Perella Weinberg PartnersPWP

Perella Weinberg Partners Leases Disclosure

10-KFiled Feb 27, 20262 min read
Note 5—Leases
The Company leases office space and equipment under operating lease agreements.
On April 1, 2025, the Company entered into a seven-year agreement to sublease a portion of its New York office to a third party. The sublease term commenced in September 2025 and continues through August 2032. Sublease income is presented net within Rent and occupancy on the Consolidated Statements of Operations.
In December 2025, the Company modified its Houston office lease and extended the lease term by approximately 13 years with an expiration date of January 31, 2041. The lease liability was remeasured as of the modification date, resulting in an increase of $4.3 million and a corresponding increase to the right-of-use asset.
Other information as it relates to the Company’s operating leases is as follows:
December 31,
20252024
Weighted-average discount rate – operating leases
5.0 %4.8 %
Weighted-average remaining lease term – operating leases
12.5 years13.3 years
Year Ended December 31,
202520242023
Operating lease cost$19,173 $18,895 $20,558 
Variable lease cost3,492 2,852 3,788 
Sublease income – operating leases
(1,246)— (502)
Total net lease cost$21,419 $21,747 $23,844 
Net cash outflows (inflows) on operating leases(1)
$19,834 $3,022 $(4,536)
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(1)Presented net of lease incentives received, including landlord contributions to tenant improvements.
As of December 31, 2025, the maturities of undiscounted cash payments and cash receipts for operating leases are as follows:
Years Ending:Operating Lease PaymentsSublease ReceiptsNet Payments
2026
$18,472 3,461 $15,011 
2027
20,717 4,153 16,564 
2028
20,171 4,153 16,018 
2029
20,996 4,153 16,843 
2030
20,487 4,153 16,334 
Thereafter153,177 7,379 145,798 
Total lease payments(1)
254,020 $27,452 $226,568 
Less: Imputed interest
(67,954)
Total lease liabilities$186,066 
__________________
(1)Total future lease payments are presented net of expected lease incentives.

Historical Timeline

Fiscal YearFiled
2025Feb 27, 2026Showing above
2024Feb 27, 2025
2023Feb 23, 2024
2022Feb 28, 2023
2021Mar 11, 2022

About Leases Disclosures

Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.

Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.

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