1. Like the M&A and strategic advisory division of a **Goldman Sachs** or **Morgan Stanley**, but as an independent, focused firm.

2. An independent financial advisor for companies, similar to **Lazard**, specializing in mergers, acquisitions, and raising capital.

• Mergers & Acquisitions (M&A) Advisory: Provides advice and execution services for corporate mergers, acquisitions, and divestitures.
• Capital Markets Advisory: Offers guidance on public and private capital raising, including underwriting and private capital placements.
• Capital Structure & Restructuring Advisory: Assists clients with optimizing their financial structure and navigating complex restructuring processes.
• Shareholder & Defense Advisory: Counsels companies on shareholder activism, corporate governance, and defense strategies.
• Equity Research: Delivers analytical insights and reports on various companies and industries to inform investment decisions.

Perella Weinberg Partners (PWP) primarily provides strategic and financial advisory services to a diverse range of companies and institutions. While specific names of individual client companies are not provided in the background description, the company explicitly serves the following categories of major customers:

• Public multinational corporations
• Mid-sized public and private companies
• Individual entrepreneurs
• Private and institutional investors
• Creditor committees
• Government institutions

• Boston Properties (BXP)
• Deloitte & Touche LLP

Andrew Bednar Partner and Chief Executive Officer

Andrew Bednar was appointed Chief Executive Officer of Perella Weinberg Partners in January 2023. He has been a Partner of the firm since its founding in 2006. Prior to joining PWP, Mr. Bednar served as Head of U.S. Mergers & Acquisitions at Bank of America and was a Managing Director in Mergers and Acquisitions at Goldman Sachs. He began his career as a corporate attorney at Cravath, Swaine & Moore LLP. Mr. Bednar has led numerous significant advisory assignments, including advising NYSE on its $10.2 billion sale to Intercontinental Exchange and Kate Spade & Co. on its $2.4 billion sale to Coach. He also advised J Crew on its $3 billion sale to TPG and Leonard Green, and Talbots on its sale to Sycamore Partners, demonstrating his experience with private equity-backed transactions. Additionally, he was part of the sponsor of PWP Forward Acquisition Corp. I, a mission-oriented SPAC, and led the team for Perella Weinberg's business combination with FinTech Acquisition Corp. IV.

Alexandra Gottschalk Chief Financial Officer and Partner

Alexandra Gottschalk has served as Chief Financial Officer of Perella Weinberg Partners since January 2024. Prior to this role, she was the firm's Chief Accounting Officer since 2019 and served as Controller for the company and its business units, including TPH&Co., since 2010. Before joining Perella Weinberg, Ms. Gottschalk worked at PwC in the Assurance practice and began her career at Deloitte in the International Tax Group. She is a Certified Public Accountant.

Peter A. Weinberg Founding Partner and Chairman

Peter A. Weinberg co-founded Perella Weinberg Partners in 2006 with Joseph Perella and currently serves as its Founding Partner and Chairman. He previously held the position of Chief Executive Officer of the firm from February 2019 to January 2023. Prior to co-founding PWP, Mr. Weinberg spent nearly two decades at Goldman Sachs, where he rose to become Chief Executive Officer of Goldman Sachs International in London from 1999 to 2005. During his tenure at Goldman Sachs, he also founded the Financial Sponsors Group, led Investment Banking Services, ran the Communications, Media and Telecom Group, and co-headed the Global Investment Banking Division.

Dietrich Becker Partner and President

Dietrich Becker is a Partner and President of Perella Weinberg Partners, based in London. As a founding partner of the firm, he has been instrumental in its development and growth. He served as Co-President alongside Andrew Bednar since March 2020. Mr. Becker's responsibilities include focusing on key client coverage and international expansion for the firm.

