25 unchanged sentences
Cash received before the subscription period ends is initially recorded as deferred revenue (a contract liability) and recognized as revenue over the remaining subscription period.
+Added: T a b l e o f C o n t e n t s
Revenue trends in our advisory business generally are correlated to the volume of merger and acquisitions ("M&A") activity, restructuring activity, which generally tends to be counter-cyclical to M&A, and capital advisory activity.
17 unchanged sentences
• Interest income, including accretion, and income (losses) on investment securities, including our investment funds (which are used as an economic hedge against our deferred cash compensation program), certificates of deposit, cash and cash equivalents and long-term accounts receivable
−Removed: • A gain on the sale of the remaining portion of our interest in ABS in the third quarter of 2024.
−Removed: See Note 8 to our unaudited condensed consolidated financial statements for further information
−Removed: • A loss related to the release of cumulative foreign exchange losses resulting from the redemption of our interest in Luminis in the third quarter of 2024.
−Removed: See Note 8 to our unaudited condensed consolidated financial statements 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
1 unchanged sentence
• Adjustments to amounts due pursuant to our tax receivable agreement, subsequent to its initial establishment, related to changes in enacted tax rates
−Removed: Interest Expense includes interest expense associated with our Notes Payable, lines of credit and other financing arrangements.
+Added: Interest Expense includes interest expense associated with our Notes Payable, lines of credit and other financing arrangements, including interest expense related to deferred acquisition consideration and mandatorily redeemable interests.
Employee Compensation and Benefits.
1 unchanged sentence
We maintain compensation programs, including base salary, cash, deferred cash and equity bonus awards and benefits programs and manage compensation to estimates of competitive levels based on market conditions and performance.
−Removed: Our level of compensation, including deferred compensation, reflects our plan to maintain competitive compensation levels to retain key
−Removed: personnel, and it reflects the impact of newly-hired senior professionals upon their start date, including related grants of equity and other awards, which are generally valued at their grant date and recorded in employee compensation and benefits expense over the requisite service period.
+Added: Our level of compensation, including deferred compensation, reflects our plan to maintain competitive compensation levels to retain and attract key personnel, and it reflects the impact of newly-hired senior professionals upon their start date, including related grants of equity and other awards, which are generally valued at their grant date and recorded in employee compensation and benefits expense over the requisite service period.
Increasing the number of high-caliber, experienced senior level employees is critical to our growth efforts.
In our advisory businesses, these hires, which begin their service throughout any given year, generally do not begin to generate significant revenue in the year they are hired.
+Added: T a b l e o f C o n t e n t s
Our annual compensation program includes share-based compensation awards and deferred cash awards as a component of the annual bonus awards for certain employees.
6 unchanged sentences
A change in estimated forfeitures is recognized through a cumulative adjustment in the period of the change.
−Removed: In January 2023, 2024 and 2025, our Board of Directors approved the issuance of Class L Interests to certain of our named executive officers, pursuant to which the named executive officers receive a discretionary distribution of profits from Evercore LP, paid in the first quarters of 2024, 2025 and 2026, respectively.
+Added: In January 2024, 2025 and 2026, our Board of Directors approved the issuance of Class L Interests to certain of our named executive officers, pursuant to which those named executive officers receive a discretionary distribution of profits from Evercore LP, paid in the first quarters of 2025, 2026 and 2027, respectively.
Distributions pursuant to these interests are made in lieu of any cash incentive compensation payments which may otherwise have been made to our named executive officers in respect of their service for 2024, 2025 and 2026, respectively.
1 unchanged sentence
We record expense equal to the amount of these distributions in Employee Compensation and Benefits on the Unaudited Condensed Consolidated Statements of Operations and reflect accrued liabilities related to these distributions in Accrued Compensation and Benefits on the Unaudited Condensed Consolidated Statements of Financial Condition.
−Removed: Our Long-term Incentive Plans provide for incentive compensation awards for Investment Banking Senior Managing Directors, excluding executive officers, who exceed defined benchmark results over four-year performance periods beginning January 1, 2021, pursuant to the 2021 Long-term Incentive Plan, and January 1, 2025, pursuant to the 2025 Long-term Incentive Plan (which was approved by our Board of Directors in April 2025).
−Removed: The performance period for the 2021 Long-term Incentive Plan ended on December 31, 2024 and in conjunction with this plan, we made a cash distribution in the first quarter of 2025.
−Removed: Remaining amounts due pursuant to these plans are due to be paid in cash or Class A Shares, at our 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.
+Added: Our Long-term Incentive Plans provide for incentive compensation awards for Investment Banking Senior Managing Directors, excluding executive officers, who exceed defined benchmark results over four-year performance periods beginning January 1, 2021 (which ended on December 31, 2024), pursuant to the 2021 Long-term Incentive Plan, and January 1, 2025, pursuant to the 2025 Long-term Incentive Plan.
+Added: In conjunction with the 2021 Long-term Incentive Plan, we made cash distributions in the first quarter of 2026 and 2025.
+Added: Remaining amounts due pursuant to these plans are to be paid in cash or Class A Shares, at our discretion, in the first quarter of 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.
We periodically assess the probability of the benchmarks being achieved and expense the probable payout over the requisite service period of the award.
From time to time, we also grant incentive awards to certain individuals which include both performance and service-based vesting requirements and, in certain awards, market-based requirements.
−Removed: These include Class K-P Units issued by Evercore LP and certain RSU and deferred cash awards.
+Added: These include Class K-P Units issued by Evercore LP, certain RSU and deferred cash awards, as well as awards issued in conjunction with the acquisition of Robey Warshaw in 2025.
See Note 15 to our unaudited condensed consolidated financial statements for further information.
2 unchanged sentences
Our Non-Compensation expenses include costs for occupancy and equipment rental, professional fees, travel and related expenses, technology and information services, depreciation and amortization, execution, clearing and custody fees, acquisition and transition costs and other operating expenses.
−Removed: Special Charges, Including Business Realignment Costs.
−Removed: Special Charges, Including Business Realignment Costs, for the three and nine months ended September 30, 2024 related to the write-off of the remaining carrying value of our investment in Luminis in connection with the redemption of our interest.
Income from Equity Method Investments
−Removed: Our share of the income (loss) from our equity interests in Atalanta Sosnoff and Seneca Evercore, and our former equity interests in ABS (through July 2024) and Luminis (through September 2024) are included within Income from Equity Method Investments, as a component of Income Before Income Taxes, on the Unaudited Condensed Consolidated Statements of Operations.
+Added: Our share of the income (loss) from our equity interests in Atalanta Sosnoff and Seneca Evercore are included within Income from Equity Method Investments, as a component of Income Before Income Taxes, on the Unaudited Condensed Consolidated Statements of Operations.
See Note 8 to our unaudited condensed consolidated financial statements for further information.
−Removed: Provision for Income Taxes
+Added: Provision (Benefit) for Income Taxes
We account for income taxes in accordance with ASC 740, "Income Taxes" , which requires the recognition of tax benefits or expenses on temporary differences between the financial reporting and tax basis of our assets and liabilities.
−Removed: Excess tax benefits and deficiencies associated with the appreciation or depreciation in our share price upon vesting of employee share-based awards above or below the original grant price are recognized in our Provision for Income Taxes.
+Added: T a b l e o f C o n t e n t s
+Added: benefits and deficiencies associated with the appreciation or depreciation in our share price upon vesting of employee share-based awards above or below the original grant price are recognized in our Provision (Benefit) for Income Taxes.
In addition, net deferred tax assets are impacted by changes to statutory tax rates in the period of enactment.
9 unchanged sentences
See Note 13 to our unaudited condensed consolidated financial statements for further information.
+Added: T a b l e o f C o n t e n t s
Results of Operations
−Removed: The following is a discussion of our results of operations for the three and nine months ended September 30, 2025 and 2024.
+Added: The following is a discussion of our results of operations for the three months ended March 31, 2026 and 2025.
For a more detailed discussion of the factors that affected the revenue and operating expenses of our Investment Banking & Equities and Investment Management business segments in these periods, see the discussion in "Business Segments" below.
−Removed: For the Three Months Ended September 30, For the Nine Months Ended September 30,
−Removed: 2025 2024 Change 2025 2024 Change
+Added: For the Three Months Ended March 31,
+Added: 2026 2025 Change
(dollars and share amounts in thousands, except per share data)
11 unchanged sentences
156,782 123,820 27 %
−Removed: Special Charges, Including Business Realignment Costs — 7,305 NM — 7,305 NM
Total Expenses 1,060,852 583,645 82 %
2 unchanged sentences
Income Before Income Taxes 331,777 112,063 196 %
−Removed: Provision for Income Taxes 59,794 34,971 71 % 62,332 56,659 10 %
+Added: Provision (Benefit) for Income Taxes 9,056 (41,727) NM
Net Income 322,721 153,790 110 %
6 unchanged sentences
(1) Non-Compensation expenses are as follows:
−Removed: For the Three Months Ended September 30, For the Nine Months Ended September 30,
−Removed: 2025 2024 Change 2025 2024 Change
+Added: T a b l e o f C o n t e n t s
+Added: For the Three Months Ended March 31,
+Added: 2026 2025 Change
(dollars in thousands)
8 unchanged sentences
Execution, Clearing and Custody Fees 3,187 3,346 (5 %)
−Removed: Acquisition and Transition Costs 3,516 — NM 5,153 — NM
+Added: Acquisition and Transition Costs 1,800 — NM
Other Operating Expenses 15,648 10,992 42 %
Total Non-Compensation $ 156,782 $ 123,820 27 %
−Removed: (A) Includes the reclassification of $10.4 million and $29.3 million 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.
