Perella Weinberg director executes unit exchanges

Perella Weinberg Partners director Robert K. Steel reported option-style exchanges and a small share return to the company.

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Form Type

Rhea-AI Filing Summary

Perella Weinberg Partners director Robert K. Steel reported option-style exchanges and a small share return to the company. On May 18, 2026, he disposed of 2.08 Class A shares back to the issuer at $18.37 per share and exercised derivative positions tied to PWP Holdings LP units and Class B-1 shares.

The filing shows exchanges of PWP Holdings LP Common Units and related Class B-1 shares into Class A common stock or cash, following the company’s exchange structure described in the footnotes. Overall, the activity is primarily a technical equity-for-equity or equity-for-cash conversion, and Steel continues to hold a significant direct Class A position.

Insider Trade Summary

396,166 shares exercised/converted

Exercise 5 txns

Insider STEEL ROBERT K

Role Director

Type	Security	Shares	Price	Value
Exercise	Class B-1 Common Stock	198,083	$0.02	$4K
Exercise	PWP Holdings LP Common Units	198,083	$18.37	$3.64M
Exercise	Class A Common Stock	198,083	$0.00	$0.00
Exercise	Class A Common Stock	198.08	$0.00	$0.00
Disposition	Class A Common Stock	2.08	$18.37	$38.21

Holdings After Transaction: Class B-1 Common Stock — 0 contracts (Indirect, PWP VoteCo Professionals LP); PWP Holdings LP Common Units — 0 contracts (Direct); Class A Common Stock — 387,922 shares (Direct)

Footnotes (4)

F1. Reflects an exchange of PWP OpCo Units (as defined below) for an equal number of Class A Shares (as defined below). In connection with the exchange, an equal number of Class B-1 Shares (as defined below) were surrendered to the Issuer and converted into Class A Shares at a conversion rate of 0.001 Class A Share for one Class B Share.
F2. Reflects the settlement of the exchange of PWP OpCo Units and Class B-1 Shares, as applicable, for cash.
F3. Concurrently with an exchange of PWP Holdings LP Common Units (which represent Class A partnership units of PWP Holdings LP) ("PWP OpCo Units") for shares of Class A common stock ("Class A Shares") or cash by a PWP Holdings LP unitholder ("Unitholder") who also holds shares of Class B-1 common stock ("Class B-1 Shares"), such Unitholder will be required to surrender to the Issuer a number of Class B-1 Shares equal to the number of PWP OpCo Units exchanged, and such Class B-1 Shares will be converted into Class A Shares or, at the option of the Issuer, for an equivalent amount of cash, which will be delivered to such Unitholder at a conversion rate of 0.001 Class A Share for one Class B-1 Share.
F4. Subject to certain lock-up periods, PWP OpCo Units, upon the surrender of an equal number of Class B-1 Shares, may be exchanged for Class A Shares on a one-for-one basis or, at the option of the Issuer, for an equivalent amount of cash. PWP OpCo Units do not expire.

Key Figures

Issuer disposition: 2.08 shares at $18.37 Derivative exercises total: 396,166 shares PWP Holdings LP Common Units exchanged: 198,083 units +3 more

6 metrics

Issuer disposition 2.08 shares at $18.37 Class A Common Stock returned to issuer on May 18, 2026

Derivative exercises total 396,166 shares Exercise or conversion of derivative securities per transaction summary

PWP Holdings LP Common Units exchanged 198,083 units Converted into Class A common stock or cash

Class B-1 shares exchanged 198,083 shares Surrendered and converted at 0.001 Class A share per Class B-1 share

Exercise price for PWP Holdings LP units $0.00 Conversion or exercise price stated as 0.0000

Class B-1 share transaction price $0.02 Derivative transaction price per Class B-1 share

Key Terms

PWP OpCo Units, Class B-1 Shares, Disposition to issuer, PWP Holdings LP Common Units, +1 more

5 terms

PWP OpCo Units financial

"Concurrently with an exchange of PWP Holdings LP Common Units (which represent Class A partnership units of PWP Holdings LP) ("PWP OpCo Units") for shares of Class A common stock..."

Class B-1 Shares financial

"such Unitholder will be required to surrender to the Issuer a number of Class B-1 Shares equal to the number of PWP OpCo Units exchanged..."

Disposition to issuer regulatory

"transaction_code_description": "Disposition to issuer""

PWP Holdings LP Common Units financial

"Concurrently with an exchange of PWP Holdings LP Common Units (which represent Class A partnership units of PWP Holdings LP)..."

lock-up periods financial

"Subject to certain lock-up periods, PWP OpCo Units, upon the surrender of an equal number of Class B-1 Shares, may be exchanged..."

A lock-up period is a set time after a company’s stock offering during which insiders, early investors, and employees are contractually prevented from selling their shares. It matters to investors because it temporarily limits how many shares can enter the market—reducing the risk of an immediate flood of sales—and when the period ends a sudden increase in supply can put downward pressure on the stock price, creating a predictable risk window.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transactions did PWP director Robert K. Steel report?

Robert K. Steel reported a small disposition of Class A shares to the issuer and several derivative exercises. These exercises converted PWP Holdings LP Common Units and Class B-1 shares into Class A common stock or cash under the company’s existing exchange structure.

How many PWP shares were disposed of back to the issuer?

Steel returned 2.08 shares of Perella Weinberg Partners Class A common stock to the issuer. The disposition was recorded at a price of $18.37 per share and is characterized as a "Disposition to issuer" rather than an open-market sale.

What derivative securities were exercised in this PWP Form 4?

The transactions include exercises involving 198,083 PWP Holdings LP Common Units and 198,083 shares of Class B-1 common stock. These instruments are exchangeable into Class A shares or cash under specified terms, reflecting a conversion of partnership and special voting interests.

Were any PWP transactions made through indirect ownership entities?

Yes. One derivative transaction involves Class B-1 common stock held indirectly through PWP VoteCo Professionals LP. This entity-based holding structure reflects the firm’s governance and voting arrangements rather than a straightforward retail brokerage account position.

Does this Form 4 show open-market buying or selling of PWP shares?

No open-market purchases or sales are reported. The filing instead shows an issuer-directed disposition of a few Class A shares and multiple derivative exchanges converting partnership and Class B-1 interests into Class A shares or cash consistent with the company’s exchange mechanics.

How do PWP OpCo Units convert into Class A common stock?

Footnotes explain that PWP OpCo Units, upon surrender of an equal number of Class B-1 shares, can be exchanged one-for-one for Class A shares or, at the issuer’s option, for an equivalent cash amount. These units do not expire and are subject to certain lock-up periods.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 4 Insider Transactions: What Each Field Means →

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Accepted by SEC EDGAR 05/20/2026 - 08:03 PM

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).

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^*

STEEL ROBERT K

(Last)

(First)

(Middle)

767 FIFTH AVENUE

(Street)

NEW YORK

10153

(City)

(State)

(Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Perella Weinberg Partners [ PWP ]

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

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/18/2026

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

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

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

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Class A Common Stock	05/18/2026		M⁽¹⁾		198,083	A	$0	387,726	D
Class A Common Stock	05/18/2026		M⁽¹⁾		198.08	A	$0	387,924.08	D
Class A Common Stock	05/18/2026		D⁽²⁾		2.08	D	$18.37	387,922	D

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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Class B-1 Common Stock	⁽³⁾	05/18/2026		M⁽¹⁾			198,083	⁽³⁾	⁽³⁾	Class A Common Stock	198.083	$0.02	0	I	PWP VoteCo Professionals LP
PWP Holdings LP Common Units	⁽⁴⁾	05/18/2026		M⁽¹⁾			198,083	⁽⁴⁾	⁽⁴⁾	Class A Common Stock	198,083	$18.37	0	D

Explanation of Responses:

1. Reflects an exchange of PWP OpCo Units (as defined below) for an equal number of Class A Shares (as defined below). In connection with the exchange, an equal number of Class B-1 Shares (as defined below) were surrendered to the Issuer and converted into Class A Shares at a conversion rate of 0.001 Class A Share for one Class B Share.

2. Reflects the settlement of the exchange of PWP OpCo Units and Class B-1 Shares, as applicable, for cash.

3. Concurrently with an exchange of PWP Holdings LP Common Units (which represent Class A partnership units of PWP Holdings LP) ("PWP OpCo Units") for shares of Class A common stock ("Class A Shares") or cash by a PWP Holdings LP unitholder ("Unitholder") who also holds shares of Class B-1 common stock ("Class B-1 Shares"), such Unitholder will be required to surrender to the Issuer a number of Class B-1 Shares equal to the number of PWP OpCo Units exchanged, and such Class B-1 Shares will be converted into Class A Shares or, at the option of the Issuer, for an equivalent amount of cash, which will be delivered to such Unitholder at a conversion rate of 0.001 Class A Share for one Class B-1 Share.

4. Subject to certain lock-up periods, PWP OpCo Units, upon the surrender of an equal number of Class B-1 Shares, may be exchanged for Class A Shares on a one-for-one basis or, at the option of the Issuer, for an equivalent amount of cash. PWP OpCo Units do not expire.

Remarks:

The PWP OpCo Units and Class B Shares reported herein were previously held directly by PWP Professional Partners LP ("Professional Partners"). Professional Partners was an aggregator partnership through which certain partners held interests in PWP Holdings LP ("PWP OpCo"), the entity through which the Issuer holds its advisory business. On December 31, 2023, as part of an internal reorganization and in accordance with Section 17-220 of the Delaware Revised Uniform Limited Partnership Act (the "Act"), Professional Partners was divided into: (i) PWP VoteCo Professionals LP ("VoteCo Professionals"), (ii) PWP AdCo Professionals LP ("AdCo Professionals") and (iii) Professional Partners, which was the "surviving partnership" under the Act (the "Division"). Professional Partners changed its name to PWP AmCo Professionals LP in connection with the Division. In the Division, (i) Class B-1 Shares previously held by Professional Partners were allocated to VoteCo Professionals, and (ii) PWP OpCo Units previously held by Professional Partners were allocated to AdCo Professionals. On April 1, 2024, as part of this internal reorganization, AdCo Professionals merged with and into PWP OpCo (the "Merger"). This Division and Merger did not involve any purchase or sale of Issuer securities or change in pecuniary interest by the reporting person.

	/s/ Justin Kamen, as Attorney-in-Fact	05/20/2026
	** 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.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR