What changed in this filing

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Item 1. Financial Statements

2025-08-07 compared with 2025-05-08 · 341 added, 226 removed, 814 unchanged (41% of the section changed)

1 unchanged sentence

Condensed Consolidated Financial Statements (Unaudited) Page

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

Condensed Consolidated Statements of Financial Condition as of June 3 0 , 2025 and December 31, 2024

Condensed Consolidated Statements of Operations for the three and six months ended June 3 0 , 2025 and 2024

Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 3 0 , 2025 and 2024

Condensed Consolidated Statements of Changes in Equity for the three and six months ended June 3 0 , 2025 and 2024

Condensed Consolidated Statements of Cash Flows for the six months ended June 3 0 , 2025 and 2024

Notes to Unaudited Condensed Consolidated Financial Statements

2 unchanged sentences

(dollars in thousands, except share data)

March 31, 2025 December 31, 2024

June 30, 2025 December 31, 2024

Current Assets

Cash and Cash Equivalents $ 617,298 $ 873,045

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)

Investment Securities and Certificates of Deposit (includes available-for-sale debt securities with an amortized cost of $ 387,939 and $ 813,507 at June 30, 2025 and December 31, 2024, respectively)

1,117,247 1,519,381

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

Accounts Receivable (net of allowances of $ 3,894 and $ 2,253 at June 30, 2025 and December 31, 2024, respectively)

483,975 421,502

5 unchanged sentences

Operating Lease Right-of-Use Assets 441,844 439,458

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)

Furniture, Equipment and Leasehold Improvements (net of accumulated depreciation and amortization of $ 161,742 and $ 151,455 at June 30, 2025 and December 31, 2024, respectively)

182,856 144,756

20 unchanged sentences

Stockholders' Equity

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)

Class A, par value $ 0.01 per share ( 1,000,000,000 shares authorized, 86,982,643 and 84,767,922 issued at June 30, 2025 and December 31, 2024, respectively, and 38,593,516 and 38,116,350 outstanding at June 30, 2025 and December 31, 2024, respectively)

Class B, par value $ 0.01 per share ( 1,000,000 shares authorized, 46 and 45 issued and outstanding at June 30, 2025 and December 31, 2024, respectively)

Additional Paid-In Capital 3,709,719 3,510,356

1 unchanged sentence

Retained Earnings 2,305,996 2,133,919

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

Treasury Stock at Cost ( 48,389,127 and 46,651,572 shares at June 30, 2025 and December 31, 2024, respectively)

( 4,350,589 ) ( 3,901,424 )

8 unchanged sentences

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

For the Three Months Ended March 31,

For the Three Months Ended June 30, For the Six Months Ended June 30,

2025 2024 2025 2024

Investment Banking & Equities:

10 unchanged sentences

Professional Fees (1)

23,133 24,437 45,523 46,647

Travel and Related Expenses 23,984 21,384 46,002 40,606

Communications and Information Services 23,144 19,167

Technology and Information Services (1)

36,587 29,437 69,954 57,613

Depreciation and Amortization 6,450 6,439 12,426 12,732

Execution, Clearing and Custody Fees 3,180 3,051 6,526 6,392

Acquisition and Transition Costs 1,637 — 1,637 —

Other Operating Expenses 12,945 15,497 23,937 23,301

3 unchanged sentences

Income Before Income Taxes 151,204 110,100 263,267 196,545

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

Provision for Income Taxes 44,265 28,367 2,538 21,688

Net Income 106,939 81,733 260,729 174,857

11 unchanged sentences

Diluted $ 2.36 $ 1.81 $ 5.85 $ 3.89

(1) Certain balances in prior periods were reclassified to conform to the current presentation.

See Note 2 for further information.

See Notes to Unaudited Condensed Consolidated Financial Statements.

2 unchanged sentences

(dollars in thousands)

For the Three Months Ended March 31,

For the Three Months Ended June 30, For the Six Months Ended June 30,

2025 2024 2025 2024

Net Income $ 106,939 $ 81,733 $ 260,729 $ 174,857

11 unchanged sentences

(dollars in thousands, except share data)

For the Three Months Ended March 31, 2025

For the Three Months Ended June 30, 2025

Additional Other

1 unchanged sentence

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

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

Net Income — — — — 97,201 — — 9,738 106,939

Other Comprehensive Income — — — 17,293 — — — 1,390 18,683

Treasury Stock Purchases — — — — — ( 183,033 ) ( 43,205 ) — ( 43,205 )

Evercore LP Units Exchanged for Class A Common Stock 86,625 1 11,026 — — — — ( 8,772 ) 2,255

Equity-based Compensation Awards 32,817 — 103,752 — — — — 19,847 123,599

Dividends — — — — ( 36,329 ) — — — ( 36,329 )

Noncontrolling Interest (Note 13) — — ( 1,220 ) — — — — ( 3,883 ) ( 5,103 )

Balance at June 30, 2025 86,982,643 $ 870 $ 3,709,719 $ ( 10,917 ) $ 2,305,996 ( 48,389,127 ) $ ( 4,350,589 ) $ 263,415 $ 1,918,494

For the Six Months Ended June 30, 2025

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 December 31, 2024 84,767,922 $ 848 $ 3,510,356 $ ( 36,057 ) $ 2,133,919 ( 46,651,572 ) $ ( 3,901,424 ) $ 234,166 $ 1,941,808

6 unchanged sentences

Noncontrolling Interest (Note 13) — — ( 1,220 ) — — — — ( 11,731 ) ( 12,951 )

Balance at June 30, 2025 86,982,643 $ 870 $ 3,709,719 $ ( 10,917 ) $ 2,305,996 ( 48,389,127 ) $ ( 4,350,589 ) $ 263,415 $ 1,918,494

For the Three Months Ended June 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 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

For the Three Months Ended March 31, 2024

Net Income — — — — 73,758 — — 7,975 81,733

Other Comprehensive Income (Loss) — — — ( 739 ) — — — ( 66 ) ( 805 )

Treasury Stock Purchases — — — — — ( 290,343 ) ( 54,188 ) — ( 54,188 )

Evercore LP Units Exchanged for Class A Common Stock 34,635 — 3,115 — — — — ( 2,507 ) 608

Equity-based Compensation Awards 58,842 1 84,355 — — — — 9,479 93,835

Dividends — — — — ( 34,640 ) — — — ( 34,640 )

Noncontrolling Interest (Note 13) — — ( 969 ) — — — — ( 6,320 ) ( 7,289 )

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

For the Six Months Ended June 30, 2024

Additional Other

9 unchanged sentences

Noncontrolling Interest (Note 13) — — ( 969 ) — — — — ( 15,758 ) ( 16,727 )

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

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

See Notes to Unaudited Condensed Consolidated Financial Statements.

