PJT Partners Inc. Fair Value Disclosure
The following tables summarize the valuation of the Company’s investments by the fair value hierarchy:
|
|
December 31, 2025 |
|
|||||||||||||
|
|
Level I |
|
|
Level II |
|
|
Level III |
|
|
Total |
|
||||
Treasury Securities |
|
$ |
— |
|
|
$ |
46,940 |
|
|
$ |
— |
|
|
$ |
46,940 |
|
Money Market Funds |
|
|
— |
|
|
|
311,282 |
|
|
|
— |
|
|
|
311,282 |
|
Total |
|
$ |
— |
|
|
$ |
358,222 |
|
|
$ |
— |
|
|
$ |
358,222 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
December 31, 2024 |
|
|||||||||||||
|
|
Level I |
|
|
Level II |
|
|
Level III |
|
|
Total |
|
||||
Treasury Securities |
|
$ |
— |
|
|
$ |
62,912 |
|
|
$ |
— |
|
|
$ |
62,912 |
|
Money Market Funds |
|
|
— |
|
|
|
100,726 |
|
|
|
— |
|
|
|
100,726 |
|
Total |
|
$ |
— |
|
|
$ |
163,638 |
|
|
$ |
— |
|
|
$ |
163,638 |
|
Investments in Treasury securities were included in Investments at December 31, 2025 and December 31, 2024 in the Consolidated Statements of Financial Condition. Investments in money market funds were included in Cash and Cash Equivalents at December 31, 2025 and December 31, 2024 in the Consolidated Statements of Financial Condition.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2023 | Feb 28, 2024 | |
| 2022 | Feb 24, 2023 | |
| 2021 | Feb 25, 2022 | |
| 2020 | Feb 26, 2021 | |
| 2019 | Feb 27, 2020 | |
| 2018 | Feb 28, 2019 | |
| 2017 | Feb 27, 2018 | |
About Fair Value Disclosures
Fair value disclosures classify all assets and liabilities measured at fair value into a three-level hierarchy: Level 1 (quoted market prices), Level 2 (observable inputs like yield curves), and Level 3 (unobservable inputs requiring management estimates). The proportion of Level 3 assets directly reflects how much of the balance sheet depends on internal models rather than market evidence.
Key signals: a growing Level 3 balance relative to total fair-value assets increases valuation uncertainty and earnings volatility risk. Watch for transfers between levels — assets moving from Level 2 to Level 3 often signal deteriorating market liquidity. Unrealized gains and losses on Level 3 positions flow through earnings or other comprehensive income, so large swings deserve scrutiny. For financial institutions, examine the sensitivity disclosures that show how Level 3 valuations change under alternative assumptions. Compare the fair value of debt against its carrying amount to gauge hidden leverage.