−Removed: See Note 2 to our unaudited condensed consolidated financial statements for further information.
−Removed: As of September 30, 2025 and 2024, we employed approximately 2,525 and 2,395 people, respectively.
−Removed: Three Months Ended September 30, 2025 versus September 30, 2024
−Removed: Net Income Attributable to Evercore Inc.
−Removed: was $144.6 million for the three months ended September 30, 2025, an increase of $66.2 million, or 84%, compared to $78.4 million for the three months ended September 30, 2024.
−Removed: The changes in our operating results during these periods are described below.
−Removed: Net Revenues were $1.04 billion for the three months ended September 30, 2025, an increase of $304.7 million, or 41%, versus Net Revenues of $734.2 million for the three months ended September 30, 2024.
−Removed: Advisory Fees increased $290.7 million, or 49%, Commissions and Related Revenue increased $8.3 million, or 15%, and Underwriting Fees decreased $0.4 million, or 1%, compared to the three months ended September 30, 2024.
−Removed: Asset Management and Administration Fees increased $1.9 million, or 9%, compared to the three months ended September 30, 2024.
−Removed: See "Business Segments" and "Liquidity and Capital Resources" below for further information.
−Removed: Ot her Revenue, Including Interest and Investments, was $33.3 million for the three months ended September 30, 2025, an increase of $7.1 million, or 27%, versus $26.2 million for the three months ended September 30, 2024, primarily reflecting higher performance of our investment funds portfolio, as well as higher returns on our fixed income investment portfolios, which primarily consist of U.S.
−Removed: Treasury bills, driven by higher portfolio balances during the third quarter of 2025 compared to 2024.
−Removed: The investment funds portfolio is used as an economic hedge against our deferred cash compensation program.
−Removed: Interest Expense was $7.1 million for the three months ended September 30, 2025, an increase of $2.9 million, or 69%, versus $4.2 million for the three months ended September 30, 2024, primarily reflecting the issuance of new senior notes in July 2025.
−Removed: See Note 11 to our unaudited condensed consolidated financial statements for further information.
−Removed: Employee Compensation and Benefits Expense was $680.7 million for the three months ended September 30, 2025, an increase of $192.6 million, or 39%, versus $488.0 million for the three months ended September 30, 2024.
−Removed: The increase in the amount of compensation recognized for the three months ended September 30, 2025 principally reflects a higher accrual for incentive compensation, higher base salaries and higher compensation expense related to senior new hires.
−Removed: Employee Compensation and Benefits Expense as a percentage of Net Revenues was 65.5% for the three months ended September 30, 2025, compared to 66.5% for the three months ended September 30, 2024.
−Removed: Employee Compensation and Benefits Expense as a percentage of Net Revenues was impacted by the factors above, as well as higher net revenues during the current year period compared to the prior year period.
−Removed: Non-compensation expenses were $142.0 million for the three months ended September 30, 2025, an increase of $25.1 million, or 21%, versus $116.9 million for the three months ended September 30, 2024.
−Removed: The increase was primarily driven by an increase in technology and information services, principally reflecting higher expenses associated with license fees and
−Removed: research services in the third quarter of 2025, an increase in travel and related expenses, largely due to higher levels of business activity and increased headcount, and an increase in occupancy and equipment rental expense, primarily related to an increase in office space.
−Removed: Non-Compensation expenses per employee were approximately $57.0 thousand for the three months ended September 30, 2025, versus $49.5 thousand for the three months ended September 30, 2024, a 15% increase.
−Removed: Special Charges, Including Business Realignment Costs, of $7.3 million for the three months ended September 30, 2024 related to the write-off of the remaining carrying value of our investment in Luminis in connection with the redemption of our interest.
−Removed: See Note 8 to our unaudited condensed consolidated financial statements for further information.
−Removed: Income from Equity Method Investments was $1.1 million for the three months ended September 30, 2025 and 2024, reflecting higher earnings from Atalanta Sosnoff during the three months ended September 30, 2025, partially offset by lower earnings from Seneca Evercore during the three months ended September 30, 2025 and lower income from Luminis following the redemption of our interest during the third quarter of 2024.
−Removed: See Note 8 to our unaudited condensed consolidated financial statements for further information.
−Removed: The provision for income taxes for the three months ended September 30, 2025 was $59.8 million, which reflected an effective tax rate of 27.5%.
−Removed: The provision for income taxes for the three months ended September 30, 2024 was $35.0 million, which reflected an effective tax rate of 28.4%.
−Removed: The increase in the provision for income taxes for the three months ended September 30, 2025 is primarily attributable to a $94.2 million increase in pre-tax income, as well as an increase in non-deductible expenses and state and local apportionment adjustments.
−Removed: Net Income Attributable to Noncontrolling Interest was $12.9 million for the three months ended September 30, 2025, compared to $9.7 million for the three months ended September 30, 2024.
−Removed: The increase in Net Income Attributable to Noncontrolling Interest primarily reflects higher income at Evercore LP during the three months ended September 30, 2025.
+Added: (A) Includes the reclassification of $10.2 million of technology and related expenses from "Professional Fees" to "Technology and Information Services" for the three months ended March 31, 2025 to conform to the current presentation.
See Note 2 to our unaudited condensed consolidated financial statements for further information.
−Removed: Nine Months Ended September 30, 2025 versus September 30, 2024
+Added: As of March 31, 2026 and 2025, we employed approximately 2,635 and 2,395 people, respectively.
+Added: Three Months Ended March 31, 2026 versus March 31, 2025
Net Income Attributable to Evercore Inc.
−Removed: was $388.0 million for the nine months ended September 30, 2025, an increase of $150.1 million, or 63%, compared to $237.8 million for the nine months ended September 30, 2024.
+Added: was $301.2 million for the three months ended March 31, 2026, an increase of $155.1 million, or 106%, compared to $146.2 million for the three months ended March 31, 2025.
The changes in our operating results during these periods are described below.
−Removed: Net Revenues were $2.57 billion for the nine months ended September 30, 2025, an increase of $563.3 million, or 28%, versus Net Revenues of $2.00 billion for the nine months ended September 30, 2024.
−Removed: Advisory Fees increased $547.8 million, or 34%, Commissions and Related Revenue increased $20.2 million, or 13%, and Underwriting Fees decreased $0.5 million compared to the nine months ended September 30, 2024.
−Removed: Asset Management and Administration Fees increased $5.7 million, or 10%, compared to the nine months ended September 30, 2024.
+Added: Net Revenues were $1.39 billion for the three months ended March 31, 2026, an increase of $696.7 million, or 100%, versus Net Revenues of $694.8 million for the three months ended March 31, 2025.
+Added: Advisory Fees increased $687.4 million, or 123%, Commissions and Related Revenue increased $7.5 million, or 14%, and Underwriting Fees increased $0.8 million, or 1%, compared to the three months ended March 31, 2025.
+Added: Asset Management and Administration Fees increased $1.7 million, or 8%, compared to the three months ended March 31, 2025.
See "Business Segments" and "Liquidity and Capital Resources" below for further information.
−Removed: Ot her Revenue, Including Interest and Investments, was $73.7 million for the nine months ended September 30, 2025, a decrease of $7.0 million, or 9%, versus $80.7 million for the nine months ended September 30, 2024, primarily reflecting lower performance of our investment funds portfolio, as well as lower returns on our fixed income investment portfolios, which primarily consist of U.S.
−Removed: Treasury bills, driven by lower rates during 2025 compared to 2024.
−Removed: The investment funds portfolio is used as an economic hedge against our deferred cash compensation program.
−Removed: Interest Expense was $15.5 million for the nine months ended September 30, 2025, an increase of $2.9 million, or 23%, versus $12.6 million for the nine months ended September 30, 2024, primarily reflecting the issuance of new senior notes in July 2025.
+Added: Ot her Revenue, Including Interest and Investments, was $15.4 million for the three months ended March 31, 2026, an increase of $4.0 million, or 36%, versus $11.3 million for the three months ended March 31, 2025, primarily reflecting higher interest income resulting from higher average balances in interest-bearing assets.
+Added: Interest Expense was $8.9 million for the three months ended March 31, 2026, an increase of $4.7 million, or 112%, versus $4.2 million for the three months ended March 31, 2025, primarily reflecting the issuance of new senior notes in July 2025.
See Note 11 to our unaudited condensed consolidated financial statements for further information.
−Removed: Employee Compensation and Benefits Expense was $1.69 billion for the nine months ended September 30, 2025, an increase of $354.4 million, or 27%, versus $1.33 billion for the nine months ended September 30, 2024.
−Removed: The increase in the amount of compensation recognized for the nine months ended September 30, 2025 principally reflects a higher accrual for incentive compensation, higher base salaries and higher amortization of prior period deferred compensation awards.
−Removed: Employee Compensation and Benefits Expense as a percentage of Net Revenues was 65.8% for the nine months ended September 30, 2025, compared to 66.6% for the nine months ended September 30, 2024.
+Added: Employee Compensation and Benefits Expense was $904.1 million for the three months ended March 31, 2026, an increase of $444.2 million, or 97%, versus $459.8 million for the three months ended March 31, 2025.
+Added: The increase in the amount of compensation recognized for the three months ended March 31, 2026 principally reflects a higher accrual for incentive compensation, higher base salaries and higher amortization of prior period deferred compensation awards.
