Third Quarter 2021 Revenues of $177.4 Million, Up 44% from the Same Period of 2020; Nine Months Ended September 30, 2021 Revenues of $602.7 Million, Up 83% from the Same Period of 2020

GAAP Operating Income (Loss) Margin of (5.8%) for the Third Quarter 2021 and 11.1% for the Nine Months Ended September 30, 2021; Adjusted Operating Income Margin of 17.3% for the Third Quarter 2021 and 21.5% for the Nine Months Ended September 30, 2021

GAAP Net Income (Loss) of ($9.5) Million for the Third Quarter and $22.0 Million for the Nine Months Ended September 30, 2021; Adjusted Net Income (Loss) of $28.9 Million for the Third Quarter 2021 and $122.2 Million for the Nine Months Ended September 30, 2021

Year-to-Date have Added Nine Advisory Partners, with an Additional Partner Joining the Firm Prior to Year End 2021, Further Expanding Coverage and Expertise from a Sector, Product, and Geography Standpoint and Supporting Strategic Growth

No Outstanding Indebtedness; Maintains Strong Balance Sheet

Declared Quarterly Dividend of $0.07 Per Share

Throughout this release, adjusted figures represent Non-GAAP information. See “Non-GAAP Financial Measures” and the tables at the end of this release for an explanation of the adjustments and reconciliations to the comparable GAAP numbers.

Revenues

Operating expenses

Total compensation and benefits

Non-compensation expenses

Operating income (loss)

Total non-operating income (expenses)

Income (loss) before provision for income taxes

Income tax benefit (expense)

Net income (loss)

Net income (loss) attributable to non-controlling  interests

Net income (loss) attributable to Perella Weinberg Partners

Net income (loss)

Less: Adjusted income tax benefit (expense)

Add: If-converted tax impact

Adjusted if-converted net income (loss)

Net income (loss) per share attributable to Class A common shareholders

Basic

Diluted

Diluted, If-Converted

Weighted-average shares of Class A common stock outstanding

Basic

Diluted

Throughout this release, adjusted figures represent Non-GAAP information. See “Non-GAAP Financial Measures” and the tables at the end of this release for an explanation of the adjustments and reconciliations to the comparable GAAP numbers.

Revenues

Operating expenses

Total compensation and benefits

Non-compensation expenses

Operating income (loss)

Total non-operating income (expenses)

Income (loss) before provision for income taxes

Income tax benefit (expense)

Net income (loss)

Net income (loss) attributable to non-controlling  interests

Net income (loss) attributable to Perella Weinberg Partners

Net income (loss)

Less: Adjusted income tax benefit (expense)

Add: If-converted tax impact

Adjusted if-converted net income (loss)

Net income (loss) per share attributable to Class A common shareholders (1)

Basic

Diluted

Diluted, If-Converted (2)

Weighted-average shares of Class A common stock outstanding (1)

Basic

Diluted

Represents net income (loss) per share of Class A common stock and weighted-average shares of Class A common stock outstanding for the period from June 24, 2021 through September 30, 2021, the period following the Business Combination.

Adjusted net income (loss) per Class A share—Diluted, If Converted for the nine-month period ended September 30, 2021 is not meaningful or comparative to GAAP diluted earnings per share, as it excludes activity prior to the Business Combination on June 24, 2021.

Throughout this release, adjusted figures represent Non-GAAP information. See “Non-GAAP Financial Measures” and the tables at the end of this release for an explanation of the adjustments and reconciliations to the comparable GAAP numbers.

Operating expenses

Total compensation and benefits

% of Revenues

Non-compensation expenses

% of Revenues

Throughout this release, adjusted figures represent Non-GAAP information. See “Non-GAAP Financial Measures” and the tables at the end of this release for an explanation of the adjustments and reconciliations to the comparable GAAP numbers.

Operating expenses

Total compensation and benefits

% of Revenues

Non-compensation expenses

% of Revenues

Throughout this release, adjusted figures represent Non-GAAP information. See “Non-GAAP Financial Measures” and the tables at the end of this release for an explanation of the adjustments and reconciliations to the comparable GAAP numbers.

Domestic: (833) 607-1668

International: (914) 987-7880

Conference ID: 4395815

Throughout this release, adjusted figures represent Non-GAAP information. See “Non-GAAP Financial Measures” and the tables at the end of this release for an explanation of the adjustments and reconciliations to the comparable GAAP numbers.

