PJT Partners (PJT) 10-Q 2 Aug 24 2024 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2024	Jul. 29, 2024
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
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	364-7800
Class A Common Stock
Entity Common Stock, Shares Outstanding		23,794,120
Class B Common Stock
Entity Common Stock, Shares Outstanding		134

Condensed Consolidated Statemen

Condensed Consolidated Statements of Financial Condition (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Assets
Cash and Cash Equivalents	$ 164,203	$ 355,543
Investments (at fair value)	186,644	81,382
Accounts Receivable (net of allowance for credit losses of $3,571 and $2,391 at June 30, 2024 and December 31, 2023, respectively)	343,731	263,529
Intangible Assets, Net	10,500	12,960
Goodwill	172,725	172,725
Furniture, Equipment and Leasehold Improvements, Net	22,746	25,901
Operating Lease Right-of-Use Assets	291,060	299,200
Other Assets	151,573	151,278
Deferred Tax Asset, Net	74,613	72,460
Total Assets	1,417,795	1,434,978
Liabilities and Equity
Accrued Compensation and Benefits	169,556	174,402
Accounts Payable, Accrued Expenses and Other Liabilities	26,278	22,302
Operating Lease Liabilities	325,993	330,600
Amount Due Pursuant to Tax Receivable Agreement	30,851	29,672
Taxes Payable	5,566	6,573
Deferred Revenue	11,781	10,265
Total Liabilities	570,025	573,814
Commitments and Contingencies
Equity
Additional Paid-In Capital	623,308	619,702
Retained Earnings	167,060	118,332
Accumulated Other Comprehensive Loss	(996)	(467)
Treasury Stock at Cost (9,835,875 and 8,171,050 shares at June 30, 2024 and December 31, 2023, respectively)	(655,912)	(493,222)
Total PJT Partners Inc. Equity	133,797	244,669
Non-Controlling Interests	713,973	616,495
Total Equity	847,770	861,164
Total Liabilities and Equity	1,417,795	1,434,978
Class A Common Stock
Equity
Common stock, value	$ 337	$ 324

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Financial Condition (Parenthetical) (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Accounts Receivable, allowance for credit losses	$ 3,571	$ 2,391
Treasury Stock, Shares	9,835,875	8,171,050
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	33,685,178	32,356,489
Common Stock, Shares Outstanding	23,849,303	24,185,439
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	134	144
Common Stock, Shares Outstanding	134	144

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues
Revenues	$ 360,181	$ 346,277	$ 689,574	$ 546,265
Expenses
Compensation and Benefits	250,326	246,614	479,254	379,657
Occupancy and Related	12,107	9,920	24,268	19,931
Travel and Related	9,055	8,314	18,156	15,286
Professional Fees	8,780	11,454	17,129	18,381
Communications and Information Services	5,296	3,761	10,074	7,838
Depreciation and Amortization	3,112	3,597	6,610	7,040
Other Expenses	7,106	8,448	15,781	14,770
Total Expenses	295,782	292,108	571,272	462,903
Income Before Provision for Taxes	64,399	54,169	118,302	83,362
Provision for Taxes	11,368	13,117	11,899	14,324
Net Income	53,031	41,052	106,403	69,038
Net Income Attributable to Non-Controlling Interests	24,715	18,911	45,464	29,561
Net Income Attributable to PJT Partners Inc.	28,316	22,141	60,939	39,477
Advisory Fees
Revenues
Revenues	307,082	323,794	595,763	491,884
Placement Fees
Revenues
Revenues	46,873	20,028	81,362	47,613
Interest Income and Other
Revenues
Revenues	$ 6,226	$ 2,455	$ 12,449	$ 6,768
Class A Common Stock
Net Income Per Share of Class A Common Stock
Basic	$ 1.12	$ 0.88	$ 2.39	$ 1.56
Diluted	$ 1.06	$ 0.86	$ 2.29	$ 1.53
Weighted-Average Shares of Class A Common Stock Outstanding
Basic	25,376,186	25,238,144	25,533,358	25,234,983
Diluted	43,091,718	26,333,261	43,427,605	26,625,890

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net Income	$ 53,031	$ 41,052	$ 106,403	$ 69,038
Other Comprehensive Income (Loss), Net of Tax - Currency Translation Adjustment	(9)	1,677	(975)	3,065
Comprehensive Income	53,022	42,729	105,428	72,103
Comprehensive Income Attributable to Non-Controlling Interests	24,711	19,652	45,018	30,914
Comprehensive Income Attributable to PJT Partners Inc.	$ 28,311	$ 23,077	$ 60,410	$ 41,189

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	Accumulated Other Comprehensive Income (Loss)	Non-Controlling Interests
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	69,038						39,477		29,561
Other Comprehensive Income (Loss)	3,065							1,712	1,353
Dividends Declared	(12,297)						(12,297)
Tax Distributions	(12,149)								(12,149)
Equity-Based Compensation	97,996					88,672			9,324
Net Share Settlement	(16,514)					(16,514)
Deliveries of Vested Shares of Common Stock			$ 12			(12)
Deliveries of Vested Shares of Common Stock (in shares)			1,188,641
Change in Ownership Interest	(19,438)					(32,981)			13,543
Change in Ownership Interest (in shares)				(18)
Treasury Stock Purchases	(104,068)				$ (104,068)
Treasury Stock Purchases (in shares)					(1,447,461)
Ending Balance at Jun. 30, 2023	765,191		$ 322		$ (480,552)	541,750	88,149	(562)	616,084
Ending Balance (in shares) at Jun. 30, 2023			32,251,216	140	(8,030,750)
Beginning Balance at Mar. 31, 2023	738,149		$ 322		$ (442,664)	531,034	72,076	(1,498)	578,879
Beginning Balance (in shares) at Mar. 31, 2023			32,238,601	159	(7,438,407)
Net Income	41,052						22,141		18,911
Other Comprehensive Income (Loss)	1,677							936	741
Dividends Declared	(6,068)						(6,068)
Tax Distributions	(12,149)								(12,149)
Equity-Based Compensation	49,200					44,596			4,604
Net Share Settlement	(175)					(175)
Deliveries of Vested Shares of Common Stock (in shares)			12,615
Change in Ownership Interest	(8,607)					(33,705)			25,098
Change in Ownership Interest (in shares)				(19)
Treasury Stock Purchases	(37,888)				$ (37,888)
Treasury Stock Purchases (in shares)					(592,343)
Ending Balance at Jun. 30, 2023	765,191		$ 322		$ (480,552)	541,750	88,149	(562)	616,084
Ending Balance (in shares) at Jun. 30, 2023			32,251,216	140	(8,030,750)
Beginning Balance at Dec. 31, 2023	861,164		$ 324		$ (493,222)	619,702	118,332	(467)	616,495
Beginning Balance (in shares) at Dec. 31, 2023			32,356,489	144	(8,171,050)
Net Income	106,403						60,939		45,464
Other Comprehensive Income (Loss)	(975)							(529)	(446)
Dividends Declared	(12,211)						(12,211)
Tax Distributions	(5,387)								(5,387)
Equity-Based Compensation	119,245					106,855			12,390
Net Share Settlement	(27,841)					(27,841)
Deliveries of Vested Shares of Common Stock			$ 13			(13)
Deliveries of Vested Shares of Common Stock (in shares)			1,328,689
Change in Ownership Interest	(29,938)					(75,395)			45,457
Change in Ownership Interest (in shares)				(10)
Treasury Stock Purchases	(162,690)				$ (162,690)
Treasury Stock Purchases (in shares)		(1,700,000)			(1,664,825)
Ending Balance at Jun. 30, 2024	847,770		$ 337		$ (655,912)	623,308	167,060	(996)	713,973
Ending Balance (in shares) at Jun. 30, 2024			33,685,178	134	(9,835,875)
Beginning Balance at Mar. 31, 2024	828,191		$ 336		$ (599,803)	630,335	144,728	(991)	653,586
Beginning Balance (in shares) at Mar. 31, 2024			33,641,330	136	(9,250,628)
Net Income	53,031						28,316		24,715
Other Comprehensive Income (Loss)	(9)							(5)	(4)
Dividends Declared	(5,984)						(5,984)
Tax Distributions	(5,387)								(5,387)
Equity-Based Compensation	46,427					40,542			5,885
Net Share Settlement	(888)					(888)
Deliveries of Vested Shares of Common Stock			$ 1			(1)
Deliveries of Vested Shares of Common Stock (in shares)			43,848
Change in Ownership Interest	(11,502)					(46,680)			35,178
Change in Ownership Interest (in shares)				(2)
Treasury Stock Purchases	(56,109)				$ (56,109)
Treasury Stock Purchases (in shares)					(585,247)
Ending Balance at Jun. 30, 2024	$ 847,770		$ 337		$ (655,912)	$ 623,308	$ 167,060	$ (996)	$ 713,973
Ending Balance (in shares) at Jun. 30, 2024			33,685,178	134	(9,835,875)

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Changes in Equity (Parenthetical) (Unaudited) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Class A Common Stock
Dividends Declared Per Share of Class A Common Stock	$ 0.25	$ 0.25	$ 0.5	$ 0.5

Condensed Consolidated Statem_7

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Operating Activities
Net Income	$ 106,403	$ 69,038
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities
Equity-Based Compensation Expense	119,245	97,996
Depreciation and Amortization Expense	6,610	7,040
Amortization of Operating Lease Right-of-Use Assets	7,899	11,871
Provision for Credit Losses	4,627	2,574
Other	651	791
Cash Flows Due to Changes in Operating Assets and Liabilities
Accounts Receivable	(86,137)	(16,560)
Other Assets	705	(28,976)
Accrued Compensation and Benefits	(5,375)	38,294
Accounts Payable, Accrued Expenses and Other Liabilities	(420)	(13,021)
Taxes Payable	(965)	335
Deferred Revenue	1,532	(1,767)
Net Cash Provided by Operating Activities	154,775	167,615
Investing Activities
Purchases of Investments	(185,460)	(78,845)
Proceeds from Sales and Maturities of Investments	80,221	54,797
Purchases of Furniture, Equipment and Leasehold Improvements	(955)	(2,874)
Net Cash Used in Investing Activities	(106,194)	(26,922)
Financing Activities
Dividends	(12,211)	(12,297)
Tax Distributions	(5,387)	(12,149)
Proceeds from Revolving Credit Facility	0	15,000
Payments on Revolving Credit Facility	0	(15,000)
Employee Taxes Paid for Shares Withheld	(27,841)	(16,514)
Cash-Settled Exchanges of Partnership Units	(30,282)	(19,443)
Treasury Stock Purchases	(162,538)	(104,068)
Payments Pursuant to Tax Receivable Agreement	(509)	(29)
Net Cash Used in Financing Activities	(238,768)	(164,500)
Effect of Exchange Rate Changes on Cash and Cash Equivalents	(1,153)	2,068
Net Decrease in Cash and Cash Equivalents	(191,340)	(21,739)
Cash and Cash Equivalents, Beginning of Period	355,543	173,235
Cash and Cash Equivalents, End of Period	164,203	151,496
Supplemental Disclosure of Cash Flows Information
Payments for Income Taxes, Net of Refunds Received	$ 3,181	4,569
Payments for Interest		$ 20

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 28,316	$ 22,141	$ 60,939	$ 39,477

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
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
Rule 10b5-1 Arr Modified Flag	false
Non Rule 10b5-1 Arr Modified Flag	false

Organization

Organization	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	ORGA NIZATION PJT Partners Inc. and its consolidated subsidiaries (the “Company” or “PJT Partners”) offer a unique portfolio of advisory and placement 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 June 30, 2024, the non-controlling interest of PJT Partners Holdings LP was 39.2 % . 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	6 Months Ended
	Jun. 30, 2024
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, 2023. 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, 2023 . 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 six 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 $ 10.8 million and $ 9.2 million as of June 30, 2024 and December 31, 2023, respectively. Treasury securities with original maturities greater than three months when purchased are classified as Investments in the Condensed Consolidated Statements of Financial Condition. Income Taxes The Organization for Economic Co-operation and Development ("OECD") Pillar Two Model Rules ("Pillar Two") set forth for a global 15 % minimum tax on the income arising in each jurisdiction in which the Company operates. Many such jurisdictions have implemented or are in the process of implementing Pillar Two and it is expected to be applicable for annual periods beginning on or after December 31, 2023. The Company is continuing to assess the impact of Pillar Two and does not expect it to have a material impact on the Company’s 2024 condensed consolidated financial statements. Recent Accounting Developments In November 2023, the Financial Accounting Standards Board ("FASB") issued guidance on improvements to reportable segment disclosures. The guidance primarily requires enhanced disclosures about significant segment expenses. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years after December 15, 2024, with early adoption permitted. The Company is currently assessing the impact that adoption will have on its condensed consolidated financial statements. In December 2023, the FASB issued guidance to improve its income tax disclosure requirements. The guidance enhances existing income tax disclosures related to the effective tax rate reconciliation and income taxes paid. The guidance is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently assessing the impact that adoption will have on its condensed consolidated financial statements. In March 2024, the FASB issued guidance that clarifies appropriate accounting for profits interest and similar awards. The guidance is effective for annual and interim periods beginning after December 15, 2024, with early adoption permitted. The Company is currently assessing the impact that adoption will have on its condensed consolidated financial statements.

Revenues from Contracts with Cu

Revenues from Contracts with Customers	6 Months Ended
	Jun. 30, 2024
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 six months ended June 30, 2024 and 2023: Three Months Ended Six Months Ended 2024 2023 2024 2023 Advisory Fees $ 307,082 $ 323,794 $ 595,763 $ 491,884 Placement Fees 46,873 20,028 81,362 47,613 Interest Income from Placement Fees and Other 4,126 3,952 8,041 8,222 Revenues from Contracts with Customers $ 358,081 $ 347,774 $ 685,166 $ 547,719 Remaining Performance Obligations and Revenue Recognized from Past Performance As of June 30, 2024, the aggregate amount of the transaction price allocated to performance obligations yet to be satisfied was $ 41.6 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 $ 9.3 million and $ 16.6 million for the three and six months ended June 30, 2024 , respectively, and $ 6.8 million and $ 10.4 million for the three and six months ended June 30, 2023, 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 revenues recognized by the Company during the three and six months ended June 30, 2024 and 2023 were 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 six months ended June 30, 2024 and 2023. For the six months ended June 30, 2024 and 2023, $ 9.1 million and $ 10.4 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 $ 2.0 million as of each June 30, 2024 and December 31, 2023 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	6 Months Ended
	Jun. 30, 2024
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: Three Months Ended Six Months Ended 2024 2023 2024 2023 Beginning Balance $ 3,217 $ 2,253 $ 2,391 $ 1,945 Provision for Credit Losses 2,646 2,121 4,627 2,574 Write-offs ( 2,542 ) ( 1,397 ) ( 3,697 ) ( 1,542 ) Recoveries 250 — 250 — Ending Balance $ 3,571 $ 2,977 $ 3,571 $ 2,977 Included in Accounts Receivable , Net is accrued interest of $ 3.6 million and $ 3.4 million as of June 30, 2024 and December 31, 2023, respectively, related to placement fees. Included in Accounts Receivable, Net are long-term receivables of $ 89.6 million and $ 84.4 million as of June 30, 2024 and December 31, 2023 , 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 $ 2.0 million and $ 1.3 million as of June 30, 2024 and December 31, 2023, respectively, that were outstanding more than 90 days. The Company’s allowance for credit losses with respect to long-term receivables was $ 1.2 million and $ 0.6 million as of June 30, 2024 and December 31, 2023 , respectively.

Intangible Assets

Intangible Assets	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	5. INTANGIBLE ASSETS Intangible Assets, Net consists of the following: June 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 ( 51,489 ) ( 49,314 ) Trade Name ( 9,087 ) ( 8,802 ) Total Accumulated Amortization ( 60,576 ) ( 58,116 ) Intangible Assets, Net $ 10,500 $ 12,960 Amortization expense was $ 1.2 million and $ 2.5 million for each of the three and six months ended June 30, 2024 and 2023, respectively. Amortization of Intangible Assets held at June 30, 2024 is expected to be $ 2.5 million for the remainder of the year ending December 31, 2024; $ 4.8 million 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	6 Months Ended
	Jun. 30, 2024
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: June 30, December 31, Leasehold Improvements $ 56,637 $ 56,456 Furniture and Fixtures 17,231 17,027 Office Equipment 7,025 6,467 Total Furniture, Equipment and Leasehold Improvements 80,893 79,950 Accumulated Depreciation ( 58,147 ) ( 54,049 ) Furniture, Equipment and Leasehold Improvements, Net $ 22,746 $ 25,901 Depreciation expense was $ 1.9 million and $ 4.2 million for the three and six months ended June 30, 2024, respectively, and $ 2.4 million and $ 4.6 million for the three and six months ended June 30, 2023 , respectively.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2024
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: June 30, 2024 Level I Level II Level III Total Treasury Securities $ — $ 192,997 $ — $ 192,997 December 31, 2023 Level I Level II Level III Total Treasury Securities $ — $ 183,514 $ — $ 183,514 Investments in Treasury securities were included in both Cash and Cash Equivalents and Investments at June 30, 2024 and December 31, 2023 in the Condensed Consolidated Statements of Financial Condition.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	8. INCOME TAXES The following table summarizes the Company’s tax position: Three Months Ended Six Months Ended 2024 2023 2024 2023 Income Before Provision for Taxes $ 64,399 $ 54,169 $ 118,302 $ 83,362 Provision for Taxes $ 11,368 $ 13,117 $ 11,899 $ 14,324 Effective Income Tax Rate 17.7 % 24.2 % 10.1 % 17.2 % The Company’s effective tax rate differed from the U.S. federal statutory tax rate for the three and six months ended June 30, 2024 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 June 30, 2024 .

Net Income Per Share of Class A

Net Income Per Share of Class A Common Stock	6 Months Ended
	Jun. 30, 2024
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 six months ended June 30, 2024 and 2023 is presented below: Three Months Ended Six Months Ended 2024 2023 2024 2023 Numerator: Net Income Attributable to Shares of Class A $ 28,316 $ 22,141 $ 60,939 $ 39,477 Incremental Net Income from Dilutive Securities 17,553 533 38,447 1,145 Net Income Attributable to Shares of Class A $ 45,869 $ 22,674 $ 99,386 $ 40,622 Denominator: Weighted-Average Shares of Class A Common 25,376,186 25,238,144 25,533,358 25,234,983 Weighted-Average Number of Incremental Shares from 2,191,919 1,095,117 2,334,946 1,390,907 Weighted-Average Number of Incremental Shares from 15,523,613 — 15,559,301 — Weighted-Average Shares of Class A Common 43,091,718 26,333,261 43,427,605 26,625,890 Net Income Per Share of Class A Common Stock Basic $ 1.12 $ 0.88 $ 2.39 $ 1.56 Diluted $ 1.06 $ 0.86 $ 2.29 $ 1.53 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 40,899,799 and 41,092,659 for the three and six months ended June 30, 2024, 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 six months ended June 30, 2024 , there were no anti-dilutive securities. For the three and six months ended June 30, 2023, there were 14,630,864 and 14,697,942 weighted-average Partnership Units, respectively, that were anti-dilutive. Share Repurchase Program On February 6, 2024, the Company announced that the Board authorized a $ 500 million Class A common stock repurchase program, which replaced the then-existing $ 200 million repurchase program authorized on April 25, 2022. Under the new repurchase program, which has no expiration date, shares of the Company’s Class A common stock may be repurchased from time to time in open market transactions, in privately negotiated transactions or otherwise. The timing and the actual number of shares repurchased depend on a variety of factors, including legal requirements, price and economic and market conditions. The repurchase program may be suspended or discontinued at any time and does not have a specified expiration date. During the six months ended June 30, 2024, the Company repurchased 1.7 million shares of the Company’s Class A common stock at an average price per share of $ 97.60 , or $ 162.5 million in aggregate, pursuant to the share repurchase program. As of June 30, 2024, the Company’s remaining repurchase authorization was $ 350.2 million.

Equity-Based and Other Deferred

Equity-Based and Other Deferred Compensation	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Equity-Based and Other Deferred Compensation	10. EQUITY-BASED AND OTHER DEFERRED COMPENSATION Overview Further information regarding the Company’s equity-based compensation awards is described in Note 10. “Equity-Based and Other Deferred 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, 2023. The following table represents equity-based compensation expense and the related income tax benefit for the three and six months ended June 30, 2024 and 2023: Three Months Ended Six Months Ended 2024 2023 2024 2023 Equity-Based Compensation Expense $ 46,427 $ 49,200 $ 119,245 $ 97,996 Income Tax Benefit $ 5,984 $ 6,855 $ 15,861 $ 13,558 Restricted Stock Units The following table summarizes activity related to unvested RSUs for the six months ended June 30, 2024: Restricted Stock Units Weighted- Average Grant Date Number of Fair Value Units (in dollars) Balance, December 31, 2023 5,362,277 $ 73.23 Granted 2,031,590 98.90 Dividends Reinvested on RSUs ( 20,672 ) 72.97 Forfeited ( 86,049 ) 78.82 Vested ( 1,219,983 ) 68.93 Balance, June 30, 2024 6,067,163 $ 82.61 As of June 30, 2024, there was $ 269.2 million of estimated unrecognized compensation expense related to unvested RSU awards. This cost is expected to be recognized over a weighted-average period of 1.7 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 granted for the six months ended June 30, 2023 was $ 77.65 . RSU Awards with Both Service and Market Conditions The Company has granted RSU awards containing both service and market conditions. The service condition requirement for these awards is generally three to five years . The market condition will generally be satisfied upon the publicly traded shares of Class A common stock achieving certain volume-weighted average share price targets over various trading periods during the life of the award. Effective February 10, 2022, the Company granted RSU awards containing both service and market conditions. The effect of the service and market conditions is reflected in the grant date fair value of the award. Compensation cost is recognized over the requisite service period, provided that the service period is completed, irrespective of whether the market condition is satisfied. The service condition requirement with respect to such RSU awards is five years with 20 % vesting per annum. The market condition requirement will be 50 % satisfied upon the dividend-adjusted publicly traded shares of Class A common stock achieving a volume-weighted average share price over any consecutive 20-day trading period (“20-day VWAP”) of $ 100 and the other 50 % will be satisfied ratably upon the dividend-adjusted publicly traded shares of Class A common stock achieving a 20-day VWAP above $ 100 with the market condition fully satisfied upon achieving a 20-day VWAP of $ 130 prior to February 26, 2027. No portion of these awards will become vested until both the service and market conditions have been satisfied. As of June 30, 2024 , the Company had achieved a 20-day VWAP in excess of $ 107 , resulting in 62 % of the awards satisfying the market conditions, of which 40 % have also satisfied the service conditions. The following table summarizes activity related to unvested RSU awards with both a service and market condition for the six months ended June 30, 2024: RSU Awards with Weighted- Average Grant Date Number of Fair Value Units (in dollars) Balance, December 31, 2023 1,419,798 $ 42.74 Forfeited ( 62,521 ) 41.97 Vested ( 220,393 ) 42.71 Balance, June 30, 2024 1,136,884 $ 42.79 As of June 30, 2024, there was $ 13.2 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 1.3 years. The Company assumes a forfeiture rate of 4.0 % to 7.0 % annually based on expected turnover and periodically reassesses this rate. Partnership Units The following table summarizes activity related to unvested Partnership Units for the six months ended June 30, 2024: Partnership Units Weighted- Average Number of Grant Date Partnership Fair Value Units (in dollars) Balance, December 31, 2023 673,241 $ 75.43 Granted 12,567 93.76 Vested ( 55,366 ) 67.29 Balance, June 30, 2024 630,442 $ 76.51 As of June 30, 2024, there was $ 35.3 million of estimated unrecognized compensation expense related to unvested Partnership Units. This cost is expected to be recognized over a weighted-average period of 2.2 years. The Company assumes a forfeiture rate of 1.0 % 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 six months ended June 30, 2023 was $ 74.57 . Partnership Unit Awards with Both Service and Market Conditions Effective February 10, 2022, the Company granted Partnership Unit awards containing both service and market conditions. The effect of the service and market conditions is reflected in the grant date fair value of the award. Compensation cost is recognized over the requisite service period, provided that the service period is completed, irrespective of whether the market condition is satisfied. The service condition requirement with respect to such Partnership Unit awards is five years with 20 % vesting per annum. The market condition requirement will be 50 % satisfied upon the dividend-adjusted publicly traded shares of Class A common stock achieving a 20-day VWAP of $ 100 and the other 50 % will be satisfied ratably upon the dividend-adjusted publicly traded shares of Class A common stock achieving a 20-day VWAP above $ 100 with the market condition fully satisfied upon achieving a 20-day VWAP of $ 130 prior to February 26, 2027. No portion of these awards will become vested until both the service and market conditions have been satisfied. As of June 30, 2024 , the Company had achieved a 20-day VWAP in excess of $ 107 , resulting in 62 % of the awards satisfying the market conditions, of which 40 % have also satisfied the service conditions. The following table summarizes activity related to unvested Partnership Unit awards with both a service and market condition for the six months ended June 30, 2024: Partnership Unit Awards with Weighted- Average Number of Grant Date Partnership Fair Value Units (in dollars) Balance, December 31, 2023 996,991 $ 39.10 Vested ( 162,473 ) 39.10 Balance, June 30, 2024 834,518 $ 39.10 As of June 30, 2024, there was $ 9.0 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 1.3 years. The Company assumes a forfeiture rate of 1.0 % annually based on expected turnover and periodically reassesses this rate. Units Expected to Vest The following unvested units, after expected forfeitures, as of June 30, 2024, are expected to vest: Weighted- Service Period Units in Years Restricted Stock Units 6,842,797 1.6 Partnership Units 1,406,632 1.7 Total Equity-Based Awards 8,249,429 1.6 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 $ 13.7 million and $ 27.9 million for the three and six months ended June 30, 2024 , respectively, and $ 8.7 million and $ 19.0 million for the three and six months ended June 30, 2023, respectively. As of June 30, 2024 , there was $ 78.4 million of unrecognized compensation expense related to these awards. The weighted-average period over which this compensation cost is expected to be recognized is 2.1 years.

Leases

Leases	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Leases	11. LEASES The components of lease expense were as follows: Three Months Ended Six Months Ended 2024 2023 2024 2023 Operating Lease Cost $ 9,320 $ 7,344 $ 18,651 $ 14,698 Variable Lease Cost 949 1,084 2,065 2,233 Sublease Income ( 199 ) ( 194 ) ( 403 ) ( 389 ) Total Lease Cost $ 10,070 $ 8,234 $ 20,313 $ 16,542 Supplemental information related to the Company’s operating leases was as follows: Six Months Ended June 30, 2024 2023 Cash Paid for Amounts Included in Measurement of Lease Liabilities Operating Cash Flows from Operating Leases $ 4,348 $ 12,949 Right-of-Use Assets Obtained in Exchange for Operating Lease Liabilities $ — $ 1,836 June 30, December 31, Weighted-Average Remaining Lease Term (in years) 15.1 15.5 Weighted-Average Discount Rate 6.8 % 6.8 % The following is a maturity analysis of the annual undiscounted cash flows of the Company’s operating lease liabilities as of June 30, 2024: Year Ending December 31, 2024 (July 1 through December 31) $ 13,983 2025 25,821 2026 29,938 2027 30,865 2028 38,873 Thereafter 415,296 Total Lease Payments 554,776 Less: Tenant Improvement Allowances 17,161 Less: Imputed Interest 211,622 Total $ 325,993 In December 2023, the Company entered into a lease amendment to its New York office lease which provides for the leasing of additional floor space. The lease associated with this additional floor space has not been included in Operating Lease Right-of-Use Assets and Operating Lease Liabilities as of June 30, 2024 on the Condensed Consolidated Statement of Financial Condition as the Company does not yet have the right to use the premises. Commencement is currently anticipated to occur in the first quarter of 2025 with a term that expires in 2041.

