What changed in this filing

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Item 1. Financial Statements

2025-05-08 compared with 2024-11-06 · 334 added, 355 removed, 706 unchanged (49% of the section changed)

1 unchanged sentence

Condensed Consolidated Financial Statements (Unaudited) Page

Condensed Consolidated Statements of Financial Condition as of September 30, 2024 and December 31, 2023

Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2024 and 2023

Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2024 and 2023

Condensed Consolidated Statements of Changes in Equity for the three and nine months ended September 30, 2024 and 2023

Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023

Condensed Consolidated Statements of Financial Condition as of March 31, 202 5 and December 31, 202 4

Condensed Consolidated Statements of Operations for the three months ended March 31, 202 5 and 202 4

Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 202 5 and 202 4

Condensed Consolidated Statements of Changes in Equity for the three months ended March 31, 202 5 and 202 4

Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 202 5 and 202 4

Notes to Unaudited Condensed Consolidated Financial Statements

2 unchanged sentences

(dollars in thousands, except share data)

September 30, 2024 December 31, 2023

March 31, 2025 December 31, 2024

Current Assets

Cash and Cash Equivalents $ 552,954 $ 873,045

Investment Securities and Certificates of Deposit (includes available-for-sale debt securities with an amortized cost of $ 583,638 and $ 744,178 at September 30, 2024 and December 31, 2023, respectively)

Investment Securities and Certificates of Deposit (includes available-for-sale debt securities with an amortized cost of $ 198,719 and $ 813,507 at March 31, 2025 and December 31, 2024, respectively)

811,459 1,519,381

Accounts Receivable (net of allowances of $ 6,153 and $ 5,603 at September 30, 2024 and December 31, 2023, respectively)

Accounts Receivable (net of allowances of $ 3,183 and $ 2,253 at March 31, 2025 and December 31, 2024, respectively)

469,147 421,502

5 unchanged sentences

Operating Lease Right-of-Use Assets 445,606 439,458

Furniture, Equipment and Leasehold Improvements (net of accumulated depreciation and amortization of $ 232,890 and $ 212,929 at September 30, 2024 and December 31, 2023, respectively)

Furniture, Equipment and Leasehold Improvements (net of accumulated depreciation and amortization of $ 154,670 and $ 151,455 at March 31, 2025 and December 31, 2024, respectively)

161,204 144,756

20 unchanged sentences

Stockholders' Equity

Class A, par value $ 0.01 per share ( 1,000,000,000 shares authorized, 84,587,099 and 82,114,009 issued at September 30, 2024 and December 31, 2023, respectively, and 38,043,679 and 37,773,613 outstanding at September 30, 2024 and December 31, 2023, respectively)

Class B, par value $ 0.01 per share ( 1,000,000 shares authorized, 45 and 46 issued and outstanding at September 30, 2024 and December 31, 2023, respectively)

Class A, par value $ 0.01 per share ( 1,000,000,000 shares authorized, 86,863,201 and 84,767,922 issued at March 31, 2025 and December 31, 2024, respectively, and 38,657,107 and 38,116,350 outstanding at March 31, 2025 and December 31, 2024, respectively)

Class B, par value $ 0.01 per share ( 1,000,000 shares authorized, 47 and 45 issued and outstanding at March 31, 2025 and December 31, 2024, respectively)

Additional Paid-In Capital 3,596,161 3,510,356

1 unchanged sentence

Retained Earnings 2,245,124 2,133,919

Treasury Stock at Cost ( 46,543,420 and 44,340,396 shares at September 30, 2024 and December 31, 2023, respectively)

Treasury Stock at Cost ( 48,206,094 and 46,651,572 shares at March 31, 2025 and December 31, 2024, respectively)

( 4,307,384 ) ( 3,901,424 )

8 unchanged sentences

(dollars and share amounts in thousands, except per share data)

For the Three Months Ended September 30, For the Nine Months Ended September 30,

2024 2023 2024 2023

For the Three Months Ended March 31,

Investment Banking & Equities:

14 unchanged sentences

Execution, Clearing and Custody Fees 3,346 3,341

Special Charges, Including Business Realignment Costs 7,305 — 7,305 2,921

Other Operating Expenses 10,992 7,804

3 unchanged sentences

Income Before Income Taxes 112,063 86,445

Provision for Income Taxes 34,971 19,717 56,659 52,945

Provision (Benefit) for Income Taxes ( 41,727 ) ( 6,679 )

Net Income 153,790 93,124

15 unchanged sentences

(dollars in thousands)

For the Three Months Ended September 30, For the Nine Months Ended September 30,

2024 2023 2024 2023

For the Three Months Ended March 31,

Net Income $ 153,790 $ 93,124

11 unchanged sentences

(dollars in thousands, except share data)

For the Three Months Ended September 30, 2024

Additional Other

Class A Common Stock Paid-In Comprehensive Retained Treasury Stock Noncontrolling Total

Shares Dollars Capital Income (Loss) Earnings Shares Dollars Interest Equity

Balance at June 30, 2024 84,435,812 $ 844 $ 3,331,726 $ ( 30,501 ) $ 1,984,130 ( 46,117,928 ) $ ( 3,770,688 ) $ 212,015 $ 1,727,526

Net Income — — — — 78,393 — — 9,701 88,094

Other Comprehensive Income — — — 10,691 — — — 995 11,686

Treasury Stock Purchases — — — — — ( 425,492 ) ( 100,401 ) — ( 100,401 )

Evercore LP Units Exchanged for Class A Common Stock 92,968 1 11,308 — — — — ( 6,955 ) 4,354

Equity-based Compensation Awards 58,319 1 75,884 — — — — 16,158 92,043

Dividends — — — — ( 34,541 ) — — — ( 34,541 )

Noncontrolling Interest (Note 12) — — — — — — — ( 8,807 ) ( 8,807 )

Balance at September 30, 2024 84,587,099 $ 846 $ 3,418,918 $ ( 19,810 ) $ 2,027,982 ( 46,543,420 ) $ ( 3,871,089 ) $ 223,107 $ 1,779,954

For the Nine Months Ended September 30, 2024

For the Three Months Ended March 31, 2025

Additional Other

9 unchanged sentences

Noncontrolling Interest (Note 12) — — — — — — — ( 7,848 ) ( 7,848 )

Balance at September 30, 2024 84,587,099 $ 846 $ 3,418,918 $ ( 19,810 ) $ 2,027,982 ( 46,543,420 ) $ ( 3,871,089 ) $ 223,107 $ 1,779,954

For the Three Months Ended September 30, 2023

Additional Other

Class A Common Stock Paid-In Comprehensive Retained Treasury Stock Noncontrolling Total

Shares Dollars Capital Income (Loss) Earnings Shares Dollars Interest Equity

Balance at June 30, 2023 81,914,589 $ 819 $ 3,011,969 $ ( 20,392 ) $ 1,823,412 ( 44,028,278 ) $ ( 3,410,153 ) $ 198,925 $ 1,604,580

Net Income — — — — 52,148 — — 6,625 58,773

Other Comprehensive Income (Loss) — — — ( 7,533 ) — — — ( 747 ) ( 8,280 )

Treasury Stock Purchases — — — — — ( 296,525 ) ( 40,817 ) — ( 40,817 )

Evercore LP Units Exchanged for Class A Common Stock 37,565 1 3,629 — — — — ( 2,354 ) 1,276

Equity-based Compensation Awards 35,435 — 72,416 — — — — 6,538 78,954

Dividends — — — — ( 32,650 ) — — — ( 32,650 )

Noncontrolling Interest (Note 12) — — — — — — — ( 7,368 ) ( 7,368 )

Balance at September 30, 2023 81,987,589 $ 820 $ 3,088,014 $ ( 27,925 ) $ 1,842,910 ( 44,324,803 ) $ ( 3,450,970 ) $ 201,619 $ 1,654,468

For the Nine Months Ended September 30, 2023

Balance at March 31, 2025 86,863,201 $ 869 $ 3,596,161 $ ( 28,210 ) $ 2,245,124 ( 48,206,094 ) $ ( 4,307,384 ) $ 245,095 $ 1,751,655

For the Three Months Ended March 31, 2024

Additional Other

9 unchanged sentences

Noncontrolling Interest (Note 12) — — — — — — — ( 9,438 ) ( 9,438 )

Balance at September 30, 2023 81,987,589 $ 820 $ 3,088,014 $ ( 27,925 ) $ 1,842,910 ( 44,324,803 ) $ ( 3,450,970 ) $ 201,619 $ 1,654,468

Balance at March 31, 2024 84,342,335 $ 843 $ 3,245,225 $ ( 29,762 ) $ 1,945,012 ( 45,827,585 ) $ ( 3,716,500 ) $ 203,454 $ 1,648,272

See Notes to Unaudited Condensed Consolidated Financial Statements.

2 unchanged sentences

(dollars in thousands)

For the Nine Months Ended September 30,

For the Three Months Ended March 31,

Cash Flows From Operating Activities

Net Income $ 153,790 $ 93,124

Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:

Adjustments to Reconcile Net Income to Net Cash Provided by (Used In) Operating Activities:

Net (Gains) Losses on Investments, Investment Securities and Contingent Consideration 7,120 ( 14,708 )

Equity Method Investments, Including (Gains) Losses on Sales and Redemptions 7,461 769

Equity Method Investments 87 22

Equity-Based and Other Deferred Compensation 148,425 139,337

14 unchanged sentences

Other Liabilities ( 70,454 ) ( 3,771 )

Net Cash Provided by Operating Activities 301,767 42,324

Net Cash Provided by (Used in) Operating Activities ( 549,653 ) ( 281,221 )

Cash Flows From Investing Activities

Investments Purchased — ( 37 )

Proceeds from Sale of Investments 18,113 —

Distributions of Private Equity Investments 1,215 —

21 unchanged sentences

Accrued Dividends $ 3,763 $ 4,028

Redemption of Luminis Interest $ 7,305 $ —

See Notes to Unaudited Condensed Consolidated Financial Statements.

10 unchanged sentences

The Investment Banking & Equities segment also includes the equities business through which the Company offers macroeconomic, policy and fundamental equity research and agency-based equity securities trading for institutional investors.

The Company's interest in Seneca Advisors LTDA ("Seneca Evercore"), which is accounted for under the equity method of accounting, and the Company's former interest in Luminis Partners ("Luminis", through September 2024), are also reflected in the Investment Banking & Equities segment.

The Investment Management segment includes the wealth management business through which the Company provides investment advisory, wealth management and fiduciary services for high-net-worth individuals and associated entities, and the private equity business, which holds interests in private equity funds which are not managed by the Company.

The Investment Management segment also includes an interest in Atalanta Sosnoff Capital, LLC ("Atalanta Sosnoff"), which is accounted for under the equity method of accounting, and the Company's former interest in ABS Investment Management Holdings LP and ABS Investment Management GP LLC (collectively, "ABS", through July 2024).

Note 2 – Significant Accounting Policies

14 unchanged sentences

This analysis, which requires judgment, is performed at each reporting date.

Evercore LP is a VIE and the Company is the primary beneficiary.

Specifically, the Company has the majority economic interest in Evercore LP and has decision making authority that significantly affects the economic performance of the entity while the limited partners have no kick-out or substantive participating rights.

The assets and liabilities of Evercore LP represent substantially all of the consolidated assets and liabilities of the Company with the exception of U.S.

corporate taxes

EVERCORE INC.

1 unchanged sentence

(amounts in thousands, except per share amounts, unless otherwise noted)

and related items, which are presented on the Company's (Parent Company Only) Condensed Statements of Financial Condition in Note 24 to the Company's consolidated financial statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2023.

Evercore LP is a VIE and the Company is the primary beneficiary.

The assets and liabilities of Evercore LP represent substantially all of the consolidated assets and liabilities of the Company with the exception of U.S.

corporate taxes and related items, which are presented on the Company's (Parent Company Only) Condensed Statements of Financial Condition in Note 24 to the Company's consolidated financial statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2024.

Evercore ISI International Limited ("Evercore ISI U.K."), Evercore Partners International LLP ("Evercore U.K."), Evercore (Japan) Ltd.

5 unchanged sentences

and has decision making authority that significantly affects the economic performance of this entity.

The Company included in its Unaudited Condensed Consolidated Statements of Financial Condition Evercore ISI U.K., Evercore U.K., Evercore Japan, Evercore Beijing, Evercore Canada and Evercore Hong Kong assets of $ 505,062 and liabilities of $ 195,265 at September 30, 2024 and assets of $ 466,588 and liabilities of $ 224,263 at December 31, 2023.

The Company included in its Unaudited Condensed Consolidated Statements of Financial Condition Evercore ISI U.K., Evercore U.K., Evercore Japan, Evercore Beijing, Evercore Canada and Evercore Hong Kong assets of $ 477,865 and liabilities of $ 149,003 at March 31, 2025 and assets of $ 581,814 and liabilities of $ 246,321 at December 31, 2024.

All intercompany balances and transactions with the Company's subsidiaries have been eliminated upon consolidation.

5 unchanged sentences

The amendments should be applied on a retrospective basis.

The Company is currently assessing the impact of this update on the Company's financial condition, results of operations and cash flows, or disclosures thereto.

The Company adopted ASU 2023-07 on January 1, 2024.

The adoption of ASU 2023-07 resulted in the Company providing disclosure of incremental segment information, including significant segment expenses that are regularly provided to the Company's Chief Operating Decision Maker ("CODM").

See Note 18 for further information.

ASU 2023-09 – In December 2023, the FASB issued ASU No.

1 unchanged sentence

ASU 2023-09 provides amendments to ASC 740, "Income Taxes," which require greater disaggregation of information in a reporting entity's effective tax rate reconciliation, require disaggregation of income taxes paid by federal, state, and foreign jurisdictions and add or modify certain other disclosure requirements.

The amendments in this update are effective for annual periods beginning after December 15, 2024.

While ASU 2023-09 implements further income tax disclosure requirements, it does not change how an entity determines its income tax obligation, and it will have no impact on the Company's financial condition, results of operations or cash flows.

ASU 2024-01 – In March 2024, the FASB issued ASU No.

2024-01, "Compensation – Stock Compensation (Topic 718):

Scope Application of Profits Interest and Similar Awards" ("ASU 2024-01").

ASU 2024-01 provides amendments to ASC 718, "Compensation – Stock Compensation," which provide guidance in determining whether profits interest and similar awards should be accounted for as share-based arrangements within the scope of Topic 718.

The amendments in this update are effective for annual periods beginning after December 15, 2024.

The amendments should be applied on a prospective or retrospective basis.

The Company adopted ASU 2024-01 on January 1, 2025 on a prospective basis.

The adoption of ASU 2024-01 did not have a material impact on the Company's financial condition, results of operations and cash flows, or disclosures thereto.

ASU 2024-03 – In November 2024, the FASB issued ASU No.

2024-03, "Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40):

Disaggregation of Income Statement Expenses" ("ASU 2024-03").

ASU 2024-03 provides amendments to ASC 220, "Income Statement – Reporting Comprehensive Income" , which require disaggregated disclosure of certain income statement expense captions into specified categories within the notes to the financial statements.

The amendments in this update are effective for annual periods beginning after December 15, 2026, with early adoption permitted.

The amendments should be applied on a prospective or retrospective basis.

The Company is currently assessing the impact of this update on the Company's financial condition, results of operations and cash flows, or disclosures thereto.

Note 4 – Revenue and Accounts Receivable

The following table presents revenue recognized by the Company for the three and nine months ended September 30, 2024 and 2023:

The Company is currently

EVERCORE INC.

1 unchanged sentence

(amounts in thousands, except per share amounts, unless otherwise noted)

For the Three Months Ended September 30, For the Nine Months Ended September 30,

2024 2023 2024 2023

assessing the impact of this update on the Company's financial condition, results of operations and cash flows, or disclosures thereto.

Note 4 – Revenue and Accounts Receivable

The following table presents revenue recognized by the Company for the three months ended March 31, 2025 and 2024:

For the Three Months Ended March 31,

Investment Banking & Equities:

10 unchanged sentences

The change in the Company’s contract assets and liabilities during the following periods primarily reflects timing differences between the Company’s performance and the client’s payment.

The Company’s receivables, contract assets and deferred revenue (contract liabilities) for the nine months ended September 30, 2024 and 2023 are as follows:

For the Nine Months Ended September 30, 2024

The Company’s receivables, contract assets and deferred revenue (contract liabilities) for the three months ended March 31, 2025 and 2024 are as follows:

For the Three Months Ended March 31, 2025

(Current) (1)

3 unchanged sentences

Deferred Revenue

(Current Contract Liabilities) (4)

(Contract Liabilities) (4)

Balance at January 1, 2025 $ 421,502 $ 101,314 $ 62,379 $ 14,477 $ 3,582

Increase (Decrease) 47,645 12,152 ( 29,713 ) 1,057 3,094

Balance at September 30, 2024 $ 415,494 $ 97,634 $ 110,477 $ 2,675 $ 4,606

For the Nine Months Ended September 30, 2023

Balance at March 31, 2025 $ 469,147 $ 113,466 $ 32,666 $ 15,534 $ 6,676

For the Three Months Ended March 31, 2024

(Current) (1)

3 unchanged sentences

Deferred Revenue

(Current Contract Liabilities) (4)

(Contract Liabilities) (4)

Balance at January 1, 2024 $ 371,606 $ 93,689 $ 85,401 $ 5,845 $ 3,524

Increase (Decrease) ( 39,867 ) ( 8,431 ) ( 56,789 ) 2,816 1,940

Balance at September 30, 2023 $ 332,993 $ 79,017 $ 43,056 $ 7,406 $ 8,163

Balance at March 31, 2024 $ 331,739 $ 85,258 $ 28,612 $ 8,661 $ 5,464

(1) Included in Accounts Receivable on the Unaudited Condensed Consolidated Statements of Financial Condition.

4 unchanged sentences

Under ASC 606, "Revenue from Contracts with Customers" ("ASC 606"), revenue is recognized when all material conditions for completion have been met and it is probable that a significant revenue reversal will not occur in a future period.

The Company recognized revenue of $ 6,340 and $ 16,689 on the Unaudited Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2024, respectively, and $ 6,284 and $ 14,474 for the three and nine months ended September 30, 2023, respectively, that was initially included in deferred revenue within Other Current Liabilities on the Company’s Unaudited Condensed Consolidated Statements of Financial Condition.

EVERCORE INC.

1 unchanged sentence

(amounts in thousands, except per share amounts, unless otherwise noted)

The Company recognized revenue of $ 5,110 and $ 4,865 on the Unaudited Condensed Consolidated Statements of Operations for the three months ended March 31, 2025 and 2024, respectively, that was initially included in deferred revenue within Other Current Liabilities on the Company’s Unaudited Condensed Consolidated Statements of Financial Condition.

Generally, performance obligations under client arrangements will be settled within one year ;

therefore, the Company has elected to apply the practical expedient in ASC 606-10-50-14.

The allowance for credit losses for the three and nine months ended September 30, 2024 and 2023 is as follows:

For the Three Months Ended September 30, For the Nine Months Ended September 30,

2024 2023 2024 2023

The allowance for credit losses for the three months ended March 31, 2025 and 2024 is as follows:

For the Three Months Ended March 31,

Beginning Balance $ 2,253 $ 5,603

2 unchanged sentences

Ending Balance $ 3,183 $ 4,758

The change in the balance during the three and nine months ended September 30, 2024 is primarily related to an increase in the Company's reserve for credit losses and the write-off of aged receivables.

The change in the balance during the three months ended March 31, 2025 is primarily related to an increase in the Company's reserve for credit losses and the write-off of aged receivables.

For long-term accounts receivable and long-term contract assets, the Company monitors clients’ creditworthiness based on collection experience and other internal metrics.

The following table presents the Company’s long-term accounts receivable and long-term contract assets primarily from the Company's private and secondary fund advisory businesses as of September 30, 2024, by year of origination:

The following table presents the Company’s long-term accounts receivable and long-term contract assets, primarily from the Company's private and secondary fund advisory businesses, as of March 31, 2025, by year of origination:

Amortized Carrying Value by Origination Year

2 unchanged sentences

Note 5 – Related Parties

Advisory Fees includes fees earned from clients that have the Company's Senior Managing Directors, certain Senior Advisors and executives as a member of their Board of Directors of $ 4 and $ 1,738 for the three and nine months ended September 30, 2024, respectively, and $ 277 and $ 4,217 for the three and nine months ended September 30, 2023, respectively.

Other Assets on the Unaudited Condensed Consolidated Statements of Financial Condition includes the long-term portion of loans receivable from certain employees of $ 30,469 and $ 21,186 as of September 30, 2024 and December 31, 2023, respectively.

Advisory Fees includes fees earned from clients that have the Company's Senior Managing Directors, certain Senior Advisors and executives as a member of their Board of Directors of $ 1,271 and $ 811 for the three months ended March 31, 2025 and 2024, respectively.

Other Assets on the Unaudited Condensed Consolidated Statements of Financial Condition includes the long-term portion of loans receivable from certain employees of $ 34,652 and $ 29,357 as of March 31, 2025 and December 31, 2024, respectively.

See Note 14 for further information.

Note 6 – Investment Securities and Certificates of Deposit

The Company's Investment Securities and Certificates of Deposit as of September 30, 2024 and December 31, 2023 were as follows:

September 30, 2024 December 31, 2023

The Company's Investment Securities and Certificates of Deposit as of March 31, 2025 and December 31, 2024 were as follows:

March 31, 2025 December 31, 2024

Debt Securities $ 198,719 $ 813,804

10 unchanged sentences

Debt Securities are classified as available-for-sale securities within Investment Securities and Certificates of Deposit on the Unaudited Condensed Consolidated Statements of Financial Condition.

These securities are stated at fair value with unrealized gains and losses included in Accumulated Other Comprehensive Income (Loss) on the Unaudited Condensed Consolidated Statements of Financial Condition and realized gains and losses included in Other Revenue, Including Interest and Investments, on the Unaudited Condensed Consolidated Statements of Operations, on a specific identification basis.

Gross unrealized gains included in Accumulated Other Comprehensive Income (Loss) were $ 130 and $ 141 as of September 30, 2024 and December 31, 2023, respectively.

Gross unrealized losses included in Accumulated Other Comprehensive Income (Loss) were ($ 26 ) and ($ 4 ) as of September 30, 2024 and December 31, 2023, respectively.

Net unrealized gains (losses) included in Other Comprehensive Income were $ 125 and ($ 32 ) for the three and nine months ended September 30, 2024, respectively, and $ 21 for the three and nine months ended September 30, 2023.

Gross realized losses included within Other Revenue, Including Interest and Investments, were ($ 47 ) for the nine months ended September 30, 2024, and ($ 261 ) for the nine months ended September 30, 2023.

Proceeds from the sales and maturities of available-for-sale securities, including interest, were $ 187,000 and $ 934,511 for the three and nine months ended September 30, 2024, respectively, and $ 250,000 and $ 1,493,992 for the three and nine months ended September 30, 2023, respectively.

Scheduled maturities of the Company's available-for-sale debt securities as of September 30, 2024 and December 31, 2023 were as follows:

September 30, 2024 December 31, 2023

These securities, which are primarily comprised of U.S.

Treasury securities, are stated at fair value with unrealized gains and losses included in Accumulated Other Comprehensive Income (Loss) on the Unaudited Condensed Consolidated Statements of Financial Condition and realized gains and losses included in Other Revenue, Including Interest and Investments, on the Unaudited Condensed Consolidated Statements of Operations, on a specific identification basis.

Gross unrealized gains included in Accumulated Other Comprehensive Income (Loss) were $ 1 and $ 297 as of March 31, 2025 and December 31, 2024, respectively.

Gross unrealized losses included in Accumulated Other Comprehensive Income (Loss) were ($ 1 ) as of March 31, 2025.

Net unrealized gains (losses) included in Other Comprehensive Income were ($ 301 ) and ($ 145 ) for the three months ended March 31, 2025 and 2024, respectively.

Gross realized gains included within Other Revenue, Including Interest and Investments, were $ 3 for the three months ended March 31, 2025.

Gross realized losses included within Other Revenue, Including Interest and Investments, were ($ 20 ) and ($ 47 ) for the three months ended March 31, 2025 and 2024, respectively.

Proceeds from the sales and maturities of available-for-sale securities, including interest, were $ 816,039 and $ 747,511 for the three months ended March 31, 2025 and 2024, respectively.

Scheduled maturities of the Company's available-for-sale debt securities as of March 31, 2025 and December 31, 2024 were as follows:

March 31, 2025 December 31, 2024

Cost Fair Value Amortized

1 unchanged sentence

Due within one year $ 198,719 $ 198,719 $ 813,507 $ 813,804

Due after one year through five years — — 980 977

Total $ 198,719 $ 198,719 $ 813,507 $ 813,804

1 unchanged sentence

Further, the securities are all U.S.

Treasuries and the Company has not incurred credit losses on its securities.

As such, the Company does not consider these securities to be impaired at September 30, 2024 and has not recorded a credit allowance on these securities.

Treasury securities and the Company has not incurred credit losses on its securities.

As such, the Company does not consider these securities to be impaired at March 31, 2025 and has not recorded a credit allowance on these securities.

Equity Securities

Equity Securities are carried at fair value with changes in fair value recorded in Other Revenue, Including Interest and Investments, on the Unaudited Condensed Consolidated Statements of Operations.

The Company had net unrealized losses of ($ 1 ) and ($ 122 ) for the three and nine months ended September 30, 2024, respectively, and ($ 286 ) and ($ 63 ) for the three and nine months ended September 30, 2023, respectively.

The Company had net unrealized losses of ($ 89 ) and ($ 78 ) for the three months ended March 31, 2025 and 2024, respectively.

Debt Securities Carried by EGL

EGL invests in a fixed income portfolio consisting primarily of U.S.

Treasury bills.

Treasury securities.

These securities are carried at fair value, with changes in fair value recorded in Other Revenue, Including Interest and Investments, on the Unaudited Condensed Consolidated Statements of Operations, as required for broker-dealers in securities.

The Company had net realized and unrealized gains of $ 295 and $ 210 for the three and nine months ended September 30, 2024, respectively, and $ 129 and $ 147 for the three and nine months ended September 30, 2023, respectively.

