0001777835-22-000094 | 10-Q | XBRL Viewer | Perella Weinberg Partners

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Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2022	Nov. 02, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	001-39558
Entity Registrant Name	PERELLA WEINBERG PARTNERS
Entity Incorporation State Country Code	DE
Entity Tax Identification Number	84-1770732
Entity Address, Address Line One	767 Fifth Avenue
Entity Address City Or Town	New York
Entity Address State Or Province	NY
Entity Address, Postal Zip Code	10153
City Area Code	212
Local Phone Number	287-3200
Title of 12(b) Security	Class A Common Stock, par value $0.0001 per share
Trading Symbol	PWP
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Central Index Key	0001777835
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false
Class A Common Stock, par value $0.0001 per share
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		42,375,596
Class B Common Stock, par value $0.0001 per share
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		44,925,877

Condensed Consolidated Statements of Financial Condition (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Assets
Cash and cash equivalents	$ 142,854	$ 502,773
Restricted cash	2,659	2,002
Investments in short-term marketable debt securities	138,863	0
Accounts receivable, net of allowance	46,690	46,914
Due from related parties	3,572	4,225
Fixed assets, net of accumulated depreciation and amortization	20,517	10,362
Intangible assets, net of accumulated amortization	27,417	32,352
Goodwill	34,383	34,383
Prepaid expenses and other assets	26,398	24,313
Right-of-use lease assets	155,824	39,912
Deferred tax assets, net	32,422	21,091
Total assets	631,599	718,327
Liabilities and Equity
Accrued compensation and benefits	130,136	311,500
Deferred compensation programs	5,559	11,221
Accounts payable, accrued expenses and other liabilities	34,432	31,048
Deferred revenue	3,873	7,845
Lease liabilities	159,635	43,448
Warrant liabilities	0	27,805
Amount due pursuant to tax receivable agreement	23,782	14,108
Total liabilities	357,417	446,975
Commitments and Contingencies (Note 18)
Additional paid-in-capital	225,978	158,131
Retained earnings (accumulated deficit)	(12,209)	(18,075)
Accumulated other comprehensive income (loss)	(8,293)	(1,746)
Treasury stock, at cost (8,701,555 and 1,000,000 shares of Class A common stock at September 30, 2022 and December 31, 2021, respectively)	(65,488)	(12,000)
Total Perella Weinberg Partners equity	139,997	126,319
Non-controlling interests	134,185	145,033
Total equity	274,182	271,352
Total liabilities and equity	631,599	718,327
Class A common stock
Liabilities and Equity
Common stock value	5	4
Class B common stock
Liabilities and Equity
Common stock value	$ 4	$ 5

Condensed Consolidated Statements of Financial Condition (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2022	Dec. 31, 2021
Class A common stock
Common stock par value (in Dollars per Share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in Shares)	1,500,000,000	1,500,000,000
Common stock, shares issued (in Shares)	51,810,154	43,649,319
Common stock shares outstanding (in Shares)	43,108,599	42,649,319
Treasury stock, shares (in Shares)	8,701,555	1,000,000
Class B common stock
Common stock par value (in Dollars per Share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in Shares)	600,000,000	600,000,000
Common stock, shares issued (in Shares)	44,925,877	50,154,199
Common stock shares outstanding (in Shares)	44,925,877	50,154,199

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2022

Sep. 30, 2021

Sep. 30, 2022

Sep. 30, 2021

Income Statement [Abstract]

Revenues

$ 145,379

$ 177,427

$ 448,359

$ 602,749

Expenses

Compensation and benefits

86,260

113,322

264,092

387,196

Equity-based compensation

36,999

38,050

114,316

51,272

Total compensation and benefits

123,259

151,372

378,408

438,468

Professional fees

8,180

11,006

25,902

28,954

Technology and infrastructure

7,337

7,368

22,414

21,465

Rent and occupancy

6,404

6,773

17,511

20,068

Travel and related expenses

2,912

1,629

8,847

3,505

General, administrative and other expenses

3,648

6,127

15,414

12,005

Depreciation and amortization

2,457

3,479

8,053

11,081

Total expenses

154,197

187,754

476,549

535,546

Operating income (loss)

(8,818)

(10,327)

(28,190)

67,203

Non-operating income (expenses)

Related party income

740

1,529

2,248

5,303

Other income (expense)

6,152

2,564

11,908

1,236

Change in fair value of warrant liabilities

(6,294)

(3,006)

15,806

(2,058)

Loss on debt extinguishment

(39,408)

Interest expense

(69)

(72)

(206)

(7,536)

Total non-operating income (expenses)

529

1,015

29,756

(42,463)

Income (loss) before income taxes

(8,289)

(9,312)

1,566

24,740

Income tax benefit (expense)

(4,570)

(150)

(10,707)

(2,695)

Net income (loss)

(12,859)

(9,462)

(9,141)

22,045

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

(13,999)

(12,938)

(28,440)

31,068

Net income (loss) attributable to Perella Weinberg Partners

$ 1,140

$ 3,476

$ 19,299

$ (9,023)

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

Basic (in Dollars per Share)

^[1]

$ 0.03

$ 0.08

$ 0.44

$ (0.21)

Diluted (in Dollars per Share)

^[1]

$ (0.19)

$ (0.09)

$ (0.19)

$ (0.40)

Weighted-average shares of Class A common stock outstanding

Basic (in Shares)

^[1]

42,263,427

42,572,813

44,241,794

42,599,954

Diluted (in Shares)

^[1]

87,745,776

92,727,012

90,535,232

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.

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (12,859)	$ (9,462)	$ (9,141)	$ 22,045
Foreign currency translation gain (loss)	(6,129)	(2,086)	(13,408)	(1,542)
Comprehensive income (loss)	(18,988)	(11,548)	(22,549)	20,503
Less: Comprehensive income (loss) attributable to non-controlling interests	(17,169)	(14,068)	(35,300)	30,474
Comprehensive income (loss) attributable to Perella Weinberg Partners	$ (1,819)	$ 2,520	$ 12,751	$ (9,971)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

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+ Details

Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Thousands	Total	Class A common stock	Class B common stock	Common Stock Class A common stock	Common Stock Class B common stock	Treasury Stock	Additional Paid-In Capital	Retained Earnings (Accumulated Deficit)	Accumulated Other Comprehensive Income (Loss)	Non- Controlling Interests	Limited Partner
Beginning Balance at Dec. 31, 2020											$ 76,509
Beginning Balance (in Shares) at Dec. 31, 2020				0	0
Beginning treasury stock balance (in shares) at Dec. 31, 2020						0
Beginning Balance at Dec. 31, 2020	$ 74,183			$ 0	$ 0	$ 0	$ 0	$ 0	$ (2,326)	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	22,507										22,507
Equity-based awards	6,157										6,157
Distributions to partners	(9,816)										(9,816)
Foreign currency translation gain (loss)	228								228
Other	384										384
Ending Balance at Mar. 31, 2021											95,741
Ending Balance (in Shares) at Mar. 31, 2021				0	0
Ending treasury stock balance (in shares) at Mar. 31, 2021						0
Ending Balance at Mar. 31, 2021	93,643			$ 0	$ 0	$ 0	0	0	(2,098)	0
Beginning Balance at Dec. 31, 2020											76,509
Beginning Balance (in Shares) at Dec. 31, 2020				0	0
Beginning treasury stock balance (in shares) at Dec. 31, 2020						0
Beginning Balance at Dec. 31, 2020	74,183			$ 0	$ 0	$ 0	0	0	(2,326)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	22,045
Liability awards reclassification to equity	3,912
Dividends declared ($0.07 per share of Class A common stock)		$ (4,300)
Foreign currency translation gain (loss)	(1,542)
Ending Balance at Sep. 30, 2021											0
Ending Balance (in Shares) at Sep. 30, 2021				43,492,498	50,154,199
Ending treasury stock balance (in shares) at Sep. 30, 2021						(1,000,000)
Ending Balance at Sep. 30, 2021	261,983			$ 4	$ 5	$ (12,000)	152,308	(13,336)	(1,774)	136,776
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividend declared (in Dollars per Share)		$ 0.07
Beginning Balance at Mar. 31, 2021											95,741
Beginning Balance (in Shares) at Mar. 31, 2021				0	0
Beginning treasury stock balance (in shares) at Mar. 31, 2021						0
Beginning Balance at Mar. 31, 2021	93,643			$ 0	$ 0	$ 0	0	0	(2,098)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	37,350										37,350
Equity-based awards	5,604										5,604
Distributions to partners	(37,573)										(37,573)
Foreign currency translation gain (loss)	298								298
Other	(10)										(10)
Ending Balance (in Shares) at Jun. 24, 2021		42,956,667	50,154,199
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(28,350)							(12,499)		(15,851)
Equity-based awards	1,461						1,461
Foreign currency translation gain (loss)	18								8	10
Effect of Business Combination	188,322			$ 4	$ 5		133,832		974	154,619	(101,112)
Effect of business combination (in shares)				42,956,667	50,154,199
Ending Balance at Jun. 30, 2021											0
Ending Balance (in Shares) at Jun. 30, 2021				42,956,667	50,154,199
Ending treasury stock balance (in shares) at Jun. 30, 2021						0
Ending Balance at Jun. 30, 2021	260,763			$ 4	$ 5	$ 0	135,293	(12,499)	(818)	138,778
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(9,462)							3,476		(12,938)
Equity-based awards	38,227
Equity-based awards							21,094			17,133
Distributions to partners	(7,007)									(7,007)
Liability awards reclassification to equity	3,912						3,912
Issuance of Class A common stock for vested PWP incentive plan awards (in shares)				535,831
Withholding payments on vested PWP Incentive Plan Awards	(7,983)						(7,983)
Dividends declared ($0.07 per share of Class A common stock)	(4,200)	$ (4,300)					113	(4,313)
Foreign currency translation gain (loss)	(2,086)								(956)	(1,130)
Other	1,819						879			940
Treasury stock purchase (in Shares)						(1,000,000)
Treasury stock purchase	(12,000)					$ (12,000)
Change in ownership interests	0						(1,000)			1,000
Ending Balance at Sep. 30, 2021											$ 0
Ending Balance (in Shares) at Sep. 30, 2021				43,492,498	50,154,199
Ending treasury stock balance (in shares) at Sep. 30, 2021						(1,000,000)
Ending Balance at Sep. 30, 2021	261,983			$ 4	$ 5	$ (12,000)	152,308	(13,336)	(1,774)	136,776
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividend declared (in Dollars per Share)		$ 0.07
Beginning Balance (in Shares) at Dec. 31, 2021		42,649,319	50,154,199	43,649,319	50,154,199
Beginning treasury stock balance (in shares) at Dec. 31, 2021		(1,000,000)				(1,000,000)
Beginning Balance at Dec. 31, 2021	271,352			$ 4	$ 5	$ (12,000)	158,131	(18,075)	(1,746)	145,033
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	1,052							8,894		(7,842)
Equity-based awards	41,405						22,695			18,710
Distributions to partners	(15,823)
Issuance of Class A common stock for vested PWP incentive plan awards (in shares)				601,098
Withholding payments on vested PWP Incentive Plan Awards	(6,075)						(6,075)
Dividends declared ($0.07 per share of Class A common stock)	(4,113)						116	(4,229)
Foreign currency translation gain (loss)	(2,102)								(1,040)	(1,062)
Other	1,999						734			1,265
Issuance of Class A common stock and exchange of PWP OpCo Units with corresponding Class B common stock for cash using Offering proceeds (Note 11—Stockholders' Equity) (in shares)				3,502,033	(3,498,534)
Issuance of Class A common stock and exchange of PWP OpCo Units with corresponding Class B common stock for cash using Offering proceeds (Note 11—Stockholders' Equity)	(537)			$ 1			(538)
Exchange of PWP OpCo Units and corresponding Class B common stock for Class A common stock (Note 11—Stockholders' Equity) (in shares)				337,048	(336,712)
Exchange of PWP OpCo Units and corresponding Class B common stock for Class A common stock (Note 11—Stockholders' Equity)	17						17
Treasury stock purchase (in Shares)						(172,303)
Treasury stock purchase	(1,598)					$ (1,598)
Change in ownership interests	0						4,665			(4,665)
Ending Balance (in Shares) at Mar. 31, 2022				48,089,498	46,318,953
Ending treasury stock balance (in shares) at Mar. 31, 2022						(1,172,303)
Ending Balance at Mar. 31, 2022	285,577			$ 5	$ 5	$ (13,598)	179,745	(13,410)	(2,786)	135,616
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividend declared (in Dollars per Share)		$ 0.07
Beginning Balance (in Shares) at Dec. 31, 2021		42,649,319	50,154,199	43,649,319	50,154,199
Beginning treasury stock balance (in shares) at Dec. 31, 2021		(1,000,000)				(1,000,000)
Beginning Balance at Dec. 31, 2021	271,352			$ 4	$ 5	$ (12,000)	158,131	(18,075)	(1,746)	145,033
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(9,141)
Liability awards reclassification to equity	0
Dividends declared ($0.07 per share of Class A common stock)		$ (13,400)
Foreign currency translation gain (loss)	(13,408)
Treasury stock purchase (in Shares)		(7,729,666)
Treasury stock purchase		$ (53,800)
Ending Balance (in Shares) at Sep. 30, 2022		43,108,599	44,925,877	51,810,154	44,925,877
Ending treasury stock balance (in shares) at Sep. 30, 2022		(8,701,555)				(8,701,555)
Ending Balance at Sep. 30, 2022	274,182			$ 5	$ 4	$ (65,488)	225,978	(12,209)	(8,293)	134,185
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividend declared (in Dollars per Share)		$ 0.21
Beginning Balance (in Shares) at Mar. 31, 2022				48,089,498	46,318,953
Beginning treasury stock balance (in shares) at Mar. 31, 2022						(1,172,303)
Beginning Balance at Mar. 31, 2022	285,577			$ 5	$ 5	$ (13,598)	179,745	(13,410)	(2,786)	135,616
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	2,666							9,265		(6,599)
Equity-based awards	36,957						18,432			18,525
Distributions to partners	(2,856)
Issuance of Class A common stock for vested PWP incentive plan awards (in shares)				66,116
Withholding payments on vested PWP Incentive Plan Awards	(359)						(359)
Dividends declared ($0.07 per share of Class A common stock)	(4,555)						134	(4,689)
Foreign currency translation gain (loss)	(5,177)								(2,548)	(2,629)
Other	(14)						(8)			(6)
Exchange of PWP OpCo Units and corresponding Class B common stock for Class A common stock (Note 11—Stockholders' Equity) (in shares)				629,591	(628,965)
Exchange of PWP OpCo Units and corresponding Class B common stock for Class A common stock (Note 11—Stockholders' Equity)	263						263
Treasury stock purchase (in Shares)						(6,267,904)
Treasury stock purchase	(43,689)					$ (43,689)
Change in ownership interests	0						5,654			(5,654)
Ending Balance (in Shares) at Jun. 30, 2022				48,785,205	45,689,988
Ending treasury stock balance (in shares) at Jun. 30, 2022						(7,440,207)
Ending Balance at Jun. 30, 2022	268,813			$ 5	$ 5	$ (57,287)	203,861	(8,834)	(5,334)	136,397
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividend declared (in Dollars per Share)		$ 0.07
Net income (loss)	(12,859)							1,140		(13,999)
Equity-based awards	37,608						18,860			18,748
Distributions to partners	(10,052)									(10,052)
Issuance of Class A common stock for vested PWP incentive plan awards (in shares)		694,128				28,111
Issuance of Class A common stock for vested PWP Incentive Plan Awards	0					$ 337	(337)
Withholding payments on vested PWP Incentive Plan Awards	(2,704)						(2,704)
Dividends declared ($0.07 per share of Class A common stock)	(4,378)	$ (4,500)					137	(4,515)
Foreign currency translation gain (loss)	(6,129)								(2,959)	(3,170)
Other	(24)						(11)			(13)
Exchange of PWP OpCo Units and corresponding Class B common stock for Class A common stock (Note 11—Stockholders' Equity) (in shares)				764,873	(764,111)
Exchange of PWP OpCo Units and corresponding Class B common stock for Class A common stock (Note 11—Stockholders' Equity)	446				$ (1)		447
Warrant exchanges for Class A common stock (in Shares)				1,565,948
Warrant exchange for Class A common stock	11,999						11,999
Treasury stock purchase (in Shares)		(1,289,459)				(1,289,459)
Treasury stock purchase	(8,538)	$ (8,500)				$ (8,538)
Change in ownership interests							(6,274)			6,274
Ending Balance (in Shares) at Sep. 30, 2022		43,108,599	44,925,877	51,810,154	44,925,877
Ending treasury stock balance (in shares) at Sep. 30, 2022		(8,701,555)				(8,701,555)
Ending Balance at Sep. 30, 2022	$ 274,182			$ 5	$ 4	$ (65,488)	$ 225,978	$ (12,209)	$ (8,293)	$ 134,185
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividend declared (in Dollars per Share)		$ 0.07

Condensed Consolidated Statements of Changes in Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended				9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Class A common stock
Dividend declared (in Dollars per Share)	$ 0.07	$ 0.07	$ 0.07	$ 0.07	$ 0.21	$ 0.07

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities
Net income (loss)	$ (9,141)	$ 22,045
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Loss on debt extinguishment	0	39,408
Equity-based awards vesting expense	115,970	51,449
Depreciation and amortization	8,053	11,081
Amortization of debt discounts and deferred financing costs	111	2,049
Change in fair value of warrant liabilities	(15,806)	2,058
Foreign currency revaluation	(9,287)	0
Non-cash operating lease expense	11,724	13,036
Deferred taxes	(1,395)	(953)
Other	1,126	(136)
Decrease (increase) in operating assets:
Accounts receivable, net of allowance	(3,629)	(25,730)
Due from related parties	654	557
Prepaid expenses and other assets	(3,235)	(15,615)
Increase (decrease) in operating liabilities:
Accrued compensation and benefits	(173,160)	57,038
Deferred compensation programs	(3,084)	(3,340)
Accounts payable, accrued expenses and other liabilities	(2,708)	(8,694)
Deferred revenue	(3,423)	(4,642)
Lease liabilities	(11,462)	(13,570)
Net cash provided by (used in) operating activities	(98,692)	126,041
Cash flows from investing activities
Purchases of fixed assets	(8,226)	(684)
Purchases of investments in short-term marketable debt securities	(139,180)	0
Other	0	(978)
Net cash provided by (used in) investing activities	(147,406)	(1,662)
Cash flows from financing activities
Proceeds from Business Combination, including PIPE Investment	0	355,021
Payment of Business Combination costs	0	(20,570)
Principal payment on Revolving Credit Facility	0	(27,690)
Redemption of Convertible Notes	0	(160,930)
Redemption of partners’ interests	0	(104,540)
Proceeds from the Offering, net of underwriting discount	36,526	0
Exchange of PWP OpCo Units and corresponding Class B common stock for cash using Offering proceeds	(36,526)	0
Payment of offering costs	(1,318)	0
Distributions to partners	(28,731)	(54,396)
Dividends paid on Class A and Class B common stock	(9,874)	(2,978)
Withholding payments for vested PWP Incentive Plan Awards	(9,138)	(7,983)
Treasury stock purchases	(53,580)	(12,000)
Debt issuance costs	0	(361)
Proceeds from partner promissory notes	0	1,757
Net cash provided by (used in) financing activities	(102,641)	(34,670)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(10,523)	(2,943)
Net increase (decrease) in cash, cash equivalents and restricted cash	(359,262)	86,766
Cash, cash equivalents and restricted cash, beginning of period	504,775	330,908
Cash, cash equivalents and restricted cash, end of period	145,513	417,674
Supplemental disclosure of non-cash activities
Lease liabilities arising from obtaining right-of-use lease assets	131,586	4,000
Accrued dividends and dividend equivalent units on unvested PWP Incentive Plan Awards	4,107	1,335
Non-cash paydown of Partner promissory notes	2,567	0
Deferred tax effect resulting from exchanges of PWP OpCo Units, net of amounts payable under tax receivable agreement	1,514	0
Accrued treasury stock purchases	245	0
Pending broker-to-broker trades	0	12,815
Liability awards reclassification to equity	0	3,912
Net assets of deconsolidated affiliate	0	394
Supplemental disclosures of cash flow information
Cash paid for income taxes	15,208	3,660
Cash paid for interest	$ 95	$ 5,483

Organization and Nature of Business	9 Months Ended
Organization and Nature of Business	Sep. 30, 2022
Organization and Nature of Business Abstract
Organization and Nature of Business	Note 1—Organization and Nature of Business Perella Weinberg Partners and its consolidated subsidiaries, including PWP Holdings LP (“PWP OpCo”) (collectively, “PWP” and the “Company”), is a global independent advisory firm that provides strategic and financial advice to a wide range of clients. The Company’s activities as an investment banking advisory firm constitute a single business segment that provides a range of advisory services related to mission-critical strategic and financial decisions, mergers and acquisitions advice and execution, capital markets advisory, shareholder and defense advisory, capital structure and restructuring, underwriting, equity research and private capital raising. Perella Weinberg Partners (formerly known as FinTech Acquisition Corp. IV (“FTIV”)) was incorporated in Delaware on November 20, 2018 as a special purpose acquisition company for the purpose of acquiring through a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or other similar business transaction, one or more businesses or assets. On June 24, 2021 (the “Closing Date” or “Closing”), the Company consummated a business combination pursuant to that certain Business Combination Agreement, dated as of December 29, 2020, by and among FTIV, FinTech Investor Holdings IV, LLC, FinTech Masala Advisors, LLC (together with FinTech Investor Holdings IV, LLC, the “Sponsor”), PWP OpCo, PWP GP LLC, PWP Professional Partners LP (“Professional Partners”), and Perella Weinberg Partners LLC (“Professionals GP”) (the “Business Combination Agreement”). As contemplated by the Business Combination Agreement, (i) FTIV acquired certain partnership interests in PWP OpCo, (ii) PWP OpCo became jointly-owned by Perella Weinberg Partners, Professional Partners and certain existing partners of PWP OpCo, and (iii) PWP OpCo serves as the Company’s 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”). See Note 3—Business Combination for additional discussion related to the transaction. The operations of PWP OpCo are conducted through a wholly-owned subsidiary, Perella Weinberg Partners Group LP (“PWP Group”), and its subsidiaries which are consolidated in these financial statements. PWP GP LLC is the general partner that controls PWP OpCo. The limited partner interests of PWP OpCo are held by Investor Limited Partners (the “ILPs”) and Professional Partners. The Company shareholders are entitled to receive a portion of PWP OpCo’s economics through their direct ownership interests in shares of Class A common stock of PWP. The non-controlling interest owners of PWP OpCo receive economics through ownership of PWP OpCo Class A partnership units (“PWP OpCo Units”). See Note 11—Stockholders' Equity for additional information.

