Dividend Policy & History
PJT initiated a regular dividend in late 2021 and currently pays $0.25 per share quarterly, or $1.00 annualized (stockanalysis.com) (stockanalysis.com). At the recent share price, this equates to a modest yield of ~0.6% (stockanalysis.com). The payout has remained steady at $0.25 each quarter since early 2022, indicating no dividend growth to date (stockanalysis.com). (Notably, PJT did issue a one-time special dividend of $3.00 per share in October 2021 (stockanalysis.com), after which it raised the regular quarterly dividend from a token $0.05 to $0.25.) Management has signaled an intention to continue regular quarterly dividends, but with flexibility – “we have no obligation to do so, and our dividend policy may change at any time,” the 10-K notes (ir.pjtpartners.com). Future dividends will be at the Board’s discretion based on factors like earnings, cash needs, and capital requirements (ir.pjtpartners.com). Importantly, the current dividend is very well-covered by earnings, with a payout ratio around 14% of 2025 earnings (stockanalysis.com). This conservative payout suggests ample room for increases or specials if warranted by performance. Indeed, PJT’s filings state that if the holding-company accumulates excess cash (from tax distributions of its partnership structure), the Board “will consider…increasing our cash dividend or paying special dividends” to stockholders (ir.pjtpartners.com). So far, management appears to prioritize share buybacks (discussed below) and growth investments over aggressive dividend hikes. However, shareholders still benefit from a small and very secure dividend that could rise over time, especially given PJT’s strong earnings trajectory and low payout burden.
Accounting note: Traditional REIT metrics like FFO/AFFO do not apply to PJT, since it’s an advisory bank, not a real estate company. Instead, net income or adjusted earnings per share are the relevant measures of its cash-generation and dividend capacity. By those measures, the dividend is easily afforded – for example, 2025 GAAP EPS was ~$6.68 vs. $1.00 paid in dividends (ir.pjtpartners.com), and adjusted EPS (excluding certain non-cash expenses) was even higher at $6.98 (ir.pjtpartners.com). Thus, PJT’s dividend consumes only a small fraction of its annual profit, leaving substantial retained cash for other uses.
Leverage and Debt Maturities
PJT maintains a very conservative balance sheet, with no funded debt outstanding as of its latest reports (ir.pjtpartners.com). The company has access to a $100 million revolving credit facility for liquidity, but **as of year-end 2024 and 2025 there were no borrowings drawn on the revolver (ir.pjtpartners.com). The credit facility carries an interest rate of SOFR + 1.85% and is scheduled to mature on July 29, 2026 (ir.pjtpartners.com). Given PJT’s lack of current debt usage and robust cash position, rolling over or extending this revolver should be straightforward if needed. In fact, PJT ended 2025 with a record $586 million in cash and short-term investments on hand (ir.pjtpartners.com) – far exceeding its minimal debt capacity usage. Even after hefty share buybacks in early 2026 (over $240 million worth in Q1 2026 alone), PJT still had $388 million of cash on the balance sheet and no debt as of March 31, 2026 (ir.pjtpartners.com). This net cash position and untapped credit line give PJT significant financial flexibility.
With essentially zero long-term debt, PJT’s leverage is negligible and there are no meaningful debt maturities or refinancing needs to worry investors. The company’s capital structure is equity-heavy, which fits its partnership model (many senior bankers hold partnership units rather than debt financing). The credit facility’s covenants (e.g. maintaining certain financial ratios) have not been an issue – PJT remained in full compliance with all debt covenants in 2025 (ir.pjtpartners.com). Overall, the low leverage underscores PJT’s conservative financial management. It relies on operating cash flows to fund growth and shareholder returns, rather than borrowing. This also means interest expense is virtually zero, and interest coverage (EBIT/interest) is a non-issue given the lack of debt. In short, PJT’s soaring performance has not been built on financial leverage – an important point for risk assessment. The strong balance sheet is a positive: it provides a cushion in downturns and dry powder for opportunistic moves (like acquisitions or special payouts) without needing to worry about debt obligations or looming maturities.
Coverage and Cash Flows
Because PJT has no outstanding debt, interest coverage is effectively infinite – the firm’s operating earnings easily cover its token interest costs (mainly commitment fees on the undrawn revolver). The company’s EBITDA and cash flow are more than sufficient to service any short-term borrowing it might occasionally tap. For instance, PJT’s pretax income in 2025 was $343 million GAAP ($357 M adjusted) (ir.pjtpartners.com), against which interest expense was minimal. Thus, creditors’ coverage ratios are extremely healthy by default.
From a dividend coverage standpoint, as noted, earnings cover the dividend roughly 7x over (only ~14% of net income was paid out as dividends in 2025 (stockanalysis.com)). Even looking at free cash flow, PJT’s business is not capital intensive – its primary expenses are compensation and overhead, not plant or equipment. In 2025, PJT generated $342.9 million in income before taxes (ir.pjtpartners.com), and after paying cash bonuses and other expenses, it still had ample cash to return to shareholders. The firm’s operating cash flow comfortably funds its quarterly dividend (about $24 million per year given ~40 million Class A shares (ir.pjtpartners.com)). This conservative payout leaves significant cash flow for share repurchases, strategic investments, and partnership “tax distributions” (payments to cover partners’ tax liabilities). In practice, PJT has used much of its excess cash for buybacks – e.g. $195 million of shares repurchased in 2025 (ir.pjtpartners.com) – while maintaining the dividend at a low but stable level.
It’s worth noting PJT’s cash generation has grown dramatically alongside earnings. The firm reported record cash balances in 2025 as mentioned, reflecting strong profits and perhaps deferred bonus payouts (bankers’ bonuses are often paid in Q1 of the following year). Management expects to meet liquidity needs through operating cash flow and, if needed, the revolver (ir.pjtpartners.com) (ir.pjtpartners.com). All told, cash flow coverage of both internal needs and shareholder distributions appears very solid. The quarterly $0.25 dividend, while modest, is well-supported by recurring advisory fees. Even under stress scenarios, PJT could pay its dividend and interest easily – for example, in the softer year of 2023 (when profits dipped), the dividend was only $1 per share against ~$2 of GAAP EPS, so coverage remained safe. Overall, PJT’s cash flow profile and lack of fixed charges give it a wide margin of safety on coverage.
Valuation and Peer Comparison
PJT’s stock currently trades at a premium valuation relative to many peers, arguably reflecting its growth profile and strong execution. The trailing P/E ratio is around 21.7× and forward P/E about 19.9× based on consensus estimates (stockanalysis.com). This is slightly higher than larger rival Evercore (EVR), which trades near 19× earnings (stockanalysis.com). It is also a richer multiple than some other independent advisors; for example, Moelis & Co. (a smaller boutique) has a P/E in the high teens and historically a much higher dividend yield (~5%) given its more static business model. By contrast, PJT’s dividend yield (~0.65%) is low for the sector (stockanalysis.com) – competitors like Evercore yield ~1% and Lazard Ltd. yields around 4–5% at current prices (www.marketbeat.com). PJT’s lower yield signals that investors are valuing it more for growth (and/or that it returns cash via buybacks instead of dividends).
On a price-to-revenue basis, PJT’s market cap (~$6.2 B) is about 3.6× its 2025 revenue ($1.71 B) (ir.pjtpartners.com). This is roughly in line with Evercore’s multiple (EVR ~$14.1 B market cap on $3.86 B revenue ≈ 3.7× sales) (stockanalysis.com) (stockanalysis.com). In terms of profitability, PJT’s net margin attributable to shareholders was ~10.5% in 2025 (\$180 M net income to PJT Inc. on $1.714 B revenue) (ir.pjtpartners.com) (ir.pjtpartners.com). When adjusted for the partnership structure (which allocates some income to non-controlling partners), the overall firm’s pretax margin was higher (~20% pretax margin (ir.pjtpartners.com)). Peers like Evercore had net margins in the mid-teens in 2025 (Evercore earned $592 M on $3.86 B revenue ≈ 15% net margin) (stockanalysis.com). So PJT’s margins are solid but not dramatically above peers – the key difference is growth. PJT grew revenues +15% in 2025 and delivered nearly +36% GAAP EPS growth (ir.pjtpartners.com), whereas many rivals were recovering from deeper slumps. For instance, Evercore’s revenue grew ~29% in 2025 after a weak 2024, and Moelis actually posted losses in part of 2023 before rebounding. Investors appear willing to pay a premium for PJT’s unique mix of businesses (which performed well through various market conditions) and its ability to gain share. Wall Street’s consensus rating on PJT is around “Hold,” with an average price target of ~$170** (roughly 10–15% above the recent trading price in the $150s) (stockanalysis.com). This suggests analysts see some further upside but are cautious after the stock’s big run-up.
