PWP — what changed in the latest 10-Q
A section-by-section comparison of PWP's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-10-30 vs the prior 10-Q · 2026-07-31
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +9 | −9 | ~22 | 25 |
| Market risk (Item 3) | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Controls & procedures | Text added/removed | 0 | 0 | ~2 | 3 |
| Legal proceedings | Text added/removed | 0 | 0 | ~1 | 1 |
| Risk factors | No material changes reported (points to the 10-K) | — | — | — | — |
| Other information | Text added/removed | +3 | 0 | ~1 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-10-30
For the three months ended September 30, 2026, total compensation and benefits expenses were $175.0 million, an increase of 50% compared to $116.3 million for the three months ended September 30, 2025. The increase was primarily the result of higher revenues, acquisition-related compensation arrange…
For the nine months ended September 30, 2026, total compensation and benefits expenses were $413.0 million, an increase of 10% compared to $373.9 million for the nine months ended September 30, 2025. Similar to the quarter-to-date period, the increase was primarily driven by higher revenues, acquisi…
For the three months ended September 30, 2026, total non-compensation expenses were $41.4 million, an increase of 5% compared to $39.4 million for the three months ended September 30, 2025. The increase was primarily driven by an increase in technology costs, as well as increased intangible asset am…
For the three months ended September 30, 2026, non-operating income was $0.2 million compared to non-operating income of $2.7 million for the three months ended September 30, 2025. In the current period, non-operating income included interest income and a gain on the change in fair value of the Earn…
The Company’s income tax expense and effective tax rate were $11.9 million and 33.8%, respectively, for the three months ended September 30, 2026 compared to an income tax expense and effective tax rate of $3.0 million and 26.1%, respectively, for the three months ended September 30, 2025.
Text removed vs the prior filing · source: 10-Q · 2026-07-31
Revenues were $305.4 million for the six months ended June 30, 2026 as compared to $367.1 million for the six months ended June 30, 2025, a decrease of 17%. The decrease in revenues was driven by a lower average fee per client and decreased financing and capital solutions activity, partially offset …
For the three months ended June 30, 2026, total compensation and benefits expenses were $115.9 million, an increase of 7% compared to $108.3 million for the three months ended June 30, 2025. The increase was primarily the result of a higher non-bonus compensation base, reflecting the impact of recen…
For the six months ended June 30, 2026, total compensation and benefits expenses were $238.0 million, a decrease of 8% compared to $257.6 million for the six months ended June 30, 2025. The decrease was primarily driven by a lower discretionary bonus accrual on lower revenues. Excluding the lower bo…
For the six months ended June 30, 2026, total non-compensation expenses were $75.3 million, a decrease of 15% compared to $88.9 million for the six months ended June 30, 2025. The decrease was primarily driven by lower professional fees due to reduced litigation spend coupled with related insurance …
For the six months ended June 30, 2026, non-operating income was $3.3 million compared to non-operating expenses of $2.5 million for the six months ended June 30, 2025. In the current period, non-operating income primarily included interest income, a gain on the change in fair value of the Earn-out,…
Other information
Text added vs the prior filing · source: 10-Q · 2026-10-30
On August 21, 2026, each of Andrew Bednar (our Chief Executive Officer and Chairman of our Board of Directors), Dietrich Becker (our President and a member of our Board of Directors) and Peter Weinberg (a member of our Board of Directors) adopted a Rule 10b5-1 trading arrangement intended to satisfy…
Subsequent to the end of the quarter, on October 15, 2026, each of Messrs. Bednar, Becker and Weinberg terminated his Rule 10b5-1 trading arrangement described above. No shares were sold under any of these arrangements, each of which remained subject to the cooling-off period required by Rule 10b5-1…
No other director or officer of the Company adopted, modified or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K, during the three months ended September 30, 2026.
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice