PJT Partners (PJT) 10-Q 3 Nov 23 2023 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2023	Oct. 30, 2023
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Document Quarterly Report	true
Document Transition Report	false
Title of 12(b) Security	Class A common stock, par value $0.01 per share
Trading Symbol	PJT
Security Exchange Name	NYSE
Entity Registrant Name	PJT Partners Inc.
Entity Central Index Key	0001626115
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity File Number	001-36869
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-4797143
Entity Address, Address Line One	280 Park Avenue
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10017
City Area Code	(212)
Local Phone Number	364-7810
Class A Common Stock
Entity Common Stock, Shares Outstanding		24,240,433
Class B Common Stock
Entity Common Stock, Shares Outstanding		142

Condensed Consolidated Statemen

Condensed Consolidated Statements of Financial Condition (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Assets
Cash and Cash Equivalents	$ 116,044	$ 173,235
Investments (at fair value)	239,009	50,242
Accounts Receivable (net of allowance for credit losses of $3,160 and $1,945 at September 30, 2023 and December 31, 2022, respectively)	324,124	317,751
Intangible Assets, Net	14,190	17,880
Goodwill	172,725	172,725
Furniture, Equipment and Leasehold Improvements, Net	27,311	30,693
Operating Lease Right-of-Use Assets	103,798	119,025
Other Assets	126,343	99,929
Deferred Tax Asset, Net	71,375	69,172
Total Assets	1,194,919	1,050,652
Liabilities and Equity
Accrued Compensation and Benefits	186,817	83,920
Accounts Payable, Accrued Expenses and Other Liabilities	26,474	24,782
Operating Lease Liabilities	118,272	135,627
Amount Due Pursuant to Tax Receivable Agreement	32,105	30,315
Taxes Payable	8,116	3,451
Deferred Revenue	11,408	12,999
Total Liabilities	383,192	291,094
Commitments and Contingencies
Equity
Additional Paid-In Capital	578,055	502,585
Retained Earnings (Deficit)	99,489	60,969
Accumulated Other Comprehensive Loss	(2,518)	(2,274)
Treasury Stock at Cost (8,057,565 and 6,583,289 shares at September 30, 2023 and December 31, 2022, respectively)	(482,409)	(376,484)
Total PJT Partners Inc. Equity	192,940	185,106
Non-Controlling Interests	618,787	574,452
Total Equity	811,727	759,558
Total Liabilities and Equity	1,194,919	1,050,652
Class A Common Stock
Equity
Common stock, value	$ 323	$ 310

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Financial Condition (Parenthetical) (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Accounts Receivable, allowance for credit losses	$ 3,160	$ 1,945
Treasury Stock, Shares	8,057,565	6,583,289
Class A Common Stock
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common Stock, Shares Authorized	3,000,000,000	3,000,000,000
Common Stock, Shares Issued	32,297,753	31,062,575
Common Stock, Shares Outstanding	24,240,188	24,479,286
Class B Common Stock
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common Stock, Shares Authorized	1,000,000	1,000,000
Common Stock, Shares Issued	142	158
Common Stock, Shares Outstanding	142	158

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues
Revenues	$ 278,363	$ 266,092	$ 824,628	$ 745,552
Expenses
Compensation and Benefits	193,457	179,080	573,114	488,899
Occupancy and Related	9,768	8,231	29,699	25,831
Travel and Related	7,177	7,893	22,463	20,923
Professional Fees	10,344	7,375	28,725	21,652
Communications and Information Services	4,479	4,155	12,317	12,819
Depreciation and Amortization	3,547	3,755	10,587	12,156
Other Expenses	7,037	7,961	21,807	21,794
Total Expenses	235,809	218,450	698,712	604,074
Income Before Provision for Taxes	42,554	47,642	125,916	141,478
Provision for Taxes	11,401	8,601	25,725	22,776
Net Income	31,153	39,041	100,191	118,702
Net Income Attributable to Non-Controlling Interests	13,743	17,953	43,304	52,742
Net Income Attributable to PJT Partners Inc.	17,410	21,088	56,887	65,960
Advisory Fees
Revenues
Revenues	244,129	224,405	736,013	592,712
Placement Fees
Revenues
Revenues	26,660	39,652	74,273	149,485
Interest Income and Other
Revenues
Revenues	$ 7,574	$ 2,035	$ 14,342	$ 3,355
Class A Common Stock
Net Income Per Share of Class A Common Stock
Basic	$ 0.69	$ 0.84	$ 2.26	$ 2.63
Diluted	$ 0.68	$ 0.82	$ 2.2	$ 2.56
Weighted-Average Shares of Class A Common Stock Outstanding
Basic	25,193,359	24,966,527	25,220,031	25,032,151
Diluted	26,644,324	26,519,173	26,630,957	26,497,177

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net Income	$ 31,153	$ 39,041	$ 100,191	$ 118,702
Other Comprehensive Loss, Net of Tax - Currency Translation Adjustment	(3,518)	(3,055)	(453)	(8,150)
Comprehensive Income	27,635	35,986	99,738	110,552
Comprehensive Income Attributable to Non-Controlling Interests	12,181	16,578	43,095	49,070
Comprehensive Income Attributable to PJT Partners Inc.	$ 15,454	$ 19,408	$ 56,643	$ 61,482

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Thousands	Total	Class A Common Stock	Common Stock Class A Common Stock	Common Stock Class B Common Stock	Treasury Stock	Additional Paid-in Capital	Retained Earnings (Deficit)	Accumulated Other Comprehensive Income (Loss)	Non-Controlling Interests
Beginning Balance at Dec. 31, 2021	$ 637,572		$ 292		$ (267,000)	$ 391,242	$ (4,933)	$ 631	$ 517,340
Beginning Balance (in shares) at Dec. 31, 2021			29,248,457	159	(4,929,044)
Net Income	118,702						65,960		52,742
Other Comprehensive Loss	(8,150)							(4,478)	(3,672)
Dividends Declared	(18,497)						(18,497)
Tax Distributions	(24,199)								(24,199)
Equity-Based Compensation	132,016					115,575			16,441
Net Share Settlement	(16,685)					(16,685)
Deliveries of Vested Shares of Common Stock			$ 16			(16)
Deliveries of Vested Shares of Common Stock (in shares)			1,645,369
Change in Ownership Interest	(10,084)					(13,654)			3,570
Change in Ownership Interest (in shares)				4
Treasury Stock Purchases	(100,197)				$ (100,197)
Treasury Stock Purchases (in shares)					(1,530,623)
Ending Balance at Sep. 30, 2022	710,478		$ 308		$ (367,197)	476,462	42,530	(3,847)	562,222
Ending Balance (in shares) at Sep. 30, 2022			30,893,826	163	(6,459,667)
Beginning Balance at Jun. 30, 2022	677,651		$ 305		$ (350,926)	445,961	27,573	(2,167)	556,905
Beginning Balance (in shares) at Jun. 30, 2022			30,597,580	161	(6,220,049)
Net Income	39,041						21,088		17,953
Other Comprehensive Loss	(3,055)							(1,680)	(1,375)
Dividends Declared	(6,131)						(6,131)
Tax Distributions	(16,889)								(16,889)
Equity-Based Compensation	36,646					31,047			5,599
Net Share Settlement	(1,298)					(1,298)
Deliveries of Vested Shares of Common Stock			$ 3			(3)
Deliveries of Vested Shares of Common Stock (in shares)			296,246
Change in Ownership Interest	784					755			29
Change in Ownership Interest (in shares)				2
Treasury Stock Purchases	(16,271)				$ (16,271)
Treasury Stock Purchases (in shares)					(239,618)
Ending Balance at Sep. 30, 2022	710,478		$ 308		$ (367,197)	476,462	42,530	(3,847)	562,222
Ending Balance (in shares) at Sep. 30, 2022			30,893,826	163	(6,459,667)
Beginning Balance at Dec. 31, 2022	759,558		$ 310		$ (376,484)	502,585	60,969	(2,274)	574,452
Beginning Balance (in shares) at Dec. 31, 2022			31,062,575	158	(6,583,289)
Net Income	100,191						56,887		43,304
Other Comprehensive Loss	(453)							(244)	(209)
Dividends Declared	(18,367)						(18,367)
Tax Distributions	(21,981)								(21,981)
Equity-Based Compensation	136,388					121,603			14,785
Net Share Settlement	(17,984)					(17,984)
Deliveries of Vested Shares of Common Stock			$ 13			(13)
Deliveries of Vested Shares of Common Stock (in shares)			1,235,178
Change in Ownership Interest	(19,700)					(28,136)			8,436
Change in Ownership Interest (in shares)				(16)
Treasury Stock Purchases	(105,925)				$ (105,925)
Treasury Stock Purchases (in shares)		(1,500,000)			(1,474,276)
Ending Balance at Sep. 30, 2023	811,727		$ 323		$ (482,409)	578,055	99,489	(2,518)	618,787
Ending Balance (in shares) at Sep. 30, 2023			32,297,753	142	(8,057,565)
Beginning Balance at Jun. 30, 2023	765,191		$ 322		$ (480,552)	541,750	88,149	(562)	616,084
Beginning Balance (in shares) at Jun. 30, 2023			32,251,216	140	(8,030,750)
Net Income	31,153						17,410		13,743
Other Comprehensive Loss	(3,518)							(1,956)	(1,562)
Dividends Declared	(6,070)						(6,070)
Tax Distributions	(9,832)								(9,832)
Equity-Based Compensation	38,392					32,931			5,461
Net Share Settlement	(1,470)					(1,470)
Deliveries of Vested Shares of Common Stock			$ 1			(1)
Deliveries of Vested Shares of Common Stock (in shares)			46,537
Change in Ownership Interest	(262)					4,845			(5,107)
Change in Ownership Interest (in shares)			2
Treasury Stock Purchases	(1,857)				$ (1,857)
Treasury Stock Purchases (in shares)					(26,815)
Ending Balance at Sep. 30, 2023	$ 811,727		$ 323		$ (482,409)	$ 578,055	$ 99,489	$ (2,518)	$ 618,787
Ending Balance (in shares) at Sep. 30, 2023			32,297,753	142	(8,057,565)