Transactions With Related Parti

Transactions With Related Parties	6 Months Ended
	Jun. 30, 2024
Related Party Transactions [Abstract]
Transactions With Related Parties	12. TRANSACTIONS WITH RELATED PARTIES Exchange Agreement The Company has entered into an exchange agreement, as amended, 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 Third Amended and Restated Limited Partnership Agreement of PJT Partners Holdings LP (the “Partnership Agreement”), 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, 2023. Certain holders of Partnership Units exchanged 0.3 million Partnership Units for cash in the amount of $ 30.3 million for the six months ended June 30, 2024 and 0.3 million Partnership Units for cash in the amount of $ 19.4 million for the six months ended June 30, 2023. Such amounts are recorded as a reduction of Non-Controlling Interests in the Condensed Consolidated Statements of Financial Condition. The Company intends to exchange 103 thousand Partnership Units for cash on August 6, 2024 for an aggregate payment of $ 13.1 million. The price per Partnership Unit to be paid by the Company is $ 127.56 , which is equal to the volume-weighted average price per share of the Company’s Class A common stock on August 1, 2024. 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 June 30, 2024 and December 31, 2023, the Company had amounts due of $ 30.9 million and $ 29.7 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, 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 to subleases in the market as of the time the Sublease was entered, and the Company recognized $ 0.2 million and $ 0.4 million of sublease income for each of the three and six months ended June 30, 2024 and 2023. Such amounts are recorded in Interest Income and Other in the Condensed Consolidated Statements of Operations. Aircraft Lease The Company makes available to its CEO and on occasion by exception, to other partners, including Company’s Named Executive Officers, personal use of a company leased aircraft when it is not being used for business purposes, for which the Company is reimbursed 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	6 Months Ended
	Jun. 30, 2024
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 June 30, 2024 and December 31, 2023 , there were no borrowings outstanding under the revolving credit facility. As of June 30, 2024 and December 31, 2023, the Company was in compliance with the debt covenants under the Renewal Agreement and the Amended and Restated Loan Agreement. On July 29, 2024, PJT Partners Holdings LP, as borrower, entered into a new syndicated revolving credit agreement (the “Credit Agreement”) and related documents with Bank of America, N.A., as the administrative agent (the “Administrative Agent”), and certain other financial institutions party thereto as lenders. The Credit Agreement, which replaces the Borrower's existing Amended and Restated Loan Agreement in its entirety, provides for a revolving credit facility with aggregate principal amount of up to $ 100 million. Outstanding borrowings under the revolving credit facility bear interest of Secured Overnight Financing Rate plus 1.85 % per annum. In connection with the closing of the Credit Agreement, the Borrower paid certain closing costs and fees. In addition, the Borrower will also pay a commitment fee on the unused portion of the revolving credit facility of 0.25 % per annum, payable quarterly in arrears. The revolving credit facility will mature and the commitments thereunder will terminate on July 29, 2026, subject to extension by agreement of the Borrower and Administrative Agent. 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. In connection with these matters, the Company has incurred and may continue to incur legal expenses, which are expensed as incurred and presented net of any insurance reimbursements. These expenses are recorded in Professional Fees and Other Expenses in the Condensed Consolidated Statements of Operations. There were no material developments to the legal proceedings previously disclosed in Note 14. “Commitments and Contingencies—Contingencies, Litigation” 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, 2023. 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 $ 2.2 million and $ 2.3 million as of June 30, 2024 and December 31, 2023, 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 June 30, 2024 and December 31, 2023. 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 June 30, 2024 and December 31, 2023, the Company had accrued $ 0.3 million and $ 0.1 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	6 Months Ended
	Jun. 30, 2024
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, Spain and Japan 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 $ 228.1 million and $ 288.1 million as of June 30, 2024 and December 31, 2023 , respectively, which exceeded the minimum net capital requirement by $ 226.8 million and $ 287.2 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). On April 1, 2024, PJT Partners Japan K.K. became a Type II financial instruments firm registered with Kanto Local Finance Bureau and regulated by the Japan Financial Service Agency and is required to maintain minimum capital of ¥ 10 million Yen. As of June 30, 2024, PJT Partners Japan K.K. was in compliance with local capital adequacy requirements. As of June 30, 2024 and December 31, 2023 , 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	6 Months Ended
	Jun. 30, 2024
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 Six Months Ended 2024 2023 2024 2023 Revenues Domestic $ 330,130 $ 279,628 $ 610,747 $ 446,443 International 30,051 66,649 78,827 99,822 Total $ 360,181 $ 346,277 $ 689,574 $ 546,265 June 30, December 31, Assets Domestic $ 1,235,245 $ 1,215,470 International 182,550 219,508 Total $ 1,417,795 $ 1,434,978

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2024
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 September 18, 2024 to Class A common stockholders of record as of September 4, 2024 . 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” and Note 13. “Commitments and Contingencies—Commitments, Line of Credit”.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
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, 2023. 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, 2023 .
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 six 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 $ 10.8 million and $ 9.2 million as of June 30, 2024 and December 31, 2023, respectively. Treasury securities with original maturities greater than three months when purchased are classified as Investments in the Condensed Consolidated Statements of Financial Condition.
Income Taxes	Income Taxes The Organization for Economic Co-operation and Development ("OECD") Pillar Two Model Rules ("Pillar Two") set forth for a global 15 % minimum tax on the income arising in each jurisdiction in which the Company operates. Many such jurisdictions have implemented or are in the process of implementing Pillar Two and it is expected to be applicable for annual periods beginning on or after December 31, 2023. The Company is continuing to assess the impact of Pillar Two and does not expect it to have a material impact on the Company’s 2024 condensed consolidated financial statements.
Recent Accounting Developments	Recent Accounting Developments In November 2023, the Financial Accounting Standards Board ("FASB") issued guidance on improvements to reportable segment disclosures. The guidance primarily requires enhanced disclosures about significant segment expenses. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years after December 15, 2024, with early adoption permitted. The Company is currently assessing the impact that adoption will have on its condensed consolidated financial statements. In December 2023, the FASB issued guidance to improve its income tax disclosure requirements. The guidance enhances existing income tax disclosures related to the effective tax rate reconciliation and income taxes paid. The guidance is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently assessing the impact that adoption will have on its condensed consolidated financial statements. In March 2024, the FASB issued guidance that clarifies appropriate accounting for profits interest and similar awards. The guidance is effective for annual and interim periods beginning after December 15, 2024, with early adoption permitted. The Company is currently assessing the impact that adoption will have on its condensed consolidated financial statements.

Revenues from Contracts with _2

Revenues from Contracts with Customers (Tables)	6 Months Ended
	Jun. 30, 2024
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 six months ended June 30, 2024 and 2023: Three Months Ended Six Months Ended 2024 2023 2024 2023 Advisory Fees $ 307,082 $ 323,794 $ 595,763 $ 491,884 Placement Fees 46,873 20,028 81,362 47,613 Interest Income from Placement Fees and Other 4,126 3,952 8,041 8,222 Revenues from Contracts with Customers $ 358,081 $ 347,774 $ 685,166 $ 547,719

Accounts Receivable and Allow_2

Accounts Receivable and Allowance for Credit Losses (Tables)	6 Months Ended
	Jun. 30, 2024
Receivables [Abstract]
Schedule of Changes in the Allowance for Credit Losses	Changes in the allowance for credit losses consist of the following: Three Months Ended Six Months Ended 2024 2023 2024 2023 Beginning Balance $ 3,217 $ 2,253 $ 2,391 $ 1,945 Provision for Credit Losses 2,646 2,121 4,627 2,574 Write-offs ( 2,542 ) ( 1,397 ) ( 3,697 ) ( 1,542 ) Recoveries 250 — 250 — Ending Balance $ 3,571 $ 2,977 $ 3,571 $ 2,977

Intangible Assets (Tables)

Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets, Net	Intangible Assets, Net consists of the following: June 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 ( 51,489 ) ( 49,314 ) Trade Name ( 9,087 ) ( 8,802 ) Total Accumulated Amortization ( 60,576 ) ( 58,116 ) Intangible Assets, Net $ 10,500 $ 12,960

Furniture, Equipment and Leas_2

Furniture, Equipment and Leasehold Improvements (Tables)	6 Months Ended
	Jun. 30, 2024
Property, Plant and Equipment [Abstract]
Schedule of Furniture, Equipment and Leasehold Improvements, Net	Furniture, Equipment and Leasehold Improvements, Net consists of the following: June 30, December 31, Leasehold Improvements $ 56,637 $ 56,456 Furniture and Fixtures 17,231 17,027 Office Equipment 7,025 6,467 Total Furniture, Equipment and Leasehold Improvements 80,893 79,950 Accumulated Depreciation ( 58,147 ) ( 54,049 ) Furniture, Equipment and Leasehold Improvements, Net $ 22,746 $ 25,901

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2024
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: June 30, 2024 Level I Level II Level III Total Treasury Securities $ — $ 192,997 $ — $ 192,997 December 31, 2023 Level I Level II Level III Total Treasury Securities $ — $ 183,514 $ — $ 183,514

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Summary of Company's Tax Position	The following table summarizes the Company’s tax position: Three Months Ended Six Months Ended 2024 2023 2024 2023 Income Before Provision for Taxes $ 64,399 $ 54,169 $ 118,302 $ 83,362 Provision for Taxes $ 11,368 $ 13,117 $ 11,899 $ 14,324 Effective Income Tax Rate 17.7 % 24.2 % 10.1 % 17.2 %

