PJT Partners Inc 8-K, filed Nov 3, 2026
PJT Partners Inc. (PJT)
About this 8-K
PJT Partners Inc filed this 8-K on November 3, 2026, reporting on events of November 2, 2026.
PJT Partners Inc. reported record nine-month results for the period ended September 30, 2026: revenues of $1.29 billion, up 9%, and adjusted EPS of $4.92, up 11%. Third-quarter revenues fell 14% to $385 million. AI summary
Items reported
- Item 1.01: Entered into a material agreement
- Item 2.02: Financial results
- Item 2.03: New debt or off-balance-sheet obligation
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM
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CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
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Pre‑commencement communications pursuant to Rule 13e‑4(c) under the Exchange Act (17 CFR 240.13e‑4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 1.01. |
Entry into a Material Definitive Agreement. |
On November 2, 2026, PJT Partners Holdings LP, a subsidiary of PJT Partners Inc. (the “Company”), as borrower (the “Borrower”), entered into an Amended and Restated Credit Agreement (the “Amendment and Restatement”) and related documents with Bank of America, N.A., also acting as administrative agent and letters of credit issuer, and Truist Bank and PNC Bank, N.A., collectively, as lenders. The Amendment and Restatement amends and restates in its entirety the terms of the Borrower’s $100 million syndicated revolving credit facility dated as of July 29, 2024, as amended on July 28, 2026, and extends the maturity date to November 2, 2029. Outstanding borrowings under the revolving credit facility bear interest of Secured Overnight Financing Rate plus 1.75% per annum. The Borrower will also pay a commitment fee on the unused portion of the revolving credit facility of 0.20% per annum, payable quarterly in arrears. There were no borrowings outstanding as of the closing date.
The full text of the Amendment and Restatement will be filed as an exhibit to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2026.
Item 2.02. |
Results of Operations. |
On November 3, 2026, the Company issued a press release announcing the financial results for its third quarter and nine months ended September 30, 2026.
A copy of the press release is attached hereto as Exhibit 99.1. The information contained under Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, is being furnished and, as a result, such information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 2.03. |
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. |
The information in Item 1.01 of this report is incorporated by reference into this Item 2.03.
Item 9.01. |
Financial Statements and Exhibits. |
(d) Exhibits.
Exhibit Number |
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Description |
99.1 |
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104 |
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The cover page of this Current Report on Form 8-K, formatted in Inline XBRL. |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
PJT Partners Inc. |
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By: |
/s/ Arun J. Kalra |
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Name: Arun J. Kalra |
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Title: Chief Financial Officer |
Date: November 3, 2026
Exhibit 99.1
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PJT Partners Inc. Reports Third Quarter and Record Nine Months 2026 Results |
Third Quarter Overview
Nine Months Overview
Balance Sheet and Capital Management
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Paul J. Taubman, Chairman and Chief Executive Officer, said, “We continue to invest in our business to enhance our footprint, our capabilities, and our brand with the goal of better serving our clients and continuing to expand our market share. Our results continue to reflect this investment as we delivered record Revenues, record Pretax Income, and record EPS for the nine-month period. As before, we remain highly confident in our future growth prospects.” |
New York, November 3, 2026: PJT Partners Inc. (the “Company,” “PJT Partners,” “we,” “us,” and “our”) (NYSE: PJT) today announced its financial results for the third quarter and nine months ended September 30, 2026.