2 unchanged sentences

(dollars in thousands)

For the Three Months Ended March 31,

For the Six Months Ended June 30,

Cash Flows From Operating Activities

21 unchanged sentences

Cash Flows From Investing Activities

Investments Purchased ( 1,000 ) —

Distributions of Private Equity Investments 1,270 —

43 unchanged sentences

These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Company's annual report on Form 10-K for the year ended December 31, 2024.

The December 31, 2024 Unaudited Condensed Consolidated Statement of Financial Condition data was derived from audited consolidated financial statements, but does not include all disclosures required by U.S.

The December 31, 2024 Unaudited Condensed Consolidated Statements of Financial Condition data was derived from audited consolidated financial statements, but does not include all disclosures required by U.S.

Operating results for interim periods are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2025.

16 unchanged sentences

("Evercore Beijing"), Evercore Partners Canada Ltd.

("Evercore Canada") and Evercore Asia Limited ("Evercore Hong Kong") are also VIEs, and the Company is the primary beneficiary of these VIEs.

Specifically for Evercore ISI U.K., Evercore Japan, Evercore Beijing, Evercore Canada and Evercore Hong Kong, the Company provides financial support through transfer pricing agreements with these entities, which exposes the Company to losses that are potentially significant to these entities, and has decision making authority that significantly affects the economic performance of these entities.

("Evercore Canada"), Evercore Asia Limited ("Evercore Hong Kong") and Evercore Asia (Singapore) Pte.

("Evercore Singapore") are also VIEs, and the Company is the primary beneficiary of these VIEs.

Specifically for Evercore ISI U.K., Evercore Japan, Evercore Beijing, Evercore Canada, Evercore Hong Kong and Evercore Singapore (as of January 1, 2025 for Evercore Singapore), the Company provides financial support through transfer pricing agreements with these entities, which exposes the Company to losses that are potentially significant to these entities, and has decision making authority that significantly affects the economic performance of these entities.

The Company has the majority economic interest in Evercore U.K.

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 $ 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.

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, Evercore Hong Kong and Evercore Singapore assets of $ 618,506 and liabilities of $ 213,521 at June 30, 2025 and Evercore ISI U.K., Evercore U.K., Evercore Japan, Evercore Beijing, Evercore Canada and Evercore Hong Kong 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.

Reclassifications – During the second quarter of 2025, certain balances on the Unaudited Condensed Consolidated Statements of Operations for prior periods were reclassified to conform to the current presentation, with no impact on previously reported Net Income.

Technology and Information Services – The Company renamed "Communications and Information Services" to "Technology and Information Services" on the Unaudited Condensed Consolidated Statements of Operations and reclassified $ 9,851 and $ 18,860 of technology and related expenses from "Professional Fees" to "Technology and Information Services" for the three and six months ended June 30, 2024, respectively.

The prior period reclassifications from "Professional Fees" to "Technology and Information Services" are as follows:

$ 10,223 for the three months ended March 31, 2025;

$ 9,009 , $ 9,851 , $ 10,465 and $ 10,196 for the three months ended March 31, 2024, June 30, 2024, September 30, 2024 and December 31, 2024, respectively, and $ 39,521 for the twelve months ended December 31, 2024;

$ 8,567 , $ 8,186 , $ 9,241 and $ 9,066 for the three months ended March 31, 2023, June 30, 2023, September 30, 2023 and December 31, 2023, respectively, and $ 35,060 for the twelve months ended December 31, 2023.

Note 3 – Recent Accounting Pronouncements

11 unchanged sentences

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.

While ASU 2023-09 implements further

EVERCORE INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

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.

12 unchanged sentences

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

The Company is currently

EVERCORE INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

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

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.

ASU 2025-03 – In May 2025, the FASB issued ASU No.

2025-03, "Business Combinations (Topic 805) and Consolidation (Topic 810):

Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity" ("ASU 2025-03").

ASU 2025-03 provides amendments to ASC 805, "Business Combinations", and to ASC 810, "Consolidation", which revise the guidance for determining the accounting acquirer in a transaction effected primarily by exchanging equity interests in which the legal acquiree is a VIE that meets the definition of a business.

The amendments in this update are effective for fiscal years beginning after December 15, 2026 and interim periods within those fiscal years, with early adoption permitted.

The amendments should be applied on a prospective 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 months ended March 31, 2025 and 2024:

For the Three Months Ended March 31,

The following table presents revenue recognized by the Company for the three and six months ended June 30, 2025 and 2024:

For the Three Months Ended June 30, For the Six Months Ended June 30,

2025 2024 2025 2024

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 three months ended March 31, 2025 and 2024 are as follows:

For the Three Months Ended March 31, 2025

The Company’s receivables, contract assets and deferred revenue (contract liabilities) for the six months ended June 30, 2025 and 2024 are as follows:

EVERCORE INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

For the Six Months Ended June 30, 2025

(Current) (1)

5 unchanged sentences

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

For the Three Months Ended March 31, 2024

Increase 62,473 11,644 14,969 1,726 2,695

Balance at June 30, 2025 $ 483,975 $ 112,958 $ 77,348 $ 16,203 $ 6,277

For the Six Months Ended June 30, 2024

(Current) (1)

6 unchanged sentences

Increase (Decrease) ( 10,487 ) ( 6,568 ) ( 24,073 ) ( 2,937 ) 2,292

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

Balance at June 30, 2024 $ 361,119 $ 87,121 $ 61,328 $ 2,908 $ 5,816

(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.

EVERCORE INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(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.

The Company recognized revenue of $ 5,931 and $ 11,041 on the Unaudited Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2025, respectively, and $ 5,484 and $ 10,349 for the three and six months ended June 30, 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 months ended March 31, 2025 and 2024 is as follows:

For the Three Months Ended March 31,

The allowance for credit losses for the three and six months ended June 30, 2025 and 2024 is as follows:

For the Three Months Ended June 30, For the Six Months Ended June 30,

2025 2024 2025 2024

Beginning Balance $ 3,183 $ 4,758 $ 2,253 $ 5,603

2 unchanged sentences

Ending Balance $ 3,894 $ 4,991 $ 3,894 $ 4,991

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.

The change in the balance during the three and six months ended June 30, 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 March 31, 2025, by year of origination:

EVERCORE INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

Amortized Carrying Value by Origination Year

1 unchanged sentence

Long-term Accounts Receivable and Long-term Contract Assets $ 35,801 $ 69,204 $ 16,659 $ 7,253 $ 244 $ 129,161

Note 5 – Business Changes and Developments

On July 29, 2025, the Company entered into an agreement to acquire Robey Warshaw, an independent advisory firm headquartered in the United Kingdom.

