PJT Partners (PJT) 10-Q 29 Oct 21 2021 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2021	Oct. 25, 2021
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Document Quarterly Report	true
Document Transition Report	false
Title of 12(b) Security	Class A common stock, par value $0.01 per share
Trading Symbol	PJT
Security Exchange Name	NYSE
Entity Registrant Name	PJT Partners Inc.
Entity Central Index Key	0001626115
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity File Number	001-36869
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-4797143
Entity Address, Address Line One	280 Park Avenue
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10017
City Area Code	(212)
Local Phone Number	364-7800
Class A Common Stock
Entity Common Stock, Shares Outstanding		24,267,706
Class B Common Stock
Entity Common Stock, Shares Outstanding		160

Condensed Consolidated Statemen

Condensed Consolidated Statements of Financial Condition (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Assets
Cash and Cash Equivalents	$ 261,102	$ 299,513
Investments	72,696	137,889
Accounts Receivable (net of allowance for credit losses of $2,134 and $1,330 at September 30, 2021 and December 31, 2020, respectively)	250,443	233,166
Intangible Assets, Net	26,314	32,030
Goodwill	172,725	172,725
Furniture, Equipment and Leasehold Improvements, Net	37,698	38,777
Operating Lease Right-of-Use Assets	142,616	150,848
Other Assets	48,161	53,329
Deferred Tax Asset, Net	66,311	53,330
Total Assets	1,078,066	1,171,607
Liabilities and Equity
Accrued Compensation and Benefits	178,611	253,456
Accounts Payable, Accrued Expenses and Other Liabilities	27,024	25,944
Dividends Payable	73,029
Operating Lease Liabilities	162,408	172,291
Amount Due Pursuant to Tax Receivable Agreement	29,206	19,573
Taxes Payable	4,662	2,735
Deferred Revenue	8,406	9,762
Total Liabilities	483,346	483,761
Commitments and Contingencies
Equity
Additional Paid-In Capital	373,857	349,363
Accumulated Deficit	(38,603)	(33,127)
Accumulated Other Comprehensive Income	625	1,414
Treasury Stock at Cost (4,816,267 and 3,476,731 shares at September 30, 2021 and December 31, 2020, respectively)	(258,278)	(163,658)
Total PJT Partners Inc. Equity	77,871	154,259
Non-Controlling Interests	516,849	533,587
Total Equity	594,720	687,846
Total Liabilities and Equity	1,078,066	1,171,607
Class A Common Stock
Equity
Common stock, value	270	267
Total Equity	$ 270	$ 267

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Financial Condition (Parenthetical) (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Accounts Receivable, allowance for credit losses	$ 2,134	$ 1,330
Treasury Stock, Shares	4,816,267	3,476,731
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	29,126,473	27,293,085
Common Stock, Shares Outstanding	24,310,206	23,816,354
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	160	194
Common Stock, Shares Outstanding	160	194

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenues
Revenues	$ 228,550	$ 296,344	$ 673,096	$ 726,407
Revenues	231,298	297,563	678,679	730,297
Expenses
Compensation and Benefits	148,149	196,896	434,866	485,650
Occupancy and Related	8,569	8,564	25,788	25,877
Travel and Related	2,765	546	4,979	6,379
Professional Fees	8,066	6,014	24,016	16,077
Communications and Information Services	4,341	3,435	13,548	10,575
Depreciation and Amortization	3,892	3,700	11,535	11,229
Other Expenses	7,241	8,312	19,337	21,178
Total Expenses	183,023	227,467	534,069	576,965
Income Before Provision for Taxes	48,275	70,096	144,610	153,332
Provision for Taxes	9,090	11,989	18,773	22,299
Net Income	39,185	58,107	125,837	131,033
Net Income Attributable to Non-Controlling Interests	17,740	27,200	54,565	59,596
Net Income Attributable to PJT Partners Inc.	21,445	30,907	71,272	71,437
Advisory Fees
Revenues
Revenues	179,900	262,400	530,124	611,530
Placement Fees
Revenues
Revenues	46,891	31,774	137,611	106,026
Interest Income and Other
Revenues
Revenues	$ 4,507	$ 3,389	$ 10,944	$ 12,741
Class A Common Stock
Net Income Per Share of Class A Common Stock
Basic	$ 0.86	$ 1.25	$ 2.85	$ 2.92
Diluted	$ 0.82	$ 1.22	$ 2.72	$ 2.87
Weighted-Average Shares of Class A Common Stock Outstanding
Basic	24,908,606	24,645,853	24,979,925	24,431,436
Diluted	42,010,543	26,242,631	42,414,461	25,452,816

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement Of Income And Comprehensive Income [Abstract]
Net Income	$ 39,185	$ 58,107	$ 125,837	$ 131,033
Other Comprehensive Income (Loss), Net of Tax — Currency Translation Adjustment	(1,966)	1,825	(1,457)	(1,212)
Comprehensive Income	37,219	59,932	124,380	129,821
Comprehensive Income Attributable to Non- Controlling Interests	16,834	28,040	53,897	59,014
Comprehensive Income Attributable to PJT Partners Inc.	$ 20,385	$ 31,892	$ 70,483	$ 70,807

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Thousands	Total	Revision of Prior Period, Accounting Standards Update, Adjustment	Class A Common Stock	Class B Common Stock	Treasury Stock	Additional Paid-in Capital	Retained Earnings Accumulated (Deficit)	Retained Earnings Accumulated (Deficit)Revision of Prior Period, Accounting Standards Update, Adjustment	Accumulated Other Comprehensive Income (Loss)	Non-Controlling Interests
Beginning Balance at Dec. 31, 2019	$ 574,517	$ (938)	$ 251		$ (114,984)	$ 290,896	$ (144,919)	$ (938)	$ 146	$ 543,127
Beginning Balance (in shares) at Dec. 31, 2019			25,621,451	204	(2,544,657)
Accounting Standards Update Extensible List	us-gaap:AccountingStandardsUpdate201613Member
Net Income	$ 131,033						71,437			59,596
Other Comprehensive Income (Loss)	(1,212)								(630)	(582)
Dividends Declared	(3,627)						(3,627)
Tax Distributions	(29,831)									(29,831)
Equity-Based Compensation	95,716					89,466				6,250
Forfeiture Liability for Equity Awards	1					1
Net Share Settlement	(12,280)					(12,280)
Deliveries of Vested Shares of Common Stock			$ 15			(15)
Deliveries of Vested Shares of Common Stock (in shares)			1,549,316
Change in Ownership Interest	(30,501)					21,780				(52,281)
Change in Ownership Interest (in shares)				(3)
Treasury Stock Purchases	(41,607)				$ (41,607)
Treasury Stock Purchases (in shares)					(828,552)
Ending Balance at Sep. 30, 2020	681,271		$ 266		$ (156,591)	389,848	(78,047)		(484)	526,279
Ending Balance (in shares) at Sep. 30, 2020			27,170,767	201	(3,373,209)
Beginning Balance at Jun. 30, 2020	649,318		$ 266		$ (140,178)	374,613	(107,751)		(1,469)	523,837
Beginning Balance (in shares) at Jun. 30, 2020			27,159,483	206	(3,083,954)
Net Income	58,107						30,907			27,200
Other Comprehensive Income (Loss)	1,825								985	840
Dividends Declared	(1,203)						(1,203)
Tax Distributions	(29,831)									(29,831)
Equity-Based Compensation	30,168					28,176				1,992
Net Share Settlement	(139)					(139)
Deliveries of Vested Shares of Common Stock (in shares)			11,284
Change in Ownership Interest	(10,561)					(12,802)				2,241
Change in Ownership Interest (in shares)				(5)
Treasury Stock Purchases	(16,413)				$ (16,413)
Treasury Stock Purchases (in shares)					(289,255)
Ending Balance at Sep. 30, 2020	681,271		$ 266		$ (156,591)	389,848	(78,047)		(484)	526,279
Ending Balance (in shares) at Sep. 30, 2020			27,170,767	201	(3,373,209)
Beginning Balance at Dec. 31, 2020	687,846		$ 267		$ (163,658)	349,363	(33,127)		1,414	533,587
Beginning Balance (in shares) at Dec. 31, 2020			27,293,085	194	(3,476,731)
Net Income	125,837						71,272			54,565
Other Comprehensive Income (Loss)	(1,457)								(789)	(668)
Dividends Declared	(76,748)						(76,748)
Tax Distributions	(14,900)									(14,900)
Equity-Based Compensation	83,350					77,577				5,773
Net Share Settlement	(20,595)					(20,595)
Deliveries of Vested Shares of Common Stock	2		$ 3			(1)
Deliveries of Vested Shares of Common Stock (in shares)			1,833,388
Change in Ownership Interest	(93,995)					(32,487)				(61,508)
Change in Ownership Interest (in shares)				(34)
Treasury Stock Purchases	(94,620)				$ (94,620)
Treasury Stock Purchases (in shares)			(1,300,000)		(1,339,536)
Ending Balance at Sep. 30, 2021	594,720		$ 270		$ (258,278)	373,857	(38,603)		625	516,849
Ending Balance (in shares) at Sep. 30, 2021			29,126,473	160	(4,816,267)
Beginning Balance at Jun. 30, 2021	656,757		$ 269		$ (243,952)	370,875	14,200		1,685	513,680
Beginning Balance (in shares) at Jun. 30, 2021			29,121,401	168	(4,628,513)
Net Income	39,185						21,445			17,740
Other Comprehensive Income (Loss)	(1,966)								(1,060)	(906)
Dividends Declared	(74,248)						(74,248)
Tax Distributions	(6,595)									(6,595)
Equity-Based Compensation	26,112					24,209				1,903
Net Share Settlement	(180)					(180)
Deliveries of Vested Shares of Common Stock			$ 1			(1)
Deliveries of Vested Shares of Common Stock (in shares)			5,072
Change in Ownership Interest	(30,019)					(21,046)				(8,973)
Change in Ownership Interest (in shares)				(8)
Treasury Stock Purchases	(14,326)				$ (14,326)
Treasury Stock Purchases (in shares)					(187,754)
Ending Balance at Sep. 30, 2021	$ 594,720		$ 270		$ (258,278)	$ 373,857	$ (38,603)		$ 625	$ 516,849
Ending Balance (in shares) at Sep. 30, 2021			29,126,473	160	(4,816,267)

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Changes in Equity (Parenthetical) (Unaudited) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Class A Common Stock
Dividends Declared Per Share of Class A Common Stock	$ 3.05	$ 0.05	$ 3.15	$ 0.15

Condensed Consolidated Statem_7

Condensed Consolidated Statements of Cash Flows (Unaudited) $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)
Operating Activities
Net Income	$ 125,837	$ 131,033
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities
Equity-Based Compensation Expense	83,350	95,716
Depreciation and Amortization Expense	11,535	11,229
Amortization of Operating Lease Right-of-Use Assets	14,347	16,474
Provision for Credit Losses	1,356	1,345
Deferred Taxes		(92)
Other	(5,000)	(705)
Cash Flows Due to Changes in Operating Assets and Liabilities
Accounts Receivable	(20,366)	(50,634)
Other Assets	10,607	(8,299)
Accrued Compensation and Benefits	(73,970)	116,881
Accounts Payable, Accrued Expenses and Other Liabilities	1,172	(1,545)
Operating Lease Liabilities	(15,848)	(11,571)
Taxes Payable	1,985	4,272
Deferred Revenue	(1,360)	(4,048)
Net Cash Provided by Operating Activities	133,645	300,056
Investing Activities
Purchases of Investments	(97,638)	(275,530)
Proceeds from Sales and Maturities of Investments	162,813	48,747
Purchases of Furniture, Equipment and Leasehold Improvements	(4,752)	(8,682)
Net Cash Provided by (Used in) Investing Activities	60,423	(235,465)
Financing Activities
Dividends	(3,719)	(3,627)
Tax Distributions	(14,900)	(29,831)
Proceeds from Revolving Credit Facility	15,000	16,000
Payments on Revolving Credit Facility	(15,000)	(16,000)
Principal Payments on Term Loan		(21,500)
Employee Taxes Paid for Shares Withheld	(20,595)	(12,280)
Cash-Settled Exchanges of Partnership Units	(95,870)	(31,044)
Treasury Stock Purchases	(94,620)	(41,607)
Payments Pursuant to Tax Receivable Agreement	(1,165)
Principal Payments on Finance Leases	(37)	(129)
Net Cash Used in Financing Activities	(230,906)	(140,018)
Effect of Exchange Rate Changes on Cash and Cash Equivalents	(1,573)	(2,062)
Net Decrease in Cash and Cash Equivalents	(38,411)	(77,489)
Cash and Cash Equivalents, Beginning of Period	299,513	215,950
Cash and Cash Equivalents, End of Period	261,102	138,461
Supplemental Disclosure of Cash Flows Information
Payments for Income Taxes, Net of Refunds Received	9,375	21,729
Payments for Interest	10	$ 116
Non-Cash Receipt of Shares	1,125
Dividends Declared, but Not Yet Paid	$ 73,029

Organization

Organization	9 Months Ended
	Sep. 30, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization	1. ORGANIZATION PJT Partners Inc. and its consolidated subsidiaries (the “Company” or “PJT Partners”) offer a unique portfolio of advisory services designed to help clients achieve their strategic objectives. The Company’s team of senior professionals delivers a range of strategic advisory, capital markets advisory, restructuring and special situations and shareholder advisory services to corporations, financial sponsors, institutional investors and governments around the world. The Company also provides, through PJT Park Hill, private fund advisory and fundraising services for alternative investment managers, including private equity funds, real estate funds and hedge funds. On October 1, 2015, Blackstone Inc. (“Blackstone” or the “former Parent”) distributed on a pro rata basis to its common unitholders all of the issued and outstanding shares of Class A common stock of PJT Partners Inc. held by it. This pro rata distribution is referred to as the “Distribution.” The separation of the PJT Partners business from Blackstone and related transactions, including the Distribution, the internal reorganization that preceded the Distribution and the acquisition by PJT Partners of PJT Capital LP (together with its general partner and their respective subsidiaries, “PJT Capital”) that occurred substantially concurrently with the Distribution, is referred to as the “spin-off.” PJT Partners Inc. is the sole general partner of PJT Partners Holdings LP. PJT Partners Inc. owns less than 100% of the economic interest in PJT Partners Holdings LP, but has 100% of the voting power and controls the management of PJT Partners Holdings LP. As of September 30, 2021, the non-controlling interest was 38.7%. 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 and PJT Partners Park Hill (Spain) A.V., S.A.U.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2021
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 United States of America (“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, 2020. 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, 2020. 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 primarily held at four major financial institutions. Also included in Cash and Cash Equivalents are amounts held in bank accounts that are subject to advance notification to withdraw. Such amounts totaled $41.0 million and $47.8 million as of September 30, 2021 and December 31, 2020, respectively. Treasury securities with original maturities greater than three months when purchased are classified as Investments in the Condensed Consolidated Statements of Financial Condition. Recent Accounting Developments In December 2019, the FASB issued guidance that modifies the accounting for income taxes. The guidance provides clarification on multiple topics, including hybrid tax regimes, the tax basis step-up in goodwill that is not classified as a business combination, separate financial statements of legal entities not subject to tax, intraperiod tax allocation, ownership changes in investments, interim period accounting for enacted changes in tax law and year-to-date loss limitations in interim period tax accounting. The guidance is effective for annual and interim periods beginning after December 15, 2020, with early adoption permitted. The Company adopted this guidance on January 1, 2021 with no material impact on its condensed consolidated financial statements.

Revenues from Contracts with Cu

Revenues from Contracts with Customers	9 Months Ended
	Sep. 30, 2021
Revenue From Contract With Customer [Abstract]
Revenues from Contracts with Customers	3 . REVENUES FROM CONTRACTS WITH CUSTOMERS The following table provides a disaggregation of revenues recognized from contracts with customers for the three and nine months ended September 30, 2021 and 2020: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Advisory Fees $ 179,900 $ 262,400 $ 530,124 $ 611,530 Placement Fees 46,891 31,774 137,611 106,026 Interest Income from Placement Fees and Other 1,759 2,170 5,361 8,851 Revenues from Contracts with Customers $ 228,550 $ 296,344 $ 673,096 $ 726,407 Remaining Performance Obligations and Revenue Recognized from Past Performance As of September 30, 2021, the aggregate amount of the transaction price allocated to performance obligations yet to be satisfied was $33.2 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 capital advisory services and standing ready to perform. The Company recognized revenue of $1.8 million and $12.6 million for the three and nine months ended September 30, 2021, respectively, and $1.8 million and $11.4 million for the three and nine months ended September 30, 2020, 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 capital advisory services. The majority of Advisory Fees and Placement Fees recognized by the Company during the three and nine months ended September 30, 2021 and 2020 was predominantly related to performance obligations that were partially satisfied in prior periods. Contract Balances There were no significant impairments related to contract balances during the three and nine months ended September 30, 2021 and 2020. For the nine months ended September 30, 2021 and 2020, $8.9 million and $13.7 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 deposits, which are also considered to be contract liabilities. As of September 30, 2021 and December 31, 2020, the Company recorded $1.4 million and $2.4 million, respectively, of customer deposits in Accounts Payable, Accrued Expenses and Other Liabilities in the Condensed Consolidated Statements of Financial Condition.

Accounts Receivable and Allowan

Accounts Receivable and Allowance for Credit Losses	9 Months Ended
	Sep. 30, 2021
Receivables [Abstract]
Accounts Receivable and Allowance for Credit Losses	4 . ACCOUNTS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES The following table presents the aggregate change in the allowance for credit losses for the nine months ended September 30, 2021 and 2020: Nine Months Ended September 30, 2021 2020 Beginning Balance $ 1,330 $ — Adoption of ASC 326 — 1,107 Provision for Credit Losses 1,356 1,345 Write-offs (949 ) (1,053 ) Recoveries 397 325 Ending Balance $ 2,134 $ 1,724 Included in Accounts Receivable, Net is accrued interest of $1.9 million and $2.5 million as of September 30, 2021 and December 31, 2020, respectively, related to placement fees. Included in Accounts Receivable, Net are long-term receivables of $97.5 million and $83.5 million as of September 30, 2021 and December 31, 2020, 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 $2.5 million and $2.9 million as of September 30, 2021 and December 31, 2020, respectively, which were outstanding more than 90 days. The allowance for credit losses with respect to long-term receivables was $0.7 million and $0.6 million as of September 30, 2021 and December 31, 2020, respectively.

Intangible Assets

Intangible Assets	9 Months Ended
	Sep. 30, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Intangible Assets	5. INTANGIBLE ASSETS Intangible Assets, Net consists of the following: September 30, 2021 December 31, 2020 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 (38,267 ) (33,747 ) Trade Name (6,495 ) (5,299 ) Total Accumulated Amortization (44,762 ) (39,046 ) Intangible Assets, Net $ 26,314 $ 32,030 Amortization expense was $1.9 million and $5.9 million for the three and nine months ended September 30, 2021, respectively, and $1.9 million and $5.8 million for the three and nine months ended September 30, 2020, respectively. Amortization of Intangible Assets held at September 30, 2021 is expected to be $1.9 million for the remainder of the year ending December 31, 2021; $6.5 million for the year ending December 31, 2022; $4.9 million for each of the years ending December 31, 2023 and 2024; and $4.8 million for the year ending December 31, 2025.

Furniture, Equipment and Leaseh

Furniture, Equipment and Leasehold Improvements	9 Months Ended
	Sep. 30, 2021
Property Plant And Equipment [Abstract]
Furniture, Equipment and Leasehold Improvements	6 . FURNITURE, EQUIPMENT AND LEASEHOLD IMPROVEMENTS Furniture, Equipment and Leasehold Improvements, Net consists of the following: September 30, 2021 December 31, 2020 Leasehold Improvements $ 55,060 $ 52,789 Furniture and Fixtures 17,894 17,773 Office Equipment 3,985 2,327 Total Furniture, Equipment and Leasehold Improvements 76,939 72,889 Accumulated Depreciation (39,241 ) (34,112 ) Furniture, Equipment and Leasehold Improvements, Net $ 37,698 $ 38,777 Depreciation expense was $2.0 million and $5.7 million for the three and nine months ended September 30, 2021, respectively, and $1.8 million and $5.4 million for the three and nine months ended September 30, 2020, respectively.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	7 . FAIR VALUE MEASUREMENTS The following tables summarize the valuation of the Company’s investments by the fair value hierarchy: September 30, 2021 Level I Level II Level III Total Treasury Instruments $ — $ 72,696 $ — $ 72,696 December 31, 2020 Level I Level II Level III Total Treasury Instruments $ — $ 137,669 $ — $ 137,669 Other — 220 — 220 Total $ — $ 137,889 $ — $ 137,889 Investments in Treasury securities were included in Investments as of September 30, 2021 and December 31, 2020 in the Condensed Consolidated Statements of Financial Condition.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	8 . INCOME TAXES The following table summarizes the Company’s tax position: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Income Before Provision for Taxes $ 48,275 $ 70,096 $ 144,610 $ 153,332 Provision for Taxes $ 9,090 $ 11,989 $ 18,773 $ 22,299 Effective Income Tax Rate 18.8 % 17.1 % 13.0 % 14.5 % The Company’s effective tax rate differed from the U.S. federal statutory tax rate for the three and nine months ended September 30, 2021 primarily due to partnership income not being subject to U.S. corporate income taxes and permanent differences related to compensation. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was signed into law, which includes several provisions for corporations regarding the tax treatment of net operating losses, interest deductions As of September 30, 2021, the Company had no unrecognized tax benefits.

Net Income Per Share of Class A

Net Income Per Share of Class A Common Stock	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Net Income Per Share of Class A Common Stock	9 . NET INCOME PER SHARE OF CLASS A COMMON STOCK Basic and diluted net income per share of Class A common stock for the three and nine months ended September 30, 2021 and 2020 is presented below: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Numerator: Net Income Attributable to PJT Partners Inc. $ 21,445 $ 30,907 $ 71,272 $ 71,437 Less: Dividends on Participating Securities — 3 — 9 Net Income Attributable to Participating Securities — — — 33 Net Income Attributable to Shares of Class A Common Stock — Basic 21,445 30,904 71,272 71,395 Incremental Net Income from Dilutive Securities 12,800 991 44,172 1,604 Net Income Attributable to Shares of Class A Common Stock — Diluted $ 34,245 $ 31,895 $ 115,444 $ 72,999 Denominator: Weighted-Average Shares of Class A Common Stock Outstanding — Basic 24,908,606 24,645,853 24,979,925 24,431,436 Weighted-Average Number of Incremental Shares from Unvested RSUs and Partnership Units 17,101,937 1,596,778 17,434,536 1,021,380 Weighted-Average Shares of Class A Common Stock Outstanding — Diluted 42,010,543 26,242,631 42,414,461 25,452,816 Net Income Per Share of Class A Common Stock Basic $ 0.86 $ 1.25 $ 2.85 $ 2.92 Diluted $ 0.82 $ 1.22 $ 2.72 $ 2.87 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 40,435,202 and 40,847,120 for the three and nine months ended September 30, 2021, respectively, excluding unvested restricted stock units (“RSUs”) and participating RSUs. In computing the dilutive effect, if any, which the aforementioned exchange would have on net income per share, net income attributable to holders of Class A common stock would be adjusted due to the elimination of the non-controlling interests associated with the Partnership Units (including any tax impact). For the three and nine months ended September 30, 2021, there were no anti-dilutive securities. For the three and nine months ended September 30, 2020, there were 15,292,265 and 15,481,688 weighted-average Partnership Units, respectively, that were anti-dilutive. Share Repurchase Program On February 1, 2021, the Company’s Board of Directors authorized a $150 million increase to the Company’s Class A common stock repurchase program. Under the repurchase program, 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 nine months ended September 30, 2021, the Company repurchased 1.3 million shares of Class A common stock at an average price of $70.61, or $94.6 million in aggregate, pursuant to the share repurchase program. As of September 30, 2021, the available amount remaining for repurchase was $91.9 million.

Equity-Based and Other Deferred

Equity-Based and Other Deferred Compensation	9 Months Ended
	Sep. 30, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Equity-Based and Other Deferred Compensation	1 0 . EQUITY-BASED AND OTHER DEFERRED COMPENSATION Overview Further information regarding the Company’s equity-based compensation awards is described in Note 11. “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, 2020. The following table presents equity-based compensation expense and related income tax benefit for the three and nine months ended September 30, 2021 and 2020, respectively: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Equity-Based Compensation Expense $ 26,112 $ 30,168 $ 83,350 $ 95,716 Income Tax Benefit $ 3,541 $ 4,131 $ 11,242 $ 13,065 Restricted Stock Units The following table summarizes activity related to unvested RSUs for the nine months ended September 30, 2021: Restricted Stock Units Weighted- Average Grant Date Number of Fair Value Units (in dollars) Balance, December 31, 2020 4,801,398 $ 50.56 Granted 1,432,560 73.27 Dividends Reinvested on RSUs (12,012 ) 39.69 Forfeited (55,832 ) 59.26 Vested (2,081,284 ) 47.42 Balance, September 30, 2021 4,084,830 $ 60.04 As of September 30, 2021, there was $143.6 million of estimated unrecognized compensation expense related to unvested RSU awards. This cost is expected to be recognized over a weighted-average period of 2.0 years. The Company assumes a forfeiture rate of 1.0% to 6.0% annually based on expected turnover and periodically reassesses this rate. The weighted-average grant date fair value with respect to RSUs granted for the nine months ended September 30, 2020 was $52.29. RSU Awards with Both Service and Market Conditions The following table summarizes activity related to unvested RSU awards with both a service and market condition for the nine months ended September 30, 2021: RSU Awards with Both Service and Market Conditions Weighted- Average Grant Date Number of Fair Value Units (in dollars) Balance, December 31, 2020 361,786 $ 27.56 Forfeited (a) (282,497 ) 25.75 Dividends Reinvested on RSUs (2,478 ) 25.23 Balance, September 30, 2021 76,811 $ 34.31 (a) Awards forfeited as the specified market condition was not achieved. As of September 30, 2021, there was $2.7 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 0.9 years. The Company assumes a forfeiture rate of 4.0% to 6.0% annually based on expected turnover and periodically reassesses this rate. The weighted-average grant date fair value with respect to RSU awards with both a service and market condition granted for the nine months ended September 30, 2020 was $34.42. Restricted Share Awards In connection with the acquisition of CamberView Partners Holdings, LLC, certain individuals were issued restricted shares of the Company’s Class A common stock. Based on the terms of the award, compensation expense will be recognized over four years. For the nine months ended September 30, 2021, no restricted share awards were granted. For the nine months ended September 30, 2020, no restricted share awards were granted. As of September 30, 2021, 3,506 restricted shares have vested, no restricted shares have been forfeited and there were 5,185 restricted shares outstanding. As of September 30, 2021, there was $0.1 million of estimated unrecognized compensation expense related to restricted share awards. This cost is expected to be recognized over a weighted-average period of 0.5 years. Partnership Units The following table summarizes activity related to unvested Partnership Units for the nine months ended September 30, 2021: Partnership Units Weighted- Average Number of Grant Date Partnership Fair Value Units (in dollars) Balance, December 31, 2020 356,290 $ 45.16 Granted 73,171 68.70 Vested (111,594 ) 41.64 Balance, September 30, 2021 317,867 $ 51.81 As of September 30, 2021, there was $9.6 million of estimated unrecognized compensation expense related to unvested Partnership Units. This cost is expected to be recognized over a weighted-average period of 2.8 years. The Company assumes a forfeiture rate of 4.0% annually based on expected turnover and periodically reassesses this rate. The weighted-average grant date fair value with respect to Partnership Units granted for the nine months ended September 30, 2020 was $ . Partnership Unit Awards with Both Service and Market Conditions The following table summarizes activity related to unvested Partnership Unit awards with both a service and market condition for the nine months ended September 30, 2021: Partnership Unit Awards with Both Service and Market Conditions Weighted- Average Number of Grant Date Partnership Fair Value Units (in dollars) Balance, December 31, 2020 1,210,826 $ 5.72 Forfeited (a) (1,210,826 ) 5.72 Balance, September 30, 2021 — $ — (a) Awards forfeited as the specified market condition was not achieved. As of September 30, 2021, there was no unrecognized compensation expense related to Partnership Unit awards with both a service and market condition. Units Expected to Vest The following unvested units, after expected forfeitures, as of September 30, 2021, are expected to vest: Weighted- Average Service Period Units in Years Restricted Stock Units 4,005,786 2.0 Partnership Units 310,474 2.8 Restricted Share Awards 5,151 0.5 Total Equity-Based Awards 4,321,411 2.0 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 $7.2 million and $22.8 million for the three and nine months ended September 30, 2021, respectively, and $9.5 million and $25.7 million for the three and nine months ended September 30, 2020, respectively. As of September 30, 2021, there was $26.0 million of unrecognized compensation expense related to these awards. The weighted-average period over which this compensation cost is expected to be recognized is 1.2 years.

