[Form 4] PJT Partners Inc. Insider Trading Activity

Rhea-AI Filing Summary

PJT Partners director James Costos received 14 restricted stock units (RSUs) on 09/17/2025, each convertible into one share of Class A common stock. The filing shows these RSUs include dividend equivalent rights that vest concurrently with the underlying awards. After the reported grant, Mr. Costos directly beneficially owns 10,386 shares of Class A common stock. The RSUs were reported as acquired (A) at a $0 price and reflect contingent rights to receive shares subject to vesting terms.

Positive

• Director equity alignment: Grant of 14 RSUs aligns the reporting person's interests with shareholders
• Full disclosure: Filing provides transaction date (09/17/2025) and post-transaction beneficial ownership (10,386 shares)

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: Routine director equity award; modest in size and disclosed under Section 16.

This Form 4 reports a standard grant of 14 restricted stock units to a company director, including dividend equivalent rights that vest with the underlying awards. The transaction is disclosed as an acquisition at $0, reflecting compensation-based restricted awards rather than an open-market purchase. The director's post-transaction direct beneficial ownership is 10,386 Class A shares, which is a straightforward, routine governance disclosure used to align director incentives with shareholders.

Securities Compliance Analyst

TL;DR: Compliance filing is complete and typical for insider compensation reporting.

The Form 4 includes required details: reporting person identity and address, relationship to the issuer (Director), transaction date (09/17/2025), and the specifics of the RSU grant including dividend equivalents. The signature is executed by an attorney-in-fact, and the filing follows Section 16 reporting procedures. There are no indications of unusual derivative transactions or dispositions in this filing.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Costos James

(Last) (First) (Middle)

280 PARK AVENUE

(Street)

NEW YORK NY 10017

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
PJT Partners Inc. [ PJT ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/17/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Units	(1)	09/17/2025		A(2)		14		(2)	(2)	Class A Common Stock	14	$0	10,386	D

Explanation of Responses:

1. Each restricted stock unit represents a contingent right to receive one share of Issuer Class A common stock.

2. Represents dividend equivalent rights in connection with the Issuer's dividend that accrue to the reporting person in restricted stock units that vest at the same time(s) as the underlying restricted stock units.

	/s/ David K.F. Gillis, as Attorney-in-Fact	09/19/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did PJT director James Costos acquire on 09/17/2025?

He was granted 14 restricted stock units (RSUs), each representing a contingent right to one share of Class A common stock.

How many shares does James Costos beneficially own after this Form 4 filing?

The filing reports he directly beneficially owns 10,386 shares of Class A common stock.

Did the RSUs include dividend equivalents?

Yes. The RSUs include dividend equivalent rights that accrue in restricted stock units and vest with the underlying RSUs.

Was there a cash purchase price for the RSUs reported?

No. The RSUs are reported as acquired at a $0 price, indicating they were granted as compensation.

Who signed the Form 4 on behalf of the reporting person?

The Form 4 was signed by David K.F. Gillis, as Attorney-in-Fact on 09/19/2025.