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2022

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 2—Summary of Significant Accounting Policies

Basis of Presentation

The unaudited condensed consolidated financial statements reflect the financial condition, results of operations and cash flows of the Company and have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). All intercompany balances and transactions between the consolidated subsidiaries comprising the Company have been eliminated in the accompanying condensed consolidated financial statements.

The Business Combination was treated as a reverse recapitalization transaction between entities under common control, whereby PWP OpCo was considered the accounting acquirer and predecessor entity and therefore recognized the carrying value of the net assets of FTIV as an equity contribution with no incremental goodwill or intangible assets. The historical operations of PWP OpCo are deemed to be those of the Company. Thus, the condensed consolidated financial statements included in this Quarterly Report on Form 10-Q reflect (i) the historical operating results of PWP OpCo prior to the Business Combination and (ii) the combined results of the Company following the Business Combination. See Note 3—Business Combination for additional discussion related to the transaction.

These condensed consolidated financial statements and notes thereto are unaudited, and as permitted by the interim reporting rules and regulations set forth by the Securities and Exchange Commission (the “SEC”), exclude certain financial information and note disclosures normally included in annual audited financial statements prepared in accordance with U.S. GAAP. Accordingly, these condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2021 included in Amendment No. 1 to the Company’s Annual Report on Form 10-K/A. The condensed consolidated financial statements reflect all material adjustments of a normal recurring nature that, in the opinion of management, are necessary for a fair presentation of the results for the interim periods.

Consolidation

The Company’s policy is to consolidate entities in which the Company has a controlling financial interest and variable interest entities where the Company is deemed to be the primary beneficiary. The Company is deemed to be the primary beneficiary of a variable interest entity (“VIE”) when it has both (i) the power to make the decisions that most significantly affect the economic performance of the VIE and (ii) the obligation to absorb significant losses or the right to receive benefits that could potentially be significant to the VIE. PWP is the primary beneficiary of and consolidates PWP OpCo, a VIE. As of September 30, 2022 and December 31, 2021, the net assets of PWP OpCo were $263.1 million and $268.5 million, respectively. As of September 30, 2022 and December 31, 2021, the Company did not consolidate any VIEs other than PWP OpCo.

Use of Estimates

The preparation of the condensed consolidated financial statements and related disclosures in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Estimates and the assumptions underlying these estimates are reviewed periodically, and the effects of revisions are reflected in the period in which they are determined to be necessary.

In preparing the condensed consolidated financial statements, management makes estimates regarding the following:

•measurement of amount due pursuant to the tax receivable agreement;

•measurement and timing of revenue recognition;

•adequacy of the allowance for credit losses;

•measurement and realization of deferred taxes;

•measurement of equity-based awards;

•evaluation of goodwill and intangible assets;

•fair value measurement of financial instruments; and

•other matters that affect the reported amounts and disclosures of contingencies in the condensed consolidated financial statements.

Cash, Cash Equivalents and Restricted Cash

Cash and cash equivalents includes cash and highly liquid investments with original maturities of three months or less from the date of purchase. As of September 30, 2022 and December 31, 2021, the Company had no cash equivalents. The Company maintains cash with banks and brokerage firms, which from time to time may exceed federally insured limits.

Restricted cash represents cash that is not readily available for general purpose cash needs. As of September 30, 2022 and December 31, 2021, the Company had restricted cash of $2.7 million and $2.0 million, respectively, maintained as collateral for letters of credit related to certain office leases.

A reconciliation of the Company’s cash, cash equivalents and restricted cash as of September 30, 2022 and September 30, 2021 is presented below:


	September 30,
	2022		2021
Cash	$	142,854	$	415,839

Restricted cash	2,659		1,835
Cash, cash equivalents and restricted cash as shown on statements of cash flows	$	145,513	$	417,674

Investments in Short-Term Marketable Debt Securities

The Company invests in short-term marketable debt securities to manage excess liquidity. As of September 30, 2022, these investments consisted solely of U.S. Treasury securities held by a consolidated broker-dealer subsidiary and were carried at fair value with changes in fair value included in Other income (expense) on the Condensed Consolidated Statements of Operations, as is required for broker-dealers. In general, these investments are recorded on the Condensed Consolidated Statements of Financial Condition within Cash and cash equivalents for investments with an original maturity from the date of purchase of three months or less, and within Investments in short-term marketable debt securities for those with original maturities longer than three months but less than one year.

Accounts Receivable

Accounts receivable are presented net of allowance for credit losses based on the Company’s assessment of collectability. The Company regularly reviews its accounts receivable for collectability and an allowance is recognized for credit losses, if required. As of September 30, 2022 and December 31, 2021, $12.8 million and $2.5 million, respectively, of accrued revenue was included in Accounts receivable, net of allowance on the Condensed Consolidated Statements of Financial Condition. These amounts represent amounts due from clients and recognized as revenue in accordance with the Company’s revenue recognition policies but unbilled at the end of the period.

Accounts receivable represent amounts due from clients from various industry and geographic backgrounds. As of September 30, 2022, certain accounts receivable in the aggregate amount of $9.6 million were individually greater than 10% of the Company’s gross accounts receivable and were concentrated with one client. Of that amount, all was subsequently received after September 30, 2022. As of December 31, 2021, certain accounts receivable in the aggregate amount of $13.6 million, were greater than 10% of the Company’s gross accounts receivable and were concentrated with two clients. Of that amount, all was subsequently received after year end.

Allowance for Credit Losses

The Company maintains an allowance for credit losses that, in management’s opinion, provides for an adequate reserve to cover estimated losses on accounts receivable. The Company determines the adequacy of the allowance by estimating the probability of loss based on the Company’s historical credit loss experience of its client receivables and taking into consideration current market conditions and supportable forecasts that affect the collectability of the reported amount. The Company updates its average credit loss rates periodically and maintains a quarterly allowance review process to consider current factors that would require an adjustment to the credit loss allowance. In addition, the Company periodically performs a qualitative assessment to monitor risks associated with current and forecasted conditions that may require an adjustment to the expected credit loss rates. The Company also regularly reviews the age of the receivables, credit worthiness of the client and the current economic conditions that may affect a client’s ability to pay such amounts owed to the Company and as a result, may recognize a specific credit loss reserve. Changes to expected credit losses during the period are included in General, administrative and other expenses in the Condensed Consolidated Statements of Operations. After concluding that a reserved accounts receivable is no longer collectible, the Company reduces both the gross receivable and the allowance for credit losses.

Prepaid Expenses and Other Assets

Generally, prepaid expenses comprise the majority of Prepaid expenses and other assets on the Condensed Consolidated Statements of Financial Condition and represent upfront payments for various services, including subscriptions, cloud computing arrangements, software licenses and insurance, which are amortized over the life, related service period or policy. When applicable, deferred offering costs are also presented within Prepaid expenses and other assets. As of December 31, 2021, Prepaid expenses and other assets included deferred offering costs of $0.9 million related to a primary offering of shares of the Company’s Class A common stock. There were no deferred offering costs included in Prepaid expenses and other assets as of September 30, 2022. Total deferred offering costs of $1.3 million for this primary offering were netted against the proceeds of the offering in Additional paid-in-capital on the Condensed Consolidated Statements of Financial Condition. Refer to Note 11—Stockholders' Equity for additional information regarding this offering.

Income Taxes

Prior to the Business Combination, the Company operated as a partnership, and therefore, was generally not subject to U.S. federal and state corporate income taxes. Subsequent to the Business Combination, PWP is a corporation and is subject to U.S. federal and state corporate income taxes on its proportionate share of taxable income generated by the operating partnership, PWP OpCo, as well as any standalone income (or loss) generated at the PWP entity level. PWP OpCo is treated as a partnership, and as a result, taxable income (or loss) generated by PWP OpCo flows through to its limited partners, including PWP, and is generally not subject to U.S. federal or state income tax at the partnership level. The Company primarily conducts business through entities held by PWP OpCo that are disregarded for U.S. federal and state tax purposes. Certain non-U.S. subsidiaries are subject to income taxes in their respective local jurisdictions, and therefore, the related income tax provision is reported in the Condensed Consolidated Statements of Operations.

The Company accounts for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of differences between the financial reporting bases of assets and liabilities and their respective tax bases, using tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in Income tax benefit (expense) in the period when the change is enacted. Deferred tax assets are reduced by a valuation allowance when it is more-likely-than-not that some portion or all of the deferred tax assets will not be realized. The realization of deferred tax assets is dependent on the amount, timing and character of the Company’s future taxable income. When evaluating the realizability of deferred tax assets, all evidence – both positive and negative – is considered. This evidence includes, but is not limited to, expectations regarding future earnings, future reversals of existing temporary tax differences and tax planning strategies.

The Company analyzes its tax positions for all U.S. federal, state and local tax jurisdictions where it is required to file income tax returns. The Company records unrecognized tax benefits based on whether it is more-likely-than-not that the uncertain tax position will be sustained based on the technical merits of the position. If it is determined that an uncertain tax position is more-likely-than-not to be sustained, the Company records the largest amount of tax benefit that is more than 50% likely to be realized upon ultimate settlement with the related tax authorities. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits in General, administrative and other expenses in the Condensed Consolidated Statements of Operations.

Foreign Currencies

In the normal course of business, the Company and its subsidiaries may enter into transactions denominated in a non-functional currency. The Company recognized net foreign exchange gains (losses) arising from such transactions of $5.6 million and $10.8 million during the three and nine months ended September 30, 2022, respectively, and $2.2 million and $0.4 million during the three and nine months ended September 30, 2021, respectively, which are included in Other income (expense) in the Condensed Consolidated Statements of Operations. In addition, the Company consolidates its foreign subsidiaries that have non-U.S. dollar functional currencies. Non-U.S. dollar denominated assets and liabilities are translated to U.S. dollars at the exchange rate prevailing at the reporting date and income, expenses, gains and losses are generally translated using the average exchange rate throughout the period. Cumulative translation adjustments arising from the translation of non-U.S. dollar denominated operations are included as a component of Accumulated other comprehensive loss in the Condensed Consolidated Statements of Changes in Equity.

Revenue Recognition

The services provided under contracts with clients include transaction-related advisory services, fairness opinion services, research and trading services, and underwriting services, each of which are typically identified as a separate performance obligation in contracts that contain more than one type of service. As discussed in detail below, each performance obligation meets the criteria for either over time or point in time revenue recognition.

Transaction-Related Advisory Services

The Company is contracted to provide different investment banking and advisory services that vary depending on the nature of the contract with each individual client. These transaction-related advisory services include, but are not limited to, providing financial advice and assistance in analyzing, structuring, planning, negotiating and effecting a transaction, providing financial advice with regard to a restructuring of a client’s capital structure, which may or may not result in a court-approved bankruptcy plan, and providing certain ongoing services, including research and analysis on potential targets, identifying potential investors, and financial modeling for potential transactions. Typically, the Company provides such advisory services to its clients to assist with corporate finance activities such as mergers and acquisitions, reorganizations, tender offers, leveraged buyouts, and the pricing of securities to be issued. In most circumstances, the Company considers the nature of the promises in its advisory contracts to comprise of a single performance obligation of providing advisory services to its clients. Although there may be many individual services provided in a typical contract, the individual services are not distinct within the context of the contract; rather the performance of these individual services helps to fulfill one overall performance obligation to deliver advisory services to the client.

The Company recognizes revenue from providing advisory services when or as its performance obligations are fulfilled. The majority of the Company’s advisory revenue is recognized over time. However, certain performance obligations may be recognized at a point in time if the performance obligation represents a singular objective that does not transfer any notable value until formally completed, such as when issuing fairness opinions, which are further discussed below. The Company provides its advisory services on an ongoing basis, which, for example, may include evaluating and selecting one of multiple strategies. During such engagements, the Company’s clients continuously benefit from its advice as the Company is providing financial and strategic advice throughout the engagement, and, accordingly, over time revenue recognition matches the transfer of such benefits.

Although the Company’s transaction-related advisory services meet the criteria for over time revenue recognition, the fee structures often involve an “all or nothing” consideration amount and the associated fees are predominantly considered variable as they are often based on the ultimate transaction value or the outcome ultimately achieved and/or are susceptible to factors outside of the Company’s influence such as third-party negotiations, regulatory approval, court approval, and shareholder votes. Accordingly, a large portion of the fees associated with these services is constrained until substantially all services have been provided, specified conditions have been met and/or certain milestones have been achieved, and it is probable that a significant revenue reversal will not occur in a future period.

In some cases, a portion of the variable fees may be deferred based on the services remaining to be completed, if any (e.g., when announcement fees are earned but additional services are expected to be provided until the transaction closes). The determination of when and to what extent to recognize variable fees may require significant judgment, particularly when milestones are met near the end of a reporting period and in cases where additional services are expected to be provided subsequent to the achievement of the milestone. Fixed fees specified in the Company’s contracts, which may include upfront fees and retainers, are recognized on a systematic basis over the estimated period in which the related services are performed.

Payments for transaction-related advisory services are generally due upon completion of a specified event or, for retainer fees, periodically over the course of the engagement. The Company recognizes a receivable between the date of completion of the event and payment by the client.

Fairness Opinion Services

Although the Company usually provides fairness opinion services in conjunction with and in the same contract as other transaction-related advisory services, fairness opinion services are considered to be a separate performance obligation in such contracts because they could be obtained separately and the Company is able to fulfill its promise to transfer transaction-related advisory services independent from its promise to provide fairness opinion services. The Company typically charges a separate, fixed fee associated with fairness opinion services that represents the standalone selling price of the fairness opinion services. The fee is recognized at the point in time at which the fairness opinion is delivered rather than over the period of time during which the services are being performed because the client does not simultaneously receive and consume the benefit of the Company’s performance to provide the fairness opinion but rather receives the benefit upon delivery of the fairness opinion itself. Payments for fairness opinion services are generally due upon delivery of the fairness opinion. The Company recognizes a receivable between the date of delivery of the fairness opinion and payment by the client.

Research and Trading Services

The Company provides research on the energy and related industries and related equity and commodity markets. The Company’s research clients continuously benefit from the research provided throughout arrangements between the Company and such clients, and accordingly, over time revenue recognition matches the transfer of such benefits. Recipients of this research compensate the Company for these market insights in various ways – by direct payment (the amount of which is typically at the client’s discretion based upon the perceived value of the research services provided), through trades directed through the Company’s trading desk (for commission generation) or through third-party commission sharing agreements. These services are sometimes referred to as “soft-dollar arrangements,” and the amount of payment is typically based on a percentage of commission income generated from the client’s trades executed by the Company. The commission per share and volume of trades are at the client’s discretion based upon the perceived value of the research services and trade execution provided. Generally, the Company does not provide trading services separate and apart from research services (i.e., clients do not typically execute trades through the Company in the normal course of business; rather, trade execution is used as a means to be compensated for research services).

Because fees received for research services, and any associated trading services, are typically at the complete discretion of the client and are based on the value the client perceives in the research services provided, the entire transaction price associated with such services is variable. Accordingly, because of the broad range of possible outcomes and the inability to predict the value the client will ascribe to such services, the Company fully constrains the revenue associated with research services, and any associated trading services, until the uncertainty associated with the variable consideration is subsequently resolved, which is typically upon the earlier of receiving an invoice request from the client or receiving payment from the client.

Underwriting Services

Revenue associated with underwriting services includes management fees, selling concessions and underwriting fees attributable to public and private offerings of equity and debt securities. The nature of the Company’s underwriting services is raising capital on behalf of an issuer and, therefore, is typically accounted for as a single performance obligation. A separate performance obligation is identified in instances in which the contract with the client includes an over-allotment option. The Company’s underwriting services generally do not meet any of the requirements for revenue to be recognized over time, and therefore, the Company typically recognizes underwriting revenue on the pricing date of the offering, which is when the Company receives the pricing wire communication from the lead underwriter detailing the underwriting fees to which the Company is entitled. Similarly, the performance obligation associated with the over-allotment is satisfied at the point in time at which the option is exercised.

The Company’s role in underwriting commitments is usually as a co-manager or passive bookrunner, rather than as the lead underwriter. Accordingly, the Company estimates its share of transaction-related expenses incurred by the underwriting syndicate on the pricing date of the offering and presents these expenses gross within Travel and related expenses in the Condensed Consolidated Statements of Operations. Such amounts are adjusted to reflect actual expenses in the period in which the Company receives the final settlement, typically within 90 days following the closing of the transaction.

Contract Costs and Contract Balances

Incremental costs of obtaining a contract are expensed as incurred as such costs are generally not recoverable. Costs to fulfill contracts consist of out-of-pocket expenses that are part of performing transaction-related advisory services and are typically expensed as incurred as these costs are related to performance obligations that are satisfied over time. The Company is typically reimbursed by the client for certain of these out-of-pocket expenses, which is recorded within Revenues in the Condensed Consolidated Statements of Operations.

The timing of revenue recognition may differ from the timing of payment. The Company records a receivable when revenue is recognized prior to payment and the Company has an unconditional right to payment. The Company records deferred revenue (otherwise known as contract liabilities) when it receives fees from clients that have not yet been earned or when the Company has an unconditional right to consideration before all performance obligations are complete (e.g., receipt of certain announcement, retainer or upfront fees before the performance obligation has been fully satisfied).

Equity-Based Compensation

Equity-based compensation relates to equity-based awards granted to employees and partners of the Company. In all instances of equity-based awards, compensation expense is recognized over the requisite vesting period in an amount equal to the fair value of the awards at the grant date. Equity-based compensation expense for employees and partners are included in Compensation and benefits on the Condensed Consolidated Statements of Operations and equity-based compensation expense for non-employees is included in Professional fees on the Condensed Consolidated Statements of Operations. Refer to Note 13—Equity-Based Compensation for detail of amounts included in each financial statement line item. The Company accounts for forfeitures of awards as they occur rather than applying an estimated forfeiture rate. For an award with service-only conditions that has a graded vesting schedule, the Company recognizes the compensation cost for the entire award on a straight-line basis over the requisite service period, ensuring that the amount recognized is at least equal to the vested portion of the award at each reporting date.

Non-Controlling Interests

For entities that are consolidated but not 100% owned, a portion of the income or loss and equity is allocated to holders of the non-controlling interest. The aggregate of the income or loss and corresponding equity that is owned by the holders of the non-controlling interest is included in non-controlling interest in the condensed consolidated financial statements. Non-controlling interests are presented as a separate component of equity on the Condensed Consolidated Statements of Financial Condition. Net income (loss) includes the net income (loss) attributable to the holders of the non-controlling interests on the Condensed Consolidated Statements of Operations. Profits and losses of PWP OpCo are allocated to the non-controlling interests in proportion to their ownership interest regardless of their basis, with an exception for certain equity-based compensation expense which are fully attributed to non-controlling interests. Refer to Note 13—Equity-Based Compensation for further information.

Recently Adopted Accounting Pronouncements

No changes to U.S. GAAP that went into effect during the nine months ended September 30, 2022 had a material effect on the Company’s condensed consolidated financial statements.

Future Adoption of Accounting Pronouncements

No changes to U.S. GAAP that are not yet effective are expected to have a material effect on the Company’s condensed consolidated financial statements.

