PJT Insider Filing: Emily Rafferty Adds 9 RSUs via Dividend Credit

Rhea-AI Filing Summary

PJT Partners Inc. – Form 4 filing overview: Director Emily K. Rafferty reported receiving 9 restricted stock units (RSUs) on 18-Jun-2025. The RSUs were issued as dividend-equivalent rights; each unit represents the right to one share of Class A common stock and was granted at $0 cost. Following the award, Rafferty now directly holds 6,665 derivative securities linked to PJT shares. No open-market purchases or sales of common stock were disclosed, indicating a routine, non-cash increase in the director’s equity exposure rather than an active investment decision.

Insights

Securities Analyst

TL;DR – Routine 9-unit RSU dividend credit; negligible market impact.

The filing shows a small, automatic award tied to PJT’s dividend policy. At only nine units, the grant is immaterial to both Rafferty’s stake and PJT’s float. Because the shares vest on the same schedule as the underlying RSUs and involve no cash outlay, the transaction offers no direct insight into the insider’s sentiment or the company’s fundamentals. Investors typically ignore such clerical adjustments when assessing insider activity.

Corporate Governance Expert

TL;DR – Compliance event; confirms dividend-equivalent accrual.

The report underscores PJT’s adherence to Section 16 disclosure requirements for even minimal equity changes. Dividend-equivalent RSUs keep directors economically aligned with shareholders without triggering trading concerns. The filing therefore signals normal governance practice, not a strategic shift. Impact on governance risk assessments is neutral.

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).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

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)
06/18/2025

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)	06/18/2025		A(2)		9		(2)	(2)	Class A Common Stock	9	$0	6,665	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	06/20/2025
	** 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

How many RSUs did PJT director Emily K. Rafferty receive on 18-Jun-2025?

She was credited with 9 restricted stock units.

Did the Form 4 disclose any open-market purchase or sale of PJT common stock?

No. The filing only reports a dividend-equivalent RSU accrual at $0 cost.

What is the total number of derivative securities Rafferty holds after the transaction?

She now directly owns 6,665 derivative securities linked to PJT shares.

Why were the RSUs granted at a price of $0?

They represent dividend-equivalent rights, automatically credited in lieu of cash dividends and therefore have no purchase price.

Does this Form 4 suggest any change in insider sentiment at PJT (PJT)?

The tiny, automatic RSU credit is administrative; it does not indicate buying or selling intent.