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Changes in Equity (Parenthetical) (Unaudited) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Class A Common Stock
Dividends Declared Per Share of Class A Common Stock	$ 0.25	$ 0.25	$ 0.75	$ 0.75

Condensed Consolidated Statem_7

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Operating Activities
Net Income	$ 100,191	$ 118,702
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities
Equity-Based Compensation Expense	136,388	132,016
Depreciation and Amortization Expense	10,587	12,156
Amortization of Operating Lease Right-of-Use Assets	17,516	15,256
Provision for Credit Losses	3,138	2,756
Other	(1,352)	4,471
Cash Flows Due to Changes in Operating Assets and Liabilities
Accounts Receivable	(9,933)	(6,792)
Other Assets	(26,449)	(19,908)
Accrued Compensation and Benefits	102,810	36,505
Accounts Payable, Accrued Expenses and Other Liabilities	1,239	1,967
Operating Lease Liabilities	(19,579)	(16,792)
Taxes Payable	4,792	(2,163)
Deferred Revenue	(1,588)	10
Net Cash Provided by Operating Activities	317,760	278,184
Investing Activities
Purchases of Investments	(296,704)	(143,929)
Proceeds from Sales and Maturities of Investments	109,173	44,270
Purchases of Furniture, Equipment and Leasehold Improvements	(3,423)	(2,508)
Net Cash Used in Investing Activities	(190,954)	(102,167)
Financing Activities
Dividends	(18,367)	(18,497)
Tax Distributions	(21,981)	(24,199)
Proceeds from Revolving Credit Facility	15,000	42,000
Payments on Revolving Credit Facility	(15,000)	(42,000)
Employee Taxes Paid for Shares Withheld	(17,984)	(16,685)
Cash-Settled Exchanges of Partnership Units	(19,604)	(12,392)
Treasury Stock Purchases	(105,925)	(100,197)
Payments Pursuant to Tax Receivable Agreement	(40)	(3,092)
Net Cash Used in Financing Activities	(183,901)	(175,062)
Effect of Exchange Rate Changes on Cash and Cash Equivalents	(96)	(11,607)
Net Decrease in Cash and Cash Equivalents	(57,191)	(10,652)
Cash and Cash Equivalents, Beginning of Period	173,235	200,481
Cash and Cash Equivalents, End of Period	116,044	189,829
Supplemental Disclosure of Cash Flows Information
Payments for Income Taxes, Net of Refunds Received	6,199	18,856
Payments for Interest	$ 20	133
Non-Cash Receipt of Shares		$ 275

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 17,410	$ 21,088	$ 56,887	$ 65,960

Insider Trading Arrangements

Insider Trading Arrangements	9 Months Ended
	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Organization

Organization	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	1. ORGA NIZATION PJT Partners Inc. and its consolidated subsidiaries (the “Company” or “PJT Partners”) offer a unique portfolio of advisory services designed to help clients achieve their strategic objectives. On October 1, 2015, Blackstone Inc. (“Blackstone” or the “former Parent”) distributed on a pro rata basis to its common unitholders all of the issued and outstanding shares of Class A common stock of PJT Partners Inc. held by it. This pro rata distribution is referred to as the “Distribution.” The separation of the PJT Partners business from Blackstone and related transactions, including the Distribution, the internal reorganization that preceded the Distribution and the acquisition by PJT Partners of PJT Capital LP (together with its general partner and their respective subsidiaries, “PJT Capital”) that occurred substantially concurrently with the Distribution, is referred to as the “spin-off.” PJT Partners Inc. is the sole general partner of PJT Partners Holdings LP. PJT Partners Inc. owns less than 100 % of the economic interest in PJT Partners Holdings LP, but has 100 % of the voting power and controls the management of PJT Partners Holdings LP. As of September 30, 2023 , the non-controlling interest of PJT Partners Holdings LP was 37.8 %. As the sole general partner of PJT Partners Holdings LP, PJT Partners Inc. operates and controls all of the business and affairs and consolidates the financial results of PJT Partners Holdings LP and its operating subsidiaries. The Company operates through the following subsidiaries: PJT Partners LP, PJT Partners (UK) Limited, PJT Partners (HK) Limited, PJT Partners Park Hill (Spain) A.V., S.A.U., PJT Partners (Germany) GmbH, PJT Partners (France) SAS and PJT Partners Japan K.K.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The Company prepared the accompanying condensed consolidated financial statements in conformity with accounting principles generally accepted in the U.S. (“GAAP”) for interim financial information and the instructions to Form 10-Q. The condensed consolidated financial statements, including these notes, are unaudited and exclude some of the disclosures required in annual financial statements. Management believes it has made all necessary adjustments (consisting of only normal recurring items) so that the condensed consolidated financial statements are presented fairly and that estimates made in preparing its condensed consolidated financial statements are reasonable and prudent. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. Intercompany transactions have been eliminated for all periods presented. For a comprehensive disclosure of the Company’s significant accounting policies, see Note 2. “Summary of Significant Accounting Policies” 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, 2022 . Cash, Cash Equivalents and Investments Cash and Cash Equivalents include short-term highly liquid investments that are readily convertible to known amounts of cash and have original maturities of three months or less from the date of purchase. Cash and Cash Equivalents are maintained in U.S. and non-U.S. bank accounts and are held at seven financial institutions. Also included in Cash and Cash Equivalents are amounts held in bank accounts that are subject to advance notification to withdraw, which totaled $ 8.8 million as of September 30, 2023 and $ 0.6 million as of December 31, 2022. Treasury securities with original maturities greater than three months when purchased are classified as Investments in the Condensed Consolidated Statements of Financial Condition. Reclassifications Certain balances on the Condensed Consolidated Statements of Operations in the prior period have been reclassified to conform to their current presentation. For the three and nine months ended September 30, 2022, this resulted in a reclassification of $ 1.6 million and $ 3.5 million, respectively, from Other Expenses to Travel and Related. This reclassification had no impact on net income or stockholders’ equity.

Revenues from Contracts with Cu

Revenues from Contracts with Customers	9 Months Ended
	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenues from Contracts with Customers	3. REVENUES FROM CONTRACTS WITH CUSTOMERS The following table provides a disaggregation of revenues recognized from contracts with customers for the three and nine months ended September 30, 2023 and 2022: Three Months Ended Nine Months Ended 2023 2022 2023 2022 Advisory Fees $ 244,129 $ 224,405 $ 736,013 $ 592,712 Placement Fees 26,660 39,652 74,273 149,485 Interest Income from Placement Fees and Other 3,965 2,458 12,340 6,615 Revenues from Contracts with Customers $ 274,754 $ 266,515 $ 822,626 $ 748,812 Remaining Performance Obligations and Revenue Recognized from Past Performance As of September 30, 2023, the aggregate amount of the transaction price allocated to performance obligations yet to be satisfied was $ 38.7 million and the Company generally expects to recognize this revenue within the next twelve months . Such amounts relate to the Company’s performance obligations of providing advisory and placement services. The Company recognized revenue of $ 3.0 million and $ 13.5 million for the three and nine months ended September 30, 2023 , respectively, and $ 4.0 million and $ 50.2 million for the three and nine months ended September 30, 2022, respectively, related to performance obligations that were fully satisfied in prior periods, primarily due to constraints on variable consideration in prior periods being resolved. Such amounts related primarily to the provision of corporate and fund placement services. The majority of Fee Revenue recognized by the Company during the three and nine months ended September 30, 2023 and 2022 was predominantly related to performance obligations that were partially satisfied in prior periods. Contract Balances There were no significant impairments related to contract balances during the three and nine months ended September 30, 2023 and 2022. For the nine months ended September 30, 2023 and 2022, $ 12.0 million and $ 11.0 million, respectively, of revenue was recognized that was included in the beginning balance of Deferred Revenue, primarily related to the Company’s performance obligation of standing ready to perform. In certain contracts, the Company receives customer expense advances, which are also considered to be contract liabilities. The Company recorded $ 1.8 million as of each of September 30, 2023 and December 31, 2022 in Accounts Payable, Accrued Expenses and Other Liabilities in the Condensed Consolidated Statements of Financial Condition primarily related to expense advances.