Media Relations: Jon Keehner Joele Frank, Wilkinson Brimmer Katcher Tel: +1 212.355.4449 PJT-JF@joelefrank.com |
Investor Relations: Sharon Pearson PJT Partners Inc. Tel: +1 212.364.7120 pearson@pjtpartners.com |
Revenues and Expenses
The following tables set forth information relating to the Company’s revenues and expenses for the three and nine months ended September 30, 2026 and 2025:
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Three Months Ended September 30, |
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GAAP |
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As Adjusted |
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2026 |
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2025 |
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Change |
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2026 |
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2025 |
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Change |
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(Dollars in Millions) |
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Revenues |
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$ |
385.1 |
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$ |
447.1 |
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(14)% |
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$ |
385.1 |
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$ |
447.1 |
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(14)% |
Expenses |
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Compensation and Benefits |
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$ |
258.4 |
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$ |
303.3 |
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(15)% |
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$ |
256.1 |
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$ |
301.7 |
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(15)% |
% of Revenues |
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67.1 |
% |
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67.8 |
% |
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66.5 |
% |
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67.5 |
% |
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Non-Compensation |
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$ |
57.9 |
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$ |
52.8 |
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10% |
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$ |
56.7 |
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$ |
51.4 |
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10% |
% of Revenues |
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15.0 |
% |
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11.8 |
% |
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14.7 |
% |
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11.5 |
% |
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Total Expenses |
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$ |
316.3 |
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$ |
356.1 |
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(11)% |
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$ |
312.8 |
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$ |
353.1 |
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(11)% |
% of Revenues |
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82.1 |
% |
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79.7 |
% |
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81.2 |
% |
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79.0 |
% |
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Pretax Income |
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$ |
68.8 |
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$ |
91.0 |
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(24)% |
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$ |
72.4 |
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$ |
94.0 |
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(23)% |
% of Revenues |
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17.9 |
% |
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20.3 |
% |
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18.8 |
% |
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21.0 |
% |
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Nine Months Ended September 30, |
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GAAP |
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As Adjusted |
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2026 |
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2025 |
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Change |
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2026 |
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2025 |
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Change |
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(Dollars in Millions) |
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Revenues |
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$ |
1,289.6 |
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$ |
1,178.5 |
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9% |
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$ |
1,289.6 |
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$ |
1,178.5 |
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9% |
Expenses |
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Compensation and Benefits |
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$ |
864.2 |
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$ |
801.3 |
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8% |
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$ |
857.6 |
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$ |
795.5 |
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8% |
% of Revenues |
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67.0 |
% |
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68.0 |
% |
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66.5 |
% |
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67.5 |
% |
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Non-Compensation |
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$ |
174.1 |
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$ |
157.2 |
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11% |
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$ |
170.2 |
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$ |
152.8 |
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11% |
% of Revenues |
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13.5 |
% |
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13.3 |
% |
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13.2 |
% |
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13.0 |
% |
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Total Expenses |
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$ |
1,038.3 |
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$ |
958.5 |
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8% |
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$ |
1,027.8 |
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$ |
948.3 |
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8% |
% of Revenues |
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|
80.5 |
% |
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81.3 |
% |
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|
|
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79.7 |
% |
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80.5 |
% |
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Pretax Income |
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$ |
251.3 |
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$ |
220.0 |
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14% |
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$ |
261.8 |
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$ |
230.2 |
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14% |
% of Revenues |
|
|
19.5 |
% |
|
|
18.7 |
% |
|
|
|
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20.3 |
% |
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19.5 |
% |
|
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Revenues
Three Months Ended
The decrease in Revenues was due to decreases in strategic advisory, restructuring, and private capital solutions revenues, partially offset by an increase in primary fundraising revenues.
Nine Months Ended
The increase in Revenues was due to increases in strategic advisory, restructuring, and private capital solutions revenues.
Compensation and Benefits Expense
Three Months Ended
GAAP Compensation and Benefits Expense was $258 million for the current quarter compared with $303 million in the prior year. Adjusted Compensation and Benefits Expense was $256 million compared with
2
$302 million in the prior year. The decrease in Compensation and Benefits Expense was driven by the combination of lower revenues and a lower accrual rate compared with the prior year.
Nine Months Ended
GAAP Compensation and Benefits Expense was $864 million compared with $801 million in the prior year. Adjusted Compensation and Benefits Expense was $858 million compared with $795 million in the prior year. The increase in Compensation and Benefits Expense was driven by higher revenues compared with the prior year, partially offset by a lower accrual rate.
Non-Compensation Expense
Three Months Ended
GAAP Non-Compensation Expense was $58 million for the current quarter compared with $53 million in the prior year. Adjusted Non-Compensation Expense was $57 million for the current quarter compared with $51 million in the prior year.
The increases in Non-Compensation Expense were driven by: (i) Continued investments in technology infrastructure and higher market data expense, which resulted in increased Communications and Information Services expense; (ii) Expansion of our global office footprint and the associated build-out, which resulted in increased Occupancy and Related, and Depreciation and Amortization expense, respectively; and (iii) Elevated business-related activity and higher travel costs, which resulted in increased Travel and Related expense.