In sum, at ~20× earnings PJT is not cheap in absolute terms, but the valuation reflects its high growth (GAAP EPS CAGR of ~50% over 2023–25) and strong execution. The company’s strategy of returning cash via share buybacks also supports the stock – e.g. the Board approved a massive $800 million repurchase program in April 2026 (ir.pjtpartners.com). That authorization equals over 13% of PJT’s market cap, signaling confidence that the stock is a good investment and helping to offset dilution from employee equity awards and partner unit exchanges. These buybacks, combined with rising earnings, have driven EPS growth and likely contributed to the stock’s strength. Compared to peers, PJT’s valuation seems justified by its differentiated business mix (especially its leading Restructuring franchise) and robust growth trajectory, though investors should be mindful that the stock already prices in a lot of optimism.
Key Risks
Despite its recent success, PJT faces several risks and challenges that investors should monitor:
- Cyclical Market Dependence: PJT’s revenues are highly tied to the volume of M&A transactions and restructuring deals. A downturn in the economic or credit cycle can sharply reduce deal activity. If corporate bankruptcies and debt defaults decline, demand for PJT’s restructuring advisory services would fall, hurting that business line (ir.pjtpartners.com). Similarly, if M&A activity slows (due to recession, market volatility, etc.), strategic advisory fees could drop significantly. This cyclicality was evident in recent years – e.g. PJT’s net income fell to just $45.7 M in 2022 amid a dealmaking slump, then rebounded to $180 M by 2025 as markets recovered (ir.pjtpartners.com). Such volatility could recur with changing market conditions.
- Talent Retention and Recruitment: As a human-capital business, PJT’s success depends on attracting and retaining top bankers. The firm is led by high-profile partners, including CEO Paul Taubman, and its client relationships hinge on individual bankers’ reputations (ir.pjtpartners.com). Losing key rainmakers or teams to competitors could “impair our business and its growth until qualified replacements are found.” (ir.pjtpartners.com) There is intense competition on Wall Street for experienced deal advisors – larger banks and other boutiques constantly try to poach talent. PJT must continue to motivate its partners and managing directors (through compensation, culture, equity upside, etc.) to prevent defections. The departure of even a few senior bankers or a group could materially impact PJT’s revenue pipeline (ir.pjtpartners.com). Maintaining a competitive pay structure (which can pressure margins) is an ongoing balancing act in order to keep top performers.
- Competition from Larger Banks: PJT competes against much larger financial institutions (bulge-bracket banks like Goldman Sachs, JPMorgan, etc.) as well as other independents for advisory mandates (ir.pjtpartners.com). The big banks have far greater financial resources and the ability to offer clients lending, capital markets underwriting, and other services that PJT doesn’t provide (ir.pjtpartners.com). In some situations, PJT’s inability to finance deals or provide balance-sheet capital can be a disadvantage in winning mandates. While PJT pitches itself as a conflict-free, independent advisor, it must continually prove its value against competitors that can bundle advisory with financing. Any loss of competitive edge – whether through reputational hit or weaker client outcomes – could make it harder to win new business.
- Regulatory and Legal Risks: As a financial services firm, PJT is subject to regulation by the SEC, FINRA and other authorities. Compliance failures or legal issues could result in fines or sanctions. Additionally, advising on restructurings can invite lawsuits (from creditors or others unhappy with outcomes). PJT currently is not facing any material litigation , but there’s always a risk of legal liability or settlement costs from its advisory roles. Regulatory changes (e.g. new banking rules, tax law changes affecting its partnership structure) could also impact the business. PJT’s broker-dealer units must adhere to net capital rules that restrict excessive leverage (ir.pjtpartners.com), which the firm has managed well so far.