Leases

Leases	9 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Leases	1 1 . LEASES The components of lease expense were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Operating Lease Cost $ 6,801 $ 6,669 $ 20,627 $ 20,715 Finance Lease Cost Amortization of Right-of-Use Assets 10 40 37 115 Interest on Lease Liabilities 1 1 3 4 Total Finance Lease Cost 11 41 40 119 Short-Term Lease Cost 56 — 93 — Variable Lease Cost 587 728 2,172 2,226 Sublease Income (210 ) (602 ) (699 ) (2,379 ) Total Lease Cost $ 7,245 $ 6,836 $ 22,233 $ 20,681 Supplemental information related to leases was as follows: Nine Months Ended September 30, 2021 2020 Cash Paid for Amounts Included in Measurement of Lease Liabilities Operating Cash Flows from Operating Leases $ 15,848 $ 11,571 Operating Cash Flows from Finance Leases $ 2 $ 3 Financing Cash Flows from Finance Leases $ 37 $ 129 Right-of-Use Assets Obtained in Exchange for Lease Liabilities Operating Leases $ 6,765 $ 4,043 Finance Leases $ — $ 64 September 30, 2021 December 31, 2020 Weighted-Average Remaining Lease Term (in years) Operating Leases 7.8 8.4 Finance Leases 2.6 3.1 Weighted-Average Discount Rate Operating Leases 4.7 % 4.7 % Finance Leases 3.7 % 3.7 % The following is a maturity analysis of the annual undiscounted cash flows of the finance and operating lease liabilities as of September 30, 2021: Year Ending December 31, Finance Operating 2021 (October 1 through December 31) $ 11 $ 7,416 2022 38 29,687 2023 30 30,027 2024 16 28,486 2025 — 24,730 Thereafter — 74,155 Total Lease Payments 95 194,501 Less: Imputed Interest 4 32,093 Total $ 91 $ 162,408

Transactions With Related Parti

Transactions With Related Parties	9 Months Ended
	Sep. 30, 2021
Related Party Transactions [Abstract]
Transactions With Related Parties	1 2 . TRANSACTIONS WITH RELATED PARTIES Exchange Agreement The Company has entered into an exchange agreement with the limited partners of PJT Partners Holdings LP pursuant to which they (or certain permitted transferees) have the right, subject to the terms and conditions set forth in the limited partnership agreement of PJT Partners Holdings LP, on a quarterly basis, to exchange all or part of their Partnership Units for cash or, at the Company’s election, for shares of PJT Partners Inc. Class A common stock on a one-for-one basis, subject to customary conversion rate adjustments for splits, unit distributions and reclassifications. Further, pursuant to the terms in the partnership agreement of PJT Partners Holdings LP, the Company may also require holders of Partnership Units who are not Service Providers (as defined in the partnership agreement of PJT Partners Holdings LP) to exchange such Partnership Units. Further information regarding the exchange agreement is described in Note 14. “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, 2020. Certain Partnership Unitholders exchanged 1.3 million and 0.6 million Partnership Units, respectively, for cash in the amounts of $95.9 million and $31.0 million, respectively, for the nine months ended September 30, 2021 and 2020, respectively. Such amounts are recorded as a reduction of Non-Controlling Interests in the Condensed Consolidated Statements of Financial Condition. During the third quarter of 2021, the Company was presented with 0.2 million Partnership Units to be exchanged. The Company will settle the exchange of these Partnership Units on November 2, 2021 for cash for an aggregate payment of $13.7 million. The price per Partnership Unit to be paid by the Company is $81.47, which is equal to the volume-weighted average price per share of the Company’s Class A common stock on October 28, 2021. Registration Rights Agreement The Company has entered into a registration rights agreement with the limited partners of PJT Partners Holdings LP pursuant to which the Company granted them, their affiliates and certain of their transferees the right, under certain circumstances and subject to certain restrictions, to require the Company to register under the Securities Act of 1933 shares of Class A common stock delivered in exchange for Partnership Units. The registration rights agreement does not contain any penalties associated with failure to file or to maintain the effectiveness of a registration statement covering the shares owned by individuals covered by such agreement. Tax Receivable Agreement The Company has entered into a tax receivable agreement with the holders of Partnership Units (other than PJT Partners Inc.) that provides for the payment by PJT Partners Inc. to exchanging holders of Partnership Units of 85% of the benefits, if any, that PJT Partners Inc. is deemed to realize as a result of the increases in tax basis related to such exchanges of Partnership Units and of certain other tax benefits related to entering into the tax receivable agreement, including tax benefits attributable to payments under the tax receivable agreement. As of September 30, 2021 and December 31, 2020, the Company had amounts due of $29.2 million and $19.6 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 payments. Aircraft Lease The Company makes available to its partners, and on occasion, family members of these individuals, personal use of a company leased business aircraft when the aircraft is not being used for business purposes, for which the partners pay the full incremental costs associated with such use. Such amount is not material to the condensed consolidated financial statements .

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2021
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	1 3 . 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, 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, on the terms and subject to the 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 October 1, 2022, subject to extension by agreement of the Borrower and Lender. Outstanding borrowings under the revolving credit facility bear interest equal to the greater of a per annum rate of (a) 2.75%, or (b) the prime rate minus 1.0%. During an event of default, overdue principal under the revolving credit facility bears interest at a rate 2.0% in excess of the otherwise applicable rate of interest. In connection with the closing of the Renewal Agreement, the Borrower paid the Lender certain closing costs and fees. In addition, on and after the closing date, the Borrower will also pay a commitment fee on the undrawn portion of the revolving credit facility of 0.125% per annum, payable quarterly in arrears. As of September 30, 2021 and December 31, 2020, there were no borrowings under the revolving credit facility. The Renewal Agreement requires the Borrower to maintain certain minimum financial covenants and limits or restricts the ability of the Borrower (subject to certain qualifications and exceptions) to incur additional indebtedness in excess of $20.0 million. Outstanding borrowings under the Renewal Agreement are secured by the accounts receivable of PJT Partners LP. As of September 30, 2021 and December 31, 2020, the Company was in compliance with the debt covenants under the Renewal Agreement and the Amended Restated Loan Agreement, respectively. Contingencies Litigation From time to time, the Company is named as a defendant in legal actions relating to transactions conducted in the ordinary course of business. Some of these matters may involve claims of substantial amounts. Although there can be no assurance of the outcome of such legal actions, in the opinion of management, after consultation with external counsel, the Company believes it is not probable and/or reasonably possible that any current legal proceedings or claims would individually or in the aggregate have a material adverse effect on the condensed consolidated financial statements of the Company. The Company is not currently able to estimate the possible loss or range of loss until developments in such matters have provided sufficient information to support such an assessment, including quantification of a damage demand from plaintiffs, discovery from other parties and investigation of factual allegations, rulings by courts on motions or appeals, analysis by experts or the status of any settlement negotiations. Guarantee The Company provides a guarantee to a lending institution for certain loans held by employees for investment in funds of its former Parent, which are secured by the underlying investments in those funds. The amount guaranteed was $4.6 million and $6.0 million as of September 30, 2021 and December 31, 2020, 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 September 30, 2021 and December 31, 2020. 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. The amount payable to Blackstone arising from the tax deductions has been recorded in Other Expenses in the Condensed Consolidated Statements of Operations and is payable annually (for periods in which a cash benefit is realized) within nine months of the end of the relevant tax period. As of September 30, 2021 and December 31, 2020, the Company had accrued $2.5 million and $2.4 million, respectively, which the Company anticipates will be payable to Blackstone after the Company files its respective tax returns. The tax deduction and corresponding payable to Blackstone related to such deliveries will fluctuate primarily based on the price of Blackstone common stock at the time of delivery.