Net Income Per Share of Class_2

Net Income Per Share of Class A Common Stock (Tables)	6 Months Ended
	Jun. 30, 2024
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 six months ended June 30, 2024 and 2023 is presented below: Three Months Ended Six Months Ended 2024 2023 2024 2023 Numerator: Net Income Attributable to Shares of Class A $ 28,316 $ 22,141 $ 60,939 $ 39,477 Incremental Net Income from Dilutive Securities 17,553 533 38,447 1,145 Net Income Attributable to Shares of Class A $ 45,869 $ 22,674 $ 99,386 $ 40,622 Denominator: Weighted-Average Shares of Class A Common 25,376,186 25,238,144 25,533,358 25,234,983 Weighted-Average Number of Incremental Shares from 2,191,919 1,095,117 2,334,946 1,390,907 Weighted-Average Number of Incremental Shares from 15,523,613 — 15,559,301 — Weighted-Average Shares of Class A Common 43,091,718 26,333,261 43,427,605 26,625,890 Net Income Per Share of Class A Common Stock Basic $ 1.12 $ 0.88 $ 2.39 $ 1.56 Diluted $ 1.06 $ 0.86 $ 2.29 $ 1.53

Equity-Based and Other Deferr_2

Equity-Based and Other Deferred Compensation (Tables)	6 Months Ended
	Jun. 30, 2024
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 six months ended June 30, 2024 and 2023: Three Months Ended Six Months Ended 2024 2023 2024 2023 Equity-Based Compensation Expense $ 46,427 $ 49,200 $ 119,245 $ 97,996 Income Tax Benefit $ 5,984 $ 6,855 $ 15,861 $ 13,558
Summary of Activity Related to Unvested Restricted Stock Units	The following table summarizes activity related to unvested RSUs for the six months ended June 30, 2024: Restricted Stock Units Weighted- Average Grant Date Number of Fair Value Units (in dollars) Balance, December 31, 2023 5,362,277 $ 73.23 Granted 2,031,590 98.90 Dividends Reinvested on RSUs ( 20,672 ) 72.97 Forfeited ( 86,049 ) 78.82 Vested ( 1,219,983 ) 68.93 Balance, June 30, 2024 6,067,163 $ 82.61
Summary of Activity Related to Unvested Partnership Units	The following table summarizes activity related to unvested Partnership Units for the six months ended June 30, 2024: Partnership Units Weighted- Average Number of Grant Date Partnership Fair Value Units (in dollars) Balance, December 31, 2023 673,241 $ 75.43 Granted 12,567 93.76 Vested ( 55,366 ) 67.29 Balance, June 30, 2024 630,442 $ 76.51
Summary of Unvested Units After Expected Forfeitures which are Expected to Vest	The following unvested units, after expected forfeitures, as of June 30, 2024, are expected to vest: Weighted- Service Period Units in Years Restricted Stock Units 6,842,797 1.6 Partnership Units 1,406,632 1.7 Total Equity-Based Awards 8,249,429 1.6
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 six months ended June 30, 2024: RSU Awards with Weighted- Average Grant Date Number of Fair Value Units (in dollars) Balance, December 31, 2023 1,419,798 $ 42.74 Forfeited ( 62,521 ) 41.97 Vested ( 220,393 ) 42.71 Balance, June 30, 2024 1,136,884 $ 42.79
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 six months ended June 30, 2024: Partnership Unit Awards with Weighted- Average Number of Grant Date Partnership Fair Value Units (in dollars) Balance, December 31, 2023 996,991 $ 39.10 Vested ( 162,473 ) 39.10 Balance, June 30, 2024 834,518 $ 39.10

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Schedule of Components of Lease Expense	The components of lease expense were as follows: Three Months Ended Six Months Ended 2024 2023 2024 2023 Operating Lease Cost $ 9,320 $ 7,344 $ 18,651 $ 14,698 Variable Lease Cost 949 1,084 2,065 2,233 Sublease Income ( 199 ) ( 194 ) ( 403 ) ( 389 ) Total Lease Cost $ 10,070 $ 8,234 $ 20,313 $ 16,542
Schedule of Supplemental Information Related to Leases	Supplemental information related to the Company’s operating leases was as follows: Six Months Ended June 30, 2024 2023 Cash Paid for Amounts Included in Measurement of Lease Liabilities Operating Cash Flows from Operating Leases $ 4,348 $ 12,949 Right-of-Use Assets Obtained in Exchange for Operating Lease Liabilities $ — $ 1,836 June 30, December 31, Weighted-Average Remaining Lease Term (in years) 15.1 15.5 Weighted-Average Discount Rate 6.8 % 6.8 %
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 June 30, 2024: Year Ending December 31, 2024 (July 1 through December 31) $ 13,983 2025 25,821 2026 29,938 2027 30,865 2028 38,873 Thereafter 415,296 Total Lease Payments 554,776 Less: Tenant Improvement Allowances 17,161 Less: Imputed Interest 211,622 Total $ 325,993

Business Information (Tables)

Business Information (Tables)	6 Months Ended
	Jun. 30, 2024
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 Six Months Ended 2024 2023 2024 2023 Revenues Domestic $ 330,130 $ 279,628 $ 610,747 $ 446,443 International 30,051 66,649 78,827 99,822 Total $ 360,181 $ 346,277 $ 689,574 $ 546,265 June 30, December 31, Assets Domestic $ 1,235,245 $ 1,215,470 International 182,550 219,508 Total $ 1,417,795 $ 1,434,978

Organization - Additional Infor

Organization - Additional Information (Details) - PJT Partners Holdings LP	Jun. 30, 2024
Organization Disclosure [Line Items]
Voting power	100%
Non-controlling interest percentage	39.20%
Maximum
Organization Disclosure [Line Items]
Economic interest	100%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Cash subject to notice requirement	$ 10.8	$ 9.2
Minimum tax income as per pillar two	15%

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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation Of Revenue [Line Items]
Revenues from Contracts with Customers	$ 358,081	$ 347,774	$ 685,166	$ 547,719
Advisory Fees
Disaggregation Of Revenue [Line Items]
Revenues from Contracts with Customers	307,082	323,794	595,763	491,884
Placement Fees
Disaggregation Of Revenue [Line Items]
Revenues from Contracts with Customers	46,873	20,028	81,362	47,613
Interest Income from Placement Fees and Other
Disaggregation Of Revenue [Line Items]
Revenues from Contracts with Customers	$ 4,126	$ 3,952	$ 8,041	$ 8,222

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: 2024-04-01 $ in Millions	Jun. 30, 2024 USD ($)
Deferred Revenue Arrangement [Line Items]
Aggregate amount of transaction price allocated to performance obligations yet to be satisfied	$ 41.6
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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Deferred Revenue Arrangement [Line Items]
Deferred revenue			$ 9,100	$ 10,400
Contract liabilities	$ 11,781		11,781		$ 10,265
Accounts Payable, Accrued Expenses and Other Liabilities
Deferred Revenue Arrangement [Line Items]
Contract liabilities	2,000		$ 2,000		$ 2,000
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	$ 9,300	$ 6,800	$ 16,600	$ 10,400

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	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Receivables [Abstract]
Beginning Balance	$ 3,217	$ 2,253	$ 2,391	$ 1,945
Provision for Credit Losses	2,646	2,121	4,627	2,574
Write-offs	(2,542)	(1,397)	(3,697)	(1,542)
Recoveries	250		250
Ending Balance	$ 3,571	$ 2,977	$ 3,571	$ 2,977

