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Income Taxes | 3 Months Ended
--- | ---
Mar. 31, 2026
Income Tax Disclosure [Abstract] |
Income Taxes | Note 8—Income Taxes The following table summarizes the Company’s tax position for the periods presented:
|  |  | Three Months Ended March 31,
|  |  |  |  | 2026 |  | 2025
Income (loss) before income taxes |  |  |  |  | $ | (10,642) |  |  | $ | 11,899 |
Income tax expense (benefit) |  |  |  |  | $ | (9,897) |  |  | $ | (9,474) |
Effective income tax rate |  |  |  |  | 93.0 | % |  | (79.6) | %
The Company’s overall effective income tax rate in each of the periods presented above varies from the U.S. federal statutory rate primarily because (i) 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 (ii) permanent differences related to compensation expenses. As of March 31, 2026 and December 31, 2025, the Company recorded a liability for unrecognized tax benefits of $3.6 million and $3.7 million, respectively, primarily related to potential double taxation at certain of its foreign subsidiaries. The Company does not expect there to be any material changes to uncertain tax positions within 12 months of the reporting date.

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