Business Combination	9 Months Ended
Business Combination	Sep. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Business Combination	Note 3—Business Combination On June 24, 2021, the Company consummated a business combination pursuant to the Business Combination Agreement dated as of December 29, 2020, by and among the Company (previously FTIV), the Sponsor, PWP OpCo, PWP GP LLC, PWP GP, Professional Partners, and Professionals GP. Pursuant to the Business Combination Agreement, among other things, (i) FTIV acquired certain partnership interests in PWP OpCo, (ii) PWP OpCo became jointly-owned by PWP, Professional Partners and certain existing partners of PWP OpCo, and (iii) PWP OpCo now serves as the Company’s operating partnership as part of an Up-C structure. The Business Combination was treated as a reverse recapitalization transaction between entities under common control, whereby PWP OpCo was considered the accounting acquirer and predecessor entity and therefore recognized the carrying value of the net assets of FTIV as an equity contribution with no incremental goodwill or intangible assets. On December 29, 2020, concurrent with the execution of the Business Combination Agreement, FTIV also entered into subscription agreements with certain private investors (“PIPE Investors”), pursuant to which the PIPE Investors collectively subscribed for 12,500,000 shares of the Company’s Class A common stock for an aggregate purchase price equal to $125.0 million (the “PIPE Investment”), including $1.5 million subscribed by entities related to the Sponsor. The PIPE Investment was consummated concurrently with the Closing. In connection with the consummation of the Business Combination, the following occurred: •Pursuant to the Sponsor Share Surrender and Share Restriction Agreement executed concurrently with the Business Combination Agreement among the Sponsor, FTIV, PWP OpCo and certain other parties (the “Surrender Agreement”), which was amended on May 4, 2021, Sponsor surrendered and forfeited to FTIV 1,023,333 shares of Class B common stock, par value $0.0001 per share, of FTIV; •All outstanding shares of FTIV’s Class B common stock (other than the 1,023,333 shares of FTIV Class B common stock that were forfeited by the Sponsor) were converted into shares of FTIV’s Class A common stock, and FTIV’s outstanding warrants were assumed by the Company and became exercisable for shares of Company Class A common stock on the same terms as were contained in the warrant agreements prior to the Business Combination; •FTIV acquired newly-issued common units of PWP OpCo in exchange for $355.0 million in cash and 42,956,667 shares of Class A common stock. The cash contributed equated to the proceeds from the PIPE Investment and the outstanding cash balances and marketable securities held in a trust account of FTIV as of Closing; •FTIV issued new shares of Class B-1 common stock, which have 10 votes per share and, Class B-2 common stock, which have one vote per share to PWP OpCo, with the Class B-1 common stock being distributed to and owned by Professional Partners and the Class B-2 common stock being distributed to and owned by ILPs, with the number of shares of such common stock issued to PWP OpCo equal the number of PWP OpCo Units that were held by Professional Partners and ILPs, respectively, following the Closing; •Professional Partners contributed the equity interests of PWP GP, the general partner of PWP OpCo, to FTIV; •PWP OpCo repaid all of its indebtedness including $150.0 million of Convertible Notes and $27.7 million of the Revolving Credit Facility, both as defined in Note 10—Debt, as well as accrued interest and applicable premium, resulting in a Loss on debt extinguishment of $39.4 million; •PWP OpCo first redeemed PWP OpCo Units held by certain electing ILPs in the amount of $80.5 million, and second, redeemed PWP OpCo Units held by certain electing former working partners in the amount of $28.6 million; and •FTIV was renamed “Perella Weinberg Partners.” On the date of the Closing, the Company recorded $22.2 million in public warrant liabilities and $0.7 million in private warrant liabilities, which represented their fair value on such date. See Note 12—Warrants for further information. In conjunction with the Business Combination, the Company incurred approximately $2.9 million in transaction expenses, which were recorded in Professional fees on the Condensed Consolidated Statements of Operations, as well as $27.6 million of offering costs which were offset against the proceeds of the Business Combination. The Business Combination resulted in an increase to the Company’s deferred tax assets, with a corresponding payable pursuant to the tax receivable agreement, primarily related to a step-up in the tax basis of certain assets that will be recovered as those assets are amortized. At the time of the Closing, there were 42,956,667 shares of Class A common stock and 50,154,199 shares of Class B common stock outstanding. The number of shares of Class B common stock outstanding corresponds to the number of PWP OpCo Units attributable to the Professional Partners and ILPs. Such PWP OpCo Units are exchangeable into shares of PWP’s Class A common stock on a one-for-one basis and represent the non-controlling ownership interests in the Company. Class B-1 and B-2 common stock have de minimis economic rights. See Note 11—Stockholders' Equity for additional information. Concurrent with the Closing, the Company entered into certain other related agreements which are discussed further in Note 11—Stockholders' Equity and Note 17—Related Party Transactions.

Revenue and Receivables from Contracts with Customers

9 Months Ended

Sep. 30, 2022

Revenue from Contract with Customer [Abstract]

Revenue and Receivables from Contracts with Customers

Note 4—Revenue and Receivables from Contracts with Customers

The following table disaggregates the Company’s revenue between over time and point in time recognition:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Over time	$	144,440	$	167,981	$	440,325	$	562,286
Point in time	939		9,446		8,034		40,463
Total revenues	$	145,379	$	177,427	$	448,359	$	602,749

Reimbursable expenses billed to clients were $0.4 million and $1.7 million for the three and nine months ended September 30, 2022, respectively, and $1.2 million and $4.0 million for the three and nine months ended September 30, 2021, respectively.

Remaining Performance Obligations and Revenue Recognized from Past Performance

As of September 30, 2022, the aggregate amount of the transaction price allocated to performance obligations yet to be satisfied was $3.3 million and the Company generally expects to recognize this revenue within the next twelve months. Such amounts primarily relate to the Company’s performance obligations of providing transaction-related advisory services.

The Company recognized revenue of $40.0 million and $263.6 million during the three and nine months ended September 30, 2022, respectively, and $53.5 million and $309.0 million during the three and nine months ended September 30, 2021, respectively, related to performance obligations that were satisfied or partially satisfied in prior periods. These amounts were recognized upon the resolution of revenue constraints and uncertainties in the respective current period and generally related to transaction-related advisory services.

Contract Balances

As of September 30, 2022 and December 31, 2021, the Company recorded $3.9 million and $7.8 million, respectively, for contract liabilities which are presented as Deferred revenue on the Condensed Consolidated Statements of Financial Condition. The Company recognized revenue of $1.7 million and $5.8 million for the three and nine months ended September 30, 2022, respectively, and $2.2 million and $9.6 million for the three and nine months ended September 30, 2021, respectively, of the respective beginning deferred revenue balance, which was primarily related to transaction-related advisory services that are recognized over time.

Allowance for Credit Losses

The allowance for credit losses activity for the three and nine months ended September 30, 2022 and 2021 was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Beginning balance	$	2,725	$	1,104	$	1,851	$	1,045
Bad debt expense	(19)		916		1,653		290
Write-offs	—		(18)		(760)		(46)
Recoveries	—		—		—		710
Foreign currency translation and other adjustments	(113)		(1)		(151)		2
Ending balance	$	2,593	$	2,001	$	2,593	$	2,001

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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+ Details

Leases

9 Months Ended

Sep. 30, 2022

Leases [Abstract]

Leases

Note 5—Leases

In May 2021, the Company extended the term of its New York office lease by five months, which resulted in an increase to Lease liabilities and a corresponding increase to Right-of-use lease assets of $5.1 million. In July 2021, the Company executed a lease amendment to vacate a portion of its Houston office space, which resulted in a $1.9 million decrease to Right-of-use lease assets, a $2.4 million decrease to Lease liabilities and a $0.5 million gain recorded in Other income (expense) in the Condensed Consolidated Statements of Operations. The Houston sublease agreement with PWP Capital Holdings LP was terminated in conjunction with this lease amendment.

During the first half of 2022, the Company entered into amendments to its New York and Los Angeles office leases, as well as a new 12-year lease agreement related to the relocation of the Company’s U.K. office in London. The New York lease amendment extended the term of the lease by approximately 16 years with an expiration of December 31, 2039. The amended term of the Los Angeles lease is scheduled to expire on December 31, 2032. In the second quarter of 2022, the Company’s amended Los Angeles lease commenced and the amended New York lease partially commenced resulting in an increase to Lease liabilities and a corresponding increase to Right-of-use lease assets of $66.3 million. In the third quarter of 2022, the New York lease became fully commenced and the U.K. lease also commenced, which resulted in an additional $62.3 million increase to Lease liabilities and a corresponding increase to Right-of-use lease assets.

Other information as it relates to the Company’s operating leases was as follows:


	September 30, 2022	December 31, 2021
Weighted-average discount rate - operating leases	4.6%	2.5%
Weighted-average remaining lease term - operating leases	15.1 years	3.3 years


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Operating lease cost	$	5,311	$	4,736	$	14,172	$	14,425
Variable lease cost	751		1,370		1,758		3,753
Sublease income - operating leases	(159)		(753)		(522)		(2,366)
Total net lease cost	$	5,903	$	5,353	$	15,408	$	15,812

Cash paid for lease obligation	$	4,767	$	4,920	$	14,730	$	15,100

As of September 30, 2022, the maturities of undiscounted operating lease liabilities of the Company are as follows:


Years Ending:	Operating Leases		Sublease Income		Net Payments
Remainder of 2022	$	(2,107)	$	115	$	(2,222)
2023	(3,833)		307		(4,140)
2024	7,434		—		7,434
2025	18,021		—		18,021
2026	19,002		—		19,002
Thereafter	204,125		—		204,125
Total lease payments (1)	242,642		$	422	$	242,220
Less: Imputed Interest	(83,007)
Total lease liabilities	$	159,635

(1)Total future lease payments are presented net of expected lease incentives, including landlord contributions to tenant improvements.

Intangible Assets

9 Months Ended

Sep. 30, 2022

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Intangible Assets

Note 6—Intangible Assets

Below is the detail of the intangible assets:


	September 30, 2022
	Gross Amount		Accumulated Amortization		Net Carrying Amount
Customer relationships	$	47,400	$	(27,650)	$	19,750
Trade names and trademarks	18,400		(10,733)		7,667
Total	$	65,800	$	(38,383)	$	27,417


	December 31, 2021
	Gross Amount		Accumulated Amortization		Net Carrying Amount
Customer relationships	$	47,400	$	(24,095)	$	23,305
Trade names and trademarks	18,400		(9,353)		9,047
Total	$	65,800	$	(33,448)	$	32,352

The intangible assets are amortized over an average useful life of 10 years. Intangible amortization expense was $1.6 million and $4.9 million for the three and nine months ended September 30, 2022, respectively, and $1.6 million and $4.9 million for the three and nine months ended September 30, 2021, respectively, which is included in Depreciation and amortization in the Condensed Consolidated Statements of Operations. Amortization of intangible assets held at September 30, 2022 is expected to be $6.6 million for each of the years ending December 31, 2022, 2023, 2024 and 2025, and $6.0 million for the year ending December 31, 2026. These intangible assets will be fully amortized by November 30, 2026.

Regulatory Requirements	9 Months Ended
Regulatory Requirements	Sep. 30, 2022
Regulatory Requirements [Abstract]
Regulatory Requirements	Note 7—Regulatory Requirements The Company has a number of consolidated subsidiaries registered as broker-dealers with regulatory agencies in their respective countries, including the Securities and Exchange Commission (“SEC”), the Financial Industry Regulatory Authority (“FINRA”), the Investment Industry Regulatory Organization of Canada (“IIROC”), the Financial Conduct Authority (“FCA”) of the United Kingdom (the “UK”) and the Autorité de contrôle prudentiel et de resolution (“ACPR”) of France. None of the SEC regulated subsidiaries hold funds or securities for, or owe money or securities to, clients or carry accounts of or for clients, and as such are all exempt from the SEC Customer Protection Rule (Rule 15c3-3). As of September 30, 2022 and December 31, 2021, all regulated subsidiaries were in excess of their applicable minimum capital requirements. As a result of the minimum capital requirements and various regulations on these broker dealers, a portion of the capital of each subsidiary of the Company is restricted and may be unavailable to pay its creditors.

Fixed Assets

9 Months Ended

Sep. 30, 2022

Property, Plant and Equipment [Abstract]

Fixed Assets

Note 8—Fixed Assets

Fixed assets are recorded at cost less accumulated depreciation and amortization and consist of the following as of September 30, 2022 and December 31, 2021:


	September 30, 2022		December 31, 2021
Leasehold improvements	$	53,846	$	45,770
Furniture and fixtures	12,974		12,028
Equipment	18,296		15,969
Software	8,572		8,581
Total	93,688		82,348
Less: Accumulated depreciation and amortization	(73,171)		(71,986)
Fixed assets, net	$	20,517	$	10,362

Depreciation expense related to fixed assets was $0.6 million and $2.4 million for the three and nine months ended September 30, 2022, respectively, and $1.6 million and $5.2 million for the three and nine months ended September 30, 2021, respectively. Amortization expense related to software development costs was $0.3 million and $0.8 million for the three and nine months ended September 30, 2022, respectively, and $0.2 million and $0.9 million for the three and nine months ended September 30, 2021, respectively.

Substantially all leasehold improvement assets capitalized during the nine months ended September 30, 2022 were related to build-out projects associated with new or amended office leases in New York, Los Angeles, and the U.K. Refer to Note 5—Leases for further information.

Income Taxes

9 Months Ended

Sep. 30, 2022

Income Tax Disclosure [Abstract]

Income Taxes

Note 9—Income Taxes

The following table summarizes the Company’s tax position for the periods presented:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2022			2021			2022			2021
Income (loss) before income taxes	$	(8,289)		$	(9,312)		$	1,566		$	24,740
Income tax benefit (expense)	$	(4,570)		$	(150)		$	(10,707)		$	(2,695)
Effective income tax rate	(55.1)		%	(1.6)		%	683.7		%	10.9		%

For the three and nine months ended September 30, 2022, the Company determined that the year-to-date actual effective tax rate represents the Company’s best estimate of the annual effective tax rate. This is due to the Company’s significant permanent differences as compared to estimated pre-tax income.

The Company’s effective tax rate is dependent on many factors, including the amount of income subject to tax. Consequently, the effective tax rate can vary from period to period. The Company’s overall effective tax rate in each of the periods described above varies from the U.S. federal statutory rate primarily because (i) the Company was not subject to U.S. federal corporate income taxes prior to the Business Combination, (ii) a portion of equity-based compensation expense is non-deductible, both prior to the Business Combination and for the subsequent period, (iii) a portion of the Company’s income is allocated to non-controlling interests held in PWP OpCo in which the majority of any tax liability on such income is borne by the holders of such non-controlling interests and reported outside of the condensed consolidated financial statements and (iv) tax deductions for the delivery of shares for vested equity-based awards are computed at fair market value at the time of vesting rather than at the amortized cost recorded in accordance with GAAP.

As of September 30, 2022 and December 31, 2021, the Company recorded a liability for unrecognized tax benefits of $5.1 million and $6.1 million, respectively, related to the potential double inclusion of income on its foreign income tax returns. The Company does not expect there to be any material changes to uncertain tax positions within 12 months of the reporting date.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Debt

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Debt

Note 10—Debt

The following is a summary of the Company’s debt as of September 30, 2022 and December 31, 2021:


	September 30, 2022		December 31, 2021
Revolving Credit Facility	$	—	$	—
Unamortized debt discount and issuance costs (1)	(410)		(521)
Total debt, net	$	(410)	$	(521)

(1)As of September 30, 2022 and December 31, 2021, the Company included unamortized debt issuance costs within Prepaid expenses and other assets on the Condensed Consolidated Statements of Financial Position since there were no outstanding borrowings under the Revolving Credit Facility, as defined below.

Revolving Credit Facility

The Company has a revolving credit facility (the “Revolving Credit Facility”) with Cadence Bank, N.A. (“Cadence Bank”) with an available line of credit of $50 million. Prior to the Business Combination, the Revolving Credit Facility bore interest at a rate per annum equal to either the variable Eurodollar Rate (or London Interbank Offered Rate, LIBOR) or a variable Base Rate (defined as the higher of the (i) Federal Funds Rate plus ½ of 1.0%; (ii) Cadence Bank prime rate; or (iii) Eurodollar Rate plus 1.0%) plus a rate which varies by the Company’s leverage ratio, as noted in the table below.


Applicable Rate
Combined Leverage Ratio	Eurodollar Rate	Base Rate
< 0.50 : 1.00	2.50%	1.50%
≥ 0.50 : 1.00, but < 1.50 : 1.00	2.75%	1.75%
≥ 1.50 : 1.00	3.00%	2.00%

Upon consummation of the Business Combination, the Company repaid all of the outstanding borrowings under the Credit Agreement, which included $27.7 million principal amount plus accrued and unpaid interest. In anticipation of the Closing, on June 15, 2021, the Credit Agreement was amended such that as of the Closing Date, (i) the maturity was extended from April 1, 2022 to July 1, 2025, (ii) interest accrues at LIBOR plus a fixed rate of 2.00% per annum (with a 0.25% LIBOR floor) with an alternate base rate option equal to Cadence Bank’s prime rate minus 1.00% (with a 3.25% floor), (iii) up to $15.0 million of the Revolving Credit Facility may be used for the issuance of letters of credit, (iv) up to $20.0 million of incremental revolving commitments may be incurred under the Credit Agreement, and (v) certain financial covenants were amended. The Credit Agreement provides that the benchmark of LIBOR will be replaced with a SOFR-based rate on or prior to the date that the LIBOR benchmark is unavailable. As of September 30, 2022, the Company had no outstanding balance related to the Revolving Credit Facility and no incremental revolving commitments were incurred.

The weighted average interest rate for the Revolving Credit Facility for the applicable periods prior to the Closing Date was 2.6% for the period from January 1, 2021 through June 24, 2021 (the Closing Date).

Debt Issuance Costs – Prior to the Business Combination, the Company incurred $1.8 million in issuance costs related to the Credit Agreement, which were amortized to Interest expense using the effective interest method over the life of the Revolving Credit Facility. The effective interest rate of the Revolving Credit Facility, taking into account these issuance costs, was 3.7% for the period from January 1, 2021 through June 24, 2021. The amendments described above were accounted for as modifications as opposed to a debt extinguishment in accordance with U.S. GAAP. As such, the unamortized original debt issuance costs as well as the additional $0.4 million in fees incurred to amend the facility are being amortized using the effective interest method to Interest expense over the amended remaining term of the Revolving Credit Facility. Interest expense related to the Revolving Credit Facility was $0.1 million and $0.2 million during the three and nine months ended September 30, 2022, respectively, and $0.1 million and $0.6 million during the three and nine months ended September 30, 2021, respectively.

Convertible Notes - Outstanding Prior to the Business Combination

Upon consummation of the Business Combination, the Company redeemed its 7.0% subordinated unsecured convertible notes (the “Convertible Notes”) for $161.6 million, which included the total outstanding $150.0 million aggregate principal, an applicable premium for redeeming noteholders owning at least $5.0 million of principal, and accrued and unpaid interest. The Company recognized a $39.4 million loss on extinguishment of the Convertible Notes composed of the $10.9 million premium and $28.5 million of unamortized debt discount and issuance costs.

The effective interest rate of the Convertible Notes, considering the cash coupon rate of 7.0% as well as amortization of the debt discount and issuance costs, was 12.0% for the period from January 1, 2021 through June 24, 2021 (the date such Convertible Notes were redeemed). The aggregate interest expense related to the Convertible Notes was $6.9 million for the period from January 1, 2021 through June 24, 2021.