+Added: Employee Compensation and Benefits Expense for the three months ended March 31, 2026 also includes $7.1 million of costs related to awards granted in conjunction with the acquisition of Robey Warshaw.
+Added: See Notes 5 and 15 to our unaudited condensed consolidated financial statements for further information.
+Added: Employee Compensation and Benefits Expense as a percentage of Net Revenues was 65.0% for the three months ended March 31, 2026, compared to 66.2% for the three months ended March 31, 2025.
Employee Compensation and Benefits Expense as a percentage of Net Revenues was impacted by the factors above, as well as higher net revenues during the current year period compared to the prior year period.
−Removed: Non-compensation expenses were $400.7 million for the nine months ended September 30, 2025, an increase of $52.7 million, or 15%, versus $348.0 million for the nine months ended September 30, 2024.
−Removed: The increase was primarily driven by an increase in technology and information services, principally reflecting higher expenses associated with research services, license fees and consulting costs, an increase in occupancy and equipment rental expense, primarily related to an increase in office space, and an increase in travel and related expenses, largely due to higher levels of business activity and increased headcount.
−Removed: Non-Compensation expenses per employee were approximately $164.3 thousand for the nine months ended September 30, 2025, versus $152.2 thousand for the nine months ended September 30, 2024, an 8% increase.
−Removed: Special Charges, Including Business Realignment Costs, of $7.3 million for the nine months ended September 30, 2024 related to the write-off of the remaining carrying value of our investment in Luminis in connection with the redemption of our interest.
+Added: Non-compensation expenses were $156.8 million for the three months ended March 31, 2026, an increase of $33.0 million, or 27%, versus $123.8 million for the three months ended March 31, 2025.
+Added: The increase was primarily driven by an increase in technology and information services, principally reflecting higher expenses associated with license fees and research services in the first quarter of 2026, an increase in depreciation and amortization, principally reflecting the addition of leasehold improvements for new office space and the amortization of intangible assets from the acquisition of Robey Warshaw, an
+Added: T a b l e o f C o n t e n t s
+Added: increase in professional fees and an increase in travel and related expenses, largely due to higher levels of business activity and increased headcount.
+Added: Non-compensation expenses for the first quarter of 2026 were also impacted by Acquisition and Transition Costs resulting from the impairment of a lease related to the acquisition of Robey Warshaw.
See Note 5 to our unaudited condensed consolidated financial statements for further information.
−Removed: Income from Equity Method Investments was $2.8 million for the nine months ended September 30, 2025, a decrease of $2.5 million, or 47%, versus $5.3 million for the nine months ended September 30, 2024, primarily reflecting the sale of our interest in ABS and the redemption of our interest in Luminis in 2024.
−Removed: This decrease was partially offset by higher earnings from Atalanta Sosnoff in 2025.
+Added: Non-Compensation expenses per employee were approximately $60.3 thousand for the three months ended March 31, 2026, versus $51.9 thousand for the three months ended March 31, 2025, a 16% increase.
+Added: Income from Equity Method Investments was $1.1 million for the three months ended March 31, 2026, an increase of $0.2 million, or 20%, versus $0.9 million for the three months ended March 31, 2025, reflecting higher earnings from Atalanta Sosnoff and Seneca Evercore during the three months ended March 31, 2026.
See Note 8 to our unaudited condensed consolidated financial statements for further information.
−Removed: The provision for income taxes for the nine months ended September 30, 2025 was $62.3 million, which reflected an effective tax rate of 13.0%.
−Removed: The provision for income taxes for the nine months ended September 30, 2024 was $56.7 million, which reflected an effective tax rate of 17.7%.
−Removed: The provision for income taxes for the nine months ended September 30, 2025 and 2024 principally reflects the net impact associated with the appreciation in our share price upon vesting of employee share-based awards above the original grant price of $76.4 million and $32.0 million, 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.
−Removed: This resulting decrease in effective tax rate was partially offset by an increase in non-deductible expenses and state and local apportionment adjustments in 2025.
−Removed: Net Income Attributable to Noncontrolling Interest was $30.3 million for the nine months ended September 30, 2025, compared to $25.1 million for the nine months ended September 30, 2024.
−Removed: The increase in Net Income Attributable to Noncontrolling Interest primarily reflects higher income at Evercore LP during the nine months ended September 30, 2025.
+Added: The provision for income taxes for the three months ended March 31, 2026 was $9.1 million, which reflected an effective tax rate of 2.7%.
+Added: The provision (benefit) for income taxes for the three months ended March 31, 2025 was ($41.7) million, which reflected an effective tax rate of (37.2%).
+Added: The provision (benefit) for income taxes for the three months ended March 31, 2026 and 2025 principally reflects the net impact associated with the appreciation in our share price upon vesting of employee share-based awards above the original grant price of $88.5 million and $74.3 million, respectively, which resulted in a reduction in the effective tax rate of 26.7 and 66.3 percentage points for the three months ended March 31, 2026 and 2025, respectively.
+Added: Net Income Attributable to Noncontrolling Interest was $21.5 million for the three months ended March 31, 2026, an increase of $13.9 million, or 182%, versus $7.6 million for the three months ended March 31, 2025.
+Added: The increase in Net Income Attributable to Noncontrolling Interest primarily reflects higher income at Evercore LP during the three months ended March 31, 2026.
See Note 13 to our unaudited condensed consolidated financial statements for further information.
+Added: T a b l e o f C o n t e n t s
Business Segments
2 unchanged sentences
The following table summarizes the operating results of the Investment Banking & Equities segment.
−Removed: For the Three Months Ended September 30, For the Nine Months Ended September 30,
−Removed: 2025 2024 Change 2025 2024 Change
+Added: For the Three Months Ended March 31,
+Added: 2026 2025 Change
(dollars in thousands)
9 unchanged sentences
152,656 119,774 27 %
−Removed: Special Charges, Including Business Realignment Costs — 7,305 NM — 7,305 NM
Total Expenses 1,041,810 567,803 83 %
1 unchanged sentence
Income (Loss) from Equity Method Investments (2)
−Removed: 11 207 (95 %) (16) 1,042 NM
Pre-Tax Income $ 326,948 $ 106,691 206 %
−Removed: (1) Includes interest expense on Notes Payable, lines of credit and other financing arrangements of $7.1 million and $15.5 million for the three and nine months ended September 30, 2025, respectively, and $4.2 million and $12.6 million for the three and nine months ended September 30, 2024, respectively.
−Removed: (2) Includes a loss of $0.7 million for the three and nine months ended September 30, 2024, related to the release of cumulative foreign exchange losses resulting from the redemption of our interest in Luminis.
−Removed: (3) Equity in Seneca Evercore and Luminis (through September 2024) is classified within Income (Loss) from Equity Method Investments.
+Added: (1) Includes interest expense on Notes Payable, lines of credit and other financing arrangements, including interest expense related to deferred acquisition consideration, all of which total $8.8 million and $4.2 million for the three months ended March 31, 2026 and 2025, respectively.
+Added: (2) Equity in Seneca Evercore is classified within Income (Loss) from Equity Method Investments.
(3) Non-Compensation expenses are as follows:
−Removed: For the Three Months Ended September 30, For the Nine Months Ended September 30,
−Removed: 2025 2024 Change 2025 2024 Change
+Added: T a b l e o f C o n t e n t s
+Added: For the Three Months Ended March 31,
+Added: 2026 2025 Change
(dollars in thousands)
8 unchanged sentences
Execution, Clearing and Custody Fees 2,700 2,883 (6 %)
−Removed: Acquisition and Transition Costs 3,516 — NM 5,153 — NM
+Added: Acquisition and Transition Costs 1,800 — NM
Other Operating Expenses 15,327 10,688 43 %
Total Non-Compensation $ 152,656 $ 119,774 27 %
−Removed: (A) Includes the reclassification of $10.2 million and $28.6 million 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.
+Added: (A) Includes the reclassification of $10.0 million of technology and related expenses from "Professional Fees" to "Technology and Information Services" in the Investment Banking & Equities segment for the three months ended March 31, 2025 to conform to the current presentation.
See Notes 2 and 19 to our unaudited condensed consolidated financial statements for further information.
−Removed: The following table summarizes Evercore statistics for the three and nine months ended September 30, 2025 and 2024.
−Removed: For the Three Months Ended September 30, For the Nine Months Ended September 30,
−Removed: 2025 2024 Change 2025 2024 Change
+Added: The following table summarizes Evercore statistics for the three months ended March 31, 2026 and 2025.
+Added: For the Three Months Ended March 31,
+Added: 2026 2025 Change
Evercore Statistics
Total Number of Fees From Advisory and Underwriting Client Transactions (1)
−Removed: 268 259 3 % 551 544 1 %
Total Number of Fees of at Least $1 million from Advisory and Underwriting Client Transactions (1)
−Removed: 137 112 22 % 344 298 15 %
Total Number of Underwriting Transactions (1)
−Removed: 14 17 (18 %) 41 53 (23 %)
Total Number of Underwriting Transactions as a Bookrunner (1)
−Removed: 13 15 (13 %) 38 45 (16 %)
(1) Includes Equity and Debt Underwriting Transactions.
1 unchanged sentence
Investment Banking & Equities Results of Operations
−Removed: Three Months Ended September 30, 2025 versus September 30, 2024
−Removed: Net Revenues were $1.02 billion for the three months ended September 30, 2025, an increase of $303.4 million, or 43%, versus $712.8 million for the three months ended September 30, 2024 .