- Reputational Risk: Any damage to PJT’s reputation could quickly result in lost business, given the importance of trust in advisory relationships. This risk was starkly illustrated in 2016, when a senior PJT executive committed fraud. In that incident, an MD in PJT’s Park Hill unit (which raises private capital) ran a $95 million scheme defrauding investors (including a charitable foundation) with fake investment vehicles (fortune.com). The employee, Andrew Caspersen, was arrested and eventually sentenced to prison, but not before PJT’s name was dragged into headlines (fortune.com). PJT’s stock plunged over 12% on the news, despite the fraud originating under Blackstone’s watch pre-spinoff (fortune.com). PJT cooperated fully and was not charged with wrongdoing, but the episode highlighted how one individual’s misconduct can pose an outsized risk to the firm’s reputation and client confidence. PJT has since strengthened its internal controls, yet the possibility of rogue behavior or conflicts of interest remains an inherent risk in the industry. Maintaining a sterling reputation is essential for PJT to continue winning landmark advisory assignments.
In summary, PJT’s main risks revolve around the boom-bust cycles of its industry, the war for talent, and the need to uphold its independent, trusted advisor reputation. The company’s diversified advisory mix (M&A, restructuring, fund placement) does provide some buffer – e.g. when M&A slows, restructuring often picks up – but a broad economic downturn could still impact all areas. Investors in PJT should be prepared for earnings volatility and monitor indicators like global M&A volumes, default rates, and any signs of senior defections or client losses as warning flags.
Red Flags and Financial Considerations
While PJT’s financial position is strong, there are a few red flags or unusual items to note:
- Tax Receivable Agreement (TRA): Investors should be aware of PJT’s complex tax and ownership structure stemming from its spin-off. The company operates through a partnership (PJT Partners Holdings LP), and when partners exchange their units for PJT Class A shares, PJT Inc. gains a tax basis step-up. PJT has a Tax Receivable Agreement with its original partners that obligates the company to pay them 85% of the tax savings realized from these exchanges (ir.pjtpartners.com) (ir.pjtpartners.com). In essence, a large portion of future tax benefits is contracted to be paid out to former partners (a common arrangement in finance IPOs). These TRA payments can be substantial – management explicitly warns they “will be substantial” over time (ir.pjtpartners.com). As of year-end 2025, PJT had about $30 million recorded payable under the TRA (ir.pjtpartners.com), and it paid out ~$4.6 M to partners under this agreement in 2025 (ir.pjtpartners.com). The risk is that if many partners exchange units (or if a change-of-control event happens), PJT could face a large lump-sum obligation. In a change of control or if PJT chose to terminate the TRA early, payments could accelerate and even exceed the actual tax savings on a net present value basis (ir.pjtpartners.com) (ir.pjtpartners.com). These payments are an obligation of the public company (PJT Inc.), not the partnership (ir.pjtpartners.com) – meaning public shareholders effectively owe part of the tax benefit back to insiders. If PJT didn’t have sufficient cash on hand or distributions from the partnership, it might need to finance these payments by drawing debt or other means (ir.pjtpartners.com). While routine TRA payments are just a drag on cash flow over many years, the accelerated payout scenario is a potential overhang in the event of any strategic transaction or ownership change for PJT. Investors should factor this in when assessing PJT’s true value; it’s an off-balance-sheet like liability tied to future events.
- Share-Based Compensation & Buybacks: Like most advisory firms, PJT grants stock and partnership units to employees as part of compensation. This can dilute existing shareholders if not offset. PJT has been proactive in repurchasing shares to neutralize dilution – for example, in 2025 it repurchased 1.3 million shares (~3% of shares) for $195 M (ir.pjtpartners.com), and in Q1 2026 it bought back another 1.6 M shares/equivalents for $244 M (ir.pjtpartners.com). These are significant amounts (cumulatively over 6% of the float in a short span). The red flag would be if PJT ever pulled back on buybacks, as the ongoing issuance to employees and retiring partners could then increase the share count. So far, management has indicated commitment to use repurchases to manage dilution (as evidenced by the new $800 M buyback program (ir.pjtpartners.com)). Shareholders should watch the net share count and ensure buybacks are indeed offsetting equity awards rather than just masking compensation expenses. Additionally, heavy stock-based pay means reported GAAP earnings are reduced by large non-cash charges (which PJT backs out in “adjusted” earnings). This is normal for the industry, but investors should be mindful of the true economic cost of talent retention.