Certain of the persons who held Convertible Notes (each herein referred to as a “Holder”) are partners. Refer to Note 17—Related Party Transactions for further information.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Stockholder's Equity	9 Months Ended
Stockholder's Equity	Sep. 30, 2022
Equity [Abstract]
Stockholder's Equity	Note 11—Stockholders' Equity Subsequent to the Business Combination as described in Note 3—Business Combination, the Company’s authorized capital stock consists of 2,200,000,000 shares including (i) 1,500,000,000 shares of Class A common stock, par value $0.0001 per share (the “Class A common stock”), (ii) 300,000,000 shares of Class B-1 common stock, par value $0.0001 per share (the “Class B-1 common stock”), and (iii) 300,000,000 shares of Class B-2 common stock, par value $0.0001 per share (the “Class B-2 common stock” and together with the Class B-1 common stock, the “Class B common stock”), and (iv) 100,000,000 shares of preferred stock, par value $0.0001 per share (the “Preferred Stock”). Holders of Class A common stock and Class B common stock vote together as a single class on all matters submitted to the stockholders for their vote or approval, except as required by applicable law. Shares of Class A common stock and Class B common stock are not subject to any conversion right and holders of the Class A common stock and Class B common stock do not have preemptive or subscription rights. Additionally, the Company had 7,869,975 warrants outstanding as of December 31, 2021, all of which were exchanged for shares of Class A common stock during the third quarter of 2022. As of September 30, 2022, no warrants remained outstanding. See Note 12—Warrants for additional information. Class A Common Stock Holders of Class A common stock are entitled to one vote for each share on all matters submitted to the stockholders for their vote or approval. Additionally, holders of shares of Class A common stock are entitled to receive ratably, in proportion to the number of shares held by them, dividends and other distributions in cash, stock or property of PWP when, as, and if declared by the Board of Directors out of our assets or legally available funds. Class B Common Stock The Company has two classes of Class B common stock: Class B-1 common stock and Class B-2 common stock. Holders of Class B common stock are entitled to receive ratably, in proportion to the number of shares held, dividends of the same type as any dividends and other distributions in cash, stock or property of PWP payable or to be made on outstanding shares of Class A common stock in an amount per share of Class B common stock equal to the amount of such dividends or other distributions as would be made on 0.001 shares of Class A common stock. Additionally, the holders of shares of Class B common stock are entitled to receive on a pari passu basis with the holders of the Class A common stock, such dividend or other distribution on the Class A common stock when, as, and if declared by the Board of Directors out of our assets or legally available funds. Each holder of Class B-1 common stock shall be entitled to ten votes for each share of Class B-1 common stock held of record by such holder for so long as the Professional Partners directly or indirectly maintain units that represent at least ten percent of issued and outstanding Class A common stock (the “10% Condition”). After the 10% Condition ceases to be satisfied, each share of Class B-1 common stock shall be entitled to one vote. Each holder of Class B-2 common stock shall be entitled to one vote for each share of Class B-2 common stock held of record by such holder. The Class B-1 common stock was distributed to and owned by Professional Partners and the Class B-2 common stock was distributed to and owned by ILPs, with the number of shares of such Class B common stock issued equal to the number of PWP OpCo Units held by Professional Partners and ILPs, respectively, at the Business Combination Closing. Preferred Stock The Board of Directors may establish one or more classes or series of preferred stock (including convertible preferred stock). Our Board of Directors may determine, with respect to any class or series of preferred stock, the terms and rights of such class or series. We currently do not have any preferred stock issued and outstanding. Dividends During the three and nine months ended September 30, 2022, the Board of Directors declared dividends of $0.07 and $0.21 per share of Class A common stock, respectively, totaling $4.5 million and $13.4 million, respectively, including dividends paid, accrued dividends and dividend equivalent units on unvested PWP Incentive Plan Awards (as defined in Note 13—Equity-Based Compensation). During the three and nine months ended September 30, 2021, the Board of Directors declared dividends of $0.07 and $0.07 per share of Class A common stock, respectively, totaling $4.3 million and $4.3 million, respectively, including dividends paid, accrued dividends and dividend equivalent units on unvested PWP Incentive Plan Awards. Holders of Class B common stock also receive dividends equal to the amount of dividends declared on 0.001 shares of Class A common stock, and such dividends are included in the aforementioned total dividends declared. Share Repurchase Program On February 16, 2022, the Company’s Board of Directors approved a stock repurchase program under which the Company is authorized to repurchase up to $100.0 million of the Company’s Class A common stock with no requirement to purchase any minimum number of shares. Shares may be repurchased under the new repurchase program through open market purchases, privately negotiated transactions, block trades, accelerated or other structured share repurchase programs, or other means. The manner, timing, pricing and amount of any transactions will be subject to the Company’s discretion. During the three and nine months ended September 30, 2022, the Company purchased 1,289,459 and 7,729,666 shares, respectively, resulting in an increase of $8.5 million and $53.8 million, respectively, at cost, to Treasury stock on the Company’s Condensed Consolidated Statement of Financial Condition. The 7,729,666 shares purchased since inception of the share repurchase program through September 30, 2022 were purchased at an average price per share of $6.96. Rights upon Liquidation In the event of any liquidation, dissolution or winding up of PWP, after payments to creditors of the corporation that may at the time be outstanding and subject to the rights of any holders of Preferred Stock that may then be outstanding, holders of shares of Class A common stock and Class B common stock shall be entitled to receive ratably, in proportion to the number of shares held by them, all remaining assets and funds of PWP available for distribution. For purposes of any such distribution, each share of Class B common stock shall be entitled to receive the same distribution as 0.001 shares of Class A common stock. Non-Controlling Interests Non-controlling interests represents the ownership interests in PWP OpCo held by holders other than Perella Weinberg Partners. Professional Partners and the ILPs own 44,925,877 PWP OpCo Units as of September 30, 2022, which represent a 51.0% non-controlling ownership interest in PWP OpCo. These PWP OpCo Units are exchangeable into PWP Class A common stock on a one-for-one basis. Class B-1 and Class B-2 common stock have de minimis economic rights. Registration Rights Agreement In connection with the Closing, the Company entered into a registration rights agreement among the Sponsor, Professional Partners and the ILPs pursuant to which the Company was required to file with the SEC a registration statement pursuant to Rule 415 under the Securities Act of 1933, as amended (the “Securities Act”) registering the resale of certain shares of its Class A common stock and certain of its other equity securities, which was filed by the Company with the SEC on July 15, 2021. On July 7, 2022, the Company filed a post-effective amendment to the registration statement on Form S-3 for the purpose of converting the prior registration statement on Form S-1 into a registration statement on Form S-3. The Company bears the expenses incurred in connection with the filing of any registration statements filed pursuant to the registration rights agreement. 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. Sponsor Share Surrender and Share Restriction Agreement Concurrent with the Business Combination Agreement, FTIV, PWP OpCo and certain other parties entered into the Surrender Agreement with the Sponsor, which was amended on May 4, 2021, under which the founder shares owned by the Sponsor as of the Closing and certain shares of Class A common stock purchased by the Sponsor as part of private placement units in connection with the FTIV’s initial public offering were subject to transfer restrictions for six months following the Closing of the Business Combination, or until December 24, 2021, and certain of the founder shares owned by the Sponsor as of the Closing continue to be subject to transfer restrictions that lapse in tranches based on share price targets or the 10 year anniversary, whichever occurs first. On January 7, 2022, the Sponsor distributed 5,456,667 shares of Class A common stock to its members (the “Sponsor Distribution”), after which the Sponsor owns 1,000,000 founder shares. The 1,000,000 founder shares retained by the Sponsor and 1,738,680 of the founder shares distributed in the Sponsor Distribution remain subject to the transfer restrictions referred to above. Additionally, if, prior to the fourth anniversary of the Closing, the closing share price is greater than $12.00 per share or $15.00 per share for any 20 trading days out of 30 consecutive trading days (each a “Trigger Date”), then, during the 15 day period following such Trigger Date, the Company shall have the right to purchase from the Sponsor or its permitted transferees, as applicable, up to an aggregate of 1,000,000 founder shares per Trigger Date for a purchase price of $12.00 per share or $15.00 per share, respectively, by providing written notice of such repurchase election to the Sponsor or its permitted transferees, as applicable. On August 9, 2021, the Company repurchased 1,000,000 founder shares from the Sponsor at a purchase price of $12.00 per share for a total purchase price of $12.0 million. The share repurchase was recorded to Treasury stock, at cost, on our Condensed Consolidated Statements of Financial Condition. Stockholder Agreement On the date of the Closing, PWP and Professional Partners entered into a Stockholders Agreement (the “Stockholders Agreement”), providing for certain approval and director nomination rights in favor of Professional Partners. The Stockholders Agreement provides that for so long as Professional Partners or its limited partners as of the date of the Closing (or their permitted successors or assigns) continue to hold securities representing at least five percent of the Company’s outstanding Class A common stock on an as-exchanged basis (the “5% Condition”), the Board of Directors may not approve, absent the prior consent of Professional Partners, any amendment to the certificate of incorporation or bylaws of the Company, or the limited partnership agreement of PWP OpCo, in each case, that would materially and adversely affect in a disproportionate manner the rights of Professional Partners or its limited partners. In addition, for so long as the 10% Condition is met, the Board of Directors may not approve, absent the prior consent of Professional Partners, a number of ordinary course operating activities in respect of the Company, PWP OpCo and PWP OpCo’s subsidiaries. The effect of the agreement is that Professional Partners may maintain control over the Company’s significant corporate transactions even if it holds less than a majority of the combined total voting power of the Class A and Class B common stock. The Stockholders Agreement will terminate once the 5% Condition is no longer satisfied. PWP OpCo Limited Partnership Agreement Governance and Voting and Economic Rights On the date of the Closing, PWP OpCo adopted an Amended and Restated Agreement of Limited Partnership of PWP OpCo (as amended, restated, modified or supplemented from time to time, the “PWP OpCo LPA”). Through the Company’s control of PWP GP, the general partner of PWP OpCo, the Company will have unilateral control (subject to the consent of PWP OpCo’s partners on certain limited matters) over the affairs and decisions of PWP OpCo, including the appointment of officers of PWP OpCo. As such, including through such officers and directors, the Company will be responsible for all operational and administrative decisions of PWP OpCo and the day-to-day management of PWP OpCo’s business. Furthermore, PWP GP cannot be removed as the general partner without the Company’s approval. No holders of PWP OpCo Units (the “PWP OpCo Unitholders”), in their capacity as such, will have any authority or right to control the management of PWP OpCo or to bind it in connection with any matter. However, Professional Partners, which is ultimately managed by a committee of limited partners that manages Professionals GP, the general partner of Professional Partners, will have the ability to exercise majority voting control over the Company by virtue of its ownership of all outstanding shares of Class B-1 common stock. In accordance with the PWP OpCo LPA, the Company intends to use best efforts to cause PWP OpCo to make sufficient cash distributions to the PWP OpCo Unitholders to fund their tax obligations in respect of the income of PWP OpCo that is allocated to them. Generally, these tax distributions will be computed based on the Company’s estimate of the net taxable income of PWP OpCo allocable to such holder of partnership units multiplied by an assumed tax rate equal to the highest effective marginal combined U.S. federal, state and local income tax rate prescribed for an individual or corporation (taking into account the non-deductibility of certain expenses and the character of PWP OpCo’s income). Exchange Rights In accordance with the PWP OpCo LPA, PWP OpCo Unitholders (other than the Company) may exchange these units for (i) shares of Class A common stock on a one-for-one basis or (ii) cash from an offering of shares of Class A common stock with the form of consideration determined by the Company. Concurrently with an exchange of PWP OpCo Units for shares of Class A common stock or cash by a PWP OpCo Unitholder who also holds shares of Class B common stock, such PWP OpCo Unitholder will be required to surrender to the Company a number of shares of Class B common stock equal to the number of PWP OpCo Units exchanged, and such shares will be converted into shares of Class A common stock or cash (at our option) which will be delivered to such PWP OpCo Unitholder (at our option) at a conversion rate of 0.001. The PWP OpCo LPA contains restrictions on the ability to exchange PWP OpCo Units for shares of Class A common stock or cash from an offering of shares of Class A common stock, for the following periods: (i) PWP OpCo Units held by Professional Partners are subject to a restriction for time periods that are fully back-to-back with the lock-up periods contemplated in the amended and restated limited partnership agreement of Professional Partners (generally speaking, such lock-up periods (a) for former working partners, was 180 days after Closing and expired on December 24, 2021; and (b) for working partners, is between three to five years after the Closing), (ii) PWP OpCo Units held by ILPs existing at the time of the Business Combination were subject to such restriction for 180 days after the Closing which expired on December 24, 2021, and (iii) any other outstanding PWP OpCo Units not previously covered by clauses (i) and (ii) above are subject to such restriction for a period of twelve months following the date on which such PWP OpCo Units were acquired. PWP GP may waive, and in certain cases has waived, the foregoing restrictions for any holder with respect to all or a portion of such holder’s units, with no obligation to do so for any other holder. On January 21, 2022, the Company closed a follow-on public offering of 3,502,033 shares of Class A common stock (the “Offering”) at a public offering price of $10.75 per share for total gross proceeds of $37.6 million, before deducting underwriting discounts and commissions. All proceeds from the Offering, net of the underwriting discounts and commissions of $0.32 per share or an aggregate of $1.1 million, were used by the Company to settle an exchange of certain PWP OpCo Units and certain shares of Class B common stock. Under the terms of the underwriting agreement, directors, officers and certain significant shareholders signed customary lockup agreements with respect to their ownership of Class A common stock. Total deferred offering costs of $1.3 million for the Offering were netted against the proceeds of the offering in Additional paid-in-capital on the Condensed Consolidated Statements of Financial Condition. On February 28, 2022, May 31, 2022 and September 6, 2022, the Company settled exchanges of certain PWP OpCo Units and certain shares of Class B common stock for 337,048, 629,591 and 764,873 shares of Class A common stock, respectively. The exchanges created a step-up in tax basis for which the Company recorded an increase in Deferred tax assets, net, as well as a related increase in Amounts due pursuant to the tax receivable agreement resulting in a net increase to Additional paid-in-capital.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Warrants	9 Months Ended
Warrants	Sep. 30, 2022
Warrants Abstract
Warrants	Note 12—Warrants Warrant Exchange On August 23, 2022, the Company concluded an offer to holders of its outstanding warrants which provided such holders the opportunity to receive 0.20 shares of the Company’s Class A common stock in exchange for each warrant tendered by such holders. This offer coincided with a solicitation of consents from holders of the public warrants to amend the warrant agreement (together, the “Warrant Exchange Offer”). As a result, 7,388,071 public warrants and 80,456 private warrants were exchanged, collectively, for 1,493,688 shares of the Company’s Class A common stock, with a minimal cash settlement in lieu of partial shares. Subsequently, as a result of the warrant amendment, each remaining outstanding warrant was converted into 0.18 shares of Class A common stock for a total of 72,260 shares of the Company’s Class A common stock with a minimal cash settlement in lieu of partial shares, and subsequently, no warrants remained outstanding. The Company incurred $1.3 million of costs directly related to the Warrant Exchange Offer, consisting primarily of dealer manager fees and professional, legal, printing, filing, regulatory, and other costs. The costs were recorded in Professional fees on the Condensed Consolidated Statements of Operations as the transactions did not generate any proceeds to the Company and therefore the costs did not qualify to be deferred or charged to Additional paid-in-capital under ASC 340-10-S99-1. Immediately prior to exchange, the warrants were marked to fair value on the respective date of settlement, which was recorded within Change in fair value of warrant liabilities on the Condensed Consolidated Statements of Operations. Upon exchange, the warrant liabilities were removed from the Condensed Consolidated Statements of Financial Condition and the issuance of shares of Class A common stock was reflected within equity. No public or private warrants remained outstanding as of September 30, 2022. Public and Private Warrants Prior to Exchange Prior to the Warrant Exchange Offer, each public warrant entitled the registered holder to purchase one share of Class A common stock at an exercise price of $11.50 per share, subject to adjustment, and became exercisable on September 29, 2021, the one-year anniversary of FTIV’s initial public offering. A warrant holder could exercise its warrants only for a whole number of shares of Class A common stock. This meant that only a whole warrant could be exercised at any given time by a warrant holder. The warrants were set to expire five years after the Business Combination, or earlier upon redemption or liquidation. The private warrants were identical to the public warrants, except that the private warrants and the Class A common stock issuable upon the exercise of the private warrants were subject to certain restrictions on transfer, assignment or sale until July 24, 2021, 30 days after the completion of the Business Combination. Additionally, the private warrants were non-redeemable so long as they were held by the Sponsor or its permitted transferees. If the private warrants were held by someone other than the Sponsor or its permitted transferees, the private warrants were redeemable by the Company and exercisable by such holders on the same basis as the public warrants. Prior to the Warrant Exchange Offer, the public and private warrants met the definition of a derivative under ASC 815 and as such, the Company recorded these warrants as liabilities at fair value upon the closing of the Business Combination in accordance with ASC 820 with subsequent changes in their respective fair values recorded in Change in fair value of warrant liabilities on the Condensed Consolidated Statements of Operations. See Note 16—Fair Value Measurements and Investments for descriptions of the valuation methodology and further information.

Equity-Based Compensation

9 Months Ended

Sep. 30, 2022

Share-based Payment Arrangement [Abstract]

Equity-Based Compensation

Note 13—Equity-Based Compensation

PWP Omnibus Incentive Plan Awards

Concurrent with the Business Combination, the Company adopted the Perella Weinberg Partners 2021 Omnibus Incentive Plan (the “PWP Incentive Plan”), which establishes a plan for the granting of incentive compensation awards measured by reference to PWP Class A common stock (“PWP Incentive Plan Awards”). Under the PWP Incentive Plan, the Company may grant options, stock appreciation rights, restricted stock, restricted stock units (“RSUs”), performance restricted stock units (“PSUs”), stock bonuses, other stock-based awards, cash awards or any combination of the foregoing. The PWP Incentive Plan established a reserve for a one-time grant of awards that occurred in connection with the Business Combination (the “Transaction Pool Reserve”) as well as a reserve for general purpose grants (the “General Share Reserve”). The maximum aggregate number of shares of Class A common stock reserved for issuance from the General Share Reserve will be increased on the first day of each fiscal year of the Company beginning in calendar year 2022 by the number of shares of Class A common stock equal to the excess, if any, of (i) 15% of the number of outstanding shares of Class A common stock and the outstanding PWP OpCo Units that are exchangeable for shares of Class A common stock, in each case, on the last day of the immediately preceding fiscal year, over (ii) the number of shares of Class A common stock reserved and available for issuance in respect to future grants of awards under the PWP Incentive Plan as of the last day of the immediately preceding fiscal year. The Company uses newly issued shares of Class A common stock to satisfy vested awards under the PWP Incentive Plan, with the exception of vested awards for certain employees in France which are issued out of the Company’s shares of treasury stock. As of September 30, 2022, 7,970,006 total shares remained reserved and available for future issuance under the PWP Incentive Plan.

Business Combination Awards

During the third quarter of 2021, in connection with the Business Combination, the Company granted awards in the form of (i) restricted stock units out of the Transaction Pool Share Reserve consisting of (a) PSUs that only vest upon the achievement of both service and market conditions (“Transaction Pool PSUs”) and (b) RSUs that vest upon the achievement of service conditions (“Transaction Pool RSUs”) as well as (ii) PSUs out of the General Share Reserve to certain executives that vest upon the achievement of both service and market conditions (“Long-Term Incentive Awards”).

Transaction Pool PSUs – The service condition requirement with respect to the Transaction Pool PSUs is generally satisfied over three to five years, with 20% of the awards vesting on each of the 36, 42, 48, 54 and 60 month anniversaries of the grant date. The market condition requirement will be satisfied in 25% increments upon the publicly traded shares of Class A common stock achieving closing share prices equal to $12, $13.50, $15 and $17 for any 20 trading days out of any 30 consecutive trading days ending prior to the sixth anniversary of the grant date. As of September 30, 2022, the $12 and $13.50 market condition requirements were satisfied.

The following table summarizes activity related to Transaction Pool PSUs for the nine months ended September 30, 2022:


	Transaction Pool PSUs

	Number of Shares	Weighted Average Grant Date Fair Value Per Share
Balance at January 1, 2022	3,208,126	$	12.74
Granted (1)	25,706	12.74
Vested	(5,000)	13.53
Forfeited	(160,000)	12.74
Balance at September 30, 2022	3,068,832	$	12.73

(1)Includes dividend equivalent units that have been awarded in the form of additional Transaction Pool PSUs that were granted from the General Share Reserve.

As of September 30, 2022, total unrecognized compensation expense related to unvested Transaction Pool PSUs was $27.8 million, which is expected to be recognized over a weighted average period of 3.0 years.

Transaction Pool RSUs – The Transaction Pool RSUs generally vest in equal annual installments over the requisite service period of three years. As of September 30, 2022, total unrecognized compensation expense related to unvested Transaction Pool RSUs was $32.5 million, which is expected to be recognized over a weighted average period of 2.1 years.

The following table summarizes activity related to Transaction Pool RSUs for the nine months ended September 30, 2022:


	Transaction Pool RSUs

	Number of Shares	Weighted Average Grant Date Fair Value Per Share
Balance at January 1, 2022	5,450,604	$	13.97
Granted (1)	14,530	13.97
Vested	(1,802,152)	13.97
Forfeited	(1,023,914)	13.97
Balance at September 30, 2022	2,639,068	$	13.97

(1)Includes dividend equivalents units that have been awarded in the form of additional Transaction Pool RSUs that were granted from the General Share Reserve.

During the third quarter of 2021, certain employee offer letter awards that were initially accounted for as liability awards due to a cash settlement option were settled using Transaction Pool RSUs. This settlement was treated as a modification of the awards. As such, the $3.9 million liability balance of the awards was reclassified to Additional paid-in capital, which is reflected on the Condensed Consolidated Statements of Changes in Equity for the three months ended September 30, 2021.

Long-Term Incentive Awards – The service condition requirement with respect to the Long-Term Incentive Awards is generally satisfied in two equal installments subject to continued employment on the third and fifth anniversaries of the grant date. The market condition is satisfied upon the achievement of closing stock prices equal to $15, $20, $25 and $30 for any 20 trading days out of any 30 consecutive trading days prior to the fifth anniversary of the grant date, as measured on the last calendar day of each month, subject to linear interpolation between the applicable price points.

The following table summarizes activity related to Long-Term Incentive Awards for the nine months ended September 30, 2022:


	Long-Term Incentive Awards

	Number of Shares	Weighted Average Grant Date Fair Value Per Share
Balance at January 1, 2022	9,500,000	$	8.86
Granted	—	—
Vested	—	—
Forfeited	(500,000)	8.86
Balance at September 30, 2022	9,000,000	$	8.86

As of September 30, 2022, total unrecognized compensation expense related to unvested Long-Term Incentive Awards was $56.7 million, which is expected to be recognized over a weighted average period of 3.0 years.

General Awards

The Company grants RSU awards out of the General Share Reserve that vest upon the achievement of service conditions (the “General RSUs”). The Company expects to grant General RSUs from time to time in the ordinary course of business.

The General RSUs vest over the requisite service period, which is generally one to five years. The grant date fair value of the General RSUs granted during the nine months ended September 30, 2022 was $66.1 million, which was based on the PWP stock price on the date of grant. As of September 30, 2022, total unrecognized compensation expense related to unvested General RSUs was $51.9 million, which is expected to be recognized over a weighted average period of 2.3 years.

The following table summarizes activity related to General RSUs for the nine months ended September 30, 2022:


	General RSUs

	Number of Shares	Weighted Average Grant Date Fair Value Per Share
Balance at January 1, 2022	906,517	$	13.76
Granted (1)	6,724,820	9.83
Vested	(568,402)	11.91
Forfeited	(38,127)	11.30
Balance at September 30, 2022	7,024,808	$	10.16

(1)Includes dividend equivalent units that have been awarded in the form of additional General RSUs that were granted from the General Share Reserve.

Voting and Dividend Equivalent Rights

Grantees of the Company’s PWP Incentive Plan Awards have no rights as stockholders with respect to the right to vote or the right to receive dividends prior to the date that the underlying shares are issued. If during the period commencing on the grant date and ending on the date the underlying shares are issued, the Company declares a dividend on its shares, then the grantee shall be eligible to receive such dividends on or about the date such shares are issued. Certain employees in France and Canada receive dividend equivalent units in the form of award grants that match the underlying award from which the dividends were generated. The remaining employees receive dividends in the form of cash.

Legacy Awards and Professional Partners Awards

Prior to the Business Combination, Professional Partners granted certain equity-based awards to partners providing services to PWP OpCo (the “Legacy Awards”). In January 2020, the Company granted Legacy Awards with a grant-date fair value of $6.4 million, which was estimated using the income approach and assumed a range of discount rates between 3.8% and 11.2%. In January 2021, the Company granted Legacy Awards with a grant-date fair value of $9.3 million, which was estimated using the income approach and assumed a range of discount rates between 2.0% and 9.8%. Under the income approach, fair value is determined by converting future projected cash flows to a single present value amount (discounted) using current expectations about those future cash flows.

In connection with the Business Combination and a related internal reorganization of Professional Partners, an ownership structure was implemented that includes a class of partnership units that tracks PWP’s advisory business (including increases and decreases in value) and allocates income/distributions with respect to the advisory business on a pro-rata basis to all holders of such partnership units in accordance with their ownership interests. Pursuant to the internal reorganization, existing Legacy Awards were canceled and replaced by converting each limited partner’s capital interests in Professional Partners attributable to PWP OpCo into a combination of original capital units (“OCUs”), value capital units (“VCUs”), and/or alignment capital units (“ACUs”). The OCUs are held by current limited partners of Professional Partners based on a pro-rata allocation of their existing capital and were fully vested upon recapitalization. The VCUs and ACUs (collectively, “Professional Partners Awards”) are held by current working partners and require services to be performed on behalf of PWP OpCo. The Professional Partners Awards are generally subject to a service-based graded vesting schedule over a three to five-year period. Fully vested Professional Partners Awards are exchangeable for PWP OpCo Units and allow for their exchange into Class A common stock of PWP on a one-for-one basis. Holders of Professional Partners Awards and OCUs are entitled to participate in distributions made on PWP OpCo Units underlying their Professional Partners Awards during the vesting period.

The Company accounted for the cancellation of the Legacy Awards and concurrent grant of Professional Partners Awards as a modification of the Legacy Awards. The fair value of the Professional Partners Awards granted was determined to be incremental value conveyed to the holders of the Legacy Awards and will be accounted for under ASC 718, Compensation—Stock Compensation, with the cost reflected in equity-based compensation over the requisite service period. The Company will continue to amortize the unrecognized cost associated with the Legacy Awards over its original vesting schedule. The $301.5 million grant-date fair value of the Professional Partners Awards is based on the closing price of PWP Class A common stock on the date of grant as units in Professional Partners are ultimately exchangeable into shares of PWP Class A common stock on a one-for-one basis.

The vesting of Professional Partners Awards does not dilute Perella Weinberg Partners 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. As a result, all of the compensation expense and corresponding capital contribution associated with the Professional Partners Awards, as well as the remaining compensation expense related to the Legacy Awards, is allocated to non-controlling interests on the Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Financial Condition. If any Professional Partners Award is forfeited, the value attributable to the forfeited Professional Partners Award will accrete to all limited partners in Professional Partners based on relative ownership at the time of forfeiture. The accretion of value upon forfeiture reflects a reallocation of value attributable to the forfeited Professional Partners Award and does not result in an incremental grant.

On August 31, 2021, certain Professional Partner ACUs and VCUs held by French partners were canceled, and an equal number of Transaction Pool PSUs were issued to such partners. The Company accounted for these transactions as a modification. The grant-date fair value of the Transaction Pool PSUs was based on the closing price of PWP Class A common stock on the date of grant. The total expense associated with the replacement awards will be amortized over the remaining service period for Transaction Pool PSUs. The canceled Professional Partner Awards were reallocated to certain other working partners on August 31, 2021, and the Company accounted for these as a new grant of ACUs and VCUs. The grant date fair value of these awards was $11.5 million which was based on the closing price of PWP Class A common stock on the date of grant.

As of September 30, 2022, there was $12.9 million of unrecognized compensation cost associated with the Legacy Awards that is expected to be recognized over a weighted-average period of 1.0 years. As of September 30, 2022, there was $221.6 million of unrecognized compensation expense related to unvested Professional Partners Awards, which is expected to be recognized over a weighted-average period of 3.6 years.

The following table presents the expense related to awards that were recorded in Professional fees and components of Equity-based compensation included on the Condensed Consolidated Statements of Operations:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Professional fees
PWP Incentive Plan Awards	$	609	$	177	$	1,654	$	177
Total Professional fees	$	609	$	177	$	1,654	$	177

Equity-based compensation
PWP Incentive Plan Awards	$	18,251	$	20,917	$	58,333	$	20,917
Legacy Awards (1)	3,339		1,450		10,016		13,615
Professional Partners Awards (1)	15,409		15,683		45,967		16,740
Total Equity-based compensation	$	36,999	$	38,050	$	114,316	$	51,272

Income tax benefit of equity-based awards	$	2,297	$	2,351	$	7,864	$	2,351

(1)The vesting of these awards does not dilute Perella Weinberg Partners shareholders relative to Professional Partners. As such the related equity-based compensation expense is fully attributed to non-controlling interests.

Other Compensation and Benefits	9 Months Ended
Other Compensation and Benefits	Sep. 30, 2022
Compensation Related Costs [Abstract]
Other Compensation and Benefits	Note 14—Other Compensation and Benefits Compensation and benefits includes, but is not limited to, salaries, bonuses (discretionary awards and guaranteed amounts), severance and deferred compensation. In all instances, compensation expense is accrued over the requisite service period. Deferred Compensation Programs The Company has various deferred compensation plans. Some plans allow employees to defer cash payments for services performed in the past and some plans require future service. The Company recognizes compensation expense over the requisite service period. In addition, certain legacy plans required the Company to invest the deferred amounts into designated brokerage accounts at the employee’s discretion, while others allowed employees to make hypothetical investments in which their deferrals were deemed to be invested. The designated brokerage balances are reflected in Prepaid expenses and other assets on the Condensed Consolidated Statements of Financial Condition. The Company maintains company-owned life insurance policies which are designed to offset a portion of the liability for the hypothetical investments of these legacy plans. The cash surrender value of these life insurance policies is also included in Prepaid expenses and other assets on the Condensed Consolidated Statements of Financial Condition. Deferred compensation liabilities will be paid at various intervals through 2023 and are presented within Deferred compensation programs on the Condensed Consolidated Statements of Financial Condition. During the nine months ended September 30, 2022, the Company settled $5.8 million of the deferred compensation liability, of which $2.6 million was settled through a reduction of certain partners’ outstanding promissory notes and interest receivable. Refer to Note 17—Related Party Transactions for more information. There were no forfeitures of deferred compensation awards during each of the three and nine months ended September 30, 2022 and September 30, 2021. As of September 30, 2022, substantially all deferred amounts were vested, and as such, there was nominal compensation expense related to these deferred compensations plans during the three and nine months ended September 30, 2022. For the three and nine months ended September 30, 2021, deferred compensation expense was $0.3 million and $1.0 million, respectively, which is presented within Compensation and benefits in the Condensed Consolidated Statements of Operations. Benefit Plans Certain employees participate in employee benefit plans, which consists of defined contribution plans including (i) profit-sharing plans qualified under Section 401(k) of the Internal Revenue Code and (ii) a UK pension scheme for UK employees and (iii) a Germany pension plan for employees in Germany. Expenses related to the Company’s employee benefit plans were $1.5 million and $4.4 million for the three and nine months ended September 30, 2022, respectively, and $1.2 million and $3.8 million for the three and nine months ended September 30, 2021, respectively, and are included in Compensation and benefits in the Condensed Consolidated Statements of Operations.

Net Income (Loss) Per Share Attributable to Class A Common Shareholders

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Net Income (Loss) Per Share Attributable to Class A Common Shareholders

Note 15—Net Income (Loss) Per Share Attributable to Class A Common Shareholders

The Company analyzed the calculation of net income (loss) per share for periods prior to the Business Combination on June 24, 2021 and determined that it resulted in values that would not be meaningful to the users of the condensed consolidated financial statements. Therefore, net income (loss) per share information has not been presented for periods prior to the Business Combination. The basic and diluted net income (loss) per share attributable to Class A common shareholders for the nine months ended September 31, 2021, as presented on the Condensed Consolidated Statements of Operations, represent only the period after the Business Combination through September 30, 2021.

The calculations of basic and diluted net income (loss) per share attributable to Class A common shareholders are presented below:


	Three Months Ended September 30, 2022		Three Months Ended September 30, 2021		Nine Months Ended September 30, 2022		Period After Business Combination Through September 30, 2021
Numerator:
Net income (loss) attributable to Perella Weinberg Partners – basic	$	1,140	$	3,476	$	19,299	$	(9,023)

Dilutive effect from assumed exchange of PWP OpCo Units, net of tax	(17,924)		(12,163)		(36,570)		(28,401)

Net income (loss) attributable to Perella Weinberg Partners – diluted	$	(16,784)	$	(8,687)	$	(17,271)	$	(37,424)
Denominator:
Weighted average shares of Class A common stock outstanding – basic	42,263,427		42,572,813		44,241,794		42,599,954

Weighted average number of incremental shares from assumed exchange of PWP OpCo Units	45,482,349		50,154,199		46,293,438		50,154,199

Weighted average shares of Class A common stock outstanding – diluted	87,745,776		92,727,012		90,535,232		92,754,153
Net income (loss) per share attributable to Class A common shareholders
Basic	$	0.03	$	0.08	$	0.44	$	(0.21)
Diluted	$	(0.19)	$	(0.09)	$	(0.19)	$	(0.40)

Basic and diluted net income (loss) per share attributable to Class B common shareholders has not been presented as these shares are entitled to an insignificant amount of economic participation.

The Company uses the treasury stock method to determine the potential dilutive effect of unvested PWP Incentive Plan Awards and outstanding warrants and the if-converted method to determine the potential dilutive effect of exchanges of PWP OpCo Units into Class A common stock. The Company adjusts net income (loss) attributable to Class A common shareholders under both the treasury stock method and if-converted method for the reallocation of net income (loss) between Class A common shareholders and non-controlling interests that result upon the assumed issuance of dilutive shares of Class A common stock as if the issuance occurred as of the beginning of the applicable period. To the extent the warrants were dilutive prior to the Warrant Exchange Offer, the Company adjusted the net income (loss) attributable to Class A common shareholders under the treasury stock method to reverse the effect on earnings of classifying the warrants as liabilities. All adjustments are presented net of any tax impact.

The following table presents the weighted average potentially dilutive shares that were excluded from the calculation of diluted net income (loss) per share under the treasury stock method or if-converted method, as applicable, because the effect of including such potentially dilutive shares was antidilutive for the period presented:


	Three Months Ended September 30, 2022	Three Months Ended September 30, 2021	Nine Months Ended September 30, 2022	Period After Business Combination Through September 30, 2021
Warrants (1)	—	1,075,327	—	1,075,327

PWP Incentive Plan Awards	129,712	16,112	155,527	16,112
Total	129,712	1,091,439	155,527	1,091,439

(1)When assessed for the three and nine months ended September 30, 2022, the warrants were out-of-the-money prior to the Warrant Exchange Offer, which resulted in no potentially dilutive shares under the treasury stock method. Refer to Note 12—Warrants for further information regarding the Warrant Exchange Offer.

Fair Value Measurements and Investments

9 Months Ended

Sep. 30, 2022

Fair Value Measurements And Investments [Abstract]

Fair Value Measurements and Investments

Note 16—Fair Value Measurements and Investments

Fair value is generally based on quoted prices, however if quoted market prices are not available, fair value is determined based on other relevant factors, including dealer price quotations, price activity for equivalent instruments and valuation pricing models. The Company established a fair value hierarchy which prioritizes and ranks the level of market price observability used in measuring financial instruments at fair value. Market price observability is affected by a number of factors, including the type of instrument, the characteristics specific to the instrument and the state of the marketplace (including the existence and transparency of transactions between market participants). Financial instruments with readily available, actively quoted prices or for which fair value can be measured from actively quoted prices in an orderly market will generally have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value.

Financial instruments measured and reported at fair value are classified and disclosed in one of the following categories (from highest to lowest) based on inputs:

Level 1 – Unadjusted quoted prices are available in active markets for identical financial instruments as of the reporting date.

Level 2 – Pricing inputs are observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities in inactive markets.

Level 3 – Pricing inputs are unobservable for the financial instruments and includes situations where there is little, if any, market activity for the financial instrument. The inputs into the determination of fair value require significant management judgment or estimation.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the determination of which category within the fair value hierarchy is appropriate for any given investment is based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the instrument.

The fair values of cash, restricted cash, accounts receivable, due from related parties, accounts payable and certain accrued liabilities approximate their carrying amounts due to the short-term nature of these items.

Fair Value of Financial Instruments

The following table summarizes the categorization and fair value estimate of the Company’s financial instruments that are measured on a recurring basis pursuant to the above fair value hierarchy levels as of September 30, 2022 and December 31, 2021:


	September 30, 2022
	Level 1		Level 2		Level 3		Total
Financial assets
U.S. Treasury securities	$	—	$	138,863	$	—	$	138,863
Cash surrender value of company-owned life insurance	—		478		—		478
Total financial assets	$	—	$	139,341	$	—	$	139,341


	December 31, 2021
	Level 1		Level 2		Level 3		Total
Financial assets
Investments in mutual funds and other	$	500	$	—	$	—	$	500
Cash surrender value of company-owned life insurance	—		565		—		565
Total financial assets	$	500	$	565	$	—	$	1,065

Financial liabilities
Warrant liabilities - Public warrants	$	27,063	$	—	$	—	$	27,063
Warrant liabilities - Private warrants	—		—		742		742
Total financial liabilities	$	27,063	$	—	$	742	$	27,805

The Company had no transfers between fair value levels during the three and nine months ended September 30, 2022 and 2021.

As of September 30, 2022, a consolidated broker-dealer subsidiary held investments in U.S. Treasury securities with maturities of less than 12 months, which are included in Investments in short-term marketable debt securities on the Condensed Consolidated Statements of Financial Condition. These securities are carried at fair value with changes in fair value included in Other income (expense) on the Condensed Consolidated Statements of Operations, as required for broker-dealers. The aggregate cost basis of these securities was $139.2 million as of September 30, 2022. As of December 31, 2021, the Company held investments related to a legacy deferred compensation program and other securities, which are carried at fair value and included in Prepaid expenses and other assets on the Condensed Consolidated Statements of Financial Condition. The Company had net realized and unrealized gains (losses) on these investments of $0.3 million and $0.1 million for the three and nine months ended September 30, 2022, respectively, and nominal amounts for each of the three and nine months ended September 30, 2021.

The cash surrender value of company-owned life insurance is included in Prepaid expenses and other assets on the Condensed Consolidated Statements of Financial Condition at the amount that could be realized under the contract as of September 30, 2022 and December 31, 2021, which approximates fair value.

Prior to the Warrant Exchange Offer, the public warrants were valued using quoted market prices on the Nasdaq Global Select Market under the ticker PWPPW and were included in Warrant liabilities on the Condensed Consolidated Statements of Financial Condition. Management determined the fair value of the private warrants using the Black-Scholes option pricing valuation model (“Valuation Model”). The private warrants were classified as Level 3 because of the use of significant unobservable inputs in the Valuation Model.

The following table presents changes in Level 3 financial liabilities measured at fair value for nine months ended September 30, 2022:


	Private Warrants
Balance at December 31, 2021	$	742
Change in fair value	(457)
Private warrants exchanged for shares of Class A common stock	(285)
Balance at September 30, 2022	$	—

Changes in fair value of the private and public warrants are presented within Change in fair value of warrant liabilities on the Condensed Consolidated Statements of Operations.

Equity Method Investment

The Company applies the equity method of accounting to its investment in PFAC Holdings I LLC (“PFAC Holdings”), an indirect parent of PWP Forward Acquisition Corp. I (“PFAC”), a special purpose acquisition company. As of September 30, 2022 and December 31, 2021, the Company’s investment in PFAC Holdings was $2.1 million and $1.3 million, respectively, which is presented within Prepaid expenses and other assets on the Condensed Consolidated Statements of Financial Condition. The Company’s share of earnings of PFAC Holdings is included in Other income (expense) on the Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2022 and 2021

Related Party Transactions

9 Months Ended

Sep. 30, 2022

Related Party Transactions

Note 17—Related Party Transactions

PWP Capital Holdings LP

On February 28, 2019, a reorganization of the existing investment banking advisory and asset management businesses of PWP Holdings LP was effected which resulted in the spin-off of its asset management business (the “Separation”). PWP Holdings LP was divided into (i) PWP OpCo, which holds the former advisory business and (ii) PWP Capital Holdings LP, which holds the former asset management business

TSA Agreement – In connection with the Separation, the Company entered into a transition services agreement (the “TSA”) with PWP Capital Holdings LP under which the Company agreed to provide certain services to PWP Capital Holdings LP and PWP Capital Holdings LP agreed to provide certain services to the Company. Either party to the TSA may terminate the agreement solely as it applies to the services it receives under the agreement with 90 days prior written notice. The services provided under the TSA primarily relate to administrative services such as legal, human resources, compliance, information technology and certain finance functions. Additionally, the Company pays certain vendors for services that were previously contracted and are shared between PWP Capital Holdings LP and the Company until such time as separate terms can be reached with the vendors or the TSA terminates.

Sublease Income – In connection with the Separation, the Company subleases a portion of its office space at its New York location to PWP Capital Holdings LP. The Company also subleased a portion of its office space at its Houston location to PWP Capital Holdings LP, but this sublease was terminated in August 2021. Sublease rent payments are due monthly and are based on PWP Capital Holdings LP’s pro-rata portion of the underlying lease agreements including base rent as well as other lease related charges. See additional information regarding the subleases at Note 5—Leases.

Compensation Arrangements – In addition, PWP Capital Holdings LP has entered into an arrangement with certain employees of the Company related to services provided directly to PWP Capital Holdings LP. With respect to services provided to PWP Capital Holdings LP, the amounts paid and payable to such employees now and in the future are recognized by PWP Capital Holdings LP. All compensation related to services these employees provide to the Company are included in Compensation and benefits in the Condensed Consolidated Statements of Operations.

Amounts due from PWP Capital Holdings LP are reflected as Due from related parties on the Condensed Consolidated Statements of Financial Condition.

The following table shows the components of TSA income reported within Related party income in the Condensed Consolidated Statements of Operations for the periods presented:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
TSA income
TSA income – Compensation related	$	223	$	586	$	641	$	1,735
TSA income – Non-compensation related	328		160		995		497
Sublease income	159		753		522		2,366
Total TSA income	$	710	$	1,499	$	2,158	$	4,598

Tax Receivable Agreement

In connection with the Business Combination, the Company entered into a tax receivable agreement with Professional Partners and ILPs that provides for payment of 85% of the amount of cash savings, if any, in U.S. federal, state and local and foreign income taxes that the Company is deemed to realize as a result of (a) each exchange of interests in PWP OpCo for cash or stock of the Company and certain other transactions and (b) payments made under the tax receivable agreement. As of September 30, 2022, the Company had an amount due of $23.8 million pursuant to the tax receivable agreement, which represents management’s best estimate of the amounts currently expected to be owed in connection with the tax receivable agreement and is reported within Amount due pursuant to tax receivable agreement on the Condensed Consolidated Statement of Financial Condition. The Company expects to make the following payments with respect to the tax receivable agreement, which may differ significantly from actual payments made:


Years Ending:	Estimated Payments Under Tax Receivable Agreement
Remainder of 2022	$	466
2023	1,137
2024	1,270
2025	1,297
2026	1,325
Thereafter	18,287
Total payments	$	23,782

Partner Promissory Notes

The Company loaned money pursuant to promissory note agreements (the “Partner Promissory Notes”) to certain partners. The Partner Promissory Notes bear interest at an annual rate equal to the Federal Mid-Term Rate on an annual basis. The Partner Promissory Notes are due on various dates or in the event a partner is terminated or leaves at will. Repayment of the Partner Promissory Notes may be accelerated based on certain conditions as defined in the promissory note agreements and are primarily secured by the partner’s equity interests in PWP OpCo or other affiliate. As the Partner Promissory Notes and associated interest receivable relate to equity transactions, they have been recognized as a reduction of equity on the Condensed Consolidated Statements of Financial Condition in the amount of $3.5 million and $6.0 million as of September 30, 2022 and December 31, 2021, respectively.

During the nine months ended September 30, 2022, certain partners effectively repaid $2.6 million of principal and interest related to Partner Promissory Notes by foregoing the amount due from their respective deferred compensation agreements.

Other Partner Loans and Loan Guarantees

As of September 30, 2022 and December 31, 2021, $3.4 million and $3.3 million, respectively, of outstanding loans to certain partners are recognized in Due from related parties on the Condensed Consolidated Statements of Financial Condition.

The Company has unconditionally guaranteed certain of its partners’ loans with First Republic Bank. Refer to Note 18—Commitments and Contingencies for additional information on the guarantees.