−Removed: The increase in revenues for the three months ended September 30, 2025 was primarily driven by an increase of $290.7 million, or 49%, in Advisory Fees, reflecting an increase in revenue during the third quarter of 2025 across both M&A and non-M&A assignments, as well as an increase in revenue earned from large transactions during the third quarter of 2025.
−Removed: Commissions and Related Revenue increased $8.3 million, or 15%, compared to the three months ended September 30, 2024, primarily reflecting higher trading commissions driven by increased trading volume and higher subscription fees during the third quarter of 2025.
−Removed: Underwriting Fees decreased $0.4 million, or 1% , compared to the three months ended September 30, 2024, reflecting a decrease in the number of transactions we participated in, partially offset by an increase in the average fee size of the transactions we participated in during the third quarter of 2025.
−Removed: Other Revenue, net, increased $4.8 million, or 23%, compared to the three months ended September 30, 2024, primarily reflecting higher performance of our investment funds portfolio, as well as higher returns on our fixed income investment portfolios, which primarily consist of U.S.
−Removed: Treasury bills, driven by higher portfolio balances during the third quarter of 2025 compared to 2024.
−Removed: The investment funds portfolio is used as an economic hedge against our deferred cash compensation
−Removed: These increases were partially offset by an increase in interest expense primarily related to the issuance of new senior notes in July 2025.
−Removed: Employee Compensation and Benefits Expense was $664.6 million for the three months ended September 30, 2025, an increase of $188.6 million, or 40%, versus $476.0 million for the three months ended September 30, 2024.
−Removed: The increase in the amount of compensation recognized for the three months ended September 30, 2025 principally reflects a higher accrual for incentive compensation, higher base salaries and higher compensation expense related to senior new hires.
−Removed: Non-compensation expenses were $137.8 million for the three months ended September 30, 2025, an increase of $24.7 million, or 22%, versus $113.1 million for the three months ended September 30, 2024 .
−Removed: Non-compensation expenses increased from the prior year period, primarily driven by an increase in technology and information services, principally reflecting higher expenses associated with license fees and research services in the third quarter of 2025, an increase in travel and related expenses, largely due to higher levels of business activity and increased headcount, and an increase in occupancy and equipment rental expense, primarily related to an increase in office space.
−Removed: Special Charges, Including Business Realignment Costs, of $7.3 million for the three months ended September 30, 2024 related to the write-off of the remaining carrying value of our investment in Luminis in connection with the redemption of our interest.
−Removed: See Note 8 to our unaudited condensed consolidated financial statements for further information.
−Removed: Income (Loss) from Equity Method Investments was $0.01 million for the three months ended September 30, 2025, a decrease of $0.2 million, or 95%, versus $0.2 million for the three months ended September 30, 2024, reflecting lower earnings from Seneca Evercore during the three months ended September 30, 2025 and lower income from Luminis following the redemption of our interest during the third quarter of 2024.
−Removed: See Note 8 to our unaudited condensed consolidated financial statements for further information.
−Removed: Nine Months Ended September 30, 2025 versus September 30, 2024
−Removed: Net Revenues were $2.50 billion for the nine months ended September 30, 2025, an increase of $558.4 million, or 29%, versus $1.94 billion for the nine months ended September 30, 2024 .
−Removed: The increase in revenues for the nine months ended September 30, 2025 was primarily driven by an increase of $547.8 million, or 34%, in Advisory Fees, reflecting an increase in revenue during 2025 across both M&A and non-M&A assignments, as well as an increase in revenue earned from large transactions during 2025.
−Removed: Commissions and Related Revenue increased $20.2 million, or 13%, compared to the nine months ended September 30, 2024, primarily reflecting higher trading commissions driven by increased trading volume and higher subscription fees during 2025.
−Removed: Underwriting Fees decreased $0.5 million compared to the nine months ended September 30, 2024, reflecting a decrease in the number of transactions we participated in, offset by an increase in the average fee size of the transactions we participated in during 2025.
−Removed: Other Revenue, net, decreased $9.1 million, or 14%, compared to the nine months ended September 30, 2024, primarily reflecting lower performance of our investment funds portfolio, as well as lower returns on our fixed income investment portfolios, which primarily consist of U.S.
−Removed: Treasury bills, driven by lower rates during 2025 compared to 2024.
−Removed: The investment funds portfolio is used as an economic hedge against our deferred cash compensation program.
−Removed: The decrease was also partially attributed to an increase in interest expense primarily related to the issuance of new senior notes in July 2025.
−Removed: Employee Compensation and Benefits Expense was $1.65 billion for the nine months ended September 30, 2025, an increase of $346.8 million, or 27%, versus $1.30 billion for the nine months ended September 30, 2024.
−Removed: The increase in the amount of compensation recognized for the nine months ended September 30, 2025 principally reflects a higher accrual for incentive compensation, higher base salaries and higher amortization of prior period deferred compensation awards.
−Removed: Non-compensation expenses were $388.4 million for the nine months ended September 30, 2025, an increase of $51.4 million, or 15%, versus $336.9 million for the nine months ended September 30, 2024 .
−Removed: Non-compensation expenses increased from the prior year period, primarily driven by an increase in technology and information services, principally reflecting higher expenses associated with research services, license fees and consulting costs, an increase in occupancy and equipment rental expense, primarily related to an increase in office space, and an increase in travel and related expenses, largely due to higher levels of business activity and increased headcount.
−Removed: Special Charges, Including Business Realignment Costs, of $7.3 million for the nine months ended September 30, 2024 related to the write-off of the remaining carrying value of our investment in Luminis in connection with the redemption of our interest.
+Added: Three Months Ended March 31, 2026 versus March 31, 2025
+Added: Net Revenues were $1.37 billion for the three months ended March 31, 2026, an increase of $694.2 million, or 103%, versus $674.5 million for the three months ended March 31, 2025 .
+Added: The increase in revenues for the three months ended March 31, 2026 was primarily driven by an increase of $687.4 million, or 123%, in Advisory Fees, reflecting an increase in revenue across both M&A and non-M&A assignments, an increase in revenue earned from large transactions and an increase in the number of advisory fees earned during the first quarter of 2026.
+Added: Commissions and Related Revenue increased $7.5 million, or 14%, compared to the three months ended March 31, 2025, primarily reflecting higher trading commissions driven by increased trading volume during the first quarter of 2026.
+Added: Underwriting Fees increased $0.8 million, or 1% , compared to the three months ended March 31, 2025, reflecting an increase in the number of transactions we participated in during the first quarter of 2026.
+Added: Other Revenue, net, decreased $1.5 million, or 20%, compared to the three months ended March 31, 2025, primarily reflecting an increase in interest expense related to the issuance of new senior notes in July 2025, partially offset by higher interest income resulting from higher average balances in interest-bearing assets.
+Added: Employee Compensation and Benefits Expense was $889.2 million for the three months ended March 31, 2026, an increase of $441.1 million, or 98%, versus $448.0 million for the three months ended March 31, 2025.
+Added: The increase in the amount of compensation recognized for the three months ended March 31, 2026 principally reflects a higher accrual for incentive compensation, higher base salaries and higher amortization of prior period deferred compensation awards.
+Added: Employee Compensation and Benefits Expense for the three months ended March 31, 2026 also includes $7.1 million of costs related to
+Added: T a b l e o f C o n t e n t s
+Added: awards granted in conjunction with the acquisition of Robey Warshaw.
+Added: See Notes 5 and 15 to our unaudited condensed consolidated financial statements for further information.
+Added: Non-compensation expenses were $152.7 million for the three months ended March 31, 2026, an increase of $32.9 million, or 27%, versus $119.8 million for the three months ended March 31, 2025 .
+Added: Non-compensation expenses increased from the prior year period, primarily driven by an increase in technology and information services, principally reflecting higher expenses associated with license fees and research services in the first quarter of 2026, an increase in depreciation and amortization, principally reflecting the addition of leasehold improvements for new office space and the amortization of intangible assets from the acquisition of Robey Warshaw, an increase in professional fees and an increase in travel and related expenses, largely due to higher levels of business activity and increased headcount.
+Added: Non-compensation expenses for the first quarter of 2026 were also impacted by Acquisition and Transition Costs resulting from the impairment of a lease related to the acquisition of Robey Warshaw.
See Note 5 to our unaudited condensed consolidated financial statements for further information.
−Removed: Income (Loss) from Equity Method Investments was ($0.02) million for the nine months ended September 30, 2025, a decrease of $1.1 million versus $1.0 million for the nine months ended September 30, 2024, reflecting lower income from Luminis following the redemption of our interest in 2024 and lower earnings from Seneca Evercore during 2025.
+Added: Income (Loss) from Equity Method Investments was $0.01 million for the three months ended March 31, 2026, an increase of $0.05 million versus ($0.04) million for the three months ended March 31, 2025, reflecting higher earnings from Seneca Evercore during the three months ended March 31, 2026.
See Note 8 to our unaudited condensed consolidated financial statements for further information.
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The following table summarizes the operating results of the Investment Management segment.
−Removed: For the Three Months Ended September 30, For the Nine Months Ended September 30,
−Removed: 2025 2024 Change 2025 2024 Change
+Added: For the Three Months Ended March 31,
+Added: 2026 2025 Change
(dollars in thousands)
2 unchanged sentences
Other Revenue, net (1)
−Removed: 215 892 (76 %) 504 1,294 (61 %)
Net Revenues 22,828 20,297 12 %
7 unchanged sentences
Pre-Tax Income $ 4,829 $ 5,372 (10 %)
−Removed: (1) Includes a gain of $0.6 million for the three and nine months ended September 30, 2024, resulting from the sale of the remaining portion of our interest in ABS.