Accounts Receivable and Allowan

Accounts Receivable and Allowance for Credit Losses	9 Months Ended
	Sep. 30, 2023
Receivables [Abstract]
Accounts Receivable and Allowance for Credit Losses	4. ACCOUNTS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES Changes in the allowance for credit losses consist of the following: Nine Months Ended 2023 2022 Beginning Balance $ 1,945 $ 1,853 Provision for Credit Losses 3,138 2,756 Write-offs ( 1,923 ) ( 2,297 ) Ending Balance $ 3,160 $ 2,312 Included in Accounts Receivable , Net is accrued interest of $ 3.3 million and $ 2.7 million as of September 30, 2023 and December 31, 2022, respectively, related to placement fees. Included in Accounts Receivable, Net are long-term receivables of $ 117.6 million and $ 133.3 million as of September 30, 2023 and December 31, 2022 , respectively, related to placement fees that are generally paid in installments over a period of three to four years . The Company does not have any long-term receivables on non-accrual status. Of receivables that originated as long-term, there were $ 1.3 million and $ 6.5 million as of September 30, 2023 and December 31, 2022, respectively, which were outstanding more than 90 days. The Company’s allowance for credit losses with respect to long-term receivables was $ 0.5 million as of each of September 30, 2023 and December 31, 2022 .

Intangible Assets

Intangible Assets	9 Months Ended
	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	5. INTANGIBLE ASSETS Intangible Assets, Net consists of the following: September 30, December 31, Finite-Lived Intangible Assets Customer Relationships $ 61,276 $ 61,276 Trade Name 9,800 9,800 Total Intangible Assets 71,076 71,076 Accumulated Amortization Customer Relationships ( 48,226 ) ( 44,964 ) Trade Name ( 8,660 ) ( 8,232 ) Total Accumulated Amortization ( 56,886 ) ( 53,196 ) Intangible Assets, Net $ 14,190 $ 17,880 Amortization expense was $ 1.2 million and $ 3.7 million for the three and nine months ended September 30, 2023, respectively, and $ 1.5 million and $ 5.3 million for the three and nine months ended September 30, 2022, respectively. Amortization of Intangible Assets held at September 30, 2023 is expected to be $ 1.2 million for the remainder of the year ending December 31, 2023; $ 4.9 million the year ending December 31, 2024; $ 4.8 million for the year ending December 31, 2025; and $ 3.3 million for the year ending December 31, 2026.

Furniture, Equipment and Leaseh

Furniture, Equipment and Leasehold Improvements	9 Months Ended
	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Furniture, Equipment and Leasehold Improvements	6. FURNITURE, EQUIPMENT AND LEASEHOLD IMPROVEMENTS Furniture, Equipment and Leasehold Improvements, Net consists of the following: September 30, December 31, Leasehold Improvements $ 56,791 $ 54,555 Furniture and Fixtures 19,114 18,811 Office Equipment 6,494 5,533 Total Furniture, Equipment and Leasehold Improvements 82,399 78,899 Accumulated Depreciation ( 55,088 ) ( 48,206 ) Furniture, Equipment and Leasehold Improvements, Net $ 27,311 $ 30,693 Depreciation expense was $ 2.3 million and $ 6.9 million for the three and nine months ended September 30, 2023 and 2022 , respectively.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	7. FAIR VALUE MEASUREMENTS The following tables summarize the valuation of the Company’s investments by the fair value hierarchy: September 30, 2023 Level I Level II Level III Total Treasury Securities $ — $ 251,198 $ — $ 251,198 December 31, 2022 Level I Level II Level III Total Treasury Securities $ — $ 50,242 $ — $ 50,242 Investments in Treasury securities were included in both Cash and Cash Equivalents and Investments as of September 30, 2023 and in Investments as of December 31, 2022 in the Condensed Consolidated Statements of Financial Condition.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	8. INCOME TAXES The following table summarizes the Company’s tax position: Three Months Ended Nine Months Ended 2023 2022 2023 2022 Income Before Provision for Taxes $ 42,554 $ 47,642 $ 125,916 $ 141,478 Provision for Taxes $ 11,401 $ 8,601 $ 25,725 $ 22,776 Effective Income Tax Rate 26.8 % 18.1 % 20.4 % 16.1 % The Company’s effective tax rate differed from the U.S. federal statutory tax rate for the three and nine months ended September 30, 2023 primarily due to partnership income not being subject to U.S. corporate income taxes and permanent differences related to compensation. The Company had no unrecognized tax benefits as of September 30, 2023. During the quarter ended March 31, 2023, the Company's holding partnership, PJT Partners Holdings LP, received a notice from the Internal Revenue Service that its Form 1065, U.S. Return of Partnership Income, was selected for examination for the tax year ended December 31, 2020. The Company currently does not expect the results of the audit to have any material impact on its condensed consolidated financial statements.

Net Income Per Share of Class A

Net Income Per Share of Class A Common Stock	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Net Income Per Share of Class A Common Stock	9. NET INCOME PER SHARE OF CLASS A COMMON STOCK Basic and diluted net income per share of Class A common stock for the three and nine months ended September 30, 2023 and 2022 is presented below: Three Months Ended Nine Months Ended 2023 2022 2023 2022 Numerator: Net Income Attributable to Shares of Class A $ 17,410 $ 21,088 $ 56,887 $ 65,960 Incremental Net Income from Dilutive Securities 583 672 1,726 1,931 Net Income Attributable to Shares of Class A $ 17,993 $ 21,760 $ 58,613 $ 67,891 Denominator: Weighted-Average Shares of Class A Common 25,193,359 24,966,527 25,220,031 25,032,151 Weighted-Average Number of Incremental Shares from 1,450,965 1,552,646 1,410,926 1,465,026 Weighted-Average Shares of Class A Common 26,644,324 26,519,173 26,630,957 26,497,177 Net Income Per Share of Class A Common Stock Basic $ 0.69 $ 0.84 $ 2.26 $ 2.63 Diluted $ 0.68 $ 0.82 $ 2.20 $ 2.56 The ownership interests of holders (other than PJT Partners Inc.) of the common units of partnership interest in PJT Partners Holdings LP (“Partnership Units”) may be exchanged for PJT Partners Inc. Class A common stock on a one-for-one basis, subject to applicable vesting and transfer restrictions. If all Partnership Units were exchanged for Class A common stock, weighted-average Class A common stock outstanding would be 39,958,660 and 39,940,673 for the three and nine months ended September 30, 2023, respectively, excluding unvested restricted stock units (“RSUs”). In computing the dilutive effect, if any, which the aforementioned exchange would have on net income per share, net income attributable to holders of Class A common stock would be adjusted due to the elimination of the non-controlling interests associated with the Partnership Units (including any tax impact). For the three and nine months ended September 30, 2023 , there were 14,765,301 and 14,720,642 weighted-average Partnership Units, respectively, that were anti-dilutive. For the three and nine months ended September 30, 2022 , there were 15,019,049 and 15,115,021 weighted-average Partnership Units, respectively, that were anti-dilutive. Share Repurchase Program On April 25, 2022, the Company’s Board of Directors (the “Board”) authorized a $ 200 million repurchase program of the Company’s Class A common stock, which is in addition to the previous Board authorizations. During the nine months ended September 30, 2023, the Company repurchased 1.5 million shares of the Company’s Class A common stock at an average price per share of $ 71.82 , or $ 105.9 million in aggregate, pursuant to the share repurchase program. As of September 30, 2023, the Company’s remaining repurchase authorization was $ 67.8 million.