Convertible Notes

Principal amounts of $8.7 million related to the Convertible Notes were held by partners prior to redemption upon closing of the Business Combination. Refer to Note 10—Debt for additional information on the Convertible Notes.

Other Related Party Transactions

In February 2022, the Company paid $0.5 million to an entity controlled by a member of the Board of Directors to reimburse a portion of expenses incurred by that entity in connection with the joint pursuit of a potential investment opportunity.

The Company has a minority interest in PFAC Holdings, an indirect parent of PFAC. The Company earned an advisory fee related to PFAC’s initial public offering of $0.6 million during the nine months ended September 30, 2021.

During the nine months ended September 30, 2021, the Company earned $3.1 million in advisory fees from entities controlled by a member of the Board of Directors, which are included in Revenues on the Condensed Consolidated Statements of Operations. The Company may earn additional advisory fees from these related entities in future periods.

Perella Weinberg UK Limited, Professional Partners and certain partners (including one partner who serves as a Company director and co-president) are party to a reimbursement agreement, pursuant to which such partners directed Professional Partners to pay distributions related to their ACUs first to a subsidiary of the Company, so that the subsidiary can make employment income tax payments on such distributions to the appropriate non-US authorities.

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 18—Commitments and Contingencies Loan Guarantees The Company has unconditionally guaranteed certain of its partners’ loans with First Republic Bank (“Lender”) whereby it will pay the Lender upon the occurrence of a default event. The total guarantees related to partners was $1.6 million and $3.3 million as of September 30, 2022 and December 31, 2021, respectively. These guarantees are secured by the partners’ interests in Professional Partners. As of September 30, 2022 and December 31, 2021, no loans were in default. Indemnifications The Company enters into certain contracts that contain a variety of indemnification provisions. The Company’s maximum exposure under these arrangements is unknown. As of September 30, 2022 and December 31, 2021, the Company expects no claims or losses pursuant to these contracts; therefore, no liability has been recorded related to these indemnification provisions. Legal Contingencies 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 and after consultation with external counsel, the Company believes it is neither probable nor 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 as of September 30, 2022 and December 31, 2021 and for the three and nine months ended September 30, 2022 and 2021. On October 20, 2015, Perella Weinberg Partners LLC, PWP MC LP, PWP Equity I LP and Perella Weinberg Partners Group LP (collectively, the “PWP Plaintiffs”), filed a complaint against Michael A. Kramer, Derron S. Slonecker, Joshua S. Scherer, Adam W. Verost (collectively, the “Individual Defendants”) and Ducera Partners LLC (together with the Individual Defendants, the “Defendants”) in New York Supreme Court, Commercial Division (the “Court”). The complaint alleges that the Individual Defendants, three former partners and one former employee of the PWP Plaintiffs, entered into a scheme while still at PWP to lift out the PWP Plaintiffs’ restructuring group to form a new competing firm that they were secretly forming in breach of their contractual and fiduciary duties to the PWP Plaintiffs. The complaint contains 14 causes of action, and seeks declaratory relief as well as damages resulting from the Individual Defendants’ breaches of their obligations under the PWP Plaintiffs’ partnership and employment agreements, and from Defendants’ unfair competition and tortious interference with the PWP Plaintiffs’ contracts and client relationships. On November 9, 2015, the Defendants filed an Answer, Counterclaims, Cross-claims and a Third-Party Complaint, which contained 14 causes of action. On July 17, 2016, the Court issued a decision, dismissing half of the Defendants’ counterclaims and cross-claims with prejudice. On August 18, 2016, the Defendants filed an Amended Answer, Counterclaims, Cross-claims and Third-Party Complaint, which contained only seven counterclaims and cross-claims. On December 12, 2016, the Defendants appealed the dismissal of three of their counterclaims and cross-claims to the New York Appellate Division, First Department (the “First Department”). On August 29, 2017, the First Department issued a decision denying the Defendants’ appeal in its entirety other than allowing only one Defendant to proceed with his breach of fiduciary duty counterclaim. On October 27, 2017, the Defendants moved the First Department for leave to appeal its decision to the New York Court of Appeals. On December 28, 2017, the First Department denied the Defendants’ motion for leave to appeal to the New York Court of Appeals. On April 24, 2018, the Defendants filed a Second Amended Answer, Counterclaims, Cross-claims and Third-Party Complaint, which contains eight counterclaims and cross-claims. The Defendants are seeking declaratory relief and damages of no less than $60.0 million, as well as statutory interest. Discovery is complete. Both the PWP Plaintiffs and the Defendants subsequently moved for summary judgment. As of March 20, 2020, the parties had completed briefing their respective motions for summary judgment. The PWP Plaintiffs moved affirmatively for summary judgment on each of their 14 claims and also moved for dismissal of each of the Defendants’ remaining eight counterclaims and cross-claims. The Defendants moved affirmatively for summary judgment on four of their eight counterclaims and cross-claims and also moved for dismissal of each of the PWP Plaintiffs’ 14 claims. The Court held oral argument on the motions for summary judgment on May 27, 2021. The Court has yet to issue a decision on the motions for summary judgement. In addition, on January 19, 2022, Defendants filed a motion for leave to renew one of their counterclaims brought under the New York Labor Law that the Court dismissed in 2016 (the dismissal of which was affirmed by the First Department in 2017). That motion was fully briefed as of February 3, 2022. We believe that our 14 causes of action are meritorious. Further, we believe that we have substantial meritorious defenses to the Defendants’ remaining counterclaims and cross-claims and plan to vigorously contest them. Litigation, however, can be uncertain and there can be no assurance that any judgment for one or more of the Defendants or other outcome of the case would not have a material adverse effect on us. Additionally, even if we prevail in the litigation and are awarded damages, we do not know if we will be able to fully collect on any judgment against any or all Defendants. Legal and professional fees incurred related to this litigation are presented net of expected insurance reimbursement within Professional fees in the Condensed Consolidated Statements of Operations.

Business Information

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Business Information

Note 19—Business Information

The Company’s activities of providing advisory services for mergers-and-acquisitions, private placements and financial advisory, as well as services for underwriting of securities offered for sale in public markets, commissions for the brokerage of publicly traded securities and equity research constitute a single business 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 its senior professionals across the Company. The Company has a single operating segment and therefore a single reportable segment.

For the three months ended September 30, 2022, revenues of $50.0 million related to two individual clients accounted for more than 10% of aggregate revenue. For the nine months ended September 30, 2022, no individual client accounted for more than 10% of aggregate revenue. For the three months ended September 30, 2021, revenues of $54.1 million related to two individual clients accounted for more than 10% of aggregate revenue. For the nine months ended September 30, 2021, no individual client accounted for more than 10% of aggregate revenue. 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 indicative of the geography in which the Company’s clients are located:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Revenues
United States	$	128,409	$	150,113	$	350,226	$	494,976
International	16,970		27,314		98,133		107,773
Total	$	145,379	$	177,427	$	448,359	$	602,749


	September 30, 2022		December 31, 2021
Assets
United States	$	480,157	$	552,865
International	151,442		165,462
Total	$	631,599	$	718,327

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 34
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Paragraph 21
-Subparagraph (a)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 32
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	Note 20—Subsequent Events The Company has evaluated subsequent events through the issuance date of these condensed consolidated financial statements. On November 2, 2022, the Board of Directors of PWP declared a cash dividend of $0.07 per share of Class A common stock. This dividend will be paid on December 9, 2022 to Class A common stockholders of record on November 25, 2022. Holders of Class B common stock will also receive dividends equal to the amount of dividends made on 0.001 shares of Class A common stock.

Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2022

Accounting Policies [Abstract]

Basis of Presentation

Consolidation

ConsolidationThe Company’s policy is to consolidate entities in which the Company has a controlling financial interest and variable interest entities where the Company is deemed to be the primary beneficiary. The Company is deemed to be the primary beneficiary of a variable interest entity (“VIE”) when it has both (i) the power to make the decisions that most significantly affect the economic performance of the VIE and (ii) the obligation to absorb significant losses or the right to receive benefits that could potentially be significant to the VIE. PWP is the primary beneficiary of and consolidates PWP OpCo, a VIE. As of September 30, 2022 and December 31, 2021, the net assets of PWP OpCo were $263.1 million and $268.5 million, respectively. As of September 30, 2022 and December 31, 2021, the Company did not consolidate any VIEs other than PWP OpCo.

Use of Estimates

In preparing the condensed consolidated financial statements, management makes estimates regarding the following:

•measurement of amount due pursuant to the tax receivable agreement;

•measurement and timing of revenue recognition;

•adequacy of the allowance for credit losses;

•measurement and realization of deferred taxes;

•measurement of equity-based awards;

•evaluation of goodwill and intangible assets;

•fair value measurement of financial instruments; and

•other matters that affect the reported amounts and disclosures of contingencies in the condensed consolidated financial statements.

Cash, Cash Equivalents and Restricted Cash

A reconciliation of the Company’s cash, cash equivalents and restricted cash as of September 30, 2022 and September 30, 2021 is presented below:


	September 30,
	2022		2021
Cash	$	142,854	$	415,839

Restricted cash	2,659		1,835
Cash, cash equivalents and restricted cash as shown on statements of cash flows	$	145,513	$	417,674

Investments in Short-Term Marketable Debt Securities

Accounts Receivable

Allowance for Credit Losses

Allowance for Credit LossesThe Company maintains an allowance for credit losses that, in management’s opinion, provides for an adequate reserve to cover estimated losses on accounts receivable. The Company determines the adequacy of the allowance by estimating the probability of loss based on the Company’s historical credit loss experience of its client receivables and taking into consideration current market conditions and supportable forecasts that affect the collectability of the reported amount. The Company updates its average credit loss rates periodically and maintains a quarterly allowance review process to consider current factors that would require an adjustment to the credit loss allowance. In addition, the Company periodically performs a qualitative assessment to monitor risks associated with current and forecasted conditions that may require an adjustment to the expected credit loss rates. The Company also regularly reviews the age of the receivables, credit worthiness of the client and the current economic conditions that may affect a client’s ability to pay such amounts owed to the Company and as a result, may recognize a specific credit loss reserve. Changes to expected credit losses during the period are included in General, administrative and other expenses in the Condensed Consolidated Statements of Operations. After concluding that a reserved accounts receivable is no longer collectible, the Company reduces both the gross receivable and the allowance for credit losses

Prepaid Expenses and Other Assets

Foreign Currencies

Income Taxes

Foreign Currencies

Revenue Recognition

Transaction-Related Advisory Services

Fairness Opinion Services

Research and Trading Services

Underwriting Services

Contract Costs and Contract Balances

Equity-Based Compensation

Non-Controlling Interests

Recent Accounting Pronouncements and Future Adoption of Accounting Pronouncements

Recently Adopted Accounting Pronouncements

No changes to U.S. GAAP that went into effect during the nine months ended September 30, 2022 had a material effect on the Company’s condensed consolidated financial statements.

Future Adoption of Accounting Pronouncements

No changes to U.S. GAAP that are not yet effective are expected to have a material effect on the Company’s condensed consolidated financial statements.

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2022

Accounting Policies [Abstract]

Reconciliation of Cash, Cash Equivalents and Restricted Cash

A reconciliation of the Company’s cash, cash equivalents and restricted cash as of September 30, 2022 and September 30, 2021 is presented below:


	September 30,
	2022		2021
Cash	$	142,854	$	415,839

Restricted cash	2,659		1,835
Cash, cash equivalents and restricted cash as shown on statements of cash flows	$	145,513	$	417,674

Revenue and Receivables from Contracts with Customers (Tables)

9 Months Ended

Sep. 30, 2022

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

The following table disaggregates the Company’s revenue between over time and point in time recognition:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Over time	$	144,440	$	167,981	$	440,325	$	562,286
Point in time	939		9,446		8,034		40,463
Total revenues	$	145,379	$	177,427	$	448,359	$	602,749

Schedule of Allowance for Credit Losses

The allowance for credit losses activity for the three and nine months ended September 30, 2022 and 2021 was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Beginning balance	$	2,725	$	1,104	$	1,851	$	1,045
Bad debt expense	(19)		916		1,653		290
Write-offs	—		(18)		(760)		(46)
Recoveries	—		—		—		710
Foreign currency translation and other adjustments	(113)		(1)		(151)		2
Ending balance	$	2,593	$	2,001	$	2,593	$	2,001

Leases (Tables)

9 Months Ended

Sep. 30, 2022

Leases [Abstract]

Summary of Operating Leases

Other information as it relates to the Company’s operating leases was as follows:


	September 30, 2022	December 31, 2021
Weighted-average discount rate - operating leases	4.6%	2.5%
Weighted-average remaining lease term - operating leases	15.1 years	3.3 years


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Operating lease cost	$	5,311	$	4,736	$	14,172	$	14,425
Variable lease cost	751		1,370		1,758		3,753
Sublease income - operating leases	(159)		(753)		(522)		(2,366)
Total net lease cost	$	5,903	$	5,353	$	15,408	$	15,812

Cash paid for lease obligation	$	4,767	$	4,920	$	14,730	$	15,100

Schedule of Operating Lease Maturities

As of September 30, 2022, the maturities of undiscounted operating lease liabilities of the Company are as follows:


Years Ending:	Operating Leases		Sublease Income		Net Payments
Remainder of 2022	$	(2,107)	$	115	$	(2,222)
2023	(3,833)		307		(4,140)
2024	7,434		—		7,434
2025	18,021		—		18,021
2026	19,002		—		19,002
Thereafter	204,125		—		204,125
Total lease payments (1)	242,642		$	422	$	242,220
Less: Imputed Interest	(83,007)
Total lease liabilities	$	159,635

(1)Total future lease payments are presented net of expected lease incentives, including landlord contributions to tenant improvements.

Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2022

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Summary of Components of Gross and Net Intangible Asset

Below is the detail of the intangible assets:


	September 30, 2022
	Gross Amount		Accumulated Amortization		Net Carrying Amount
Customer relationships	$	47,400	$	(27,650)	$	19,750
Trade names and trademarks	18,400		(10,733)		7,667
Total	$	65,800	$	(38,383)	$	27,417


	December 31, 2021
	Gross Amount		Accumulated Amortization		Net Carrying Amount
Customer relationships	$	47,400	$	(24,095)	$	23,305
Trade names and trademarks	18,400		(9,353)		9,047
Total	$	65,800	$	(33,448)	$	32,352

Fixed Assets (Tables)

9 Months Ended

Sep. 30, 2022

Property, Plant and Equipment [Abstract]

Summary of Property, Plant and Equipment

Fixed assets are recorded at cost less accumulated depreciation and amortization and consist of the following as of September 30, 2022 and December 31, 2021:


	September 30, 2022		December 31, 2021
Leasehold improvements	$	53,846	$	45,770
Furniture and fixtures	12,974		12,028
Equipment	18,296		15,969
Software	8,572		8,581
Total	93,688		82,348
Less: Accumulated depreciation and amortization	(73,171)		(71,986)
Fixed assets, net	$	20,517	$	10,362

Income Taxes (Tables)

9 Months Ended

Sep. 30, 2022

Income Tax Disclosure [Abstract]

Schedule of Company's Tax Position

The following table summarizes the Company’s tax position for the periods presented:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2022			2021			2022			2021
Income (loss) before income taxes	$	(8,289)		$	(9,312)		$	1,566		$	24,740
Income tax benefit (expense)	$	(4,570)		$	(150)		$	(10,707)		$	(2,695)
Effective income tax rate	(55.1)		%	(1.6)		%	683.7		%	10.9		%

Debt (Tables)

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Summary of Debt

The following is a summary of the Company’s debt as of September 30, 2022 and December 31, 2021:


	September 30, 2022		December 31, 2021
Revolving Credit Facility	$	—	$	—
Unamortized debt discount and issuance costs (1)	(410)		(521)
Total debt, net	$	(410)	$	(521)

Schedule of Applicable Interest Rate


Applicable Rate
Combined Leverage Ratio	Eurodollar Rate	Base Rate
< 0.50 : 1.00	2.50%	1.50%
≥ 0.50 : 1.00, but < 1.50 : 1.00	2.75%	1.75%
≥ 1.50 : 1.00	3.00%	2.00%

Equity-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2022

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Schedule of Expense Related to Awards


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Professional fees
PWP Incentive Plan Awards	$	609	$	177	$	1,654	$	177
Total Professional fees	$	609	$	177	$	1,654	$	177

Equity-based compensation
PWP Incentive Plan Awards	$	18,251	$	20,917	$	58,333	$	20,917
Legacy Awards (1)	3,339		1,450		10,016		13,615
Professional Partners Awards (1)	15,409		15,683		45,967		16,740
Total Equity-based compensation	$	36,999	$	38,050	$	114,316	$	51,272

Income tax benefit of equity-based awards	$	2,297	$	2,351	$	7,864	$	2,351

Transaction Pool PSUs

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Summary of Performance Based Restricted Stock Units

The following table summarizes activity related to Transaction Pool PSUs for the nine months ended September 30, 2022:


	Transaction Pool PSUs

	Number of Shares	Weighted Average Grant Date Fair Value Per Share
Balance at January 1, 2022	3,208,126	$	12.74
Granted (1)	25,706	12.74
Vested	(5,000)	13.53
Forfeited	(160,000)	12.74
Balance at September 30, 2022	3,068,832	$	12.73

(1)Includes dividend equivalent units that have been awarded in the form of additional Transaction Pool PSUs that were granted from the General Share Reserve.

Transaction Pool RSUs

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Summary of Restricted Stock Units

The following table summarizes activity related to Transaction Pool RSUs for the nine months ended September 30, 2022:


	Transaction Pool RSUs

	Number of Shares	Weighted Average Grant Date Fair Value Per Share
Balance at January 1, 2022	5,450,604	$	13.97
Granted (1)	14,530	13.97
Vested	(1,802,152)	13.97
Forfeited	(1,023,914)	13.97
Balance at September 30, 2022	2,639,068	$	13.97

(1)Includes dividend equivalents units that have been awarded in the form of additional Transaction Pool RSUs that were granted from the General Share Reserve.

Long-Term Incentive Awards

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Summary of Restricted Stock Units

The following table summarizes activity related to Long-Term Incentive Awards for the nine months ended September 30, 2022:


	Long-Term Incentive Awards

	Number of Shares	Weighted Average Grant Date Fair Value Per Share
Balance at January 1, 2022	9,500,000	$	8.86
Granted	—	—
Vested	—	—
Forfeited	(500,000)	8.86
Balance at September 30, 2022	9,000,000	$	8.86

General RSUs

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Summary of Restricted Stock Units

The following table summarizes activity related to General RSUs for the nine months ended September 30, 2022:


	General RSUs

	Number of Shares	Weighted Average Grant Date Fair Value Per Share
Balance at January 1, 2022	906,517	$	13.76
Granted (1)	6,724,820	9.83
Vested	(568,402)	11.91
Forfeited	(38,127)	11.30
Balance at September 30, 2022	7,024,808	$	10.16

(1)Includes dividend equivalent units that have been awarded in the form of additional General RSUs that were granted from the General Share Reserve.

