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 · 2026-05-01 vs the prior 10-Q · 2025-11-07
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +15 | −19 | ~18 | 20 |
| Market risk (Item 3) | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Controls & procedures | Text added/removed | 0 | 0 | ~2 | 3 |
| Legal proceedings | No paragraph-level changes | 0 | 0 | 0 | 2 |
| Risk factors | No material changes reported (points to the 10-K) | — | — | — | — |
| Other information | Text added/removed | 0 | 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 · 2026-05-01
Less: Net income (loss) attributable to non-controlling interests(2,232)4,034 NM
Net income (loss) attributable to Perella Weinberg Partners$1,487 $17,339 (91)%
The following table provides revenue statistics for the three months ended March 31, 2026 and 2025:
Total Clients with Fees Greater than or Equal to $1.0 million
Revenues were $148.9 million for the three months ended March 31, 2026 as compared to $211.8 million for the three months ended March 31, 2025, a decrease of 30%. The decrease in revenues is driven by fewer fee-paying clients and a decline in transaction completions across both M&A and financing and…
Text removed vs the prior filing · source: 10-Q · 2025-11-07
Prior to the Merger, the amortization expense for certain equity-based awards granted by Professional Partners was allocated fully to non-controlling interests. As a result of the Merger, these awards were considered granted by PWP OpCo and PWP OpCo as a whole bore the cost of the cash settlement fe…
The following table provides revenue statistics for the three and nine months ended September 30, 2025 and 2024:
Revenues were $164.6 million for the three months ended September 30, 2025 as compared to $278.2 million for the three months ended September 30, 2024, a decrease of 41%. The decrease was driven by reduced mergers and acquisition activity, as well as an outsized fee event in the prior year period.
Revenues were $531.7 million for the nine months ended September 30, 2025 as compared to $652.4 million for the nine months ended September 30, 2024, a decrease of 18%. The decrease was largely attributable to lower mergers and acquisition activity in the current year period, as well as several sign…
For the three months ended September 30, 2025, total compensation and benefits expenses were $116.3 million, a decrease of 42% compared to $202.3 million for the three months ended September 30, 2024. The decrease was primarily the result of a lower bonus accrual in the current year period due to de…
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