−Removed: (2) Equity in Atalanta Sosnoff and ABS (through July 2024) is classified as Income from Equity Method Investments.
+Added: (1) Includes interest expense on mandatorily redeemable interests of $0.1 million for the three months ended March 31, 2026.
+Added: (2) Equity in Atalanta Sosnoff is classified as Income from Equity Method Investments.
(3) Non-Compensation expenses are as follows:
−Removed: For the Three Months Ended September 30, For the Nine Months Ended September 30,
−Removed: 2025 2024 Change 2025 2024 Change
+Added: T a b l e o f C o n t e n t s
+Added: For the Three Months Ended March 31,
+Added: 2026 2025 Change
(dollars in thousands)
10 unchanged sentences
Total Operating Expenses $ 4,126 $ 4,046 2 %
−Removed: (A) Includes the reclassification of $0.3 million and $0.7 million 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.
+Added: (A) Includes the reclassification of $0.3 million of technology and related expenses from "Professional Fees" to "Technology and Information Services" in the Investment Management segment for the three months ended March 31, 2025 to conform to the current presentation.
See Notes 2 and 19 to our unaudited condensed consolidated financial statements for further information.
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We are passive investors and do not participate in the management of any Glisco sponsored funds.
−Removed: We are also passive investors in Trilantic IV and Trilantic V.
+Added: We are also passive investors in Trilantic V and previously were passive investors in Trilantic IV (through December 2025).
In the event the private equity funds perform below certain thresholds, we may be obligated to repay certain carried interest previously distributed.
−Removed: As of September 30, 2025, there was no previously distributed carried interest received from the funds subject to repayment.
−Removed: • We also hold an interest in Atalanta Sosnoff that is accounted for under the equity method of accounting and previously held an interest in ABS (through July 2024).
−Removed: The results of these investments are included within Income from Equity Method Investments.
−Removed: During the third quarter of 2024, we sold the remaining portion of our interest in ABS.
+Added: As of March 31, 2026, there was no previously distributed carried interest received from the funds subject to repayment.
+Added: • We also hold an interest in Atalanta Sosnoff that is accounted for under the equity method of accounting.
+Added: The result of this investment is included within Income from Equity Method Investments.
See Note 8 to our unaudited condensed consolidated financial statements for further information.
Assets Under Management
−Removed: AUM in our Wealth Management business of $15.4 billion at September 30, 2025 increased $1.5 billion, or 10% , compared to $13.9 billion at December 31, 2024.
+Added: AUM in our Wealth Management business of $15.1 billion at March 31, 2026 decreased $0.4 billion, or 3% , compared to $15.5 billion at December 31, 2025.
The amounts of AUM presented in the table below reflect the fair value of assets which we manage on behalf of Wealth Management clients.
As defined in ASC 820, valuations performed for Level 1 investments are based on quoted prices obtained from active markets generated by third parties and Level 2 investments are valued through the use of models based on either direct or indirect observable inputs or other valuation methodologies performed by third parties to determine fair value.
−Removed: For both the Level 1 and Level 2 investments, we obtain both active quotes from nationally recognized exchanges and third-party pricing services to determine market or fair value quotes, respectively.
+Added: For Level 1 and Level 2 investments, we obtain both active quotes from nationally recognized exchanges and third-party pricing services to determine market or fair value quotes, respectively.
For Level 3 investments, pricing inputs are unobservable for the investment and includes situations where there is little, if any, market activity for the investment.
The inputs into the determination of fair value require significant management judgment or estimation.
−Removed: Wealth Management maintained 77% of Level 1 investments, 19% of Level 2 investments and 4% of Level 3 investments as of September 30, 2025 and December 31, 2024.
+Added: Wealth Management maintained 77% and 78% of Level 1 investments, 19% and 18% of Level 2 investments and 4% and 4% of Level 3 investments as of March 31, 2026 and December 31, 2025, respectively.
The fees that we receive for providing investment advisory and management services are primarily driven by the level and composition of AUM.
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Fees vary with the type of assets managed and the channel in which they are managed, with higher fees earned on equity assets and alternative investment funds, such as hedge funds and private equity funds, and lower fees earned on fixed income and cash management products.
−Removed: Clients will increase or reduce the aggregate amount of AUM that we manage for a number of reasons, including changes in the level of assets that they have available for investment purposes, their overall asset allocation strategy, our relative performance versus competitors offering similar investment products and the quality of our service.
+Added: Clients will increase or reduce the aggregate amount of AUM that we manage for a number of reasons, including changes in the level of assets that they
+Added: T a b l e o f C o n t e n t s
+Added: have available for investment purposes, their overall asset allocation strategy, our relative performance versus competitors offering similar investment products and the quality of our service.
The fees we earn are also impacted by our investment performance, as the appreciation or depreciation in the value of the assets that we manage directly impacts our fees.
−Removed: The following table summarizes AUM activity for Wealth Management for the nine months ended September 30, 2025:
+Added: The following table summarizes AUM activity for Wealth Management for the three months ended March 31, 2026:
(dollars in millions)
Balance at December 31, 2025 $ 15,516
−Removed: Inflows 1,223
Outflows (429)
−Removed: Market Appreciation 1,231
−Removed: Balance at September 30, 2025 $ 15,351
−Removed: Unconsolidated Affiliates - Balance at September 30, 2025
+Added: Market Appreciation (Depreciation) (383)
+Added: Balance at March 31, 2026 $ 15,082
+Added: Unconsolidated Affiliates - Balance at March 31, 2026
Atalanta Sosnoff $ 9,075
−Removed: The following table represents the composition of AUM for Wealth Management as of September 30, 2025:
+Added: The following table represents the composition of AUM for Wealth Management as of March 31, 2026:
Equities 66 %
8 unchanged sentences
Investment performance in the Wealth Management business is measured against appropriate indices based on the composition of AUM, most frequently the S&P 500 and a composite fixed income index principally reflecting BarCap and MSCI indices.
−Removed: For the nine months ended September 30, 2025, AUM for Wealth Management increased 10% , reflecting an 8% increase from market appreciation and a 2% increase from net inflows .
−Removed: Performance as of September 30, 2025 reflected:
+Added: For the three months ended March 31, 2026, AUM for Wealth Management decreased 3% , reflecting a 2% decrease from market depreciation and a 1% decrease from net outflows .
+Added: Performance as of March 31, 2026 reflected:
• Wealth Management lagged the S&P 500 on a 1 and 3-year basis by approximately 6% and 5%, respectively
−Removed: ◦ The S&P 500 was up approximately 18% and 25% on a 1 and 3-year basis, respectively
−Removed: • Wealth Management lagged the fixed income composite on a 1 and 3-year basis by approximately 0.4% and 0.2%, respectively
+Added: ◦ The S&P 500 was up approximately 18% on both a 1 and 3-year basis
+Added: • Wealth Management outperformed the fixed income composite on a 1 and 3-year basis by approximately 0.04% and 0.5%, respectively
◦ The fixed income composite was up approximately 4% and 2% on a 1 and 3-year basis, respectively
−Removed: • The S&P 500 and the fixed income composite were up approximately 15% and 4%, respectively, for the nine months ended September 30, 2025
−Removed: AUM from our unconsolidated affiliate, Atalanta Sosnoff, increased 10% compared to December 31, 2024.
−Removed: Three Months Ended September 30, 2025 versus September 30, 2024
−Removed: Net Revenues were $22.7 million for the three months ended September 30, 2025, an increase of $1.2 million, or 6%, versus $21.4 million for the three months ended September 30, 2024.
−Removed: Asset Management and Administration Fees earned from the management of Wealth Management client portfolios increased $1.9 million, or 9%, compared to the three months ended September 30, 2024, as associated AUM increased 11%, primarily from market appreciation as well as net inflows.
−Removed: Employee Compensation and Benefits Expense was $16.0 million for the three months ended September 30, 2025, an increase of $4.0 million, or 33%, versus $12.0 million for the three months ended September 30, 2024, primarily reflecting a higher accrual for incentive compensation and higher base salaries, resulting from higher headcount.
−Removed: Non-Compensation expenses were $4.2 million for the three months ended September 30, 2025, an increase of $0.4 million, or 10%, versus $3.8 million for the three months ended September 30, 2024, primarily driven by an increase in technology and information services and professional fees.
−Removed: Income from Equity Method Investments was $1.1 million for the three months ended September 30, 2025, an increase of $0.2 million, or 24%, versus $0.9 million for the three months ended September 30, 2024, reflecting higher earnings from Atalanta Sosnoff in the third quarter of 2025.
−Removed: See Note 8 to our unaudited condensed consolidated financial statements for further information.
−Removed: Nine Months Ended September 30, 2025 versus September 30, 2024
−Removed: Net Revenues were $64.6 million for the nine months ended September 30, 2025, an increase of $4.9 million, or 8%, versus $59.7 million for the nine months ended September 30, 2024.
−Removed: Asset Management and Administration Fees earned from
−Removed: the management of Wealth Management client portfolios increased $5.7 million, or 10%, compared to the nine months ended September 30, 2024, as associated AUM increased 11%, primarily from market appreciation as well as net inflows.
−Removed: Employee Compensation and Benefits Expense was $41.0 million for the nine months ended September 30, 2025, an increase of $7.7 million, or 23%, versus $33.3 million for the nine months ended September 30, 2024, primarily reflecting a higher accrual for incentive compensation and higher base salaries, resulting from higher headcount.