Equity-Based and Other Deferred

Equity-Based and Other Deferred Compensation	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Equity-Based and Other Deferred Compensation	10. EQUITY-BASED AND OTHER DEFERRED COMPENSATION Overview On May 24, 2023, the Company adopted the Second Amended and Restated PJT Partners Inc. Omnibus Plan (the “PJT Equity Plan”), which amended the Amended and Restated 2019 PJT Partners Inc. Omnibus Plan. The PJT Equity Plan authorizes an additional 16 million shares of Class A common stock for the purpose of providing incentive compensation measured by reference to the value of the Company’s Class A common stock or Partnership Units. The PJT Equity Plan provides for the granting of incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock, restricted stock units, partnership interests and other stock-based or cash-based awards. Since October 1, 2015, the Company has authorized 33 million shares of Class A common stock for issuance of new awards under the PJT Equity Plan. The Company intends to use PJT Partners’ Class A common stock to satisfy vested awards under the PJT Equity Plan. The following table represents equity-based compensation expense and the related income tax benefit for the three and nine months ended September 30, 2023 and 2022, respectively: Three Months Ended Nine Months Ended 2023 2022 2023 2022 Equity-Based Compensation Expense $ 38,392 $ 36,646 $ 136,388 $ 132,016 Income Tax Benefit $ 4,994 $ 4,621 $ 18,552 $ 17,238 Restricted Stock Units The following table summarizes activity related to unvested RSUs for the nine months ended September 30, 2023: Restricted Stock Units Weighted- Average Grant Date Number of Fair Value Units (in dollars) Balance, December 31, 2022 4,181,075 $ 65.58 Granted 2,562,210 77.67 Dividends Reinvested on RSUs ( 21,537 ) 35.77 Forfeited ( 21,734 ) 72.46 Vested ( 1,396,014 ) 60.31 Balance, September 30, 2023 5,304,000 $ 72.90 As of September 30, 2023, there was $ 203.3 million of estimated unrecognized compensation expense related to unvested RSU awards. This cost is expected to be recognized over a weighted-average period of 1.6 years. The Company assumes a forfeiture rate of 1.0 % to 7.0 % annually based on expected turnover and periodically reassesses this rate. The weighted-average grant date fair value with respect to RSUs granted for the nine months ended September 30, 2022 was $ 63.81 . RSU Awards with Both Service and Market Conditions The following table summarizes activity related to unvested RSU awards with both a service and market condition for the nine months ended September 30, 2023: RSU Awards with Weighted- Average Grant Date Number of Fair Value Units (in dollars) Balance, December 31, 2022 1,534,012 $ 41.98 Granted 60,000 60.13 Dividends Reinvested on RSUs 236 35.24 Balance, September 30, 2023 1,594,248 $ 42.66 As of September 30, 2023, there was $ 25.5 million of estimated unrecognized compensation expense related to RSU awards with both a service and market condition. This cost is expected to be recognized over a weighted-average period of 1.8 years. The Company assumes a forfeiture rate of 4.0 % to 7.0 % annually based on expected turnover and periodically reassesses this rate. The weighted-average grant date fair value with respect to RSUs with both a service and market condition granted for the nine months ended September 30, 2022 was $ 41.97 . The Company estimated the fair value of RSU awards with both a service and market condition at grant using a Monte Carlo simulation. The following table presents the assumptions used for the nine months ended September 30, 2023: Risk-Free Interest Rate 4.3 % Volatility Factor 39.5 % Expected Life (in years) 3.6 Partnership Units The following table summarizes activity related to unvested Partnership Units for the nine months ended September 30, 2023: Partnership Units Weighted- Average Number of Grant Date Partnership Fair Value Units (in dollars) Balance, December 31, 2022 178,067 $ 60.62 Granted 256,726 71.58 Vested ( 82,385 ) 54.15 Balance, September 30, 2023 352,408 $ 70.12 As of September 30, 2023, there was $ 19.0 million of estimated unrecognized compensation expense related to unvested Partnership Units. This cost is expected to be recognized over a weighted-average period of 2.1 years. The Company assumes a forfeiture rate of 4.0 % annually based on expected turnover and periodically reassesses this rate. The weighted-average grant date fair value with respect to Partnership Units granted for the nine months ended September 30, 2022 was $ 61.60 . Partnership Unit Awards with Both Service and Market Conditions The following table summarizes activity related to unvested Partnership Unit awards with both a service and market condition for the nine months ended September 30, 2023: Partnership Unit Awards with Weighted- Average Number of Grant Date Partnership Fair Value Units (in dollars) Balance, December 31, 2022 1,107,768 $ 39.10 Balance, September 30, 2023 1,107,768 $ 39.10 As of September 30, 2023, there was $ 16.3 million of estimated unrecognized compensation expense related to Partnership Unit awards with both a service and market condition. This cost is expected to be recognized over a weighted-average period of 1.8 years. The Company assumes a forfeiture rate of 4.0 % annually based on expected turnover and periodically reassesses this rate. The weighted-average grant date fair value with respect to Partnership Units with both a service and market condition granted for the nine months ended September 30, 2022 was $ 39.10 . Units Expected to Vest The following unvested units, after expected forfeitures, as of September 30, 2023, are expected to vest: Weighted- Service Period Units in Years Restricted Stock Units 6,356,170 1.7 Partnership Units 1,286,831 1.9 Total Equity-Based Awards 7,643,001 1.7 Deferred Cash Compensation The Company has periodically issued deferred cash compensation in connection with annual incentive compensation as well as other hiring or retention related awards. These awards typically vest over a period of one to four years . Compensation expense related to deferred cash awards was $ 10.5 million and $ 29.4 million for the three and nine months ended September 30, 2023 , respectively, and $ 7.0 million and $ 21.7 million for the three and nine months ended September 30, 2022, respectively. As of September 30, 2023 , there was $ 75.0 million of unrecognized compensation expense related to these awards. The weighted-average period over which this compensation cost is expected to be recognized is 2.0 years.

Leases

Leases	9 Months Ended
	Sep. 30, 2023
Leases [Abstract]
Leases	11. LEASES The components of lease expense were as follows: Three Months Ended Nine Months Ended 2023 2022 2023 2022 Operating Lease Cost $ 7,190 $ 6,751 $ 21,888 $ 20,343 Variable Lease Cost 1,063 534 3,296 2,621 Sublease Income ( 195 ) — ( 584 ) ( 406 ) Total Lease Cost $ 8,058 $ 7,285 $ 24,600 $ 22,558 Supplemental information related to the Company’s operating leases was as follows: Nine Months Ended September 30, 2023 2022 Cash Paid for Amounts Included in Measurement of Lease Liabilities Operating Cash Flows from Operating Leases $ 19,579 $ 16,792 Right-of-Use Assets Obtained in Exchange for Operating Lease Liabilities $ 1,836 $ 2,804 September 30, December 31, Weighted-Average Remaining Lease Term (in years) 6.5 6.8 Weighted-Average Discount Rate 4.8 % 4.6 % The following is a maturity analysis of the annual undiscounted cash flows of the Company’s operating lease liabilities as of September 30, 2023 : Year Ending December 31, Operating 2023 (October 1 through December 31) $ 8,134 2024 29,067 2025 24,889 2026 20,239 2027 11,928 Thereafter 43,519 Total Lease Payments 137,776 Less: Imputed Interest 19,504 Total $ 118,272