The Company had net realized and unrealized losses of ($ 104 ) and ($ 135 ) for the three months ended March 31, 2025 and 2024, respectively.

Investment Funds

2 unchanged sentences

These securities are carried at fair value, with changes in fair value recorded in Other Revenue, Including Interest and Investments, on the Unaudited Condensed Consolidated Statements of Operations.

The Company had net realized and unrealized gains (losses) of $ 9,106 and $ 30,217 for the three and nine months ended September 30, 2024, respectively, (of which $ 8,836 and $ 19,515 , respectively, were net unrealized gains) and ($ 5,541 )

The Company had net realized and unrealized gains (losses) of ($ 5,931 ) and $ 14,895 for the three months ended March 31, 2025 and 2024, respectively (of which ($ 28,539 ) and $ 5,215 , respectively, were net unrealized gains (losses)).

EVERCORE INC.

1 unchanged sentence

(amounts in thousands, except per share amounts, unless otherwise noted)

and $ 15,515 for the three and nine months ended September 30, 2023, respectively, (of which ($ 5,541 ) and $ 10,709 , respectively, were net unrealized gains (losses)).

Certificates of Deposit

At September 30, 2024 and December 31, 2023, the Company held certificates of deposit of $ 97,676 and $ 54,856 , respectively, with certain banks with original maturities of four months or less when purchased.

At March 31, 2025 and December 31, 2024, the Company held certificates of deposit of $ 16,816 and $ 66,660 , respectively, with certain banks with original maturities of four months or less when purchased.

Note 7 – Investments

1 unchanged sentence

The Company's investments are relatively high-risk and illiquid assets.

The Company's investments in ABS Investment Management Holdings, LP and ABS Investment Management GP LLC (collectively, "ABS") (through July 2024), Atalanta Sosnoff Capital, LLC ("Atalanta Sosnoff"), Luminis Partners ("Luminis") (through September 2024) and Seneca Advisors LTDA ("Seneca Evercore") are in voting interest entities.

The Company's investments in Atalanta Sosnoff, Seneca Evercore, ABS (through July 2024) and Luminis (through September 2024) are in voting interest entities.

The Company's share of earnings (losses) from these investments is included within Income from Equity Method Investments on the Unaudited Condensed Consolidated Statements of Operations.

2 unchanged sentences

Equity Method Investments

A summary of the Company's investments accounted for under the equity method of accounting as of September 30, 2024 and December 31, 2023 was as follows:

September 30, 2024 December 31, 2023

ABS $ — $ 18,770

A summary of the Company's investments accounted for under the equity method of accounting as of March 31, 2025 and December 31, 2024 was as follows:

March 31, 2025 December 31, 2024

Atalanta Sosnoff $ 11,106 $ 11,155

Luminis — 6,296

Seneca Evercore 1,307 1,462

Total $ 12,413 $ 12,617

In July 2024, the Company sold its remaining 26 % ownership interest in ABS for cash of $ 18,113 .

This transaction resulted in a gain of $ 615 for the three and nine months ended September 30, 2024, included within Other Revenue, Including Interest and Investments, on the Unaudited Condensed Consolidated Statement of Operations.

This investment resulted in earnings of $ 2,031 for the nine months ended September 30, 2024, and $ 1,066 and $ 3,136 for the three and nine months ended September 30, 2023, respectively, included within Income from Equity Method Investments on the Unaudited Condensed Consolidated Statements of Operations.

Atalanta Sosnoff

The Company has an investment accounted for under the equity method of accounting in Atalanta Sosnoff.

At September 30, 2024, the Company's ownership interest in Atalanta Sosnoff was 49 %.

This investment resulted in earnings of $ 865 and $ 2,181 for the three and nine months ended September 30, 2024, respectively, and $ 418 and $ 1,144 for the three and nine months ended September 30, 2023, respectively, included within Income from Equity Method Investments on the Unaudited Condensed Consolidated Statements of Operations.

EVERCORE INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(amounts in thousands, except per share amounts, unless otherwise noted)

In September 2024, the Company agreed to the redemption of its interest in Luminis, such that it will no longer have an equity interest in Luminis following the redemption.

The Company will receive no consideration in respect of the redemption.

As a result, the Company incurred a loss associated with the write-off of the remaining carrying value of its investment of $ 7,305 for the three and nine months ended September 30, 2024, included within Special Charges, Including Business Realignment Costs, on the Unaudited Condensed Consolidated Statement of Operations.

This investment is subject to currency translation from the Australian dollar to the U.S.

dollar, included in Accumulated Other Comprehensive Income (Loss), on the Unaudited Condensed Consolidated Statements of Financial Condition.

Accordingly, the redemption resulted in the reclassification of $ 581 and $ 77 of cumulative foreign currency translation losses from Accumulated Other Comprehensive Income (Loss) and Noncontrolling Interest, respectively, on the Unaudited Condensed Consolidated Statement of Financial Condition to Other Revenue, Including Interest and Investments, on the Unaudited Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2024.

This investment resulted in earnings of $ 78 and $ 783 for the three and nine months ended September 30, 2024, respectively, and $ 53 and $ 350 for the three and nine months ended September 30, 2023, respectively, included within Income from Equity Method Investments on the Unaudited Condensed Consolidated Statements of Operations.

At March 31, 2025, the Company's ownership interest in Atalanta Sosnoff was 49 %.

This investment resulted in earnings of $ 917 and $ 635 for the three months ended March 31, 2025 and 2024, respectively, included within Income from Equity Method Investments on the Unaudited Condensed Consolidated Statements of Operations.

Seneca Evercore

The Company has an investment accounted for under the equity method of accounting in Seneca Evercore.

At September 30, 2024, the Company's ownership interest in Seneca Evercore was 20 %.

This investment resulted in earnings of $ 129 and $ 259 for the three and nine months ended September 30, 2024, respectively, and $ 127 and $ 44 for the three and nine months ended September 30, 2023, respectively, included within Income from Equity Method Investments on the Unaudited Condensed Consolidated Statements of Operations.

At March 31, 2025, the Company's ownership interest in Seneca Evercore was 20 %.

This investment resulted in earnings (losses) of ($ 38 ) and $ 120 for the three months ended March 31, 2025 and 2024, respectively, included within Income from Equity Method Investments on the Unaudited Condensed Consolidated Statements of Operations.

This investment is subject to currency translation from the Brazilian real to the U.S.

dollar, included in Accumulated Other Comprehensive Income (Loss), on the Unaudited Condensed Consolidated Statements of Financial Condition .

In July 2024, the Company sold its remaining 26 % ownership interest in ABS for cash of $ 18,113 .

This investment resulted in earnings of $ 1,002 for the three months ended March 31, 2024, included within Income from Equity Method Investments on the Unaudited Condensed Consolidated Statement of Operations.

In September 2024, the Company agreed to the redemption of its interest in Luminis, such that it no longer has an equity interest in Luminis following the redemption.

The Company received no consideration in respect of the redemption.

This investment was subject to currency translation from the Australian dollar to the U.S.

dollar, included in Accumulated Other Comprehensive Income (Loss), on the Unaudited Condensed Consolidated Statement of Financial Condition.

EVERCORE INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(amounts in thousands, except per share amounts, unless otherwise noted)

This investment resulted in earnings of $ 568 for the three months ended March 31, 2024, included within Income from Equity Method Investments on the Unaudited Condensed Consolidated Statement of Operations.

The Company allocates the purchase price of its equity method investments, in part, to the inherent finite-lived identifiable intangible assets of the investees.

The Company's share of the earnings of the investees has been reduced by the amortization of these identifiable intangible assets of $ 79 for each of the three months ended September 30, 2024 and 2023 and $ 237 for each of the nine months ended September 30, 2024 and 2023.

The Company's share of the earnings of the investees has been reduced by the amortization of these identifiable intangible assets of $ 62 and $ 79 for the three months ended March 31, 2025 and 2024, respectively.

The Company assesses each of its equity method investments for impairment annually, or more frequently if circumstances indicate impairment may have occurred.

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Accordingly, the Company reflects its pro rata share of unrealized gains and losses occurring from changes in fair value, as well as its pro rata share of realized gains, losses and carried interest associated with any investment realizations.

A summary of the Company's investments in the private equity funds as of September 30, 2024 and December 31, 2023 was as follows:

September 30, 2024 December 31, 2023

A summary of the Company's investments in the private equity funds as of March 31, 2025 and December 31, 2024 was as follows:

March 31, 2025 December 31, 2024

Glisco II, Glisco III and Glisco IV $ 2,032 $ 3,569

1 unchanged sentence

Total Private Equity Funds $ 3,847 $ 5,431

EVERCORE INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(amounts in thousands, except per share amounts, unless otherwise noted)

Net realized and unrealized gains (losses) on private equity fund investments were ($ 4 ) and ($ 105 ) for the three and nine months ended September 30, 2024, respectively, and $ 54 and $ 694 for the three and nine months ended September 30, 2023, respectively.

Net realized and unrealized gains (losses) on private equity fund investments were ($ 980 ) and $ 73 for the three months ended March 31, 2025 and 2024, respectively.

In the event the funds perform poorly, the Company may be obligated to repay certain carried interest previously distributed.

As of September 30, 2024, there was no previously distributed carried interest received from the funds subject to repayment.

As of March 31, 2025, there was no previously distributed carried interest received from the funds subject to repayment.

General Partners of Private Equity Funds which are VIEs

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Further, as a limited partner in these entities, the Company does not possess substantive participating rights.

The Company had assets of $ 3,147 and $ 3,580 included in its Unaudited Condensed Consolidated Statements of Financial Condition at September 30, 2024 and December 31, 2023, respectively, related to these unconsolidated VIEs, representing the carrying value of the Company's investments in the entities.

The Company had assets of $ 1,434 and $ 2,956 included in its Unaudited Condensed Consolidated Statements of Financial Condition at March 31, 2025 and December 31, 2024, respectively, related to these unconsolidated VIEs, representing the carrying value of the Company's investments in the entities.

The Company's exposure to the obligations of these VIEs is generally limited to its investments in these entities.

The Company's maximum exposure to loss as of September 30, 2024 and December 31, 2023 was $ 5,330 and $ 5,762 , respectively, which represents the carrying value of the Company's investments in these VIEs, as well as any unfunded commitments to the current and future funds.

The Company's maximum exposure to loss as of March 31, 2025 and December 31, 2024 was $ 3,617 and $ 5,138 , respectively, which represents the carrying value of the Company's investments in these VIEs, as well as any unfunded commitments to the current and future funds.

Other Investments

In certain instances, the Company receives equity securities in private companies in exchange for advisory services.

These investments, which had a balance of $ 668 and $ 636 as of September 30, 2024 and December 31, 2023, respectively, are accounted for at their cost minus impairment, if any, plus or minus changes resulting from observable price changes.

These investments, which had a balance of $ 645 and $ 625 as of March 31, 2025 and December 31, 2024, respectively, are accounted for at their cost minus impairment, if any, plus or minus changes resulting from observable price changes.

EVERCORE INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(amounts in thousands, except per share amounts, unless otherwise noted)

Note 8 – Leases

Operating Leases – The Company leases office space under non-cancelable lease agreements, which expire on various dates through 2035.

The Company reflects lease expense over the lease terms on a straight-line basis.

The lease terms include options to extend the lease when it is reasonably certain that the Company will exercise that option.

The Company reflects lease expense over the lease terms on a straight-line basis, which include options to extend the lease when it is reasonably certain that the Company will exercise that option.

Occupancy lease agreements, in addition to base rentals, generally are subject to escalation provisions based on certain costs incurred by the landlord.

The Company does not have any leases with variable lease payments.

Occupancy and Equipment Rental on the Unaudited Condensed Consolidated Statements of Operations includes operating lease cost for office space of $ 15,060 and $ 43,899 for the three and nine months ended September 30, 2024, respectively, and $ 14,320 and $ 41,817 for the three and nine months ended September 30, 2023, respectively, and variable lease cost, which principally include costs for real estate taxes, common area maintenance and other operating expenses of $ 1,662 and $ 4,566 for the three and nine months ended September 30, 2024, respectively, and $ 1,545 and $ 4,434 for the three and nine months ended September 30, 2023, respectively.

In conjunction with the lease of office space, the Company has entered into letters of credit in the amount of $ 5,855 and $ 5,757 as of September 30, 2024 and December 31, 2023, respectively, which are secured by cash that is included in Other Assets on the Unaudited Condensed Consolidated Statements of Financial Condition.

Occupancy and Equipment Rental on the Unaudited Condensed Consolidated Statements of Operations includes operating lease cost for office space of $ 17,353 and $ 14,403 for the three months ended March 31, 2025 and 2024, respectively, and variable lease cost, which principally include costs for real estate taxes, common area maintenance and other operating expenses of $ 1,655 and $ 1,528 for the three months ended March 31, 2025 and 2024, respectively.

In conjunction with the lease of office space, the Company has entered into letters of credit in the amount of $ 5,913 and $ 5,886 as of March 31, 2025 and December 31, 2024, respectively, which are secured by cash that is included in Other Assets on the Unaudited Condensed Consolidated Statements of Financial Condition.

