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Equity-Based Compensation | 3 Months Ended
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Mar. 31, 2026
Share-Based Payment Arrangement [Abstract] |
Equity-Based Compensation | Note 11—Equity-Based Compensation Further information regarding the Company’s equity-based compensation awards is described in Note 12—Equity-Based Compensation in the Notes to Consolidated Financial Statements in “Part II. Item 8. Financial Statements and Supplementary Data” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. 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 various forms of incentive compensation awards, including restricted stock units (“RSUs”) and performance restricted stock units (“PSUs”), measured by reference to PWP Class A common stock (“PWP Incentive Plan Awards”). The PWP Incentive Plan established a reserve for a one-time grant of awards in connection with the Business Combination as well as a reserve for general purpose grants (the “General Share Reserve”). Grantees have rights to dividends declared during the vesting period and receive such dividends only upon vesting in the form of cash or dividend equivalent units. The Company uses newly issued shares of Class A common stock to satisfy vested awards, with the exception of shares issued out of treasury stock for vested awards (and related dividend equivalent units) held by French employees. Pursuant to the PWP Incentive Plan, the number of shares of Class A common stock reserved for issuance from the General Share Reserve increases each year. In connection with the Business Combination, the Company granted awards (the “Business Combination Awards”) in the form of (a) RSUs that vest upon the achievement of service conditions (“Transaction RSUs”) and (b) PSUs that only vest upon the achievement of both service and market conditions, including certain long-term incentive awards granted to management (“Transaction PSUs”). During the three months ended March 31, 2026 and 2025, 548,483 and 1,287,329 Business Combination Awards vested with a total fair value of $10.2 million and $30.8 million, respectively. As of March 31, 2026, the price targets ranging from $12.00 to $20.00 as well as substantially all of the $25.00 price target were met for the Transaction PSUs. The Company grants units from the General Share Reserve from time to time in the ordinary course of business in the form of (a) RSUs that vest upon the achievement of service conditions (“General RSUs”) and (b) PSUs that only vest upon the achievement of both service and market conditions (“General PSUs”). During the three months ended March 31, 2026 and 2025, the Company granted 5,034,866 and 5,086,594 General RSUs at a weighted average grant date fair value of $21.48 and $23.82 per award, respectively. During the three months ended March 31, 2026 and 2025, 6,669,885 and 5,455,764 General RSUs vested with a total fair value of $132.7 million and $126.0 million, respectively. During the three months ended March 31, 2026, 474,850 General PSUs vested with a total fair value of $8.6 million. During the three months ended March 31, 2025, no General PSUs vested. As of March 31, 2026, the price targets ranging from $15.00 to $20.00 as well as substantially all of the $25.00 price target were met for the General PSUs. Equity-based compensation expense related to the PWP Incentive Plan was $30.8 million and $26.2 million for the three months ended March 31, 2026 and 2025, respectively. Additionally, equity-based amortization expense related to non-employee awards was $0.2 million for each of the three months ended March 31, 2026 and 2025 and is included in Professional fees on the Condensed Consolidated Statements of Operations. The income tax benefit recognized related to equity-based awards was $5.7 million and $4.2 million for the three months ended March 31, 2026 and 2025, respectively. As of March 31, 2026, total unrecognized compensation expense related to all unvested equity-based awards was $214.5 million, which is expected to be recognized over a weighted average period of 2.3 years.

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