Regulated Entities

Regulated Entities	9 Months Ended
	Sep. 30, 2021
Regulatory Capital Requirements [Abstract]
Regulated Entities	1 4 . REGULATED ENTITIES Certain subsidiaries of the Company are subject to various regulatory requirements in the United States, United Kingdom, Hong Kong and Spain, which specify, among other requirements, minimum net capital requirements for registered broker-dealers. PJT Partners LP is a registered broker-dealer through which strategic advisory, capital markets advisory, restructuring and special situations, shareholder advisory, private fund advisory and fundraising services are conducted in the United States 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 computes net capital based upon the aggregate indebtedness standard, which requires the maintenance of minimum net capital, as defined, which shall be the greater of $100 thousand or 6 2/3 PJT Partners LP does not carry customer accounts and does not otherwise hold funds or securities for, or owe money or securities to, customers and, accordingly, has no obligations under the SEC Customer Protection Rule (Rule 15c3-3). PJT Partners (UK) Limited is authorized and regulated by the United Kingdom’s Financial Conduct Authority and is required to maintain regulatory net capital of €50 thousand. PJT Partners (HK) Limited is licensed with the Hong Kong Securities and Futures Commission and is subject to a minimum liquid capital requirement of HK$ 3 million. PJT Partners Park Hill (Spain) A.V., S.A.U. is an investment firm regulated by Spain’s National Securities Market Commission and is required to maintain minimum capital of the greater of € 75 thousand and 25 % of the fixed overheads . As of September 30, 2021 and December 31, 2020 , these entities were in compliance with local capital adequacy requirements .

Business Information

Business Information	9 Months Ended
	Sep. 30, 2021
Segment Reporting [Abstract]
Business Information	1 5 . BUSINESS INFORMATION The Company’s activities providing strategic advisory, capital markets advisory, restructuring and special situations, shareholder advisory, private fund advisory and fundraising 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 single 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 September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Revenues Domestic $ 211,875 $ 266,492 $ 573,217 $ 657,930 International 19,423 31,071 105,462 72,367 Total $ 231,298 $ 297,563 $ 678,679 $ 730,297 September 30, 2021 December 31, 2020 Assets Domestic $ 886,600 $ 975,762 International 191,466 195,845 Total $ 1,078,066 $ 1,171,607 The Company was not subject to any material concentrations with respect to its revenues for the three and nine months ended September 30, 2021. The Company had two clients that represented 22.9% of total revenues for the three months ended September 30, 2020 and was not subject to any material concentrations with respect to its revenues for the nine months ended September 30, 2020. The Company was not subject to any material concentrations of credit risk with respect to its accounts receivable as of September 30, 2021 and December 31, 2020.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	1 6 . SUBSEQUENT EVENTS On October 18, 2021, the Company paid a special dividend of $3.00 per share to Class A common stockholders of record as of October 4, 2021 for an aggregate payment of $73.0 million. The Board of Directors of PJT Partners Inc. has declared a quarterly dividend of $0.05 per share of Class A common stock, which will be paid on December 22, 2021 to Class A common stockholders of record on December 8, 2021. 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 the exchange of Partnership Units described in Note 12. “Transactions with Related Parties—Exchange Agreement.”

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2021
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 United States of America (“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, 2020. 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, 2020. 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 primarily held at four major financial institutions. Also included in Cash and Cash Equivalents are amounts held in bank accounts that are subject to advance notification to withdraw. Such amounts totaled $41.0 million and $47.8 million as of September 30, 2021 and December 31, 2020, respectively. Treasury securities with original maturities greater than three months when purchased are classified as Investments in the Condensed Consolidated Statements of Financial Condition.
Recent Accounting Developments	Recent Accounting Developments In December 2019, the FASB issued guidance that modifies the accounting for income taxes. The guidance provides clarification on multiple topics, including hybrid tax regimes, the tax basis step-up in goodwill that is not classified as a business combination, separate financial statements of legal entities not subject to tax, intraperiod tax allocation, ownership changes in investments, interim period accounting for enacted changes in tax law and year-to-date loss limitations in interim period tax accounting. The guidance is effective for annual and interim periods beginning after December 15, 2020, with early adoption permitted. The Company adopted this guidance on January 1, 2021 with no material impact on its condensed consolidated financial statements.

Revenues from Contracts with _2

Revenues from Contracts with Customers (Tables)	9 Months Ended
	Sep. 30, 2021
Revenue From Contract With Customer [Abstract]
Disaggregation of Revenues Recognized from Contracts with Customers	The following table provides a disaggregation of revenues recognized from contracts with customers for the three and nine months ended September 30, 2021 and 2020: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Advisory Fees $ 179,900 $ 262,400 $ 530,124 $ 611,530 Placement Fees 46,891 31,774 137,611 106,026 Interest Income from Placement Fees and Other 1,759 2,170 5,361 8,851 Revenues from Contracts with Customers $ 228,550 $ 296,344 $ 673,096 $ 726,407

Accounts Receivable and Allow_2

Accounts Receivable and Allowance for Credit Losses (Tables)	9 Months Ended
	Sep. 30, 2021
Receivables [Abstract]
Schedule of Aggregate Change in the Allowance for Credit Losses	The following table presents the aggregate change in the allowance for credit losses for the nine months ended September 30, 2021 and 2020: Nine Months Ended September 30, 2021 2020 Beginning Balance $ 1,330 $ — Adoption of ASC 326 — 1,107 Provision for Credit Losses 1,356 1,345 Write-offs (949 ) (1,053 ) Recoveries 397 325 Ending Balance $ 2,134 $ 1,724

Intangible Assets (Tables)

Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets, Net	Intangible Assets, Net consists of the following: September 30, 2021 December 31, 2020 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 (38,267 ) (33,747 ) Trade Name (6,495 ) (5,299 ) Total Accumulated Amortization (44,762 ) (39,046 ) Intangible Assets, Net $ 26,314 $ 32,030

Furniture, Equipment and Leas_2

Furniture, Equipment and Leasehold Improvements (Tables)	9 Months Ended
	Sep. 30, 2021
Property Plant And Equipment [Abstract]
Schedule of Furniture, Equipment and Leasehold Improvements	Furniture, Equipment and Leasehold Improvements, Net consists of the following: September 30, 2021 December 31, 2020 Leasehold Improvements $ 55,060 $ 52,789 Furniture and Fixtures 17,894 17,773 Office Equipment 3,985 2,327 Total Furniture, Equipment and Leasehold Improvements 76,939 72,889 Accumulated Depreciation (39,241 ) (34,112 ) Furniture, Equipment and Leasehold Improvements, Net $ 37,698 $ 38,777

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Summary of Valuation of the Company's Investments by Fair Value Hierarchy	The following tables summarize the valuation of the Company’s investments by the fair value hierarchy: September 30, 2021 Level I Level II Level III Total Treasury Instruments $ — $ 72,696 $ — $ 72,696 December 31, 2020 Level I Level II Level III Total Treasury Instruments $ — $ 137,669 $ — $ 137,669 Other — 220 — 220 Total $ — $ 137,889 $ — $ 137,889

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Summary of Company's Tax Position	The following table summarizes the Company’s tax position: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Income Before Provision for Taxes $ 48,275 $ 70,096 $ 144,610 $ 153,332 Provision for Taxes $ 9,090 $ 11,989 $ 18,773 $ 22,299 Effective Income Tax Rate 18.8 % 17.1 % 13.0 % 14.5 %