The Company has entered into various operating leases for the use of office equipment (primarily computers, printers, copiers and other information technology related equipment).

Occupancy and Equipment Rental on the Unaudited Condensed Consolidated Statements of Operations includes operating lease cost for office equipment of $ 1,657 and $ 4,699 for the three and nine months ended September 30, 2024, respectively, and $ 1,416 and $ 4,201 for the three and nine months ended September 30, 2023, respectively.

Occupancy and Equipment Rental on the Unaudited Condensed Consolidated Statements of Operations includes operating lease cost for office equipment of $ 1,550 and $ 1,474 for the three months ended March 31, 2025 and 2024, respectively.

The Company uses its secured incremental borrowing rate to determine the present value of its right-of-use assets and lease liabilities.

2 unchanged sentences

The Company scales the rates appropriately depending on the life of the leases.

EVERCORE INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(amounts in thousands, except per share amounts, unless otherwise noted)

The Company incurred net operating cash outflows of $ 34,150 and $ 37,282 for the nine months ended September 30, 2024 and 2023, respectively, related to its operating leases, which was net of cash received from lease incentives of $ 1,684 and $ 3,056 for the nine months ended September 30, 2024 and 2023, respectively.

The Company incurred net operating cash outflows of $ 15,609 and $ 10,691 for the three months ended March 31, 2025 and 2024, respectively, related to its operating leases, which was net of cash received from lease incentives of $ 3,408 and $ 718 for the three months ended March 31, 2025 and 2024, respectively.

Other information as it relates to the Company's operating leases is as follows:

For the Three Months Ended September 30, For the Nine Months Ended September 30,

2024 2023 2024 2023

For the Three Months Ended March 31,

New Right-of-Use Assets obtained in exchange for new operating lease liabilities $ 17,146 $ 880

September 30, 2024 September 30, 2023

March 31, 2025 March 31, 2024

Weighted-average remaining lease term - operating leases 9.9 years 10.5 years

Weighted-average discount rate - operating leases 4.80 % 4.58 %

As of September 30, 2024, the maturities of the undiscounted operating lease liabilities for which the Company has commenced use are as follows:

2024 (October 1 through December 31) $ 12,456

As of March 31, 2025, the maturities of the undiscounted operating lease liabilities for which the Company has commenced use are as follows:

EVERCORE INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(amounts in thousands, except per share amounts, unless otherwise noted)

2025 (April 1 through December 31) $ 63,741

Thereafter 385,394

5 unchanged sentences

Long-term lease liabilities $ 499,595

In conjunction with its lease agreements at 55 East 52nd St., New York, New York, the Company had an option to take on an additional three floors, which it exercised during 2023.

The Company entered into a lease agreement for this space in January 2024 and anticipates that it will take possession of this space in 2025.

The lease term will end on December 31, 2035.

The expected additional annual expense under this lease agreement, net of certain lease incentives, is $ 9,862 .

In conjunction with the lease agreement to expand its headquarters at 55 East 52nd St., New York, New York and lease agreements at certain other locations, the Company has entered into certain lease agreements, primarily for office space, which have not yet commenced and thus are not yet included on the Company's Unaudited Condensed Consolidated Statements of Financial Condition as right-of-use assets and lease liabilities.

The Company anticipates that these leases will commence by the end of 2025 and will have lease terms of 3 to 11 years once they have commenced.

The additional future payments under these arrangements are $ 122,689 as of September 30, 2024.

The Company has entered into certain lease agreements, primarily for office space, which have not yet commenced and thus are not yet included on the Company's Unaudited Condensed Consolidated Statements of Financial Condition as right-of-use assets and lease liabilities.

The Company anticipates that these leases will commence in 2025 and will have lease terms of 3 to 10 years once they have commenced.

The additional future payments under these arrangements are $ 2,934 as of March 31, 2025.

In September 2024, the Company entered into a binding agreement affirming its intent to lease office space in London, United Kingdom.

1 unchanged sentence

The lease term will end in 2041.

The expected approximate additional annual expense under this lease agreement, net of certain lease incentives, is £ 12,000 , and the expected additional future payments under this arrangement are £ 175,000 .

EVERCORE INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(amounts in thousands, except per share amounts, unless otherwise noted)

The expected approximate additional annual expense under this lease agreement, net of certain lease incentives, is £ 12,000 , and the aggregate expected additional future payments under this arrangement are £ 175,000 .

Note 9 – Fair Value Measurements

4 unchanged sentences

Level 1 – Quoted prices are available in active markets for identical investments as of the reporting date.

The type of investments included in Level 1 include listed equities, listed derivatives and treasury bills and notes.

The type of investments included in Level 1 include listed equities, listed derivatives and U.S.

Treasury securities.

As required by ASC 820, the Company does not adjust the quoted price for these investments, even in situations where the Company holds a large position and a sale could reasonably impact the quoted price.

4 unchanged sentences

The inputs into the determination of fair value require significant management judgment or estimation.

The following table presents the categorization of investments and certain other financial assets measured at fair value on a recurring basis as of September 30, 2024 and December 31, 2023:

September 30, 2024

The following table presents the categorization of investments and certain other financial assets measured at fair value on a recurring basis as of March 31, 2025 and December 31, 2024:

EVERCORE INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(amounts in thousands, except per share amounts, unless otherwise noted)

March 31, 2025

Level 1 Level 2 Level 3 Total

10 unchanged sentences

Investment Funds 178,703 — — 178,703

Other — 1,585 — 1,585

Total Assets Measured At Fair Value $ 1,462,688 $ — $ — $ 1,462,688

(1) Includes $ 9,703 and $ 8,557 of treasury bills classified within Cash and Cash Equivalents on the Unaudited Condensed Consolidated Statements of Financial Condition as of September 30, 2024 and December 31, 2023, respectively.

(1) Includes $ 10,075 and $ 9,967 of U.S.

Treasury securities classified within Cash and Cash Equivalents on the Unaudited Condensed Consolidated Statements of Financial Condition as of March 31, 2025 and December 31, 2024, respectively.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy.

5 unchanged sentences

(amounts in thousands, except per share amounts, unless otherwise noted)

September 30, 2024

March 31, 2025

Carrying Estimated Fair Value

28 unchanged sentences

Notes Payable (3)

373,895 — 356,531 — 356,531

(1) Includes Accounts Receivable, as well as long-term receivables, which are included in Other Assets on the Unaudited Condensed Consolidated Statements of Financial Condition.

17 unchanged sentences

The respective Note Purchase Agreements contain customary covenants, including financial covenants requiring compliance with a maximum leverage ratio, a minimum tangible net worth and a minimum interest coverage ratio (for the 2016 Private Placement Notes only), and customary events of default.

As of September 30, 2024, the Company was in compliance with all of these covenants.

Notes Payable is comprised of the following as of September 30, 2024 and December 31, 2023:

As of March 31, 2025, the Company was in compliance with all of these covenants.

Notes Payable is comprised of the following as of March 31, 2025 and December 31, 2024:

Carrying Value (1)

Note Maturity Date Effective Annual Interest Rate September 30, 2024 December 31, 2023

Note Maturity Date Effective Annual Interest Rate March 31, 2025 December 31, 2024

Evercore Inc.

28 unchanged sentences

Stockholders' Equity

Dividends – On October 22, 2024, the Company's Board of Directors declared a quarterly cash dividend of $ 0.80 per share to the holders of record of shares of Class A common stock ("Class A Shares") as of November 29, 2024, which will be paid on December 13, 2024.

During the three and nine months ended September 30, 2024, the Company declared and paid dividends of $ 0.80 and $ 2.36 per share, respectively, totaling $ 30,426 and $ 90,373 , respectively, and accrued deferred cash dividends on unvested and vested restricted stock units ("RSUs") totaling $ 4,115 and $ 12,145 , respectively.

The Company also paid deferred cash dividends of $ 411 and $ 14,609 during the three and nine months ended September 30, 2024, respectively.

During the three and nine months ended September 30, 2023, the Company declared and paid dividends of $ 0.76 and $ 2.24 per share, respectively, totaling $ 28,592 and $ 85,202 , respectively, and accrued deferred cash dividends on unvested and vested

Dividends – On April 29, 2025, the Company's Board of Directors declared a quarterly cash dividend of $ 0.84 per share to the holders of record of shares of Class A common stock ("Class A Shares") as of May 30, 2025, which will be paid on June 13, 2025.

During the three months ended March 31, 2025, the Company declared and paid dividends of $ 0.80 per share, totaling $ 31,216 , and accrued deferred cash dividends on unvested and vested restricted stock units ("RSUs") totaling $ 3,763 .

During the three months ended March 31, 2025, the Company also paid deferred cash dividends of $ 15,236 .

During the three months ended March 31, 2024, the Company declared and paid dividends of $ 0.76 per share, totaling $ 29,309 , and accrued deferred cash dividends on unvested and vested RSUs totaling $ 4,028 .

During the three months ended March 31, 2024, the Company also paid deferred cash dividends of $ 13,927 .

EVERCORE INC.

1 unchanged sentence

(amounts in thousands, except per share amounts, unless otherwise noted)

RSUs totaling $ 4,058 and $ 12,717 , respectively.

The Company also paid deferred cash dividends of $ 185 and $ 13,854 during the three and nine months ended September 30, 2023, respectively.

Treasury Stock – During the three months ended September 30, 2024, the Company purchased 29 Class A Shares from employees at an average cost per share of $ 222.92 , primarily for the net settlement of stock-based compensation awards, and 396 Class A Shares at an average cost per share of $ 236.91 pursuant to the Company's share repurchase program.

The aggregate 425 Class A Shares were purchased at an average cost per share of $ 235.96 and the result of these purchases was an increase in Treasury Stock of $ 100,401 on the Company's Unaudited Condensed Consolidated Statement of Financial Condition as of September 30, 2024.

During the nine months ended September 30, 2024, the Company purchased 984 Class A Shares from employees at an average cost per share of $ 178.02 , primarily for the net settlement of stock-based compensation awards, and 1,219 Class A Shares at an average cost per share of $ 199.11 pursuant to the Company's share repurchase program.

The aggregate 2,203 Class A Shares were purchased at an average cost per share of $ 189.69 and the result of these purchases was an increase in Treasury Stock of $ 417,886 on the Company's Unaudited Condensed Consolidated Statement of Financial Condition as of September 30, 2024.

LP Units – During the three and nine months ended September 30, 2024, 93 and 218 Evercore LP partnership units ("LP Units"), respectively, were exchanged for Class A Shares, resulting in an increase to Class A Common Stock of $ 1 and $ 2 for the three and nine months ended September 30, 2024, respectively, and an increase to Additional Paid-In Capital of $ 6,954 and $ 15,606 for the three and nine months ended September 30, 2024, respectively, on the Company's Unaudited Condensed Consolidated Statement of Financial Condition as of September 30, 2024.

Treasury Stock – During the three months ended March 31, 2025, the Company purchased 916 Class A Shares from employees at an average cost per share of $ 284.64 , primarily for the net settlement of stock-based compensation awards, and 639 Class A Shares at an average cost per share of $ 227.45 pursuant to the Company's share repurchase program.

The aggregate 1,555 Class A Shares were purchased at an average cost per share of $ 261.15 and the result of these purchases was an increase in Treasury Stock of $ 405,960 on the Company's Unaudited Condensed Consolidated Statement of Financial Condition as of March 31, 2025.

On March 6, 2025, the Company entered into an agreement to purchase 200 Class A Shares from Ed Hyman, who until February 10, 2025 was an executive officer of the Company, at a price of $ 206.19 per share, resulting in a total purchase price of $ 41,238 .

The purchase was made pursuant to the Company's share repurchase program and is included within the above treasury stock purchases for the three months ended March 31, 2025.

Evercore LP Units – During the three months ended March 31, 2025, 24 Evercore LP partnership units ("LP Units") were exchanged for Class A Shares, resulting in an increase to Additional Paid-In Capital of $ 2,195 on the Company's Unaudited Condensed Consolidated Statement of Financial Condition as of March 31, 2025.

See Note 12 for further information.

Accumulated Other Comprehensive Income (Loss) – As of September 30, 2024, Accumulated Other Comprehensive Income (Loss) on the Company's Unaudited Condensed Consolidated Statement of Financial Condition includes an accumulated Unrealized Gain (Loss) on Securities and Investments, net, and Foreign Currency Translation Adjustment Gain (Loss), net, of ($ 5,375 ) and ($ 14,435 ), respectively.

The redemption of the Company's interest in Luminis in the third quarter of 2024 resulted in the reclassification of $ 581 of cumulative foreign currency translation losses from Accumulated Other Comprehensive Income (Loss) on the Unaudited Condensed Consolidated Statement of Financial Condition to Other Revenue, Including Interest and Investments, on the Unaudited Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2024.

During the three months ended March 31, 2025, the Company issued 2 Class A limited partnership units of Evercore LP ("Class A LP Units").

See Note 12 for further information.

Accumulated Other Comprehensive Income (Loss) – As of March 31, 2025, Accumulated Other Comprehensive Income (Loss) on the Company's Unaudited Condensed Consolidated Statement of Financial Condition includes an accumulated Unrealized Gain (Loss) on Securities and Investments, net, and Foreign Currency Translation Adjustment Gain (Loss), net, of ($ 47 ) and ($ 28,163 ), respectively.

Note 12 – Noncontrolling Interest

2 unchanged sentences

Noncontrolling ownership interests for the Company's subsidiaries were as follows:

As of September 30,

As of March 31,

Evercore LP 6 % 6 %

1 unchanged sentence

The Noncontrolling Interests for Evercore LP and EWM have rights, in certain circumstances, to convert into Class A Shares.

The Company has outstanding Class A limited partnership units of Evercore LP ("Class A LP Units"), Class E limited partnership units of Evercore LP ("Class E LP Units"), Class I limited partnership units of Evercore LP ("Class I LP Units") and Class K limited partnership units of Evercore LP ("Class K LP Units"), which give the holders the right to receive Class A Shares upon exchange on a one -for-one basis.

The Company has outstanding Class A LP Units, Class E limited partnership units of Evercore LP ("Class E LP Units"), Class I limited partnership units of Evercore LP ("Class I LP Units") and Class K limited partnership units of Evercore LP ("Class K LP Units"), which give the holders the right to receive Class A Shares upon exchange on a one -for-one basis.

See Note 13 for further information.

Changes in Noncontrolling Interest for the three and nine months ended September 30, 2024 and 2023 were as follows:

EVERCORE INC.

1 unchanged sentence

(amounts in thousands, except per share amounts, unless otherwise noted)

For the Three Months Ended September 30, For the Nine Months Ended September 30,

2024 2023 2024 2023

Changes in Noncontrolling Interest for the three months ended March 31, 2025 and 2024 were as follows:

For the Three Months Ended March 31,

Beginning balance $ 234,166 $ 205,556

7 unchanged sentences

Issuance of Noncontrolling Interest 517 —

Purchase of Noncontrolling Interest — — ( 67 ) ( 158 )

Total Other Items ( 7,848 ) ( 9,438 )

Ending balance $ 245,095 $ 203,454

Other Comprehensive Income – Other Comprehensive Income (Loss) Attributed to Noncontrolling Interest includes unrealized gains (losses) on securities and investments, net, of ($ 6 ) and ($ 10 ) for the three and nine months ended September 30, 2024, respectively, and $ 2 and ($ 281 ) for the three and nine months ended September 30, 2023, respectively, and foreign currency translation adjustment gains (losses), net, of $ 924 and $ 563 for the three and nine months ended September 30, 2024, respectively, and ($ 749 ) and $ 248 for the three and nine months ended September 30, 2023, respectively.

The redemption of the Company's interest in Luminis in the third quarter of 2024 resulted in the reclassification of $ 77 of cumulative foreign currency translation losses from Noncontrolling Interest on the Unaudited Condensed Consolidated Statement of Financial Condition to Other Revenue, Including Interest and Investments, on the Unaudited Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2024.

Other Comprehensive Income – Other Comprehensive Income (Loss) Attributed to Noncontrolling Interest includes unrealized gains (losses) on securities and investments, net, of ($ 17 ) and ($ 6 ) for the three months ended March 31, 2025 and 2024, respectively, and foreign currency translation adjustment gains (losses), net, of $ 656 and ($ 293 ) for the three months ended March 31, 2025 and 2024, respectively.

Evercore LP Units – During the three months ended March 31, 2025, 24 LP Units were exchanged for Class A Shares.

This resulted in a decrease to Noncontrolling Interest of $ 2,195 and an increase to Additional Paid-In Capital of $ 2,195 on the Company's Unaudited Condensed Consolidated Statement of Financial Condition as of March 31, 2025.

See Note 11 for further information.

LP Units Exchanged – During the three and nine months ended September 30, 2024, 93 and 218 LP Units, respectively, were exchanged for Class A Shares.

This resulted in a decrease to Noncontrolling Interest of $ 6,955 and $ 15,608 for the three and nine months ended September 30, 2024, respectively, an increase to Class A Common Stock of $ 1 and $ 2 for the three and nine months ended September 30, 2024, respectively, and an increase to Additional Paid-In Capital of $ 6,954 and $ 15,606 for the three and nine months ended September 30, 2024, respectively, on the Company's Unaudited Condensed Consolidated Statement of Financial Condition as of September 30, 2024.

During the three months ended March 31, 2025, the Company issued 2 Class A LP Units.

This resulted in an increase to Noncontrolling Interest of $ 517 on the Company's Unaudited Condensed Consolidated Statement of Financial Condition as of March 31, 2025.

See Note 11 for further information.

EWM Class A Units – During the second quarter of 2024, the Company granted 297 EWM Class A Units, which generally vest ratably over three years .

Compensation expense related to these EWM Class A Units was $ 298 and $ 755 for the three and nine months ended September 30, 2024, respectively.

Interests Purchased – During the second quarter of 2024, the Company purchased, at fair value, an additional 0.3 % of the EWM Class A Units for $ 1,036 .

This purchase resulted in a decrease to Noncontrolling Interest of $ 67 and a decrease to Additional Paid-In Capital of $ 969 on the Company's Unaudited Condensed Consolidated Statement of Financial Condition as of September 30, 2024.

EVERCORE INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(amounts in thousands, except per share amounts, unless otherwise noted)

During the second quarter of 2023, the Company purchased, at fair value, an additional 0.7 % of the EWM Class A Units for $ 2,002 .

This purchase resulted in a decrease to Noncontrolling Interest of $ 158 and a decrease to Additional Paid-In Capital of $ 1,844 on the Company's Unaudited Condensed Consolidated Statement of Financial Condition as of September 30, 2023.

On December 31, 2021, the Company purchased, at fair value, all of the outstanding Class R Interests of Private Capital Advisory L.P.

from employees of the Real Estate Capital Advisory ("RECA") business for $ 54,297 .

Consideration for this transaction included the payment of $ 6,000 of cash in 2021, $ 27,710 of cash in 2022, and contingent cash consideration which was settled during 2023 and the first quarter of 2024.

The Company paid contingent cash consideration of $ 181 and $ 896 during the three and nine months ended September 30, 2023, respectively, and $ 2,023 during the nine months ended September 30, 2024, representing the final payment under this arrangement.

The fair value of the remaining contingent consideration was $ 2,023 as of December 31, 2023, which is included within Payable to Employees and Related Parties on the Company's Unaudited Condensed Consolidated Statement of Financial Condition.

The amount of contingent consideration to be paid was dependent on the RECA business achieving certain revenue performance targets.

The change in the fair value of contingent consideration increased Other Operating Expenses by $ 51 for the three months ended September 30, 2023 and reduced Other Operating Expenses by $ 2,408 for the nine months ended September 30, 2023 on the Unaudited Condensed Consolidated Statements of Operations.

The fair value of the contingent consideration reflects the present value of the expected payment due based on the current expectation for the business meeting the revenue performance targets.

In conjunction with this transaction, the Company also issued payments in the first quarter of 2023 and 2024, contingent on continued employment with the Company.

Accordingly, these payments are treated as compensation expense for accounting purposes in the periods earned.

These payments were also dependent on the RECA business achieving certain revenue performance targets.

Compensation expense related to EWM Class A Units was $ 238 for the three months ended March 31, 2025.

Note 13 – Net Income Per Share Attributable to Evercore Inc.

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The calculations of basic and diluted net income per share attributable to Evercore Inc.

common shareholders for the three and nine months ended September 30, 2024 and 2023 are described and presented below.

common shareholders for the three months ended March 31, 2025 and 2024 are described and presented below.

EVERCORE INC.

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(amounts in thousands, except per share amounts, unless otherwise noted)

For the Three Months Ended September 30, For the Nine Months Ended September 30,

2024 2023 2024 2023

For the Three Months Ended March 31,

Basic Net Income Per Share Attributable to Evercore Inc.

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Additional shares of the Company's common stock assumed to be issued pursuant to non-vested RSUs, as calculated using the Treasury Stock Method (2)

2,952 2,082 2,539 1,640

Shares that are contingently issuable (3)

792 95 375 88

Diluted weighted average Class A Shares outstanding 42,058 41,080

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(1) The Company has outstanding Class A, E, I and K LP Units, which give the holders the right to receive Class A Shares upon exchange on a one -for-one basis.

During the three and nine months ended September 30, 2024 and 2023, these LP Units were antidilutive and consequently the effect of their exchange into Class A Shares has been excluded from the calculation of diluted net income per share attributable to Evercore Inc.

During the three months ended March 31, 2025 and 2024, these LP Units were antidilutive and consequently the effect of their exchange into Class A Shares has been excluded from the calculation of diluted net income per share attributable to Evercore Inc.

common shareholders.

The units that would have been included in the denominator of the computation of diluted net income per share attributable to Evercore Inc.

common shareholders if the effect would have been dilutive were 2,475 and 2,547 for the three and nine months ended September 30, 2024, respectively, and 2,790 and 2,787 for the three and nine months ended September 30, 2023, respectively.

The adjustment to the numerator, diluted net income attributable to Class A common shareholders, if the effect would have been dilutive, would have been $ 6,719 and $ 17,945 for the three and nine months ended September 30, 2024, respectively, and $ 4,422 and $ 14,326 for the three and nine months ended September 30, 2023, respectively.

common shareholders if the effect would have been dilutive were 2,325 and 2,609 for the three months ended March 31, 2025 and 2024, respectively.

The adjustment to the numerator, diluted net income attributable to Class A common shareholders, if the effect would have been dilutive, would have been $ 9,556 and $ 6,212 for the three months ended March 31, 2025 and 2024, respectively.

In computing this adjustment, the Company assumes that all Class A, E, I and K LP Units are converted into Class A Shares, that all earnings attributable to those shares are attributed to Evercore Inc.

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The Company does not anticipate that the Class A, E, I and K LP Units will result in a dilutive computation in future periods.

(2) During the three months ended March 31, 2025 and 2024, certain shares of the Company's common stock assumed to be issued pursuant to non-vested RSUs, as calculated using the Treasury Stock Method, were antidilutive and consequently the effect of their exchange into Class A Shares has been excluded from the calculation of diluted net income per share attributable to Evercore Inc.

common shareholders.

The shares that would have been included in the treasury stock method calculation if the effect would have been dilutive were 1,163 and 44 for the three months ended March 31, 2025 and 2024, respectively.

(3) The Company has outstanding Class K-P units of Evercore LP ("Class K-P Units") which are contingently exchangeable into Class K LP Units, and ultimately Class A Shares, as they are subject to certain performance thresholds being achieved.

The Company also has certain outstanding RSUs which vest contingent upon certain performance thresholds being

EVERCORE INC.

1 unchanged sentence

(amounts in thousands, except per share amounts, unless otherwise noted)

(2) During the three and nine months ended September 30, 2024, certain shares of the Company's common stock assumed to be issued pursuant to non-vested RSUs, as calculated using the Treasury Stock Method, were antidilutive and consequently the effect of their exchange into Class A Shares has been excluded from the calculation of diluted net income per share attributable to Evercore Inc.

common shareholders.

The shares that would have been included in the treasury stock method calculation if the effect would have been dilutive were 1 for the three months ended September 30, 2024.

The Company also has certain outstanding RSUs which vest contingent upon certain performance thresholds being achieved.

See Note 14 for further information.

For the purposes of calculating diluted net income per share attributable to Evercore Inc.

common shareholders, these units are included in diluted weighted average Class A Shares outstanding, as calculated using the Treasury Stock Method, as of the beginning of the period in which all necessary performance conditions have been satisfied.

common shareholders, the Company's Class K-P Units and these certain outstanding RSUs are included in diluted weighted average Class A Shares outstanding, as calculated using the Treasury Stock Method, as of the beginning of the period in which all necessary performance conditions have been satisfied.

If all necessary performance conditions have not been satisfied by the end of the period, the number of shares that are included in diluted weighted average Class A Shares outstanding is based on the number of shares that would be issuable if the end of the reporting period were the end of the performance period.

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Note 14 – Share-Based and Other Deferred Compensation

Class K-P Units – The Company has awarded the following Class K-P Units:

Class K-P Units – The Company has awarded the following Class K-P Units to certain employees:

• In June 2019, the Company awarded 220 Class K-P Units.

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The first three tranches each convert into 50 Class K LP Units (which are exchangeable on a one -for-one basis to Class A Shares) contingent and based upon the achievement of certain market conditions and continued service through February 28, 2025, 2026 and 2027, respectively, while the final tranche converts into a number of Class K LP Units (which are exchangeable on a one -for-one basis to Class A Shares) contingent and based upon the achievement of certain market conditions, defined benchmark results and continued service through February 28, 2028.

In February 2025, the first tranche of 50 Class K-P Units converted into 50 Class K LP Units upon the achievement of certain market and service conditions.

As this award contains market, performance and service conditions, the expense for this award will be recognized over the service period of the award and will reflect the fair value of the underlying units as determined at the award's grant date, taking into account the probable outcome of the market condition being achieved, as well as the probable outcome of the performance condition.

These Class K-P Units may convert into a maximum of 320 Class K LP Units, contingent upon the achievement of certain market conditions, defined benchmark results and continued service as described above.

The remaining Class K-P Units may convert into a maximum of 270 Class K LP Units, contingent upon the achievement of certain market conditions, defined benchmark results and continued service as described above.

• In June 2023, the Company awarded 60 Class K-P Units.

EVERCORE INC.

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(amounts in thousands, except per share amounts, unless otherwise noted)

• In June 2023, the Company awarded 60 Class K-P Units.

achieved, as well as the probable outcome of the performance condition.

These Class K-P Units may convert into 60 Class K LP Units contingent upon the achievement of certain market conditions and continued service, while additional units may be received upon conversion based on the level of defined benchmark results achieved.

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These Class K-P Units may convert into 328 Class K LP Units contingent upon the achievement of certain market conditions and continued service, while additional units may be received upon conversion based on the level of defined benchmark results achieved.

The Company determined the grant date fair value of these awards probable to vest as of September 30, 2024 to be $ 261,880 , related to 1,875 Class K LP Units which were probable of achievement, and recognizes expense for these units over the respective service periods.

Aggregate compensation expense related to the Class K-P Units was $ 15,844 and $ 31,099 for the three and nine months ended September 30, 2024, respectively, and $ 6,467 and $ 19,001 for the three and nine months ended September 30, 2023, respectively.

• In February 2025, the Company awarded 35 Class K-P Units.

These Class K-P Units convert into a number of Class K LP Units (which are exchangeable on a one -for-one basis to Class A Shares) contingent and based upon the achievement of certain market conditions, defined benchmark results and continued service through April 1, 2029 for the first tranche, which consists of 17.5 Class K-P Units, and April 1, 2030 for the second tranche, which consists of 17.5 Class K-P Units.

These Class K-P Units may convert into a maximum of 100 Class K LP Units contingent upon the achievement of certain market conditions, defined benchmark results and continued service as described above.

• In February 2025, the Company also awarded 20 Class K-P Units.

These Class K-P Units convert into a number of Class K LP Units (which are exchangeable on a one -for-one basis to Class A Shares) contingent and based upon the achievement of certain market conditions, defined benchmark results and continued service through March 1, 2030 for the first tranche, which consists of 10 Class K-P Units, and March 1, 2031 for the second tranche, which consists of 10 Class K-P Units.

As of March 31, 2025, 1,093 unvested Class K-P Units were outstanding.

The Company determined the grant date fair value of these awards probable to vest as of March 31, 2025 to be $ 254,042 , related to 1,814 Class K LP Units which were probable of achievement, and recognizes expense for these units over the respective service periods.

Aggregate compensation expense related to the Class K-P Units was $ 12,489 and $ 6,279 for the three months ended March 31, 2025 and 2024, respectively.

Class L Interests

In January 2022, 2023 and 2024, the Company's Board of Directors approved the issuance of Class L Interests in Evercore LP ("Class L Interests") to certain of the named executive officers of the Company, pursuant to which the named executive officers received a discretionary distribution of profits from Evercore LP, paid in the first quarters of 2023, 2024 and 2025, respectively.

In January 2023, 2024 and 2025, the Company's Board of Directors approved the issuance of Class L Interests of Evercore LP ("Class L Interests") to certain of the named executive officers of the Company, pursuant to which the named executive officers received a discretionary distribution of profits from Evercore LP, paid in the first quarters of 2024, 2025 and 2026, respectively.

Distributions pursuant to these interests are made in lieu of any cash incentive compensation payments which may otherwise have been made to the named executive officers of the Company in respect of their service for 2023, 2024 and 2025, respectively.

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Stock Incentive Plan

During the second quarter of 2024, the Company's stockholders approved the Third Amended and Restated 2016 Evercore Inc.

During 2024, the Company's stockholders approved the Third Amended and Restated 2016 Evercore Inc.

Stock Incentive Plan (the "Third Amended 2016 Plan"), which amended the Second Amended and Restated 2016 Evercore Inc.

Stock Incentive Plan.

Stock Incentive

EVERCORE INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(amounts in thousands, except per share amounts, unless otherwise noted)

The Third Amended 2016 Plan, among other things, authorizes the grant of an additional 6,000 of the Company's Class A Shares and permits the Company to grant to certain employees, directors and consultants incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock, RSUs and other awards based on the Company's Class A Shares.

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Class A Shares underlying any award granted under the Third Amended 2016 Plan that expire, terminate or are canceled or satisfied for any reason without being settled in stock again become available for awards under the plan.

The total shares available to be granted in the future under the Third Amended 2016 Plan was 8,679 as of September 30, 2024.

The Company also grants, at its discretion, dividend equivalents, in the form of unvested RSU awards, or deferred cash dividends, concurrently with the payment of dividends to the holders of Class A Shares, on all unvested and vested RSU grants.

The total shares available to be granted in the future under the Third Amended 2016 Plan was 6,969 as of March 31, 2025.

The Company also grants, at its discretion, dividend equivalents, in the form of deferred cash dividends or unvested RSU awards, concurrently with the payment of dividends to the holders of Class A Shares, on all unvested and vested RSU grants.

The dividend equivalents have the same vesting and delivery terms as the underlying RSU award.

The Company estimates forfeitures in the aggregate compensation cost to be amortized over the requisite service period of its awards.

The Company periodically monitors its estimated forfeiture rate and adjusts its assumptions to the actual occurrence

EVERCORE INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(amounts in thousands, except per share amounts, unless otherwise noted)

of forfeited awards.

The Company periodically monitors its estimated forfeiture rate and adjusts its assumptions to the actual occurrence of forfeited awards.

A change in estimated forfeitures is recognized through a cumulative adjustment in the period of the change.

Equity Grants

During the nine months ended September 30, 2024, pursuant to the above Stock Incentive Plans, the Company granted employees 1,711 RSUs that are Service-based Awards.

Service-based Awards granted during the nine months ended September 30, 2024 had grant date fair values of $ 148.49 to $ 257.00 per share, with an average value of $ 184.26 per share, for an aggregate fair value of $ 315,266 , and generally vest ratably over four years .

During the nine months ended September 30, 2024, 2,203 Service-based Awards vested and 109 Service-based Awards were forfeited.

Compensation expense related to Service-based Awards was $ 74,560 and $ 229,238 for the three and nine months ended September 30, 2024, respectively, and $ 70,458 and $ 216,253 for the three and nine months ended September 30, 2023, respectively.

During the three months ended March 31, 2025, pursuant to the Third Amended 2016 Plan, the Company granted employees 1,678 RSUs that are subject to service-based vesting requirements ("Service-based Awards").

Service-based Awards granted during the three months ended March 31, 2025 had grant date fair values of $ 193.07 to $ 277.52 per share, with an average value of $ 257.14 per share, for an aggregate fair value of $ 431,490 , and generally vest ratably over four years .

During the three months ended March 31, 2025, 2,009 Service-based Awards vested and 8 Service-based Awards were forfeited.

Compensation expense related to Service-based Awards was $ 80,064 and $ 72,178 for the three months ended March 31, 2025 and 2024, respectively.

In addition, in June 2024, the Company granted 30 RSUs which may convert into a maximum of 80 RSUs contingent and based upon the achievement of certain defined benchmark results and continued service through April 1, 2031.

The grant date fair value of these awards probable to vest as of September 30, 2024 was $ 7,783 , related to 40 RSUs which were probable of achievement, and compensation expense related to these units was $ 383 and $ 470 for the three and nine months ended September 30, 2024, respectively.

The grant date fair value of these awards probable to vest as of March 31, 2025 was $ 6,971 , related to 36 RSUs which were probable of achievement, and compensation expense related to these units was $ 343 for the three months ended March 31, 2025.

Deferred Cash

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The Company granted $ 83,007 of deferred cash awards pursuant to the deferred cash compensation program during the first quarter of 2025.

Compensation expense related to the Company's deferred cash compensation program was $ 40,116 and $ 128,221 for the three and nine months ended September 30, 2024, respectively, and $ 32,323 and $ 114,990 for the three and nine months ended September 30, 2023, respectively.

As of September 30, 2024, the Company expects to pay an aggregate of $ 393,290 related to the Company's deferred cash compensation program at various dates through 2028 and total compensation expense not yet recognized related to these awards was $ 226,382 .

Compensation expense related to the Company's deferred cash compensation program was $ 38,560 and $ 43,994 for the three months ended March 31, 2025 and 2024, respectively.

As of March 31, 2025, the Company expects to pay an aggregate of $ 322,266 related to the Company's deferred cash compensation program at various dates through 2029 and total compensation expense not yet recognized related to these awards was $ 236,053 .

The weighted-average period over which this compensation cost is expected to be recognized is 33 months.

Amounts due pursuant to this program are expensed over the service period of the award and are reflected in Accrued Compensation and Benefits on the Unaudited Condensed Consolidated Statement of Financial Condition.

Other Deferred Cash Awards – In November 2016, the Company granted a restricted cash award in conjunction with the appointment of the Chief Executive Officer (then Executive Chairman) with a payment amount of $ 35,000 , of which $ 11,000 vested on March 1, 2019 and $ 6,000 vested on each of March 1, 2020, 2021, 2022 and 2023, upon the achievement of service conditions.

During the first quarter of 2024 and 2022, the Company granted $ 6,662 and $ 19,861 , respectively, of deferred cash awards to certain employees.

These awards vest ratably over one to two years .

In addition, the Company periodically grants other deferred cash awards to certain employees.

The Company recognizes expense for these awards ratably over the vesting period.

Compensation expense related to other deferred cash awards was $ 1,248 and $ 7,718 for the three and nine months ended September 30, 2024, respectively, and $ 2,374 and $ 9,126 for the three and nine months ended September 30, 2023, respectively.

Long-term Incentive Plan

The Company's Long-term Incentive Plans provide for incentive compensation awards for Advisory Senior Managing Directors, excluding executive officers of the Company, who exceed defined benchmark results over four-year performance periods beginning January 1, 2017 (the "2017 Long-term Incentive Plan", which ended on December 31, 2020) and January 1, 2021 (the "2021 Long-term Incentive Plan", which was approved by the Company's Board of Directors in April 2021 and modified in July 2021).

The vesting period for the 2017 Long-term Incentive Plan ended on March 15, 2023 and in conjunction with this plan, the Company distributed cash payments of $ 48,331 in the nine months ended September 30, 2023, $ 3,940 in the nine months ended September 30, 2022 and $ 92,938 in the year ended December 31, 2021 (including the first cash distribution made in March 2021 of $ 48,461 , and an additional cash distribution made in December 2021 of $ 44,477 , related to the

Amounts due pursuant to this program are expensed over the requisite service period of the award and are reflected in Accrued Compensation and Benefits on the Unaudited Condensed Consolidated Statement of Financial Condition.

Other Deferred Cash Awards – During the first quarter of 2025, 2024 and 2022, the Company granted $ 11,410 , $ 6,662 and $ 19,861 , respectively, of deferred cash awards to certain employees.

These awards generally vest ratably over one to two years .

Compensation expense related to other deferred cash awards was $ 3,058 and $ 4,026 for the three months ended March 31, 2025 and 2024, respectively.

EVERCORE INC.

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(amounts in thousands, except per share amounts, unless otherwise noted)

acceleration of certain amounts due in the first quarter of 2022).

As of September 30, 2024, the Company has accrued $ 160,795 pursuant to the 2021 Long-term Incentive Plan, including $ 53,598 within Accrued Compensation and Benefits and $ 107,197 within Other Long-term Liabilities, on the Unaudited Condensed Consolidated Statement of Financial Condition.

Amounts due are to be paid in cash or Class A Shares, at the Company's discretion, in the first quarter of 2025, 2026 and 2027, subject to employment at the time of payment.

Long-term Incentive Plan

The Company's Long-term Incentive Plans provide for incentive compensation awards for Investment Banking Senior Managing Directors, excluding executive officers of the Company, who exceed defined benchmark results over a four-year performance period beginning January 1, 2021 (the "2021 Long-term Incentive Plan", which ended on December 31, 2024).

As of March 31, 2025, the Company has accrued $ 104,748 pursuant to the 2021 Long-term Incentive Plan, including $ 71,522 within Accrued Compensation and Benefits and $ 33,226 within Other Long-term Liabilities, on the Unaudited Condensed Consolidated Statement of Financial Condition.

In conjunction with this plan, the Company distributed cash payments of $ 71,522 in the three months ended March 31, 2025.

Remaining amounts due are to be paid in cash or Class A Shares, at the Company's discretion, in the first quarter of 2026 and 2027, subject to employment at the time of payment.

The Company periodically assesses the probability of the benchmarks being achieved and expenses the probable payout over the requisite service period of the award.

The Company recorded compensation expense related to these plans of $ 10,792 and $ 30,542 for the three and nine months ended September 30, 2024, respectively, and $ 7,547 and $ 29,803 for the three and nine months ended September 30, 2023, respectively.

As of September 30, 2024, the total remaining expense to be recognized for the 2021 Long-term Incentive Plan over the future vesting period ending March 15, 2027, based on the current anticipated probable payout for the plan, is $ 62,063 .

The Company recorded compensation expense related to this plan of $ 10,478 and $ 10,954 for the three months ended March 31, 2025 and 2024, respectively.

As of March 31, 2025, the total remaining expense to be recognized for the 2021 Long-term Incentive Plan over the future vesting period ending March 15, 2027, based on the current anticipated probable payout for the plan, is $ 37,849 .

In April 2025, the Company's Board of Directors approved the issuance of the 2025 Long-term Incentive Plan (the "2025 Long-term Incentive Plan").

Similar to the above arrangement, this plan provides for incentive compensation awards to Investment Banking Senior Managing Directors, excluding executive officers of the Company, who exceed defined benchmark results over a four-year performance period beginning in 2025.

This plan is due to be paid in cash or Class A Shares, at the Company's discretion, in three equal installments in the first quarter of 2029, 2030 and 2031, subject to employment at the time of payment.

Employee Loans Receivable

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In circumstances where the employee meets the Company's minimum credit standards, the Company amortizes these awards to compensation expense over the relevant service period, which is generally the period they are subject to forfeiture.

Compensation expense related to these awards was $ 10,591 and $ 28,923 for the three and nine months ended September 30, 2024, respectively, and $ 7,573 and $ 19,313 for the three and nine months ended September 30, 2023, respectively.

As of September 30, 2024, the total compensation cost not yet recognized related to these awards was $ 62,560 .

Compensation expense related to these awards was $ 8,952 and $ 6,615 for the three months ended March 31, 2025 and 2024, respectively.

As of March 31, 2025, the total compensation cost not yet recognized related to these awards was $ 72,097 .

Separation and Transition Benefits

The following table presents the change in the Company's liability related to separation benefits, stay arrangements and accelerated deferred cash compensation (together, the "Termination Costs") for the nine months ended September 30, 2024 and 2023:

For the Nine Months Ended September 30,

The following table presents the change in the Company's liability related to separation benefits, stay arrangements and accelerated deferred cash compensation (together, "Termination Costs") for the three months ended March 31, 2025 and 2024:

For the Three Months Ended March 31,

Beginning Balance $ 1,181 $ 2,824

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Ending Balance $ 1,190 $ 1,166

In addition to the above Termination Costs incurred, the Company also incurred expenses related to the acceleration of the amortization of share-based payments previously granted to affected employees of $ 842 and $ 4,335 for the three and nine months ended September 30, 2024, respectively, (related to 38 RSUs) and $ 2,030 and $ 4,288 for the three and nine months ended September 30, 2023, respectively, (related to 39 RSUs) recorded in Employee Compensation and Benefits, within the Investment Banking & Equities segment, on the Company's Unaudited Condensed Consolidated Statements of Operations.

In addition to the above Termination Costs incurred, for the three months ended March 31, 2025 and 2024, the Company also incurred expenses related to the acceleration of the amortization of share-based payments previously granted to affected employees of $ 3,195 and $ 1,835 , respectively (related to 31 and 19 RSUs, respectively) recorded in Employee Compensation and Benefits, within the Investment Banking & Equities segment, on the Company's Unaudited Condensed Consolidated Statements of Operations.

EVERCORE INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(amounts in thousands, except per share amounts, unless otherwise noted)

Note 15 – Commitments and Contingencies

For a further discussion of the Company's commitments, refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2024.

Private Equity – As of September 30, 2024, the Company had unfunded commitments for capital contributions of $ 2,584 to private equity funds.

Private Equity – As of March 31, 2025, the Company had unfunded commitments for capital contributions of $ 2,552 to private equity funds.

These commitments will be funded as required through the end of each private equity fund's investment period, subject to certain conditions.

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Lines of Credit – Evercore Partners Services East L.L.C.

("East") entered into a revolving credit facility with PNC Bank, National Association ("PNC") as amended on June 29, 2023, in an aggregate principal amount of up to $ 30,000 (the "Existing PNC Facility") to be used for working capital and other corporate activities, which matured on October 27, 2024.

This facility

EVERCORE INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(amounts in thousands, except per share amounts, unless otherwise noted)

was secured by East's accounts receivable and the proceeds therefrom, as well as certain assets of EGL, including certain of EGL's accounts receivable.

In addition, the agreement contained certain reporting covenants, as well as certain debt covenants that prohibited East and the Company from incurring other indebtedness, subject to specified exceptions.

The Company and its consolidated subsidiaries were in compliance with these covenants as of September 30, 2024.

The interest rate provisions were Daily SOFR plus 161 basis points.

There were no drawings under this facility at September 30, 2024.

East entered into an additional revolving credit facility with PNC, as amended on June 29, 2023, in an aggregate principal amount of up to $ 55,000 to be used for working capital and other corporate activities, which matured on October 27, 2024.

This facility was unsecured.

In addition, the agreement contained certain reporting requirements and debt covenants consistent with the Existing PNC Facility.

The Company and its consolidated subsidiaries were in compliance with these covenants as of September 30, 2024.

The interest rate provisions were Daily SOFR plus 191 basis points.

East was only permitted to borrow under this facility if there was no undrawn availability under the Existing PNC Facility and must repay indebtedness under this facility prior to repaying indebtedness under the Existing PNC Facility.

There were no drawings under this facility at September 30, 2024.

On October 28, 2024, upon maturity of its $ 30,000 secured and $ 55,000 unsecured credit facilities with PNC, the Company established a new revolving credit facility with PNC in an aggregate principal amount of up to $ 85,000 to be used for working capital and other corporate activities.

("East") previously held $ 30,000 secured and $ 55,000 unsecured revolving credit facilities with PNC Bank, National Association ("PNC"), which matured on October 27, 2024.

On October 28, 2024, upon maturity of its $ 30,000 secured and $ 55,000 unsecured credit facilities with PNC, the Company established a revolving credit facility with PNC, as amended on March 17, 2025, in an aggregate principal amount of up to $ 85,000 (the "PNC Facility") to be used for working capital and other corporate activities.

The facility is unsecured.

In addition, the agreement contains certain reporting covenants, as well as certain debt covenants, that prohibit East and the Company from incurring other indebtedness, subject to specified exceptions.

The Company and its consolidated subsidiaries were in compliance with these covenants as of March 31, 2025.

Drawings under this facility bear interest at Daily SOFR plus 155 basis points and the maturity date is October 27, 2026.

EGL entered into a subordinated revolving credit facility with PNC, as amended on October 25, 2024, in an aggregate principal amount of up to $ 75,000 , to be used as needed in support of capital requirements from time to time of EGL.

This facility is unsecured and is guaranteed by Evercore LP and other affiliates, pursuant to a guaranty agreement, which provides for certain reporting requirements and debt covenants consistent with the Existing PNC Facility.

There were no drawings under this facility at March 31, 2025.

EGL maintains a subordinated revolving credit facility with PNC, as amended on October 25, 2024, in an aggregate principal amount of up to $ 75,000 , to be used as needed in support of capital requirements from time to time of EGL.

The interest rate provisions are Daily SOFR plus 145 basis points and the maturity date is October 28, 2026.

There were no drawings under this facility at September 30, 2024.

There were no drawings under this facility at March 31, 2025.

In addition, EGL's clearing broker provides temporary funding for the settlement of securities transactions.

Other Commitments – The Company had a commitment for contingent consideration related to the purchase of the outstanding Class R Interests of Private Capital Advisory L.P.

from employees of the RECA business in 2021.

See Note 12 for further information.

Restricted Cash – The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Unaudited Condensed Consolidated Statements of Financial Condition that sum to the total of amounts shown in the Unaudited Condensed Consolidated Statements of Cash Flows:

September 30,

Cash and Cash Equivalents $ 552,954 $ 569,776

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The Company also maintains stop-loss insurance for its medical plan to provide coverage for claims over a defined financial threshold.

The estimated present value of incurred but not reported claims is $ 3,268 and $ 3,165 as of September 30, 2024 and December 31, 2023, respectively, which is included within Accrued Compensation and Benefits on the Unaudited Condensed Consolidated Statements of Financial Condition.

The estimated present value of incurred but not reported claims is $ 3,585 and $ 3,268 as of March 31, 2025 and December 31, 2024, respectively, which is included within Accrued Compensation and Benefits on the Unaudited Condensed Consolidated Statements of Financial Condition.

Foreign Exchange – Periodically, the Company enters into foreign currency exchange forward contracts as an economic hedge against exchange rate risk for foreign currency denominated accounts receivable or other commitments.

The Company entered into a foreign currency exchange forward contract during the third quarter of 2023 to buy 30,000 British Pounds sterling for $ 36,675 , which settled during the first quarter of 2024, and resulted in a loss of $ 347 for the three months ended March 31, 2024.

EVERCORE INC.

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(amounts in thousands, except per share amounts, unless otherwise noted)

The Company entered into a foreign currency exchange forward contract during the first quarter of 2023 to buy 30,000 British Pounds sterling for $ 36,903 , which settled during the third quarter of 2023, and resulted in a loss of $ 303 .

Upon settlement, the Company entered into a new foreign currency exchange forward contract to buy 30,000 British Pounds sterling for $ 36,675 , which settled during the first quarter of 2024, and resulted in a loss of $ 347 for the nine months ended September 30, 2024.

The contract was recorded at its fair value of $ 1,585 as of December 31, 2023, and is included within Other Current Assets on the Unaudited Condensed Consolidated Statement of Financial Condition.

Contingencies

5 unchanged sentences

Once established, such provisions are adjusted when there is more information available or when an event occurs requiring a change.

The Company and its subsidiaries are subject to employment and tax laws, regulations and treaties in various U.S.

jurisdictions.

These laws, regulations and treaties are complex, and the manner in which they apply to the Company’s facts and circumstances is open to evolving interpretation.

Although management believes it has applied these laws, regulations and treaties in a compliant manner, a recent interpretation reached by a judicial authority has challenged the employment tax treatment of members of a partnership which is not affiliated with the Company.

While that challenge remains subject to a judicial review process, and the Company and its subsidiaries are not a party to the proceedings, the ultimate outcome may adversely impact the Company’s tax position.

Note 16 – Regulatory Authorities

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Under the Alternative Net Capital Requirement, EGL's minimum net capital requirement is $ 250 .

EGL's regulatory net capital as of September 30, 2024 and December 31, 2023 was $ 373,961 and $ 405,318 , respectively, which exceeded the minimum net capital requirement by $ 373,711 and $ 405,068 , respectively.

EGL's regulatory net capital as of March 31, 2025 and December 31, 2024 was $ 388,190 and $ 475,936 , respectively, which exceeded the minimum net capital requirement by $ 387,940 and $ 475,686 , respectively.

Evercore Trust Company, N.A.

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The Company, Evercore LP and ETC are subject to written agreements with the OCC that, among other things, require the Company and Evercore LP to maintain at least $ 5,000 in Tier 1 capital in ETC (or such other amount as the OCC may require) and maintain liquid assets in ETC in an amount at least equal to the greater of $ 3,500 or 180 days coverage of ETC's operating expenses.

The Company was in compliance with the aforementioned agreements as of September 30, 2024.

The Company was in compliance with the aforementioned agreements as of March 31, 2025.

Evercore U.K., our U.K.

1 unchanged sentence

Equities affiliate, are regulated by the Financial Conduct Authority.

The aggregate regulatory net capital of these affiliates as of September 30, 2024 and December 31, 2023 was $ 201,216 and $ 184,981 , respectively, which exceeded the minimum requirement by $ 102,679 and $ 98,805 , respectively.

The aggregate regulatory net capital of these affiliates as of March 31, 2025 and December 31, 2024 was $ 280,671 and $ 232,039 , respectively, which exceeded the minimum requirement by $ 184,819 and $ 139,208 , respectively.

Certain other non-U.S.

subsidiaries are subject to various securities and banking regulations and capital adequacy requirements promulgated by the regulatory and exchange authorities of the countries in which they operate.

These subsidiaries are in excess of their local capital adequacy requirements at September 30, 2024.

These subsidiaries are in excess of their local capital adequacy requirements at March 31, 2025.

Note 17 – Income Taxes

The Company's Provision for Income Taxes was $ 34,971 and $ 56,659 for the three and nine months ended September 30, 2024, respectively, and $ 19,717 and $ 52,945 for the three and nine months ended September 30, 2023, respectively.

The effective tax rate was 28.4 % and 17.7 % for the three and nine months ended September 30, 2024, respectively, and 25.1 % and 21.5 % for the three and nine months ended September 30, 2023, respectively.

The effective tax rate reflects the recognition of net excess tax benefits associated with appreciation in the Company's share price upon vesting of employee share-based awards

The Company's Provision (Benefit) for Income Taxes was ($ 41,727 ) and ($ 6,679 ) for the three months ended March 31, 2025 and 2024, respectively.

The effective tax rate was ( 37.2 %) and ( 7.7 %) for the three months ended March 31, 2025 and 2024, respectively.

The effective tax rate reflects the recognition of net excess tax benefits associated with appreciation in the Company's share price upon vesting of employee share-based awards above the original grant price of $ 74,311 and $ 29,506 for the three months ended March 31, 2025 and 2024, respectively, which resulted in a reduction in the effective tax rate of 66.3 and 34.1 percentage points for the three months ended March 31, 2025 and 2024, respectively.

The effective tax rate for the

EVERCORE INC.

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(amounts in thousands, except per share amounts, unless otherwise noted)

above the original grant price of $ 31,976 and $ 14,071 for the nine months ended September 30, 2024 and 2023, respectively, which resulted in a reduction in the effective tax rate of 10.0 and 5.7 percentage points for the nine months ended September 30, 2024 and 2023, respectively.