- Corporate Structure Complexity: PJT’s structure (a public holding company owning an LP with many partners) introduces some complexity and potential conflicts. Besides the TRA noted above, there are significant non-controlling interests – e.g. 15.3 million partnership units were still held by insiders as of 2025 which can be exchanged for Class A shares (ir.pjtpartners.com). The public float is thus somewhat smaller than the total economic interest in the firm. As partners exchange units, non-controlling interest expense will convert into GAAP net income for Class A shareholders (which has been a tailwind to reported net income growth). Conversely, PJT Inc. must also fund tax distributions to all partners. Each quarter, PJT’s partnership makes distributions equal to 50% of taxable income to unit holders (to cover their tax) (ir.pjtpartners.com). PJT Inc. gets its share of these, but also has to pay corporate taxes and TRA payouts from them. This arrangement means public shareholders will always get a slightly lower effective distribution than the underlying partnership (because 15% of tax benefits are given up via the TRA, and some cash is retained) (ir.pjtpartners.com). While not necessarily a “red flag,” the alignment between public shareholders and partner interests is something to monitor. The partnership structure could lead to conflicts in capital allocation (e.g. decisions on buybacks or dividends might favor one class over the other). So far, PJT has managed this well – for instance, it even used cash to directly buy out some partnership units (149k units for cash in April 2026) to avoid diluting shareholders (ir.pjtpartners.com). This is a shareholder-friendly move, but it’s essentially another use of cash to satisfy departing partners.
- Limited Operating History & Growth by Acquisition: PJT is relatively young (founded 2014, public in 2015) (stockanalysis.com), and its rapid growth has included acquisitions. While no major issues so far, acquisitions carry integration risk. In 2018, PJT acquired CamberView Partners, a specialist in shareholder activism defense, to broaden its advisory capabilities (finance.yahoo.com). The deal was part cash, part stock, and brought new talent into PJT’s fold (finance.yahoo.com). CamberView’s integration was successful, but any future acquisitions might pose challenges in retaining acquired personnel or maintaining PJT’s culture. Investors should be alert to any large, transformative acquisitions that could change PJT’s risk profile. Additionally, as a newer company, PJT doesn’t have decades of standalone track record through multiple market cycles – the 2020–2022 period (COVID shock then 2022 slowdown) was an important test, and PJT came through with only a brief dip in earnings, but longer history would give more confidence.
Overall, none of these red flags suggest fundamental wrongdoing or instability at PJT – rather, they are structural and industry-related quirks to keep in mind. The tax receivable agreement in particular is a key financial obligation often overlooked; while it shouldn’t impede PJT’s day-to-day operations (the company is very cash-generative), it does mean a slice of the economics goes to insiders outside of normal compensation. Investors should incorporate the TRA liability into their valuation thinking (e.g. as additional debt). The good news is PJT’s robust profits and cash reserves make these issues manageable. But in a severe downturn, obligations like the TRA or guaranteed bonuses could constrain flexibility. Diligence around these areas is warranted as PJT continues to grow.
Open Questions & Outlook
Despite PJT’s impressive performance and stock ascent, there are open questions and uncertainties about its future trajectory:
- Can the record growth continue? PJT benefited from a huge rebound in deals in late 2024 and 2025 – global M&A volumes were up nearly 50% in 2025 (ir.pjtpartners.com), and restructuring activity stayed high. The firm started 2026 strong (Q1 revenue +29% YoY) (ir.pjtpartners.com). But market sentiment can change quickly, as management cautions (ir.pjtpartners.com). It remains to be seen if PJT can maintain double-digit growth. A key question is whether the current deal pipeline (across M&A and restructuring) will sustain momentum into 2027 and beyond, or if it will normalize. The broader environment – interest rates, economic stability, CEO confidence – will heavily influence PJT’s growth. Any slowdown in transactions could temper its earnings, given the high operating leverage in advisory businesses (cost base is largely fixed salaries in the short run). So, is PJT’s “record” performance the new normal or a peak cycle? Future quarters will tell.
- Will PJT increase its regular dividend or issue another special? With a payout ratio of only ~14% and mounting excess cash, PJT clearly has headroom to reward shareholders more. Management has explicitly acknowledged that if cash builds up, the Board may consider “increasing our cash dividend or paying special cash dividends.” (ir.pjtpartners.com) So far, they’ve leaned toward buybacks as the primary return mechanism. The question is whether PJT will eventually choose to meaningfully boost the quarterly dividend (to attract income-focused investors) or repeat a special dividend like the $3 one in 2021. Investors might prefer a higher regular dividend given the company’s stable cash flows, but PJT may prefer the flexibility of buybacks. This remains an open debate – one that could hinge on management’s growth investment opportunities versus a desire to signal confidence via a dividend raise. Monitoring capital return decisions in upcoming quarters will be important.