−Removed: Non-Compensation expenses were $12.3 million for the nine months ended September 30, 2025, an increase of $1.3 million, or 12%, versus $11.0 million for the nine months ended September 30, 2024, primarily driven by an increase in technology and information services and professional fees.
−Removed: Income from Equity Method Investments was $2.8 million for the nine months ended September 30, 2025, a decrease of $1.4 million, or 34%, versus $4.2 million for the nine months ended September 30, 2024, primarily reflecting the sale of the remaining portion of our interest in ABS during the third quarter of 2024.
−Removed: This decrease was partially offset by higher earnings from Atalanta Sosnoff in 2025.
+Added: • The S&P 500 and the fixed income composite were down approximately 4% and 1%, respectively, for the three months ended March 31, 2026
+Added: AUM from our unconsolidated affiliate, Atalanta Sosnoff, decreased 5% compared to December 31, 2025.
+Added: Three Months Ended March 31, 2026 versus March 31, 2025
+Added: Net Revenues were $22.8 million for the three months ended March 31, 2026, an increase of $2.5 million, or 12%, versus $20.3 million for the three months ended March 31, 2025.
+Added: Asset Management and Administration Fees earned from the
+Added: T a b l e o f C o n t e n t s
+Added: management of Wealth Management client portfolios increased $1.7 million, or 8%, compared to the three months ended March 31, 2025, as associated AUM increased 10%, from market appreciation as well as net inflows.
+Added: Employee Compensation and Benefits Expense was $14.9 million for the three months ended March 31, 2026, an increase of $3.1 million, or 26%, versus $11.8 million for the three months ended March 31, 2025, primarily reflecting a higher accrual for incentive compensation and higher base salaries, resulting from higher headcount.
+Added: Non-Compensation expenses were $4.1 million for the three months ended March 31, 2026, an increase of $0.1 million, or 2%, versus $4.0 million for the three months ended March 31, 2025, primarily driven by an increase in technology and information services, partially offset by a decrease in professional fees.
+Added: Income from Equity Method Investments was $1.0 million for the three months ended March 31, 2026, an increase of $0.1 million, or 14%, versus $0.9 million for the three months ended March 31, 2025, reflecting higher earnings from Atalanta Sosnoff in the first quarter of 2026.
See Note 8 to our unaudited condensed consolidated financial statements for further information.
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A summary of our operating, investing and financing cash flows is as follows:
−Removed: For the Nine Months Ended September 30,
+Added: For the Three Months Ended March 31,
(dollars in thousands)
12 unchanged sentences
End of Period $ 996,092 $ 562,740
−Removed: Nine Months Ended September 30, 2025.
−Removed: Cash, Cash Equivalents and Restricted Cash were $861.6 million at September 30, 2025, a decrease of $20.5 million versus Cash, Cash Equivalents and Restricted Cash of $882.1 million at December 31, 2024.
−Removed: Operating activities resulted in a net inflow of $449.0 million, primarily related to earnings, partially offset by the payment of 2024 bonus awards and deferred cash compensation, which contributed to a decrease to Accrued Compensation and Benefits on our Unaudited Condensed Consolidated Statement of Financial Condition as of September 30, 2025.
−Removed: Cash of $88.2 million was used by investing activities, primarily related to net purchases of certificates of deposit and purchases of furniture, equipment and leasehold improvements, partially offset by net proceeds from sales and maturities of investment securities.
−Removed: Financing activities during the period used cash of $409.2 million, primarily for purchases of treasury stock (including for the net settlement of RSUs) and noncontrolling interests, the payment of dividends, the $38.0 million repayment of our 2021 Private Placement Notes and distributions made to noncontrolling interest holders, partially offset by the $250.0 million issuance of our 2025 Private Placement Notes.
+Added: T a b l e o f C o n t e n t s
+Added: Three Months Ended March 31, 2026.
+Added: Cash, Cash Equivalents and Restricted Cash were $1.0 billion at March 31, 2026, a decrease of $440.0 million versus Cash, Cash Equivalents and Restricted Cash of $1.4 billion at December 31, 2025.
+Added: Operating activities resulted in a net outflow of $225.9 million, primarily related to the payment of 2025 bonus awards and deferred cash compensation, which contributed to a decrease to Accrued Compensation and Benefits on our Unaudited Condensed Consolidated Statement of Financial Condition as of March 31, 2026, partially offset by earnings.
+Added: Cash of $524.5 million was provided by investing activities, primarily related to net proceeds from sales and maturities of investment securities, partially offset by net purchases of certificates of deposit.
+Added: Financing activities during the period used cash of $731.4 million, primarily for purchases of treasury stock (including for the net settlement of RSUs), the payment of dividends, the $48.0 million repayment of our Series C Notes and distributions made to noncontrolling interest holders.
Cash is also impacted due to the effect of foreign exchange rate fluctuation when translating non-U.S.
currencies to U.S.
−Removed: Nine Months Ended September 30, 2024.
−Removed: Cash, Cash Equivalents and Restricted Cash were $542.0 million at September 30, 2024, a decrease of $63.5 million versus Cash, Cash Equivalents and Restricted Cash of $605.5 million at December 31, 2023.
−Removed: Operating activities resulted in a net inflow of $301.8 million, primarily related to earnings, partially offset by the payment of 2023 bonus awards and deferred cash compensation, which contributed to a decrease to Accrued Compensation and Benefits on our Unaudited Condensed Consolidated Statement of Financial Condition as of September 30, 2024.
−Removed: Cash of $179.1 million was provided by investing activities, primarily related to net proceeds from sales and maturities of investment securities, as well as proceeds received from the sale of the remaining portion of our interest in ABS during the third quarter of 2024, partially offset by net purchases of certificates of deposit and purchases of equipment and leasehold improvements.
−Removed: Financing activities during the period used cash of $550.7 million, primarily for purchases of treasury stock (including for the net settlement of RSUs) and noncontrolling interests, the payment of dividends and distributions made to noncontrolling interest holders.
+Added: Three Months Ended March 31, 2025.
+Added: Cash, Cash Equivalents and Restricted Cash were $562.7 million at March 31, 2025, a decrease of $319.4 million versus Cash, Cash Equivalents and Restricted Cash of $882.1 million at December 31, 2024.
+Added: Operating activities resulted in a net outflow of $549.7 million, primarily related to the payment of 2024 bonus awards and deferred cash compensation, which contributed to a decrease to Accrued Compensation and Benefits on our Unaudited Condensed Consolidated Statement of Financial Condition as of March 31, 2025, partially offset by earnings.
+Added: Cash of $679.8 million was provided by investing activities, primarily related to net proceeds from sales and maturities of investment securities and certificates of deposit, partially offset by purchases of equipment and leasehold improvements.
+Added: Financing activities during the period used cash of $460.9 million, primarily for purchases of treasury stock (including for the net settlement of RSUs) and the payment of dividends and distributions made to noncontrolling interest holders.
Cash is also impacted due to the effect of foreign exchange rate fluctuation when translating non-U.S.
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Our liquidity is highly dependent on our revenue stream from our operations, principally from our Investment Banking & Equities segment, which is primarily a function of closing client transactions and earning success fees, the timing and realization of which is irregular and dependent upon factors that are not subject to our control.
−Removed: Our revenue stream funds the payment of our expenses, including annual bonus payments, a portion of which are guaranteed, deferred compensation arrangements, interest expense on our Notes Payable, lines of credit and other financing arrangements, as well as payments for income taxes.
+Added: Our revenue stream funds the payment of our expenses, including annual bonus payments, a portion of which are guaranteed, deferred compensation arrangements, interest expense on our Notes Payable, lines of credit and other financing arrangements, including interest expense related to deferred acquisition consideration and mandatorily redeemable interests, as well as payments for income taxes.
Payments made for income taxes may be reduced by deductions taken for the increase in tax basis of our investment in Evercore LP.
2 unchanged sentences
These tax deductions, when realized, will result in cash otherwise required to satisfy tax obligations becoming available for other purposes.
−Removed: Our Management Committee meets regularly to monitor our liquidity and cash positions against our short and long-term obligations, as well as our capital requirements and commitments, including
−Removed: deferred compensation arrangements.
+Added: Our Management Committee meets regularly to monitor our liquidity and cash positions against our short and long-term obligations, as well as our capital requirements and commitments, including deferred compensation arrangements.
The result of this review contributes to management's recommendation to the Board of Directors as to the level of quarterly dividend payments, if any, as well as the level of long-term borrowings required.
+Added: T a b l e o f C o n t e n t s
As a financial services firm, our businesses are materially affected by conditions in the global financial markets and economic conditions throughout the world.
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In addition, revenue related to our equities business is driven by market volumes and institutional investor trends, such as the trend to passive investment strategies.
−Removed: During periods of unfavorable market or economic conditions - which may result from the current or anticipated impact of tariffs and related inflation, changes in the level of interest rates, changes in the availability of financing, supply chain disruptions, an evolving regulatory environment, climate change, extreme weather events or natural disasters, the emergence or continuation of widespread health emergencies or pandemics, cyberattacks or campaigns, military conflict, including escalating international tensions, terrorism or other geopolitical events - the number and value of M&A transactions, as well as market volumes in equities, generally decrease, and they generally increase during periods of favorable market or economic conditions.