Accounts Receivable and Allow_4

Accounts Receivable and Allowance for Credit Losses - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Financing Receivable Allowance For Credit Losses [Line Items]
Long-term receivables outstanding more than 90 days	$ 2	$ 1.3
Allowance for credit loss, long-term receivables	$ 1.2	0.6
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	$ 3.6	3.4
Long-term receivables	$ 89.6	$ 84.4
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	Jun. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets, Net
Total Intangible Assets	$ 71,076	$ 71,076
Total Accumulated Amortization	(60,576)	(58,116)
Intangible Assets, Net	10,500	12,960
Customer Relationships
Finite-Lived Intangible Assets, Net
Total Intangible Assets	61,276	61,276
Total Accumulated Amortization	(51,489)	(49,314)
Trade Names
Finite-Lived Intangible Assets, Net
Total Intangible Assets	9,800	9,800
Total Accumulated Amortization	$ (9,087)	$ (8,802)

Intangible Assets - Additional

Intangible Assets - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization Expense	$ 1.2	$ 1.2	$ 2.5	$ 2.5
Expected amortization of intangible assets, remainder of year	2.5		2.5
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	Jun. 30, 2024	Dec. 31, 2023
Property Plant And Equipment [Line Items]
Total Furniture, Equipment and Leasehold Improvements	$ 80,893	$ 79,950
Accumulated Depreciation	(58,147)	(54,049)
Furniture, Equipment and Leasehold Improvements, Net	22,746	25,901
Leasehold Improvements
Property Plant And Equipment [Line Items]
Total Furniture, Equipment and Leasehold Improvements	56,637	56,456
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Total Furniture, Equipment and Leasehold Improvements	17,231	17,027
Office Equipment
Property Plant And Equipment [Line Items]
Total Furniture, Equipment and Leasehold Improvements	$ 7,025	$ 6,467

Furniture, Equipment and Leas_4

Furniture, Equipment and Leasehold Improvements - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 1.9	$ 2.4	$ 4.2	$ 4.6

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	Jun. 30, 2024	Dec. 31, 2023
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Investments	$ 192,997	$ 183,514
Level II
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Investments	$ 192,997	$ 183,514

Income Taxes - Summary of Compa

Income Taxes - Summary of Company's Tax Position (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income Before Provision for Taxes	$ 64,399	$ 54,169	$ 118,302	$ 83,362
Provision for Taxes	$ 11,368	$ 13,117	$ 11,899	$ 14,324
Effective Income Tax Rate	17.70%	24.20%	10.10%	17.20%

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details)	Jun. 30, 2024 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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Unvested Restricted Stock Units
Denominator:
Weighted-Average Number of Incremental Shares	2,191,919	1,095,117	2,334,946	1,390,907
Partnership Units
Denominator:
Weighted-Average Number of Incremental Shares	15,523,613		15,559,301
Class A Common Stock
Numerator:
Net Income Attributable to Shares of Class A Common Stock — Basic	$ 28,316	$ 22,141	$ 60,939	$ 39,477
Incremental Net Income from Dilutive Securities	17,553	533	38,447	1,145
Net Income Attributable to Shares of Class A Common Stock — Diluted	$ 45,869	$ 22,674	$ 99,386	$ 40,622
Denominator:
Weighted-Average Shares of Class A Common Stock Outstanding — Basic	25,376,186	25,238,144	25,533,358	25,234,983
Weighted-Average Shares of Class A Common Stock Outstanding — Diluted	43,091,718	26,333,261	43,427,605	26,625,890
Net Income Per Share of Class A Common Stock
Basic	$ 1.12	$ 0.88	$ 2.39	$ 1.56
Diluted	$ 1.06	$ 0.86	$ 2.29	$ 1.53

Net Income Per Share of Class_4

Net Income Per Share of Class A Common Stock - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Feb. 06, 2024	Apr. 25, 2022
Earnings Per Share Basic [Line Items]
Aggregate amount of shares repurchased			$ 162,538,000	$ 104,068,000
Participating Restricted Stock Units
Earnings Per Share Basic [Line Items]
Class A common shares outstanding if all Holding Partnership Units exchanged	40,899,799		41,092,659
Class A Common Stock
Earnings Per Share Basic [Line Items]
Share repurchase program, remaining authorization amount	$ 350,200,000		$ 350,200,000			$ 200,000,000
Share repurchase program, authorized amount					$ 500,000,000
Treasury stock repurchased			1,700,000
Treasury stock, average price per share			$ 97.6
Aggregate amount of shares repurchased			$ 162,500,000
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	0	14,630,864	0	14,697,942

Equity-Based and Other Deferr_3

Equity-Based and Other Deferred Compensation - Additional Information (Details) - USD ($)		3 Months Ended		6 Months Ended
	Feb. 10, 2022	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation expense		$ 13,700,000	$ 8,700,000	$ 27,900,000	$ 19,000,000
Unrecognized compensation expense related to deferred cash awards		78,400,000		$ 78,400,000
Weighted-average period over compensation cost is expected to be recognized				2 years 1 month 6 days
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Estimated unrecognized compensation expense related to unvested awards		$ 269,200,000		$ 269,200,000
Weighted-average period for recognition of compensation expense related to unvested awards				1 year 8 months 12 days
Weighted-average grant date fair value				$ 98.9	$ 77.65
Outstanding		6,067,163		6,067,163		5,362,277
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		$ 13,200,000		$ 13,200,000
Weighted-average period for recognition of compensation expense related to unvested awards				1 year 3 months 18 days
Awards with service condition requirement	5 years
Awards vesting percentage with service condition	20%
Weighted-average share price targets on consecutive trading period	20 days
Awards incremental cost	$ 100
Awards with service and market condition vested	0
Outstanding		1,136,884		1,136,884		1,419,798
RSU Awards Containing Service and Market Conditions | Dividend Adjusted Publicly Traded Shares Of Class A Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, Percentage of satisfied upon dividend-adjusted publicly traded shares	50%			50%
RSU Awards Containing Service and Market Conditions | Awards Satisfying Market Conditions
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based compensation arrangement by share based payment award, Percentage of awards satisfying market conditions				62%
RSU Awards Containing Service and Market Conditions | Awards Satisfying Market and Service Conditions
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based compensation arrangement by share based payment award, Percentage of awards satisfying market and service conditions				40%
Partnership Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Estimated unrecognized compensation expense related to unvested awards		$ 35,300,000		$ 35,300,000
Assumed forfeiture rate				1%
Weighted-average period for recognition of compensation expense related to unvested awards				2 years 2 months 12 days
Weighted-average grant date fair value				$ 93.76	$ 74.57
Outstanding		630,442		630,442		673,241
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		$ 9,000,000		$ 9,000,000
Assumed forfeiture rate				1%
Weighted-average period for recognition of compensation expense related to unvested awards				1 year 3 months 18 days
Awards with service condition requirement	5 years
Awards vesting percentage with service condition	20%
Weighted-average share price targets on consecutive trading period	20 days
Awards incremental cost	$ 100
Awards with service and market condition vested	0
Outstanding		834,518		834,518		996,991
Partnership Unit Awards Containing Service and Market Conditions | Dividend Adjusted Publicly Traded Shares Of Class A Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, Percentage of satisfied upon dividend-adjusted publicly traded shares	50%			50%
Partnership Unit Awards Containing Service and Market Conditions | Awards Satisfying Market Conditions
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based compensation arrangement by share based payment award, Percentage of awards satisfying market conditions				62%
Partnership Unit Awards Containing Service and Market Conditions | Awards Satisfying Market and Service Conditions
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based compensation arrangement by share based payment award, Percentage of awards satisfying market and service conditions				40%
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				4%
Minimum | RSU Awards Containing Service and Market Conditions
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Assumed forfeiture rate				4%
Awards with service condition requirement				3 years
Awards incremental cost	$ 100			$ 107
Minimum | Partnership Unit Awards Containing Service and Market Conditions
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards incremental cost	100			$ 107
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%
Awards with service condition requirement				5 years
Awards incremental cost	130
Maximum | Partnership Unit Awards Containing Service and Market Conditions
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards incremental cost	$ 130