the projected financial information, anticipated growth rate, and market opportunity of the Firm;

the ability to maintain the listing of the Firm’s Class A common stock and warrants on Nasdaq following the Business Combination;

our public securities’ potential liquidity and trading;

our success in retaining or recruiting partners and other employees, or changes related to, our officers, key employees or directors following the completion of the Business Combination;

members of our management team allocating their time to other businesses and potentially having conflicts of interest with our business;

factors relating to the business, operations and financial performance of the Firm, including:

whether the Firm realizes all or any of the anticipated benefits from the Business Combination;

whether the Business Combination results in any increased or unforeseen costs or has an impact on the Firm’s ability to retain or compete for professional talent or investor capital;

global economic, business, market and geopolitical conditions, including the impact of public health crises, such as the ongoing rapid, worldwide spread of a novel strain of coronavirus and the pandemic caused thereby (collectively, “COVID-19”);

the Firm’s dependence on and ability to retain working partners and other key employees;

the Firm’s ability to successfully identify, recruit and develop talent;

risks associated with strategic transactions, such as joint ventures, strategic investments, acquisitions and dispositions;

conditions impacting the corporate advisory industry;

the Firm’s dependence on its fee-paying clients and fluctuating revenues from its non-exclusive, engagement-by-engagement business model;

the high volatility of the Firm’s revenues as a result of its reliance on advisory fees that are largely contingent on the completion of events which may be out of its control;

Throughout this release, adjusted figures represent Non-GAAP information. See “Non-GAAP Financial Measures” and the tables at the end of this release for an explanation of the adjustments and reconciliations to the comparable GAAP numbers.

the ability of the Firm’s clients to pay for its services, including its restructuring clients;

the Firm’s ability to appropriately manage conflicts of interest and tax and other regulatory factors relevant to the Firm’s business, including actual, potential or perceived conflicts of interest and other factors that may damage its business and reputation;

strong competition from other financial advisory and investment banking firms;

potential impairment of goodwill and other intangible assets, which represent a significant portion of the Firm’s assets;

the Firm’s successful formulation and execution of its business and growth strategies;

the outcome of third-party litigation involving the Firm;

substantial litigation risks in the financial services industry;

cybersecurity and other operational risks;

the Firm’s ability to expand into new markets and lines of businesses for the advisory business;

exposure to fluctuations in foreign currency exchange rates;

assumptions relating to the Firm’s operations, financial results, financial condition, business prospects, growth strategy and liquidity;

extensive regulation of the corporate advisory industry and U.S. and foreign regulatory developments relating to, among other things, financial institutions and markets, government oversight, fiscal and tax policy and laws (including the treatment of carried interest); and

the impact of the global COVID-19 pandemic on any of the foregoing risks.

Throughout this release, adjusted figures represent Non-GAAP information. See “Non-GAAP Financial Measures” and the tables at the end of this release for an explanation of the adjustments and reconciliations to the comparable GAAP numbers.

Revenues

Expenses

Compensation and benefits

Equity-based compensation

Total compensation and benefits

Professional fees

Technology and infrastructure

Rent and occupancy

Travel and related expenses

General, administrative and other expenses

Depreciation and amortization

Total expenses

Operating income (loss)

Non-operating income (expenses)

Related party income

Other income (expense)

Change in fair value of warrant liabilities

Loss on debt extinguishment

Interest expense

Total non-operating income (expenses)

Income (loss) before income taxes

Income tax benefit (expense)

Net income (loss)

Less: Net income (loss) attributable to non-controlling interests

Net income (loss) attributable to Perella Weinberg Partners

Net income (loss) per share attributable to Class A common shareholders (1)

Basic

Diluted

Weighted-average shares of Class A common stock outstanding (1)

Basic

Diluted

For the nine months ended September 30, 2021, net income (loss) per share of Class A common stock and weighted-average shares of Class A common stock outstanding is representative of the period from June 24, 2021 through September 30, 2021, the period following the Business Combination.

Throughout this release, adjusted figures represent Non-GAAP information. See “Non-GAAP Financial Measures” and the tables at the end of this release for an explanation of the adjustments and reconciliations to the comparable GAAP numbers.

Total compensation and benefits—GAAP

Equity-based compensation not dilutive to investors in PWP or PWP OpCo (1)

Public company transaction related incentives (2)

Adjusted total compensation and benefits

Non-compensation expense—GAAP

TPH business combination related expenses (3)

Delayed offering cost expense (4)

Business Combination transaction expenses (5)

Adjusted non-compensation expense (6)

Operating income (loss)—GAAP

Equity-based compensation not dilutive to investors in PWP or PWP OpCo (1)

Public company transaction related incentives (2)

TPH business combination related expenses (3)

Delayed offering cost expense (4)

Business Combination transaction expenses (5)

Adjusted operating income (loss)

Non-operating income (expense)—GAAP

Change in fair value of warrant liabilities (7)

Loss on debt extinguishment (8)

Amortization of debt costs (9)

Adjusted non-operating income (expense)

Income (loss) before income taxes—GAAP

Equity-based compensation not dilutive to investors in PWP or PWP OpCo (1)

Public company transaction related incentives (2)

TPH business combination related expenses (3)

Delayed offering cost expense (4)

Business Combination transaction expenses (5)

Change in fair value of warrant liabilities (7)

Loss on debt extinguishment (8)

Amortization of debt costs (9)

Adjusted income (loss) before income taxes

Income tax benefit (expense)—GAAP

Tax impact at effective non-GAAP tax rate (10)

Adjusted income tax benefit (expense)

Net income (loss)—GAAP

Equity-based compensation not dilutive to investors in PWP or PWP OpCo (1)

Public company transaction related incentives (2)

TPH business combination related expenses (3)

Delayed offering cost expense (4)

Business Combination transaction expenses (5)

Change in fair value of warrant liabilities (7)

Loss on debt extinguishment (8)

Amortization of debt costs (9)

Tax impact at effective non-GAAP tax rate (10)

Adjusted net income (loss)

Less: Adjusted income tax benefit (expense) (10)

Add: If-converted tax impact (11)

Adjusted if-converted net income (loss)

Weighted-average adjusted diluted shares of Class A common stock outstanding

Adjusted net income (loss) per Class A share—diluted, if—converted (12)

Throughout this release, adjusted figures represent Non-GAAP information. See “Non-GAAP Financial Measures” and the tables at the end of this release for an explanation of the adjustments and reconciliations to the comparable GAAP numbers.

Equity-based compensation not dilutive to investors in PWP or PWP OpCo includes amortization of legacy awards granted to certain partners prior to the Business Combination and PWP Professional Partners LP (“Professional Partners”) ACU and VCU awards. The vesting of these awards does not dilute PWP shareholders relative to Professional Partners as Professional Partners’ interest in PWP OpCo does not change as a result of granting those equity awards to its working partners.

Public company transaction related incentives includes discretionary bonus payments as well as equity-based compensation for transaction-related RSUs which are directly related to milestone events that were part of the Business Combination process and reorganization. These payments were outside of PWP’s normal and recurring bonus and compensation processes.

On November 30, 2016, we completed a business combination with Tudor, Pickering, Holt & Co., LLC (TPH), an independent advisory firm focused on the energy industry. TPH business combination related expenses include intangible asset amortization associated with the acquisition.

Previously deferred offering costs that were expensed due to termination of a public company transaction process in May of 2020.

Transaction costs that were expensed associated with the Business Combination as well as equity-based vesting for transaction-related RSUs issued to non-employees.

See reconciliation below for the components of the consolidated statements of operations included in non-compensation expense—GAAP as well as Adjusted non-compensation expense.

Change in fair value of warrant liabilities is non-cash and we believe not indicative of our core performance.

Loss on debt extinguishment resulted from the payoff of the 7.0% Subordinated Unsecured Convertible Notes due 2026 in conjunction with the Business Combination.

Amortization of debt costs is composed of the amortization of debt discounts and issuance costs, which is included in interest expense.

The non-GAAP tax rate represents the Company’s calculated tax expense on adjusted non-GAAP income because it excludes the impact on income taxes of certain transaction-related items and other items not reflected in our adjusted non-GAAP results. It does not represent the cash that the Company expects to pay for taxes in the current periods.

For the three month period ended September, 30, 2021, the non-GAAP tax rate was adjusted to reflect the exchange of partnership units for PWP’s Class A common stock. No tax adjustment was made for the nine-month period after the Business Combination as it is considered not meaningful due to exclusion of activity prior to the Business Combination.

Adjusted net income (loss) per Class A share—diluted, if-converted for the nine-month period ended September 30, 2021 is not meaningful or comparative to GAAP diluted earnings per share, as it excludes activity prior to the Business Combination on June 24, 2021.

Throughout this release, adjusted figures represent Non-GAAP information. See “Non-GAAP Financial Measures” and the tables at the end of this release for an explanation of the adjustments and reconciliations to the comparable GAAP numbers.

Professional fees

Technology and infrastructure

Rent and occupancy

Travel and related expenses

General, administrative and other expenses

Depreciation and amortization

Non-compensation expense

Professional fees

Technology and infrastructure

Rent and occupancy

Travel and related expenses

General, administrative and other expenses

Depreciation and amortization

Non-compensation expense

Professional fees

Technology and infrastructure

Rent and occupancy

Travel and related expenses

General, administrative and other expenses

Depreciation and amortization

Non-compensation expense

Professional fees

Technology and infrastructure

Rent and occupancy

Travel and related expenses

General, administrative and other expenses

Depreciation and amortization

Non-compensation expense

Reflects an adjustment to exclude transaction costs associated with the Business Combination.

Reflects an adjustment to exclude the amortization of intangible assets related to the TPH business combination.

Reflects an adjustment to exclude previously deferred offering costs that were expensed due to termination of the public company transaction process in May of 2020.

Throughout this release, adjusted figures represent Non-GAAP information. See “Non-GAAP Financial Measures” and the tables at the end of this release for an explanation of the adjustments and reconciliations to the comparable GAAP numbers.