Robert K. Steel Partner and Vice Chairman

Robert K. Steel is a Partner and Vice Chairman at Perella Weinberg Partners, a role he has held since June 2021. He previously served as the firm's Chief Executive Officer from 2014 until February 2019. Before joining PWP, Mr. Steel was New York City's Deputy Mayor for Economic Development from 2010 to 2013. He also served as President and Chief Executive Officer of Wachovia Corporation, where he oversaw the bank's sale to Wells Fargo & Co. and served on the Wells Fargo board of directors until 2010. From 2006 to 2008, he was the Under Secretary for Domestic Finance of the United States Treasury. Mr. Steel spent nearly 30 years at Goldman Sachs, where he achieved the positions of Head of the Global Equities Division, Vice Chairman of the firm, and a member of its Management Committee. He is also a co-founder of SeaChange Capital Partners, an organization dedicated to supporting non-profits.

The key risks to Perella Weinberg Partners (PWP) include:

1. Market Conditions and Revenue Volatility: Perella Weinberg Partners' revenue is highly dependent on advisory fees, which are largely contingent on the completion of transactions such as mergers and acquisitions (M&A) and capital markets activities. Economic downturns, market volatility, high interest rates, and client hesitancy can significantly impact deal volumes and timing, leading to substantial fluctuations and potential decreases in revenue. This makes the firm susceptible to market downturns and shifts in client spending, directly affecting its financial performance.

2. Intense Competition and Talent Retention: The financial services industry in which PWP operates is intensely competitive. The firm must continuously compete for both advisory engagements and top talent against other established investment banking and advisory firms. The ability to successfully identify, recruit, develop, and retain highly skilled advisory professionals and senior bankers is crucial to its success, as the departure of key personnel could jeopardize client relationships and result in a material loss of revenue.

3. Extensive Regulation and Litigation Risks: Perella Weinberg Partners is subject to extensive U.S. and international regulations governing the corporate advisory industry. This regulatory environment exposes the firm to substantial litigation risks, increased compliance costs, and potential legal challenges. Any missteps in adhering to these complex rules could lead to significant fines, legal troubles, and damage to its business and reputation.

1. Record-High Pipeline and Backlog: Perella Weinberg Partners has reported a record-high gross pipeline and a strong, growing backlog of announced and pending transactions, which is expected to provide a solid foundation for future revenue growth as these deals are executed.
2. Growth in M&A and Restructuring Segments: The firm anticipates continued growth in its Mergers & Acquisitions (M&A) and restructuring practices, with its restructuring segment achieving record revenues and gaining market share in 2025. Geopolitical opportunities are also seen as a factor that could leverage growth in these areas.
3. Strategic Talent Investment and Expanded Offerings: PWP has been actively investing in senior talent, making significant hires and promotions, and expanding its coverage in key sectors such as Healthcare Services and Software. Additionally, the acquisition of Devon Park Advisors has broadened the firm's product offerings to include secondaries advisory capabilities. These strategic investments are expected to attract more high-profile and high-value assignments.
4. Expansion of European Business: The company's European business has shown significant momentum, achieving record revenues in 2025 and experiencing over 50% year-over-year growth in the same year. This strong performance in the European market is anticipated to continue contributing to overall revenue growth.

Capital Allocation Decisions (Last 3-5 Years) for Perella Weinberg Partners (PWP)

Share Repurchases

• In 2025, Perella Weinberg Partners returned an aggregate of $163.4 million to equity holders, which included the repurchase of 1,829,337 shares at an average price of $18.40 through open market transactions. The firm also retired 6.5 million shares during the year to manage its share count.
• In 2024, the company returned $136 million to equity holders, including the retirement of 4.0 million shares at an average price of $9.77 per share.
• In 2023, the firm returned $67 million to equity holders, which included the retirement of 10.6 million shares at an average price of $7.40 per share.

Share Issuance

• On May 16, 2025, Perella Weinberg Partners issued 1,234,357 shares of Class A common stock in an unregistered private transaction. These shares were exchanged for Class A partnership units and Class B common stock of PWP Holdings LP, facilitating the conversion of partnership units into publicly traded common stock.

Outbound Investments

• In 2025, Perella Weinberg Partners acquired Devon Park Advisors. This acquisition was made to establish a secondaries advisory capability, expanding the firm's service offerings.