Transactions With Related Parti

Transactions With Related Parties	9 Months Ended
	Sep. 30, 2023
Related Party Transactions [Abstract]
Transactions With Related Parties	12. TRANSACTIONS WITH RELATED PARTIES Exchange Agreement The Company has entered into an exchange agreement with the limited partners of PJT Partners Holdings LP pursuant to which they (or certain permitted transferees) have the right, subject to the terms and conditions set forth in the limited partnership agreement of PJT Partners Holdings LP, on a quarterly basis, to exchange all or part of their Partnership Units for cash or, at the Company’s election, for shares of PJT Partners Inc. Class A common stock on a one -for-one basis, subject to customary conversion rate adjustments for splits, unit distributions and reclassifications. Further, pursuant to the terms in the partnership agreement of PJT Partners Holdings LP, the Company may also require holders of Partnership Units who are not Service Providers (as defined in the partnership agreement of PJT Partners Holdings LP) to exchange such Partnership Units. Further information regarding the exchange agreement is described in Note 13. “Transactions with Related Parties—Exchange Agreement” 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, 2022. Certain holders of Partnership Units exchanged 0.3 million and 0.2 million Partnership Units, respectively, for cash in the amounts of $ 19.6 million and $ 12.4 million , respectively, for the nine months ended September 30, 2023 and 2022 , respectively. Such amounts are recorded as a reduction of Non-Controlling Interests in the Condensed Consolidated Statements of Financial Condition. Additionally, 250 thousand Partnership Units were exchanged for shares of PJT Partners Inc. Class A common stock for each of the three and nine months ended September 30, 2022. There were no exchanges for shares of PJT Partners Inc. Class A common stock for the three and nine months ended September 30, 2023. Exchanges for shares are recorded as a reduction of Non-Controlling Interests and an increase in Additional Paid-In Capital in the Condensed Consolidated Statements of Financial Condition. The Company intends to exchange 33 thousand Partnership Units for cash on November 7, 2023 for an aggregate payment of $ 2.7 million. The price per Partnership Unit to be paid by the Company is $ 80.53 , which is equal to the volume-weighted average price per share of the Company’s Class A common stock on November 2, 2023. Registration Rights Agreement The Company has entered into a registration rights agreement with the limited partners of PJT Partners Holdings LP pursuant to which the Company granted them, their affiliates and certain of their transferees the right, under certain circumstances and subject to certain restrictions, to require the Company to register under the Securities Act of 1933 shares of Class A common stock delivered in exchange for Partnership Units. 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. Tax Receivable Agreement The Company has entered into a tax receivable agreement with the holders of Partnership Units (other than PJT Partners Inc.) that provides for the payment by PJT Partners Inc. to exchanging holders of Partnership Units of 85 % of the benefits, if any, that PJT Partners Inc. is deemed to realize as a result of the increases in tax basis related to such exchanges of Partnership Units and of certain other tax benefits related to entering into the tax receivable agreement, including tax benefits attributable to payments under the tax receivable agreement. As of September 30, 2023 and December 31, 2022, the Company had amounts due of $ 32.1 million and $ 30.3 million , respectively, pursuant to the tax receivable agreement, which represent management’s best estimate of the amounts currently expected to be owed in connection with the tax receivable agreement. Actual payments may differ significantly from estimated amounts due. Sublease The Company has entered into a Sublease Agreement (the “Sublease”) with Dynasty Equity Partners Management, LLC (“Dynasty”) to sublease a portion of its office space to Dynasty. K. Don Cornwell, a member of the Board as of January 2023, is the CEO and co-founder of Dynasty. The sublease commenced on October 1, 2022 with an initial term of two years . The rent, terms and conditions of the Sublease were consistent with those similar subleases in the market as of the time the Sublease was entered, and the Company recognized $ 0.2 million and $ 0.6 million of sublease income for the three and nine months ended September 30, 2023, respectively. Such amounts are recorded in Interest Income and Other in the Condensed Consolidated Statements of Operations. Aircraft Lease The Company makes available to its partners and, on occasion, their family members personal use of a company leased aircraft when it is not being used for business purposes, for which the partners pay the full incremental costs associated with such use. Such amount is not material to the condensed consolidated financial statements.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	13. COMMITMENTS AND CONTINGENCIES Commitments Line of Credit On February 1, 2021, PJT Partners Holdings LP, as borrower (the “Borrower”), entered into a Renewal and Modification Agreement (the “Renewal Agreement”) and related documents with First Republic Bank (now part of JPMorgan Chase), as lender (the “Lender”), amending the terms of the Borrower’s revolving credit facility with the Lender under the Amended and Restated Loan Agreement dated October 1, 2018 (the “Amended and Restated Loan Agreement”). The Renewal Agreement provides for a revolving credit facility with aggregate commitments in an amount equal to $ 60.0 million, which aggregate commitments may be increased, pursuant to the terms and conditions set forth in the Renewal Agreement, to up to $ 80.0 million during the period beginning December 1 each year through March 1 of the following year. The revolving credit facility will mature and the commitments thereunder will terminate on the maturity date, subject to extension by agreement of the Borrower and Lender. On February 7, 2023, the Renewal Agreement was further amended with the same terms to extend the maturity date to October 1, 2024. As of September 30, 2023 and December 31, 2022 , there were no borrowings outstanding under the revolving credit facility. As of September 30, 2023 and December 31, 2022, the Company was in compliance with the debt covenants under the Renewal Agreement and the Amended and Restated Loan Agreement. Contingencies Litigation From time to time, the Company may be 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, after consultation with external counsel, the Company believes it is not probable and/or 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. The Company is not currently able to estimate the possible loss or range of loss until developments in such matters have provided sufficient information to support such an assessment, including quantification of a damage demand from plaintiffs, discovery from other parties and investigation of factual allegations, rulings by courts on motions or appeals, analysis by experts or the status of any settlement negotiations. Guarantee The Company provides a guarantee to a lending institution for certain loans held by employees for investment in funds of its former Parent, which are secured by the underlying investments in those funds. The amount guaranteed was $ 2.5 million and $ 3.3 million as of September 30, 2023 and December 31, 2022, respectively. In connection with this guarantee, the Company currently expects any associated risk of loss to be insignificant. Indemnifications The Company has entered and may continue to enter into contracts that contain a variety of indemnification obligations. The Company’s maximum exposure under these arrangements is not known; however, the Company currently expects any associated risk of loss to be insignificant. In connection with these matters, the Company has incurred and may continue to incur legal expenses, which are expensed as incurred. Transactions and Agreements with Blackstone Employee Matters Agreement The Company is required to reimburse Blackstone for the value of forfeited unvested equity awards granted to former Blackstone employees that transitioned to PJT Partners in connection with the spin-off. Such reimbursement is recorded in Accounts Payable, Accrued Expenses and Other Liabilities with an offset to Equity in the Condensed Consolidated Statements of Financial Condition. The accrual for these forfeitures was $ 0.9 million as of each of September 30, 2023 and December 31, 2022. Pursuant to the Employee Matters Agreement, the Company has agreed to pay Blackstone the net realized cash benefit resulting from certain compensation-related tax deductions. Amounts are payable annually (for periods in which a cash benefit is realized) within nine months of the end of the relevant tax period. As of September 30, 2023 and December 31, 2022, the Company had accrued $ 1.2 million and $ 3.4 million, respectively, which the Company anticipates will be payable to Blackstone after the Company files its respective tax returns. The tax deduction and corresponding payable to Blackstone related to such deliveries will fluctuate primarily based on the price of Blackstone common stock at the time of delivery.

Regulated Entities

Regulated Entities	9 Months Ended
	Sep. 30, 2023
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract]
Regulated Entities	14. REGULATED ENTITIES Certain subsidiaries of the Company are subject to various regulatory requirements in the U.S., United Kingdom, Hong Kong and Spain, which specify, among other requirements, minimum net capital requirements for registered broker-dealers. PJT Partners LP is a registered broker-dealer through which advisory and placement services are conducted in the U.S. and is subject to the net capital requirements of Rule 15c3-1 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). PJT Partners LP had net capital of $ 220.4 million and $ 125.9 million as of September 30, 2023 and December 31, 2022 , respectively, which exceeded the minimum net capital requirement by $ 219.2 million and $ 124.1 million, respectively. PJT Partners LP does not carry customer accounts and does not otherwise hold funds or securities for, or owe money or securities to, customers and, accordingly, has no obligations under the SEC Customer Protection Rule (Rule 15c3-3). As of September 30, 2023 and December 31, 2022 , PJT Partners (UK) Limited, PJT Partners (HK) Limited and PJT Partners Park Hill (Spain) A.V., S.A.U. were in compliance with local capital adequacy requirements.

Business Information

Business Information	9 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
Business Information	15. BUSINESS INFORMATION The Company’s activities providing advisory and placement services constitute a single reportable segment. An operating segment is a component of an entity that conducts business and incurs revenues and expenses for which discrete financial information is available that is reviewed by the chief operating decision maker in assessing performance and making resource allocation decisions. The Company has a single operating segment and therefore a single reportable 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 senior professionals across the Company. The chief operating decision maker assesses performance and allocates resources based on broad considerations, including the market opportunity, available expertise across the Company and the strength and efficacy of professionals’ collaboration, and not based upon profit or loss measures for the Company’s separate product lines. 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 reflective of the geography in which the Company’s clients are located. Three Months Ended Nine Months Ended 2023 2022 2023 2022 Revenues Domestic $ 232,990 $ 243,330 $ 679,433 $ 663,759 International 45,373 22,762 145,195 81,793 Total $ 278,363 $ 266,092 $ 824,628 $ 745,552 September 30, December 31, Assets Domestic $ 975,764 $ 921,274 International 219,155 129,378 Total $ 1,194,919 $ 1,050,652

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	16. SUBSEQUENT EVENTS The Board has declared a quarterly dividend of $ 0.25 per share of Class A common stock, which will be paid on December 20, 2023 to Class A common stockholders of record as of December 6, 2023 . The Company has evaluated the impact of subsequent events through the date these financial statements were issued, and determined there were no subsequent events requiring adjustment or further disclosure to the financial statements besides those described in Note 12. “Transactions with Related Parties—Exchange Agreement.”

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The Company prepared the accompanying condensed consolidated financial statements in conformity with accounting principles generally accepted in the U.S. (“GAAP”) for interim financial information and the instructions to Form 10-Q. The condensed consolidated financial statements, including these notes, are unaudited and exclude some of the disclosures required in annual financial statements. Management believes it has made all necessary adjustments (consisting of only normal recurring items) so that the condensed consolidated financial statements are presented fairly and that estimates made in preparing its condensed consolidated financial statements are reasonable and prudent. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. Intercompany transactions have been eliminated for all periods presented. For a comprehensive disclosure of the Company’s significant accounting policies, see Note 2. “Summary of Significant Accounting Policies” 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, 2022 .
Cash, Cash Equivalents and Investments	Cash, Cash Equivalents and Investments Cash and Cash Equivalents include short-term highly liquid investments that are readily convertible to known amounts of cash and have original maturities of three months or less from the date of purchase. Cash and Cash Equivalents are maintained in U.S. and non-U.S. bank accounts and are held at seven financial institutions. Also included in Cash and Cash Equivalents are amounts held in bank accounts that are subject to advance notification to withdraw, which totaled $ 8.8 million as of September 30, 2023 and $ 0.6 million as of December 31, 2022. Treasury securities with original maturities greater than three months when purchased are classified as Investments in the Condensed Consolidated Statements of Financial Condition.
Reclassifications	Reclassifications Certain balances on the Condensed Consolidated Statements of Operations in the prior period have been reclassified to conform to their current presentation. For the three and nine months ended September 30, 2022, this resulted in a reclassification of $ 1.6 million and $ 3.5 million, respectively, from Other Expenses to Travel and Related. This reclassification had no impact on net income or stockholders’ equity.

