 15, 2021, with early adoption permitted. The Company is currently assessing the impact that adoption will have on its condensed consolidated financial statements.

3. REVENUES FROM CONTRACTS WITH CUSTOMERS

The following table provides a disaggregation of revenues recognized from contracts with customers for the three months ended March 31, 2021 and 2020:

	Three Months Ended March 31,
	2021		2020
Advisory Fees	$	152,600	$	156,591
Placement Fees		50,383		38,992
Interest Income from Placement Fees and Other		1,780		3,345
Revenues from Contracts with Customers	$	204,763	$	198,928

Remaining Performance Obligations and Revenue Recognized from Past Performance

As of March 31, 2021, the aggregate amount of the transaction price allocated to performance obligations yet to be satisfied was $33.1 million and the Company generally expects to recognize this revenue within the next twelve months. Such amounts relate to the Company’s performance obligations of providing capital advisory services and standing ready to perform.

The Company recognized revenue of $7.2 million and $5.8 million for the three months ended March 31, 2021 and 2020, respectively, related to performance obligations that were fully satisfied in prior periods, primarily due to constraints on variable consideration in prior periods being resolved. Such amounts related primarily to the provision of capital advisory services. The majority of Advisory Fees and Placement Fees recognized by the Company during the three months ended March 31, 2021 and 2020 was predominantly related to performance obligations that were partially satisfied in prior periods.

11

PJT Partners Inc.

Notes to Condensed Consolidated Financial Statements – Continued (Unaudited)

(All Dollars Are in Thousands, Except Share and Per Share Data, Except Where Noted)

Contract Balances

There were no significant impairments related to contract balances during the three months ended March 31, 2021 and 2020.

For the three months ended March 31, 2021 and 2020, $4.7 million and $8.1 million, respectively, of revenue was recognized that was included in the beginning balance of Deferred Revenue, primarily related to the Company’s performance obligation of standing ready to perform. In certain contracts, the Company receives customer deposits, which are also considered to be contract liabilities. As of March 31, 2021 and December 31, 2020, the Company recorded $2.0 million and $2.4 million, respectively, of customer deposits in Accounts Payable, Accrued Expenses and Other Liabilities in the Condensed Consolidated Statements of Financial Condition.

4. ACCOUNTS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES

The following table presents the aggregate change in the allowance for credit losses for the three months ended March 31, 2021 and 2020:

	Three Months Ended March 31,
	2021			2020
Beginning Balance	$	1,330		$	—
Adoption of ASC 326		—			1,107
Provision for Credit Losses		(192	)		997
Write-offs		—			(1,019	)
Recoveries		63			325
Ending Balance	$	1,201		$	1,410

Included in Accounts Receivable, Net is accrued interest of $2.0 million and $2.5 million as of March 31, 2021 and December 31, 2020, respectively, related to placement fees.

Included in Accounts Receivable, Net are long-term receivables of $81.6 million and $83.5 million as of March 31, 2021 and December 31, 2020, respectively, related to placement fees that are generally paid in installments over a period of three to four years.

The Company does not have any long-term receivables on non-accrual status. Of receivables that originated as long-term, there were $3.3 million and $2.9 million as of March 31, 2021 and December 31, 2020, respectively, which were outstanding more than 90 days. The allowance for credit losses with respect to long-term receivables was $0.5 million and $0.6 million as of March 31, 2021 and December 31, 2020, respectively.

5. INTANGIBLE ASSETS

Intangible Assets, Net consists of the following:

	March 31, 2021			December 31, 2020
Finite-Lived Intangible Assets
Customer Relationships	$	61,276		$	61,276
Trade Name		9,800			9,800
Total Intangible Assets		71,076			71,076
Accumulated Amortization
Customer Relationships		(35,210	)		(33,747	)
Trade Name		(5,698	)		(5,299	)
Total Accumulated Amortization		(40,908	)		(39,046	)
Intangible Assets, Net	$	30,168		$	32,030

12

PJT Partners Inc.

Notes to Condensed Consolidated Financial Statements – Continued (Unaudited)

(All Dollars Are in Thousands, Except Share and Per Share Data, Except Where Noted)

Amortization expense was $1.9 million for each of the three months ended March 31, 2021 and 2020, respectively.

Amortization of Intangible Assets held at March 31, 2021 is expected to be $5.8 million for the remainder of the year ending December 31, 2021; $6.5 million for the year ending December 31, 2022; $4.9 million for each of the years ending December 31, 2023 and 2024; and $4.8 million for the year ending December 31, 2025.

6. FURNITURE, EQUIPMENT AND LEASEHOLD IMPROVEMENTS

Furniture, Equipment and Leasehold Improvements, Net consists of the following:

	March 31, 2021			December 31, 2020
Leasehold Improvements	$	52,758		$	52,789
Furniture and Fixtures		17,624			17,773
Office Equipment		2,235			2,327
Total Furniture, Equipment and Leasehold Improvements		72,617			72,889
Accumulated Depreciation		(35,571	)		(34,112	)
Furniture, Equipment and Leasehold Improvements, Net	$	37,046		$	38,777

Depreciation expense was $1.9 million for each of the three months ended March 31, 2021 and 2020, respectively.

7. FAIR VALUE MEASUREMENTS

The following tables summarize the valuation of the Company’s investments by the fair value hierarchy:

	March 31, 2021
	Level I		Level II		Level III		Total
Treasury Instruments	$	—	$	72,680	$	—	$	72,680
	December 31, 2020
	Level I		Level II		Level III		Total
Treasury Instruments	$	—	$	137,669	$	—	$	137,669
Other		—		220		—		220
Total	$	—	$	137,889	$	—	$	137,889

Investments in Treasury securities were included in Investments as of March 31, 2021 and December 31, 2020 in the Condensed Consolidated Statements of Financial Condition.

8. INCOME TAXES

The following table summarizes the Company’s tax position:

	Three Months Ended March 31,
	2021			2020
Income Before Provision for Taxes	$	43,889		$	33,559
Provision for Taxes	$	93		$	1,550
Effective Income Tax Rate		0.2	%		4.6	%

13

PJT Partners Inc.

Notes to Condensed Consolidated Financial Statements – Continued (Unaudited)

(All Dollars Are in Thousands, Except Share and Per Share Data, Except Where Noted)

The Company’s effective tax rate differed from the U.S. federal statutory tax rate for the three months ended March 31, 2021 primarily due to partnership income not being subject to U.S. corporate income taxes and permanent differences related to compensation.

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was signed into law, which includes several provisions for corporations regarding the tax treatment of net operating losses, interest deductions and payroll benefits. The Company has elected to carryback certain net operating losses, which resulted in a $3.7 million decrease in the Company’s Provision for Income Taxes for the three months ended March 31, 2020.

As of March 31, 2021, the Company had no unrecognized tax benefits.

9. NET INCOME PER SHARE OF CLASS A COMMON STOCK

Basic and diluted net income per share of Class A common stock for the three months ended March 31, 2021 and 2020 is presented below:

	Three Months Ended March 31,
	2021		2020
Numerator:
Net Income Attributable to PJT Partners Inc.	$	26,682	$	18,860
Less:
Dividends on Participating Securities		—		3
Net Income Attributable to Participating Securities		—		13
Net Income Attributable to Shares of Class A    Common Stock — Basic		26,682		18,844
Incremental Net Income from Dilutive Securities		17,409		10,270
Net Income Attributable to Shares of Class A    Common Stock — Diluted	$	44,091	$	29,114
Denominator:
Weighted-Average Shares of Class A Common    Stock Outstanding — Basic		24,969,388		24,097,715
Weighted-Average Number of Incremental Shares from    Unvested RSUs and Partnership Units		17,889,369		16,255,909
Weighted-Average Shares of Class A Common    Stock Outstanding — Diluted		42,858,757		40,353,624
Net Income Per Share of Class A Common Stock
Basic	$	1.07	$	0.78
Diluted	$	1.03	$	0.72

The ownership interests of holders (other than PJT Partners Inc.) of the common units of partnership interest in PJT Partners Holdings LP (“Partnership Units”) may be exchanged for PJT Partners Inc. Class A common stock on a one-for-one basis, subject to applicable vesting and transfer restrictions. If all Partnership Units were exchanged for Class A common stock, weighted-average Class A common stock outstanding would be 41,204,725 for the three months ended March 31, 2021, excluding unvested restricted stock units (“RSUs”) and participating RSUs. In computing the dilutive effect, if any, which the aforementioned exchange would have on net income per share, net income attributable to holders of Class A common stock would be adjusted due to the elimination of the non-controlling interests associated with the Partnership Units (including any tax impact). For the three months ended March 31, 2021 and 2020, there were no anti-dilutive securities.

14

PJT Partners Inc.

Notes to Condensed Consolidated Financial Statements – Continued (Unaudited)

(All Dollars Are in Thousands, Except Share and Per Share Data, Except Where Noted)

Share Repurchase Program

On February 1, 2021, the Company’s Board of Directors authorized the repurchase of shares of the Company’s Class A common stock in an amount up to $150 million, which is in addition to the previous Board authorizations. Under the repurchase program, shares of the Company’s Class A common stock may be repurchased from time to time in open market transactions, in privately negotiated transactions or otherwise. The timing and the actual number of shares repurchased depend on a variety of factors, including legal requirements, price and economic and market conditions. The repurchase program may be suspended or discontinued at any time and does not have a specified expiration date.

During the three months ended March 31, 2021, the Company repurchased 657,907 shares of Class A common stock at an average price of $69.73, or $45.9 million in aggregate, pursuant to the share repurchase program. As of March 31, 2021, the available amount remaining for repurchase was $140.6 million.

10. EQUITY-BASED AND OTHER DEFERRED COMPENSATION

Overview

Further information regarding the Company’s equity-based compensation awards is described in Note 11. “Equity-Based and Other Deferred Compensation” in the “Notes to Consolidated Financial Statements” in “Part II. Item 8. Financial Statements and Supplementary Data” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.

The following table presents equity-based compensation expense and related income tax benefit for the three months ended March 31, 2021 and 2020, respectively:

	Three Months Ended March 31,
	2021		2020
Equity-Based Compensation Expense	$	29,948	$	37,332
Income Tax Benefit	$	4,027	$	5,082

Restricted Stock Units

The following table summarizes activity related to unvested RSUs for the three months ended March 31, 2021:

	Restricted Stock Units
				Weighted-
				Average
				Grant Date
	Number of			Fair Value
	Units			(in dollars)
Balance, December 31, 2020		4,801,398		$	50.56
Granted		1,262,503			73.08
Dividends Reinvested on RSUs		(17,256	)		45.59
Forfeited		(8,551	)		59.78
Vested		(2,071,225	)		47.35
Balance, March 31, 2021		3,966,869		$	59.41

As of March 31, 2021, there was $176.5 million of estimated unrecognized compensation expense related to unvested RSU awards. This cost is expected to be recognized over a weighted-average period of 1.8 years. The Company assumes a forfeiture rate of 1.0% to 6.0% annually based on expected turnover and periodically reassesses this rate. The weighted-average grant date fair value with respect to RSUs granted for the three months ended March 31, 2020 was $52.61.

15

PJT Partners Inc.

Notes to Condensed Consolidated Financial Statements – Continued (Unaudited)

(All Dollars Are in Thousands, Except Share and Per Share Data, Except Where Noted)

RSU Awards with Both Service and Market Conditions

The following table summarizes activity related to unvested RSU awards with both a service and market condition for the three months ended March 31, 2021:

	RSU Awards with Both Service and Market Conditions
			Weighted-
			Average
			Grant Date
	Number of		Fair Value
	Units		(in dollars)
Balance, December 31, 2020		361,786	$	27.56
Dividends Reinvested on RSUs		253		27.46
Balance, March 31, 2021		362,039	$	27.56

As of March 31, 2021, there was $4.3 million of estimated unrecognized compensation expense related to RSU awards with both a service and market condition. This cost is expected to be recognized over a weighted-average period of 1.5 years. The Company assumes a forfeiture rate of 4.0% to 6.0% annually based on expected turnover and periodically reassesses this rate.

Restricted Share Awards

In connection with the acquisition of CamberView Partners Holdings, LLC, certain individuals were issued restricted shares of the Company’s Class A common stock. Based on the terms of the award, compensation expense will be recognized over four years. For the three months ended March 31, 2021, no restricted share awards were granted. For the three months ended March 31, 2020, no restricted share awards were granted. As of March 31, 2021, 3,506 restricted shares have vested, no restricted shares have been forfeited and there was $0.1 million of estimated unrecognized compensation expense related to restricted share awards. This cost is expected to be recognized over a weighted-average period of 1.0 year.

Partnership Units

The following table summarizes activity related to unvested Partnership Units for the three months ended March 31, 2021:

	Partnership Units
				Weighted-
				Average
	Number of			Grant Date
	Partnership			Fair Value
	Units			(in dollars)
Balance, December 31, 2020		356,290		$	45.16
Granted		63,171			68.10
Vested		(111,594	)		41.64
Balance, March 31, 2021		307,867		$	51.14

16

PJT Partners Inc.

Notes to Condensed Consolidated Financial Statements – Continued (Unaudited)

(All Dollars Are in Thousands, Except Share and Per Share Data, Except Where Noted)

As of March 31, 2021, there was $12.4 million of estimated unrecognized compensation expense related to unvested Partnership Units. This cost is expected to be recognized over a weighted-average period of 1.3 years. The Company assumes a forfeiture rate of 4.0% annually based on expected turnover and periodically reassesses this rate. The weighted-average grant date fair value with respect to Partnership Units granted for the three months ended March 31, 2020 was $44.85.

Partnership Unit Awards with Both Service and Market Conditions

The following table summarizes activity related to unvested Partnership Unit awards with both a service and market condition for the three months ended March 31, 2021:

	Partnership Unit Awards with Both Service and Market Conditions
			Weighted-
			Average
	Number of		Grant Date
	Partnership		Fair Value
	Units		(in dollars)
Balance, December 31, 2020		1,210,826	$	5.72
Balance, March 31, 2021		1,210,826	$	5.72

As of March 31, 2021, there was no unrecognized compensation expense related to Partnership Unit awards with both a service and market condition.

Units Expected to Vest

The following unvested units, after expected forfeitures, as of March 31, 2021, are expected to vest:

			Weighted- Average
			Service Period
	Units		in Years
Restricted Stock Units		4,095,955		1.7
Partnership Units (a)		296,497		1.3
Restricted Share Awards		5,294		1.0
Total Equity-Based Awards		4,397,746		1.7

(a) Excludes 1.2 million outstanding Partnership Units subject to market conditions.

Deferred Cash Compensation

The Company has periodically issued deferred cash compensation in connection with annual incentive compensation as well as other hiring or retention related awards. These awards typically vest over a period of one to four years. Compensation expense related to deferred cash awards was $8.2 million and $7.7 million for the three months ended March 31, 2021 and 2020, respectively. As of March 31, 2021, there was $32.1 million of unrecognized compensation expense related to these awards. The weighted-average period over which this compensation cost is expected to be recognized is 1.4 years.

17

PJT Partners Inc.

Notes to Condensed Consolidated Financial Statements – Continued (Unaudited)

(All Dollars Are in Thousands, Except Share and Per Share Data, Except Where Noted)

11. LEASES

The components of lease expense were as follows:

	Three Months Ended March 31,
	2021			2020
Operating Lease Cost	$	6,846		$	7,317
Finance Lease Cost
Amortization of Right-of-Use Assets		15			38
Interest on Lease Liabilities		1			1
Total Finance Lease Cost		16			39
Variable Lease Cost		852			771
Sublease Income		(270	)		(911	)
Total Lease Cost	$	7,444		$	7,216

Supplemental information related to leases was as follows:

	Three Months Ended March 31,
	2021		2020
Cash Paid for Amounts Included in Measurement of Lease Liabilities
Operating Cash Flows from Operating Leases	$	5,351	$	4,118
Operating Cash Flows from Finance Leases	$	1	$	1
Financing Cash Flows from Finance Leases	$	15	$	39

	March 31, 2021			December 31, 2020
Weighted-Average Remaining Lease Term (in years)
Operating Leases		8.3			8.4
Finance Leases		3.0			3.1
Weighted-Average Discount Rate
Operating Leases		4.7	%		4.7	%
Finance Leases		3.7	%		3.7	%

The following is a maturity analysis of the annual undiscounted cash flows of the finance and operating lease liabilities as of March 31, 2021:

Year Ending December 31,	Finance		Operating
2021 (April 1 through December 31)	$	34	$	21,516
2022		38		28,759
2023		30		28,852
2024		17		27,306
2025		—		23,471
Thereafter		—		72,626
Total Lease Payments		119		202,530
Less: Imputed Interest		6		35,196
Total	$	113	$	167,334

18

PJT Partners Inc.

