What changed in this filing

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Item 1. Financial Statements

2025-11-05 compared with 2025-08-07 · 319 added, 259 removed, 896 unchanged (39% of the section changed)

1 unchanged sentence

Condensed Consolidated Financial Statements (Unaudited) Page

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

Condensed Consolidated Statements of Financial Condition as of September 30, 2025 and December 31, 2024

Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2025 and 2024

Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2025 and 2024

Condensed Consolidated Statements of Changes in Equity for the three and nine months ended September 30, 2025 and 2024

Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024

Notes to Unaudited Condensed Consolidated Financial Statements

2 unchanged sentences

(dollars in thousands, except share data)

June 30, 2025 December 31, 2024

September 30, 2025 December 31, 2024

Current Assets

Cash and Cash Equivalents $ 851,908 $ 873,045

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)

Investment Securities and Certificates of Deposit (includes available-for-sale debt securities with an amortized cost of $ 716,614 and $ 813,507 at September 30, 2025 and December 31, 2024, respectively)

1,565,137 1,519,381

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

Accounts Receivable (net of allowances of $ 2,164 and $ 2,253 at September 30, 2025 and December 31, 2024, respectively)

523,321 421,502

5 unchanged sentences

Operating Lease Right-of-Use Assets 435,689 439,458

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)

Furniture, Equipment and Leasehold Improvements (net of accumulated depreciation and amortization of $ 166,598 and $ 151,455 at September 30, 2025 and December 31, 2024, respectively)

188,947 144,756

20 unchanged sentences

Stockholders' Equity

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)

Class A, par value $ 0.01 per share ( 1,000,000,000 shares authorized, 87,122,217 and 84,767,922 issued at September 30, 2025 and December 31, 2024, respectively, and 38,558,476 and 38,116,350 outstanding at September 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 September 30, 2025 and December 31, 2024, respectively)

Additional Paid-In Capital 3,817,280 3,510,356

1 unchanged sentence

Retained Earnings 2,414,099 2,133,919

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

Treasury Stock at Cost ( 48,563,741 and 46,651,572 shares at September 30, 2025 and December 31, 2024, respectively)

( 4,407,621 ) ( 3,901,424 )

8 unchanged sentences

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

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

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

2025 2024 2025 2024

17 unchanged sentences

Execution, Clearing and Custody Fees 2,962 3,346 9,488 9,738

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

Acquisition and Transition Costs 3,516 — 5,153 —

24 unchanged sentences

(dollars in thousands)

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

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

2025 2024 2025 2024

12 unchanged sentences

(dollars in thousands, except share data)

For the Three Months Ended June 30, 2025

For the Three Months Ended September 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

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

Net Income — — — — 144,583 — — 12,911 157,494

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

Other Comprehensive Income (Loss) — — — ( 4,266 ) — — — ( 334 ) ( 4,600 )

Treasury Stock Purchases — — — — — ( 174,614 ) ( 57,032 ) — ( 57,032 )

3 unchanged sentences

Noncontrolling Interest (Note 13) — — ( 1,568 ) — — — — ( 8,949 ) ( 10,517 )

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

Balance at September 30, 2025 87,122,217 $ 871 $ 3,817,280 $ ( 15,183 ) $ 2,414,099 ( 48,563,741 ) $ ( 4,407,621 ) $ 276,214 $ 2,085,660

For the Nine Months Ended September 30, 2025

Additional Other

9 unchanged sentences

Noncontrolling Interest (Note 13) — — ( 2,788 ) — — — — ( 20,680 ) ( 23,468 )

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

Balance at September 30, 2025 87,122,217 $ 871 $ 3,817,280 $ ( 15,183 ) $ 2,414,099 ( 48,563,741 ) $ ( 4,407,621 ) $ 276,214 $ 2,085,660

For the Three Months Ended September 30, 2024

Additional Other

1 unchanged sentence

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

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

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

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

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

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

3 unchanged sentences

Noncontrolling Interest (Note 13) — — — — — — — ( 8,807 ) ( 8,807 )

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

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

For the Nine Months Ended September 30, 2024

Additional Other

3 unchanged sentences

Net Income — — — — 237,844 — — 25,107 262,951

Other Comprehensive Income (Loss) — — — ( 3,963 ) — — — ( 365 ) ( 4,328 )

Other Comprehensive Income — — — 6,728 — — — 630 7,358

Treasury Stock Purchases — — — — — ( 2,203,024 ) ( 417,886 ) — ( 417,886 )

3 unchanged sentences

Noncontrolling Interest (Note 13) — — ( 969 ) — — — — ( 24,565 ) ( 25,534 )

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

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

See Notes to Unaudited Condensed Consolidated Financial Statements.