Revenues from Contracts with _2

Revenues from Contracts with Customers (Tables)	9 Months Ended
	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenues Recognized from Contracts with Customers	The following table provides a disaggregation of revenues recognized from contracts with customers for the three and nine months ended September 30, 2023 and 2022: Three Months Ended Nine Months Ended 2023 2022 2023 2022 Advisory Fees $ 244,129 $ 224,405 $ 736,013 $ 592,712 Placement Fees 26,660 39,652 74,273 149,485 Interest Income from Placement Fees and Other 3,965 2,458 12,340 6,615 Revenues from Contracts with Customers $ 274,754 $ 266,515 $ 822,626 $ 748,812

Accounts Receivable and Allow_2

Accounts Receivable and Allowance for Credit Losses (Tables)	9 Months Ended
	Sep. 30, 2023
Receivables [Abstract]
Schedule of Changes in the Allowance for Credit Losses	Changes in the allowance for credit losses consist of the following: Nine Months Ended 2023 2022 Beginning Balance $ 1,945 $ 1,853 Provision for Credit Losses 3,138 2,756 Write-offs ( 1,923 ) ( 2,297 ) Ending Balance $ 3,160 $ 2,312

Intangible Assets (Tables)

Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets, Net	Intangible Assets, Net consists of the following: September 30, December 31, Finite-Lived Intangible Assets Customer Relationships $ 61,276 $ 61,276 Trade Name 9,800 9,800 Total Intangible Assets 71,076 71,076 Accumulated Amortization Customer Relationships ( 48,226 ) ( 44,964 ) Trade Name ( 8,660 ) ( 8,232 ) Total Accumulated Amortization ( 56,886 ) ( 53,196 ) Intangible Assets, Net $ 14,190 $ 17,880

Furniture, Equipment and Leas_2

Furniture, Equipment and Leasehold Improvements (Tables)	9 Months Ended
	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Schedule of Furniture, Equipment and Leasehold Improvements, Net	Furniture, Equipment and Leasehold Improvements, Net consists of the following: September 30, December 31, Leasehold Improvements $ 56,791 $ 54,555 Furniture and Fixtures 19,114 18,811 Office Equipment 6,494 5,533 Total Furniture, Equipment and Leasehold Improvements 82,399 78,899 Accumulated Depreciation ( 55,088 ) ( 48,206 ) Furniture, Equipment and Leasehold Improvements, Net $ 27,311 $ 30,693

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Summary of Valuation of the Company's Investments by Fair Value Hierarchy	The following tables summarize the valuation of the Company’s investments by the fair value hierarchy: September 30, 2023 Level I Level II Level III Total Treasury Securities $ — $ 251,198 $ — $ 251,198 December 31, 2022 Level I Level II Level III Total Treasury Securities $ — $ 50,242 $ — $ 50,242

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Summary of Company's Tax Position	The following table summarizes the Company’s tax position: Three Months Ended Nine Months Ended 2023 2022 2023 2022 Income Before Provision for Taxes $ 42,554 $ 47,642 $ 125,916 $ 141,478 Provision for Taxes $ 11,401 $ 8,601 $ 25,725 $ 22,776 Effective Income Tax Rate 26.8 % 18.1 % 20.4 % 16.1 %

Net Income Per Share of Class_2

Net Income Per Share of Class A Common Stock (Tables)	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Schedule of Net Income Per Share of Class A Common Stock	Basic and diluted net income per share of Class A common stock for the three and nine months ended September 30, 2023 and 2022 is presented below: Three Months Ended Nine Months Ended 2023 2022 2023 2022 Numerator: Net Income Attributable to Shares of Class A $ 17,410 $ 21,088 $ 56,887 $ 65,960 Incremental Net Income from Dilutive Securities 583 672 1,726 1,931 Net Income Attributable to Shares of Class A $ 17,993 $ 21,760 $ 58,613 $ 67,891 Denominator: Weighted-Average Shares of Class A Common 25,193,359 24,966,527 25,220,031 25,032,151 Weighted-Average Number of Incremental Shares from 1,450,965 1,552,646 1,410,926 1,465,026 Weighted-Average Shares of Class A Common 26,644,324 26,519,173 26,630,957 26,497,177 Net Income Per Share of Class A Common Stock Basic $ 0.69 $ 0.84 $ 2.26 $ 2.63 Diluted $ 0.68 $ 0.82 $ 2.20 $ 2.56

Equity-Based and Other Deferr_2

Equity-Based and Other Deferred Compensation (Tables)	9 Months Ended
	Sep. 30, 2023
Equity-Based Compensation Expense and Related Income Tax Benefit	The following table represents equity-based compensation expense and the related income tax benefit for the three and nine months ended September 30, 2023 and 2022, respectively: Three Months Ended Nine Months Ended 2023 2022 2023 2022 Equity-Based Compensation Expense $ 38,392 $ 36,646 $ 136,388 $ 132,016 Income Tax Benefit $ 4,994 $ 4,621 $ 18,552 $ 17,238
Summary of Activity Related to Unvested Restricted Stock Units	The following table summarizes activity related to unvested RSUs for the nine months ended September 30, 2023: Restricted Stock Units Weighted- Average Grant Date Number of Fair Value Units (in dollars) Balance, December 31, 2022 4,181,075 $ 65.58 Granted 2,562,210 77.67 Dividends Reinvested on RSUs ( 21,537 ) 35.77 Forfeited ( 21,734 ) 72.46 Vested ( 1,396,014 ) 60.31 Balance, September 30, 2023 5,304,000 $ 72.90
Summary of Assumptions Used for Estimated Fair Value of RSU Awards	The Company estimated the fair value of RSU awards with both a service and market condition at grant using a Monte Carlo simulation. The following table presents the assumptions used for the nine months ended September 30, 2023: Risk-Free Interest Rate 4.3 % Volatility Factor 39.5 % Expected Life (in years) 3.6
Summary of Activity Related to Unvested Partnership Units	The following table summarizes activity related to unvested Partnership Units for the nine months ended September 30, 2023: Partnership Units Weighted- Average Number of Grant Date Partnership Fair Value Units (in dollars) Balance, December 31, 2022 178,067 $ 60.62 Granted 256,726 71.58 Vested ( 82,385 ) 54.15 Balance, September 30, 2023 352,408 $ 70.12
Summary of Unvested Units After Expected Forfeitures which are Expected to Vest	The following unvested units, after expected forfeitures, as of September 30, 2023, are expected to vest: Weighted- Service Period Units in Years Restricted Stock Units 6,356,170 1.7 Partnership Units 1,286,831 1.9 Total Equity-Based Awards 7,643,001 1.7
RSU Awards Containing Service and Market Conditions
Summary of Activity Related to Unvested Restricted Stock Units	The following table summarizes activity related to unvested RSU awards with both a service and market condition for the nine months ended September 30, 2023: RSU Awards with Weighted- Average Grant Date Number of Fair Value Units (in dollars) Balance, December 31, 2022 1,534,012 $ 41.98 Granted 60,000 60.13 Dividends Reinvested on RSUs 236 35.24 Balance, September 30, 2023 1,594,248 $ 42.66
Partnership Unit Awards Containing Service and Market Conditions
Summary of Activity Related to Unvested Partnership Units	The following table summarizes activity related to unvested Partnership Unit awards with both a service and market condition for the nine months ended September 30, 2023: Partnership Unit Awards with Weighted- Average Number of Grant Date Partnership Fair Value Units (in dollars) Balance, December 31, 2022 1,107,768 $ 39.10 Balance, September 30, 2023 1,107,768 $ 39.10

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2023
Leases [Abstract]
Schedule of Components of Lease Expense	The components of lease expense were as follows: Three Months Ended Nine Months Ended 2023 2022 2023 2022 Operating Lease Cost $ 7,190 $ 6,751 $ 21,888 $ 20,343 Variable Lease Cost 1,063 534 3,296 2,621 Sublease Income ( 195 ) — ( 584 ) ( 406 ) Total Lease Cost $ 8,058 $ 7,285 $ 24,600 $ 22,558
Schedule of Supplemental Information Related to Leases	Supplemental information related to the Company’s operating leases was as follows: Nine Months Ended September 30, 2023 2022 Cash Paid for Amounts Included in Measurement of Lease Liabilities Operating Cash Flows from Operating Leases $ 19,579 $ 16,792 Right-of-Use Assets Obtained in Exchange for Operating Lease Liabilities $ 1,836 $ 2,804 September 30, December 31, Weighted-Average Remaining Lease Term (in years) 6.5 6.8 Weighted-Average Discount Rate 4.8 % 4.6 %
Schedule of Maturity Analysis of Operating Lease Liabilities	The following is a maturity analysis of the annual undiscounted cash flows of the Company’s operating lease liabilities as of September 30, 2023 : Year Ending December 31, Operating 2023 (October 1 through December 31) $ 8,134 2024 29,067 2025 24,889 2026 20,239 2027 11,928 Thereafter 43,519 Total Lease Payments 137,776 Less: Imputed Interest 19,504 Total $ 118,272

Business Information (Tables)

Business Information (Tables)	9 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
Schedule of Geographical Distribution of Revenues and Assets	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 reflective of the geography in which the Company’s clients are located. Three Months Ended Nine Months Ended 2023 2022 2023 2022 Revenues Domestic $ 232,990 $ 243,330 $ 679,433 $ 663,759 International 45,373 22,762 145,195 81,793 Total $ 278,363 $ 266,092 $ 824,628 $ 745,552 September 30, December 31, Assets Domestic $ 975,764 $ 921,274 International 219,155 129,378 Total $ 1,194,919 $ 1,050,652

Organization - Additional Infor

Organization - Additional Information (Details) - PJT Partners Holdings LP	Sep. 30, 2023
Organization Disclosure [Line Items]
Voting power	100%
Non-controlling interest percentage	37.80%
Maximum
Organization Disclosure [Line Items]
Economic interest	100%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022	Sep. 30, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Cash subject to notice requirement			$ 8.8	$ 0.6
Reclassification from other expenses to travel and related	$ 1.6	$ 3.5