- How will the new $800 million buyback be utilized? The authorization PJT announced in April 2026 is very large (over 13% of shares) (ir.pjtpartners.com). Open questions include: Over what timeframe will they execute it? Is it mainly to offset ongoing partner unit exchanges and stock grants, or is it a signal that management views the stock as undervalued? In Q1 2026 they were aggressive, buying $244 M worth in one quarter (ir.pjtpartners.com). If that pace continues, the share count could shrink meaningfully, boosting EPS. However, if the stock price rises further, will they be as willing to buy back shares at higher valuations? Investors should watch the rate of repurchase in financial filings. The large buyback also prompts the question of optimal capital allocation – could some of that $800 M be better used elsewhere (higher dividend, acquisitions)? Thus far, PJT seems to prefer buybacks, but whether that maximizes long-term value will be an ongoing consideration.
- Are there expansion or M&A plans ahead? PJT has grown organically by recruiting teams and also via acquisition (e.g. CamberView Partners in 2018 to enhance its shareholder advisory practice (finance.yahoo.com)). Now with substantial cash and a strong stock currency, will PJT look to acquire another firm to enter new areas or bolster weak spots? The advisory landscape is fragmented; for instance, might PJT acquire a firm to expand in Europe or Asia, or an asset management arm to add steady fee revenues? Or will it remain focused on organic growth? Management hasn’t telegraphed any major deals, but given past willingness to do bolt-ons, it’s an open question if further strategic acquisitions are part of the game plan. Conversely, one could ask if PJT itself might ever be a target – though as a partnership-led firm built on independence, an acquisition by a larger bank seems unlikely in the near term. Still, industry consolidation (like Mizuho’s 2023 purchase of Greenhill, a smaller advisory firm) shows that boutique banks can attract suitors. PJT’s stance on participating in consolidation (as buyer or seller) remains something to watch.
- Leadership & succession: PJT is closely identified with its founder/CEO Paul Taubman, who is in his early 60s and has led the firm since inception. Under his leadership, PJT has thrived. A question for the long run is how succession will be handled – is there a clear #2 or heir-apparent if Taubman eventually steps back? The firm’s decentralized partnership model means many senior bankers run their groups, but the CEO role and culture set at the top are key. Any future transition (even if a few years out) could be a pivotal moment. For now, there’s no known plan publicly, but it’s an open point for investors to keep in mind: can PJT’s franchise outlast its founding figurehead seamlessly? Similarly, as the partnership expands (133 partners as of 2025, up 12% YoY (ir.pjtpartners.com)), maintaining a unified culture and vision is a continuous challenge.
In conclusion, PJT Partners has delivered a standout performance – “a year of record-setting performance across the board,” in the CEO’s words (ir.pjtpartners.com) – which has rightly been rewarded by a soaring stock price. The firm’s strengths include a diversified advisory platform, prudent financial management (no debt), and substantial shareholder returns through buybacks and a secure dividend. However, investors should remain mindful of the risks of the advisory business model and the nuances of PJT’s structure. The next chapters for PJT will involve proving that its growth is sustainable even as cycles turn, deciding how to deploy its growing cash war chest, and navigating competitive pressures. The stock’s valuation suggests optimism, but also demands continued execution. Open questions around capital allocation and strategic direction will likely be answered in the coming quarters and years. For now, PJT’s story is one of impressive momentum – and if management can address the challenges discussed, the firm is well positioned to remain a high performer in the financial advisory arena. Investors will be watching closely to see if PJT can carry its success “inside” into the future, just as it has soared outside on the stock charts.
Sources: PJT Partners 2025 Annual Report (10-K) (ir.pjtpartners.com) (ir.pjtpartners.com); PJT Q4 2025 and Q1 2026 Earnings Releases (ir.pjtpartners.com) (ir.pjtpartners.com); PJT Investor Relations data (stockanalysis.com) (ir.pjtpartners.com); Peer company data from StockAnalysis and MarketBeat (stockanalysis.com) (www.marketbeat.com); Risk factor excerpts from PJT SEC filings (ir.pjtpartners.com) (ir.pjtpartners.com); Reuters and Fortune reporting on PJT (Caspersen case and CamberView deal) (fortune.com) (finance.yahoo.com).