Nine Months Ended
GAAP Non-Compensation Expense was $174 million compared with $157 million in the prior year. Adjusted Non-Compensation Expense was $170 million compared with $153 million in the prior year.
The increases in Non-Compensation Expense were driven by: (i) Expansion of our global office footprint and the associated build-out, which resulted in increased Occupancy and Related, and Depreciation and Amortization expense, respectively; (ii) Elevated business-related activity and higher travel costs, which resulted in increased Travel and Related expense; and (iii) Continued investments in technology infrastructure and higher market data expense, which resulted in increased Communications and Information Services expense.
Provision for Taxes
As of September 30, 2026, the Company owned 64.6% of PJT Partners Holdings LP. The Company is subject to U.S. federal and state corporate income tax while PJT Partners Holdings LP and its operating subsidiaries are subject to certain state, local and foreign income taxes. Refer to Note 11. “Stockholders’ Equity” in the “Notes to Consolidated Financial Statements” in “Part II. Item 8. Financial Statements and Supplementary Data” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 for further information about the corporate ownership structure. The effective tax rate for GAAP Net Income for the three months ended September 30, 2026 and 2025 was 18.6% and 17.6%, respectively. The effective tax rate for GAAP Net Income for the nine months ended September 30, 2026 and 2025 was 9.8% and 4.3%, respectively.
The effective tax rate for Adjusted Net Income, If-Converted for the nine months ended September 30, 2026 was 19.5% compared with 14.1% for the full year 2025.
3
Balance Sheet and Capital Management
As of September 30, 2026, the Company held Cash, Cash equivalents and Short-term investments of $766 million and had no funded debt.
During the third quarter 2026, the Company repurchased 0.2 million shares and share equivalents at an average price of $156.74 per share. During the nine months ended September 30, 2026, the Company repurchased 2.3 million shares and share equivalents at an average price of $154.07 per share.
As of September 30, 2026, the Company’s remaining repurchase authorization was $739 million.
The Company intends to exchange 75 thousand Partnership Units for cash at an amount to be determined by the volume-weighted average price per share of the Company’s Class A common stock on November 5, 2026, subject to approval by the Board of Directors.
Dividend
The Board of Directors of the Company has declared a quarterly dividend of $0.25 per share of Class A common stock. The dividend will be paid on December 16, 2026 to Class A common stockholders of record as of December 2, 2026.
Quarterly Investor Call Details
PJT Partners will host a conference call on November 3, 2026 at 8:30 a.m. ET to discuss its third quarter and nine months ended September 30, 2026 results. The conference call can be accessed via the internet at www.pjtpartners.com or by dialing +1 (800) 343-4849 (U.S. domestic) or +1 (203) 518-9848 (international), passcode PJTP3Q26. For those unable to listen to the live broadcast, a replay will be available following the call at www.pjtpartners.com.
About PJT Partners
PJT Partners is a premier, global, advisory-focused investment bank that was built from the ground up to be different. Our highly experienced, collaborative teams provide independent advice coupled with old-world, high-touch client service. This ethos has allowed us to attract some of the very best talent in the markets in which we operate. We deliver leading advice to many of the world’s most consequential companies, effect some of the most transformative transactions and restructurings and raise billions of dollars of capital around the globe to support startups and more established companies. To learn more about PJT Partners, please visit our website at www.pjtpartners.com.
Forward-Looking Statements
Certain material presented herein contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements include certain information concerning future results of operations, business strategies, acquisitions, financing plans, competitive position, potential growth opportunities, potential operating performance improvements, and the effects of future legislation or regulations. Forward-looking statements include all statements that are not historical facts and can be identified by the use of forward-looking terminology such as the words “believe,” “expect,” “opportunity,” “plan,” “intend,” “anticipate,” “estimate,” “predict,” “potential,” “continue,” “may,” “might,” “should,” “could” or the negative of these terms or similar expressions.
4
Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict, many of which are outside our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not place undue reliance upon any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: (a) changes in governmental regulations and policies; (b) cyber attacks, security vulnerabilities and internet disruptions, including breaches of data security and privacy leaks, data loss and business interruptions; (c) failures of our remote and on-premises computer or communication systems, including as a result of a catastrophic event; (d) the impact of catastrophic events, including business disruptions, pandemics, reductions in employment and an increase in business failures on (1) the U.S. and the global economy and (2) our employees and our ability to provide services to our clients and respond to their needs; (e) the failure of third-party service providers to perform their functions; (f) volatility in the political and economic environment, including but not limited to inflation, changes to global trade policies, elevated interest rates, potential government shutdowns, and geopolitical or military conflicts; and (g) significant technological disruption, including the rapid development and adoption of emerging technologies, such as artificial intelligence.
Any of these factors, as well as such other factors discussed in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the United States Securities and Exchange Commission (“SEC”), as such factors may be updated from time to time in the Company’s periodic filings with the SEC, accessible on the SEC’s website at www.sec.gov, could cause the Company’s results to differ materially from those expressed in forward-looking statements. There may be other risks and uncertainties that the Company is unable to predict at this time or that are not currently expected to have a material adverse effect on its business. Any such risks could cause the Company’s results to differ materially from those expressed in forward-looking statements.
Non-GAAP Financial Measures
The following represent additional performance measures that management uses in making resource allocation and/or compensation decisions. These measures should not be considered substitutes for, or superior to, financial measures prepared in accordance with GAAP.
Management believes the following non-GAAP measures, when presented together with comparable GAAP measures, are useful to investors in understanding the Company’s operating results: Adjusted Pretax Income; Adjusted Net Income, If-Converted, in total and on a per-share basis (referred to as “Adjusted EPS”); Adjusted Compensation and Benefits Expense; and Adjusted Non-Compensation Expense. These non-GAAP measures, presented and discussed in this earnings release, remove the impact of: (a) acquisition-related compensation expense; (b) acquisition-related intangible asset amortization; and (c) the net change to the amount the Company has agreed to pay Blackstone Inc. (our “former Parent”) related to the net realized cash benefit from certain compensation-related tax deductions. Reconciliations of the non-GAAP measures to their most directly comparable GAAP measures and further detail regarding the adjustments are provided in the Appendix.
5
To help investors understand the effect of the Company’s ownership structure, the Company has presented Adjusted Net Income, If-Converted. This measure illustrates the impact of taxes on Adjusted Pretax Income, assuming all Partnership Units have been exchanged for shares of the Company’s Class A common stock, resulting in all of the Company’s income becoming subject to corporate-level tax, considering both current and deferred income tax effects. This tax rate excludes a number of adjustments, including, but not limited to, the tax benefits of acquisition-related compensation expense and amortization expense.
6
Appendix
GAAP Condensed Consolidated Statements of Operations (unaudited)
Reconciliations of GAAP to Non-GAAP Financial Data (unaudited)
Summary of Shares Outstanding (unaudited)
Footnotes
7
PJT Partners Inc.
GAAP Condensed Consolidated Statements of Operations (unaudited)
(Dollars in Thousands, Except Share and Per Share Data)
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Three Months Ended |
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Nine Months Ended |
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2026 |
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2025 |
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2026 |
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2025 |
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||||
Revenues |
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$ |
385,120 |
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|
$ |
447,093 |
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$ |
1,289,614 |
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$ |
1,178,508 |
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Expenses |
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||||