2 unchanged sentences

(dollars in thousands)

For the Six Months Ended June 30,

For the Nine Months Ended September 30,

Cash Flows From Operating Activities

2 unchanged sentences

Net (Gains) Losses on Investments, Investment Securities and Contingent Consideration ( 20,253 ) ( 30,153 )

Equity Method Investments 189 176

Equity Method Investments, Including (Gains) Losses on Sales and Redemptions ( 88 ) 7,461

Equity-Based and Other Deferred Compensation 507,958 432,511

14 unchanged sentences

Other Liabilities ( 100,997 ) ( 12,107 )

Net Cash Provided by (Used in) Operating Activities ( 111,916 ) 67,267

Net Cash Provided by Operating Activities 448,997 301,767

Cash Flows From Investing Activities

Investments Purchased ( 1,000 ) —

Proceeds from Sale of Investments — 18,113

Distributions of Private Equity Investments 1,270 —

5 unchanged sentences

Purchase of Furniture, Equipment and Leasehold Improvements ( 65,140 ) ( 16,769 )

Net Cash Provided by Investing Activities 365,608 383,778

Net Cash Provided by (Used in) Investing Activities ( 88,230 ) 179,131

Cash Flows From Financing Activities

2 unchanged sentences

Payments Under Tax Receivable Agreement ( 597 ) ( 607 )

Payment of Notes Payable ( 38,000 ) —

Issuance of Notes Payable 250,000 —

Debt Issuance Costs ( 342 ) —

Purchase of Treasury Stock and Noncontrolling Interests ( 487,550 ) ( 420,514 )

9 unchanged sentences

Accrued Dividends $ 11,633 $ 12,145

Redemption of Luminis Interest $ — $ 7,305

See Notes to Unaudited Condensed Consolidated Financial Statements.

44 unchanged sentences

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

The Company included in its Unaudited Condensed Consolidated Statements of Financial Condition Evercore ISI U.K., Evercore U.K., Evercore Japan, Evercore Beijing, Evercore Canada, 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.

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 $ 962,003 and liabilities of $ 236,451 at September 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.

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 $ 10,465 and $ 29,325 of technology and related expenses from "Professional Fees" to "Technology and Information Services" for the three and nine months ended September 30, 2024, respectively.

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

7 unchanged sentences

The amendments in this update are effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted.

The amendments should be applied on a retrospective basis.

The amendments require retrospective application.

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

32 unchanged sentences

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 2025-05 – In July 2025, the FASB issued ASU No.

2025-05, "Financial Instruments – Credit Losses (Topic 326):

Measurement of Credit Losses for Accounts Receivable and Contract Assets" ("ASU 2025-05").

ASU 2025-05 provides amendments to ASC 326, "Financial Instruments – Credit Losses" , which allow entities to elect a practical expedient that assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset when developing reasonable and supportable forecasts as part of estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under ASC 606, "Revenue from Contracts with Customers" ("ASC 606").

The amendments in this update are effective for fiscal years beginning after December 15, 2025 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.

ASU 2025-06 – In September 2025, the FASB issued ASU No.

2025-06, "Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40):

Targeted Improvements to the Accounting for Internal-Use Software" ("ASU 2025-06") .

ASU 2025-06 provides amendments to ASC 350-40, "Intangibles – Goodwill and Other – Internal-Use Software" , which revise the guidance for the accounting and disclosure of internal-use software costs.

The amendments in this update are effective for fiscal years beginning after December 15, 2027 and interim periods within those fiscal years, with early adoption permitted.

The amendments should be applied on a prospective, retrospective or modified 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.

EVERCORE INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

Note 4 – Revenue and Accounts Receivable

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,

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

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

2025 2024 2025 2024

11 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 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

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

For the Nine Months Ended September 30, 2025

(Current) (1)

5 unchanged sentences

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

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

Increase (Decrease) 101,819 11,925 ( 1,053 ) 17,616 2,165

Balance at September 30, 2025 $ 523,321 $ 113,239 $ 61,326 $ 32,093 $ 5,747

For the Nine Months Ended September 30, 2024

(Current) (1)

6 unchanged sentences

Increase (Decrease) 43,888 3,945 25,076 ( 3,170 ) 1,082

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

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

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

3 unchanged sentences

The Company's contract assets represent arrangements in which an estimate of variable consideration has been included in the transaction price and thereby recognized as revenue that precedes the contractual due date.

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

The Company recognized revenue of $ 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.

Under ASC 606, revenue is recognized when all material conditions for completion have been met and it is probable that a significant revenue reversal will not occur in a future period.

The Company recognized revenue of $ 5,633 and $ 16,674 on the Unaudited Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2025, respectively, and $ 6,340 and $ 16,689 for the three and

EVERCORE INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

nine months ended September 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 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,

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

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

2025 2024 2025 2024

3 unchanged sentences

Ending Balance $ 2,164 $ 6,153 $ 2,164 $ 6,153

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.

The change in the balance during the three months ended September 30, 2025 is primarily related to the write-off of aged receivables.

The change in the balance during the nine months ended September 30, 2025 is primarily related to the write-off of aged receivables, partially offset by an increase in the Company's reserve for credit losses.

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 June 30, 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

3 unchanged sentences

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.

The transaction closed on October 1, 2025.

As consideration for the acquisition, the Company delivered to the sellers £ 71,250 ($ 95,755 ) at closing in the form of 275 shares 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.

