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2025 Annual Report
To Our Shareholders, Last year, when I sat down to write to you, markets were responding to the shock of new tariffs. Today, markets remain turbulent as they react to news from the Middle East. There is a lesson in all this. We are living in a time of overlapping crises, as old orders fragment, and new ones are yet to be born. This volatility accelerates trends and increases the gap between winners and losers. To navigate this environment, firms are in more need than ever of first-class, sophisticated, independent advice. They need advice on their liability management needs when commodity prices are rising and supply chains are disrupted. They demand support on how they drive scale; how they invest in their winners and pare their losers; and how they tell their story to distracted markets. This is what we do best. And it is these strengths that drove record results for our business last year, across all parts of the firm: strategic advisory; liability management and restructuring; and fund capital raising and private capital solutions all performed strongly. We also continued to invest in our business despite the noise and dislocation. We continued to make significant additions to our talent base, and we continued our geographic expansion, opening new offices in Stockholm and Riyadh to serve our growing client base. As I reflect on our ten-year anniversary and look back at the results over the last year, it reminds me that we always overestimate what we can do in a year and massively underestimate what we can do in a decade. As such, we will continue with a decade-like view and focus on the fundamentals, driving collaboration across our diversified business and investing in our people to best serve our clients. Given the growth opportunities before us in each of our businesses, our firm remains well positioned to thrive across a broad range of market environments. As before, we remain confident in our near, intermediate, and long-term growth prospects. Thank you for your continued support and confidence in our firm. We are deeply grateful and look forward to continuing to build something consequential together. Sincerely, Paul J. Taubman
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 • shareholder letter icon 4/29/2026 Letter Continued (Full PDF)
 • stockholder letter icon 4/10/2023 PJT Stockholder Letter
 • stockholder letter icon 4/29/2024 PJT Stockholder Letter
 • stockholder letter icon 4/29/2025 PJT Stockholder Letter
 • stockholder letter icon More "Investment Brokerages" Category Stockholder Letters
 • Benford's Law Stocks icon PJT Benford's Law Stock Score = 70


PJT Shareholder/Stockholder Letter Transcript:

2025
Annual Report





To Our Shareholders,
Last year, when I sat down to write to you, markets were responding to the shock of
new tariffs. Today, markets remain turbulent as they react to news from the Middle
East. There is a lesson in all this. We are living in a time of overlapping crises, as old
orders fragment, and new ones are yet to be born.
This volatility accelerates trends and increases the gap between winners and
losers. To navigate this environment, firms are in more need than ever of first-class,
sophisticated, independent advice. They need advice on their liability management
needs when commodity prices are rising and supply chains are disrupted. They
demand support on how they drive scale; how they invest in their winners and pare
their losers; and how they tell their story to distracted markets.
This is what we do best. And it is these strengths that drove record results for
our business last year, across all parts of the firm: strategic advisory; liability
management and restructuring; and fund capital raising and private capital
solutions all performed strongly.
We also continued to invest in our business despite the noise and dislocation. We
continued to make significant additions to our talent base, and we continued our
geographic expansion, opening new offices in Stockholm and Riyadh to serve our
growing client base.
As I reflect on our ten-year anniversary and look back at the results over the last
year, it reminds me that we always overestimate what we can do in a year and
massively underestimate what we can do in a decade.
As such, we will continue with a decade-like view and focus on the fundamentals,
driving collaboration across our diversified business and investing in our people to
best serve our clients.
Given the growth opportunities before us in each of our businesses, our firm
remains well positioned to thrive across a broad range of market environments.
As before, we remain confident in our near, intermediate, and long-term growth
prospects.
Thank you for your continued support and confidence in our firm. We are deeply
grateful and look forward to continuing to build something consequential together.
Sincerely,
Paul J. Taubman

[THIS PAGE INTENTIONALLY LEFT BLANK]


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