Net Income (Loss) Per Share Attributable to Class A Common Shareholders (Tables)

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Net Income (Loss) Per Share Attributable to Class A Common Shareholders

The calculations of basic and diluted net income (loss) per share attributable to Class A common shareholders are presented below:


	Three Months Ended September 30, 2022		Three Months Ended September 30, 2021		Nine Months Ended September 30, 2022		Period After Business Combination Through September 30, 2021
Numerator:
Net income (loss) attributable to Perella Weinberg Partners – basic	$	1,140	$	3,476	$	19,299	$	(9,023)

Dilutive effect from assumed exchange of PWP OpCo Units, net of tax	(17,924)		(12,163)		(36,570)		(28,401)

Net income (loss) attributable to Perella Weinberg Partners – diluted	$	(16,784)	$	(8,687)	$	(17,271)	$	(37,424)
Denominator:
Weighted average shares of Class A common stock outstanding – basic	42,263,427		42,572,813		44,241,794		42,599,954

Weighted average number of incremental shares from assumed exchange of PWP OpCo Units	45,482,349		50,154,199		46,293,438		50,154,199

Weighted average shares of Class A common stock outstanding – diluted	87,745,776		92,727,012		90,535,232		92,754,153
Net income (loss) per share attributable to Class A common shareholders
Basic	$	0.03	$	0.08	$	0.44	$	(0.21)
Diluted	$	(0.19)	$	(0.09)	$	(0.19)	$	(0.40)

Schedule of Weighted Average Potentially Dilutive Shares Excluded from Computation of Diluted Net Income (Loss) Per Share


	Three Months Ended September 30, 2022	Three Months Ended September 30, 2021	Nine Months Ended September 30, 2022	Period After Business Combination Through September 30, 2021
Warrants (1)	—	1,075,327	—	1,075,327

PWP Incentive Plan Awards	129,712	16,112	155,527	16,112
Total	129,712	1,091,439	155,527	1,091,439

Fair Value Measurements and Investments (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Measurements And Investments [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis


	September 30, 2022
	Level 1		Level 2		Level 3		Total
Financial assets
U.S. Treasury securities	$	—	$	138,863	$	—	$	138,863
Cash surrender value of company-owned life insurance	—		478		—		478
Total financial assets	$	—	$	139,341	$	—	$	139,341


	December 31, 2021
	Level 1		Level 2		Level 3		Total
Financial assets
Investments in mutual funds and other	$	500	$	—	$	—	$	500
Cash surrender value of company-owned life insurance	—		565		—		565
Total financial assets	$	500	$	565	$	—	$	1,065

Financial liabilities
Warrant liabilities - Public warrants	$	27,063	$	—	$	—	$	27,063
Warrant liabilities - Private warrants	—		—		742		742
Total financial liabilities	$	27,063	$	—	$	742	$	27,805

Schedule of Changes in Level 3 Liabilities measured at Fair Value

The following table presents changes in Level 3 financial liabilities measured at fair value for nine months ended September 30, 2022:


	Private Warrants
Balance at December 31, 2021	$	742
Change in fair value	(457)
Private warrants exchanged for shares of Class A common stock	(285)
Balance at September 30, 2022	$	—

Related Party Transactions (Tables)

9 Months Ended

Sep. 30, 2022

Schedule of Components of Related Party Revenues

The following table shows the components of TSA income reported within Related party income in the Condensed Consolidated Statements of Operations for the periods presented:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
TSA income
TSA income – Compensation related	$	223	$	586	$	641	$	1,735
TSA income – Non-compensation related	328		160		995		497
Sublease income	159		753		522		2,366
Total TSA income	$	710	$	1,499	$	2,158	$	4,598

Schedule of Estimated Payments Under Tax Receivable Agreement

The Company expects to make the following payments with respect to the tax receivable agreement, which may differ significantly from actual payments made:


Years Ending:	Estimated Payments Under Tax Receivable Agreement
Remainder of 2022	$	466
2023	1,137
2024	1,270
2025	1,297
2026	1,325
Thereafter	18,287
Total payments	$	23,782

Business Information (Tables)

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Schedule of Geographical Distribution of Revenues and Assets Based on the Location of the Office

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 indicative of the geography in which the Company’s clients are located:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Revenues
United States	$	128,409	$	150,113	$	350,226	$	494,976
International	16,970		27,314		98,133		107,773
Total	$	145,379	$	177,427	$	448,359	$	602,749


	September 30, 2022		December 31, 2021
Assets
United States	$	480,157	$	552,865
International	151,442		165,462
Total	$	631,599	$	718,327

Summary of Significant Accounting Policies - Additional Information (Details)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) client	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($) client	Jan. 21, 2022 USD ($)
Variable Interest Entity [Line Items]
Assets	$ 631,599,000		$ 631,599,000		$ 718,327,000
Cash equivalents	0		0		0
Restricted cash	2,659,000	$ 1,835,000	2,659,000	$ 1,835,000	2,002,000
Product Information [Line Items]
Accrued revenue included in accounts receivable	12,800,000		12,800,000		2,500,000
Accounts receivable, net of allowance	46,690,000		46,690,000		46,914,000
Deferred offering costs	0		0		900,000
Foreign Currency Transaction Gain (Loss), before Tax	5,600,000	$ 2,200,000	10,800,000	$ 400,000
Follow-on public offering
Product Information [Line Items]
Deferred offering costs, net of proceeds from offering						$ 1,300,000
Deferred offering costs, net of proceeds from offering						$ 1,300,000
PWP OpCo
Variable Interest Entity [Line Items]
Assets	263,100,000		263,100,000		268,500,000
Client Accounting for More than 10% of Aggregate Receivable \| Two Clients
Product Information [Line Items]
Accounts receivable, net of allowance	$ 9,600,000		$ 9,600,000		$ 13,600,000
Client Accounting for More than 10% of Aggregate Receivable \| Two Clients \| Accounts Receivable
Product Information [Line Items]
Number of clients over 10% benchmark \| client			1		2

Summary of Significant Accounting Policies - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Cash	$ 142,854		$ 415,839
Restricted cash	2,659	$ 2,002	1,835
Cash, cash equivalents and restricted cash as shown on statements of cash flows	$ 145,513	$ 504,775	$ 417,674	$ 330,908

Business Combination (Details) $ / shares in Units, $ in Thousands		3 Months Ended		9 Months Ended
	Jun. 24, 2021 USD ($) vote $ / shares shares	Sep. 30, 2022 USD ($) vote shares	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) vote shares	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($) shares	Dec. 29, 2020 USD ($) shares
Business Combination, Description [Abstract]
Payment of debt				$ 0	$ 27,690
Loss on debt extinguishment		$ 0	$ 0	0	$ 39,408
Warrant liabilities		$ 0		$ 0		$ 27,805
Transaction expenses	$ 2,900
Offering costs	27,600
Public Warrant
Business Combination, Description [Abstract]
Warrant liabilities	22,200
Private Warrant
Business Combination, Description [Abstract]
Warrant liabilities	$ 700
Class A common stock
Business Combination, Description [Abstract]
Votes rights \| vote		1		1
Common stock shares outstanding (in Shares) \| shares	42,956,667	43,108,599		43,108,599		42,649,319
Class B common stock
Business Combination, Description [Abstract]
Common stock shares outstanding (in Shares) \| shares	50,154,199	44,925,877		44,925,877		50,154,199
Common Class B-1
Business Combination, Description [Abstract]
Votes rights \| vote	10
Common Stock B-2
Business Combination, Description [Abstract]
Votes rights \| vote	1	1		1
Revolving Credit Facility
Business Combination, Description [Abstract]
Payment of debt	$ 27,700
Convertible Debt
Business Combination, Description [Abstract]
Debt instrument, repurchased face amount	150,000
Loss on debt extinguishment	$ 39,400
PIPE Investors \| Class A common stock
Business Combination, Description [Abstract]
Common stock, shares subscribed but unissued (in Shares) \| shares							12,500,000
Common stock, value, subscriptions							$ 125,000
Sponsor Related PIPE Investors \| Class A common stock
Business Combination, Description [Abstract]
Common stock, value, subscriptions							$ 1,500
Sponsor \| Class B common stock
Business Combination, Description [Abstract]
Common stock, shares forfeited (in Shares) \| shares	1,023,333
Common stock, forfeited per share value (in Dollars per Share) \| $ / shares	$ 0.0001
FTIV \| Class A common stock
Business Combination, Description [Abstract]
Cash paid for business combination	$ 355,000
Common stock, new shares issued, shares (in shares) \| shares	42,956,667
Electing ILPs
Business Combination, Description [Abstract]
Partners' capital account, redemptions	$ 80,500
Electing Former Working Partners
Business Combination, Description [Abstract]
Partners' capital account, redemptions	$ 28,600

Revenue and Receivables from Contracts with Customers - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disaggregation Of Revenue [Line Items]
Total revenues	$ 145,379	$ 177,427	$ 448,359	$ 602,749
Over time
Disaggregation Of Revenue [Line Items]
Total revenues	144,440	167,981	440,325	562,286
Point in time
Disaggregation Of Revenue [Line Items]
Total revenues	$ 939	$ 9,446	$ 8,034	$ 40,463

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Revenue and Receivables from Contracts with Customers - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Reimbursable expenses recorded as revenue	$ 400	$ 1,200	$ 1,700	$ 4,000
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Reimbursable expenses recorded as revenue	400	1,200	1,700	4,000
Contract with customer, performance obligation satisfied in previous period	40,000	53,500	263,600	309,000
Deferred revenue	3,873		3,873		$ 7,845
Deferred revenue recognized	1,700	$ 2,200	5,800	$ 9,600
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Aggregate amount of transaction price allocated to performance obligations yet to be satisfied	$ 3,300		$ 3,300
Revenue, remaining performance obligation, expected timing of satisfaction, period	12 months		12 months

Revenue and Receivables from Contracts with Customers - Schedule of Allowance for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 2,725	$ 1,104	$ 1,851	$ 1,045
Bad debt expense	(19)	916	1,653	290
Write-offs	0	(18)	(760)	(46)
Recoveries	0	0	0	710
Foreign currency translation and other adjustments	(113)	(1)	(151)	2
Ending balance	$ 2,593	$ 2,001	$ 2,593	$ 2,001

Leases - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended		9 Months Ended
	Jul. 31, 2021	May 31, 2021	Sep. 30, 2022	Jun. 30, 2022	Sep. 30, 2022	Sep. 30, 2021
Lessee, Lease, Description [Line Items]
Increase (decrease) in operating lease liabilities					$ (11,462)	$ (13,570)
Right-of-use asset obtained in exchange for operating lease liability					$ 131,586	$ 4,000
New York Office
Lessee, Lease, Description [Line Items]
Extended lease term		5 months	12 years	16 years	12 years
Increase (decrease) in operating lease liabilities		$ 5,100
Increase (decrease) in operating lease right of use asset		$ 5,100
Houston Office
Lessee, Lease, Description [Line Items]
Increase (decrease) in operating lease liabilities	$ (2,400)
Increase (decrease) in operating lease right of use asset	(1,900)
Gain on termination of lease	$ 500
Los Angeles And New York Office
Lessee, Lease, Description [Line Items]
Right-of-use asset obtained in exchange for operating lease liability			$ 62,300	$ 66,300

Leases - Summary of Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Leases [Abstract]
Weighted-average discount rate - operating leases	4.60%		4.60%		2.50%
Weighted-average remaining lease term - operating leases	15 years 1 month 6 days		15 years 1 month 6 days		3 years 3 months 18 days
Operating lease cost	$ 5,311	$ 4,736	$ 14,172	$ 14,425
Variable lease cost	751	1,370	1,758	3,753
Sublease income - operating leases	(159)	(753)	(522)	(2,366)
Total net lease cost	5,903	5,353	15,408	15,812
Cash paid for lease obligation	$ 4,767	$ 4,920	$ 14,730	$ 15,100

Leases - Schedule of Operating Lease Maturities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Operating Leases
Remainder of 2022	$ (2,107)
2023	(3,833)
2024	7,434
2025	18,021
2026	19,002
Thereafter	204,125
Total lease payments (1)	242,642
Less: Imputed Interest	(83,007)
Total lease liabilities	159,635	$ 43,448
Sublease Income
Remainder of 2022	115
2023	307
2024	0
2025	0
2026	0
Thereafter	0
Total lease payments (1)	422
Net Payments
Remainder of 2022	(2,222)
2023	(4,140)
2024	7,434
2025	18,021
2026	19,002
Thereafter	204,125
Total lease payments (1)	$ 242,220

Intangible Assets - Summary of Components of Gross and Net Intangible Asset (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Gross Amount	$ 65,800	$ 65,800
Accumulated Amortization	(38,383)	(33,448)
Net Carrying Amount	27,417	32,352
Customer relationships
Gross Amount	47,400	47,400
Accumulated Amortization	(27,650)	(24,095)
Net Carrying Amount	19,750	23,305
Trade names and trademarks
Gross Amount	18,400	18,400
Accumulated Amortization	(10,733)	(9,353)
Net Carrying Amount	$ 7,667	$ 9,047

Intangible Assets - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Finite-Lived intangible asset, useful life			10 years
Amortization expense	$ 1.6	$ 1.6	$ 4.9	$ 4.9
Finite-Lived Intangible Assets, Net, Amortization Expense, Rolling Maturity [Abstract]
Finite-lived intangible asset, expected amortization, remainder of fiscal year	6.6		6.6
Finite-lived intangible asset, expected amortization, year one	6.6		6.6
Finite-lived intangible asset, expected amortization, year two	6.6		6.6
Finite-lived intangible asset, expected amortization, year three	6.6		6.6
Finite-lived intangible asset, expected amortization, year four	$ 6.0		$ 6.0

Fixed Assets - Summary of Fixed Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 93,688	$ 82,348
Less: Accumulated depreciation and amortization	(73,171)	(71,986)
Fixed assets, net	20,517	10,362
Leasehold improvements
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	53,846	45,770
Furniture and fixtures
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	12,974	12,028
Equipment
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	18,296	15,969
Software
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 8,572	$ 8,581

Fixed Assets - Additional information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Property Plant And Equipment [Line Items]
Depreciation expense	$ 0.6	$ 1.6	$ 2.4	$ 5.2
Software development
Property Plant And Equipment [Line Items]
Amortization expense	$ 0.3	$ 0.2	$ 0.8	$ 0.9

Income Taxes - Schedule of Company's Tax Position (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income (loss) before income taxes	$ (8,289)	$ (9,312)	$ 1,566	$ 24,740
Income tax benefit (expense)	$ (4,570)	$ (150)	$ (10,707)	$ (2,695)
Effective income tax rate	(55.10%)	(1.60%)	683.70%	10.90%

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
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+ Details

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 5.1	$ 6.1

Debt - Summary of Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Unamortized debt discounts and issuance costs	$ (410)	$ (521)
Total debt, net	(410)	(521)
Revolving Credit Facility
Debt Instrument [Line Items]
Revolving Credit Facility	$ 0	$ 0

Debt - Additional Information (Details) - USD ($)		3 Months Ended		9 Months Ended
Debt - Additional Information (Details) - USD ($)	Jun. 24, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Debt Instrument [Line Items]
Principal payment on Revolving Credit Facility				$ 0	$ 27,690,000
Loss on debt extinguishment		$ 0	$ 0	0	$ 39,408,000
Unamortized debt discounts and issuance costs		410,000		410,000		$ 521,000
Convertible Debt
Debt Instrument [Line Items]
Interest rate during the period					12.00%
Interest expense			6,900,000
Interest rate	7.00%
Redemption amount	$ 161,600,000
Debt instrument, repurchased face amount	150,000,000
Minimum amount held by redeeming holders	5,000,000
Loss on debt extinguishment	39,400,000
Premium paid to certain redeeming holders	10,900,000
Unamortized debt discounts and issuance costs	28,500,000
Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity		50,000,000		50,000,000
Principal payment on Revolving Credit Facility	27,700,000
Maximum amount to be used for letters of credit		15,000,000		15,000,000
Maximum incremental revolving commitments				20,000,000
Borrowings outstanding under revolving line of credit facility		0		0
Debt, weighted average interest rate, over time					2.60%
Debt issuance costs	$ 1,800,000
Interest rate during the period					3.70%
Payments of debt restructuring costs					$ 400,000
Interest expense		$ 100,000	$ 100,000	$ 200,000	$ 600,000
Revolving Credit Facility \| Eurodollar Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate				1.00%
Revolving Credit Facility \| Federal Funds Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate					0.50%
Revolving Credit Facility \| LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate				2.00%
Revolving Credit Facility \| LIBOR Foor \| Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate				0.25%
Revolving Credit Facility \| Cadence Bank Prime Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate				(1.00%)
Revolving Credit Facility \| Cadence Bank Prime Rate Floor \| Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate				3.25%

Debt - Schedule of Applicable Interest Rate (Details)	9 Months Ended
Debt - Schedule of Applicable Interest Rate (Details)	Sep. 30, 2022
Eurodollar Rate
Debt Instrument [Line Items]
0.50 : 1.00	250.00%
≥ 0.50 : 1.00, but 1.50 : 1.00	275.00%
≥ 1.50 : 1.00	300.00%
Base Rate
Debt Instrument [Line Items]
0.50 : 1.00	150.00%
≥ 0.50 : 1.00, but 1.50 : 1.00	175.00%
≥ 1.50 : 1.00	200.00%

Stockholder's Equity (Details)							3 Months Ended				8 Months Ended	9 Months Ended
Stockholder's Equity (Details)	Sep. 06, 2022 shares	May 31, 2022 shares	Feb. 28, 2022 shares	Jan. 21, 2022 USD ($) $ / shares shares	Jan. 07, 2022 shares	Aug. 09, 2021 USD ($) $ / shares shares	Sep. 30, 2022 USD ($) vote $ / shares shares	Jun. 30, 2022 USD ($) $ / shares shares	Mar. 31, 2022 USD ($) $ / shares shares	Sep. 30, 2021 USD ($) $ / shares	Sep. 30, 2022 vote $ / shares shares	Sep. 30, 2022 USD ($) vote d $ / shares shares	Sep. 30, 2021 USD ($) $ / shares	Feb. 16, 2022 USD ($)	Dec. 31, 2021 $ / shares shares	Jun. 24, 2021 vote
Class of Stock [Line Items]
Preferred and common stock authorized (in Shares)							2,200,000,000				2,200,000,000	2,200,000,000
Preferred stock, shares authorized (in Shares)							100,000,000				100,000,000	100,000,000
Preferred stock par or stated value per share (in Dollars per Share) \| $ / shares							$ 0.0001				$ 0.0001	$ 0.0001
Warrants outstanding (in Shares)							0				0	0			7,869,975
Class B distribution rate compared to Class A							0.001				0.001	0.001
Accrued dividends and dividend equivalent units on unvested PWP Incentive Plan Awards \| $							$ (4,378,000)	$ (4,555,000)	$ (4,113,000)	$ (4,200,000)
Treasury stock purchase, value \| $							$ 8,538,000	$ 43,689,000	$ 1,598,000	$ 12,000,000
Stockholder agreement, condition percentage							5.00%				5.00%	5.00%
Stockholder agreement, percent condition for board not to approve operating activities change							10.00%				10.00%	10.00%
Proceeds from the Offering, net of underwriting discount \| $												$ 36,526,000	$ 0
Follow-on public offering
Class of Stock [Line Items]
Deferred offering costs, net of proceeds from offering \| $				$ 1,300,000
Professional Partners and ILPs
Class of Stock [Line Items]
Noncontrolling interest, units owned (in Shares)							44,925,877				44,925,877	44,925,877
Noncontrolling interest, ownership percentage by noncontrolling owners							51.00%				51.00%	51.00%
Founder Share Purchase Option
Class of Stock [Line Items]
Treasury stock purchase (in Shares)						1,000,000
Treasury stock purchase, value \| $						$ 12,000,000
Lock-up period												10 years
Founder shares (in Shares)												1,000,000
Minimum consecutive trading days \| d												20
Founder shares convertible threshold consecutive trading days \| d												30
Founder share purchase period \| d												15
Share price (in Dollars per Share) \| $ / shares						$ 12.00
Founder Share Purchase Option \| $12 Price
Class of Stock [Line Items]
Minimum share price and purchase price (in Dollars per Share) \| $ / shares							$ 12.00				$ 12.00	$ 12.00
Founder Share Purchase Option \| $15 Price
Class of Stock [Line Items]
Minimum share price and purchase price (in Dollars per Share) \| $ / shares							$ 15.00				$ 15.00	$ 15.00
Former Working Partners
Class of Stock [Line Items]
Lock-up period												180 days
Existing ILPs
Class of Stock [Line Items]
Lock-up period												180 days
Others
Class of Stock [Line Items]
Lock-up period												12 months
Minimum \| Working Partners
Class of Stock [Line Items]
Lock-up period												3 years
Maximum \| Working Partners
Class of Stock [Line Items]
Lock-up period												5 years
Class A common stock
Class of Stock [Line Items]
Common stock, shares authorized (in Shares)							1,500,000,000				1,500,000,000	1,500,000,000			1,500,000,000
Common stock par value (in Dollars per Share) \| $ / shares							$ 0.0001				$ 0.0001	$ 0.0001			$ 0.0001
Votes rights \| vote							1				1	1
Dividend declared (in Dollars per Share) \| $ / shares							$ 0.07	$ 0.07	$ 0.07	$ 0.07		$ 0.21	$ 0.07
Accrued dividends and dividend equivalent units on unvested PWP Incentive Plan Awards \| $							$ (4,500,000)			$ (4,300,000)		$ (13,400,000)	$ (4,300,000)
Stock repurchase program, authorized amount \| $														$ 100,000,000
Treasury stock purchase (in Shares)							1,289,459				7,729,666	7,729,666
Treasury stock purchase, value \| $							$ 8,500,000					$ 53,800,000
Number of sponsor shares distributed (in shares)					5,456,667
Founder shares (in Shares)					1,000,000
Number of sponsor shares distributed subject to transfer restrictions (in shares)					1,738,680
Share price (in Dollars per Share) \| $ / shares											$ 6.96
Conversion ratio							1				1	1
Class A common stock \| Follow-on public offering
Class of Stock [Line Items]
Common stock, new shares issued, shares (in shares)				3,502,033
Shares issued, price per share (in Dollars per Share) \| $ / shares				$ 10.75
Proceeds from the Offering, net of underwriting discount \| $				$ 37,600,000
Payment of financing and stock issuance costs (in Dollars per Share) \| $ / shares				$ 0.32
Payment of underwriting discounts and commissions \| $				$ 1,100,000
Class A common stock \| Common Stock
Class of Stock [Line Items]
Common stock, new shares issued, shares (in shares)									3,502,033
Exchange of PWP OpCo Units and corresponding Class B common stock for Class A common stock (in shares)	764,873	629,591	337,048				764,873	629,591	337,048
Common Stock B-1
Class of Stock [Line Items]
Common stock, shares authorized (in Shares)							300,000,000				300,000,000	300,000,000
Common stock par value (in Dollars per Share) \| $ / shares							$ 0.0001				$ 0.0001	$ 0.0001
Votes rights \| vote							10				10	10
Voting rights with ceased threshold percentage \| vote							1				1	1
Common Stock B-2
Class of Stock [Line Items]
Common stock, shares authorized (in Shares)							300,000,000				300,000,000	300,000,000
Common stock par value (in Dollars per Share) \| $ / shares							$ 0.0001				$ 0.0001	$ 0.0001
Votes rights \| vote							1				1	1				1
Common stock, ownership percentage threshold							10.00%				10.00%	10.00%
Class B common stock
Class of Stock [Line Items]
Common stock, shares authorized (in Shares)							600,000,000				600,000,000	600,000,000			600,000,000
Common stock par value (in Dollars per Share) \| $ / shares							$ 0.0001				$ 0.0001	$ 0.0001			$ 0.0001
Class B dividends rate compared to Class A							0.001				0.001	0.001
Class B common stock \| Common Stock
Class of Stock [Line Items]
Common stock, new shares issued, shares (in shares)									(3,498,534)
Exchange of PWP OpCo Units and corresponding Class B common stock for Class A common stock (in shares)							(764,111)	(628,965)	(336,712)