Compensation and Benefits |
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258,382 |
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|
|
303,329 |
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|
864,243 |
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|
|
801,305 |
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Occupancy and Related |
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|
16,027 |
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|
|
15,424 |
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|
|
47,506 |
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|
|
44,197 |
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Travel and Related |
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11,433 |
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|
|
10,379 |
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|
|
37,907 |
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|
32,987 |
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Professional Fees |
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10,344 |
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9,775 |
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29,746 |
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|
|
26,211 |
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Communications and Information Services |
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|
11,147 |
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|
|
8,502 |
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|
|
32,062 |
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|
|
27,378 |
|
Depreciation and Amortization |
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4,195 |
|
|
|
3,406 |
|
|
|
12,483 |
|
|
|
9,900 |
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Other Expenses |
|
|
4,801 |
|
|
|
5,325 |
|
|
|
14,398 |
|
|
|
16,520 |
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Total Expenses |
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|
316,329 |
|
|
|
356,140 |
|
|
|
1,038,345 |
|
|
|
958,498 |
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Income Before Provision (Benefit) for Taxes |
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68,791 |
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|
90,953 |
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|
|
251,269 |
|
|
|
220,010 |
|
Provision (Benefit) for Taxes |
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|
12,770 |
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|
|
15,996 |
|
|
|
24,710 |
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|
|
9,452 |
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Net Income |
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56,021 |
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|
|
74,957 |
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|
|
226,559 |
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|
210,558 |
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Net Income Attributable to Non-Controlling Interests |
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24,192 |
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35,118 |
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|
|
88,396 |
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|
|
83,803 |
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Net Income Attributable to PJT Partners Inc. |
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$ |
31,829 |
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$ |
39,839 |
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$ |
138,163 |
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$ |
126,755 |
|
Net Income Per Share of Class A Common Stock |
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||||
Basic |
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$ |
1.19 |
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$ |
1.55 |
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$ |
5.20 |
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$ |
4.93 |
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Diluted |
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$ |
1.15 |
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$ |
1.47 |
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$ |
5.02 |
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$ |
4.70 |
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Weighted-Average Shares of Class A Common |
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||||
Basic |
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|
26,698,708 |
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|
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25,749,143 |
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|
|
26,589,647 |
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|
|
25,704,472 |
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Diluted |
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|
42,698,217 |
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|
|
28,633,155 |
|
|
|
28,655,275 |