+Added: During periods of unfavorable market or economic conditions - which may result from the current or anticipated impact of tariffs and inflation, changes in the level of interest rates, changes in the availability of financing, supply chain disruptions, an evolving regulatory environment, climate change, extreme weather events or natural disasters, the emergence or continuation of widespread health emergencies or pandemics, cyberattacks or campaigns, military conflict, including escalating international tensions, terrorism or other geopolitical events - the number and value of M&A transactions, as well as issuance volumes in capital markets, generally decrease, and they generally increase during periods of favorable market or economic conditions.
Restructuring activity generally is counter-cyclical to M&A activity.
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These adverse conditions could also have an impact on our goodwill impairment assessment, which is done annually, as of November 30 th , or more frequently if circumstances indicate impairment may have occurred.
−Removed: Global trade policy, the potential effects of the U.S.
−Removed: Government shutdown and geopolitical tensions have led to macroeconomic uncertainty and market volatility.
−Removed: These evolving conditions may impact the transaction environment in the near to medium term and/or result in an elongation of the timing of transaction closings.
+Added: Geopolitical and macroeconomic uncertainty remain present and have led to market volatility.
+Added: These evolving conditions may impact the transaction environment in the near to medium term and/or impact the timing of transaction closings.
We will continue to assess the potential ongoing impacts of these factors, including the regular monitoring of our cash levels, liquidity, regulatory capital requirements, debt covenants and our other contractual obligations.
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In addition, we may, from time to time, purchase noncontrolling interests in subsidiaries.
−Removed: On February 22, 2022, our Board of Directors authorized (in addition to the net settlement of equity awards) the repurchase of Class A Shares and/or LP Units so that from that date forward, we were able to repurchase an aggregate of the lesser of $1.4 billion worth of Class A Shares and/or LP Units and 10.0 million Class A Shares and/or LP Units.
−Removed: In addition, on April 29, 2025, our Board of Directors authorized (in addition to the net settlement of equity awards) the repurchase of Class A Shares and/or LP Units so that from that date forward, we are able to repurchase an aggregate of the lesser of $1.6 billion worth of Class A Shares and/or LP Units and 8.0 million Class A Shares and/or LP Units.
+Added: On April 29, 2025, our Board of Directors authorized (in addition to the net settlement of equity awards) the repurchase of Class A Shares and/or LP Units so that from that date forward, we are able to repurchase an aggregate of the lesser of $1.6 billion worth of Class A Shares and/or LP Units and 8.0 million Class A Shares and/or LP Units.
Under this share repurchase program, shares may be repurchased from time to time in open market transactions, in privately-negotiated transactions or otherwise.
−Removed: The timing and the actual amount of shares repurchased will depend on a variety of factors, including our liquidity position, legal requirements, price, economic and market conditions and the objective to reduce the dilutive effect of equity awards granted as
−Removed: compensation to employees.
+Added: The timing and the actual amount of shares repurchased will depend on a variety of factors, including our liquidity position, legal requirements, price, economic and market conditions and the objective to reduce the dilutive effect of equity awards granted as compensation to employees.
This program may be suspended or discontinued at any time and does not have a specified expiration date.
−Removed: During the nine months ended September 30, 2025, we repurchased 968,477 Class A Shares, at an average cost per share of $246.16, for $238.4 million, pursuant to our repurchase program.
+Added: During the three months ended March 31, 2026, we repurchased 1,026,236 Class A Shares, at an average cost per share of $302.01, for $309.9 million, pursuant to our repurchase program.
In addition, we periodically buy shares into treasury from our employees in order to allow them to satisfy their minimum tax requirements for share deliveries under our share equity plan.
−Removed: During the nine months ended September 30, 2025, we repurchased 943,692 Class A Shares, at an average cost per share of $283.77, for $267.8 million, primarily related to minimum tax withholding requirements of share deliveries.
−Removed: The aggregate 1,912,169 Class A Shares repurchased during the nine months ended September 30, 2025 were acquired for aggregate purchase consideration of $506.2 million, at an average cost per share of $264.72.
−Removed: Noncontrolling Interest Purchases
−Removed: During the nine months ended September 30, 2025, we purchased, at fair value, an additional 0.1% of the EWM Class A Units for $1.3 million.
−Removed: We 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.
−Removed: These transactions resulted in a decrease to Noncontrolling Interest of $0.2 million and a decrease to Additional Paid-In Capital of $2.8 million on our Unaudited Condensed Consolidated Statement of Financial Condition as of September 30, 2025.
−Removed: We recorded $0.8 million and $1.3 million in Payable to Employees and Related Parties and Other Long-term Liabilities, respectively, on our 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.
−Removed: We incurred expense of $0.5 million within Interest Expense on our Unaudited Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2025 in conjunction with these arrangements.
−Removed: During the second quarter of 2024, we purchased, at fair value, an additional 0.3% of the EWM Class A Units for $1.0 million.
−Removed: This purchase resulted in a decrease to Noncontrolling Interest of $0.1 million and a decrease to Additional Paid-In Capital of $1.0 million on our Unaudited Condensed Consolidated Statement of Financial Condition as of September 30, 2024.
+Added: During the three months ended March 31, 2026, we
+Added: T a b l e o f C o n t e n t s
+Added: repurchased 903,405 Class A Shares, at an average cost per share of $344.71, for $311.4 million, primarily related to minimum tax withholding requirements of share deliveries.
+Added: The aggregate 1,929,641 Class A Shares repurchased during the three months ended March 31, 2026 were acquired for aggregate purchase consideration of $621.3 million, at an average cost per share of $322.00.
Private Placement Notes
On March 30, 2016, we issued an aggregate of $170.0 million of senior notes, including:
−Removed: $38.0 million aggregate principal amount of our 4.88% Series A Notes which were due March 30, 2021, $67.0 million aggregate principal amount of our 5.23% Series B Notes which were originally due March 30, 2023, $48.0 million aggregate principal amount of our 5.48% Series C Notes and $17.0 million aggregate principal amount of our 5.58% Series D Notes, pursuant to the 2016 Note Purchase Agreement, 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.
+Added: $38.0 million aggregate principal amount of our 4.88% Series A Notes which were due and repaid on March 30, 2021, $67.0 million aggregate principal amount of our 5.23% Series B Notes which were originally due March 30, 2023 and prepaid on June 28, 2022, $48.0 million aggregate principal amount of our 5.48% Series C Notes which were due and repaid on March 30, 2026 and $17.0 million aggregate principal amount of our 5.58% Series D Notes, pursuant to the 2016 Note Purchase Agreement, 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, we issued $175.0 million and £25.0 million of senior unsecured notes through private placement.
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$75.0 million aggregate principal amount of our 4.34% Series E Notes, $60.0 million aggregate principal amount of our 4.44% Series F Notes, $40.0 million aggregate principal amount of our 4.54% Series G Notes and £25.0 million aggregate principal amount of our 3.33% Series H Notes, each of which were issued pursuant to the 2019 Note Purchase Agreement, 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.
−Removed: On March 29, 2021, we issued $38.0 million aggregate principal amount of our 1.97% Series I Notes which were due August 1, 2025, pursuant to 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.
−Removed: In August 2025, we repaid the $38.0 million aggregate principal amount of our Series I Notes.
+Added: On March 29, 2021, we issued $38.0 million aggregate principal amount of our 1.97% Series I Notes which were due and repaid on August 1, 2025, pursuant to 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.
On June 28, 2022, we issued $67.0 million aggregate principal amount of our 4.61% Series J Notes, pursuant to the 2022 Note Purchase Agreement, 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, we issued an aggregate of $250.0 million of senior notes, including:
−Removed: $125.0 million aggregate principal amount of our 5.17% Series K Notes and $125.0 million aggregate principal amount of our 5.47% Series L Notes, pursuant to 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.
−Removed: We intend 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.
−Removed: The remaining net proceeds will be used for general corporate purposes.
+Added: $125.0 million aggregate principal amount of our 5.17% Series K Notes and $125.0 million aggregate principal amount of our 5.47% Series L Notes, pursuant to 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.
Interest on the above issuances is payable semi-annually and the notes are guaranteed by certain of our domestic subsidiaries.
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Interest on the notes is subject to certain escalation provisions in the event that the leverage ratio exceeds certain thresholds.
−Removed: As of September 30, 2025, we were in compliance with all of these covenants.
+Added: As of March 31, 2026, we were in compliance with all of these covenants.
Lines of Credit
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In addition, the agreement contains certain reporting covenants, as well as certain debt covenants, that prohibit East and us from incurring other indebtedness, subject to specified exceptions.
−Removed: Drawings bear interest at Daily SOFR plus 130 basis points and the maturity date was extended to July 10, 2028.
−Removed: There were no drawings under this facility at September 30, 2025.
+Added: We and our consolidated subsidiaries were in compliance with these covenants as of March 31, 2026.
+Added: Drawings for this facility bear interest at Daily SOFR plus 130 basis points and the maturity date was extended to July 10, 2028.
+Added: There were no drawings under this facility at March 31, 2026.
EGL maintains a subordinated revolving credit facility with PNC, as amended on October 10, 2025, in an aggregate principal amount of up to $75.0 million, to be used as needed in support of capital requirements from time to time of EGL.
−Removed: This facility is unsecured and is guaranteed by Evercore LP and other affiliates, pursuant to a guaranty agreement, which provides for certain reporting requirements and debt covenants consistent with the PNC Facility.
+Added: T a b l e o f C o n t e n t s
+Added: facility is unsecured and is guaranteed by Evercore LP and other affiliates, pursuant to a guaranty agreement, which provides for certain reporting requirements and debt covenants consistent with the PNC Facility.
The interest rate provisions are Daily SOFR plus 130 basis points and the maturity date is October 10, 2029.
−Removed: There were no drawings under this facility at September 30, 2025.
+Added: There were no drawings under this facility at March 31, 2026.
In addition, EGL's clearing broker provides temporary funding for the settlement of securities transactions.
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For further information see Note 17 to our unaudited condensed consolidated financial statements.
−Removed: We had total commitments (not reflected on our Unaudited Condensed Consolidated Statements of Financial Condition) relating to future capital contributions to private equity funds of $2.6 million as of September 30, 2025 and December 31, 2024.
−Removed: We may be required to fund these commitments at any time through June 2028, depending on the timing and level of
−Removed: investments by the private equity funds.
+Added: We had total commitments (not reflected on our Unaudited Condensed Consolidated Statements of Financial Condition) relating to future capital contributions to private equity funds of $2.5 million as of March 31, 2026 and December 31, 2025.
+Added: We may be required to fund these commitments at any time through June 2028, depending on the timing and level of investments by the private equity funds.
We expect to fund these commitments with cash flows from operations.
See Note 16 to our unaudited condensed consolidated financial statements for further information.
+Added: We entered into commitments to pay additional consideration, including contingent consideration and certain other contingent compensation arrangements, related to our acquisition of Robey Warshaw in 2025.
+Added: See Notes 5 and 15 to our unaudited condensed consolidated financial statements for further information.
We do not invest in any off-balance sheet vehicles that provide liquidity, capital resources, market or credit risk support, or engage in any leasing activities that expose us to any liability that is not reflected in our unaudited condensed consolidated financial statements.
−Removed: As of September 30, 2025, our current and former Senior Managing Directors owned an aggregate of approximately 1.3 million vested Class A LP Units, 0.3 million vested Class E LP Units, 0.4 million vested Class I LP Units and 0.2 million vested Class K LP Units.
−Removed: In addition, 1.1 million unvested Class K-P Units, which convert into a number of Class K LP Units based on the achievement of certain market and service conditions and defined benchmark results, were outstanding as of September 30, 2025.
+Added: As of March 31, 2026, our current and former Senior Managing Directors owned an aggregate of approximately 1.2 million vested Class A LP Units, 0.3 million vested Class E LP Units, 0.4 million vested Class I LP Units and 0.8 million vested Class K LP Units.
+Added: In addition, 0.7 million unvested Class K-P Units, which convert into a number of Class K LP Units based on the achievement of certain market and service conditions and defined benchmark results, were outstanding as of March 31, 2026.
We have an obligation to exchange vested Class A, E, I and K LP Units to Class A Common Stock upon the request of the holder.
−Removed: Our Unaudited Condensed Consolidated Statement of Financial Condition as of September 30, 2025 included $851.9 million of Cash and Cash Equivalents and $1.57 billion of Investment Securities and Certificates of Deposit, which are generally comprised of highly-liquid investments.
+Added: Our Unaudited Condensed Consolidated Statement of Financial Condition as of March 31, 2026 included $986.0 million of Cash and Cash Equivalents and $1.04 billion of Investment Securities and Certificates of Deposit, which are generally comprised of highly-liquid investments.
For further information regarding other cash commitments and the timing of payments, refer to "General" above.
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Nevertheless, we have established procedures to assess both the market and credit risk, as well as specific investment risk, exchange rate risk and credit risk related to receivables.
+Added: T a b l e o f C o n t e n t s
Market and Investment Risk
We hold equity securities and invest in exchange-traded funds principally as an economic hedge against our deferred cash compensation program.
−Removed: As of September 30, 2025, the fair value of our investments with these products, based on closing prices, was $171.5 million.
−Removed: We had net realized and unrealized gains of $12.4 million and $21.6 million for the three and nine months ended September 30, 2025, respectively, from our exchange-traded funds portfolio.
+Added: As of March 31, 2026, the fair value of our investments with these products, based on closing prices, was $143.1 million.
+Added: We had net realized and unrealized losses of ($7.2) million for the three months ended March 31, 2026, from our exchange-traded funds portfolio.
See Note 7 to our unaudited condensed consolidated financial statements for further information.
−Removed: We estimate that a hypothetical 10%, 20% and 30% adverse change in the market value of the investments would have resulted in a decrease in pre-tax income of approximately $17.2 million, $34.3 million and $51.5 million, respectively, for the three months ended September 30, 2025.
+Added: We estimate that a hypothetical 10%, 20% and 30% adverse change in the market value of the investments would have resulted in a decrease in pre-tax income of approximately $14.3 million, $28.6 million and $42.9 million, respectively, for the three months ended March 31, 2026.
Private Equity Funds
2 unchanged sentences
See Note 8 to our unaudited condensed consolidated financial statements for further information.
−Removed: We estimate that a hypothetical 10% adverse change in the value of the private equity funds would have resulted in a decrease in pre-tax income of approximately $0.3 million for the three months ended September 30, 2025.
+Added: We estimate that a hypothetical 10% adverse change in the value of the private equity funds would have resulted in a decrease in pre-tax income of approximately $0.2 million for the three months ended March 31, 2026.
Exchange Rate Risk
7 unchanged sentences
Historically, the value of these foreign currencies has fluctuated relative to the U.S.
−Removed: For the nine months ended September 30, 2025, the net impact of the fluctuation of foreign currencies recorded in Other Comprehensive Income (Loss) within the Unaudited Condensed Consolidated Statement of Comprehensive Income was a gain of $22.7 million, net of
+Added: For the three months ended March 31, 2026, the net impact of the fluctuation of foreign currencies recorded in Other Comprehensive Income (Loss) within the Unaudited Condensed Consolidated Statement of Comprehensive Income was a loss of $10.8 million, net of tax.
It is generally not our intention to hedge our foreign currency exposure in these subsidiaries, and we will reevaluate this policy from time to time.
−Removed: Periodically, we enter into foreign currency exchange forward contracts as an economic hedge against exchange rate risk for foreign currency denominated accounts receivable or other commitments.
−Removed: During the third quarter of 2025, we entered into a foreign currency exchange forward contract to buy 200.0 million British Pounds sterling for $270.6 million, which settled during the third quarter of 2025, and a foreign currency exchange forward contract to sell 71.3 million British Pounds sterling for $96.4 million, which settled in October 2025.
−Removed: The outstanding contract is recorded at its fair value of $0.6 million within Other Current Assets on our Unaudited Condensed Consolidated Statement of Financial Condition as of September 30, 2025.
−Removed: We recorded a net loss on these contracts of $1.1 million for the three and nine months ended September 30, 2025, which is included within Other Revenue, Including Interest and Investments, on our Unaudited Condensed Consolidated Statements of Operations.
−Removed: During the third quarter of 2023, we entered into a foreign currency exchange forward contract to buy 30.0 million British Pounds sterling for $36.7 million, which settled during the first quarter of 2024, and resulted in a loss of $0.3 million for the nine months ended September 30, 2024.
We maintain cash and cash equivalents, as well as certificates of deposit, with financial institutions with high credit ratings.
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The collection period for liability management and restructuring transaction receivables may exceed 90 days.
−Removed: We recorded bad debt expense of $4.8 million and $2.1 million for the nine months ended September 30, 2025 and 2024, respectively.
−Removed: As of September 30, 2025 and December 31, 2024, total receivables recorded in Accounts Receivable amounted to $523.3 million and $421.5 million, respectively, net of an allowance for credit losses, and total receivables recorded in Other Assets amounted to $113.2 million and $101.3 million, respectively.
+Added: We reversed bad debt expense of $0.1 million for the three months ended March 31, 2026 and recorded bad debt expense of $2.6 million for the three months ended March 31, 2025.
+Added: T a b l e o f C o n t e n t s
+Added: As of March 31, 2026 and December 31, 2025, total receivables recorded in Accounts Receivable amounted to $546.6 million and $555.8 million, respectively, net of an allowance for credit losses, and total receivables recorded in Other Assets amounted to $143.6 million and $129.9 million, respectively.
Other Current Assets and Other Assets include 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 (contract assets).
−Removed: As of September 30, 2025, total contract assets recorded in Other Current Assets and Other Assets amounted to $61.3 million and $32.1 million, respectively.
+Added: As of March 31, 2026, total contract assets recorded in Other Current Assets and Other Assets amounted to $61.6 million and $31.5 million, respectively.
As of December 31, 2025, total contract assets recorded in Other Current Assets and Other Assets amounted to $147.4 million and $27.9 million, respectively.
1 unchanged sentence
Treasury securities, exchange-traded funds and securities investments, we manage our credit risk exposure by limiting concentration risk and maintaining investment grade credit quality.
−Removed: As of September 30, 2025, we had Investment Securities of $1.43 billion, of which 88% were U.S.
+Added: As of March 31, 2026, we had Investment Securities of $836.7 million, of which 83% were U.S.
Treasury securities.
2 unchanged sentences
GAAP, which requires management to make estimates and assumptions regarding future events that affect the amounts reported in our consolidated financial statements and their notes, including reported amounts of assets, liabilities, revenue and expenses, and related disclosure of contingent assets and liabilities.
−Removed: We base these estimates on historical experience and various other
−Removed: assumptions that we believe to be reasonable under the circumstances.
+Added: We base these estimates on historical experience and various other assumptions that we believe to be reasonable under the circumstances.
Actual results could differ materially from those estimates.
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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.