Warrants (Details) - USD ($) $ / shares in Units, $ in Millions	Sep. 30, 2022	Aug. 23, 2022	Aug. 22, 2022
Class of Warrant or Right [Line Items]
Exchange costs	$ 1.3
Public Warrants
Class of Warrant or Right [Line Items]
Number of securities purchasable for each warrant or right (in Shares)			1
Warrants exercised or redeemed (in Shares)		7,388,071
Warrants and rights outstanding	0.0
Warrant exercise price (in Dollars per Share)			$ 11.50
Warrants, term			5 years
Private Warrants
Class of Warrant or Right [Line Items]
Warrants exercised or redeemed (in Shares)		80,456
Warrants and rights outstanding	$ 0.0
Valid Tender \| Class A Common Stock, par value $0.0001 per share
Class of Warrant or Right [Line Items]
Number of securities purchasable for each warrant or right (in Shares)		0.20
Number of securities called by warrants or rights (in Shares)		1,493,688
Forced Tender \| Class A Common Stock, par value $0.0001 per share
Class of Warrant or Right [Line Items]
Number of securities purchasable for each warrant or right (in Shares)		0.18
Number of securities called by warrants or rights (in Shares)		72,260

Equity-Based Compensation - Additional Information (Details) $ / shares in Units, $ in Thousands	1 Months Ended		3 Months Ended	9 Months Ended
	Jan. 31, 2021 USD ($)	Jan. 31, 2020 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) $ / shares shares	Sep. 30, 2021 USD ($)	Aug. 31, 2021 USD ($)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Liability awards reclassification to equity			$ 3,912	$ 0	$ 3,912
Transaction Pool PSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Period required to achieve certain conditions				20 days
Threshold period required for satisfy certain condition				30 days
Unrecognized compensation expense				$ 27,800
Weighted average period of unrecognized compensation cost related to unvested awards				3 years
Grant date fair value awards						$ 11,500
Transaction Pool PSUs \| 36 Months Tranche
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of vesting award				20.00%
Transaction Pool PSUs \| 42 Months Tranche
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of vesting award				20.00%
Transaction Pool PSUs \| 48 Months Tranche
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of vesting award				20.00%
Transaction Pool PSUs \| 54 Months Tranche
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of vesting award				20.00%
Transaction Pool PSUs \| 60 Months Tranche
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of vesting award				20.00%
Transaction Pool PSUs \| $12 Price Tranche
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of vesting award				25.00%
Stock price needed for satisfaction of market condition (in Dollars per Share) \| $ / shares				$ 12
Market condition share price achieved (in Dollars per Share) \| $ / shares				$ 12
Transaction Pool PSUs \| $13.50 Price Tranche
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of vesting award				25.00%
Stock price needed for satisfaction of market condition (in Dollars per Share) \| $ / shares				$ 13.50
Market condition share price achieved (in Dollars per Share) \| $ / shares				$ 13.50
Transaction Pool PSUs \| $15 Price Tranche
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of vesting award				25.00%
Stock price needed for satisfaction of market condition (in Dollars per Share) \| $ / shares				$ 15
Transaction Pool PSUs \| $17 Price Tranche
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of vesting award				25.00%
Stock price needed for satisfaction of market condition (in Dollars per Share) \| $ / shares				$ 17
Transaction Pool RSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period (in years)				3 years
Unrecognized compensation expense				$ 32,500
Weighted average period of unrecognized compensation cost related to unvested awards				2 years 1 month 6 days
Liability awards reclassification to equity			$ 3,900
Long-Term Incentive Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Period required to achieve certain conditions				20 days
Threshold period required for satisfy certain condition				30 days
Unrecognized compensation expense				$ 56,700
Weighted average period of unrecognized compensation cost related to unvested awards				3 years
Long-Term Incentive Awards \| $15 Price Tranche
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock price needed for satisfaction of market condition (in Dollars per Share) \| $ / shares				$ 15
Long-Term Incentive Awards \| $20 Price Tranche
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock price needed for satisfaction of market condition (in Dollars per Share) \| $ / shares				20
Long-Term Incentive Awards \| $25 Price Tranche
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock price needed for satisfaction of market condition (in Dollars per Share) \| $ / shares				25
Long-Term Incentive Awards \| $30 Price Tranche
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock price needed for satisfaction of market condition (in Dollars per Share) \| $ / shares				$ 30
General RSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation expense				$ 51,900
Weighted average period of unrecognized compensation cost related to unvested awards				2 years 3 months 18 days
Award grant date fair value				$ 66,100
Legacy Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation expense				$ 12,900
Weighted average period of unrecognized compensation cost related to unvested awards				1 year
Award grant date fair value	$ 9,300	$ 6,400
Professional Partners Award
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation expense				$ 221,600
Weighted average period of unrecognized compensation cost related to unvested awards				3 years 7 months 6 days
Award grant date fair value				$ 301,500
Minimum \| Transaction Pool PSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period (in years)				3 years
Minimum \| General RSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period (in years)				1 year
Minimum \| Legacy Awards \| Measurement Input, Discount Rate \| Valuation, Income Approach
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Measurement input	0.020	0.038
Minimum \| Professional Partners Award
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period (in years)				3 years
Maximum \| Transaction Pool PSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period (in years)				5 years
Maximum \| General RSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period (in years)				5 years
Maximum \| Legacy Awards \| Measurement Input, Discount Rate \| Valuation, Income Approach
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Measurement input	0.098	0.112
Maximum \| Professional Partners Award
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period (in years)				5 years
Perella Weinberg Partners 2021 Omnibus Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of shares outstanding				15.00%
Total shares remained reserved for issuance (in Shares) \| shares				7,970,006

Equity-Based Compensation - Summary of Activity Related to Unvested Transaction Pool PSUs (Details) - Transaction Pool PSUs	9 Months Ended
	Sep. 30, 2022 $ / shares shares
Number of Shares
Beginning balance (in Shares) \| shares	3,208,126
Granted (in Shares) \| shares	25,706
Vested (in Shares) \| shares	(5,000)
Forfeited (in Shares) \| shares	(160,000)
Ending balance (in Shares) \| shares	3,068,832
Weighted Average Grant Date Fair Value Per Share
Weighted average grant date fair Value, beginning balance (in Dollars per Share) \| $ / shares	$ 12.74
Weighted average grant date fair value, granted (in Dollars per Share) \| $ / shares	12.74
Weighted average grant date fair value, vested (in Dollars per Share) \| $ / shares	13.53
Weighted average grant date fair value, forfeited (in Dollars per Share) \| $ / shares	12.74
Weighted average grant date fair Value, ending valance (in Dollars per Share) \| $ / shares	$ 12.73

Equity-Based Compensation - Summary of Activity Related to Unvested Transaction Pool RSUs (Details) - Transaction Pool RSUs	9 Months Ended
	Sep. 30, 2022 $ / shares shares
Number of Shares
Beginning balance (in Shares) \| shares	5,450,604
Granted (in Shares) \| shares	14,530
Vested (in Shares) \| shares	(1,802,152)
Forfeited (in Shares) \| shares	(1,023,914)
Ending balance (in Shares) \| shares	2,639,068
Weighted Average Grant Date Fair Value Per Share
Weighted average grant date fair Value, beginning balance (in Dollars per Share) \| $ / shares	$ 13.97
Weighted average grant date fair value, granted (in Dollars per Share) \| $ / shares	13.97
Weighted average grant date fair value, vested (in Dollars per Share) \| $ / shares	13.97
Weighted average grant date fair value, forfeited (in Dollars per Share) \| $ / shares	13.97
Weighted average grant date fair Value, ending valance (in Dollars per Share) \| $ / shares	$ 13.97

Equity-Based Compensation - Summary of Activity Related to Unvested Management PSUs (Details) - Long-Term Incentive Awards	9 Months Ended
	Sep. 30, 2022 $ / shares shares
Number of Shares
Beginning balance (in Shares) \| shares	9,500,000
Granted (in Shares) \| shares	0
Vested (in Shares) \| shares	0
Forfeited (in Shares) \| shares	(500,000)
Ending balance (in Shares) \| shares	9,000,000
Weighted Average Grant Date Fair Value Per Share
Weighted average grant date fair Value, beginning balance (in Dollars per Share) \| $ / shares	$ 8.86
Weighted average grant date fair value, granted (in Dollars per Share) \| $ / shares	0
Weighted average grant date fair value, vested (in Dollars per Share) \| $ / shares	0
Weighted average grant date fair value, forfeited (in Dollars per Share) \| $ / shares	8.86
Weighted average grant date fair Value, ending valance (in Dollars per Share) \| $ / shares	$ 8.86

Equity-Based Compensation - Summary of Activity Related to Unvested Transaction Pool Performance Restricted Stock Units (Details) - General RSUs	9 Months Ended
	Sep. 30, 2022 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning balance (in Shares) \| shares	906,517
Granted (in Shares) \| shares	6,724,820
Vested (in Shares) \| shares	(568,402)
Forfeited (in Shares) \| shares	(38,127)
Ending balance (in Shares) \| shares	7,024,808
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted average grant date fair Value, beginning balance (in Dollars per Share) \| $ / shares	$ 13.76
Weighted average grant date fair value, granted (in Dollars per Share) \| $ / shares	9.83
Weighted average grant date fair value, vested (in Dollars per Share) \| $ / shares	11.91
Weighted average grant date fair value, forfeited (in Dollars per Share) \| $ / shares	11.30
Weighted average grant date fair Value, ending valance (in Dollars per Share) \| $ / shares	$ 10.16

Equity-Based Compensation - Summary of Activity Related to Unvested General RSUs (Details) - General RSUs	9 Months Ended
	Sep. 30, 2022 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning balance (in Shares) \| shares	906,517
Granted (in Shares) \| shares	6,724,820
Vested (in Shares) \| shares	(568,402)
Forfeited (in Shares) \| shares	(38,127)
Ending balance (in Shares) \| shares	7,024,808
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted average grant date fair Value, beginning balance (in Dollars per Share) \| $ / shares	$ 13.76
Weighted average grant date fair value, granted (in Dollars per Share) \| $ / shares	9.83
Weighted average grant date fair value, vested (in Dollars per Share) \| $ / shares	11.91
Weighted average grant date fair value, forfeited (in Dollars per Share) \| $ / shares	11.30
Weighted average grant date fair Value, ending valance (in Dollars per Share) \| $ / shares	$ 10.16

Equity-Based Compensation - Summary of Awards Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total Professional fees	$ 8,180	$ 11,006	$ 25,902	$ 28,954
Total Equity-based compensation	36,999	38,050	114,316	51,272
Income tax benefit of equity-based awards	2,297	2,351	7,864	2,351
PWP Incentive Plan Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total Professional fees	609	177	1,654	177
Total Equity-based compensation	18,251	20,917	58,333	20,917
Legacy Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total Equity-based compensation	3,339	1,450	10,016	13,615
Professional Partners Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total Equity-based compensation	$ 15,409	$ 15,683	$ 45,967	$ 16,740

Other Compensation and Benefits (Details) - USD ($)	3 Months Ended		9 Months Ended
Other Compensation and Benefits (Details) - USD ($)	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Compensation Related Costs [Abstract]
Deferred compensation liability, settled			$ 5,800,000
Non-cash paydown of Partner promissory notes			2,567,000	$ 0
Deferred compensation, forfeited amount	$ 0	$ 0	0	0
Deferred compensation expense		300,000		1,000,000
Costs incurred for employee benefit plans	$ 1,500,000	$ 1,200,000	$ 4,400,000	$ 3,800,000

Net Income (Loss) Per Share Attributable to Class A Common Shareholders - Schedule of Computation of Basic and Diluted Net Income (Loss) Per Share Attributable to Class A Common Shareholders (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2022

Sep. 30, 2021

Sep. 30, 2022

Sep. 30, 2021

Numerator:

Net income (loss) attributable to Perella Weinberg Partners – basic

$ 1,140

$ 3,476

$ (9,023)

$ 19,299

$ (9,023)

Dilutive effect from assumed exchange of PWP OpCo Units, net of tax

(17,924)

(12,163)

(28,401)

(36,570)

Net income (loss) attributable to Perella Weinberg Partners – diluted

$ (16,784)

$ (8,687)

$ (37,424)

$ (17,271)

Denominator:

Weighted average shares of Class A common stock outstanding - basic (in Shares)

42,263,427

^[1]

42,572,813

^[1]

42,599,954

44,241,794

^[1]

42,599,954

^[1]

Weighted average number of incremental shares from assumed exchange of PWP OpCo Units (in Shares)

45,482,349

50,154,199

46,293,438

Weighted average shares of Class A common stock outstanding - diluted (in Shares)

87,745,776

^[1]

92,727,012

^[1]

92,754,153

90,535,232

^[1]

92,754,153

^[1]

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

Basic (in Dollars per Share)

$ 0.03

^[1]

$ 0.08

^[1]

$ (0.21)

$ 0.44

^[1]

$ (0.21)

^[1]

Diluted (in Dollars per Share)

$ (0.19)

^[1]

$ (0.09)

^[1]

$ (0.40)

$ (0.19)

^[1]

$ (0.40)

^[1]

[1]

Net Income (Loss) Per Share Attributable to Class A Common Shareholders - Schedule of Weighted Average Potentially Dilutive Shares Excluded from Computation of Diluted Net Income (Loss) Per Share (Details) - shares	3 Months Ended			9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in Shares)	129,712	1,091,439	1,091,439	155,527
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in Shares)	0	1,075,327	1,075,327	0
PWP Incentive Plan Awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in Shares)	129,712	16,112	16,112	155,527

Fair Value Measurements and Investments - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Financial liabilities
Warrant liabilities	$ 0	$ 27,805
Recurring Basis
Financial assets
U.S. Treasury securities	138,863	500
Cash surrender value of company-owned life insurance	478	565
Total financial assets	139,341	1,065
Financial liabilities
Total financial liabilities		27,805
Recurring Basis \| Public Warrants
Financial liabilities
Warrant liabilities		27,063
Recurring Basis \| Private Warrants
Financial liabilities
Warrant liabilities		742
Recurring Basis \| Level 1
Financial assets
U.S. Treasury securities	0	500
Cash surrender value of company-owned life insurance	0	0
Total financial assets	0	500
Financial liabilities
Total financial liabilities		27,063
Recurring Basis \| Level 1 \| Public Warrants
Financial liabilities
Warrant liabilities		27,063
Recurring Basis \| Level 1 \| Private Warrants
Financial liabilities
Warrant liabilities		0
Recurring Basis \| Level 2
Financial assets
U.S. Treasury securities	138,863	0
Cash surrender value of company-owned life insurance	478	565
Total financial assets	139,341	565
Financial liabilities
Total financial liabilities		0
Recurring Basis \| Level 2 \| Public Warrants
Financial liabilities
Warrant liabilities		0
Recurring Basis \| Level 2 \| Private Warrants
Financial liabilities
Warrant liabilities		0
Recurring Basis \| Level 3
Financial assets
U.S. Treasury securities	0	0
Cash surrender value of company-owned life insurance	0	0
Total financial assets	$ 0	0
Financial liabilities
Total financial liabilities		742
Recurring Basis \| Level 3 \| Public Warrants
Financial liabilities
Warrant liabilities		0
Recurring Basis \| Level 3 \| Private Warrants
Financial liabilities
Warrant liabilities		$ 742

Fair Value Measurements and Investments - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investment owned, at cost	$ 139,200		$ 139,200
Net realized and unrealized gain (loss) on treasury securities	300	$ 0	100	$ 0
Warrant liabilities	0		0		$ 27,805
Equity method investments	$ 2,100		$ 2,100		$ 1,300

Fair Value Measurements and Investments - Schedule of Changes in Level 3 Liabilities measured at Fair Value (Details) - Level 3 - Private Warrants $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	$ 742
Change in fair value	(457)
Private warrants exchanged for shares of Class A common stock	(285)
Balance at end of period	$ 0

Related Party Transactions - Schedule of Components of Related Party Revenues and Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Related Party income
Related party income	$ 740	$ 1,529	$ 2,248	$ 5,303
Sublease income	159	753	522	2,366
TSA Compensation Related
Related Party income
Related party income	223	586	641	1,735
TSA Non Compensation Related
Related Party income
Related party income	328	160	995	497
TSA
Related Party income
Related party income	$ 710	$ 1,499	$ 2,158	$ 4,598

Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Feb. 28, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	Jun. 24, 2021
Related Party Transaction [Line Items]
Tax savings agreement, percent		85.00%		85.00%
Amount due pursuant to tax receivable agreement		$ 23,782		$ 23,782		$ 14,108
Partner promissory notes recognized as a reduction in equity		3,500		3,500		6,000
Non-cash paydown of Partner promissory notes				2,567	$ 0
Due from related parties		3,572		3,572		4,225
Related party income		740	$ 1,529	2,248	5,303
Revenues		145,379	$ 177,427	448,359	602,749
Partners
Related Party Transaction [Line Items]
Due from related parties		$ 3,400		$ 3,400		$ 3,300
Partners \| Convertible notes
Related Party Transaction [Line Items]
Revolving Credit Facility							$ 8,700
Entity Controlled by Director
Related Party Transaction [Line Items]
Related party expenses	$ 500
Revenues					3,100
PFAC Holdings
Related Party Transaction [Line Items]
Related party income					$ 600

Related Party Transactions - Schedule of Estimated Payments Under Tax Receivable Agreement (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Related Party Transactions [Abstract]
Remainder of 2022	$ 466
2023	1,137
2024	1,270
2025	1,297
2026	1,325
Thereafter	18,287
Total payments	$ 23,782	$ 14,108

Commitments and Contingencies (Details)	9 Months Ended
Commitments and Contingencies (Details)	Sep. 30, 2022 USD ($)	Jan. 19, 2022 claim	Dec. 31, 2021 USD ($)	Mar. 20, 2020 claim	Aug. 24, 2018 claim	Aug. 18, 2016 claim	Nov. 09, 2015 claim	Oct. 20, 2015 claim
Loss Contingencies [Line Items]
Relief and damages sought value \| $	$ 60,000,000
Pending Litigation
Loss Contingencies [Line Items]
Loss contingency, pending plaintiffs claims, number \| claim				14	8	7	14	14
Pending Litigation after Pending Dismissal
Loss Contingencies [Line Items]
Loss contingency, pending defendants claims, number \| claim				4
Pending Dismissal
Loss Contingencies [Line Items]
Loss contingency, pending counterclaims, number \| claim				8
Pending Motion For Leave to Renew
Loss Contingencies [Line Items]
Loss contingency, pending counterclaims, number \| claim		1
Guarantee of Indebtedness of Others \| Partners
Loss Contingencies [Line Items]
Estimate of possible loss \| $	1,600,000		$ 3,300,000
Default loan \| $	0		0
Indemnification Guarantee
Loss Contingencies [Line Items]
Estimate of possible loss \| $	$ 0		$ 0

Business Information - Additional Information (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($) client	Sep. 30, 2021 USD ($) client	Sep. 30, 2022 USD ($) client Segment	Sep. 30, 2021 USD ($) client
Segment Reporting Information [Line Items]
Number of operating segments \| Segment			1
Number of reportable segments \| Segment			1
Revenues \| $	$ 145,379	$ 177,427	$ 448,359	$ 602,749
Client Accounting for More than 10% of Aggregate Revenue \| One Client
Segment Reporting Information [Line Items]
Revenues \| $	$ 50,000	$ 54,100
Client Accounting for More than 10% of Aggregate Revenue \| Revenue
Segment Reporting Information [Line Items]
Number of clients over 10% benchmark \| client			0	0
Client Accounting for More than 10% of Aggregate Revenue \| Revenue \| One Client
Segment Reporting Information [Line Items]
Number of clients over 10% benchmark \| client	2	2

- Definition

+ References

+ Details

Business Information - Schedule of Geographical Distribution of Revenues and Assets (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 145,379	$ 177,427	$ 448,359	$ 602,749
Assets	631,599		631,599		$ 718,327
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	128,409	150,113	350,226	494,976
Assets	480,157		480,157		552,865
International
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	16,970	$ 27,314	98,133	$ 107,773
Assets	$ 151,442		$ 151,442		$ 165,462

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

+ References

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Subsequent Events (Details)		3 Months Ended				9 Months Ended
Subsequent Events (Details)	Nov. 02, 2022 $ / shares	Sep. 30, 2022 $ / shares	Jun. 30, 2022 $ / shares	Mar. 31, 2022 $ / shares	Sep. 30, 2021 $ / shares	Sep. 30, 2022 $ / shares	Sep. 30, 2021 $ / shares
Class A common stock
Subsequent Event [Line Items]
Dividend declared (in Dollars per Share)		$ 0.07	$ 0.07	$ 0.07	$ 0.07	$ 0.21	$ 0.07
Class B common stock
Subsequent Event [Line Items]
Class B dividends rate compared to Class A		0.001				0.001
Subsequent Event \| Class A common stock
Subsequent Event [Line Items]
Dividend declared (in Dollars per Share)	$ 0.07
Subsequent Event \| Class B common stock
Subsequent Event [Line Items]
Class B dividends rate compared to Class A	0.001