[Form 4] PJT Partners Inc. Insider Trading Activity

Rhea-AI Filing Summary

Emily K. Rafferty, a director of PJT Partners Inc. (PJT), was granted 9 restricted stock units on 09/17/2025. Each unit converts to one share of Class A common stock and includes dividend-equivalent rights that vest with the underlying awards. The award was granted at no cash price and increases Ms. Rafferty's direct beneficial ownership to 6,674 shares. The filing was signed by an attorney-in-fact on 09/19/2025.

Positive

• Director received equity-based compensation aligning interests with shareholders through restricted stock units
• Incremental increase to direct ownership to 6,674 shares, reinforcing ongoing board stake

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: A routine small grant of 9 restricted stock units to a director, increasing direct holdings modestly.

The filing documents a standard equity grant to a director that appears compensatory in nature rather than a market-timed purchase or sale. The units include dividend-equivalent rights and carry no purchase price, consistent with typical restricted stock unit awards for non-employee or board-level service. Given the small size relative to total holdings, this is unlikely to materially affect ownership or control.

Securities Analyst

TL;DR: Insignificant share movement: 9 RSUs granted, resulting in 6,674 shares beneficially owned.

From a disclosure and market-impact perspective, this is a routine Form 4 reporting an equity award; there is no cash consideration and no disposition reported. The presence of dividend-equivalent rights is noted but the grant size is immaterial to investor valuations or voting power.

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

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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^*

Rafferty Emily K

(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)		9		(2)	(2)	Class A Common Stock	9	$0	6,674	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 (PJT) director Emily Rafferty report on Form 4?

The Form 4 reports a grant of 9 restricted stock units on 09/17/2025, each convertible to one share of Class A common stock and including dividend-equivalent rights.

How many shares does Emily Rafferty beneficially own after the transaction?

Following the reported grant, Emily Rafferty beneficially owns 6,674 shares of PJT Class A common stock.

Was there any cash paid for the restricted stock units?

No. The units were granted at a $0 price as reported in the filing.

When was the Form 4 signed?

The Form 4 was signed by an attorney-in-fact on 09/19/2025.

Do the restricted stock units include dividends?

Yes. The filing states the awards represent dividend equivalent rights that accrue in restricted stock units and vest with the underlying awards.