424B3

 

 

 

Prospectus Supplement No. 2

(to prospectus dated July 26, 2021)

 

Filed Pursuant to Rule 424(b)(3)

Registration No. 333-257924

 

 

https://cdn.kscope.io/576077c3320badf7c2f2dbd0fa5e8e3f-img156454762_0.jpg 

Perella Weinberg Partners

70,364,353 Shares of Class A Common Stock

203,333 Warrants to Purchase Class A Common Stock

 

This prospectus supplement is being filed to update and supplement the information contained in the prospectus dated July 26, 2021 (the “Prospectus”), related to: (1) the issuance by us of up to 7,870,000 shares of our Class A common stock, par value $0.0001 per share (“Class A common stock”) that may be issued upon exercise of warrants to purchase Class A common stock at an exercise price of $11.50 per share of Class A common stock, including the public warrants and the private placement warrants (each as defined below); and (2) the offer and sale, from time to time, by the selling holders identified in this prospectus (the “Selling Holders”), or their permitted transferees, of (i) up to 70,364,353 shares of Class A common stock and (ii) up to 203,333 warrants (as defined below), with the information contained in our Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission (“SEC”) on November 5, 2021 (the “Quarterly Report”). Accordingly, we have attached the Quarterly Report to this prospectus supplement.

This prospectus supplement updates and supplements the information in the Prospectus and is not complete without, and may not be delivered or utilized except in combination with, the Prospectus, including any amendments or supplements thereto. This prospectus supplement should be read in conjunction with the Prospectus and if there is any inconsistency between the information in the Prospectus and this prospectus supplement, you should rely on the information in this prospectus supplement.

Our Class A common stock and warrants are traded on the Nasdaq Global Select Market under the symbols “PWP” and “PWPPW,” respectively. On November 4, 2021, the closing price of our Class A common stock was $13.50 per share and the closing price of our warrants was $3.65 per share.

Investing in our securities involves risks. See Risk Factorsbeginning on page 42 of the Prospectus and in any applicable prospectus supplement.

Neither the SEC nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy or accuracy of the Prospectus or this prospectus supplement. Any representation to the contrary is a criminal offense.

 

 

The date of this prospectus supplement is November 5, 2021.

 

 

 

 


 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 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 SEPTEMBER 30, 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: 001-39558

 

PERELLA WEINBERG PARTNERS

(Exact Name of Registrant as Specified in its Charter)

 

 

Delaware

84-1770732

( State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer
Identification No.)

767 Fifth Avenue

New York, NY

 

10153

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (212) 287-3200

 

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 $0.0001 per share

 

PWP

 

Nasdaq Global Select Market

Warrants, each whole warrant exercisable for one share of Class A common stock

 

PWPPW

 

Nasdaq Global Select Market

 

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, 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 any 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 November 2, 2021, the registrant had 42,492,628 shares of Class A common stock, par value $0.0001 per share, and 50,154,199 shares of Class B common stock, par value $0.0001 per share, outstanding.

 

 

 

 


 

Perella Weinberg Partners

Table of Contents

 

 

 

Page

PART I.

FINANCIAL INFORMATION

 

Item 1.

Financial Statements (Unaudited)

4

 

Condensed Consolidated Statements of Financial Condition as of September 30, 2021 and December 31, 2020

4

 

Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2021 and 2020

5

 

Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended September 30, 2021 and 2020

6

 

Condensed Consolidated Statements of Changes in Equity for the Three and Nine Months Ended September 30, 2021 and 2020

7

 

Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2021 and 2020

9

 

Notes to Condensed Consolidated Financial Statements (Unaudited)

10

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

44

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

56

Item 4.

Controls and Procedures

56

PART II.

OTHER INFORMATION

 

Item 1.

Legal Proceedings

56

Item 1A.

Risk Factors

57

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

57

Item 3.

Defaults Upon Senior Securities

58

Item 4.

Mine Safety Disclosures

58

Item 5.

Other Information

58

Item 6.

Exhibits

59

Signatures

60

 

 

 

1


 

 

On June 24, 2021 (the “Closing Date”), Perella Weinberg Partners (formerly known as FinTech Acquisition Corp. IV (“FTIV”)) consummated its previously announced business combination pursuant to that certain Business Combination Agreement, dated as of December 29, 2020. As contemplated by the Business Combination Agreement, (i) FTIV acquired certain partnership interests in PWP Holdings LP (“PWP OpCo”), (ii) PWP OpCo became jointly-owned by Perella Weinberg Partners, PWP Professional Partners LP (“Professional Partners”) and certain existing partners of PWP OpCo, and (iii) PWP OpCo serves as Perella Weinberg Partners’ operating partnership as part of an umbrella limited partnership C-corporation (Up-C) structure (collectively with the other transactions contemplated by the Business Combination Agreement, the “Business Combination”). Unless the context otherwise requires, all references to “PWP,” the “Company,” “we,” “us” or “our” refer to Perella Weinberg Partners and its consolidated subsidiaries.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

Certain statements made in this Quarterly Report on Form 10-Q are “forward-looking statements” within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements regarding the expectations regarding the combined business are “forward-looking statements.” In addition, words such as “estimates,” “projected,” “expects,” “estimated,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “would,” “future,” “propose,” “target,” “goal,” “objective,” “outlook” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the control of the parties, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include:

the projected financial information, anticipated growth rate, and market opportunity of the Company;
the ability to maintain the listing of the Company’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 Company, including:
o
whether the Company realizes all or any of the anticipated benefits from the Business Combination;
o
whether the Business Combination results in any increased or unforeseen costs or has an impact on the Company’s ability to retain or compete for professional talent or investor capital;
o
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”);
o
the Company’s dependence on and ability to retain working partners and other key employees;
o
the Company’s ability to successfully identify, recruit and develop talent;
o
risks associated with strategic transactions, such as joint ventures, strategic investments, acquisitions and dispositions;
o
conditions impacting the corporate advisory industry;
o
the Company’s dependence on its fee-paying clients and fluctuating revenues from its non-exclusive, engagement-by-engagement business model;

2


 

 

o
the high volatility of the Company’s revenue 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;
o
the ability of the Company’s clients to pay for its services, including its restructuring clients;
o
the Company’s ability to appropriately manage conflicts of interest and tax and other regulatory factors relevant to the Company’s business, including actual, potential or perceived conflicts of interest and other factors that may damage its business and reputation;
o
strong competition from other financial advisory and investment banking firms;
o
potential impairment of goodwill and other intangible assets, which represent a significant portion of the Company’s assets;
o
the Company’s successful formulation and execution of its business and growth strategies;
o
the outcome of third-party litigation involving the Company;
o
substantial litigation risks in the financial services industry;
o
cybersecurity and other operational risks;
o
the Company’s ability to expand into new markets and lines of businesses for the advisory business;
o
exposure to fluctuations in foreign currency exchange rates;
o
assumptions relating to the Company’s operations, financial results, financial condition, business prospects, growth strategy and liquidity;
o
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);
o
the impact of the global COVID-19 pandemic on any of the foregoing risks; and
o
other risks and uncertainties described under the section entitled “Risk Factors” included elsewhere in this Form 10-Q.

The forward-looking statements contained in this Quarterly Report on Form 10-Q are based on current expectations and beliefs concerning future developments and their potential effects on the Company. There can be no assurance that future developments affecting the Company will be those that the Company has anticipated. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

Website Disclosure

We file annual, quarterly and current reports, proxy statements and other information with the SEC. The SEC maintains an internet site where reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC are available. Our SEC filings are available to the public over the Internet at the SEC’s website at www.sec.gov and on our website at https://investors.pwpartners.com/. Our website is https://pwpartners.com/. 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 (Unaudited)

 

Perella Weinberg Partners

Condensed Consolidated Statements of Financial Condition

(Unaudited)

(Dollars in Thousands, Except Per Share Amounts)

 

 

September 30, 2021

 

 

December 31, 2020

 

Assets

 

 

 

 

 

 

Cash and cash equivalents

 

$

415,839

 

 

$

329,063

 

Restricted cash

 

 

1,835

 

 

 

1,845

 

Accounts receivable, net of allowance

 

 

66,021

 

 

 

40,802

 

Due from related parties

 

 

57

 

 

 

289

 

Fixed assets, net of accumulated depreciation and amortization

 

 

11,383

 

 

 

17,189

 

Intangible assets, net of accumulated amortization

 

 

33,997

 

 

 

38,932

 

Goodwill

 

 

34,383

 

 

 

34,383

 

Prepaid expenses and other assets

 

 

37,621

 

 

 

25,792

 

Right-of-use lease assets

 

 

44,162

 

 

 

53,444

 

Deferred tax asset, net

 

 

18,362

 

 

 

1,214

 

Total assets

 

$

663,660

 

 

$

542,953

 

Liabilities and Equity

 

 

 

 

 

 

Accrued compensation and benefits

 

$

265,130

 

 

$

213,524

 

Deferred compensation programs

 

 

13,798

 

 

 

17,208

 

Accounts payable, accrued expenses and other liabilities

 

 

29,848

 

 

 

22,246

 

Deferred revenue

 

 

5,939

 

 

 

10,598

 

Lease liabilities

 

 

47,888

 

 

 

58,229

 

Debt, net of unamortized debt discounts and issuance costs

 

 

-

 

 

 

146,965

 

Warrant liabilities

 

 

24,966

 

 

 

-

 

Amount due pursuant to tax receivable agreement

 

 

14,108

 

 

 

-

 

Total liabilities

 

 

401,677

 

 

 

468,770

 

Commitments and Contingencies (Note 18)

 

 

 

 

 

 

Class A common stock, par value $0.0001 per share (1,500,000,000 shares authorized, 43,492,498 issued and 42,492,498 outstanding at September 30, 2021)

 

$

4

 

 

$

-

 

Class B common stock, par value $0.0001 per share (600,000,000 shares authorized, 50,154,199 issued and outstanding at September 30, 2021)

 

 

5

 

 

 

-

 

Additional paid-in-capital

 

 

152,308

 

 

 

-

 

Retained earnings (accumulated deficit)

 

 

(13,336

)

 

 

-

 

Accumulated other comprehensive income (loss)

 

 

(1,774

)

 

 

(2,326

)

Treasury stock, at cost (1,000,000 shares at September 30, 2021)

 

 

(12,000

)

 

 

-

 

Partners’ capital

 

 

-

 

 

 

76,509

 

Total Perella Weinberg Partners equity / Partners’ capital

 

 

125,207

 

 

 

74,183

 

Non-controlling interests

 

 

136,776

 

 

 

-

 

Total equity

 

 

261,983

 

 

 

74,183

 

Total liabilities and equity

 

$

663,660

 

 

$

542,953

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements (unaudited).

 

 

4


 

 

Perella Weinberg Partners

Condensed Consolidated Statements of Operations

(Unaudited)

(Dollars in Thousands, Except Per Share Amounts)

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenues

 

$

177,427

 

 

$

122,844

 

 

$

602,749

 

 

$

329,841

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

Compensation and benefits

 

 

113,322

 

 

 

84,785

 

 

 

387,196

 

 

 

229,550

 

Equity-based compensation

 

 

38,050

 

 

 

6,120

 

 

 

51,272

 

 

 

18,484

 

Total compensation and benefits

 

 

151,372

 

 

 

90,905

 

 

 

438,468

 

 

 

248,034

 

Professional fees

 

 

11,006

 

 

 

6,116

 

 

 

28,954

 

 

 

34,479

 

Technology and infrastructure

 

 

7,368

 

 

 

6,969

 

 

 

21,465

 

 

 

20,207

 

Rent and occupancy

 

 

6,773

 

 

 

6,984

 

 

 

20,068

 

 

 

20,802

 

Travel and related expenses

 

 

1,629

 

 

 

391

 

 

 

3,505

 

 

 

4,981

 

General, administrative and other expenses

 

 

6,127

 

 

 

6,096

 

 

 

12,005

 

 

 

12,457

 

Depreciation and amortization

 

 

3,479

 

 

 

3,851

 

 

 

11,081

 

 

 

11,645

 

Total expenses

 

 

187,754

 

 

 

121,312

 

 

 

535,546

 

 

 

352,605

 

Operating income (loss)

 

 

(10,327

)

 

 

1,532

 

 

 

67,203

 

 

 

(22,764

)

Non-operating income (expenses)

 

 

 

 

 

 

 

 

 

 

 

 

Related party income

 

 

1,529

 

 

 

2,412

 

 

 

5,303

 

 

 

7,183

 

Other income (expense)

 

 

2,564

 

 

 

(126

)

 

 

1,236

 

 

 

2,724

 

Change in fair value of warrant liabilities

 

 

(3,006

)

 

 

-

 

 

 

(2,058

)

 

 

-

 

Loss on debt extinguishment

 

 

-

 

 

 

-

 

 

 

(39,408

)

 

 

-

 

Interest expense

 

 

(72

)

 

 

(3,913

)

 

 

(7,536

)

 

 

(11,883

)

Total non-operating income (expenses)

 

 

1,015

 

 

 

(1,627

)

 

 

(42,463

)

 

 

(1,976

)

Income (loss) before income taxes

 

 

(9,312

)

 

 

(95

)

 

 

24,740

 

 

 

(24,740

)

Income tax benefit (expense)

 

 

(150

)

 

 

(974

)

 

 

(2,695

)

 

 

(2,518

)

Net income (loss)

 

 

(9,462

)

 

$

(1,069

)

 

 

22,045

 

 

$

(27,258

)

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

 

 

(12,938

)

 

 

 

 

 

31,068

 

 

 

 

Net income (loss) attributable to Perella Weinberg Partners

 

$

3,476

 

 

 

 

 

$

(9,023

)

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.08

 

 

 

 

 

$

(0.21

)

 

 

 

Diluted

 

$

(0.09

)

 

 

 

 

$

(0.40

)

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

42,572,813

 

 

 

 

 

 

42,599,954

 

 

 

 

Diluted

 

 

92,727,012

 

 

 

 

 

 

92,754,153

 

 

 

 

(1)
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, as defined in Note 1 – Organization and Nature of Business. For more information, refer to Note 15 – Net Income (Loss) Per Share Attributable to Class A Common Shareholders.

The accompanying notes are an integral part of these condensed consolidated financial statements (unaudited).

 

5


 

 

Perella Weinberg Partners

Condensed Consolidated Statements of Comprehensive Income (Loss)

(Unaudited)

(Dollars in Thousands)

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net income (loss)

 

$

(9,462

)

 

$

(1,069

)

 

$

22,045

 

 

$

(27,258

)

Foreign currency translation gain (loss)

 

 

(2,086

)

 

 

2,839

 

 

 

(1,542

)

 

 

348

 

Comprehensive income (loss)

 

 

(11,548

)

 

$

1,770

 

 

 

20,503

 

 

$

(26,910

)

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

 

 

(14,068

)

 

 

 

 

 

30,474

 

 

 

 

Comprehensive income (loss) attributable to Perella Weinberg Partners

 

$

2,520

 

 

 

 

 

$

(9,971

)

 

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements (unaudited).

6


 

 

Perella Weinberg Partners

Condensed Consolidated Statements of Changes in Equity

(Unaudited)

(Dollars in Thousands)

 

 

 

 

 

Shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Partners’
Capital

 

 

Class A
Common
Stock

 

 

Class B
Common
Stock

 

 

Treasury
Stock

 

 

Class A
Common
Stock

 

 

Class B
Common
Stock

 

 

Treasury
Stock

 

 

Additional
Paid-In
Capital

 

 

Retained
Earnings
(Accumulated
Deficit)

 

 

Accumulated
Other
Comprehensive
Income (Loss)

 

 

Non-
Controlling
Interests

 

 

Total
Equity

 

Balance at December 31, 2019

 

$

87,725

 

 

 

-

 

 

 

-

 

 

 

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

(5,820

)

 

$

-

 

 

$

81,905

 

Cumulative effect of accounting change

 

 

(188

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(188

)

Net income (loss)

 

 

(4,062

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(4,062

)

Equity-based compensation

 

 

6,185

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

6,185

 

Distributions to partners

 

 

(9,429

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(9,429

)

Other

 

 

(44

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(44

)

Foreign currency translation gain (loss)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(2,612

)

 

 

-

 

 

 

(2,612

)

Balance at March 31, 2020

 

$

80,187

 

 

 

-

 

 

 

-

 

 

 

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

(8,432

)

 

$

-

 

 

$

71,755

 

Net income (loss)

 

 

(22,127

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(22,127

)

Equity-based compensation

 

 

6,179

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

6,179

 

Other

 

 

(26

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(26

)

Foreign currency translation gain (loss)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

121

 

 

 

-

 

 

 

121

 

Balance at June 30, 2020

 

$

64,213

 

 

 

-

 

 

 

-

 

 

 

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

(8,311

)

 

$

-

 

 

$

55,902

 

Net income (loss)

 

 

(1,069

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(1,069

)

Equity-based compensation

 

 

6,120

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

6,120

 

Distributions to partners

 

 

(2,360

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(2,360

)

Other

 

 

567

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

567

 

Foreign currency translation gain (loss)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

2,839

 

 

 

-

 

 

 

2,839

 

Balance at September 30, 2020

 

$

67,471

 

 

 

-

 

 

 

-

 

 

 

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

(5,472

)

 

$

-

 

 

$

61,999

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements (unaudited).

 

 

 

 

 

7


 

 

Perella Weinberg Partners

Condensed Consolidated Statements of Changes in Equity

(Unaudited)

(Dollars in Thousands)

 

 

 

 

 

Shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Partners’
Capital

 

 

Class A
Common
Stock

 

 

Class B
Common
Stock

 

 

Treasury
Stock

 

 

Class A
Common
Stock

 

 

Class B
Common
Stock

 

 

Treasury
Stock

 

 

Additional
Paid-In
Capital

 

 

Retained
Earnings
(Accumulated
Deficit)

 

 

Accumulated
Other
Comprehensive
Income (Loss)

 

 

Non-
Controlling
Interests

 

 

Total
Equity

 

Balance at December 31, 2020

 

$

76,509

 

 

 

-

 

 

 

-

 

 

 

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

(2,326

)

 

$

-

 

 

$

74,183

 

Net income (loss)

 

 

22,507

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

22,507

 

Equity-based compensation

 

 

6,157

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

6,157

 

Distributions to partners

 

 

(9,816

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(9,816

)

Other

 

 

384

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

384

 

Foreign currency translation gain (loss)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

228

 

 

 

-

 

 

 

228

 

Balance at March 31, 2021

 

$

95,741

 

 

 

-

 

 

 

-