Notes to Condensed Consolidated Financial Statements – Continued (Unaudited)

(All Dollars Are in Thousands, Except Share and Per Share Data, Except Where Noted)

12. TRANSACTIONS WITH RELATED PARTIES

Exchange Agreement

The Company has entered into an exchange agreement with the limited partners of PJT Partners Holdings LP pursuant to which they (or certain permitted transferees) have the right, subject to the terms and conditions set forth in the limited partnership agreement of PJT Partners Holdings LP, on a quarterly basis, to exchange all or part of their Partnership Units for cash or, at the Company’s election, for shares of PJT Partners Inc. Class A common stock on a one-for-one basis, subject to customary conversion rate adjustments for splits, unit distributions and reclassifications. Further, pursuant to the terms in the partnership agreement of PJT Partners Holdings LP, the Company may also require holders of Partnership Units who are not Service Providers (as defined in the partnership agreement of PJT Partners Holdings LP) to exchange such Partnership Units.

Further information regarding the exchange agreement is described in Note 14. “Transactions with Related Parties—Exchange Agreement” in the “Notes to Consolidated Financial Statements” in “Part II. Item 8. Financial Statements and Supplementary Data” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.

Certain Partnership Unitholders exchanged 680,368 and 226,784 Partnership Units, respectively, for cash in the amounts of $48.5 million and $11.5 million, respectively, for the three months ended March 31, 2021 and 2020, respectively. Such amounts are recorded as a reduction of Non-Controlling Interests in the Condensed Consolidated Statements of Financial Condition.

During the first quarter of 2021, the Company was presented with 221,164 Partnership Units to be exchanged. The Company will settle the exchange of these Partnership Units on May 4, 2021 for cash for an aggregate payment of $16.7 million. The price per Partnership Unit to be paid by the Company is $75.64, which is equal to the volume-weighted average price of a share of the Company’s Class A common stock on April 29, 2021.

Registration Rights Agreement

The Company has entered into a registration rights agreement with the limited partners of PJT Partners Holdings LP pursuant to which the Company granted them, their affiliates and certain of their transferees the right, under certain circumstances and subject to certain restrictions, to require the Company to register under the Securities Act of 1933 shares of Class A common stock delivered in exchange for Partnership Units. The registration rights agreement does not contain any penalties associated with failure to file or to maintain the effectiveness of a registration statement covering the shares owned by individuals covered by such agreement.

Tax Receivable Agreement

The Company has entered into a tax receivable agreement with the holders of Partnership Units (other than PJT Partners Inc.) that provides for the payment by PJT Partners Inc. to exchanging holders of Partnership Units of 85% of the benefits, if any, that PJT Partners Inc. is deemed to realize as a result of the increases in tax basis related to such exchanges of Partnership Units and of certain other tax benefits related to entering into the tax receivable agreement, including tax benefits attributable to payments under the tax receivable agreement. As of March 31, 2021 and December 31, 2020, the Company had amounts due of $23.8 million and $19.6 million, respectively, pursuant to the tax receivable agreement, which represent management’s best estimate of the amounts currently expected to be owed in connection with the tax receivable agreement. Actual payments may differ significantly from estimated payments.

Aircraft Lease

The Company makes available to its partners, and on occasion, family members of these individuals, personal use of a company leased business aircraft when the aircraft is not being used for business purposes, for which the

19

PJT Partners Inc.

Notes to Condensed Consolidated Financial Statements – Continued (Unaudited)

(All Dollars Are in Thousands, Except Share and Per Share Data, Except Where Noted)

partners pay the full incremental costs associated with such use. Such amount is not material to the condensed consolidated financial statements.

13. COMMITMENTS AND CONTINGENCIES

Commitments

Line of Credit

On February 1, 2021, PJT Partners Holdings LP, as borrower (the “Borrower”), entered into a Renewal and Modification Agreement (the “Renewal Agreement”) and related documents with First Republic Bank, as lender (the “Lender”), amending the terms of the Borrower’s revolving credit facility with the Lender under the Amended and Restated Loan Agreement dated October 1, 2018 (the “Amended and Restated Loan Agreement”). The Renewal Agreement provides for a revolving credit facility with aggregate commitments in an amount equal to $60.0 million, which aggregate commitments may be increased, on the terms and subject to the conditions set forth in the Renewal Agreement, to up to $80.0 million during the period beginning December 1 each year through March 1 of the following year. The revolving credit facility will mature and the commitments thereunder will terminate on October 1, 2022, subject to extension by agreement of the Borrower and Lender.

Outstanding borrowings under the revolving credit facility bear interest equal to the greater of a per annum rate of (a) 2.75%, or (b) the prime rate minus 1.0%.  During an event of default, overdue principal under the revolving credit facility bears interest at a rate 2.0% in excess of the otherwise applicable rate of interest. In connection with the closing of the Renewal Agreement, the Borrower paid the Lender certain closing costs and fees. In addition, on and after the closing date, the Borrower will also pay a commitment fee on the undrawn portion of the revolving credit facility of 0.125% per annum, payable quarterly in arrears.

As of March 31, 2021 and December 31, 2020, there were no borrowings under the revolving credit facility.

The Renewal Agreement requires the Borrower to maintain certain minimum financial covenants and limits or restricts the ability of the Borrower (subject to certain qualifications and exceptions) to incur additional indebtedness in excess of $20.0 million. Outstanding borrowings under the Renewal Agreement are secured by the accounts receivable of PJT Partners LP.

As of March 31, 2021 and December 31, 2020, the Company was in compliance with the debt covenants under the Renewal Agreement and the Amended Restated Loan Agreement, respectively.

Contingencies

Litigation

From time to time, the Company is named as a defendant in legal actions relating to transactions conducted in the ordinary course of business. Some of these matters may involve claims of substantial amounts. Although there can be no assurance of the outcome of such legal actions, in the opinion of management, after consultation with external counsel, the Company believes it is not probable and/or reasonably possible that any current legal proceedings or claims would individually or in the aggregate have a material adverse effect on the condensed consolidated financial statements of the Company. The Company is not currently able to estimate the possible loss or range of loss until developments in such matters have provided sufficient information to support such an assessment, including quantification of a damage demand from plaintiffs, discovery from other parties and investigation of factual allegations, rulings by courts on motions or appeals, analysis by experts or the status of any settlement negotiations.

Guarantee

The Company provides a guarantee to a lending institution for certain loans held by employees for investment in funds of its former Parent, which are secured by the underlying investments in those funds. The amount

20

PJT Partners Inc.

Notes to Condensed Consolidated Financial Statements – Continued (Unaudited)

(All Dollars Are in Thousands, Except Share and Per Share Data, Except Where Noted)

guaranteed was $5.5 million and $6.0 million as of March 31, 2021 and December 31, 2020, respectively. In connection with this guarantee, the Company currently expects any associated risk of loss to be insignificant.

Indemnifications

The Company has entered and may continue to enter into contracts that contain a variety of indemnification obligations. The Company’s maximum exposure under these arrangements is not known; however, the Company currently expects any associated risk of loss to be insignificant. In connection with these matters, the Company has incurred and may continue to incur legal expenses, which are expensed as incurred.

Transactions and Agreements with Blackstone

Employee Matters Agreement

The Company is required to reimburse Blackstone for the value of forfeited unvested equity awards granted to former Blackstone employees that transitioned to PJT Partners in connection with the spin-off. Such reimbursement is recorded in Accounts Payable, Accrued Expenses and Other Liabilities with an offset to Equity in the Condensed Consolidated Statements of Financial Condition. The accrual for these forfeitures was $0.9 million as of March 31, 2021 and December 31, 2020.

Pursuant to the Employee Matters Agreement, the Company has agreed to pay Blackstone the net realized cash benefit resulting from certain compensation-related tax deductions. The amount payable to Blackstone arising from the tax deductions has been recorded in Other Expenses in the Condensed Consolidated Statements of Operations and is payable annually (for periods in which a cash benefit is realized) within nine months of the end of the relevant tax period. As of March 31, 2021 and December 31, 2020, the Company had accrued $2.4 million, which the Company anticipates will be payable to Blackstone after the Company files its respective tax returns. The tax deduction and corresponding payable to Blackstone related to such deliveries will fluctuate primarily based on the price of Blackstone common stock at the time of delivery.

14. REGULATED ENTITIES

Certain subsidiaries of the Company are subject to various regulatory requirements in the United States, United Kingdom, Hong Kong and Spain, which specify, among other requirements, minimum net capital requirements for registered broker-dealers.

PJT Partners LP is a registered broker-dealer through which strategic advisory, capital markets advisory, restructuring and special situations, shareholder advisory, private fund advisory and fundraising services are conducted in the United States and is subject to the net capital requirements of Rule 15c3-1 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). PJT Partners LP computes net capital based upon the aggregate indebtedness standard, which requires the maintenance of minimum net capital, as defined, which shall be the greater of $100 thousand or 6 2/3% of aggregate indebtedness, as defined, and requires that the ratio of aggregate indebtedness to net capital, both as defined, shall not exceed 15 to 1. PJT Partners LP had net capital of $114.2 million and $243.2 million as of March 31, 2021 and December 31, 2020, respectively, which exceeded the minimum net capital requirement by $112.9 million and $241.2 million, respectively.

PJT Partners LP does not carry customer accounts and does not otherwise hold funds or securities for, or owe money or securities to, customers and, accordingly, has no obligations under the SEC Customer Protection Rule (Rule 15c3-3).

PJT Partners (UK) Limited is authorized and regulated by the United Kingdom’s Financial Conduct Authority and is required to maintain regulatory net capital of €50 thousand. PJT Partners (HK) Limited is licensed with the Hong Kong Securities and Futures Commission and is subject to a minimum liquid capital requirement of HK$3 million. PJT Partners Park Hill (Spain) A.V., S.A.U. is an investment firm regulated by Spain’s National

21

PJT Partners Inc.

Notes to Condensed Consolidated Financial Statements – Continued (Unaudited)

(All Dollars Are in Thousands, Except Share and Per Share Data, Except Where Noted)

Securities Market Commission and is required to maintain minimum capital of €60 thousand. As of March 31, 2021 and December 31, 2020, these entities were in compliance with local capital adequacy requirements.

15. BUSINESS INFORMATION

The Company’s activities providing strategic advisory, capital markets advisory, restructuring and special situations, shareholder advisory, private fund advisory and fundraising services constitute a single reportable segment. An operating segment is a component of an entity that conducts business and incurs revenues and expenses for which discrete financial information is available that is reviewed by the chief operating decision maker in assessing performance and making resource allocation decisions. The Company has a single operating segment and therefore a single reportable segment.

The Company is organized as one operating segment in order to maximize the value of advice to clients by drawing upon the diversified expertise and broad relationships of senior professionals across the Company. The chief operating decision maker assesses performance and allocates resources based on broad considerations, including the market opportunity, available expertise across the Company and the strength and efficacy of professionals’ collaboration, and not based upon profit or loss measures for the Company’s separate product lines.

Since the financial markets are global in nature, the Company generally manages its business based on the operating results of the Company taken as a whole, not by geographic region. The following tables set forth the geographical distribution of revenues and assets based on the location of the office that generates the revenues or holds the assets and therefore may not be reflective of the geography in which the Company’s clients are located.

	Three Months Ended March 31,
	2021		2020
Revenues
Domestic	$	164,280	$	185,809
International		42,420		14,362
Total	$	206,700	$	200,171

	March 31, 2021		December 31, 2020
Assets
Domestic	$	821,422	$	975,762
International		128,835		195,845
Total	$	950,257	$	1,171,607

The Company was not subject to any material concentrations with respect to its revenues for the three months ended March 31, 2021. The Company had one client that represented 13.5% of total revenues for the three months ended March 31, 2020. The Company was not subject to any material concentrations of credit risk with respect to its accounts receivable as of March 31, 2021 and December 31, 2020.

16. SUBSEQUENT EVENTS

The Board of Directors of PJT Partners Inc. has declared a quarterly dividend of $0.05 per share of Class A common stock, which will be paid on June 16, 2021 to Class A common stockholders of record on June 2, 2021.

The Company has evaluated the impact of subsequent events through the date these financial statements were issued, and determined there were no subsequent events requiring adjustment or further disclosure to the financial statements besides the exchange of Partnership Units described in Note 12. “Transactions with Related Parties—Exchange Agreement.”

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis should be read in conjunction with PJT Partners Inc.’s Condensed Consolidated Financial Statements and the related notes included in this Quarterly Report on Form 10-Q.

Our Business

PJT Partners is a premier global advisory-focused investment bank. We offer a unique portfolio of advisory services designed to help our clients achieve their strategic objectives. Our team of senior professionals delivers a range of strategic advisory, capital markets advisory, restructuring and special situations and shareholder advisory services to corporations, financial sponsors, institutional investors and governments around the world. We also provide, through PJT Park Hill, private fund advisory and fundraising services for alternative investment managers, including private equity funds, real estate funds and hedge funds.

We have world-class franchises in each of the areas in which we compete.

• Our Strategic Advisory business offers a broad range of financial advisory and transaction execution capabilities, including advising clients on mergers and acquisitions (“M&A”), joint ventures, minority investments, asset swaps, divestitures and activism defense. Our capital markets advisory team specializes in advice and execution on public and private capital raises in the debt and equity capital markets. We provide in-depth advice on capital structure, acquisition finance, debt execution, SPACs, Pre-IPO and IPO, private capital raising and structured products. Through PJT Camberview, our industry leading shareholder advisory business, we provide investor-led advice to public company boards and management teams around the globe on shareholder engagement, strategic investor relations, activism and contested situations, ESG and sustainability and other complex corporate governance matters.

• Our Restructuring and Special Situations business is one of the world’s leading advisors in restructurings and recapitalizations, both in and out of court, around the globe. With expertise in highly complex capital structure challenges, we advise companies, creditors and financial sponsors on liability management and related capital raise transactions including exchanges, recapitalizations, reorganizations, debt repurchases and distressed mergers and acquisitions.

• PJT Park Hill, our leading global alternative asset advisory and fundraising business, provides private fund advisory and fundraising services for a diverse range of investment strategies. Moreover, PJT Park Hill is the only group among its peers with top-tier dedicated private equity, hedge fund, real estate and secondary advisory groups. PJT Park Hill’s Secondary Advisory business is a leading advisor to global alternative asset managers and provides clients with a breadth of expertise in the secondary markets, including GP liquidity solutions, GP tender offers, GP recapitalizations, LP portfolio solutions, asset strip sales, single asset SPVs and other structured solutions.

Business Environment

Economic and global financial conditions can materially affect our operational and financial performance. See “Part I. Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2020 for a discussion of some of the factors that can affect our performance.

M&A is a cyclical business that is impacted by macroeconomic conditions. Worldwide M&A announced volumes during the first quarter of 2021 were up significantly compared with the first quarter of 2020. While the pace of activity may not remain at these levels, we expect corporate boards and management teams to continue to use M&A as a strategic tool.

Global restructuring activity slowed from elevated 2020 levels during the first quarter of 2021, mainly driven by fiscal and monetary stimulus that continues to drive strong capital markets activities. While some companies have addressed near-term issues, it is likely many will emerge from the COVID-19 pandemic with significantly more leverage and will need to address their balance sheets in the future. While the current demand for liability

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management services has lessened, we continue to believe that the medium- to long-term demand for such advisory services will be robust.

The global fundraising market has been and could continue to be affected by the COVID-19 pandemic with the uncertain environment presenting challenges for both primary and secondary transaction execution. We are experiencing an increased focus on existing relationships between fund managers and institutional investors, making the bar for new relationships in the near term extremely high. Highly successful and tenured firms continue to drive new investor demand as the flight to quality is even more prevalent. There are certain strategies and themes that remain extremely topical among the broader institutional investor base throughout private equity, hedge funds, credit and real estate.

The United Kingdom (“U.K.”) formally left the European Union (“E.U.”) on December 31, 2020. Our U.K. entity, PJT Partners (UK) Limited, previously serviced U.K. as well as European-domiciled clients. The U.K.’s exit from the E.U. caused PJT Partners (UK) Limited to lose its E.U. financial services passporting rights, which allowed it to operate, on a cross-border and off-shore basis, in all E.U. countries. On October 1, 2020, PJT Partners Park Hill (Spain) A.V., S.A.U., the Company’s European licensed investment firm, became fully operational, following its successful registration with Spain’s National Securities Market Commission. This registration allows us to continue conducting certain regulated activities throughout the E.U.

On December 24, 2020, the U.K. and E.U. finalized the Trade and Cooperation Agreement that governs their future trading and security relationship from January 1, 2021. There remains uncertainty in the region as businesses, governments and regulatory authorities interpret and implement the provisions of the agreement.

Key Financial Measures

Revenues

Substantially all of our revenues are derived from Advisory Fees and Placement Fees. This revenue is primarily a function of the number of active engagements we have, the size of each of those engagements and the fees we charge for our services.

Advisory Fees – The Company provides a range of strategic advisory, capital markets advisory, restructuring and special situations and shareholder advisory services to corporations, financial sponsors, institutional investors and governments around the world. In conjunction with providing restructuring advice, we may also assist with raising various forms of financing, including debt and equity. Our secondary advisory services provided by PJT Park Hill include providing solutions to investing clients seeking portfolio liquidity, unfunded commitment relief and investments in secondary markets. Advisory Fees typically consist of retainer and transaction-based fee arrangements. The amount and timing of the fees paid vary by the type of engagement. The majority of our recognized Advisory Fees are dependent on the successful completion of a transaction.