Net Income Per Share of Class_2

Net Income Per Share of Class A Common Stock (Tables)	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Schedule of Net Income Per Share of Class A Common Stock	Basic and diluted net income per share of Class A common stock for the three and nine months ended September 30, 2021 and 2020 is presented below: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Numerator: Net Income Attributable to PJT Partners Inc. $ 21,445 $ 30,907 $ 71,272 $ 71,437 Less: Dividends on Participating Securities — 3 — 9 Net Income Attributable to Participating Securities — — — 33 Net Income Attributable to Shares of Class A Common Stock — Basic 21,445 30,904 71,272 71,395 Incremental Net Income from Dilutive Securities 12,800 991 44,172 1,604 Net Income Attributable to Shares of Class A Common Stock — Diluted $ 34,245 $ 31,895 $ 115,444 $ 72,999 Denominator: Weighted-Average Shares of Class A Common Stock Outstanding — Basic 24,908,606 24,645,853 24,979,925 24,431,436 Weighted-Average Number of Incremental Shares from Unvested RSUs and Partnership Units 17,101,937 1,596,778 17,434,536 1,021,380 Weighted-Average Shares of Class A Common Stock Outstanding — Diluted 42,010,543 26,242,631 42,414,461 25,452,816 Net Income Per Share of Class A Common Stock Basic $ 0.86 $ 1.25 $ 2.85 $ 2.92 Diluted $ 0.82 $ 1.22 $ 2.72 $ 2.87

Equity-Based and Other Deferr_2

Equity-Based and Other Deferred Compensation (Tables)	9 Months Ended
	Sep. 30, 2021
Equity-Based Compensation Expense and Related Income Tax Benefit	The following table presents equity-based compensation expense and related income tax benefit for the three and nine months ended September 30, 2021 and 2020, respectively: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Equity-Based Compensation Expense $ 26,112 $ 30,168 $ 83,350 $ 95,716 Income Tax Benefit $ 3,541 $ 4,131 $ 11,242 $ 13,065
Summary of Activity Related to Unvested Restricted Stock Units	The following table summarizes activity related to unvested RSUs for the nine months ended September 30, 2021: Restricted Stock Units Weighted- Average Grant Date Number of Fair Value Units (in dollars) Balance, December 31, 2020 4,801,398 $ 50.56 Granted 1,432,560 73.27 Dividends Reinvested on RSUs (12,012 ) 39.69 Forfeited (55,832 ) 59.26 Vested (2,081,284 ) 47.42 Balance, September 30, 2021 4,084,830 $ 60.04
Summary of Activity Related to Unvested Partnership Units	The following table summarizes activity related to unvested Partnership Units for the nine months ended September 30, 2021: Partnership Units Weighted- Average Number of Grant Date Partnership Fair Value Units (in dollars) Balance, December 31, 2020 356,290 $ 45.16 Granted 73,171 68.70 Vested (111,594 ) 41.64 Balance, September 30, 2021 317,867 $ 51.81
Summary of Unvested Units After Expected Forfeitures which are Expected to Vest	The following unvested units, after expected forfeitures, as of September 30, 2021, are expected to vest: Weighted- Average Service Period Units in Years Restricted Stock Units 4,005,786 2.0 Partnership Units 310,474 2.8 Restricted Share Awards 5,151 0.5 Total Equity-Based Awards 4,321,411 2.0
RSU Awards Containing Service and Market Conditions
Summary of Activity Related to Unvested Restricted Stock Units	The following table summarizes activity related to unvested RSU awards with both a service and market condition for the nine months ended September 30, 2021: RSU Awards with Both Service and Market Conditions Weighted- Average Grant Date Number of Fair Value Units (in dollars) Balance, December 31, 2020 361,786 $ 27.56 Forfeited (a) (282,497 ) 25.75 Dividends Reinvested on RSUs (2,478 ) 25.23 Balance, September 30, 2021 76,811 $ 34.31 (a) Awards forfeited as the specified market condition was not achieved.
Partnership Unit Awards Containing Service and Market Conditions
Summary of Activity Related to Unvested Partnership Units	The following table summarizes activity related to unvested Partnership Unit awards with both a service and market condition for the nine months ended September 30, 2021: Partnership Unit Awards with Both Service and Market Conditions Weighted- Average Number of Grant Date Partnership Fair Value Units (in dollars) Balance, December 31, 2020 1,210,826 $ 5.72 Forfeited (a) (1,210,826 ) 5.72 Balance, September 30, 2021 — $ — (a) Awards forfeited as the specified market condition was not achieved.

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Schedule of Components of Lease Expense	The components of lease expense were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Operating Lease Cost $ 6,801 $ 6,669 $ 20,627 $ 20,715 Finance Lease Cost Amortization of Right-of-Use Assets 10 40 37 115 Interest on Lease Liabilities 1 1 3 4 Total Finance Lease Cost 11 41 40 119 Short-Term Lease Cost 56 — 93 — Variable Lease Cost 587 728 2,172 2,226 Sublease Income (210 ) (602 ) (699 ) (2,379 ) Total Lease Cost $ 7,245 $ 6,836 $ 22,233 $ 20,681
Schedule of Supplemental Information Related to Leases	Supplemental information related to leases was as follows: Nine Months Ended September 30, 2021 2020 Cash Paid for Amounts Included in Measurement of Lease Liabilities Operating Cash Flows from Operating Leases $ 15,848 $ 11,571 Operating Cash Flows from Finance Leases $ 2 $ 3 Financing Cash Flows from Finance Leases $ 37 $ 129 Right-of-Use Assets Obtained in Exchange for Lease Liabilities Operating Leases $ 6,765 $ 4,043 Finance Leases $ — $ 64 September 30, 2021 December 31, 2020 Weighted-Average Remaining Lease Term (in years) Operating Leases 7.8 8.4 Finance Leases 2.6 3.1 Weighted-Average Discount Rate Operating Leases 4.7 % 4.7 % Finance Leases 3.7 % 3.7 %
Schedule of Maturity Analysis of Finance and Operating Lease Liabilities	The following is a maturity analysis of the annual undiscounted cash flows of the finance and operating lease liabilities as of September 30, 2021: Year Ending December 31, Finance Operating 2021 (October 1 through December 31) $ 11 $ 7,416 2022 38 29,687 2023 30 30,027 2024 16 28,486 2025 — 24,730 Thereafter — 74,155 Total Lease Payments 95 194,501 Less: Imputed Interest 4 32,093 Total $ 91 $ 162,408

Business Information (Tables)

Business Information (Tables)	9 Months Ended
	Sep. 30, 2021
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 September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Revenues Domestic $ 211,875 $ 266,492 $ 573,217 $ 657,930 International 19,423 31,071 105,462 72,367 Total $ 231,298 $ 297,563 $ 678,679 $ 730,297 September 30, 2021 December 31, 2020 Assets Domestic $ 886,600 $ 975,762 International 191,466 195,845 Total $ 1,078,066 $ 1,171,607

Organization - Additional Infor

Organization - Additional Information (Details) - PJT Partners Holdings LP	Sep. 30, 2021
Organization Disclosure [Line Items]
Voting power	100.00%
Non-controlling interest percentage	38.70%
Maximum
Organization Disclosure [Line Items]
Economic interest	100.00%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Cash subject to notice requirement	$ 41	$ 47.8

Revenues from Contracts with _3

Revenues from Contracts with Customers - Disaggregation of Revenues Recognized from Contracts with Customers (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Disaggregation Of Revenue [Line Items]
Revenues from Contracts with Customers	$ 228,550	$ 296,344	$ 673,096	$ 726,407
Advisory Fees
Disaggregation Of Revenue [Line Items]
Revenues from Contracts with Customers	179,900	262,400	530,124	611,530
Placement Fees
Disaggregation Of Revenue [Line Items]
Revenues from Contracts with Customers	46,891	31,774	137,611	106,026
Interest Income from Placement Fees and Other
Disaggregation Of Revenue [Line Items]
Revenues from Contracts with Customers	$ 1,759	$ 2,170	$ 5,361	$ 8,851

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: 2021-10-01 $ in Millions	Sep. 30, 2021USD ($)
Deferred Revenue Arrangement [Line Items]
Aggregate amount of transaction price allocated to performance obligations yet to be satisfied	$ 33.2
Revenue remaining performance obligation, expected satisfaction period	12 months

Revenues from Contracts with _5

Revenues from Contracts with Customers - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Deferred Revenue Arrangement [Line Items]
Deferred revenue			$ 8,900	$ 13,700
Contract liabilities	$ 8,406		8,406		$ 9,762
Accounts Payable, Accrued Expenses and Other Liabilities
Deferred Revenue Arrangement [Line Items]
Contract liabilities	1,400		$ 1,400		$ 2,400
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	$ 1,800	$ 1,800	$ 12,600	$ 11,400

Accounts Receivable and Allow_3

Accounts Receivable and Allowance for Credit Losses - Schedule of Aggregate Change in the Allowance for Credit Losses (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Receivables [Abstract]
Beginning Balance	$ 1,330
Adoption of ASC 326		$ 1,107
Provision for Credit Losses	1,356	1,345
Write-offs	(949)	(1,053)
Recoveries	397	325
Ending Balance	$ 2,134	$ 1,724

Accounts Receivable and Allow_4

Accounts Receivable and Allowance for Credit Losses - Additional Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Financing Receivable Allowance For Credit Losses [Line Items]
Long-term receivables outstanding more than 90 days	$ 2.5	$ 2.9
Allowance for credit loss, long-term receivables	$ 0.7	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	$ 1.9	2.5
Long-term receivables	$ 97.5	$ 83.5