The transaction, which is expected to close at the beginning of the fourth quarter 2025, is subject to customary closing conditions.

As consideration for the acquisition, the Company will deliver to the sellers £ 71,250 at closing (in the form of Class A common stock ("Class A Shares")), a portion of which is subject to repayment if they fail to provide service over a four-year period following the acquisition, £ 74,813 due on the first anniversary of the closing (in Class A Shares or cash), as well as contingent consideration payable on various dates between closing and shortly following the six th anniversary of closing, dependent on the achievement of certain performance thresholds over a multi-year period.

A portion of the contingent consideration, the amount of the payment at closing subject to repayment, as well as retention awards granted to Robey Warshaw employees joining the Company will be treated as compensation for accounting purposes.

The Company recognized $ 1,637 for the three and six months ended June 30, 2025 as Acquisition and Transition Costs incurred in connection with acquisitions, divestitures and other ongoing business development initiatives.

These costs are primarily comprised of professional fees for legal and other services.

Note 6 – 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 $ 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.

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 for the six months ended June 30, 2025 and $ 923 and $ 1,734 for the three and six months ended June 30, 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 $ 32,465 and $ 29,357 as of June 30, 2025 and December 31, 2024, respectively.

See Note 15 for further information.

Note 7 – Investment Securities and Certificates of Deposit

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

The Company's Investment Securities and Certificates of Deposit as of June 30, 2025 and December 31, 2024 were as follows:

June 30, 2025 December 31, 2024

Debt Securities $ 387,946 $ 813,804

5 unchanged sentences

Total Investment Securities and Certificates of Deposit $ 1,117,247 $ 1,519,381

EVERCORE INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

Debt Securities

2 unchanged sentences

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

EVERCORE INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

Gross unrealized gains included in Accumulated Other Comprehensive Income (Loss) were $ 19 and $ 297 as of June 30, 2025 and December 31, 2024, respectively.

Gross unrealized losses included in Accumulated Other Comprehensive Income (Loss) were ($ 12 ) as of June 30, 2025.

Net unrealized gains (losses) included in Other Comprehensive Income were $ 8 and ($ 293 ) for the three and six months ended June 30, 2025, respectively, and ($ 12 ) and ($ 157 ) for the three and six months ended June 30, 2024, respectively.

Gross realized gains included within Other Revenue, Including Interest and Investments, were $ 3 for the six months ended June 30, 2025.

Gross realized losses included within Other Revenue, Including Interest and Investments, were ($ 20 ) for the six months ended June 30, 2025 and ($ 47 ) for the six months ended June 30, 2024.

Proceeds from the sales and maturities of available-for-sale securities, including interest, were $ 25,925 and $ 841,964 for the three and six months ended June 30, 2025, respectively, and $ 747,511 for the six months ended June 30, 2024.

Scheduled maturities of the Company's available-for-sale debt securities as of June 30, 2025 and December 31, 2024 were as follows:

June 30, 2025 December 31, 2024

Cost Fair Value Amortized

5 unchanged sentences

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.

As such, the Company does not consider these securities to be impaired at June 30, 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 ($ 89 ) and ($ 78 ) for the three months ended March 31, 2025 and 2024, respectively.

The Company had net unrealized losses of ($ 19 ) and ($ 108 ) for the three and six months ended June 30, 2025, respectively, and ($ 43 ) and ($ 121 ) for the three and six months ended June 30, 2024, respectively.

Debt Securities Carried by EGL

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, as required for broker-dealers in securities.

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

The Company had net realized and unrealized gains (losses) of ($ 53 ) and ($ 157 ) for the three and six months ended June 30, 2025, respectively, and $ 50 and ($ 85 ) for the three and six months ended June 30, 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 ($ 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)).

The Company had net realized and unrealized gains of $ 15,085 and $ 9,154 for the three and six months ended June 30, 2025, respectively, (of which $ 15,085 and ($ 13,454 ), respectively, were net unrealized gains (losses)) and $ 6,216 and $ 21,111 for the three and six months ended June 30, 2024, respectively, (of which $ 5,464 and $ 10,679 , respectively, were net unrealized gains).

Certificates of Deposit

At June 30, 2025 and December 31, 2024, the Company held certificates of deposit of $ 82,399 and $ 66,660 , respectively, with certain banks with original maturities of seven months or less when purchased.

EVERCORE INC.

1 unchanged sentence

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

Certificates of Deposit

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 8 – Investments

6 unchanged sentences

Equity Method Investments

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

A summary of the Company's investments accounted for under the equity method of accounting as of June 30, 2025 and December 31, 2024 was as follows:

June 30, 2025 December 31, 2024

Atalanta Sosnoff $ 10,993 $ 11,155

3 unchanged sentences

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

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.

At June 30, 2025, the Company's ownership interest in Atalanta Sosnoff was 49 %.

This investment resulted in earnings of $ 804 and $ 1,721 for the three and six months ended June 30, 2025, respectively, and $ 681 and $ 1,316 for the three and six months ended June 30, 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 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.

At June 30, 2025, the Company's ownership interest in Seneca Evercore was 20 %.

This investment resulted in earnings (losses) of $ 11 and ($ 27 ) for the three and six months ended June 30, 2025, respectively, and $ 10 and $ 130 for the three and six months ended June 30, 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.

1 unchanged sentence

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.

This investment resulted in earnings of $ 1,029 and $ 2,031 for the three and six months ended June 30, 2024, respectively, included within Income from Equity Method Investments on the Unaudited Condensed Consolidated Statements 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.

2 unchanged sentences

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

This investment resulted in earnings of $ 137 and $ 705 for the three and six months ended June 30, 2024, respectively, included within Income from Equity Method Investments on the Unaudited Condensed Consolidated Statements of Operations.

EVERCORE INC.

1 unchanged sentence

(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 $ 62 and $ 79 for the three months ended March 31, 2025 and 2024, respectively.

The Company's share of the earnings of the investees has been reduced by the amortization of these identifiable intangible assets of $ 62 and $ 124 for the three and six months ended June 30, 2025, respectively, and $ 79 and $ 158 for the three and six months ended June 30, 2024, respectively.

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

8 unchanged sentences

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 March 31, 2025 and December 31, 2024 was as follows:

March 31, 2025 December 31, 2024

A summary of the Company's investments in the private equity funds as of June 30, 2025 and December 31, 2024 was as follows:

June 30, 2025 December 31, 2024

Glisco II, Glisco III and Glisco IV $ 1,928 $ 3,569

1 unchanged sentence

Total Private Equity Funds $ 3,631 $ 5,431

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.

Net realized and unrealized losses on private equity fund investments were ($ 114 ) and ($ 1,094 ) for the three and six months ended June 30, 2025, respectively, and ($ 174 ) and ($ 101 ) for the three and six months ended June 30, 2024, respectively.

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

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

As of June 30, 2025, there was no previously distributed carried interest received from the funds subject to repayment.

General Partners of Private Equity Funds which are VIEs

3 unchanged sentences

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

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 had assets of $ 1,330 and $ 2,956 included in its Unaudited Condensed Consolidated Statements of Financial Condition at June 30, 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 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.

The Company's maximum exposure to loss as of June 30, 2025 and December 31, 2024 was $ 3,512 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 $ 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.

In certain instances, the Company makes investments in private companies in exchange for equity securities and warrants, or receives equity securities in private companies in exchange for advisory services.

These investments, which had a balance of $ 1,686 and $ 625 as of June 30, 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.

6 unchanged sentences

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 $ 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.

Occupancy and Equipment Rental on the Unaudited Condensed Consolidated Statements of Operations includes operating lease cost for office space of $ 18,039 and $ 35,392 for the three and six months ended June 30, 2025, respectively, and $ 14,436 and $ 28,839 for the three and six months ended June 30, 2024, respectively, and variable lease cost, which principally include costs for real estate taxes, common area maintenance and other operating expenses of $ 2,051 and $ 3,706 for the three and six months ended June 30, 2025, respectively, and $ 1,376 and $ 2,904 for the three and six months ended June 30, 2024, respectively.

In conjunction with the lease of office space, the Company has entered into letters of credit in the amount of $ 5,941 and $ 5,886 as of June 30, 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 $ 1,550 and $ 1,474 for the three months ended March 31, 2025 and 2024, respectively.

Occupancy and Equipment Rental on the Unaudited Condensed Consolidated Statements of Operations includes operating lease cost for office equipment of $ 1,836 and $ 3,386 for the three and six months ended June 30, 2025, respectively, and $ 1,568 and $ 3,042 for the three and six months ended June 30, 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.

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.

The Company incurred net operating cash outflows of $ 36,763 and $ 21,632 for the six months ended June 30, 2025 and 2024, respectively, related to its operating leases, which was net of cash received from lease incentives of $ 4,054 and $ 1,684 for the six months ended June 30, 2025 and 2024, respectively.

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

For the Three Months Ended March 31,

For the Three Months Ended June 30, For the Six Months Ended June 30,

2025 2024 2025 2024

New Right-of-Use Assets obtained in exchange for new operating lease liabilities $ 5,754 $ 1,073 $ 24,228 $ 1,944

March 31, 2025 March 31, 2024

June 30, 2025 June 30, 2024

Weighted-average remaining lease term - operating leases 9.7 years 10.4 years

Weighted-average discount rate - operating leases 4.80 % 4.59 %

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

As of June 30, 2025, the maturities of the undiscounted operating lease liabilities for which the Company has commenced use are as follows:

EVERCORE INC.

1 unchanged sentence

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

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

2025 (July 1 through December 31) $ 43,171

Thereafter 389,489

5 unchanged sentences

Long-term lease liabilities $ 492,173

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.

The Company has entered into certain lease agreements 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 years once they have commenced.

The additional future payments under these arrangements are $ 1,033 as of June 30, 2025.

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

16 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 March 31, 2025 and December 31, 2024:

The following table presents the categorization of investments and certain other financial assets measured at fair value on a recurring basis as of June 30, 2025 and December 31, 2024:

EVERCORE INC.

1 unchanged sentence

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

March 31, 2025

June 30, 2025

Level 1 Level 2 Level 3 Total

12 unchanged sentences

(1) Includes $ 11,332 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.

Treasury securities classified within Cash and Cash Equivalents on the Unaudited Condensed Consolidated Statements of Financial Condition as of June 30, 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)

March 31, 2025

June 30, 2025

Carrying Estimated Fair Value

36 unchanged sentences

On August 1, 2019, the Company issued $ 175,000 and £ 25,000 of senior unsecured notes through private placement.

These notes reflect a weighted average life of 12 years and a weighted average stated interest rate of 4.26 %.

These notes include:

$ 75,000 aggregate principal amount of its 4.34 % Series E senior notes due August 1, 2029 (the "Series E Notes"), $ 60,000 aggregate principal amount of its 4.44 % Series F senior notes due August 1, 2031 (the "Series F Notes"), $ 40,000 aggregate principal amount of its 4.54 % Series G senior notes due August 1, 2033 (the "Series G Notes") and £ 25,000 aggregate principal amount of its 3.33 % Series H senior notes due August 1, 2033 (the "Series H Notes" and together with the

EVERCORE INC.

1 unchanged sentence

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

Series E Notes, the Series F Notes and the Series G Notes, the "2019 Private Placement Notes"), each of which were issued pursuant to a note purchase agreement dated as of August 1, 2019 (the "2019 Note Purchase Agreement"), among the Company and the purchasers party thereto in a private placement exempt from registration under the Securities Act of 1933.

pursuant to a note purchase agreement dated as of August 1, 2019 (the "2019 Note Purchase Agreement"), among the Company and the purchasers party thereto in a private placement exempt from registration under the Securities Act of 1933.

On March 29, 2021, the Company issued $ 38,000 aggregate principal amount of its 1.97 % Series I senior notes due August 1, 2025 (the "Series I Notes" or the "2021 Private Placement Notes"), pursuant to a note purchase agreement (the "2021 Note Purchase Agreement") dated as of March 29, 2021, among the Company and the purchasers party thereto in a private placement exempt from registration under the Securities Act of 1933.

In August 2025, the Company repaid the $ 38,000 aggregate principal amount of its Series I Notes.

On June 28, 2022, the Company issued $ 67,000 aggregate principal amount of its 4.61 % Series J senior notes due November 15, 2028 (the "Series J Notes" or the "2022 Private Placement Notes"), pursuant to a note purchase agreement (the "2022 Note Purchase Agreement") dated as of June 28, 2022, among the Company and the purchasers party thereto in a private placement exempt from registration under the Securities Act of 1933.

2 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 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:

As of June 30, 2025, the Company was in compliance with all of these covenants.

Notes Payable is comprised of the following as of June 30, 2025 and December 31, 2024:

Carrying Value (1)

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

Note Maturity Date Effective Annual Interest Rate June 30, 2025 December 31, 2024

Evercore Inc.

26 unchanged sentences

(1) Carrying value has been adjusted to reflect the presentation of debt issuance costs as a direct reduction from the related liability.

Note 11 – Evercore Inc.

Stockholders' Equity

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 .

On July 24, 2025, the Company issued an aggregate of $ 250,000 of senior notes, including:

$ 125,000 aggregate principal amount of its 5.17 % Series K senior notes due July 24, 2030 (the "Series K Notes") and $ 125,000 aggregate principal amount of its 5.47 % Series L senior notes due July 24, 2032 (the "Series L Notes" and together with the Series K Notes, the "2025 Private Placement Notes"), pursuant to a note purchase agreement (the "2025 Note Purchase Agreement") dated as of July 10, 2025, among the Company and the purchasers party thereto in a private placement exempt from registration under the Securities Act of 1933.

The Company intends to use a portion of the net proceeds from the issuance and sale of the 2025 Private Placement Notes to repay maturing notes in the next twelve months issued under prior note purchase agreements.

The remaining net proceeds will be used for general corporate purposes.

EVERCORE INC.

1 unchanged sentence

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

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.

Interest on the 2025 Private Placement Notes is payable semi-annually and the 2025 Private Placement Notes are guaranteed by certain of the Company's domestic subsidiaries.

The Company may, at its option, prepay all, or from time to time any part of, the 2025 Private Placement Notes (without regard to Series), in an amount not less than 5 % of the aggregate principal amount of the 2025 Private Placement Notes then outstanding at 100 % of the principal amount thereof plus an applicable "make-whole amount." The 2025 Private Placement Notes also allow for prepayment within six months of maturity without an applicable "make-whole amount." Upon the occurrence of a change of control, the holders of the 2025 Private Placement Notes will have the right to require the Company to prepay the entire unpaid principal amounts held by each holder of the 2025 Private Placement Notes plus accrued and unpaid interest to the prepayment date.

The 2025 Private Placement Notes contain customary covenants, including financial covenants requiring compliance with a maximum leverage ratio and a minimum tangible net worth, and customary events of default.

Interest on the 2025 Private Placement Notes is subject to certain escalation provisions in the event that the leverage ratio exceeds certain thresholds.

In conjunction with this issuance, the Company also amended its existing notes to provide for the same covenants and interest escalation provisions as the 2025 Private Placement Notes.

Note 12 – Evercore Inc.

Stockholders' Equity

Dividends – On July 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 Shares as of August 29, 2025, which will be paid on September 12, 2025.

During the three and six months ended June 30, 2025, the Company declared and paid dividends of $ 0.84 and $ 1.64 per share, respectively, totaling $ 32,420 and $ 63,636 , respectively, and accrued deferred cash dividends on unvested and vested restricted stock units ("RSUs") totaling $ 3,909 and $ 7,672 , respectively.

The Company also paid deferred cash dividends of $ 219 and $ 15,455 during the three and six months ended June 30, 2025, respectively.

During the three and six months ended June 30, 2024, the Company declared and paid dividends of $ 0.80 and $ 1.56 per share, respectively, totaling $ 30,638 and $ 59,947 , respectively, and accrued deferred cash dividends on unvested and vested RSUs totaling $ 4,002 and $ 8,030 , respectively.

The Company also paid deferred cash dividends of $ 271 and $ 14,198 during the three and six months ended June 30, 2024, respectively.

Treasury Stock – During the three months ended June 30, 2025, the Company purchased 13 Class A Shares from employees at an average cost per share of $ 213.30 , primarily for the net settlement of stock-based compensation awards, and 170 Class A Shares at an average cost per share of $ 237.79 pursuant to the Company's share repurchase program.

The aggregate 183 Class A Shares were purchased at an average cost per share of $ 236.05 and the result of these purchases was an increase in Treasury Stock of $ 43,205 on the Company's Unaudited Condensed Consolidated Statement of Financial Condition as of June 30, 2025.

During the six months ended June 30, 2025, the Company purchased 929 Class A Shares from employees at an average cost per share of $ 283.64 , primarily for the net settlement of stock-based compensation awards, and 809 Class A Shares at an average cost per share of $ 229.62 pursuant to the Company's share repurchase program.

The aggregate 1,738 Class A Shares were purchased at an average cost per share of $ 258.50 and the result of these purchases was an increase in Treasury Stock of $ 449,165 on the Company's Unaudited Condensed Consolidated Statement of Financial Condition as of June 30, 2025.

During the first and second quarter of 2025, the Company entered into an agreement to purchase 200 and 170 Class A Shares, respectively, from Ed Hyman, who until February 10, 2025 was an executive officer of the Company, at a price of $ 206.19 and $ 237.79 per share, respectively, resulting in a total purchase price of $ 41,238 and $ 40,425 , respectively.

These purchases were made pursuant to the Company's share repurchase program and are included within the above treasury stock purchases for the three and six months ended June 30, 2025.

Evercore LP Units – During the three and six months ended June 30, 2025, 87 and 110 Evercore LP partnership units ("LP Units"), respectively, were exchanged for Class A Shares, resulting in an increase to Class A Common Stock of $ 1 for each of the three and six months ended June 30, 2025, and an increase to Additional Paid-In Capital of $ 8,771 and $ 10,966 for the three and six months ended June 30, 2025, respectively, on the Company's Unaudited Condensed Consolidated Statement of Financial Condition.

See Note 13 for further information.

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

During the six months ended June 30, 2025, the Company issued 2 Class A limited partnership units of Evercore LP ("Class A LP Units").

See Note 13 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.

Accumulated Other Comprehensive Income (Loss) – As of June 30, 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 ($ 42 ) and ($ 10,875 ), respectively.

EVERCORE INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

Note 13 – Noncontrolling Interest

2 unchanged sentences

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

As of March 31,

As of June 30,

Evercore LP 6 % 6 %

3 unchanged sentences

See Note 14 for further information.

EVERCORE INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

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

For the Three Months Ended March 31,

Changes in Noncontrolling Interest for the three and six months ended June 30, 2025 and 2024 were as follows:

For the Three Months Ended June 30, For the Six Months Ended June 30,

2025 2024 2025 2024

Beginning balance $ 245,095 $ 203,454 $ 234,166 $ 205,556

7 unchanged sentences

Issuance of Noncontrolling Interest 1,100 282 1,617 282

Purchase of Noncontrolling Interest ( 39 ) ( 67 ) ( 39 ) ( 67 )

Total Other Items ( 3,883 ) ( 6,320 ) ( 11,731 ) ( 15,758 )

Ending balance $ 263,415 $ 212,015 $ 263,415 $ 212,015

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.

Other Comprehensive Income – Other Comprehensive Income (Loss) Attributed to Noncontrolling Interest includes unrealized gains (losses) on securities and investments, net, of ($ 17 ) for the six months ended June 30, 2025 and $ 2 and ($ 4 ) for the three and six months ended June 30, 2024, respectively, and foreign currency translation adjustment gains (losses), net, of

EVERCORE INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

$ 1,390 and $ 2,046 for the three and six months ended June 30, 2025, respectively, and ($ 68 ) and ($ 361 ) for the three and six months ended June 30, 2024, respectively.

Evercore LP Units – During the three and six months ended June 30, 2025, 87 and 110 LP Units, respectively, were exchanged for Class A Shares.

This resulted in a decrease to Noncontrolling Interest of $ 8,772 and $ 10,967 for the three and six months ended June 30, 2025, respectively, an increase to Class A Common Stock of $ 1 for each of the three and six months ended June 30, 2025, and an increase to Additional Paid-In Capital of $ 8,771 and $ 10,966 for the three and six months ended June 30, 2025, respectively, on the Company's Unaudited Condensed Consolidated Statement of Financial Condition.

See Note 12 for further information.

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.

During the six months ended June 30, 2025, the Company issued 2 Class A LP Units.

This resulted in an increase to Noncontrolling Interest of $ 517 for the six months ended June 30, 2025 on the Company's Unaudited Condensed Consolidated Statement of Financial Condition as of June 30, 2025.

See Note 12 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 EWM Class A Units was $ 238 for the three months ended March 31, 2025.

EWM Class A Units – During the second quarter of 2025 and 2024, the Company granted 395 and 297 EWM Class A Units, respectively, which generally vest ratably over three years .

Compensation expense related to EWM Class A Units was $ 836 and $ 1,074 for the three and six months ended June 30, 2025, respectively, and $ 457 for the three and six months ended June 30, 2024.

Interests Issued – During the second quarter of 2025, certain employees of EWM purchased EWM Class A Units, at fair value, resulting in an increase to Noncontrolling Interest of $ 1,100 on the Company's Unaudited Condensed Consolidated Statement of Financial Condition as of June 30, 2025.

Interests Purchased – During the second quarter of 2025, the Company purchased, at fair value, an additional 0.1 % of the EWM Class A Units for $ 1,259 .

This purchase resulted in a decrease to Noncontrolling Interest of $ 39 and a decrease to Additional Paid-In Capital of $ 1,220 on the Company's Unaudited Condensed Consolidated Statement of Financial Condition as of June 30, 2025.

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 June 30, 2024.

Note 14 – Net Income Per Share Attributable to Evercore Inc.

1 unchanged sentence

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

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

common shareholders for the three and six months ended June 30, 2025 and 2024 are described and presented below.

EVERCORE INC.

1 unchanged sentence

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

For the Three Months Ended March 31,

For the Three Months Ended June 30, For the Six Months Ended June 30,

2025 2024 2025 2024

Basic Net Income Per Share Attributable to Evercore Inc.

17 unchanged sentences

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)

1,666 2,180 2,070 2,333

Shares that are contingently issuable (3)

832 175 849 166

Diluted weighted average Class A Shares outstanding 41,213 40,857 41,636 40,969

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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 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.

During the three and six months ended June 30, 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 2,325 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.

common shareholders if the effect would have been dilutive were 2,321 and 2,323 for the three and six months ended June 30, 2025, respectively, and 2,557 and 2,583 for the three and six months ended June 30, 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 $ 6,480 and $ 16,036 for the three and six months ended June 30, 2025, respectively, and $ 5,014 and $ 11,226 for the three and six months ended June 30, 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.

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

(2) During the three and six months ended June 30, 2025, 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 1,184 and 1,144 for the three and six months ended June 30, 2025, respectively.

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

See Note 15 for further information.

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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.

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.

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 June 30, 2027.

The remaining Class K-P Units may convert into a maximum of 270 Class K LP Units,

EVERCORE INC.

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

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

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.

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 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.

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.

As of June 30, 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 June 30, 2025 to be $ 284,252 , related to 1,969 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 $ 19,011 and $ 31,500 for the three and six months ended June 30, 2025, respectively, and $ 8,976 and $ 15,255 for the three and six months ended June 30, 2024, respectively.

Class L Interests

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.

Distributions pursuant to these interests are made in lieu of any cash incentive compensation payments

EVERCORE INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

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.

Following the distributions, the Class L Interests are cancelled pursuant to their terms.

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

Stock Incentive

EVERCORE INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

Stock Incentive Plan.

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 6,969 as of March 31, 2025.

The total shares available to be granted in the future under the Third Amended 2016 Plan was 6,969 as of June 30, 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.

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Equity Grants

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.

During the six months ended June 30, 2025, pursuant to the Third Amended 2016 Plan, the Company granted employees 1,695 RSUs that are subject to service-based vesting requirements ("Service-based Awards").

Service-based Awards granted during the six months ended June 30, 2025 had grant date fair values of $ 193.07 to $ 277.52 per share, with an average value of $ 256.80 per share, for an aggregate fair value of $ 435,238 , and generally vest ratably over four years .

During the six months ended June 30, 2025, 2,053 Service-based Awards vested and 29 Service-based Awards were forfeited.

Compensation expense related to Service-based Awards was $ 100,068 and $ 180,132 for the three and six months ended June 30, 2025, respectively, and $ 82,500 and $ 154,678 for the three and six months ended June 30, 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 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.

The grant date fair value of these awards probable to vest as of June 30, 2025 was $ 8,530 , related to 44 RSUs which were probable of achievement, and compensation expense related to these units was $ 609 and $ 952 for the three and six months ended June 30, 2025, respectively, and $ 87 for the three and six months ended June 30, 2024.

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 $ 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 .

Compensation expense related to the Company's deferred cash compensation program was $ 38,332 and $ 76,892 for the three and six months ended June 30, 2025, respectively, and $ 44,111 and $ 88,105 for the three and six months ended June 30, 2024, respectively.

As of June 30, 2025, the Company expects to pay an aggregate of $ 340,935 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 $ 215,394 .

The weighted-average period over which this compensation cost is expected to be recognized is 30 months.

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)

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 $ 2,959 and $ 6,017 for the three and six months ended June 30, 2025, respectively, and $ 2,444 and $ 6,470 for the three and six months ended June 30, 2024, respectively.

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'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 four-year performance periods beginning January 1, 2021 (the "2021 Long-term Incentive Plan") and January 1, 2025 (the "2025 Long-term Incentive Plan", which was approved by the Company's Board of Directors in April 2025).

As of June 30, 2025, the Company has accrued $ 122,271 pursuant to the above Long-term Incentive Plans, including $ 72,261 within Accrued Compensation and Benefits and $ 50,010 within Other Long-term Liabilities, on the Unaudited Condensed Consolidated Statement of Financial Condition.

The performance period for the 2021 Long-term Incentive Plan ended on December 31, 2024 and in conjunction with this plan, the Company distributed cash payments of $ 71,522 in the six months ended June 30, 2025.

Remaining amounts due pursuant to these plans are to be paid in cash or Class A Shares, at the Company's discretion, in the first quarter of 2026 and 2027 (for the 2021 Long-term Incentive Plan), and in the first quarter of 2029, 2030 and 2031 (for the 2025 Long-term Incentive Plan), 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 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.

The Company recorded compensation expense related to these plans of $ 16,377 and $ 26,855 for the three and six months ended June 30, 2025, respectively, and $ 8,796 and $ 19,750 for the three and six months ended June 30, 2024, respectively.

As of June 30, 2025, the total remaining expense to be recognized for the 2021 Long-term Incentive Plan over the future vesting period ending March 15, 2027 is $ 31,477 .

As of June 30, 2025, the total remaining expense to be recognized for the 2025 Long-term Incentive Plan over the future vesting period ending March 14, 2031, based on the current anticipated probable payout for the plan, is $ 260,193 .

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 $ 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 .

Compensation expense related to these awards was $ 12,589 and $ 21,541 for the three and six months ended June 30, 2025, respectively, and $ 11,717 and $ 18,332 for the three and six months ended June 30, 2024, respectively.

As of June 30, 2025, the total compensation cost not yet recognized related to these awards was $ 65,995 .

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, "Termination Costs") for the three months ended March 31, 2025 and 2024:

For the Three Months Ended March 31,

For the Six Months Ended June 30,

Beginning Balance $ 1,181 $ 2,824

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Ending Balance $ 1,237 $ 4,189

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.

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

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 $ 2,749 and $ 5,944 for the three and six months ended June 30, 2025, respectively, (related to 51 RSUs) and $ 1,658 and $ 3,493 for the three and six months ended June 30, 2024, respectively, (related to 32 RSUs) recorded in Employee Compensation and Benefits, principally within the Investment Banking & Equities segment, on the Company's Unaudited Condensed Consolidated Statements of Operations.

Note 16 – 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 March 31, 2025, the Company had unfunded commitments for capital contributions of $ 2,552 to private equity funds.

Private Equity – As of June 30, 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.

Such commitments are satisfied in cash and are generally required to be made as investment opportunities are consummated by the private equity funds.

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

("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.

Lines of Credit – On July 10, 2025, the Company amended its $ 85,000 revolving credit facility Evercore Partners Services East L.L.C.

("East") held with PNC Bank, National Association ("PNC") such that the aggregate principal amount was increased to up to $ 225,000 (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.

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

Drawings for this facility bear interest at Daily SOFR plus 130 basis points and the maturity date was extended to July 10, 2028.

There were no drawings under this facility at June 30, 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.

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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 March 31, 2025.

There were no drawings under this facility at June 30, 2025.

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

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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 $ 3,585 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.

The estimated present value of incurred but not reported claims is $ 3,585 and $ 3,268 as of June 30, 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)

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 six months ended June 30, 2024.

Contingencies

In the normal course of business, from time to time, the Company and its affiliates are involved in judicial or regulatory proceedings, arbitration or mediation concerning matters arising in connection with the conduct of its businesses, including contractual and employment matters.

In addition, United Kingdom, German, Hong Kong, Singapore, Canadian, Dubai and United States government agencies and self-regulatory organizations, as well as state securities commissions in the United States, conduct periodic examinations and initiate administrative proceedings regarding the Company's business, including, among other matters, accounting and operational matters, that can result in censure, fine, the issuance of cease-and-desist orders or the suspension or expulsion of a broker-dealer, investment advisor, or its directors, officers or employees.

In addition, United Kingdom, German, Hong Kong, Singapore, Canadian, Dubai, Indonesian and United States government agencies and self-regulatory organizations, as well as state securities commissions in the United States, conduct periodic examinations and initiate administrative proceedings regarding the Company's business, including, among other matters, accounting and operational matters, that can result in censure, fine, the issuance of cease-and-desist orders or the suspension or expulsion of a broker-dealer, investment advisor, or its directors, officers or employees.

In view of the inherent difficulty of determining whether any loss in connection with such matters is probable and whether the amount of such loss can be reasonably estimated, particularly in cases where claimants seek substantial or indeterminate damages or where investigations and proceedings are in the early stages, the Company cannot estimate the amount of such loss or range of loss, if any, related to such matters, how or if such matters will be resolved, when they will ultimately be resolved, or what the eventual settlement, fine, penalty or other relief, if any, might be.

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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 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.

EGL's regulatory net capital as of June 30, 2025 and December 31, 2024 was $ 368,623 and $ 475,936 , respectively, which exceeded the minimum net capital requirement by $ 368,373 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 March 31, 2025.

The Company was in compliance with the aforementioned agreements as of June 30, 2025.

Evercore U.K., our U.K.

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Equities affiliate, are regulated by the Financial Conduct Authority.

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.

The aggregate regulatory net capital of these affiliates as of June 30, 2025 and December 31, 2024 was $ 298,795 and $ 232,039 , respectively, which exceeded the minimum requirement by $ 196,896 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 March 31, 2025.

These subsidiaries are in excess of their local capital adequacy requirements at June 30, 2025.

Note 18 – Income Taxes

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

The Company's Provision for Income Taxes was $ 44,265 and $ 2,538 for the three and six months ended June 30, 2025, respectively, and $ 28,367 and $ 21,688 for the three and six months ended June 30, 2024, respectively.

The effective tax rate

EVERCORE INC.

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

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.

was 29.3 % and 1.0 % for the three and six months ended June 30, 2025, respectively, and 25.8 % and 11.0 % for the three and six months ended June 30, 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 $ 74,954 and $ 30,930 for the six months ended June 30, 2025 and 2024, respectively, which resulted in a reduction in the effective tax rate of 28.5 and 15.7 percentage points for the six months ended June 30, 2025 and 2024, respectively.

The effective tax rate for 2025 and 2024 also reflects the effect of certain non-deductible expenses and state and local apportionment 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.

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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 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.

For the three and six months ended June 30, 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 $ 71 associated with changes in Unrealized Gain (Loss) on Securities and Investments and a decrease of $ 9,106 associated with changes in Foreign Currency Translation Adjustment Gain (Loss), in Accumulated Other Comprehensive Income (Loss), for the six months ended June 30, 2025.

The Company recorded an increase in deferred tax assets of $ 13 associated with changes in Unrealized Gain (Loss) on Securities and Investments and an increase of $ 1,557 associated with changes in Foreign Currency Translation Adjustment Gain (Loss), in Accumulated Other Comprehensive Income (Loss), for the six months ended June 30, 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 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.

As of June 30, 2025, there were $ 509 of unrecognized tax benefits that, if recognized, $ 414 would affect the effective tax rate.

Related to the unrecognized tax benefits, the Company accrued interest and an adjustment to penalties of $ 210 and ($ 13 ), respectively, during the three months ended June 30, 2025.

On July 4, 2025, the United States enacted House Resolution 1 of the 119th Congress ("the Act").