Additionally, the Company will deliver to the sellers £ 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.

The Company recognized $ 3,516 and $ 5,153 for the three and nine months ended September 30, 2025, respectively, as Acquisition and Transition Costs.

These costs are primarily comprised of professional fees and certain other costs incurred related to the acquisition of Robey Warshaw.

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 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.

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 $ 1,469 and $ 2,740 for the three and nine months ended September 30, 2025, respectively, and $ 4 and $ 1,738 for the three and nine months ended September 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 $ 31,684 and $ 29,357 as of September 30, 2025 and December 31, 2024, respectively.

See Note 15 for further information.

EVERCORE INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

Note 7 – Investment Securities and Certificates of Deposit

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

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

September 30, 2025 December 31, 2024

Debt Securities $ 716,741 $ 813,804

9 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.

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

Gross unrealized gains included in Accumulated Other Comprehensive Income (Loss) were $ 130 and $ 297 as of September 30, 2025 and December 31, 2024, respectively.

Gross unrealized losses included in Accumulated Other Comprehensive Income (Loss) were ($ 3 ) as of September 30, 2025.

Net unrealized gains (losses) included in Other Comprehensive Income were $ 121 and ($ 172 ) for the three and nine months ended September 30, 2025, respectively, and $ 125 and ($ 32 ) for the three and nine months ended September 30, 2024, respectively.

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

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

Proceeds from the sales and maturities of available-for-sale securities, including interest, were $ 250,000 and $ 1,091,964 for the three and nine months ended September 30, 2025, respectively, and $ 187,000 and $ 934,511 for the three and nine months ended September 30, 2024, respectively.

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

September 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 June 30, 2025 and has not recorded a credit allowance on these securities.

As such, the Company does not consider these securities to be impaired at September 30, 2025 and has not recorded a credit allowance on these securities.

EVERCORE INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

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 ($ 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.

The Company had net unrealized gains (losses) of $ 97 and ($ 11 ) for the three and nine months ended September 30, 2025, respectively, and ($ 1 ) and ($ 122 ) for the three and nine months ended September 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 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.

The Company had net realized and unrealized gains of $ 187 and $ 30 for the three and nine months ended September 30, 2025, respectively, and $ 295 and $ 210 for the three and nine months ended September 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 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).

The Company had net realized and unrealized gains of $ 12,400 and $ 21,554 for the three and nine months ended September 30, 2025, respectively, (of which $ 12,400 and ($ 1,054 ), respectively, were net unrealized gains (losses)) and $ 9,106 and $ 30,217 for the three and nine months ended September 30, 2024, respectively, (of which $ 8,836 and $ 19,515 , respectively, were net unrealized gains).

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.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

At September 30, 2025 and December 31, 2024, the Company held certificates of deposit of $ 136,758 and $ 66,660 , respectively, with certain banks with original maturities of seven 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 June 30, 2025 and December 31, 2024 was as follows:

June 30, 2025 December 31, 2024

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

September 30, 2025 December 31, 2024

Atalanta Sosnoff $ 11,259 $ 11,155

3 unchanged sentences

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

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.

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

This investment resulted in earnings of $ 1,071 and

EVERCORE INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

$ 2,792 for the three and nine months ended September 30, 2025, respectively, and $ 865 and $ 2,181 for the three and nine months ended September 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 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.

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

This investment resulted in earnings (losses) of $ 11 and ($ 16 ) for the three and nine months ended September 30, 2025, respectively, and $ 129 and $ 259 for the three and nine months ended September 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 $ 1,029 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.

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

This investment resulted in earnings of $ 2,031 for the nine months ended September 30, 2024, included within Income from Equity Method Investments on the Unaudited Condensed Consolidated Statement of Operations.

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

The Company received no consideration in respect of the redemption.

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

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

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

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.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

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

This investment resulted in earnings of $ 78 and $ 783 for the three and nine months ended September 30, 2024, respectively, included within Income from Equity Method Investments on the Unaudited Condensed Consolidated Statements 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 $ 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's share of the earnings of the investees has been reduced by the amortization of these identifiable intangible assets of $ 62 and $ 186 for the three and nine months ended September 30, 2025, respectively, and $ 79 and $ 237 for the three and nine months ended September 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.

7 unchanged sentences

Portfolio holdings of the private equity funds are carried at fair value.

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 June 30, 2025 and December 31, 2024 was as follows:

June 30, 2025 December 31, 2024

Accordingly, the Company reflects its pro rata share of unrealized gains and losses

EVERCORE INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

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

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

September 30, 2025 December 31, 2024

Glisco II, Glisco III and Glisco IV $ 1,933 $ 3,569

1 unchanged sentence

Total Private Equity Funds $ 3,505 $ 5,431

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.

Net realized and unrealized losses on private equity fund investments were ($ 25 ) and ($ 1,119 ) for the three and nine months ended September 30, 2025, respectively, and ($ 4 ) and ($ 105 ) for the three and nine months ended September 30, 2024, respectively.

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

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

As of September 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 $ 1,330 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 had assets of $ 1,326 and $ 2,956 included in its Unaudited Condensed Consolidated Statements of Financial Condition at September 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 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.

The Company's maximum exposure to loss as of September 30, 2025 and December 31, 2024 was $ 3,509 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 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.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

These investments, which had a balance of $ 1,671 and $ 625 as of September 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.

Note 9 – Leases

3 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 $ 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.

Occupancy and Equipment Rental on the Unaudited Condensed Consolidated Statements of Operations includes operating lease cost for office space of $ 18,317 and $ 53,709 for the three and nine months ended September 30, 2025, respectively, and $ 15,060 and $ 43,899 for the three and nine months ended September 30, 2024, respectively, and variable lease cost, which principally include costs for real estate taxes, common area maintenance and other operating expenses of $ 1,409 and $ 5,115 for the three and nine months ended September 30, 2025, respectively, and $ 1,662 and $ 4,566 for the three and nine months ended September 30, 2024, respectively.

In conjunction with the lease of office space, the Company has entered into letters of credit in the amount of $ 5,987 and $ 5,886 as of September 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.

EVERCORE INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

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 $ 1,836 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.

Occupancy and Equipment Rental on the Unaudited Condensed Consolidated Statements of Operations includes operating lease cost for office equipment of $ 1,681 and $ 5,067 for the three and nine months ended September 30, 2025, respectively, and $ 1,657 and $ 4,699 for the three and nine months ended September 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 $ 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.

The Company incurred net operating cash outflows of $ 57,596 and $ 34,150 for the nine months ended September 30, 2025 and 2024, respectively, related to its operating leases, which was net of cash received from lease incentives of $ 5,098 and $ 1,684 for the nine months ended September 30, 2025 and 2024, respectively.

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

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

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

2025 2024 2025 2024

New Right-of-Use Assets obtained in exchange for new operating lease liabilities $ 6,684 $ 18,731 $ 30,767 $ 20,730

June 30, 2025 June 30, 2024

September 30, 2025 September 30, 2024

Weighted-average remaining lease term - operating leases 9.5 years 10.2 years

Weighted-average discount rate - operating leases 4.81 % 4.67 %

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.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

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

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

2025 (October 1 through December 31) $ 21,671

Thereafter 389,844

5 unchanged sentences

Long-term lease liabilities $ 482,891

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.

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 2026 and will have lease terms of 3 to 6 years once they have commenced.

The additional future payments under these arrangements are $ 2,974 as of September 30, 2025.

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

The Company anticipates signing the lease in 2026, following construction of the building, and anticipates that it will take possession of this space by the end of 2026.

The Company anticipates signing the lease in 2026, following construction of the building, and anticipates

EVERCORE INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

that it will take possession of this space by the end of 2026.

The lease term will end in 2041.

14 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 June 30, 2025 and December 31, 2024:

EVERCORE INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

June 30, 2025

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

September 30, 2025

Level 1 Level 2 Level 3 Total

3 unchanged sentences

Investment Funds 171,218 — — 171,218

Forward Contracts — 573 — 573

Total Assets Measured At Fair Value $ 1,439,869 $ 573 $ — $ 1,440,442

7 unchanged sentences

(1) Includes $ 11,490 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 June 30, 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 September 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.

In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement.

The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the investment.

The carrying amount and estimated fair value of the Company's financial instrument assets and liabilities, which are not measured at fair value on the Unaudited Condensed Consolidated Statements of Financial Condition, are listed in the tables below.

In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair

EVERCORE INC.

1 unchanged sentence

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

June 30, 2025

value measurement.

The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the investment.

September 30, 2025

Carrying Estimated Fair Value

2 unchanged sentences

Cash and Cash Equivalents (1)

$ 840,418 $ 840,418 $ — $ — $ 840,418

Certificates of Deposit 136,758 — 136,758 — 136,758

14 unchanged sentences

Cash and Cash Equivalents (1)

$ 863,078 $ 863,078 $ — $ — $ 863,078

Certificates of Deposit 66,660 — 66,660 — 66,660

9 unchanged sentences

373,895 — 356,531 — 356,531

(1) Excludes $ 11,490 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 September 30, 2025 and December 31, 2024, respectively.

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

3 unchanged sentences

On March 30, 2016, the Company issued an aggregate of $ 170,000 of senior notes, including:

$ 38,000 aggregate principal amount of its 4.88 % Series A senior notes which were due March 30, 2021 (the "Series A Notes"), $ 67,000 aggregate principal amount of its 5.23 % Series B senior notes which were originally due March 30, 2023 ("Series B Notes"), $ 48,000 aggregate principal amount of its 5.48 % Series C senior notes due March 30, 2026 (the "Series C Notes") and $ 17,000 aggregate principal amount of its 5.58 % Series D senior notes due March 30, 2028 (the "Series D Notes" and together with the Series A Notes, the Series B Notes and the Series C Notes, the "2016 Private Placement Notes"), pursuant to a note purchase agreement (the "2016 Note Purchase Agreement") dated as of March 30, 2016, among the Company and the purchasers party thereto in a private placement exempt from registration under the Securities Act of 1933.

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

These notes include:

$ 38,000 aggregate principal amount of its 4.88 % Series A senior notes which were due March 30, 2021 (the "Series A Notes"), $ 67,000 aggregate principal amount of its 5.23 % Series B senior notes which were originally due March 30, 2023 (the "Series B Notes"), $ 48,000 aggregate principal amount of its 5.48 % Series C senior notes due March 30, 2026 (the "Series C Notes") and $ 17,000 aggregate principal amount of its 5.58 % Series D senior notes due March 30, 2028 (the "Series D Notes" and together with the Series A Notes, the Series B Notes and the Series C Notes, the "2016 Private Placement Notes"), pursuant to a note purchase agreement dated as of

EVERCORE INC.

1 unchanged sentence

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

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.

March 30, 2016 (the "2016 Note Purchase Agreement") and amended on July 10, 2025, among the Company and the purchasers party thereto in a private placement exempt from registration under the Securities Act of 1933.

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

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 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") and amended on July 10, 2025, 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 which were due August 1, 2025 (the "Series I Notes" or the "2021 Private Placement Notes"), pursuant to a note purchase agreement dated as of March 29, 2021 (the "2021 Note Purchase Agreement"), 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.

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 dated as of June 28, 2022 (the "2022 Note Purchase Agreement") and amended on July 10, 2025, among the Company and the purchasers party thereto in a private placement exempt from registration under the Securities Act of 1933.

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 dated as of July 10, 2025 (the "2025 Note Purchase Agreement"), 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.

Interest on the above issuances is payable semi-annually and the 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 notes (without regard to Series), in an amount not less than 5 % of the aggregate principal amount of each of the individual issuances then outstanding at 100 % of the principal amount thereof plus an applicable "make-whole amount." Upon the occurrence of a change of control, the holders of the notes will have the right to require the Company to prepay the entire unpaid principal amounts held by each holder of the notes plus accrued and unpaid interest to the prepayment date.

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 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:

The Company may, at its option, prepay all, or from time to time any part of, the notes (without regard to Series), in an amount not less than 5 % of the aggregate principal amount of each of the individual issuances 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 notes will have the right to require the Company to prepay the entire unpaid principal amounts held by each holder of the notes plus accrued and unpaid interest to the prepayment date.

Interest on the notes is subject to certain escalation provisions in the event that the leverage ratio exceeds certain thresholds.

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

EVERCORE INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

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

Carrying Value (1)

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

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

Evercore Inc.

22 unchanged sentences

11/15/2028 5.02 % 66,221 66,052

Evercore Inc.

5.17 % Series K Senior Notes

7/24/2030 5.20 % 124,835 —

Evercore Inc.

5.47 % Series L Senior Notes

7/24/2032 5.49 % 124,833 —

Total $ 588,315 $ 373,895

2 unchanged sentences

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

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 remaining net proceeds will be used for general corporate purposes.

EVERCORE INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

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 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 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.

Dividends – On October 28, 2025, the Company's Board of Directors declared a quarterly cash dividend of $ 0.84 per share to the holders of record of the Company's Class A Shares as of November 28, 2025, which will be paid on December 12, 2025.

During the three and nine months ended September 30, 2025, the Company declared and paid dividends of $ 0.84 and $ 2.48 per share, respectively, totaling $ 32,519 and $ 96,155 , respectively, and accrued deferred cash dividends on unvested and vested restricted stock units ("RSUs") totaling $ 3,961 and $ 11,633 , respectively.

The Company also paid deferred cash dividends of $ 304 and $ 15,759 during the three and nine months ended September 30, 2025, respectively.

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

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

Treasury Stock – During the three months ended September 30, 2025, the Company purchased 15 Class A Shares from employees at an average cost per share of $ 291.99 , primarily for the net settlement of stock-based compensation awards, and 160 Class A Shares at an average cost per share of $ 329.80 pursuant to the Company's share repurchase program.

The aggregate 175 Class A Shares were purchased at an average cost per share of $ 326.62 and the result of these purchases was an increase in Treasury Stock of $ 57,032 on the Company's Unaudited Condensed Consolidated Statement of Financial Condition as of September 30, 2025.

During the nine months ended September 30, 2025, the Company purchased 944 Class A Shares from employees at an average cost per share of $ 283.77 , primarily for the net settlement of stock-based compensation awards, and 968 Class A Shares at an average cost per share of $ 246.16 pursuant to the Company's share repurchase program.

The aggregate 1,912 Class A Shares were purchased at an average cost per share of $ 264.72 and the result of these purchases was an increase in Treasury Stock of $ 506,197 on the Company's Unaudited Condensed Consolidated Statement of Financial Condition as of September 30, 2025.

During the first, second and third quarter of 2025, the Company entered into an agreement to purchase 200 , 170 and 100 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 , $ 237.79 and $ 327.09 per share, respectively, resulting in a total purchase price of $ 41,238 , $ 40,425 and $ 32,709 , 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 nine months ended September 30, 2025.

EVERCORE INC.

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

Evercore LP Units – During the three and nine months ended September 30, 2025, 107 and 217 Evercore LP partnership units ("LP Units"), respectively, were exchanged for Class A Shares, resulting in an increase to Class A Common Stock of $ 1 and $ 2 for the three and nine months ended September 30, 2025, respectively, and an increase to Additional Paid-In Capital of $ 11,805 and $ 22,771 for the three and nine months ended September 30, 2025, respectively, on the Company's Unaudited Condensed Consolidated Statement of Financial Condition.

See Note 13 for further information.

During the nine months ended September 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 September 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 $ 44 and ($ 15,227 ), respectively.

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

See Note 8 for further information.

Note 13 – Noncontrolling Interest

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

As of June 30,

As of September 30,

Evercore LP 5 % 6 %

3 unchanged sentences

See Note 14 for further information.

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,

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 and nine months ended September 30, 2025 and 2024 were as follows:

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

2025 2024 2025 2024

11 unchanged sentences

Ending balance $ 276,214 $ 223,107 $ 276,214 $ 223,107

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.

Other Comprehensive Income – Other Comprehensive Income (Loss) Attributed to Noncontrolling Interest includes unrealized gains (losses) on securities and investments, net, of $ 7 and ($ 10 ) for the three and nine months ended September 30, 2025, respectively, and ($ 6 ) and ($ 10 ) for the three and nine months ended September 30, 2024, respectively, and foreign currency translation adjustment gains (losses), net, of ($ 341 ) and $ 1,705 for the three and nine months ended September 30, 2025, respectively, and $ 924 and $ 563 for the three and nine months ended September 30, 2024, respectively.

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

See Note 8 for further information.

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.

Evercore LP Units – During the three and nine months ended September 30, 2025, 107 and 217 LP Units, respectively, were exchanged for Class A Shares.

This resulted in a decrease to Noncontrolling Interest of $ 11,806 and $ 22,773 for the three and nine months ended September 30, 2025, respectively, an increase to Class A Common Stock of $ 1 and $ 2 for the three and nine months ended September 30, 2025, respectively, and an increase to Additional Paid-In Capital of $ 11,805 and $ 22,771 for the three and nine months ended September 30, 2025, respectively, on the Company's Unaudited Condensed Consolidated Statement of Financial Condition.

See Note 12 for further information.

During the nine months ended September 30, 2025, the Company issued 2 Class A LP Units.

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

See Note 12 for further information.

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.

Compensation expense related to EWM Class A Units was $ 724 and $ 1,798 for the three and nine months ended September 30, 2025, respectively, and $ 298 and $ 755 for the three and nine months ended September 30, 2024, respectively.

EVERCORE INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

Interests Purchased – During the nine months ended September 30, 2025, the Company purchased, at fair value, an additional 0.1 % of the EWM Class A Units for $ 1,259 .

The Company has also committed to purchase an additional 0.5 % of interests from individuals in equal tranches over the next three years , at fair value at the time of the purchase.

These transactions resulted in a decrease to Noncontrolling Interest of $ 156 and a decrease to Additional Paid-In Capital of $ 2,788 on the Company's Unaudited Condensed Consolidated Statement of Financial Condition as of September 30, 2025.

The Company recorded $ 770 and $ 1,319 in Payable to Employees and Related Parties and Other Long-term Liabilities, respectively, on the Unaudited Condensed Consolidated Statement of Financial Condition as of September 30, 2025, reflecting the current fair value of amounts committed to be purchased in the future and accrued distributions related to those interests.

The Company incurred expense of $ 539 within Interest Expense on the Unaudited Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2025 in conjunction with these arrangements.

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.

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

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

common shareholders for the three and nine months ended September 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 June 30, For the Six Months Ended June 30,

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

2025 2024 2025 2024

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

During the three and 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.

During the three and nine months ended September 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 2,321 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.

common shareholders if the effect would have been dilutive were 2,205 and 2,283 for the three and nine months ended September 30, 2025, respectively, and 2,475 and 2,547 for the three and nine months ended September 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 $ 8,846 and $ 24,882 for the three and nine months ended September 30, 2025, respectively, and $ 6,719 and $ 17,945 for the three and nine months ended September 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.

5 unchanged sentences

(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.

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

(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.

1 unchanged sentence

See Note 15 for further information.

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

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

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

39 unchanged sentences

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 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.

As of September 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 September 30, 2025 to be $ 306,076 , related to 2,071 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 $ 20,253 and $ 51,752 for the three and nine months ended September 30, 2025, respectively, and $ 15,844 and $ 31,099 for the three and nine months ended September 30, 2024, respectively.

Class L Interests

14 unchanged sentences

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 June 30, 2025.

The total shares available to be granted in the future under the Third Amended 2016 Plan was 6,621 as of September 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.

4 unchanged sentences

Equity Grants

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.

During the nine months ended September 30, 2025, pursuant to the Third Amended 2016 Plan, the Company granted employees 1,798 RSUs that are subject to service-based vesting requirements ("Service-based Awards").

Service-based Awards granted during the nine months ended September 30, 2025 had grant date fair values of $ 193.07 to $ 313.77 per share, with an average value of $ 258.02 per share, for an aggregate fair value of $ 463,812 , and generally vest ratably over four years .

During the nine months ended September 30, 2025, 2,093 Service-based Awards vested and 57 Service-based Awards were forfeited.

Compensation expense related to Service-based Awards was $ 89,383 and $ 269,515 for the three and nine months ended September 30, 2025, respectively, and $ 74,560 and $ 229,238 for the three and nine months ended September 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 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.

The grant date fair value of these awards probable to vest as of September 30, 2025 was $ 13,176 , related to 69 RSUs which were probable of achievement, and compensation expense related to these units was $ 1,383 and $ 2,335 for the three and nine months ended September 30, 2025, respectively, and $ 383 and $ 470 for the three and nine months ended September 30, 2024, respectively.

Deferred Cash

1 unchanged sentence

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 $ 38,332 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 .

Compensation expense related to the Company's deferred cash compensation program was $ 38,333 and $ 115,225 for the three and nine months ended September 30, 2025, respectively, and $ 40,116 and $ 128,221 for the three and nine months ended September 30, 2024, respectively.

As of September 30, 2025, the Company expects to pay an aggregate of $ 353,767 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 $ 190,382 .

The weighted-average period over which this compensation cost is expected to be recognized is 28 months.

5 unchanged sentences

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.

The Company also periodically grants performance-based deferred cash awards to certain employees.

Compensation expense related to other deferred cash awards was $ 4,898 and $ 10,915 for the three and nine months ended September 30, 2025, respectively, and $ 1,248 and $ 7,718 for the three and nine months ended September 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 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.

As of September 30, 2025, the Company has accrued $ 143,427 pursuant to the above Long-term Incentive Plans, including $ 71,997 within Accrued Compensation and Benefits and $ 71,430 within Other Long-term Liabilities, on the Unaudited Condensed Consolidated Statement of Financial Condition.

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 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 .

The Company recorded compensation expense related to these plans of $ 21,617 and $ 48,472 for the three and nine months ended September 30, 2025, respectively, and $ 10,792 and $ 30,542 for the three and nine months ended September 30, 2024, respectively.

As of September 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 $ 24,549 .

As of September 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 $ 249,956 .

Employee Loans Receivable

2 unchanged sentences

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 $ 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 .

Compensation expense related to these awards was $ 12,597 and $ 34,138 for the three and nine months ended September 30, 2025, respectively, and $ 10,591 and $ 28,923 for the three and nine months ended September 30, 2024, respectively.

As of September 30, 2025, the total compensation cost not yet recognized related to these awards was $ 69,635 .

EVERCORE INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

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 six months ended June 30, 2025 and 2024:

For the Six Months Ended June 30,

For the Nine Months Ended September 30,

Beginning Balance $ 1,181 $ 2,824

3 unchanged sentences

Ending Balance $ 2,914 $ 1,340

EVERCORE INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(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.

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 $ 2,002 and $ 7,946 for the three and nine months ended September 30, 2025, respectively, (related to 63 RSUs) and $ 842 and $ 4,335 for the three and nine months ended September 30, 2024, respectively, (related to 38 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 June 30, 2025, the Company had unfunded commitments for capital contributions of $ 2,552 to private equity funds.

Private Equity – As of September 30, 2025, the Company had unfunded commitments for capital contributions of $ 2,584 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.

5 unchanged sentences

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.

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

EGL maintains a subordinated revolving credit facility with PNC, as amended on October 10, 2025, 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.

1 unchanged sentence

The interest rate provisions are Daily SOFR plus 130 basis points and the maturity date is October 10, 2029.

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

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

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

EVERCORE INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

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

September 30,

Cash and Cash Equivalents $ 851,908 $ 533,109

7 unchanged sentences

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 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.

The estimated present value of incurred but not reported claims is $ 3,585 and $ 3,268 as of September 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.

EVERCORE INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(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.

During the third quarter of 2025, the Company entered into a foreign currency exchange forward contract to buy 200,000 British Pounds sterling for $ 270,600 , which settled during the third quarter of 2025, and a foreign currency exchange forward contract to sell 71,250 British Pounds sterling for $ 96,401 , which settled in October 2025.

The outstanding contract is recorded at its fair value of $ 573 within Other Current Assets on the Unaudited Condensed Consolidated Statement of Financial Condition as of September 30, 2025.

The Company recorded a net loss on these contracts of $ 1,097 for the three and nine months ended September 30, 2025, which is included within Other Revenue, Including Interest and Investments, on the Unaudited Condensed Consolidated Statements of Operations.

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

Contingencies

5 unchanged sentences

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

EVERCORE INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

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

7 unchanged sentences

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

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.

EGL's regulatory net capital as of September 30, 2025 and December 31, 2024 was $ 346,806 and $ 475,936 , respectively, which exceeded the minimum net capital requirement by $ 346,556 and $ 475,686 , respectively.

Evercore Trust Company, N.A.

1 unchanged sentence

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 June 30, 2025.

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

Evercore U.K., our U.K.

1 unchanged sentence

Equities affiliate, are regulated by the Financial Conduct Authority.

The aggregate regulatory net capital of these affiliates as of 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.

The aggregate regulatory net capital of these affiliates as of September 30, 2025 and December 31, 2024 was $ 570,360 and $ 232,039 , respectively, which exceeded the minimum requirement by $ 273,045 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 June 30, 2025.

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

Note 18 – Income Taxes

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.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

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 Company's Provision for Income Taxes was $ 59,794 and $ 62,332 for the three and nine months ended September 30, 2025, respectively, and $ 34,971 and $ 56,659 for the three and nine months ended September 30, 2024, respectively.

The effective tax rate was 27.5 % and 13.0 % for the three and nine months ended September 30, 2025, respectively, and 28.4 % and 17.7 % for the three and nine months ended September 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 $ 76,450 and $ 31,976 for the nine months ended September 30, 2025 and 2024, respectively, which resulted in a reduction in the effective tax rate of 15.9 and 10.0 percentage points for the nine months ended September 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.

3 unchanged sentences

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

For the three and 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.

For the three and nine months ended September 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 $ 42 associated with changes in Unrealized Gain (Loss) on Securities and Investments and a decrease of $ 7,457 associated with changes in Foreign Currency Translation Adjustment Gain (Loss), in Accumulated Other Comprehensive Income (Loss), for the nine months ended September 30, 2025.

EVERCORE INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

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

The Company 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 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.

As of September 30, 2025, there were $ 125 of unrecognized tax benefits that, if recognized, $ 102 would affect the effective tax rate.

Related to the unrecognized tax benefits, the Company accrued interest of $ 2 during the three months ended September 30, 2025.

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

11 unchanged sentences

• 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.

EVERCORE INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(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.

1 unchanged sentence

• 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

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

See Note 8 for further information

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

See Note 8 for further information

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

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

• Interest expense associated with the Company’s Notes Payable and lines of credit

• Interest expense associated with the Company’s Notes Payable, lines of credit and other financing arrangements

EVERCORE INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

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

2 unchanged sentences

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

Additionally, the Company's segment expenses for the three and nine months ended September 30, 2024 also include Special Charges, Including Business Realignment Costs, related to the write-off of the remaining carrying value of the Company's investment in Luminis in connection with the redemption of the Company's interest.

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

12 unchanged sentences

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 and six months ended June 30, 2025 and 2024, respectively.

No client accounted for more than 10% of the Company's Consolidated Net Revenues for the three and nine months ended September 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 June 30, For the Six Months Ended June 30,

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

2025 2024 2025 2024

5 unchanged sentences

137,825 113,093 388,372 336,948

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

Operating Income 213,751 116,387 466,431 298,919

17 unchanged sentences

142,026 116,914 400,676 347,950

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

Operating Income 216,206 121,993 477,779 314,356

3 unchanged sentences

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

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

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

2025 2024 2025 2024

3 unchanged sentences

Total Other Revenue, net $ 26,149 $ 21,996 $ 58,205 $ 68,096

(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:

(A) Other Revenue, net, from the Investment Banking & Equities segment includes interest expense on the Notes Payable, lines of credit and other financing arrangements of $ 7,110 and $ 15,513 for the three and nine months ended September 30, 2025, respectively, and $ 4,198 and $ 12,575 for the three and nine months ended September 30, 2024, respectively.

EVERCORE INC.

1 unchanged sentence

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

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

(2) Non-Compensation expenses are as follows:

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

2025 2024 2025 2024

33 unchanged sentences

Total Non-Compensation $ 142,026 $ 116,914 $ 400,676 $ 347,950

(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.

(A) The Company reclassified $ 10,199 and $ 28,589 of technology and related expenses from "Professional Fees" to "Technology and Information Services" in the Investment Banking & Equities segment for the three and nine months ended September 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.

(B) The Company reclassified $ 266 and $ 736 of technology and related expenses from "Professional Fees" to "Technology and Information Services" in the Investment Management segment for the three and nine months ended September 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.

(C) The Company reclassified $ 10,465 and $ 29,325 of technology and related expenses from "Professional Fees" to "Technology and Information Services" for the three and nine months ended September 30, 2024, respectively, to conform to the current presentation.

See Note 2 for further information.

4 unchanged sentences

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

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

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

2025 2024 2025 2024

5 unchanged sentences

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

(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.

(2) Primarily includes revenue attributable to the United States of $ 770,877 and $ 1,948,359 for the three and nine months ended September 30, 2025, respectively, and $ 502,176 and $ 1,491,922 for the three and nine months ended September 30, 2024, respectively.

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

June 30, 2025 December 31, 2024

September 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