Intangible Assets - Schedule of

Intangible Assets - Schedule of Intangible Assets, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets, Net
Total Intangible Assets	$ 71,076	$ 71,076
Total Accumulated Amortization	(44,762)	(39,046)
Intangible Assets, Net	26,314	32,030
Customer Relationships
Finite-Lived Intangible Assets, Net
Total Intangible Assets	61,276	61,276
Total Accumulated Amortization	(38,267)	(33,747)
Trade Names
Finite-Lived Intangible Assets, Net
Total Intangible Assets	9,800	9,800
Total Accumulated Amortization	$ (6,495)	$ (5,299)

Intangible Assets - Additional

Intangible Assets - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Amortization Expense	$ 1.9	$ 1.9	$ 5.9	$ 5.8
Expected amortization of intangible assets, remainder of year	1.9		1.9
Expected amortization of intangible assets, 2022	6.5		6.5
Expected amortization of intangible assets, 2023	4.9		4.9
Expected amortization of intangible assets, 2024	4.9		4.9
Expected amortization of intangible assets, 2025	$ 4.8		$ 4.8

Furniture, Equipment and Leas_3

Furniture, Equipment and Leasehold Improvements - Schedule of Furniture, Equipment and Leasehold Improvements (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Property Plant And Equipment [Line Items]
Total Furniture, Equipment and Leasehold Improvements	$ 76,939	$ 72,889
Accumulated Depreciation	(39,241)	(34,112)
Furniture, Equipment and Leasehold Improvements, Net	37,698	38,777
Office Equipment
Property Plant And Equipment [Line Items]
Total Furniture, Equipment and Leasehold Improvements	3,985	2,327
Leasehold Improvements
Property Plant And Equipment [Line Items]
Total Furniture, Equipment and Leasehold Improvements	55,060	52,789
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Total Furniture, Equipment and Leasehold Improvements	$ 17,894	$ 17,773

Furniture, Equipment and Leas_4

Furniture, Equipment and Leasehold Improvements - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Property Plant And Equipment [Abstract]
Depreciation expense	$ 2	$ 1.8	$ 5.7	$ 5.4

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Valuation of the Company's Investments by Fair Value Hierarchy (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Investments		$ 137,889
Treasury Instruments
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Investments	$ 72,696	137,669
Other
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Investments		220
Level II
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Investments		137,889
Level II | Treasury Instruments
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Investments	$ 72,696	137,669
Level II | Other
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Investments		$ 220

Income Taxes - Summary of Compa

Income Taxes - Summary of Company's Tax Position (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Income Before Provision for Taxes	$ 48,275	$ 70,096	$ 144,610	$ 153,332
Provision for Taxes	$ 9,090	$ 11,989	$ 18,773	$ 22,299
Effective Income Tax Rate	18.80%	17.10%	13.00%	14.50%

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($)	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Decrease in provision for income taxes from carryback of net operating losses related to CARES Act	$ 3,700,000
Unrecognized tax benefits		$ 0

Net Income Per Share of Class_3

Net Income Per Share of Class A Common Stock - Schedule of Net Income Per Share of Class A Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Numerator:
Net Income Attributable to PJT Partners Inc.	$ 21,445	$ 30,907	$ 71,272	$ 71,437
Dividends on Participating Securities		$ 3		9
Net Income Attributable to Participating Securities				$ 33
Unvested Restricted Stock Units
Denominator:
Weighted-Average Number of Incremental Shares from Unvested RSUs and Partnership Units	17,101,937	1,596,778	17,434,536	1,021,380
Class A Common Stock
Numerator:
Net Income Attributable to Shares of Class A Common Stock — Basic	$ 21,445	$ 30,904	$ 71,272	$ 71,395
Incremental Net Income from Dilutive Securities	12,800	991	44,172	1,604
Net Income Attributable to Shares of Class A Common Stock — Diluted	$ 34,245	$ 31,895	$ 115,444	$ 72,999
Denominator:
Weighted-Average Shares of Class A Common Stock Outstanding — Basic	24,908,606	24,645,853	24,979,925	24,431,436
Weighted-Average Shares of Class A Common Stock Outstanding — Diluted	42,010,543	26,242,631	42,414,461	25,452,816
Net Income Per Share of Class A Common Stock
Basic	$ 0.86	$ 1.25	$ 2.85	$ 2.92
Diluted	$ 0.82	$ 1.22	$ 2.72	$ 2.87

Net Income Per Share of Class_4

Net Income Per Share of Class A Common Stock - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Feb. 01, 2021
Earnings Per Share Basic [Line Items]
Aggregate amount of shares repurchased			$ 94,620,000	$ 41,607,000
Weighted-Average Participating RSUs
Earnings Per Share Basic [Line Items]
Class A common shares outstanding if all Holding Partnership Units exchanged	40,435,202		40,847,120
Class A Common Stock
Earnings Per Share Basic [Line Items]
Share repurchase program, authorized amount					$ 150,000,000
Treasury stock repurchased			1,300,000
Treasury stock, average price per share			$ 70.61
Aggregate amount of shares repurchased			$ 94,600,000
Share repurchase program, remaining authorized amount	$ 91,900,000		$ 91,900,000
Class A Common Stock | Weighted-Average Participating RSUs
Earnings Per Share Basic [Line Items]
Anti-dilutive securities excluded from the calculation of net income per share	0		0
Class A Common Stock | Weighted-Average Partnership Units
Earnings Per Share Basic [Line Items]
Anti-dilutive securities excluded from the calculation of net income per share		15,292,265		15,481,688

Equity-Based and Other Deferr_3

Equity-Based and Other Deferred Compensation - Stock-Based Compensation Expense and Related Income Tax Benefit (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Equity-Based Compensation Expense	$ 26,112	$ 30,168	$ 83,350	$ 95,716
Income Tax Benefit	$ 3,541	$ 4,131	$ 11,242	$ 13,065

Equity-Based and Other Deferr_4

Equity-Based and Other Deferred Compensation - Summary of Activity Related to Unvested Restricted Stock Units (Details) - $ / shares	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Restricted Stock Units
Number of Units
Beginning Balance	4,801,398
Granted	1,432,560
Dividends Reinvested on RSUs	(12,012)
Forfeited	(55,832)
Vested	(2,081,284)
Ending Balance	4,084,830
Weighted-Average Grant Date Fair Value
Beginning Balance	$ 50.56
Granted	73.27	$ 52.29
Dividends Reinvested on RSUs	39.69
Forfeited	59.26
Vested	47.42
Ending Balance	$ 60.04
RSU Awards Containing Service and Market Conditions
Number of Units
Beginning Balance	361,786
Dividends Reinvested on RSUs	(2,478)
Forfeited	(282,497)
Ending Balance	76,811
Weighted-Average Grant Date Fair Value
Beginning Balance	$ 27.56
Granted		$ 34.42
Dividends Reinvested on RSUs	25.23
Forfeited	25.75
Ending Balance	$ 34.31

Equity-Based and Other Deferr_5

Equity-Based and Other Deferred Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation expense	$ 7.2	$ 9.5	$ 22.8	$ 25.7
Unrecognized compensation expense related to deferred cash awards	26		$ 26
Weighted-average period over compensation cost is expected to be recognized			1 year 2 months 12 days
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Estimated unrecognized compensation expense related to unvested awards	$ 143.6		$ 143.6
Weighted-average period for recognition of compensation expense related to unvested awards			2 years
Weighted-average grant date fair value			$ 73.27	$ 52.29
Granted			1,432,560
Vested			2,081,284
Forfeited			55,832
Outstanding	4,084,830		4,084,830		4,801,398
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	$ 2.7		$ 2.7
Weighted-average period for recognition of compensation expense related to unvested awards			10 months 24 days
Weighted-average grant date fair value				$ 34.42
Forfeited			282,497
Outstanding	76,811		76,811		361,786
Restricted Share Awards | Class A Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Estimated unrecognized compensation expense related to unvested awards	$ 0.1		$ 0.1
Weighted-average period for recognition of compensation expense related to unvested awards			6 months
Vesting period			4 years
Granted			0	0
Vested			3,506
Forfeited			0
Outstanding	5,185		5,185
Partnership Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Estimated unrecognized compensation expense related to unvested awards	$ 9.6		$ 9.6
Assumed forfeiture rate			4.00%
Weighted-average period for recognition of compensation expense related to unvested awards			2 years 9 months 18 days
Weighted-average grant date fair value			$ 68.70	$ 44.73
Granted			73,171
Vested			111,594
Outstanding	317,867		317,867		356,290
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	$ 0		$ 0
Forfeited			1,210,826
Outstanding					1,210,826
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period			1 year
Minimum | Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Assumed forfeiture rate			1.00%
Minimum | RSU Awards Containing Service and Market Conditions
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Assumed forfeiture rate			4.00%
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			6.00%
Maximum | RSU Awards Containing Service and Market Conditions
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Assumed forfeiture rate			6.00%

Equity-Based and Other Deferr_6

Equity-Based and Other Deferred Compensation - Summary of Activity Related to Unvested Partnership Units (Details) - $ / shares	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Partnership Units
Number of Units
Beginning Balance	356,290
Granted	73,171
Vested	(111,594)
Ending Balance	317,867
Weighted-Average Grant Date Fair Value
Beginning Balance	$ 45.16
Granted	68.70	$ 44.73
Vested	41.64
Ending Balance	$ 51.81
Partnership Unit Awards Containing Service and Market Conditions
Number of Units
Beginning Balance	1,210,826
Forfeited	(1,210,826)
Weighted-Average Grant Date Fair Value
Beginning Balance	$ 5.72
Forfeited	$ 5.72

Equity-Based and Other Deferr_7

Equity-Based and Other Deferred Compensation - Unvested Units After Expected Forfeitures which are Expected to Vest (Details)	9 Months Ended
	Sep. 30, 2021shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Units expected to vest	4,321,411
Weighted-average service period of unit expected to vest (in years)	2 years
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Units expected to vest	4,005,786
Weighted-average service period of unit expected to vest (in years)	2 years
Restricted Share Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Units expected to vest	5,151
Weighted-average service period of unit expected to vest (in years)	6 months
PJT Partners Holdings LP | Partnership Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Units expected to vest	310,474
Weighted-average service period of unit expected to vest (in years)	2 years 9 months 18 days

Leases - Schedule of Components

Leases - Schedule of Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Leases [Abstract]
Operating Lease Cost	$ 6,801	$ 6,669	$ 20,627	$ 20,715
Finance Lease Cost
Amortization of Right-of-Use Assets	10	40	37	115
Interest on Lease Liabilities	1	1	3	4
Total Finance Lease Cost	11	41	40	119
Short-Term Lease Cost	56		93
Variable Lease Cost	587	728	2,172	2,226
Sublease Income	(210)	(602)	(699)	(2,379)
Total Lease Cost	$ 7,245	$ 6,836	$ 22,233	$ 20,681

Leases - Schedule of Supplement

Leases - Schedule of Supplemental Information Related to Leases (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Cash Paid for Amounts Included in Measurement of Lease Liabilities
Operating Cash Flows from Operating Leases	$ 15,848	$ 11,571
Operating Cash Flows from Finance Leases	2	3
Financing Cash Flows from Finance Leases	37	129
Right-of-Use Assets Obtained in Exchange for Lease Liabilities
Operating Leases	$ 6,765	4,043
Finance Leases		$ 64
Weighted-Average Remaining Lease Term (in years)
Operating Leases	7 years 9 months 18 days		8 years 4 months 24 days
Finance Leases	2 years 7 months 6 days		3 years 1 month 6 days
Weighted-Average Discount Rate
Operating Leases	4.70%		4.70%
Finance Leases	3.70%		3.70%

Leases - Schedule of Maturity A

Leases - Schedule of Maturity Analysis of Finance and Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Leases [Abstract]
Finance Lease, 2021 (October 1 through December 31)	$ 11
Finance Lease, 2022	38
Finance Lease, 2023	30
Finance Lease, 2024	16
Finance Lease, Total Lease Payments	95
Finance Lease, Less: Imputed Interest	4
Finance Lease, Total	91
Operating Lease, 2021 (October 1 through December 31)	7,416
Operating Lease, 2022	29,687
Operating Lease, 2023	30,027
Operating Lease, 2024	28,486
Operating Lease, 2025	24,730
Operating Lease, Thereafter	74,155
Operating Lease, Total Lease Payments	194,501
Operating Lease, Less: Imputed Interest	32,093
Operating Lease, Total	$ 162,408	$ 172,291

Transactions With Related Par_2

Transactions With Related Parties - Additional Information (Details) $ / shares in Units, $ in Thousands, shares in Millions	Nov. 02, 2021USD ($)$ / sharesshares	Sep. 30, 2021USD ($)shares	Sep. 30, 2020USD ($)shares	Dec. 31, 2020USD ($)
Related Party Transaction [Line Items]
Cash settled exchange of partnership units		$ 95,870	$ 31,044
Amount due to tax receivable agreement		$ 29,206		$ 19,573
PJT Partners Holdings LP
Related Party Transaction [Line Items]
Exchange of partnership units settled | shares		1.3	0.6
Percentage payment to exchanging holders of partnership units of benefits		85.00%
PJT Partners Holdings LP | Scenario, Forecast
Related Party Transaction [Line Items]
Exchange of partnership units settled | shares	0.2
Cash settled exchange of partnership units	$ 13,700
Price per partnership unit paid equal to the volume-weighted average price of share | $ / shares	$ 81.47
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

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($)	Feb. 01, 2021	Sep. 30, 2021	Dec. 31, 2020
Blackstone
Commitments And Contingencies [Line Items]
Loans held by employees for investments guaranteed		$ 4,600,000	$ 6,000,000
Forfeiture accrual		900,000	900,000
Tax benefit accrual		$ 2,500,000	2,400,000
Renewal Agreement
Commitments And Contingencies [Line Items]
Line of credit facility, interest rate description		During an event of default, overdue principal under the revolving credit facility bears interest at a rate 2.0% in excess of the otherwise applicable rate of interest.
Loan agreement financial covenants maximum additional indebtedness	$ 20,000,000
Revolving Credit Facility
Commitments And Contingencies [Line Items]
Revolving credit facility, amount outstanding		$ 0	$ 0
Revolving Credit Facility | Renewal Agreement
Commitments And Contingencies [Line Items]
Revolving credit facility, borrowing capacity before increase	60,000,000
Increase revolving credit facility	$ 80,000,000
Revolving credit facility, maturity date	Oct. 1, 2022
Line of credit facility bear interest equal to greater of per annum rate	2.75%
Notes payable, spread on variable prime rate	1.00%
Line of credit facility revised interest rate in event of default	2.00%
Percentage of commitment fee	0.125%
Line of credit facility, interest rate description		Outstanding borrowings under the revolving credit facility bear interest equal to the greater of a per annum rate of (a) 2.75%, or (b) the prime rate minus 1.0%.
Line of credit facility, frequency of commitment fee payment		quarterly

Regulated Entities - Additional

Regulated Entities - Additional Information (Details) € in Thousands, $ in Thousands, $ in Millions	9 Months Ended
	Sep. 30, 2021USD ($)	Sep. 30, 2021EUR (€)	Sep. 30, 2021HKD ($)	Dec. 31, 2020USD ($)
United Kingdom
Regulatory Authorities [Line Items]
Minimum net capital requirement | €		€ 50
Hong Kong
Regulatory Authorities [Line Items]
Minimum net capital requirement			$ 3
Spain
Regulatory Authorities [Line Items]
Minimum net capital requirement | €		€ 75
Percentage of fixed overheads	25.00%
PJT Partners LP
Regulatory Authorities [Line Items]
Minimum net capital requirement	$ 100
Percentage of aggregate indebtedness capital requirement	6.67	6.67	6.67
Net capital	$ 173,700			$ 243,200
Net capital in excess of required net capital	$ 172,000			$ 241,200
Maximum | PJT Partners LP
Regulatory Authorities [Line Items]
Percentage of aggregate indebtedness capital requirement	15	15	15

Business Information - Addition

Business Information - Additional Information (Details)	3 Months Ended	9 Months Ended
	Sep. 30, 2020Client	Sep. 30, 2021segment
Segment Reporting Information [Line Items]
Number of operating segments		1
Number of reportable segments		1
Revenue Benchmark | Customer Concentration Risk
Segment Reporting Information [Line Items]
Number of clients | Client	2
Revenue Benchmark | Customer Concentration Risk | Two Customers
Segment Reporting Information [Line Items]
Concentration percentage of revenue	22.90%

Business Information - Schedule

Business Information - Schedule of Geographical Distribution of Revenues and Assets (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Revenues
Revenues	$ 231,298	$ 297,563	$ 678,679	$ 730,297
Assets
Assets	1,078,066		1,078,066		$ 1,171,607
Domestic
Revenues
Revenues	211,875	266,492	573,217	657,930
Assets
Assets	886,600		886,600		975,762
International
Revenues
Revenues	19,423	$ 31,071	105,462	$ 72,367
Assets
Assets	$ 191,466		$ 191,466		$ 195,845

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	Oct. 18, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Subsequent Event [Line Items]
Aggregate payment				$ 3,719	$ 3,627
Class A Common Stock
Subsequent Event [Line Items]
Dividends Declared Per Share of Class A Common Stock		$ 3.05	$ 0.05	$ 3.15	$ 0.15
Class A Common Stock | Subsequent Event | Special Dividend
Subsequent Event [Line Items]
Dividend declared, description	On October 18, 2021, the Company paid a special dividend
Dividends Declared Per Share of Class A Common Stock	$ 3
Dividends payable, date to be paid	Oct. 18, 2021
Dividends payable, date of record	Oct. 4, 2021
Aggregate payment	$ 73,000
Class A Common Stock | Subsequent Event | Quarterly Dividend
Subsequent Event [Line Items]
Dividend declared, description	The Board of Directors of PJT Partners Inc. has declared a quarterly dividend
Dividends Declared Per Share of Class A Common Stock	$ 0.05
Dividends payable, date to be paid	Dec. 22, 2021
Dividends payable, date of record	Dec. 8, 2021