The Act makes permanent key elements of the Tax Cuts and Jobs Act, including 100% bonus depreciation, domestic research cost expensing, and beginning after December 31, 2025, updates for Net CFC Testing Income (formerly GILTI).

The Company is still evaluating the impact of the Act which is not expected to materially impact the Company’s effective tax rate for the year.

Note 19 – Segment Operating Results

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• Segment assets are based on those directly associated with each segment, or for certain assets shared across segments, those assets are allocated based on the most relevant measures applicable, including headcount and other factors.

• Investment gains and losses, interest income and interest expense are allocated between the segments based on the segment in which the underlying asset or liability is held.

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)

• Investment gains and losses, interest income and interest expense are allocated between the segments based on the segment in which the underlying asset or liability is held.

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

• 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

3 unchanged sentences

Each segment's 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 corporate services.

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, technology and information services, execution, clearing and custody fees, equipment and indirect support costs (including compensation and other operating expenses related thereto) for corporate services.

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

The prior period reclassifications from "Professional Fees" to "Technology and Information Services" for the Investment Banking & Equities segment are as follows:

$ 9,950 for the three months ended March 31, 2025;

$ 8,792 , $ 9,598 , $ 10,199 and $ 9,947 for the three months ended March 31, 2024, June 30, 2024, September 30, 2024 and December 31, 2024, respectively, and $ 38,536 for the twelve months ended December 31, 2024;

$ 8,356 , $ 7,960 , $ 8,987 and $ 8,843 for the three months ended March 31, 2023, June 30, 2023, September 30, 2023 and December 31, 2023, respectively, and $ 34,146 for the twelve months ended December 31, 2023.

See Note 2 for further information.

The prior period reclassifications from "Professional Fees" to "Technology and Information Services" for the Investment Management segment are as follows:

$ 273 for the three months ended March 31, 2025;

$ 217 , $ 253 , $ 266 and $ 249 for the three months ended March 31, 2024, June 30, 2024, September 30, 2024 and December 31, 2024, respectively, and $ 985 for the twelve months ended December 31, 2024;

$ 211 , $ 226 , $ 254 and $ 223 for the three months ended March 31, 2023, June 30, 2023, September 30, 2023 and December 31, 2023, respectively, and $ 914 for the twelve months ended December 31, 2023.

See Note 2 for further information.

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

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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.

No client accounted for more than 10% of the Company's Consolidated Net Revenues for the three and six months ended June 30, 2025 and 2024, respectively.

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 March 31,

For the Three Months Ended June 30, For the Six Months Ended June 30,

2025 2024 2025 2024

Investment Banking & Equities

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Non-Compensation (2)

4,057 3,742 8,103 7,181

Operating Income 4,438 4,601 8,893 9,831

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Identifiable Segment Assets $ 3,689,659 $ 3,315,998 $ 3,689,659 $ 3,315,998

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 March 31,

For the Three Months Ended June 30, For the Six Months Ended June 30,

2025 2024 2025 2024

Investment Banking & Equities (A)

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Total Other Revenue, net $ 24,924 $ 17,595 $ 32,056 $ 46,100

(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.

(A) Other Revenue, net, from the Investment Banking & Equities segment includes interest expense on the Notes Payable and lines of credit of $ 4,210 and $ 8,403 for the three and six months ended June 30, 2025, respectively, and $ 4,189 and $ 8,377 for the three and six months ended June 30, 2024, respectively.

(2) Non-Compensation expenses are as follows:

For the Three Months Ended March 31,

EVERCORE INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

For the Three Months Ended June 30, For the Six Months Ended June 30,

2025 2024 2025 2024

Investment Banking & Equities

Occupancy and Equipment Rental $ 26,261 $ 21,240 $ 51,364 $ 42,643

Professional Fees 31,094 30,063

Professional Fees (A)

22,059 23,368 43,203 44,639

Travel and Related Expenses 23,729 21,171 45,540 40,144

Communications and Information Services 22,302 18,464

Technology and Information Services (A)

35,411 28,517 67,663 55,773

Depreciation and Amortization 6,342 6,342 12,235 12,551

Execution, Clearing and Custody Fees 2,729 2,633 5,612 5,556

Acquisition and Transition Costs 1,637 — 1,637 —

Other Operating Expenses 12,605 15,033 23,293 22,549

2 unchanged sentences

Occupancy and Equipment Rental $ 653 $ 561 $ 1,281 $ 1,102

Professional Fees 1,519 1,156

Professional Fees (B)

1,074 1,069 2,320 2,008

Travel and Related Expenses 255 213 462 462

Communications and Information Services 842 703

Technology and Information Services (B)

1,176 920 2,291 1,840

Depreciation and Amortization 108 97 191 181

3 unchanged sentences

Occupancy and Equipment Rental $ 26,914 $ 21,801 $ 52,645 $ 43,745

Professional Fees 32,613 31,219

Professional Fees (C)

23,133 24,437 45,523 46,647

Travel and Related Expenses 23,984 21,384 46,002 40,606

Communications and Information Services 23,144 19,167

Technology and Information Services (C)

36,587 29,437 69,954 57,613

Depreciation and Amortization 6,450 6,439 12,426 12,732

Execution, Clearing and Custody Fees 3,180 3,051 6,526 6,392

Acquisition and Transition Costs 1,637 — 1,637 —

Other Operating Expenses 12,945 15,497 23,937 23,301

Total Non-Compensation $ 134,830 $ 122,046 $ 258,650 $ 231,036

(A) The Company reclassified $ 9,598 and $ 18,390 of technology and related expenses from "Professional Fees" to "Technology and Information Services" in the Investment Banking & Equities segment for the three and six months ended June 30, 2024, respectively, to conform to the current presentation.

See Note 2 for further information.

(B) The Company reclassified $ 253 and $ 470 of technology and related expenses from "Professional Fees" to "Technology and Information Services" in the Investment Management segment for the three and six months ended June 30, 2024, respectively, to conform to the current presentation.

See Note 2 for further information.

(C) The Company reclassified $ 9,851 and $ 18,860 of technology and related expenses from "Professional Fees" to "Technology and Information Services" for the three and six months ended June 30, 2024, respectively, to conform to the current presentation.

See Note 2 for further information.

EVERCORE INC.

3 unchanged sentences

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

For the Three Months Ended March 31,

For the Three Months Ended June 30, For the Six Months Ended June 30,

2025 2024 2025 2024

Net Revenues:

4 unchanged sentences

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

(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.

(2) Primarily includes revenue attributable to the United States of $ 617,681 and $ 1,177,482 for the three and six months ended June 30, 2025, respectively, and $ 534,510 and $ 989,746 for the three and six months ended June 30, 2024, respectively.

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

March 31, 2025 December 31, 2024

June 30, 2025 December 31, 2024

Total Assets:

6 unchanged sentences

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