A transaction can fail to be completed for many reasons, including global and/or regional economic conditions, failure of parties to agree upon final terms, to secure necessary board or shareholder approvals, to secure necessary financing or to achieve necessary regulatory approvals. In the case of bankruptcy engagements, fees are subject to approval of the court.

Placement Fees – Our fund placement services primarily serve private equity, real estate and hedge funds. Our team advises on all aspects of the fundraising process including competitive positioning and market assessment, marketing materials and related documentation and partnership terms and conditions most prevalent in the current environment. We also provide public and private placement fundraising services to our corporate clients and earn placement and underwriting fees based on the successful completion of the transaction.

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Fund placement fees earned for services provided to alternative asset managers are typically recognized upon acceptance by a fund of capital or capital commitments (referred to as a “closing”), in accordance with terms set forth in individual agreements. For commitment based fees, revenue is recognized over time as commitments are accepted. Fees for such closed-end fund arrangements are generally paid in installments over three or four years and interest is charged to the outstanding balance at an agreed upon rate, such as the London Interbank Offered Rate or an alternate reference rate, plus a market-based margin. For funds with multiple closings, the constraint on variable consideration is lifted upon each closing. For open-end fund structures, placement fees are typically calculated as a percentage of a placed investor’s month-end net asset value. Typically, we earn fees for such open-end fund structures over a 48 month period. For these arrangements, revenue is recognized over time as the constraint over variable consideration is lifted.

We may receive non-refundable up-front fees in our contracts with customers, which are recorded as revenues in the period over which services are estimated to be provided.

Interest Income and Other – Interest Income and Other represents interest typically earned on Cash and Cash Equivalents, investments in Treasury securities and outstanding placement fees receivable; miscellaneous income; foreign exchange gains and losses arising from transactions denominated in currencies other than U.S. dollars; sublease income; and the amount of expense reimbursement invoiced to clients related to out-of-pocket expenses. Interest on placement fees receivable is earned from the time revenue is recognized and is calculated as mutually agreed upon with the receivable counterparty. Interest receivable is included in Accounts Receivable, Net in the Condensed Consolidated Statements of Financial Condition.

Expenses

Compensation and Benefits – Compensation and Benefits expense includes salaries, cash bonuses, benefits, employer taxes and equity-based compensation associated with the grants of equity-based awards to partners and employees. Changes in this expense are driven by fluctuations in the number of employees, business performance, compensation adjustments in relation to market movements, changes in rates for employer taxes and other cost increases affecting benefit plans. In addition, this expense is affected by the composition of our work force. The expense associated with our bonus and equity plans can also have a significant impact on this expense category and may vary from year to year.

We maintain compensation programs, including salaries, annual incentive compensation (that may include components of cash, restricted cash and/or equity-based awards) and benefits programs. We manage compensation to estimates of competitive levels based on market conditions and performance. Our level of compensation reflects our plan to maintain competitive compensation levels to retain key personnel and it reflects the impact of newly-hired senior professionals, including related grants of equity awards that are generally valued at their grant date fair value.

Increasing the number of high-caliber, experienced senior level employees is critical to our growth efforts. In our advisory businesses, these hires generally do not begin to generate significant revenue in the year they are hired.

Our remaining expenses are the other costs typical to operating our business, which generally consist of:

• Occupancy and Related – consisting primarily of costs related to leased property, including rent, maintenance, real estate taxes, utilities and other related costs. Our company headquarters are located in New York, New York, and we maintain additional offices in the U.S. and throughout the world;

• Travel and Related – consisting of costs for our partners and employees to render services where our clients are located;

• Professional Fees – consisting primarily of consulting, audit and tax, recruiting and legal and other professional services;

• Communications and Information Services – consisting primarily of costs for our technology infrastructure and telecommunications costs;

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• Depreciation and Amortization – consisting of depreciation and amortization on our furniture, equipment, leasehold improvements and intangible assets; and

• Other Expenses – consisting primarily of provision for credit losses, regulatory fees, insurance, fees paid for access to external market data, advertising, other general operating expenses and transaction-related payable to The Blackstone Group Inc. (“Blackstone” or our “former Parent”).

Income Taxes – PJT Partners Inc. is a corporation subject to U.S. federal, state and local income taxes in jurisdictions where it does business. The Company’s businesses generally operate as partnerships for U.S. federal and state purposes and as corporate entities in non-U.S. jurisdictions. In the U.S. federal and state jurisdictions, taxes related to income earned by these entities generally represent obligations of the individual members and partners.

The operating entities have generally been subject to New York City Unincorporated Business Tax and to entity-level income taxes imposed by non-U.S. jurisdictions, as applicable. These taxes have been reflected in the Company’s condensed consolidated financial statements.

PJT Partners Inc. is subject to U.S. corporate federal, state and local income tax on its allocable share of results of operations from the operating partnership (PJT Partners Holdings LP).

Non-Controlling Interests

PJT Partners Inc. is a holding company and its only material asset is its controlling equity interest in PJT Partners Holdings LP, and certain cash and cash equivalents it may hold from time to time. As the sole general partner of PJT Partners Holdings LP, PJT Partners Inc. operates and controls all of the business and affairs and consolidates the financial results of PJT Partners Holdings LP and its operating subsidiaries. The portion of net income attributable to the non-controlling interests is presented separately in the Condensed Consolidated Statements of Operations.

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Condensed Consolidated Results of Operations

The following table sets forth our condensed consolidated results of operations for the three months ended March 31, 2021 and 2020:

	Three Months Ended March 31,
	2021		2020		Change
	(Dollars in Thousands)
Revenues
Advisory Fees	$	152,600	$	156,591		(3	)%
Placement Fees		50,383		38,992		29	%
Interest Income and Other		3,717		4,588		(19	)%
Total Revenues		206,700		200,171		3	%
Expenses
Compensation and Benefits		132,793		134,024		(1	)%
Occupancy and Related		8,459		8,654		(2	)%
Travel and Related		517		5,296		(90	)%
Professional Fees		7,717		4,523		71	%
Communications and    Information Services		4,174		3,546		18	%
Depreciation and    Amortization		3,834		3,820		0	%
Other Expenses		5,317		6,749		(21	)%
Total Expenses		162,811		166,612		(2	)%
Income Before Provision    for Taxes		43,889		33,559		31	%
Provision for Taxes		93		1,550		(94	)%
Net Income		43,796		32,009		37	%
Net Income Attributable    to Non-Controlling Interests		17,114		13,149		30	%
Net Income Attributable to    PJT Partners Inc.	$	26,682	$	18,860		41	%

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Revenues

The following table provides revenue statistics for the three months ended March 31, 2021 and 2020:

	Three Months Ended March 31,
	2021			2020
Advisory Fees
Number of Clients		167			170
Number of Fee-Paying Clients with $1 Million or    More		28			22
Number of Fee-Paying Clients Representing    Greater than 10% of Advisory Fees		—			3
Percentage of Such Clients’ Fees of Total    Advisory Fees		—			42.6	%
Placement Fees
Number of Clients		46			37
Number of Fee-Paying Clients with $1 Million or    More		16			11
Number of Fee-Paying Clients Representing    Greater than 10% of Placement Fees		2			3
Percentage of Such Clients’ Fees of Total    Placement Fees		36.5	%		49.8	%

Total Revenues were $206.7 million for the three months ended March 31, 2021, an increase of $6.5 million compared with $200.2 million for the three months ended March 31, 2020. Advisory Fees were $152.6 million for the three months ended March 31, 2021, a decrease of $4.0 million compared with $156.6 million for the three months ended March 31, 2020. The decrease was driven by a significant reduction in restructuring revenues, which was largely offset by an increase in strategic advisory revenues. Placement Fees were $50.4 million for the three months ended March 31, 2021, an increase of $11.4 million compared with $39.0 million for the three months ended March 31, 2020. The increase in Placement Fees reflected a strong increase in fund placement activity.

Expenses

Expenses were $162.8 million for the three months ended March 31, 2021, a decrease of $3.8 million compared with $166.6 million for the three months ended March 31, 2020. The decrease in expenses was primarily attributable to a decrease in Travel and Related of $4.8 million, which was partially offset by an increase in Professional Fees of $3.2 million. Travel and Related decreased due to reduced travel and entertainment activity. Professional Fees increased primarily due to higher consulting payments relating to the firm’s business activities and increased recruiting costs.

Provision for Taxes

The Company’s Provision for Taxes for the three months ended March 31, 2021 was $93 thousand, which represents an effective tax rate of 0.2% on pretax income of $43.9 million. The Company’s Provision for Taxes for the three months ended March 31, 2020 was $1.6 million, which represents an effective tax rate of 4.6% on pretax income of $33.6 million.

The change in tax rate between the three months ended March 31, 2021 and 2020 was primarily due to an increased tax benefit related to the deliveries of vested shares at values in excess of their amortized cost.

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Non-Controlling Interests

Net Income Attributable to Non-Controlling Interests is derived from the Income Before Provision for Taxes and the percentage allocation of the income between the holders of common units of partnership interest in PJT Partners Holdings LP (“Partnership Units”) and holders of Class A common stock of PJT Partners Inc. after considering any contractual arrangements that govern the allocation of income.

Liquidity and Capital Resources

General

We regularly monitor our liquidity position, including cash and cash equivalents, investments, working capital assets and liabilities, any commitments and other liquidity requirements.

Our assets have historically comprised of cash and cash equivalents, investments, receivables arising from strategic advisory and placement engagements and operating lease right-of-use assets. Our liabilities primarily include accrued compensation and benefits, accounts payable and accrued expenses, taxes payable and operating lease liabilities. We expect to pay a significant amount of incentive compensation toward the end of each year or during the beginning of the next calendar year with respect to the prior year’s results. A portion of annual compensation may be awarded with equity-based compensation and thus requires less cash. We expect levels of cash to decline at year-end or during the first quarter of each year after incentive compensation is paid to our employees. We then expect cash to gradually build throughout the remainder of the year.

On February 1, 2021, PJT Partners Holdings LP, as borrower (the “Borrower”), entered into a Renewal and Modification Agreement (the “Renewal Agreement”) and related documents with First Republic Bank, as lender (the “Lender”), amending the terms of the Borrower’s revolving credit facility with the Lender under the Amended and Restated Loan Agreement dated October 1, 2018 (the “Amended and Restated Loan Agreement”). Further information regarding the Renewal Agreement and Amended and Restated Loan Agreement can be found in “Part II. Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2020. As of March 31, 2021 and December 31, 2020, we were in compliance with the debt covenants under the Renewal Agreement and Amended and Restated Loan Agreement, respectively.

We evaluate our cash needs on a regular basis in light of current market conditions. As of March 31, 2021 and December 31, 2020, we had cash, cash equivalents and investments of $172.3 million and $437.4 million, respectively.

Our liquidity is highly dependent upon cash receipts from clients, which are generally dependent upon the successful completion of transactions as well as the timing of receivable collections. As of March 31, 2021 and December 31, 2020, total accounts receivable were $271.6 million and $233.2 million, respectively. As of March 31, 2021 and December 31, 2020, the allowance for credit losses was $1.2 million and $1.3 million, respectively. Included in Accounts Receivable, Net are long-term receivables of $81.6 million and $83.5 million as of March 31, 2021 and December 31, 2020, respectively, related to placement fees that are generally paid in installments over a period of three to four years.

Sources and Uses of Liquidity

Our primary cash needs are for working capital, paying operating expenses, including cash compensation to our employees, funding the cash redemption of Partnership Units, repurchasing shares of the Company’s Class A common stock, paying income taxes, making distributions to our shareholders in accordance with our dividend policy, capital expenditures, making payments pursuant to the tax receivable agreement, commitments and strategic investments. We expect to fund these liquidity requirements through cash flows from operations and borrowings under our revolving credit facility. Our ability to fund these needs through cash flows from operations will depend, in part, on our ability to generate or raise cash in the future. This depends on our future financial results, which are subject to general economic, financial, competitive, legislative and regulatory factors.

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Additionally, our ability to generate positive cash flow from operations will be impacted by global economic conditions. If our cash flows from operations are significantly reduced, we may need to incur debt, issue additional equity or borrow from our revolving credit facility. Although we believe that the arrangements we have in place will permit us to finance our operations on acceptable terms and conditions for the foreseeable future, our access to, and the availability of, financing on acceptable terms and conditions in the future will be impacted by many factors, including: (a) our credit ratings or absence of a credit rating, (b) the liquidity of the overall capital markets, and (c) the current state of the economy. We cannot provide any assurance that such financing will be available to us on acceptable terms or that such financing will be available at all. We believe that our future cash from operations and availability under our revolving credit facility, together with our access to funds on hand, will provide adequate resources to fund our short-term and long-term liquidity and capital needs.

Regulatory Capital

We actively monitor our regulatory capital base. We are subject to regulatory requirements in the U.S. and certain international jurisdictions to ensure general financial soundness and liquidity. This requires, among other things, that we comply with certain minimum capital requirements, recordkeeping, reporting procedures, experience and training requirements for employees and certain other requirements and procedures. These regulatory requirements may restrict the flow of funds to and from affiliates. See Note 14. “Regulated Entities” in the “Notes to Condensed Consolidated Financial Statements” in “—Item 1. Financial Statements” of this filing for further information. The licenses under which we operate are meant to be appropriate to conduct our business. We believe that we provide each of these entities with sufficient capital and liquidity, consistent with their business and regulatory requirements.

Our activities may also be subject to regulation, including regulatory capital requirements, by various other foreign jurisdictions and self-regulatory organizations.

We do not anticipate that compliance with any and all such requirements will materially adversely impact the availability of funds for domestic and parent-level purposes.

Exchange Agreement

Subject to the terms and conditions of the exchange agreement between us and certain of the holders of Partnership Units (other than PJT Partners Inc.), Partnership Units are exchangeable at the option of the holder for cash or, at our election, for shares of our Class A common stock on a one-for-one basis. Depending on our liquidity and capital resources, market conditions, the timing and concentration of exchange requests and other considerations, we may choose to fund exchanges of Partnership Units with available cash, borrowings or new issuances of Class A common stock or to settle exchanges by issuing Class A common stock to the exchanging Partnership Unitholder.

Certain Partnership Unitholders exchanged 680,368 and 226,784 Partnership Units, respectively, for cash in the amounts of $48.5 million and $11.5 million, respectively, for the three months ended March 31, 2021 and 2020, respectively.

Share Repurchase Program

On February 1, 2021, the Company’s Board of Directors authorized the repurchase of shares of the Company’s Class A common stock in an amount up to $150 million, which is in addition to the previous Board authorizations. Under the repurchase program, shares of the Company’s Class A common stock may be repurchased from time to time in open market transactions, in privately negotiated transactions or otherwise. The timing and the actual number of shares repurchased depend on a variety of factors, including legal requirements, price and economic and market conditions. The repurchase program may be suspended or discontinued at any time and does not have a specified expiration date.

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During the three months ended March 31, 2021, the Company repurchased 657,907 shares of Class A common stock at an average price of $69.73, or $45.9 million in aggregate, pursuant to the share repurchase program. As of March 31, 2021, the available amount remaining for repurchase was $140.6 million.

Contractual Obligations

For a discussion of our contractual obligations, refer to “Part II. Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Contractual Obligations” in our Annual Report on Form 10-K for the year ended December 31, 2020. There have not been any material changes to our contractual obligations since December 31, 2020.

Commitments and Contingencies

Litigation

From time to time, the Company is named as a defendant in legal actions relating to transactions conducted in the ordinary course of business. Some of these matters may involve claims of substantial amounts. Although there can be no assurance of the outcome of such legal actions, in the opinion of management, after consultation with external counsel, we believe it is not probable and/or reasonably possible that any current legal proceedings or claims would individually or in the aggregate have a material adverse effect on the condensed consolidated financial statements of the Company. We are not currently able to estimate the possible loss or range of loss until developments in such matters have provided sufficient information to support such an assessment, including quantification of a damage demand from plaintiffs, discovery from other parties and investigation of factual allegations, rulings by courts on motions or appeals, analysis by experts or the status of any settlement negotiations.

Guarantee

The Company provides a guarantee to a lending institution for certain loans held by employees for investment in funds of its former Parent, which are secured by the underlying investments in those funds. The amount guaranteed was $5.5 million and $6.0 million as of March 31, 2021 and December 31, 2020, respectively. In connection with this guarantee, the Company currently expects any associated risk of loss to be insignificant.

Indemnifications

We have entered and may continue to enter into contracts that contain a variety of indemnification obligations. Our maximum exposure under these arrangements is not known; however, we currently expect any associated risk of loss to be insignificant. In connection with these matters, we have incurred and may continue to incur legal expenses, which are expensed as incurred.

Tax Receivable Agreement

We have entered into a tax receivable agreement with the holders of Partnership Units (other than PJT Partners Inc.) that provides for the payment by PJT Partners Inc. to exchanging holders of Partnership Units of 85% of the benefits, if any, that PJT Partners Inc. is deemed to realize as a result of the increases in tax basis related to such exchanges of Partnership Units and of certain other tax benefits related to entering into the tax receivable agreement, including tax benefits attributable to payments under the tax receivable agreement. As of March 31, 2021 and December 31, 2020, the Company had amounts due of $23.8 million and $19.6 million, respectively, pursuant to the tax receivable agreement, which represent management’s best estimate of the amounts currently expected to be owed in connection with the tax receivable agreement. Actual payments may differ significantly from estimated payments.

Further information regarding the tax receivable agreement can be found in “Part II. Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2020.

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Other

See Notes 8, 10, 11 and 13 in the “Notes to Condensed Consolidated Financial Statements” in “—Item 1. Financial Statements” of this filing for further information in connection with income taxes, equity-based and other deferred compensation plans, leasing arrangements and commitments, respectively.

Critical Accounting Policies

A discussion of critical accounting policies is included in “Part II. Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2020.

Off-Balance Sheet Arrangements

The Company is not involved with any off-balance sheet arrangements that are not elsewhere reflected in our condensed consolidated financial statements.

Recent Accounting Developments

Information regarding recent accounting developments and their impact on our financial statements can be found in Note 2. “Summary of Significant Accounting Policies” in the “Notes to Condensed Consolidated Financial Statements” in “—Item 1. Financial Statements” of this filing.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Market Risk and Credit Risk

Our business is not capital-intensive and we do not invest in derivative instruments or, generally, borrow. As a result, we are not subject to significant market risk (including interest rate risk, foreign currency exchange rate risk and commodity price risk) or credit risk. Notwithstanding, the COVID-19 pandemic and its impact on the U.S. and global economies could have a material adverse effect on the Company’s condensed consolidated financial statements.

Risks Related to Cash, Cash Equivalents and Investments

Our cash and cash equivalents include short-term highly liquid investments that are readily convertible to known amounts of cash and have original maturities of three months or less from the date of purchase. Cash and cash equivalents are primarily held at four major financial institutions. In addition to cash and cash equivalents, we hold investments in Treasury securities, certain of which are classified as Investments in our Condensed Consolidated Statements of Financial Condition. We believe our cash, cash equivalents and investments are not subject to any material interest rate risk, equity price risk, credit risk or other market risk based on the short-term nature of the securities.

Credit Risk

We estimate our allowance for credit losses using relevant available information from internal and external sources relating to past events, current conditions, including as a result of market dislocations caused by COVID-19, and reasonable and supportable forecasts. We maintain an allowance for credit losses that, in our opinion, reflects current expected credit losses. As of March 31, 2021 and December 31, 2020, the allowance for credit losses was $1.2 million and $1.3 million, respectively.

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Exchange Rate Risk

We are exposed to the risk that the exchange rate of the U.S. dollar relative to other currencies may have an adverse effect on the reported value of our non-U.S. dollar denominated or based assets and liabilities. In addition, the reported amounts of our revenues may be affected by movements in the rate of exchange between the currency in which an invoice is issued and paid and the U.S. dollar, the currency in which our financial statements are denominated. The principal non-U.S. dollar currencies include the pound sterling, the euro, the Japanese yen and the Hong Kong dollar. For the three months ended March 31, 2021 and 2020, the impact of the fluctuation of foreign currencies in Other Comprehensive Income (Loss), Net of Tax – Currency Translation Adjustment in the Condensed Consolidated Statements of Comprehensive Income was a gain of $0.1 million and loss of $2.8 million, respectively, and in Interest Income and Other in the Condensed Consolidated Statements of Operations, a loss of $1.4 million and a gain of $11 thousand, respectively. We have not entered into any transaction to hedge our exposure to these foreign currency fluctuations through the use of derivative instruments or other methods at this time. Given the uncertainty of the COVID-19 pandemic and the ongoing economic impact, exchange rate fluctuations between the U.S. dollar and other currencies could unfavorably affect our condensed consolidated financial statements.

ITEM 4. CONTROLS AND PROCEDURES

Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we conducted an evaluation of the effectiveness of the Company’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of the end of the period covered by this report. Based upon this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective.

No change in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) occurred during our most recent quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

From time to time, the Company and its affiliates may be subject to legal proceedings and claims in the ordinary course of business. In addition, government agencies and self-regulatory organizations in countries in which we conduct business conduct periodic examinations and may initiate administrative proceedings regarding the Company’s and its affiliates’ business, including, among other matters, accounting and operational matters, that can result in censure, fine, the issuance of cease-and-desist orders or the suspension or expulsion of a broker-dealer, or its directors, officers or employees. It is our policy to cooperate fully with such governmental requests, examinations and administrative proceedings. In view of the inherent difficulty of determining whether any loss in connection with any such matters is probable and whether the amount of such loss can be reasonably estimated, particularly in cases where claimants seek substantial or indeterminate damages or where investigations and proceedings are in the early stages, we cannot estimate the amount of such loss or range of loss, if any, related to such matters, how or if such matters will be resolved, when they will ultimately be resolved, or what the eventual settlement, fine, penalty or other relief, if any, might be. Subject to the foregoing, we believe, based on current knowledge and after consultation with counsel, that we are not currently party to any material pending proceedings, individually or in the aggregate, the resolution of which would have a material effect on the Company.

ITEM 1A. RISK FACTORS

There were no material changes from the risk factors previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2020.

The risks described in our Annual Report on Form 10-K for the year ended December 31, 2020 and in our subsequently filed Quarterly Reports on Form 10-Q are not the only risks facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Issuer Purchases of Equity Securities in the First Quarter of 2021

					Total Number			Approximate Dollar
					of Shares			Value of Shares
					Purchased as			that May Yet Be
	Total Number				Part of Publicly			Purchased Under
	of Shares		Average Price		Announced Plans			the Plans or
	Repurchased		Paid Per Share		or Programs (a)			Programs (a)
January 1 to January 31		—	$	—		—	$	36.4 million
February 1 to February 28		197,276		70.87		197,276		172.5 million
March 1 to March 31		460,631		69.25		460,631		140.6 million
Total		657,907	$	69.73		657,907	$	140.6 million

(a) On February 1, 2021, the Company’s Board of Directors authorized the repurchase of shares of the Company’s Class A common stock in an amount up to $150 million, which is in addition to the previous Board authorizations. Under the repurchase program, shares of the Company’s Class A common stock may be repurchased from time to time in open market transactions, in privately negotiated transactions or otherwise. The timing and the actual number of shares repurchased depend on a variety of factors, including legal requirements, price and economic and market conditions. The repurchase program may be suspended or discontinued at any time and does not have a specified expiration date.

34

Unregistered Sales/Issuances

In connection with the issuance during the first quarter of 2021 of LTIP Units in PJT Partners Holdings LP to certain personnel, PJT Partners Inc. issued eleven corresponding shares of its Class B common stock, par value $0.01 per share, to these limited partners. The issuance of shares of Class B common stock was not registered under the Securities Act of 1933 because such shares were not issued in a transaction involving the offer or sale of securities.

Dividend Policy

The Company declared a dividend of $0.05 per share of Class A common stock in the first quarter of 2021, to be paid on June 16, 2021, and plans to regularly pay quarterly dividends.

Refer to “Part II. Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities” in our Annual Report on Form 10-K for the year ended December 31, 2020 for further disclosure of the Company’s dividend policy.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

Not applicable.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

Not applicable.

35

ITEM 6. EXHIBITS

Exhibit Number	Exhibit Description
+2.1	Separation and Distribution Agreement by and among The Blackstone Group L.P., Blackstone Holdings I L.P., New Advisory GP L.L.C., PJT Partners Inc. and PJT Partners Holdings LP, dated as of October 1, 2015 (incorporated herein by reference to Exhibit 2.1 to the Registrant’s Current Report on Form 8-K (File No. 001-36869) filed with the Securities and Exchange Commission on October 5, 2015).
3.1	Amended and Restated Certificate of Incorporation of PJT Partners Inc. (incorporated herein by reference to Exhibit 3.1 to the Registrant’s Current Report on Form 8-K (File No. 001-36869) filed with the Securities and Exchange Commission on October 5, 2015).
3.2	Amended and Restated By-Laws of PJT Partners Inc. (incorporated herein by reference to Exhibit 3.2 to the Registrant’s Current Report on Form 8-K (File No. 001-36869) filed with the Securities and Exchange Commission on October 5, 2015).
10.1	Renewal and Modification Agreement, by and between PJT Partners Holdings LP and First Republic Bank, dated as of February 1, 2021 (incorporated herein by reference to Exhibit 10.5 to the Registrant’s Annual Report on Form 10-K (File No. 001-36869) filed with the Securities and Exchange Commission on February 26, 2021).
31.1	Certification of the Chief Executive Officer pursuant to Rule 13a-14(a).
31.2	Certification of the Chief Financial Officer pursuant to Rule 13a-14(a).
32.1	Certification of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith).
32.2	Certification of the Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith).
101.INS	Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because iXBRL tags are embedded within the Inline XBRL document.
101.SCH	Inline XBRL Taxonomy Extension Schema Document.
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

+ Certain schedules and exhibits to this agreement have been omitted in accordance with Item 601(a)(5) of Regulation S-K. The descriptions of the omitted schedules and exhibits are contained within the relevant agreement. A copy of any omitted schedule and/or exhibit will be furnished supplementally to the Securities and Exchange Commission upon request.

The agreements and other documents filed as exhibits to this report are not intended to provide factual information or other disclosure other than with respect to the terms of the agreements or other documents themselves, and you should not rely on them for that purpose. In particular, any representations and warranties made by us in these agreements or other documents were made solely within the specific context of the relevant agreement or document and may not describe the actual state of affairs as of the date they were made or at any other time.

36

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Date: April 30, 2021
	PJT Partners Inc.
	By:	/s/ Paul J. Taubman
	Name:	Paul J. Taubman
	Title:	Chief Executive Officer
	By:	/s/ Helen T. Meates
	Name:	Helen T. Meates
	Title:	Chief Financial Officer
		(Principal Financial and Accounting Officer)

37

EX-31.1

Exhibit 31.1

CHIEF EXECUTIVE OFFICER CERTIFICATION

I, Paul J. Taubman, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q for the quarter ended March 31, 2021 of PJT Partners Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;

4. The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5. The Registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date:	April 30, 2021
		/s/ Paul J. Taubman
		Paul J. Taubman
		Chief Executive Officer

EX-31.2

Exhibit 31.2

CHIEF FINANCIAL OFFICER CERTIFICATION

I, Helen T. Meates, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q for the quarter ended March 31, 2021 of PJT Partners Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;

4. The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5. The Registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date:	April 30, 2021
		/s/ Helen T. Meates
		Helen T. Meates
		Chief Financial Officer

EX-32.1

Exhibit 32.1

Certification of the Chief Executive Officer

Pursuant to 18 U.S.C. Section 1350,

As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report of PJT Partners Inc. (the “Company”) on Form 10-Q for the quarter ended March 31, 2021, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Paul J. Taubman, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date:	April 30, 2021
		/s/ Paul J. Taubman
		Paul J. Taubman
		Chief Executive Officer

* The foregoing certification is being furnished solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report or as a separate disclosure document.

EX-32.2

Exhibit 32.2

Certification of the Chief Financial Officer

Pursuant to 18 U.S.C. Section 1350,

As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report of PJT Partners Inc. (the “Company”) on Form 10-Q for the quarter ended March 31, 2021, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Helen T. Meates, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date:	April 30, 2021
		/s/ Helen T. Meates
		Helen T. Meates
		Chief Financial Officer

* The foregoing certification is being furnished solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report or as a separate disclosure document.

XML

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2021	Apr. 26, 2021
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Document Quarterly Report	true
Document Transition Report	false
Title of 12(b) Security	Class A common stock, par value $0.01 per share
Trading Symbol	PJT
Security Exchange Name	NYSE
Entity Registrant Name	PJT Partners Inc.
Entity Central Index Key	0001626115
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity File Number	001-36869
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-4797143
Entity Address, Address Line One	280 Park Avenue
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10017
City Area Code	(212)
Local Phone Number	364-7800
Class A Common Stock
Entity Common Stock, Shares Outstanding		24,605,063
Class B Common Stock
Entity Common Stock, Shares Outstanding		170

XML

Condensed Consolidated Statements of Financial Condition (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Assets
Cash and Cash Equivalents	$ 99,604	$ 299,513
Investments	72,680	137,889
Accounts Receivable (net of allowance for credit losses of $1,201 and $1,330 at March 31, 2021 and December 31, 2020, respectively)	271,639	233,166
Intangible Assets, Net	30,168	32,030
Goodwill	172,725	172,725
Furniture, Equipment and Leasehold Improvements, Net	37,046	38,777
Operating Lease Right-of-Use Assets	146,413	150,848
Other Assets	60,331	53,329
Deferred Tax Asset, Net	59,651	53,330
Total Assets	950,257	1,171,607
Liabilities and Equity
Accrued Compensation and Benefits	76,209	253,456
Accounts Payable, Accrued Expenses and Other Liabilities	25,820	25,944
Operating Lease Liabilities	167,334	172,291
Amount Due Pursuant to Tax Receivable Agreement	23,782	19,573
Taxes Payable	1,625	2,735
Deferred Revenue	8,911	9,762
Total Liabilities	303,681	483,761
Commitments and Contingencies
Equity
Additional Paid-In Capital	377,825	349,363
Accumulated Deficit	(7,715)	(33,127)
Accumulated Other Comprehensive Income	1,481	1,414
Treasury Stock at Cost (4,134,638 and 3,476,731 shares at March 31, 2021 and December 31, 2020, respectively)	(209,554)	(163,658)
Total PJT Partners Inc. Equity	162,306	154,259
Non-Controlling Interests	484,270	533,587
Total Equity	646,576	687,846
Total Liabilities and Equity	950,257	1,171,607
Class A Common Stock
Equity
Common stock, value	269	267
Total Equity	$ 269	$ 267

XML

Condensed Consolidated Statements of Financial Condition (Parenthetical) (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Accounts Receivable, allowance for credit losses	$ 1,201	$ 1,330
Treasury Stock, Shares	4,134,638	3,476,731
Class A Common Stock
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common Stock, Shares Authorized	3,000,000,000	3,000,000,000
Common Stock, Shares Issued	29,111,807	27,293,085
Common Stock, Shares Outstanding	24,977,169	23,816,354
Class B Common Stock
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common Stock, Shares Authorized	1,000,000	1,000,000
Common Stock, Shares Issued	170	194
Common Stock, Shares Outstanding	170	194

XML

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues
Revenues	$ 204,763	$ 198,928
Revenues	206,700	200,171
Expenses
Compensation and Benefits	132,793	134,024
Occupancy and Related	8,459	8,654
Travel and Related	517	5,296
Professional Fees	7,717	4,523
Communications and Information Services	4,174	3,546
Depreciation and Amortization	3,834	3,820
Other Expenses	5,317	6,749
Total Expenses	162,811	166,612
Income Before Provision for Taxes	43,889	33,559
Provision for Taxes	93	1,550
Net Income	43,796	32,009
Net Income Attributable to Non-Controlling Interests	17,114	13,149
Net Income Attributable to PJT Partners Inc.	26,682	18,860
Advisory Fees
Revenues
Revenues	152,600	156,591
Placement Fees
Revenues
Revenues	50,383	38,992
Interest Income and Other
Revenues
Revenues	$ 3,717	$ 4,588
Class A Common Stock
Net Income Per Share of Class A Common Stock
Basic	$ 1.07	$ 0.78
Diluted	$ 1.03	$ 0.72
Weighted-Average Shares of Class A Common Stock Outstanding
Basic	24,969,388	24,097,715
Diluted	42,858,757	40,353,624

XML

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement Of Income And Comprehensive Income [Abstract]
Net Income	$ 43,796	$ 32,009
Other Comprehensive Income (Loss), Net of Tax — Currency Translation Adjustment	124	(2,782)
Comprehensive Income	43,920	29,227
Comprehensive Income Attributable to Non- Controlling Interests	17,171	11,847
Comprehensive Income Attributable to PJT Partners Inc.	$ 26,749	$ 17,380

XML

Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Thousands	Total	Revision of Prior Period, Accounting Standards Update, Adjustment	Class A Common Stock	Class B Common Stock	Treasury Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Deficit Revision of Prior Period, Accounting Standards Update, Adjustment	Accumulated Other Comprehensive Income (Loss)	Non-Controlling Interests
Beginning Balance at Dec. 31, 2019	$ 574,517	$ (938)	$ 251		$ (114,984)	$ 290,896	$ (144,919)	$ (938)	$ 146	$ 543,127
Beginning Balance (in shares) at Dec. 31, 2019			25,621,451	204	(2,544,657)
Accounting Standards Update Extensible List	us-gaap:AccountingStandardsUpdate201613Member
Net Income	$ 32,009						18,860			13,149
Other Comprehensive Income (Loss)	(2,782)								(1,480)	(1,302)
Dividends Declared ($0.05 Per Share of Class A Common Stock)	(1,217)						(1,217)
Equity-Based Compensation	37,332					35,043				2,289
Forfeiture Liability for Equity Awards	1					1
Net Share Settlement	(12,124)					(12,124)
Deliveries of Vested Shares of Common Stock			$ 15			(15)
Deliveries of Vested Shares of Common Stock (in shares)			1,537,271
Change in Ownership Interest	(11,291)					36,131				(47,422)
Change in Ownership Interest (in shares)				6
Treasury Stock Purchases	(25,194)				$ (25,194)
Treasury Stock Purchases (in shares)					(539,297)
Ending Balance at Mar. 31, 2020	590,313		$ 266		$ (140,178)	349,932	(128,214)		(1,334)	509,841
Ending Balance (in shares) at Mar. 31, 2020			27,158,722	210	(3,083,954)
Beginning Balance at Dec. 31, 2020	687,846		$ 267		$ (163,658)	349,363	(33,127)		1,414	533,587
Beginning Balance (in shares) at Dec. 31, 2020			27,293,085	194	(3,476,731)
Net Income	43,796						26,682			17,114
Other Comprehensive Income (Loss)	124								67	57
Dividends Declared ($0.05 Per Share of Class A Common Stock)	(1,270)						(1,270)
Equity-Based Compensation	29,948					27,938				2,010
Net Share Settlement	(20,415)					(20,415)
Deliveries of Vested Shares of Common Stock	2		$ 2
Deliveries of Vested Shares of Common Stock (in shares)			1,818,722
Change in Ownership Interest	(47,559)					20,939				(68,498)
Change in Ownership Interest (in shares)				(24)
Treasury Stock Purchases	(45,896)				$ (45,896)
Treasury Stock Purchases (in shares)			(657,907)		(657,907)
Ending Balance at Mar. 31, 2021	$ 646,576		$ 269		$ (209,554)	$ 377,825	$ (7,715)		$ 1,481	$ 484,270
Ending Balance (in shares) at Mar. 31, 2021			29,111,807	170	(4,134,638)

XML

Condensed Consolidated Statements of Changes in Equity (Parenthetical) (Unaudited) - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Class A Common Stock
Dividends Declared Per Share of Class A Common Stock	$ 0.05	$ 0.05

XML

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating Activities
Net Income	$ 43,796	$ 32,009
Adjustments to Reconcile Net Income to Net Cash Used in Operating Activities
Equity-Based Compensation Expense	29,948	37,332
Depreciation and Amortization Expense	3,834	3,820
Amortization of Operating Lease Right-of-Use Assets	4,780	5,193
Provision for Credit Losses	(192)	997
Deferred Taxes		(92)
Other	(1,399)	279
Cash Flows Due to Changes in Operating Assets and Liabilities
Accounts Receivable	(41,087)	(21,982)
Other Assets	(4,236)	(18,319)
Accrued Compensation and Benefits	(177,771)	(55,645)
Accounts Payable, Accrued Expenses and Other Liabilities	(102)	(5,957)
Operating Lease Liabilities	(5,351)	(4,118)
Taxes Payable	(1,109)	2,838
Deferred Revenue	(856)	(1,414)
Net Cash Used in Operating Activities	(149,745)	(25,059)
Investing Activities
Purchases of Investments	(97,638)	(23,918)
Proceeds from Sales and Maturities of Investments	162,813	1,324
Purchases of Furniture, Equipment and Leasehold Improvements	(43)	(5,364)
Net Cash Provided by (Used in) Investing Activities	65,132	(27,958)
Financing Activities
Dividends	(1,270)	(1,217)
Proceeds from Revolving Credit Facility	15,000	16,000
Payments on Revolving Credit Facility	(15,000)	(16,000)
Principal Payments on Term Loan		(21,500)
Employee Taxes Paid for Shares Withheld	(20,415)	(12,124)
Cash-Settled Exchanges of Partnership Units	(48,478)	(11,480)
Treasury Stock Purchases	(45,896)	(25,194)
Payments Pursuant to Tax Receivable Agreement	(1,165)
Principal Payments on Finance Leases	(15)	(39)
Net Cash Used in Financing Activities	(117,239)	(71,554)
Effect of Exchange Rate Changes on Cash and Cash Equivalents	1,943	(3,035)
Net Decrease in Cash and Cash Equivalents	(199,909)	(127,606)
Cash and Cash Equivalents, Beginning of Period	299,513	215,950
Cash and Cash Equivalents, End of Period	99,604	88,344
Supplemental Disclosure of Cash Flows Information
Payments for Income Taxes, Net of Refunds Received	4,458	2,407
Payments for Interest		$ 109
Non-Cash Receipt of Shares	$ 1,125

XML

Organization

3 Months Ended

Mar. 31, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Organization

1. ORGANIZATION

PJT Partners Inc. and its consolidated subsidiaries (the “Company” or “PJT Partners”) offer a unique portfolio of advisory services designed to help clients achieve their strategic objectives. The Company’s team of senior professionals delivers a range of strategic advisory, capital markets advisory, restructuring and special situations and shareholder advisory services to corporations, financial sponsors, institutional investors and governments around the world. The Company also provides, through PJT Park Hill, private fund advisory and fundraising services for alternative investment managers, including private equity funds, real estate funds and hedge funds.

On October 1, 2015, The Blackstone Group Inc. (“Blackstone” or the “former Parent”) distributed on a pro rata basis to its common unitholders all of the issued and outstanding shares of Class A common stock of PJT Partners Inc. held by it. This pro rata distribution is referred to as the “Distribution.” The separation of the PJT Partners business from Blackstone and related transactions, including the Distribution, the internal reorganization that preceded the Distribution and the acquisition by PJT Partners of PJT Capital LP (together with its general partner and their respective subsidiaries, “PJT Capital”) that occurred substantially concurrently with the Distribution, is referred to as the “spin-off.”

PJT Partners Inc. is the sole general partner of PJT Partners Holdings LP. PJT Partners Inc. owns less than 100% of the economic interest in PJT Partners Holdings LP, but has 100% of the voting power and controls the management of PJT Partners Holdings LP. As of March 31, 2021, the non-controlling interest was 39.0%. As the sole general partner of PJT Partners Holdings LP, PJT Partners Inc. operates and controls all of the business and affairs and consolidates the financial results of PJT Partners Holdings LP and its operating subsidiaries. The Company operates through the following subsidiaries: PJT Partners LP, PJT Partners (UK) Limited, PJT Partners (HK) Limited and PJT Partners Park Hill (Spain) A.V., S.A.U.

XML

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2021

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The Company prepared the accompanying condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the instructions to Form 10-Q. The condensed consolidated financial statements, including these notes, are unaudited and exclude some of the disclosures required in annual financial statements. Management believes it has made all necessary adjustments (consisting of only normal recurring items) so that the condensed consolidated financial statements are presented fairly and that estimates made in preparing its condensed consolidated financial statements are reasonable and prudent. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.

Intercompany transactions have been eliminated for all periods presented.

For a comprehensive disclosure of the Company’s significant accounting policies, see Note 2. “Summary of Significant Accounting Policies” in the “Notes to Consolidated Financial Statements” in “Part II. Item 8. Financial Statements and Supplementary Data” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.

Cash, Cash Equivalents and Investments

Cash and Cash Equivalents include short-term highly liquid investments that are readily convertible to known amounts of cash and have original maturities of three months or less from the date of purchase. Cash and Cash Equivalents are primarily held at four major financial institutions. Also included in Cash and Cash Equivalents are amounts held in bank accounts that are subject to advance notification to withdraw. Such amounts totaled $0.7 million and $47.8 million as of March 31, 2021 and December 31, 2020, respectively.

Treasury securities with original maturities greater than three months when purchased are classified as Investments in the Condensed Consolidated Statements of Financial Condition.

Recent Accounting Developments

In December 2019, the FASB issued guidance that modifies the accounting for income taxes. The guidance provides clarification on multiple topics, including hybrid tax regimes, the tax basis step-up in goodwill that is not classified as a business combination, separate financial statements of legal entities not subject to tax, intraperiod tax allocation, ownership changes in investments, interim period accounting for enacted changes in tax law and year-to-date loss limitations in interim period tax accounting. The guidance is effective for annual and interim periods beginning after December 15, 2020, with early adoption permitted. The Company adopted this guidance on January 1, 2021 with no material impact on its condensed consolidated financial statements.

In August 2020, the FASB issued updated guidance that simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts in an entity’s own equity. The guidance is effective for annual and interim periods beginning after December 15, 2021, with early adoption permitted. The Company is currently assessing the impact that adoption will have on its condensed consolidated financial statements.

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Revenues from Contracts with Customers

3 Months Ended

Mar. 31, 2021

Revenue From Contract With Customer [Abstract]

Revenues from Contracts with Customers

3. REVENUES FROM CONTRACTS WITH CUSTOMERS

The following table provides a disaggregation of revenues recognized from contracts with customers for the three months ended March 31, 2021 and 2020:

	Three Months Ended March 31,
	2021		2020
Advisory Fees	$	152,600	$	156,591
Placement Fees		50,383		38,992
Interest Income from Placement Fees and Other		1,780		3,345
Revenues from Contracts with Customers	$	204,763	$	198,928

Remaining Performance Obligations and Revenue Recognized from Past Performance

As of March 31, 2021, the aggregate amount of the transaction price allocated to performance obligations yet to be satisfied was $33.1 million and the Company generally expects to recognize this revenue within the next twelve months. Such amounts relate to the Company’s performance obligations of providing capital advisory services and standing ready to perform.

The Company recognized revenue of $7.2 million and $5.8 million for the three months ended March 31, 2021 and 2020, respectively, related to performance obligations that were fully satisfied in prior periods, primarily due to constraints on variable consideration in prior periods being resolved. Such amounts related primarily to the provision of capital advisory services. The majority of Advisory Fees and Placement Fees recognized by the Company during the three months ended March 31, 2021 and 2020 was predominantly related to performance obligations that were partially satisfied in prior periods.

Contract Balances

There were no significant impairments related to contract balances during the three months ended March 31, 2021 and 2020.

For the three months ended March 31, 2021 and 2020, $4.7 million and $8.1 million, respectively, of revenue was recognized that was included in the beginning balance of Deferred Revenue, primarily related to the Company’s performance obligation of standing ready to perform. In certain contracts, the Company receives customer deposits, which are also considered to be contract liabilities. As of March 31, 2021 and December 31, 2020, the Company recorded $2.0 million and $2.4 million, respectively, of customer deposits in Accounts Payable, Accrued Expenses and Other Liabilities in the Condensed Consolidated Statements of Financial Condition.

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Accounts Receivable and Allowance for Credit Losses

3 Months Ended

Mar. 31, 2021

Receivables [Abstract]

Accounts Receivable and Allowance for Credit Losses

4. ACCOUNTS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES

The following table presents the aggregate change in the allowance for credit losses for the three months ended March 31, 2021 and 2020:

	Three Months Ended March 31,
	2021			2020
Beginning Balance	$	1,330		$	—
Adoption of ASC 326		—			1,107
Provision for Credit Losses		(192	)		997
Write-offs		—			(1,019	)
Recoveries		63			325
Ending Balance	$	1,201		$	1,410

Included in Accounts Receivable, Net is accrued interest of $2.0 million and $2.5 million as of March 31, 2021 and December 31, 2020, respectively, related to placement fees.

Included in Accounts Receivable, Net are long-term receivables of $81.6 million and $83.5 million as of March 31, 2021 and December 31, 2020, respectively, related to placement fees that are generally paid in installments over a period of three to four years.

The Company does not have any long-term receivables on non-accrual status. Of receivables that originated as long-term, there were $3.3 million and $2.9 million as of March 31, 2021 and December 31, 2020, respectively, which were outstanding more than 90 days. The allowance for credit losses with respect to long-term receivables was $0.5 million and $0.6 million as of March 31, 2021 and December 31, 2020, respectively.

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Intangible Assets

3 Months Ended

Mar. 31, 2021

Goodwill And Intangible Assets Disclosure [Abstract]

Intangible Assets

5. INTANGIBLE ASSETS

Intangible Assets, Net consists of the following:

	March 31, 2021			December 31, 2020
Finite-Lived Intangible Assets
Customer Relationships	$	61,276		$	61,276
Trade Name		9,800			9,800
Total Intangible Assets		71,076			71,076
Accumulated Amortization
Customer Relationships		(35,210	)		(33,747	)
Trade Name		(5,698	)		(5,299	)
Total Accumulated Amortization		(40,908	)		(39,046	)
Intangible Assets, Net	$	30,168		$	32,030

Amortization expense was $1.9 million for each of the three months ended March 31, 2021 and 2020, respectively.

Amortization of Intangible Assets held at March 31, 2021 is expected to be $5.8 million for the remainder of the year ending December 31, 2021; $6.5 million for the year ending December 31, 2022; $4.9 million for each of the years ending December 31, 2023 and 2024; and $4.8 million for the year ending December 31, 2025.

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Furniture, Equipment and Leasehold Improvements

3 Months Ended

Mar. 31, 2021

Property Plant And Equipment [Abstract]

Furniture, Equipment and Leasehold Improvements

6. FURNITURE, EQUIPMENT AND LEASEHOLD IMPROVEMENTS

Furniture, Equipment and Leasehold Improvements, Net consists of the following:

	March 31, 2021			December 31, 2020
Leasehold Improvements	$	52,758		$	52,789
Furniture and Fixtures		17,624			17,773
Office Equipment		2,235			2,327
Total Furniture, Equipment and Leasehold Improvements		72,617			72,889
Accumulated Depreciation		(35,571	)		(34,112	)
Furniture, Equipment and Leasehold Improvements, Net	$	37,046		$	38,777

Depreciation expense was $1.9 million for each of the three months ended March 31, 2021 and 2020, respectively.

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Fair Value Measurements

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

7. FAIR VALUE MEASUREMENTS

The following tables summarize the valuation of the Company’s investments by the fair value hierarchy:

	March 31, 2021
	Level I		Level II		Level III		Total
Treasury Instruments	$	—	$	72,680	$	—	$	72,680
	December 31, 2020
	Level I		Level II		Level III		Total
Treasury Instruments	$	—	$	137,669	$	—	$	137,669
Other		—		220		—		220
Total	$	—	$	137,889	$	—	$	137,889

Investments in Treasury securities were included in Investments as of March 31, 2021 and December 31, 2020 in the Condensed Consolidated Statements of Financial Condition.

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Income Taxes

3 Months Ended

Mar. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

8. INCOME TAXES

The following table summarizes the Company’s tax position:

	Three Months Ended March 31,
	2021			2020
Income Before Provision for Taxes	$	43,889		$	33,559
Provision for Taxes	$	93		$	1,550
Effective Income Tax Rate		0.2	%		4.6	%

The Company’s effective tax rate differed from the U.S. federal statutory tax rate for the three months ended March 31, 2021 primarily due to partnership income not being subject to U.S. corporate income taxes and permanent differences related to compensation.

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was signed into law, which includes several provisions for corporations regarding the tax treatment of net operating losses, interest deductions and payroll benefits. The Company has elected to carryback certain net operating losses, which resulted in a $3.7 million decrease in the Company’s Provision for Income Taxes for the three months ended March 31, 2020.

As of March 31, 2021, the Company had no unrecognized tax benefits.

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Net Income Per Share of Class A Common Stock

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Net Income Per Share of Class A Common Stock

9. NET INCOME PER SHARE OF CLASS A COMMON STOCK

Basic and diluted net income per share of Class A common stock for the three months ended March 31, 2021 and 2020 is presented below:

	Three Months Ended March 31,
	2021		2020
Numerator:
Net Income Attributable to PJT Partners Inc.	$	26,682	$	18,860
Less:
Dividends on Participating Securities		—		3
Net Income Attributable to Participating Securities		—		13
Net Income Attributable to Shares of Class A    Common Stock — Basic		26,682		18,844
Incremental Net Income from Dilutive Securities		17,409		10,270
Net Income Attributable to Shares of Class A    Common Stock — Diluted	$	44,091	$	29,114
Denominator:
Weighted-Average Shares of Class A Common    Stock Outstanding — Basic		24,969,388		24,097,715
Weighted-Average Number of Incremental Shares from    Unvested RSUs and Partnership Units		17,889,369		16,255,909
Weighted-Average Shares of Class A Common    Stock Outstanding — Diluted		42,858,757		40,353,624
Net Income Per Share of Class A Common Stock
Basic	$	1.07	$	0.78
Diluted	$	1.03	$	0.72

The ownership interests of holders (other than PJT Partners Inc.) of the common units of partnership interest in PJT Partners Holdings LP (“Partnership Units”) may be exchanged for PJT Partners Inc. Class A common stock on a one-for-one basis, subject to applicable vesting and transfer restrictions. If all Partnership Units were exchanged for Class A common stock, weighted-average Class A common stock outstanding would be 41,204,725 for the three months ended March 31, 2021, excluding unvested restricted stock units (“RSUs”) and participating RSUs. In computing the dilutive effect, if any, which the aforementioned exchange would have on net income per share, net income attributable to holders of Class A common stock would be adjusted due to the elimination of the non-controlling interests associated with the Partnership Units (including any tax impact). For the three months ended March 31, 2021 and 2020, there were no anti-dilutive securities.

Share Repurchase Program

On February 1, 2021, the Company’s Board of Directors authorized the repurchase of shares of the Company’s Class A common stock in an amount up to $150 million, which is in addition to the previous Board authorizations. Under the repurchase program, shares of the Company’s Class A common stock may be repurchased from time to time in open market transactions, in privately negotiated transactions or otherwise. The timing and the actual number of shares repurchased depend on a variety of factors, including legal requirements, price and economic and market conditions. The repurchase program may be suspended or discontinued at any time and does not have a specified expiration date.

During the three months ended March 31, 2021, the Company repurchased 657,907 shares of Class A common stock at an average price of $69.73, or $45.9 million in aggregate, pursuant to the share repurchase program. As of March 31, 2021, the available amount remaining for repurchase was $140.6 million.

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Equity-Based and Other Deferred Compensation

3 Months Ended

Mar. 31, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Equity-Based and Other Deferred Compensation

10. EQUITY-BASED AND OTHER DEFERRED COMPENSATION

Overview

Further information regarding the Company’s equity-based compensation awards is described in Note 11. “Equity-Based and Other Deferred Compensation” in the “Notes to Consolidated Financial Statements” in “Part II. Item 8. Financial Statements and Supplementary Data” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.

The following table presents equity-based compensation expense and related income tax benefit for the three months ended March 31, 2021 and 2020, respectively:

	Three Months Ended March 31,
	2021		2020
Equity-Based Compensation Expense	$	29,948	$	37,332
Income Tax Benefit	$	4,027	$	5,082

Restricted Stock Units

The following table summarizes activity related to unvested RSUs for the three months ended March 31, 2021:

	Restricted Stock Units
				Weighted-
				Average
				Grant Date
	Number of			Fair Value
	Units			(in dollars)
Balance, December 31, 2020		4,801,398		$	50.56
Granted		1,262,503			73.08
Dividends Reinvested on RSUs		(17,256	)		45.59
Forfeited		(8,551	)		59.78
Vested		(2,071,225	)		47.35
Balance, March 31, 2021		3,966,869		$	59.41

As of March 31, 2021, there was $176.5 million of estimated unrecognized compensation expense related to unvested RSU awards. This cost is expected to be recognized over a weighted-average period of 1.8 years. The Company assumes a forfeiture rate of 1.0% to 6.0% annually based on expected turnover and periodically reassesses this rate. The weighted-average grant date fair value with respect to RSUs granted for the three months ended March 31, 2020 was $52.61.

RSU Awards with Both Service and Market Conditions

The following table summarizes activity related to unvested RSU awards with both a service and market condition for the three months ended March 31, 2021:

	RSU Awards with Both Service and Market Conditions
			Weighted-
			Average
			Grant Date
	Number of		Fair Value
	Units		(in dollars)
Balance, December 31, 2020		361,786	$	27.56
Dividends Reinvested on RSUs		253		27.46
Balance, March 31, 2021		362,039	$	27.56

As of March 31, 2021, there was $4.3 million of estimated unrecognized compensation expense related to RSU awards with both a service and market condition. This cost is expected to be recognized over a weighted-average period of 1.5 years. The Company assumes a forfeiture rate of 4.0% to 6.0% annually based on expected turnover and periodically reassesses this rate.

Restricted Share Awards

In connection with the acquisition of CamberView Partners Holdings, LLC, certain individuals were issued restricted shares of the Company’s Class A common stock. Based on the terms of the award, compensation expense will be recognized over four years. For the three months ended March 31, 2021, no restricted share awards were granted. For the three months ended March 31, 2020, no restricted share awards were granted. As of March 31, 2021, 3,506 restricted shares have vested, no restricted shares have been forfeited and there was $0.1 million of estimated unrecognized compensation expense related to restricted share awards. This cost is expected to be recognized over a weighted-average period of 1.0 year.

Partnership Units

The following table summarizes activity related to unvested Partnership Units for the three months ended March 31, 2021:

	Partnership Units
				Weighted-
				Average
	Number of			Grant Date
	Partnership			Fair Value
	Units			(in dollars)
Balance, December 31, 2020		356,290		$	45.16
Granted		63,171			68.10
Vested		(111,594	)		41.64
Balance, March 31, 2021		307,867		$	51.14

As of March 31, 2021, there was $12.4 million of estimated unrecognized compensation expense related to unvested Partnership Units. This cost is expected to be recognized over a weighted-average period of 1.3 years. The Company assumes a forfeiture rate of 4.0% annually based on expected turnover and periodically reassesses this rate. The weighted-average grant date fair value with respect to Partnership Units granted for the three months ended March 31, 2020 was $44.85.

Partnership Unit Awards with Both Service and Market Conditions

The following table summarizes activity related to unvested Partnership Unit awards with both a service and market condition for the three months ended March 31, 2021:

	Partnership Unit Awards with Both Service and Market Conditions
			Weighted-
			Average
	Number of		Grant Date
	Partnership		Fair Value
	Units		(in dollars)
Balance, December 31, 2020		1,210,826	$	5.72
Balance, March 31, 2021		1,210,826	$	5.72

As of March 31, 2021, there was no unrecognized compensation expense related to Partnership Unit awards with both a service and market condition.

Units Expected to Vest

The following unvested units, after expected forfeitures, as of March 31, 2021, are expected to vest:

			Weighted- Average
			Service Period
	Units		in Years
Restricted Stock Units		4,095,955		1.7
Partnership Units (a)		296,497		1.3
Restricted Share Awards		5,294		1.0
Total Equity-Based Awards		4,397,746		1.7

(a) Excludes 1.2 million outstanding Partnership Units subject to market conditions.

Deferred Cash Compensation

The Company has periodically issued deferred cash compensation in connection with annual incentive compensation as well as other hiring or retention related awards. These awards typically vest over a period of one to four years. Compensation expense related to deferred cash awards was $8.2 million and $7.7 million for the three months ended March 31, 2021 and 2020, respectively. As of March 31, 2021, there was $32.1 million of unrecognized compensation expense related to these awards. The weighted-average period over which this compensation cost is expected to be recognized is 1.4 years.

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Leases

3 Months Ended

Mar. 31, 2021

Leases [Abstract]

Leases

11. LEASES

The components of lease expense were as follows:

	Three Months Ended March 31,
	2021			2020
Operating Lease Cost	$	6,846		$	7,317
Finance Lease Cost
Amortization of Right-of-Use Assets		15			38
Interest on Lease Liabilities		1			1
Total Finance Lease Cost		16			39
Variable Lease Cost		852			771
Sublease Income		(270	)		(911	)
Total Lease Cost	$	7,444		$	7,216

Supplemental information related to leases was as follows:

	Three Months Ended March 31,
	2021		2020
Cash Paid for Amounts Included in Measurement of Lease Liabilities
Operating Cash Flows from Operating Leases	$	5,351	$	4,118
Operating Cash Flows from Finance Leases	$	1	$	1
Financing Cash Flows from Finance Leases	$	15	$	39

	March 31, 2021			December 31, 2020
Weighted-Average Remaining Lease Term (in years)
Operating Leases		8.3			8.4
Finance Leases		3.0			3.1
Weighted-Average Discount Rate
Operating Leases		4.7	%		4.7	%
Finance Leases		3.7	%		3.7	%

The following is a maturity analysis of the annual undiscounted cash flows of the finance and operating lease liabilities as of March 31, 2021:

Year Ending December 31,	Finance		Operating
2021 (April 1 through December 31)	$	34	$	21,516
2022		38		28,759
2023		30		28,852
2024		17		27,306
2025		—		23,471
Thereafter		—		72,626
Total Lease Payments		119		202,530
Less: Imputed Interest		6		35,196
Total	$	113	$	167,334

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Transactions With Related Parties

3 Months Ended

Mar. 31, 2021

Related Party Transactions [Abstract]

Transactions With Related Parties

12. TRANSACTIONS WITH RELATED PARTIES

Exchange Agreement

The Company has entered into an exchange agreement with the limited partners of PJT Partners Holdings LP pursuant to which they (or certain permitted transferees) have the right, subject to the terms and conditions set forth in the limited partnership agreement of PJT Partners Holdings LP, on a quarterly basis, to exchange all or part of their Partnership Units for cash or, at the Company’s election, for shares of PJT Partners Inc. Class A common stock on a one-for-one basis, subject to customary conversion rate adjustments for splits, unit distributions and reclassifications. Further, pursuant to the terms in the partnership agreement of PJT Partners Holdings LP, the Company may also require holders of Partnership Units who are not Service Providers (as defined in the partnership agreement of PJT Partners Holdings LP) to exchange such Partnership Units.

Further information regarding the exchange agreement is described in Note 14. “Transactions with Related Parties—Exchange Agreement” in the “Notes to Consolidated Financial Statements” in “Part II. Item 8. Financial Statements and Supplementary Data” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.

Certain Partnership Unitholders exchanged 680,368 and 226,784 Partnership Units, respectively, for cash in the amounts of $48.5 million and $11.5 million, respectively, for the three months ended March 31, 2021 and 2020, respectively. Such amounts are recorded as a reduction of Non-Controlling Interests in the Condensed Consolidated Statements of Financial Condition.

During the first quarter of 2021, the Company was presented with 221,164 Partnership Units to be exchanged. The Company will settle the exchange of these Partnership Units on May 4, 2021 for cash for an aggregate payment of $16.7 million. The price per Partnership Unit to be paid by the Company is $75.64, which is equal to the volume-weighted average price of a share of the Company’s Class A common stock on April 29, 2021.

Registration Rights Agreement

The Company has entered into a registration rights agreement with the limited partners of PJT Partners Holdings LP pursuant to which the Company granted them, their affiliates and certain of their transferees the right, under certain circumstances and subject to certain restrictions, to require the Company to register under the Securities Act of 1933 shares of Class A common stock delivered in exchange for Partnership Units. The registration rights agreement does not contain any penalties associated with failure to file or to maintain the effectiveness of a registration statement covering the shares owned by individuals covered by such agreement.

Tax Receivable Agreement

The Company has entered into a tax receivable agreement with the holders of Partnership Units (other than PJT Partners Inc.) that provides for the payment by PJT Partners Inc. to exchanging holders of Partnership Units of 85% of the benefits, if any, that PJT Partners Inc. is deemed to realize as a result of the increases in tax basis related to such exchanges of Partnership Units and of certain other tax benefits related to entering into the tax receivable agreement, including tax benefits attributable to payments under the tax receivable agreement. As of March 31, 2021 and December 31, 2020, the Company had amounts due of $23.8 million and $19.6 million, respectively, pursuant to the tax receivable agreement, which represent management’s best estimate of the amounts currently expected to be owed in connection with the tax receivable agreement. Actual payments may differ significantly from estimated payments.

Aircraft Lease

The Company makes available to its partners, and on occasion, family members of these individuals, personal use of a company leased business aircraft when the aircraft is not being used for business purposes, for which the

partners pay the full incremental costs associated with such use. Such amount is not material to the condensed consolidated financial statements.

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Commitments and Contingencies

3 Months Ended

Mar. 31, 2021

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

13. COMMITMENTS AND CONTINGENCIES

Commitments

Line of Credit

On February 1, 2021, PJT Partners Holdings LP, as borrower (the “Borrower”), entered into a Renewal and Modification Agreement (the “Renewal Agreement”) and related documents with First Republic Bank, as lender (the “Lender”), amending the terms of the Borrower’s revolving credit facility with the Lender under the Amended and Restated Loan Agreement dated October 1, 2018 (the “Amended and Restated Loan Agreement”). The Renewal Agreement provides for a revolving credit facility with aggregate commitments in an amount equal to $60.0 million, which aggregate commitments may be increased, on the terms and subject to the conditions set forth in the Renewal Agreement, to up to $80.0 million during the period beginning December 1 each year through March 1 of the following year. The revolving credit facility will mature and the commitments thereunder will terminate on October 1, 2022, subject to extension by agreement of the Borrower and Lender.

Outstanding borrowings under the revolving credit facility bear interest equal to the greater of a per annum rate of (a) 2.75%, or (b) the prime rate minus 1.0%.  During an event of default, overdue principal under the revolving credit facility bears interest at a rate 2.0% in excess of the otherwise applicable rate of interest. In connection with the closing of the Renewal Agreement, the Borrower paid the Lender certain closing costs and fees. In addition, on and after the closing date, the Borrower will also pay a commitment fee on the undrawn portion of the revolving credit facility of 0.125% per annum, payable quarterly in arrears.

As of March 31, 2021 and December 31, 2020, there were no borrowings under the revolving credit facility.

The Renewal Agreement requires the Borrower to maintain certain minimum financial covenants and limits or restricts the ability of the Borrower (subject to certain qualifications and exceptions) to incur additional indebtedness in excess of $20.0 million. Outstanding borrowings under the Renewal Agreement are secured by the accounts receivable of PJT Partners LP.

As of March 31, 2021 and December 31, 2020, the Company was in compliance with the debt covenants under the Renewal Agreement and the Amended Restated Loan Agreement, respectively.

Contingencies

Litigation

From time to time, the Company is named as a defendant in legal actions relating to transactions conducted in the ordinary course of business. Some of these matters may involve claims of substantial amounts. Although there can be no assurance of the outcome of such legal actions, in the opinion of management, after consultation with external counsel, the Company believes it is not probable and/or reasonably possible that any current legal proceedings or claims would individually or in the aggregate have a material adverse effect on the condensed consolidated financial statements of the Company. The Company is not currently able to estimate the possible loss or range of loss until developments in such matters have provided sufficient information to support such an assessment, including quantification of a damage demand from plaintiffs, discovery from other parties and investigation of factual allegations, rulings by courts on motions or appeals, analysis by experts or the status of any settlement negotiations.

Guarantee

The Company provides a guarantee to a lending institution for certain loans held by employees for investment in funds of its former Parent, which are secured by the underlying investments in those funds. The amount

guaranteed was $5.5 million and $6.0 million as of March 31, 2021 and December 31, 2020, respectively. In connection with this guarantee, the Company currently expects any associated risk of loss to be insignificant.

Indemnifications

The Company has entered and may continue to enter into contracts that contain a variety of indemnification obligations. The Company’s maximum exposure under these arrangements is not known; however, the Company currently expects any associated risk of loss to be insignificant. In connection with these matters, the Company has incurred and may continue to incur legal expenses, which are expensed as incurred.

Transactions and Agreements with Blackstone

Employee Matters Agreement

The Company is required to reimburse Blackstone for the value of forfeited unvested equity awards granted to former Blackstone employees that transitioned to PJT Partners in connection with the spin-off. Such reimbursement is recorded in Accounts Payable, Accrued Expenses and Other Liabilities with an offset to Equity in the Condensed Consolidated Statements of Financial Condition. The accrual for these forfeitures was $0.9 million as of March 31, 2021 and December 31, 2020.

Pursuant to the Employee Matters Agreement, the Company has agreed to pay Blackstone the net realized cash benefit resulting from certain compensation-related tax deductions. The amount payable to Blackstone arising from the tax deductions has been recorded in Other Expenses in the Condensed Consolidated Statements of Operations and is payable annually (for periods in which a cash benefit is realized) within nine months of the end of the relevant tax period. As of March 31, 2021 and December 31, 2020, the Company had accrued $2.4 million, which the Company anticipates will be payable to Blackstone after the Company files its respective tax returns. The tax deduction and corresponding payable to Blackstone related to such deliveries will fluctuate primarily based on the price of Blackstone common stock at the time of delivery.

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Regulated Entities

3 Months Ended

Mar. 31, 2021

Regulatory Capital Requirements [Abstract]

Regulated Entities

14. REGULATED ENTITIES

Certain subsidiaries of the Company are subject to various regulatory requirements in the United States, United Kingdom, Hong Kong and Spain, which specify, among other requirements, minimum net capital requirements for registered broker-dealers.

PJT Partners LP is a registered broker-dealer through which strategic advisory, capital markets advisory, restructuring and special situations, shareholder advisory, private fund advisory and fundraising services are conducted in the United States and is subject to the net capital requirements of Rule 15c3-1 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). PJT Partners LP computes net capital based upon the aggregate indebtedness standard, which requires the maintenance of minimum net capital, as defined, which shall be the greater of $100 thousand or 6 2/3% of aggregate indebtedness, as defined, and requires that the ratio of aggregate indebtedness to net capital, both as defined, shall not exceed 15 to 1. PJT Partners LP had net capital of $114.2 million and $243.2 million as of March 31, 2021 and December 31, 2020, respectively, which exceeded the minimum net capital requirement by $112.9 million and $241.2 million, respectively.

PJT Partners LP does not carry customer accounts and does not otherwise hold funds or securities for, or owe money or securities to, customers and, accordingly, has no obligations under the SEC Customer Protection Rule (Rule 15c3-3).

PJT Partners (UK) Limited is authorized and regulated by the United Kingdom’s Financial Conduct Authority and is required to maintain regulatory net capital of €50 thousand. PJT Partners (HK) Limited is licensed with the Hong Kong Securities and Futures Commission and is subject to a minimum liquid capital requirement of HK$3 million. PJT Partners Park Hill (Spain) A.V., S.A.U. is an investment firm regulated by Spain’s National

Securities Market Commission and is required to maintain minimum capital of €60 thousand. As of March 31, 2021 and December 31, 2020, these entities were in compliance with local capital adequacy requirements.

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Business Information

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Business Information

15. BUSINESS INFORMATION

The Company’s activities providing strategic advisory, capital markets advisory, restructuring and special situations, shareholder advisory, private fund advisory and fundraising services constitute a single reportable segment. An operating segment is a component of an entity that conducts business and incurs revenues and expenses for which discrete financial information is available that is reviewed by the chief operating decision maker in assessing performance and making resource allocation decisions. The Company has a single operating segment and therefore a single reportable segment.

The Company is organized as one operating segment in order to maximize the value of advice to clients by drawing upon the diversified expertise and broad relationships of senior professionals across the Company. The chief operating decision maker assesses performance and allocates resources based on broad considerations, including the market opportunity, available expertise across the Company and the strength and efficacy of professionals’ collaboration, and not based upon profit or loss measures for the Company’s separate product lines.

Since the financial markets are global in nature, the Company generally manages its business based on the operating results of the Company taken as a whole, not by geographic region. The following tables set forth the geographical distribution of revenues and assets based on the location of the office that generates the revenues or holds the assets and therefore may not be reflective of the geography in which the Company’s clients are located.

	Three Months Ended March 31,
	2021		2020
Revenues
Domestic	$	164,280	$	185,809
International		42,420		14,362
Total	$	206,700	$	200,171

	March 31, 2021		December 31, 2020
Assets
Domestic	$	821,422	$	975,762
International		128,835		195,845
Total	$	950,257	$	1,171,607

The Company was not subject to any material concentrations with respect to its revenues for the three months ended March 31, 2021. The Company had one client that represented 13.5% of total revenues for the three months ended March 31, 2020. The Company was not subject to any material concentrations of credit risk with respect to its accounts receivable as of March 31, 2021 and December 31, 2020.

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Subsequent Events

3 Months Ended

Mar. 31, 2021

Subsequent Events [Abstract]

Subsequent Events

16. SUBSEQUENT EVENTS

The Board of Directors of PJT Partners Inc. has declared a quarterly dividend of $0.05 per share of Class A common stock, which will be paid on June 16, 2021 to Class A common stockholders of record on June 2, 2021.

The Company has evaluated the impact of subsequent events through the date these financial statements were issued, and determined there were no subsequent events requiring adjustment or further disclosure to the financial statements besides the exchange of Partnership Units described in Note 12. “Transactions with Related Parties—Exchange Agreement.”

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Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2021

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

The Company prepared the accompanying condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the instructions to Form 10-Q. The condensed consolidated financial statements, including these notes, are unaudited and exclude some of the disclosures required in annual financial statements. Management believes it has made all necessary adjustments (consisting of only normal recurring items) so that the condensed consolidated financial statements are presented fairly and that estimates made in preparing its condensed consolidated financial statements are reasonable and prudent. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.

Intercompany transactions have been eliminated for all periods presented.

For a comprehensive disclosure of the Company’s significant accounting policies, see Note 2. “Summary of Significant Accounting Policies” in the “Notes to Consolidated Financial Statements” in “Part II. Item 8. Financial Statements and Supplementary Data” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.

Cash, Cash Equivalents and Investments

Cash and Cash Equivalents include short-term highly liquid investments that are readily convertible to known amounts of cash and have original maturities of three months or less from the date of purchase. Cash and Cash Equivalents are primarily held at four major financial institutions. Also included in Cash and Cash Equivalents are amounts held in bank accounts that are subject to advance notification to withdraw. Such amounts totaled $0.7 million and $47.8 million as of March 31, 2021 and December 31, 2020, respectively.

Treasury securities with original maturities greater than three months when purchased are classified as Investments in the Condensed Consolidated Statements of Financial Condition.

Recent Accounting Developments

Recent Accounting Developments

In December 2019, the FASB issued guidance that modifies the accounting for income taxes. The guidance provides clarification on multiple topics, including hybrid tax regimes, the tax basis step-up in goodwill that is not classified as a business combination, separate financial statements of legal entities not subject to tax, intraperiod tax allocation, ownership changes in investments, interim period accounting for enacted changes in tax law and year-to-date loss limitations in interim period tax accounting. The guidance is effective for annual and interim periods beginning after December 15, 2020, with early adoption permitted. The Company adopted this guidance on January 1, 2021 with no material impact on its condensed consolidated financial statements.

In August 2020, the FASB issued updated guidance that simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts in an entity’s own equity. The guidance is effective for annual and interim periods beginning after December 15, 2021, with early adoption permitted. The Company is currently assessing the impact that adoption will have on its condensed consolidated financial statements.

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Revenues from Contracts with Customers (Tables)

3 Months Ended

Mar. 31, 2021

Revenue From Contract With Customer [Abstract]

Disaggregation of Revenues Recognized from Contracts with Customers

The following table provides a disaggregation of revenues recognized from contracts with customers for the three months ended March 31, 2021 and 2020:

	Three Months Ended March 31,
	2021		2020
Advisory Fees	$	152,600	$	156,591
Placement Fees		50,383		38,992
Interest Income from Placement Fees and Other		1,780		3,345
Revenues from Contracts with Customers	$	204,763	$	198,928

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Accounts Receivable and Allowance for Credit Losses (Tables)

3 Months Ended

Mar. 31, 2021

Receivables [Abstract]

Schedule of Aggregate Change in the Allowance for Credit Losses

The following table presents the aggregate change in the allowance for credit losses for the three months ended March 31, 2021 and 2020:

	Three Months Ended March 31,
	2021			2020
Beginning Balance	$	1,330		$	—
Adoption of ASC 326		—			1,107
Provision for Credit Losses		(192	)		997
Write-offs		—			(1,019	)
Recoveries		63			325
Ending Balance	$	1,201		$	1,410

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Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2021

Goodwill And Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets, Net

Intangible Assets, Net consists of the following:

	March 31, 2021			December 31, 2020
Finite-Lived Intangible Assets
Customer Relationships	$	61,276		$	61,276
Trade Name		9,800			9,800
Total Intangible Assets		71,076			71,076
Accumulated Amortization
Customer Relationships		(35,210	)		(33,747	)
Trade Name		(5,698	)		(5,299	)
Total Accumulated Amortization		(40,908	)		(39,046	)
Intangible Assets, Net	$	30,168		$	32,030

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Furniture, Equipment and Leasehold Improvements (Tables)

3 Months Ended

Mar. 31, 2021

Property Plant And Equipment [Abstract]

Schedule of Furniture, Equipment and Leasehold Improvements

Furniture, Equipment and Leasehold Improvements, Net consists of the following:

	March 31, 2021			December 31, 2020
Leasehold Improvements	$	52,758		$	52,789
Furniture and Fixtures		17,624			17,773
Office Equipment		2,235			2,327
Total Furniture, Equipment and Leasehold Improvements		72,617			72,889
Accumulated Depreciation		(35,571	)		(34,112	)
Furniture, Equipment and Leasehold Improvements, Net	$	37,046		$	38,777

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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Summary of Valuation of the Company's Investments by Fair Value Hierarchy

The following tables summarize the valuation of the Company’s investments by the fair value hierarchy:

	March 31, 2021
	Level I		Level II		Level III		Total
Treasury Instruments	$	—	$	72,680	$	—	$	72,680
	December 31, 2020
	Level I		Level II		Level III		Total
Treasury Instruments	$	—	$	137,669	$	—	$	137,669
Other		—		220		—		220
Total	$	—	$	137,889	$	—	$	137,889

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Income Taxes (Tables)

3 Months Ended

Mar. 31, 2021

Income Tax Disclosure [Abstract]

Summary of Company's Tax Position

The following table summarizes the Company’s tax position:

	Three Months Ended March 31,
	2021			2020
Income Before Provision for Taxes	$	43,889		$	33,559
Provision for Taxes	$	93		$	1,550
Effective Income Tax Rate		0.2	%		4.6	%

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Net Income Per Share of Class A Common Stock (Tables)

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Schedule of Net Income Per Share of Class A Common Stock

Basic and diluted net income per share of Class A common stock for the three months ended March 31, 2021 and 2020 is presented below:

	Three Months Ended March 31,
	2021		2020
Numerator:
Net Income Attributable to PJT Partners Inc.	$	26,682	$	18,860
Less:
Dividends on Participating Securities		—		3
Net Income Attributable to Participating Securities		—		13
Net Income Attributable to Shares of Class A    Common Stock — Basic		26,682		18,844
Incremental Net Income from Dilutive Securities		17,409		10,270
Net Income Attributable to Shares of Class A    Common Stock — Diluted	$	44,091	$	29,114
Denominator:
Weighted-Average Shares of Class A Common    Stock Outstanding — Basic		24,969,388		24,097,715
Weighted-Average Number of Incremental Shares from    Unvested RSUs and Partnership Units		17,889,369		16,255,909
Weighted-Average Shares of Class A Common    Stock Outstanding — Diluted		42,858,757		40,353,624
Net Income Per Share of Class A Common Stock
Basic	$	1.07	$	0.78
Diluted	$	1.03	$	0.72

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Equity-Based and Other Deferred Compensation (Tables)

3 Months Ended

Mar. 31, 2021

Equity-Based Compensation Expense and Related Income Tax Benefit

The following table presents equity-based compensation expense and related income tax benefit for the three months ended March 31, 2021 and 2020, respectively:

	Three Months Ended March 31,
	2021		2020
Equity-Based Compensation Expense	$	29,948	$	37,332
Income Tax Benefit	$	4,027	$	5,082

Summary of Activity Related to Unvested Restricted Stock Units

The following table summarizes activity related to unvested RSUs for the three months ended March 31, 2021:

	Restricted Stock Units
				Weighted-
				Average
				Grant Date
	Number of			Fair Value
	Units			(in dollars)
Balance, December 31, 2020		4,801,398		$	50.56
Granted		1,262,503			73.08
Dividends Reinvested on RSUs		(17,256	)		45.59
Forfeited		(8,551	)		59.78
Vested		(2,071,225	)		47.35
Balance, March 31, 2021		3,966,869		$	59.41

Summary of Activity Related to Unvested Partnership Units

The following table summarizes activity related to unvested Partnership Units for the three months ended March 31, 2021:

	Partnership Units
				Weighted-
				Average
	Number of			Grant Date
	Partnership			Fair Value
	Units			(in dollars)
Balance, December 31, 2020		356,290		$	45.16
Granted		63,171			68.10
Vested		(111,594	)		41.64
Balance, March 31, 2021		307,867		$	51.14

Summary of Unvested Units After Expected Forfeitures which are Expected to Vest

The following unvested units, after expected forfeitures, as of March 31, 2021, are expected to vest:

			Weighted- Average
			Service Period
	Units		in Years
Restricted Stock Units		4,095,955		1.7
Partnership Units (a)		296,497		1.3
Restricted Share Awards		5,294		1.0
Total Equity-Based Awards		4,397,746		1.7

(a) Excludes 1.2 million outstanding Partnership Units subject to market conditions.

RSU Awards Containing Service and Market Conditions

Summary of Activity Related to Unvested Restricted Stock Units

The following table summarizes activity related to unvested RSU awards with both a service and market condition for the three months ended March 31, 2021:

	RSU Awards with Both Service and Market Conditions
			Weighted-
			Average
			Grant Date
	Number of		Fair Value
	Units		(in dollars)
Balance, December 31, 2020		361,786	$	27.56
Dividends Reinvested on RSUs		253		27.46
Balance, March 31, 2021		362,039	$	27.56

Partnership Unit Awards Containing Service and Market Conditions

Summary of Activity Related to Unvested Partnership Units

The following table summarizes activity related to unvested Partnership Unit awards with both a service and market condition for the three months ended March 31, 2021:

	Partnership Unit Awards with Both Service and Market Conditions
			Weighted-
			Average
	Number of		Grant Date
	Partnership		Fair Value
	Units		(in dollars)
Balance, December 31, 2020		1,210,826	$	5.72
Balance, March 31, 2021		1,210,826	$	5.72

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Leases (Tables)

3 Months Ended

Mar. 31, 2021

Leases [Abstract]

Schedule of Components of Lease Expense

The components of lease expense were as follows:

	Three Months Ended March 31,
	2021			2020
Operating Lease Cost	$	6,846		$	7,317
Finance Lease Cost
Amortization of Right-of-Use Assets		15			38
Interest on Lease Liabilities		1			1
Total Finance Lease Cost		16			39
Variable Lease Cost		852			771
Sublease Income		(270	)		(911	)
Total Lease Cost	$	7,444		$	7,216

Schedule of Supplemental Information Related to Leases

Supplemental information related to leases was as follows:

	Three Months Ended March 31,
	2021		2020
Cash Paid for Amounts Included in Measurement of Lease Liabilities
Operating Cash Flows from Operating Leases	$	5,351	$	4,118
Operating Cash Flows from Finance Leases	$	1	$	1
Financing Cash Flows from Finance Leases	$	15	$	39

	March 31, 2021			December 31, 2020
Weighted-Average Remaining Lease Term (in years)
Operating Leases		8.3			8.4
Finance Leases		3.0			3.1
Weighted-Average Discount Rate
Operating Leases		4.7	%		4.7	%
Finance Leases		3.7	%		3.7	%

Schedule of Maturity Analysis of Finance and Operating Lease Liabilities

The following is a maturity analysis of the annual undiscounted cash flows of the finance and operating lease liabilities as of March 31, 2021:

Year Ending December 31,	Finance		Operating
2021 (April 1 through December 31)	$	34	$	21,516
2022		38		28,759
2023		30		28,852
2024		17		27,306
2025		—		23,471
Thereafter		—		72,626
Total Lease Payments		119		202,530
Less: Imputed Interest		6		35,196
Total	$	113	$	167,334

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Business Information (Tables)

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Schedule of Geographical Distribution of Revenues and Assets

The following tables set forth the geographical distribution of revenues and assets based on the location of the office that generates the revenues or holds the assets and therefore may not be reflective of the geography in which the Company’s clients are located.

	Three Months Ended March 31,
	2021		2020
Revenues
Domestic	$	164,280	$	185,809
International		42,420		14,362
Total	$	206,700	$	200,171

	March 31, 2021		December 31, 2020
Assets
Domestic	$	821,422	$	975,762
International		128,835		195,845
Total	$	950,257	$	1,171,607

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Organization - Additional Information (Details) - PJT Partners Holdings LP	Mar. 31, 2021
Organization Disclosure [Line Items]
Voting power	100.00%
Non-controlling interest percentage	39.00%
Maximum
Organization Disclosure [Line Items]
Economic interest	100.00%

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Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Cash subject to notice requirement	$ 0.7	$ 47.8

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Revenues from Contracts with Customers - Disaggregation of Revenues Recognized from Contracts with Customers (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Disaggregation Of Revenue [Line Items]
Revenues from Contracts with Customers	$ 204,763	$ 198,928
Advisory Fees
Disaggregation Of Revenue [Line Items]
Revenues from Contracts with Customers	152,600	156,591
Placement Fees
Disaggregation Of Revenue [Line Items]
Revenues from Contracts with Customers	50,383	38,992
Interest Income from Placement Fees and Other
Disaggregation Of Revenue [Line Items]
Revenues from Contracts with Customers	$ 1,780	$ 3,345

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Revenues from Contracts with Customers - Additional Information (Details1) - Advisory Services - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-04-01 $ in Millions	Mar. 31, 2021 USD ($)
Deferred Revenue Arrangement [Line Items]
Aggregate amount of transaction price allocated to performance obligations yet to be satisfied	$ 33.1
Revenue remaining performance obligation, expected satisfaction period	12 months

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Revenues from Contracts with Customers - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Deferred Revenue Arrangement [Line Items]
Deferred revenue	$ 4,700	$ 8,100
Contract liabilities	8,911		$ 9,762
Accounts Payable, Accrued Expenses and Other Liabilities
Deferred Revenue Arrangement [Line Items]
Contract liabilities	$ 2,000		$ 2,400
Advisory Services
Deferred Revenue Arrangement [Line Items]
Explanation of remaining performance obligations expected to be recognized as revenue	the Company generally expects to recognize this revenue within the next twelve months.
Revenue recognized related to performance obligations that were fully satisfied in prior periods	$ 7,200	$ 5,800

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Accounts Receivable and Allowance for Credit Losses - Schedule of Aggregate Change in the Allowance for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Receivables [Abstract]
Beginning Balance	$ 1,330
Adoption of ASC 326		$ 1,107
Provision for Credit Losses	(192)	997
Write-offs		(1,019)
Recoveries	63	325
Ending Balance	$ 1,201	$ 1,410

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Accounts Receivable and Allowance for Credit Losses - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Financing Receivable Allowance For Credit Losses [Line Items]
Long-term receivables outstanding more than 90 days	$ 3.3	$ 2.9
Allowance for credit loss, long-term receivables	$ 0.5	0.6
Minimum
Financing Receivable Allowance For Credit Losses [Line Items]
Accounts receivable payment terms	3 years
Maximum
Financing Receivable Allowance For Credit Losses [Line Items]
Accounts receivable payment terms	4 years
Placement Fee Receivable
Financing Receivable Allowance For Credit Losses [Line Items]
Accrued interest	$ 2.0	2.5
Long-term receivables	$ 81.6	$ 83.5

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Intangible Assets - Schedule of Intangible Assets, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets, Net
Total Intangible Assets	$ 71,076	$ 71,076
Total Accumulated Amortization	(40,908)	(39,046)
Intangible Assets, Net	30,168	32,030
Customer Relationships
Finite-Lived Intangible Assets, Net
Total Intangible Assets	61,276	61,276
Total Accumulated Amortization	(35,210)	(33,747)
Trade Names
Finite-Lived Intangible Assets, Net
Total Intangible Assets	9,800	9,800
Total Accumulated Amortization	$ (5,698)	$ (5,299)

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Intangible Assets - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Amortization Expense	$ 1.9	$ 1.9
Expected amortization of intangible assets, remainder of year	5.8
Expected amortization of intangible assets, 2022	6.5
Expected amortization of intangible assets, 2023	4.9
Expected amortization of intangible assets, 2024	4.9
Expected amortization of intangible assets, 2025	$ 4.8

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Furniture, Equipment and Leasehold Improvements - Schedule of Furniture, Equipment and Leasehold Improvements (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Property Plant And Equipment [Line Items]
Total Furniture, Equipment and Leasehold Improvements	$ 72,617	$ 72,889
Accumulated Depreciation	(35,571)	(34,112)
Furniture, Equipment and Leasehold Improvements, Net	37,046	38,777
Office Equipment
Property Plant And Equipment [Line Items]
Total Furniture, Equipment and Leasehold Improvements	2,235	2,327
Leasehold Improvements
Property Plant And Equipment [Line Items]
Total Furniture, Equipment and Leasehold Improvements	52,758	52,789
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Total Furniture, Equipment and Leasehold Improvements	$ 17,624	$ 17,773

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Furniture, Equipment and Leasehold Improvements - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Property Plant And Equipment [Abstract]
Depreciation expense	$ 1.9	$ 1.9

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Fair Value Measurements - Summary of Valuation of the Company's Investments by Fair Value Hierarchy (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Investments		$ 137,889
Treasury Instruments
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Investments	$ 72,680	137,669
Other
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Investments		220
Level II
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Investments		137,889
Level II | Treasury Instruments
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Investments	$ 72,680	137,669
Level II | Other
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Investments		$ 220

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Income Taxes - Summary of Company's Tax Position (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income Before Provision for Taxes	$ 43,889	$ 33,559
Provision for Taxes	$ 93	$ 1,550
Effective Income Tax Rate	0.20%	4.60%

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Income Taxes - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Decrease in provision for income taxes from carryback of net operating losses related to CARES Act	$ 3,700,000
Unrecognized tax benefits		$ 0

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Net Income Per Share of Class A Common Stock - Schedule of Net Income Per Share of Class A Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Numerator:
Net Income Attributable to PJT Partners Inc.	$ 26,682	$ 18,860
Dividends on Participating Securities		3
Net Income Attributable to Participating Securities		$ 13
Unvested Restricted Stock Units
Denominator:
Weighted-Average Number of Incremental Shares from Unvested RSUs and Partnership Units	17,889,369	16,255,909
Class A Common Stock
Numerator:
Net Income Attributable to Shares of Class A Common Stock — Basic	$ 26,682	$ 18,844
Incremental Net Income from Dilutive Securities	17,409	10,270
Net Income Attributable to Shares of Class A Common Stock — Diluted	$ 44,091	$ 29,114
Denominator:
Weighted-Average Shares of Class A Common Stock Outstanding — Basic	24,969,388	24,097,715
Weighted-Average Shares of Class A Common Stock Outstanding — Diluted	42,858,757	40,353,624
Net Income Per Share of Class A Common Stock
Basic	$ 1.07	$ 0.78
Diluted	$ 1.03	$ 0.72

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Net Income Per Share of Class A Common Stock - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Feb. 01, 2021
Earnings Per Share Basic [Line Items]
Class A common shares outstanding if all Holding Partnership Units exchanged	41,204,725
Aggregate amount of shares repurchased	$ 45,896,000	$ 25,194,000
Class A Common Stock
Earnings Per Share Basic [Line Items]
Treasury stock repurchased	657,907
Treasury stock, average price per share	$ 69.73
Aggregate amount of shares repurchased	$ 45,900,000
Share repurchase program, remaining authorized amount	$ 140,600,000
Class A Common Stock | Maximum
Earnings Per Share Basic [Line Items]
Share repurchase program, authorized amount			$ 150,000,000
Class A Common Stock | Weighted-Average Participating RSUs
Earnings Per Share Basic [Line Items]
Anti-dilutive securities excluded from the calculation of net income per share	0	0

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Equity-Based and Other Deferred Compensation - Stock-Based Compensation Expense and Related Income Tax Benefit (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Equity-Based Compensation Expense	$ 29,948	$ 37,332
Income Tax Benefit	$ 4,027	$ 5,082

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Equity-Based and Other Deferred Compensation - Summary of Activity Related to Unvested Restricted Stock Units (Details) - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Restricted Stock Units
Number of Units
Beginning Balance	4,801,398
Granted	1,262,503
Dividends Reinvested on RSUs	(17,256)
Forfeited	(8,551)
Vested	(2,071,225)
Ending Balance	3,966,869
Weighted-Average Grant Date Fair Value
Beginning Balance	$ 50.56
Granted	73.08	$ 52.61
Dividends Reinvested on RSUs	45.59
Forfeited	59.78
Vested	47.35
Ending Balance	$ 59.41
RSU Awards Containing Service and Market Conditions
Number of Units
Beginning Balance	361,786
Dividends Reinvested on RSUs	253
Ending Balance	362,039
Weighted-Average Grant Date Fair Value
Beginning Balance	$ 27.56
Dividends Reinvested on RSUs	27.46
Ending Balance	$ 27.56

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Equity-Based and Other Deferred Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation expense	$ 8.2	$ 7.7
Unrecognized compensation expense related to deferred cash awards	$ 32.1
Weighted-average period over compensation cost is expected to be recognized	1 year 4 months 24 days
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Estimated unrecognized compensation expense related to unvested awards	$ 176.5
Weighted-average period for recognition of compensation expense related to unvested awards	1 year 9 months 18 days
Weighted-average grant date fair value	$ 73.08	$ 52.61
Granted	1,262,503
Vested	2,071,225
Forfeited	8,551
RSU Awards Containing Service and Market Conditions | CamberView Partners Holdings, LLC
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Estimated unrecognized compensation expense related to unvested awards	$ 4.3
Weighted-average period for recognition of compensation expense related to unvested awards	1 year 6 months
Restricted Share Awards | CamberView Partners Holdings, LLC | Class A Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Estimated unrecognized compensation expense related to unvested awards	$ 0.1
Weighted-average period for recognition of compensation expense related to unvested awards	1 year
Vesting period	4 years
Granted	0	0
Vested	3,506
Forfeited	0
Partnership Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Estimated unrecognized compensation expense related to unvested awards	$ 12.4
Assumed forfeiture rate	4.00%
Weighted-average period for recognition of compensation expense related to unvested awards	1 year 3 months 18 days
Weighted-average grant date fair value	$ 68.10	$ 44.85
Granted	63,171
Vested	111,594
Partnership Unit Awards Containing Service and Market Conditions
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Estimated unrecognized compensation expense related to unvested awards	$ 0.0
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	1 year
Minimum | Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Assumed forfeiture rate	1.00%
Minimum | RSU Awards Containing Service and Market Conditions | CamberView Partners Holdings, LLC
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Assumed forfeiture rate	4.00%
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	4 years
Maximum | Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Assumed forfeiture rate	6.00%
Maximum | RSU Awards Containing Service and Market Conditions | CamberView Partners Holdings, LLC
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Assumed forfeiture rate	6.00%

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Equity-Based and Other Deferred Compensation - Summary of Activity Related to Unvested Partnership Units (Details) - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Partnership Units
Number of Units
Beginning Balance	356,290
Granted	63,171
Vested	(111,594)
Ending Balance	307,867
Weighted-Average Grant Date Fair Value
Beginning Balance	$ 45.16
Granted	68.10	$ 44.85
Vested	41.64
Ending Balance	$ 51.14
Partnership Unit Awards Containing Service and Market Conditions
Number of Units
Beginning Balance	1,210,826
Ending Balance	1,210,826
Weighted-Average Grant Date Fair Value
Beginning Balance	$ 5.72
Ending Balance	$ 5.72

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Equity-Based and Other Deferred Compensation - Unvested Units After Expected Forfeitures which are Expected to Vest (Details)	3 Months Ended
	Mar. 31, 2021 shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Units expected to vest	4,397,746
Weighted-average service period of unit expected to vest (in years)	1 year 8 months 12 days
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Units expected to vest	4,095,955
Weighted-average service period of unit expected to vest (in years)	1 year 8 months 12 days
Restricted Share Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Units expected to vest	5,294
Weighted-average service period of unit expected to vest (in years)	1 year
PJT Partners Holdings LP | Partnership Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Units expected to vest	296,497
Weighted-average service period of unit expected to vest (in years)	1 year 3 months 18 days

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Equity-Based and Other Deferred Compensation - Unvested Units After Expected Forfeitures which are Expected to Vest (Parenthetical) (Details) shares in Millions	Mar. 31, 2021 shares
PJT Partners Holdings LP | Partnership Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Partnership units outstanding	1.2

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Leases - Schedule of Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Leases [Abstract]
Operating Lease Cost	$ 6,846	$ 7,317
Finance Lease Cost
Amortization of Right-of-Use Assets	15	38
Interest on Lease Liabilities	1	1
Total Finance Lease Cost	16	39
Variable Lease Cost	852	771
Sublease Income	(270)	(911)
Total Lease Cost	$ 7,444	$ 7,216

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Leases - Schedule of Supplemental Information Related to Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Cash Paid for Amounts Included in Measurement of Lease Liabilities
Operating Cash Flows from Operating Leases	$ 5,351	$ 4,118
Operating Cash Flows from Finance Leases	1	1
Financing Cash Flows from Finance Leases	$ 15	$ 39
Weighted-Average Remaining Lease Term (in years)
Operating Leases	8 years 3 months 18 days		8 years 4 months 24 days
Finance Leases	3 years		3 years 1 month 6 days
Weighted-Average Discount Rate
Operating Leases	4.70%		4.70%
Finance Leases	3.70%		3.70%

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Leases - Schedule of Maturity Analysis of Finance and Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Finance Lease, 2021 (April 1 through December 31)	$ 34
Finance Lease, 2022	38
Finance Lease, 2023	30
Finance Lease, 2024	17
Finance Lease, Total Lease Payments	119
Finance Lease, Less: Imputed Interest	6
Finance Lease, Total	113
Operating Lease, 2021 (April 1 through December 31)	21,516
Operating Lease, 2022	28,759
Operating Lease, 2023	28,852
Operating Lease, 2024	27,306
Operating Lease, 2025	23,471
Operating Lease, Thereafter	72,626
Operating Lease, Total Lease Payments	202,530
Operating Lease, Less: Imputed Interest	35,196
Operating Lease, Total	$ 167,334	$ 172,291

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Transactions With Related Parties - Additional Information (Details) $ / shares in Units, $ in Thousands		3 Months Ended
	May 04, 2021 USD ($) $ / shares shares	Mar. 31, 2021 USD ($) shares	Mar. 31, 2020 USD ($) shares	Dec. 31, 2020 USD ($)
Related Party Transaction [Line Items]
Cash settled exchange of partnership units		$ 48,478	$ 11,480
Amount due to tax receivable agreement		$ 23,782		$ 19,573
PJT Partners Holdings LP
Related Party Transaction [Line Items]
Exchange of partnership units settled | shares		680,368	226,784
Percentage payment to exchanging holders of partnership units of benefits		85.00%
PJT Partners Holdings LP | Scenario, Forecast
Related Party Transaction [Line Items]
Exchange of partnership units settled | shares	221,164
Cash settled exchange of partnership units	$ 16,700
Price per partnership unit paid equal to the volume-weighted average price of share | $ / shares	$ 75.64
Class A Common Stock | PJT Partners Holdings LP
Related Party Transaction [Line Items]
Exchange of Partnership unit to shares, number of shares per each unit		1

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Commitments and Contingencies - Additional Information (Details) - USD ($)		3 Months Ended
	Feb. 01, 2021	Mar. 31, 2021	Dec. 31, 2020
Blackstone
Commitments And Contingencies [Line Items]
Loans held by employees for investments guaranteed		$ 5,500,000	$ 6,000,000.0
Forfeiture accrual		900,000	900,000
Tax benefit accrual		$ 2,400,000	2,400,000
Renewal Agreement
Commitments And Contingencies [Line Items]
Line of credit facility, interest rate description		During an event of default, overdue principal under the revolving credit facility bears interest at a rate 2.0% in excess of the otherwise applicable rate of interest.
Loan agreement financial covenants maximum additional indebtedness	$ 20,000,000.0
Revolving Credit Facility
Commitments And Contingencies [Line Items]
Revolving credit facility, amount outstanding		$ 0	$ 0
Revolving Credit Facility | Renewal Agreement
Commitments And Contingencies [Line Items]
Revolving credit facility, borrowing capacity before increase	60,000,000.0
Increase revolving credit facility	$ 80,000,000.0
Revolving credit facility, maturity date	Oct. 01, 2022
Line of credit facility bear interest equal to greater of per annum rate	2.75%
Notes payable, spread on variable prime rate	1.00%
Line of credit facility revised interest rate in event of default	2.00%
Percentage of commitment fee	0.125%
Line of credit facility, interest rate description		Outstanding borrowings under the revolving credit facility bear interest equal to the greater of a per annum rate of (a) 2.75%, or (b) the prime rate minus 1.0%.
Line of credit facility, frequency of commitment fee payment		quarterly

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Regulated Entities - Additional Information (Details) € in Thousands, $ in Thousands, $ in Millions	Mar. 31, 2021 USD ($)	Mar. 31, 2021 EUR (€)	Mar. 31, 2021 HKD ($)	Dec. 31, 2020 USD ($)
United Kingdom
Regulatory Authorities [Line Items]
Minimum net capital requirement | €		€ 50
Hong Kong
Regulatory Authorities [Line Items]
Minimum net capital requirement			$ 3
Spain
Regulatory Authorities [Line Items]
Minimum net capital requirement | €		€ 60
PJT Partners LP
Regulatory Authorities [Line Items]
Minimum net capital requirement	$ 100
Percentage of aggregate indebtedness capital requirement	6.67	6.67	6.67
Net capital	$ 114,200			$ 243,200
Net capital in excess of required net capital	$ 112,900			$ 241,200
Maximum | PJT Partners LP
Regulatory Authorities [Line Items]
Percentage of aggregate indebtedness capital requirement	15	15	15

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Business Information - Additional Information (Details)	3 Months Ended
	Mar. 31, 2021 segment	Mar. 31, 2020 Client
Segment Reporting Information [Line Items]
Number of operating segments	1
Number of reportable segments	1
Revenue Benchmark | Customer Concentration Risk
Segment Reporting Information [Line Items]
Number of clients | Client		1
Concentration percentage of revenue		13.50%

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Business Information - Schedule of Geographical Distribution of Revenues and Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Revenues
Revenues	$ 206,700	$ 200,171
Assets
Assets	950,257		$ 1,171,607
Domestic
Revenues
Revenues	164,280	185,809
Assets
Assets	821,422		975,762
International
Revenues
Revenues	42,420	$ 14,362
Assets
Assets	$ 128,835		$ 195,845

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Subsequent Events - Additional Information (Details) - Class A Common Stock - $ / shares		3 Months Ended
	Apr. 30, 2021	Mar. 31, 2021	Mar. 31, 2020
Subsequent Event [Line Items]
Dividend declared, description		The Board of Directors of PJT Partners Inc. has declared a quarterly dividend
Dividends Declared Per Share of Class A Common Stock		$ 0.05	$ 0.05
Subsequent Event
Subsequent Event [Line Items]
Dividends Declared Per Share of Class A Common Stock	$ 0.05
Dividends payable, date to be paid	Jun. 16, 2021
Dividends payable, date of record	Jun. 02, 2021