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|
|
43,896,543 |
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8
PJT Partners Inc.
Reconciliations of GAAP to Non-GAAP Financial Data (unaudited)
(Dollars in Thousands, Except Share and Per Share Data)
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
||||||||||
|
|
2026 |
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|
2025 |
|
|
2026 |
|
|
2025 |
|
||||
GAAP Compensation and Benefits Expense |
|
$ |
258,382 |
|
|
$ |
303,329 |
|
|
$ |
864,243 |
|
|
$ |
801,305 |
|
Acquisition-Related Compensation Expense(1) |
|
|
(2,277 |
) |
|
|
(1,598 |
) |
|
|
(6,650 |
) |
|
|
(5,814 |
) |
Adjusted Compensation and Benefits Expense |
|
$ |
256,105 |
|
|
$ |
301,731 |
|
|
$ |
857,593 |
|
|
$ |
795,491 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
GAAP Non-Compensation Expense |
|
$ |
57,947 |
|
|
$ |
52,811 |
|
|
$ |
174,102 |
|
|
$ |
157,193 |
|
Amortization of Intangible Assets(2) |
|
|
(1,270 |
) |
|
|
(1,437 |
) |
|
|
(3,809 |
) |
|
|
(4,311 |
) |
Spin-Off-Related Payable(3) |
|
|
(23 |
) |
|
|
(18 |
) |
|
|
(117 |
) |
|
|
(66 |
) |
Adjusted Non-Compensation Expense |
|
$ |
56,654 |
|
|
$ |
51,356 |
|
|
$ |
170,176 |
|
|
$ |
152,816 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
GAAP Pretax Income |
|
$ |
68,791 |
|
|
$ |
90,953 |
|
|
$ |
251,269 |
|
|
$ |
220,010 |
|
Acquisition-Related Compensation Expense(1) |
|
|
2,277 |
|
|
|
1,598 |
|
|
|
6,650 |
|
|
|
5,814 |
|
Amortization of Intangible Assets(2) |
|
|
1,270 |
|
|
|
1,437 |
|
|
|
3,809 |
|
|
|
4,311 |
|
Spin-Off-Related Payable(3) |
|
|
23 |
|
|
|
18 |
|
|
|
117 |
|
|
|
66 |
|
Adjusted Pretax Income |
|
$ |
72,361 |
|
|
$ |
94,006 |
|
|
$ |
261,845 |
|
|
$ |
230,201 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
GAAP Provision (Benefit) for Taxes |
|
$ |
12,770 |
|
|
$ |
15,996 |
|
|
$ |
24,710 |
|
|
$ |
9,452 |
|
Non-GAAP Tax Adjustments |
|
|
(554 |
) |
|
|
(2,787 |
) |
|
|
26,350 |
|
|
|
26,229 |
|
Adjusted If-Converted Taxes(4) |
|
$ |
12,216 |
|
|
$ |
13,209 |
|
|
$ |
51,060 |
|
|
$ |
35,681 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
GAAP Net Income |
|
$ |
56,021 |
|
|
$ |
74,957 |
|
|
$ |
226,559 |
|
|
$ |
210,558 |
|
Acquisition-Related Compensation Expense(1) |
|
|
2,277 |
|
|
|
1,598 |
|
|
|
6,650 |
|
|
|
5,814 |
|
Amortization of Intangible Assets(2) |
|
|
1,270 |
|
|
|
1,437 |
|
|
|
3,809 |
|
|
|
4,311 |
|
Spin-Off-Related Payable(3) |
|
|
23 |
|
|
|
18 |
|
|
|
117 |
|
|
|
66 |
|
Add: GAAP Provision (Benefit) for Taxes |
|
|
12,770 |
|
|
|
15,996 |
|
|
|
24,710 |
|
|
|
9,452 |
|
Less: Adjusted If-Converted Taxes(4) |
|
|
(12,216 |
) |
|
|
(13,209 |
) |
|
|
(51,060 |
) |
|
|
(35,681 |
) |
Adjusted Net Income, If-Converted |
|
$ |
60,145 |
|
|
$ |
80,797 |
|
|
$ |
210,785 |
|
|
$ |
194,520 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Adjusted Net Income, If-Converted Per Share |
|
$ |
1.41 |
|
|
$ |
1.85 |
|
|
$ |
4.92 |
|
|
$ |
4.43 |
|
Weighted-Average Shares Outstanding, If-Converted |
|
|
42,698,217 |
|
|
|
43,788,652 |
|
|
|
42,859,683 |
|
|
|
43,896,543 |
|
9
PJT Partners Inc.
Summary of Shares Outstanding (unaudited)
The following table provides a summary of weighted-average shares outstanding for the three and nine months ended September 30, 2026 and 2025 for both basic and diluted shares. The table also provides a reconciliation to If-Converted Shares Outstanding assuming that all Partnership Units and unvested PJT Partners Inc. restricted stock units (“RSUs”) were converted to shares of the Company’s Class A common stock:
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
||||||||||
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
||||
Weighted-Average Shares Outstanding - GAAP |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic Shares Outstanding, GAAP |
|
|
26,698,708 |
|
|
|
25,749,143 |
|
|
|
26,589,647 |
|
|
|
25,704,472 |
|
Dilutive Impact of Unvested RSUs(5) |
|
|
2,009,349 |
|
|
|
2,884,012 |
|
|
|
2,065,628 |
|
|
|
2,846,714 |
|
Dilutive Impact of Partnership Units(6) |
|
|
13,990,160 |
|
|
|
— |
|
|
|
— |
|
|
|
15,345,357 |
|
Diluted Shares Outstanding, GAAP |
|
|
42,698,217 |
|
|
|
28,633,155 |
|
|
|
28,655,275 |
|
|
|
43,896,543 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Weighted-Average Shares Outstanding - If-Converted |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic Shares Outstanding, GAAP |
|
|
26,698,708 |
|
|
|
25,749,143 |
|
|
|
26,589,647 |
|
|
|
25,704,472 |
|
Unvested RSUs(5) |
|
|
2,009,349 |
|
|
|
2,884,012 |
|
|
|
2,065,628 |
|
|
|
2,846,714 |
|
Partnership Units(6) |
|
|
13,990,160 |
|
|
|
15,155,497 |
|
|
|
14,204,408 |
|
|
|
15,345,357 |
|
If-Converted Shares Outstanding |
|
|
42,698,217 |
|
|
|
43,788,652 |
|
|
|
42,859,683 |
|
|
|
43,896,543 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
As of September 30, |
|
|
|
|
||||||||||
|
|
2026 |
|
|
2025 |
|
|
|
|
|
|
|
||||
Fully-Diluted Shares Outstanding(7) |
|
|
44,864,862 |
|
|
|
45,788,361 |
|
|
|
|
|
|
|
||
10
Footnotes
Note: Amounts presented in tables above may not add or recalculate due to rounding.
11