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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Equity-Based Compensation Expense	$ 46,427	$ 49,200	$ 119,245	$ 97,996
Income Tax Benefit	$ 5,984	$ 6,855	$ 15,861	$ 13,558

Equity-Based and Other Deferr_5

Equity-Based and Other Deferred Compensation - Summary of Activity Related to Unvested Restricted Stock Units (Details) - $ / shares	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Restricted Stock Units
Number of Units
Beginning Balance	5,362,277
Granted	2,031,590
Dividends Reinvested on RSUs	(20,672)
Forfeited	(86,049)
Vested	(1,219,983)
Ending Balance	6,067,163
Weighted-Average Grant Date Fair Value
Beginning Balance	$ 73.23
Granted	98.9	$ 77.65
Dividends Reinvested on RSUs	72.97
Forfeited	78.82
Vested	68.93
Ending Balance	$ 82.61
RSU Awards Containing Service and Market Conditions
Number of Units
Beginning Balance	1,419,798
Forfeited	(62,521)
Vested	(220,393)
Ending Balance	1,136,884
Weighted-Average Grant Date Fair Value
Beginning Balance	$ 42.74
Forfeited	41.97
Vested	42.71
Ending Balance	$ 42.79

Equity-Based and Other Deferr_6

Equity-Based and Other Deferred Compensation - Summary of Activity Related to Unvested Partnership Units (Details) - $ / shares	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Partnership Units
Number of Units
Beginning Balance	673,241
Granted	12,567
Vested	(55,366)
Ending Balance	630,442
Weighted-Average Grant Date Fair Value
Beginning Balance	$ 75.43
Granted	93.76	$ 74.57
Vested	67.29
Ending Balance	$ 76.51
Partnership Unit Awards Containing Service and Market Conditions
Number of Units
Beginning Balance	996,991
Vested	(162,473)
Ending Balance	834,518
Weighted-Average Grant Date Fair Value
Beginning Balance	$ 39.10
Vested	39.1
Ending Balance	$ 39.10

Equity-Based and Other Deferr_7

Equity-Based and Other Deferred Compensation - Unvested Units After Expected Forfeitures which are Expected to Vest (Details)	6 Months Ended
	Jun. 30, 2024 shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Units expected to vest	8,249,429
Weighted-average service period of unit expected to vest (in years)	1 year 7 months 6 days
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Units expected to vest	6,842,797
Weighted-average service period of unit expected to vest (in years)	1 year 7 months 6 days
PJT Partners Holdings LP | Partnership Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Units expected to vest	1,406,632
Weighted-average service period of unit expected to vest (in years)	1 year 8 months 12 days

Leases - Schedule of Components

Leases - Schedule of Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Operating Lease Cost	$ 9,320	$ 7,344	$ 18,651	$ 14,698
Variable Lease Cost	949	1,084	2,065	2,233
Sublease Income	(199)	(194)	(403)	(389)
Total Lease Cost	$ 10,070	$ 8,234	$ 20,313	$ 16,542

Leases - Schedule of Supplement

Leases - Schedule of Supplemental Information Related to Leases (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Cash Paid for Amounts Included in Measurement of Lease Liabilities
Operating Cash Flows from Operating Leases	$ 4,348	$ 12,949
Right-of-Use Assets Obtained in Exchange for Operating Lease Liabilities	$ 0	$ 1,836
Weighted-Average Remaining Lease Term (in years)	15 years 1 month 6 days		15 years 6 months
Weighted-Average Discount Rate	6.80%		6.80%

Leases - Schedule of Maturity A

Leases - Schedule of Maturity Analysis of Finance and Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Leases [Abstract]
2024 (July1 through December 31)	$ 13,983
Operating Lease, 2025	25,821
Operating Lease, 2026	29,938
Operating Lease, 2027	30,865
Operating Lease, 2028	38,873
Operating Lease, Thereafter	415,296
Operating Lease, Total Lease Payments	554,776
Operating Lease, Less: Tenant Improvement Allowances	17,161
Operating Lease, Less: Imputed Interest	211,622
Operating Lease, Total	$ 325,993	$ 330,600

Transactions With Related Par_2

Transactions With Related Parties - Additional Information (Details) $ / shares in Units, shares in Thousands, $ in Thousands		3 Months Ended		6 Months Ended
	Aug. 06, 2024 USD ($) $ / shares shares	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) shares	Jun. 30, 2023 USD ($) shares	Dec. 31, 2023 USD ($)
Related Party Transaction [Line Items]
Cash settled exchange of partnership units				$ 30,282	$ 19,443
Sublease Income		$ 199	$ 194	403	389
Amount due to tax receivable agreement		30,851		30,851		$ 29,672
Dynasty Equity Partners Management | Sublease Agreement
Related Party Transaction [Line Items]
Sublease Income		$ 200	$ 200	$ 400	$ 400
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	300
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	$ 13,100
Price per partnership unit paid equal to the volume-weighted average price of share | $ / shares	$ 127.56
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
Class A Common Stock | PJT Partners Holdings LP | Scenario Forecast
Related Party Transaction [Line Items]
Exchange of partnership units settled | shares	103

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($)	Jul. 29, 2024	Feb. 07, 2023	Jun. 30, 2024	Dec. 31, 2023	Feb. 01, 2021
Blackstone
Commitments And Contingencies [Line Items]
Loans held by employees for investments guaranteed			$ 2,200,000	$ 2,300,000
Forfeiture accrual			900,000	900,000
Tax benefit accrual			300,000	100,000
Revolving Credit Facility
Commitments And Contingencies [Line Items]
Revolving credit facility, amount outstanding			$ 0	$ 0
Revolving Credit Facility | Subsequent Event | PJT Partners Holdings LP
Commitments And Contingencies [Line Items]
Increase revolving credit facility	$ 100,000,000
Commitment fee on unused portion of revolving credit facility	0.25%
Line of credit facility, frequency of commitment fee payment	quarterly
Revolving Credit Facility | Subsequent Event | PJT Partners Holdings LP | Secured Overnight Financing Rate
Commitments And Contingencies [Line Items]
Revolving credit facility bear interest	1.85%
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
Revolving credit facility, maturity date		Oct. 01, 2024

Regulated Entities - Additional

Regulated Entities - Additional Information (Details) ¥ in Millions, $ in Millions	Jun. 30, 2024 USD ($)	Apr. 01, 2024 JPY (¥)	Dec. 31, 2023 USD ($)
PJT Partners LP
Regulatory Authorities [Line Items]
Net capital	$ 228.1		$ 288.1
Net capital in excess of required net capital	$ 226.8		$ 287.2
PJT Partners Japan K.K.
Regulatory Authorities [Line Items]
Minimum net capital requirement | ¥		¥ 10

Business Information - Addition

Business Information - Additional Information (Details)	6 Months Ended
	Jun. 30, 2024 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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Revenues
Revenues	$ 360,181	$ 346,277	$ 689,574	$ 546,265
Assets
Assets	1,417,795		1,417,795		$ 1,434,978
Domestic
Revenues
Revenues	330,130	279,628	610,747	446,443
Assets
Assets	1,235,245		1,235,245		1,215,470
International
Revenues
Revenues	30,051	$ 66,649	78,827	$ 99,822
Assets
Assets	$ 182,550		$ 182,550		$ 219,508

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - Class A Common Stock - $ / shares		3 Months Ended		6 Months Ended
	Aug. 02, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Subsequent Event [Line Items]
Dividends Declared Per Share of Class A Common Stock		$ 0.25	$ 0.25	$ 0.5	$ 0.5
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	Sep. 18, 2024
Dividends payable, date of record	Sep. 04, 2024