Revenues from Contracts with _3

Revenues from Contracts with Customers - Disaggregation of Revenues Recognized from Contracts with Customers (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation Of Revenue [Line Items]
Revenues from Contracts with Customers	$ 274,754	$ 266,515	$ 822,626	$ 748,812
Advisory Fees
Disaggregation Of Revenue [Line Items]
Revenues from Contracts with Customers	244,129	224,405	736,013	592,712
Placement Fees
Disaggregation Of Revenue [Line Items]
Revenues from Contracts with Customers	26,660	39,652	74,273	149,485
Interest Income from Placement Fees and Other
Disaggregation Of Revenue [Line Items]
Revenues from Contracts with Customers	$ 3,965	$ 2,458	$ 12,340	$ 6,615

Revenues from Contracts with _4

Revenues from Contracts with Customers - Additional Information (Details1) - Advisory And Placement Fees - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-10-01 $ in Millions	Sep. 30, 2023 USD ($)
Deferred Revenue Arrangement [Line Items]
Aggregate amount of transaction price allocated to performance obligations yet to be satisfied	$ 38.7
Revenue remaining performance obligation, expected satisfaction period	12 months

Revenues from Contracts with _5

Revenues from Contracts with Customers - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Deferred Revenue Arrangement [Line Items]
Deferred revenue			$ 12,000	$ 11,000
Contract liabilities	$ 11,408		11,408		$ 12,999
Accounts Payable, Accrued Expenses and Other Liabilities
Deferred Revenue Arrangement [Line Items]
Contract liabilities	1,800		$ 1,800		$ 1,800
Advisory And Placement Fees
Deferred Revenue Arrangement [Line Items]
Explanation of remaining performance obligations expected to be recognized as revenue			the Company generally expects to recognize this revenue within the next twelve months.
Revenue recognized related to performance obligations that were fully satisfied in prior periods	$ 3,000	$ 4,000	$ 13,500	$ 50,200

Accounts Receivable and Allow_3

Accounts Receivable and Allowance for Credit Losses - Schedule of Changes in the Allowance for Credit Losses (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Receivables [Abstract]
Beginning Balance	$ 1,945	$ 1,853
Provision for Credit Losses	3,138	2,756
Write-offs	(1,923)	(2,297)
Ending Balance	$ 3,160	$ 2,312

Accounts Receivable and Allow_4

Accounts Receivable and Allowance for Credit Losses - Additional Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Financing Receivable Allowance For Credit Losses [Line Items]
Long-term receivables outstanding more than 90 days	$ 1.3	$ 6.5
Allowance for credit loss, long-term receivables	$ 0.5	0.5
Minimum
Financing Receivable Allowance For Credit Losses [Line Items]
Accounts receivable payment terms	3 years
Maximum
Financing Receivable Allowance For Credit Losses [Line Items]
Accounts receivable payment terms	4 years
Placement Fee Receivable
Financing Receivable Allowance For Credit Losses [Line Items]
Accrued interest	$ 3.3	2.7
Long-term receivables	$ 117.6	$ 133.3
Financing Receivable, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration]	Accounts Receivable, after Allowance for Credit Loss	Accounts Receivable, after Allowance for Credit Loss

Intangible Assets - Schedule of

Intangible Assets - Schedule of Intangible Assets, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets, Net
Total Intangible Assets	$ 71,076	$ 71,076
Total Accumulated Amortization	(56,886)	(53,196)
Intangible Assets, Net	14,190	17,880
Customer Relationships
Finite-Lived Intangible Assets, Net
Total Intangible Assets	61,276	61,276
Total Accumulated Amortization	(48,226)	(44,964)
Trade Names
Finite-Lived Intangible Assets, Net
Total Intangible Assets	9,800	9,800
Total Accumulated Amortization	$ (8,660)	$ (8,232)

Intangible Assets - Additional

Intangible Assets - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization Expense	$ 1.2	$ 1.5	$ 3.7	$ 5.3
Expected amortization of intangible assets, remainder of year	1.2		1.2
Expected amortization of intangible assets, 2024	4.9		4.9
Expected amortization of intangible assets, 2025	4.8		4.8
Expected amortization of intangible assets, 2026	$ 3.3		$ 3.3

Furniture, Equipment and Leas_3

Furniture, Equipment and Leasehold Improvements - Schedule of Furniture, Equipment and Leasehold Improvements, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Property Plant And Equipment [Line Items]
Total Furniture, Equipment and Leasehold Improvements	$ 82,399	$ 78,899
Accumulated Depreciation	(55,088)	(48,206)
Furniture, Equipment and Leasehold Improvements, Net	27,311	30,693
Leasehold Improvements
Property Plant And Equipment [Line Items]
Total Furniture, Equipment and Leasehold Improvements	56,791	54,555
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Total Furniture, Equipment and Leasehold Improvements	19,114	18,811
Office Equipment
Property Plant And Equipment [Line Items]
Total Furniture, Equipment and Leasehold Improvements	$ 6,494	$ 5,533

Furniture, Equipment and Leas_4

Furniture, Equipment and Leasehold Improvements - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 2.3	$ 2.3	$ 6.9	$ 6.9

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Valuation of the Company's Investments by Fair Value Hierarchy (Details) - Treasury Securities - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Investments	$ 251,198	$ 50,242
Level II
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Investments	$ 251,198	$ 50,242

Income Taxes - Summary of Compa

Income Taxes - Summary of Company's Tax Position (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income Before Provision for Taxes	$ 42,554	$ 47,642	$ 125,916	$ 141,478
Provision for Taxes	$ 11,401	$ 8,601	$ 25,725	$ 22,776
Effective Income Tax Rate	26.80%	18.10%	20.40%	16.10%

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details)	Sep. 30, 2023 USD ($)
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 0

Net Income Per Share of Class_3

Net Income Per Share of Class A Common Stock - Schedule of Net Income Per Share of Class A Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Unvested Restricted Stock Units
Denominator:
Weighted-Average Number of Incremental Shares from Unvested RSUs and Partnership Units	1,450,965	1,552,646	1,410,926	1,465,026
Class A Common Stock
Numerator:
Net Income Attributable to Shares of Class A Common Stock — Basic	$ 17,410	$ 21,088	$ 56,887	$ 65,960
Incremental Net Income from Dilutive Securities	583	672	1,726	1,931
Net Income Attributable to Shares of Class A Common Stock — Diluted	$ 17,993	$ 21,760	$ 58,613	$ 67,891
Denominator:
Weighted-Average Shares of Class A Common Stock Outstanding — Basic	25,193,359	24,966,527	25,220,031	25,032,151
Weighted-Average Shares of Class A Common Stock Outstanding — Diluted	26,644,324	26,519,173	26,630,957	26,497,177
Net Income Per Share of Class A Common Stock
Basic	$ 0.69	$ 0.84	$ 2.26	$ 2.63
Diluted	$ 0.68	$ 0.82	$ 2.2	$ 2.56

Net Income Per Share of Class_4

Net Income Per Share of Class A Common Stock - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Apr. 25, 2022
Earnings Per Share Basic [Line Items]
Aggregate amount of shares repurchased			$ 105,925,000	$ 100,197,000
Participating Restricted Stock Units
Earnings Per Share Basic [Line Items]
Class A common shares outstanding if all Holding Partnership Units exchanged	39,958,660		39,940,673
Class A Common Stock
Earnings Per Share Basic [Line Items]
Share repurchase program, remaining authorization amount	$ 67,800,000		$ 67,800,000
Share repurchase program, authorized amount					$ 200,000,000
Treasury stock repurchased			1,500,000
Treasury stock, average price per share			$ 71.82
Aggregate amount of shares repurchased			$ 105,900,000
Class A Common Stock | Participating Restricted Stock Units
Earnings Per Share Basic [Line Items]
Anti-dilutive securities excluded from the calculation of net income per share	14,765,301	15,019,049	14,720,642	15,115,021

Equity-Based and Other Deferr_3

Equity-Based and Other Deferred Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	May 24, 2023	Dec. 31, 2022	Oct. 01, 2015
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation expense	$ 10.5	$ 7	$ 29.4	$ 21.7
Unrecognized compensation expense related to deferred cash awards	75		$ 75
Weighted-average period over compensation cost is expected to be recognized			2 years
2015 Omnibus Incentive Plan | Class A Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, number of shares authorized					16,000,000		33,000,000
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Estimated unrecognized compensation expense related to unvested awards	$ 203.3		$ 203.3
Weighted-average period for recognition of compensation expense related to unvested awards			1 year 7 months 6 days
Weighted-average grant date fair value			$ 77.67	$ 63.81
Outstanding	5,304,000		5,304,000			4,181,075
RSU Awards Containing Service and Market Conditions
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Estimated unrecognized compensation expense related to unvested awards	$ 25.5		$ 25.5
Weighted-average period for recognition of compensation expense related to unvested awards			1 year 9 months 18 days
Weighted-average grant date fair value			$ 60.13	41.97
Outstanding	1,594,248		1,594,248			1,534,012
Partnership Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Estimated unrecognized compensation expense related to unvested awards	$ 19		$ 19
Assumed forfeiture rate			4%
Weighted-average period for recognition of compensation expense related to unvested awards			2 years 1 month 6 days
Weighted-average grant date fair value			$ 71.58	61.6
Outstanding	352,408		352,408			178,067
Partnership Unit Awards Containing Service and Market Conditions
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Estimated unrecognized compensation expense related to unvested awards	$ 16.3		$ 16.3
Assumed forfeiture rate			4%
Weighted-average period for recognition of compensation expense related to unvested awards			1 year 9 months 18 days
Weighted-average grant date fair value				$ 39.1
Outstanding	1,107,768		1,107,768			1,107,768
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period			1 year
Minimum | Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Assumed forfeiture rate			1%
Minimum | RSU Awards Containing Service and Market Conditions
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Assumed forfeiture rate			4%
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period			4 years
Maximum | Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Assumed forfeiture rate			7%
Maximum | RSU Awards Containing Service and Market Conditions
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Assumed forfeiture rate			7%

Equity-Based and Other Deferr_4

Equity-Based and Other Deferred Compensation - Stock-Based Compensation Expense and Related Income Tax Benefit (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Equity-Based Compensation Expense	$ 38,392	$ 36,646	$ 136,388	$ 132,016
Income Tax Benefit	$ 4,994	$ 4,621	$ 18,552	$ 17,238

Equity-Based and Other Deferr_5

Equity-Based and Other Deferred Compensation - Summary of Activity Related to Unvested Restricted Stock Units (Details) - $ / shares	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Restricted Stock Units
Number of Units
Beginning Balance	4,181,075
Granted	2,562,210
Dividends Reinvested on RSUs	(21,537)
Forfeited	(21,734)
Vested	(1,396,014)
Ending Balance	5,304,000
Weighted-Average Grant Date Fair Value
Beginning Balance	$ 65.58
Granted	77.67	$ 63.81
Dividends Reinvested on RSUs	35.77
Forfeited	72.46
Vested	60.31
Ending Balance	$ 72.9
RSU Awards Containing Service and Market Conditions
Number of Units
Beginning Balance	1,534,012
Granted	60,000
Dividends Reinvested on RSUs	236
Ending Balance	1,594,248
Weighted-Average Grant Date Fair Value
Beginning Balance	$ 41.98
Granted	60.13	$ 41.97
Dividends Reinvested on RSUs	35.24
Ending Balance	$ 42.66

Equity-Based and Other Deferr_6

Equity-Based and Other Deferred Compensation - Summary of Assumptions Used for Estimated Fair Value of Awards (Details) - RSU Awards Containing Service and Market Conditions	9 Months Ended
	Sep. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk-Free Interest Rate	4.30%
Volatility Factor	39.50%
Expected Life (in years)	3 years 7 months 6 days

Equity-Based and Other Deferr_7

Equity-Based and Other Deferred Compensation - Summary of Activity Related to Unvested Partnership Units (Details) - $ / shares	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Partnership Units
Number of Units
Beginning Balance	178,067
Granted	256,726
Vested	(82,385)
Ending Balance	352,408
Weighted-Average Grant Date Fair Value
Beginning Balance	$ 60.62
Granted	71.58	$ 61.6
Vested	54.15
Ending Balance	$ 70.12
Partnership Unit Awards Containing Service and Market Conditions
Number of Units
Beginning Balance	1,107,768
Ending Balance	1,107,768
Weighted-Average Grant Date Fair Value
Beginning Balance	$ 39.10
Granted		$ 39.1
Ending Balance	$ 39.10

Equity-Based and Other Deferr_8

Equity-Based and Other Deferred Compensation - Unvested Units After Expected Forfeitures which are Expected to Vest (Details)	9 Months Ended
	Sep. 30, 2023 shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Units expected to vest	7,643,001
Weighted-average service period of unit expected to vest (in years)	1 year 8 months 12 days
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Units expected to vest	6,356,170
Weighted-average service period of unit expected to vest (in years)	1 year 8 months 12 days
PJT Partners Holdings LP | Partnership Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Units expected to vest	1,286,831
Weighted-average service period of unit expected to vest (in years)	1 year 10 months 24 days

Leases - Schedule of Components

Leases - Schedule of Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Leases [Abstract]
Operating Lease Cost	$ 7,190	$ 6,751	$ 21,888	$ 20,343
Variable Lease Cost	1,063	534	3,296	2,621
Sublease Income	(195)		(584)	(406)
Total Lease Cost	$ 8,058	$ 7,285	$ 24,600	$ 22,558

Leases - Schedule of Supplement

Leases - Schedule of Supplemental Information Related to Leases (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Cash Paid for Amounts Included in Measurement of Lease Liabilities
Operating Cash Flows from Operating Leases	$ 19,579	$ 16,792
Right-of-Use Assets Obtained in Exchange for Operating Lease Liabilities	$ 1,836	$ 2,804
Weighted-Average Remaining Lease Term (in years)	6 years 6 months		6 years 9 months 18 days
Weighted-Average Discount Rate	4.80%		4.60%

Leases - Schedule of Maturity A

Leases - Schedule of Maturity Analysis of Finance and Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Leases [Abstract]
2023 (October 1 through December 31)	$ 8,134
Operating Lease, 2024	29,067
Operating Lease, 2025	24,889
Operating Lease, 2026	20,239
Operating Lease, 2027	11,928
Operating Lease, Thereafter	43,519
Operating Lease, Total Lease Payments	137,776
Operating Lease, Less: Imputed Interest	19,504
Operating Lease, Total	$ 118,272	$ 135,627

Transactions With Related Par_2

Transactions With Related Parties - Additional Information (Details) $ / shares in Units, $ in Thousands		3 Months Ended		9 Months Ended
	Nov. 07, 2023 USD ($) $ / shares shares	Sep. 30, 2023 USD ($) shares	Sep. 30, 2022 shares	Sep. 30, 2023 USD ($) shares	Sep. 30, 2022 USD ($) shares	Dec. 31, 2022 USD ($)
Related Party Transaction [Line Items]
Cash settled exchange of partnership units				$ 19,604	$ 12,392
Sublease Income		$ 195		584	$ 406
Amount due to tax receivable agreement		32,105		32,105		$ 30,315
Dynasty Equity Partners Management | Sublease Agreement
Related Party Transaction [Line Items]
Sublease Income		$ 200		$ 600
Sublease, commitment date				Oct. 01, 2022
Sublease, term of contract				2 years
PJT Partners Holdings LP
Related Party Transaction [Line Items]
Exchange of partnership units settled | shares				300,000	200,000
Percentage payment to exchanging holders of partnership units of benefits				85%
PJT Partners Holdings LP | Scenario Forecast
Related Party Transaction [Line Items]
Cash settled exchange of partnership units	$ 2,700
Price per partnership unit paid equal to the volume-weighted average price of share | $ / shares	$ 80.53
Class A Common Stock | PJT Partners Holdings LP
Related Party Transaction [Line Items]
Exchange of Partnership unit to shares, number of shares per each unit				1
Exchange of partnership units settled | shares		0	250,000	0	250,000
Class A Common Stock | PJT Partners Holdings LP | Scenario Forecast
Related Party Transaction [Line Items]
Exchange of partnership units settled | shares	33,000

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022	Feb. 01, 2021
Blackstone
Commitments And Contingencies [Line Items]
Loans held by employees for investments guaranteed	$ 2,500,000	$ 3,300,000
Forfeiture accrual	900,000	900,000
Tax benefit accrual	1,200,000	3,400,000
Revolving Credit Facility
Commitments And Contingencies [Line Items]
Revolving credit facility, amount outstanding	$ 0	$ 0
Revolving Credit Facility | Renewal Agreement
Commitments And Contingencies [Line Items]
Revolving credit facility, borrowing capacity before increase			$ 60,000,000
Increase revolving credit facility			$ 80,000,000

Regulated Entities - Additional

Regulated Entities - Additional Information (Details) - PJT Partners LP - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Regulatory Authorities [Line Items]
Net capital	$ 220.4	$ 125.9
Net capital in excess of required net capital	$ 219.2	$ 124.1

Business Information - Addition

Business Information - Additional Information (Details)	9 Months Ended
	Sep. 30, 2023 Segment
Segment Reporting [Abstract]
Number of operating segments	1
Number of reportable segments	1

Business Information - Schedule

Business Information - Schedule of Geographical Distribution of Revenues and Assets (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Revenues
Revenues	$ 278,363	$ 266,092	$ 824,628	$ 745,552
Assets
Assets	1,194,919		1,194,919		$ 1,050,652
Domestic
Revenues
Revenues	232,990	243,330	679,433	663,759
Assets
Assets	975,764		975,764		921,274
International
Revenues
Revenues	45,373	$ 22,762	145,195	$ 81,793
Assets
Assets	$ 219,155		$ 219,155		$ 129,378

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - Class A Common Stock - $ / shares		3 Months Ended		9 Months Ended
	Nov. 03, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Subsequent Event [Line Items]
Dividends Declared Per Share of Class A Common Stock		$ 0.25	$ 0.25	$ 0.75	$ 0.75
Subsequent Event | Quarterly Dividend
Subsequent Event [Line Items]
Dividends Declared Per Share of Class A Common Stock	$ 0.25
Dividend declared, description	The Board has declared a quarterly dividend
Dividends payable, date to be paid	Dec. 20, 2023
Dividends payable, date of record	Dec. 06, 2023