The effective tax rate for 2024 and 2023 also reflects the effect of certain nondeductible expenses, including expenses related to Class K-P Units, as well as the noncontrolling interest associated with LP Units and other adjustments.

three months ended March 31, 2025 and 2024 also reflects the effect of certain nondeductible expenses, including expenses related to Class K-P Units, as well as the noncontrolling interest associated with LP Units and other adjustments.

In October 2021, members of the Organization for Economic Co-operation and Development ("OECD") agreed on a two-pillar tax framework to realign international taxation with economic activities, including a coordinated set of rules designed to ensure large multinational enterprises pay a minimum 15% tax rate across all jurisdictions, known as Pillar Two.

The implications of these rules begin to take effect for corporations in 2024, as jurisdictions enact legislation in line with the OECD rules and related guidance.

The Company is evaluating the current and proposed legislation of Pillar Two and does not expect it to materially impact the Company's effective tax rate in the future.

has not yet adopted these rules, but several countries have enacted Pillar Two with an effective date beginning January 1, 2024.

The impact of Pillar Two on the Company's effective tax rate during the year was not material and it is not expected to materially impact the Company's effective tax rate in the future.

Additionally, the Company is subject to the income tax effects associated with the global intangible low-taxed income ("GILTI") provisions in the period incurred.

For the three and nine months ended September 30, 2024 and 2023, no additional income tax expense associated with the GILTI provisions has been recognized and it is not expected to be material to the Company's effective tax rate for the year.

The Company recorded an increase in deferred tax assets of $ 37 associated with changes in Unrealized Gain (Loss) on Securities and Investments and a decrease of $ 2,247 associated with changes in Foreign Currency Translation Adjustment Gain (Loss), in Accumulated Other Comprehensive Income (Loss) for the nine months ended September 30, 2024.

The Company recorded an increase in deferred tax assets of $ 1,016 associated with changes in Unrealized Gain (Loss) on Securities and Investments and a decrease of $ 992 associated with changes in Foreign Currency Translation Adjustment Gain (Loss), in Accumulated Other Comprehensive Income (Loss) for the nine months ended September 30, 2023.

For the three months ended March 31, 2025 and 2024, no additional income tax expense associated with the GILTI provisions has been recognized and it is not expected to be material to the Company's effective tax rate for the year.

The Company recorded an increase in deferred tax assets of $ 73 associated with changes in Unrealized Gain (Loss) on Securities and Investments and a decrease of $ 2,784 associated with changes in Foreign Currency Translation Adjustment Gain (Loss), in Accumulated Other Comprehensive Income (Loss), for the three months ended March 31, 2025.

The Company recorded an increase in deferred tax assets of $ 22 associated with changes in Unrealized Gain (Loss) on Securities and Investments and an increase of $ 1,230 associated with changes in Foreign Currency Translation Adjustment Gain (Loss), in Accumulated Other Comprehensive Income (Loss), for the three months ended March 31, 2024.

The Company classifies interest relating to tax matters and tax penalties as a component of income tax expense in its Unaudited Condensed Consolidated Statements of Operations.

As of September 30, 2024, there were $ 379 of unrecognized tax benefits that, if recognized, $ 309 would affect the effective tax rate.

Related to the unrecognized tax benefits, the Company accrued interest and penalties of $ 39 and $ 12 , respectively, during the three months ended September 30, 2024.

In addition, during the quarter, the Company reached an audit settlement with the Tax Authorities and $ 58 of unrecognized tax benefits were recognized by the Company, of which $ 47 affected the effective tax rate.

The Company also recognized a tax benefit for the accrued interest and penalties of $ 24 and $ 9 , respectively, during the three months ended September 30, 2024, associated with the audit settlement.

As of March 31, 2025, there were $ 379 of unrecognized tax benefits that, if recognized, $ 309 would affect the effective tax rate.

Related to the unrecognized tax benefits, the Company accrued interest and penalties of $ 18 and $ 1 , respectively, during the three months ended March 31, 2025.

Note 18 – Segment Operating Results

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The Investment Banking & Equities segment includes providing advice to clients on significant mergers, acquisitions, divestitures and other strategic corporate transactions, as well as services related to securities underwriting, private placement services and commissions for agency-based equity trading services and equity research.

The Investment Management segment includes Wealth Management and interests in private equity funds which are not managed by the Company.

The Company's segment information for the three and nine months ended September 30, 2024 and 2023 is prepared using the following methodology:

The Investment Banking & Equities segment also includes an interest in Seneca Evercore, which is accounted for under the equity method of accounting, and previously included an interest in Luminis (through September 2024).

The Investment Management segment includes Wealth Management and interests in private equity funds which are not managed by the Company, as well as an interest in Atalanta Sosnoff, which is accounted for under the equity method of accounting, and previously included an interest in ABS (through July 2024).

The Company's segment information is prepared using the following methodology:

• Revenue, expenses and income (loss) from equity method investments directly associated with each segment are included in determining pre-tax income.

3 unchanged sentences

Other Revenue, net, included in each segment's Net Revenues includes the following:

• Interest income, including accretion, and income (losses) on investment securities, including the Company's investment funds (which are used as an economic hedge against the Company's deferred cash compensation program), certificates of deposit, cash and cash equivalents and long-term accounts receivable

EVERCORE INC.

1 unchanged sentence

(amounts in thousands, except per share amounts, unless otherwise noted)

• A gain on the sale of the remaining portion of the Company's interest in ABS in the third quarter of 2024.

See Note 7 for further information

• A loss related to the release of cumulative foreign exchange losses resulting from the redemption of the Company's interest in Luminis in the third quarter of 2024.

See Note 7 for further information

• Gains (losses) resulting from foreign currency exchange rate fluctuations and foreign currency exchange forward contracts used as an economic hedge

• Gains (losses) resulting from foreign currency exchange rate fluctuations and foreign currency exchange forward contracts used as an economic hedge against exchange rate risk for foreign currency denominated accounts receivable or other commitments

• Realized and unrealized gains and losses on interests in private equity funds which are not managed by the Company

1 unchanged sentence

• Adjustments to amounts due pursuant to the Company’s tax receivable agreement, subsequent to its initial establishment, related to changes in enacted tax rates

Each segment's Operating Expenses include:

a) employee compensation and benefits expenses that are incurred directly in support of the segment and b) non-compensation expenses, which include expenses for premises and occupancy, professional fees, travel and entertainment, communications and information services, execution, clearing and custody fees, equipment and indirect support costs (including compensation and other operating expenses related thereto) for administrative services.

Such administrative services include, but are not limited to, accounting, tax, legal, technology, human capital, facilities management and senior management activities.

Other Expenses include Special Charges, Including Business Realignment Costs:

• 2024 – Expenses for the three and nine months ended September 30, 2024 related to the write-off of the remaining carrying value of the Company's investment in Luminis in connection with the redemption of the Company's interest

• 2023 – Expenses for the nine months ended September 30, 2023 related to the write-off of non-recoverable assets in connection with the wind-down of the Company's operations in Mexico

The Company evaluates segment results based on net revenues and pre-tax income, both including and excluding the impact of the Other Expenses.

No client accounted for more than 10% of the Company's Consolidated Net Revenues for the three and nine months ended September 30, 2024 and 2023, respectively.

Each segment's expenses include:

Such corporate services include, but are not limited to, accounting, tax, legal, technology, human capital, facilities management and senior management activities.

The Company evaluates segment results based on net revenues and pre-tax income.

The Company's resources are allocated and performance is assessed by the Company's CEO and Chairman, whom the Company has determined to be the CODM.

For both segments, the CODM reviews net revenues and pre-tax income against current and past performance on a quarterly basis when making decisions about allocating resources to the segments, inclusive of decisions regarding new hires, expansion into new geographical locations and entering into material contracts, including lease agreements and significant investments in technology.

The CODM also uses these measures in determining appropriate levels of employee compensation.

No client accounted for more than 10% of the Company's Consolidated Net Revenues for the three months ended March 31, 2025 and 2024.

The following information presents each segment's contribution.

2 unchanged sentences

(amounts in thousands, except per share amounts, unless otherwise noted)

For the Three Months Ended September 30, For the Nine Months Ended September 30,

2024 2023 2024 2023

For the Three Months Ended March 31,

Investment Banking & Equities

1 unchanged sentence

$ 674,532 $ 561,728

Operating Expenses 589,083 479,429 1,638,289 1,356,853

Other Expenses 7,305 — 7,305 2,921

Employee Compensation and Benefits 448,029 377,287

Non-Compensation (2)

119,774 105,551

Operating Income 106,729 78,890

Income from Equity Method Investments 207 180 1,042 394

Income (Loss) from Equity Method Investments ( 38 ) 688

Pre-Tax Income $ 106,691 $ 79,578

3 unchanged sentences

$ 20,297 $ 19,087

Operating Expenses 15,841 13,965 44,311 40,562

Employee Compensation and Benefits 11,796 10,418

Non-Compensation (2)

Operating Income 4,455 5,230

4 unchanged sentences

$ 694,829 $ 580,815

Operating Expenses 604,924 493,394 1,682,600 1,397,415

Other Expenses 7,305 — 7,305 2,921

Employee Compensation and Benefits 459,825 387,705

Non-Compensation (2)

123,820 108,990

Operating Income 111,184 84,120

2 unchanged sentences

Identifiable Segment Assets $ 3,271,115 $ 3,005,988

EVERCORE INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(amounts in thousands, except per share amounts, unless otherwise noted)

(1) Net Revenues include Other Revenue, net, allocated to the segments as follows:

For the Three Months Ended September 30, For the Nine Months Ended September 30,

2024 2023 2024 2023

For the Three Months Ended March 31,

Investment Banking & Equities (A)

2 unchanged sentences

Total Other Revenue, net $ 7,132 $ 28,505

(A) Other Revenue, net, from the Investment Banking & Equities segment includes interest expense on the Notes Payable and lines of credit of $ 4,198 and $ 12,575 for the three and nine months ended September 30, 2024, respectively, and $ 4,184 and $ 12,536 for the three and nine months ended September 30, 2023, respectively.

(A) Other Revenue, net, from the Investment Banking & Equities segment includes interest expense on the Notes Payable and lines of credit of $ 4,193 and $ 4,188 for the three months ended March 31, 2025 and 2024, respectively.

(2) Non-Compensation expenses are as follows:

For the Three Months Ended March 31,

Investment Banking & Equities

Occupancy and Equipment Rental $ 25,103 $ 21,403

Professional Fees 31,094 30,063

Travel and Related Expenses 21,811 18,973

Communications and Information Services 22,302 18,464

Depreciation and Amortization 5,893 6,209

Execution, Clearing and Custody Fees 2,883 2,923

Other Operating Expenses 10,688 7,516

Total Non-Compensation $ 119,774 $ 105,551

Investment Management

Occupancy and Equipment Rental $ 628 $ 541

Professional Fees 1,519 1,156

Travel and Related Expenses 207 249

Communications and Information Services 842 703

Depreciation and Amortization 83 84

Execution, Clearing and Custody Fees 463 418

Other Operating Expenses 304 288

Total Non-Compensation $ 4,046 $ 3,439

Occupancy and Equipment Rental $ 25,731 $ 21,944

Professional Fees 32,613 31,219

Travel and Related Expenses 22,018 19,222

Communications and Information Services 23,144 19,167

Depreciation and Amortization 5,976 6,293

Execution, Clearing and Custody Fees 3,346 3,341

Other Operating Expenses 10,992 7,804

Total Non-Compensation $ 123,820 $ 108,990

EVERCORE INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(amounts in thousands, except per share amounts, unless otherwise noted)

Geographic Information – The Company manages its business based on the profitability of the enterprise as a whole.

The Company's revenues were derived from clients located and managed in the following geographical areas:

For the Three Months Ended September 30, For the Nine Months Ended September 30,

2024 2023 2024 2023

For the Three Months Ended March 31,

Net Revenues:

United States $ 502,176 $ 417,553 $ 1,491,922 $ 1,156,979

Europe and Other 209,222 145,065 442,905 425,137

Latin America 828 1,598 1,338 10,947

$ 587,905 $ 479,147

Europe, Middle East and Africa ("EMEA") 72,657 70,521

Asia-Pacific 27,135 2,642

Total $ 687,697 $ 552,310

(1) Excludes Other Revenue, Including Interest and Investments, and Interest Expense.

EVERCORE INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(amounts in thousands, except per share amounts, unless otherwise noted)

(2) Primarily includes revenue attributable to the United States of $ 559,801 and $ 455,236 for the three months ended March 31, 2025 and 2024, respectively.

The Company's total assets are located in the following geographical areas:

September 30, 2024 December 31, 2023

March 31, 2025 December 31, 2024

Total Assets:

United States $ 2,986,676 $ 3,146,756

Europe and Other 580,871 556,542

$ 2,714,896 $ 3,496,519

503,298 614,494

Asia-Pacific 52,921 62,958

Total $ 3,271,115 $ 4,173,971

(1) Primarily includes assets located in the United States.

(2) Primarily includes assets located in the United Kingdom.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements