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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
 _____________________________________________________
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2023
OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                  to                  .

Commission File Number 001-32975
____________________________________________________
EVERCORE INC.
(Exact name of registrant as specified in its charter)
 ____________________________________________________
Delaware20-4748747
(State or Other Jurisdiction of
Incorporation or Organization)
(I.R.S. Employer
Identification No.)
55 East 52nd Street
New York,
New York
10055
(Address of principal executive offices)
Registrant’s telephone number, including area code: (212) 857-3100
N/A
(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Class A Common Stock, par value $0.01 per shareEVRNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.     

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  ☒

The number of shares of the registrant’s Class A common stock, par value $0.01 per share, outstanding as of April 21, 2023 was 38,347,196. The number of shares of the registrant’s Class B common stock, par value $0.01 per share, outstanding as of April 21, 2023 was 51 (excluding 49 shares of Class B common stock held by a subsidiary of the registrant).


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 Table of Contents

In this report, references to "Evercore", the "Company", "we", "us", "our" refer to Evercore Inc., a Delaware corporation, and its consolidated subsidiaries. Unless the context otherwise requires, references to (1) "Evercore Inc." refer solely to Evercore Inc., and not to any of its consolidated subsidiaries and (2) "Evercore LP" refer solely to Evercore LP, a Delaware limited partnership, and not to any of its consolidated subsidiaries.
 Page
Item 1.
Item 2.
Item 3.
Item 4.
Item 1.
Item 2.
Item 6.








2

Table of Contents                                            
PART I. FINANCIAL INFORMATION

Item 1.Financial Statements
Condensed Consolidated Financial Statements (Unaudited)Page




















3

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EVERCORE INC.
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(UNAUDITED)
(dollars in thousands, except share data)
March 31, 2023December 31, 2022
Assets
Current Assets
Cash and Cash Equivalents$579,190 $663,400 
Investment Securities and Certificates of Deposit (includes available-for-sale debt securities with an amortized cost of $117,508 and $802,652 at March 31, 2023 and December 31, 2022, respectively)
803,142 1,432,716 
Accounts Receivable (net of allowances of $7,217 and $4,683 at March 31, 2023 and December 31, 2022, respectively)
299,157 385,131 
Receivable from Employees and Related Parties20,673 21,914 
Other Current Assets112,775 203,570 
Total Current Assets1,814,937 2,706,731 
Investments43,744 43,047 
Deferred Tax Assets 259,830 257,166 
Operating Lease Right-of-Use Assets246,901 237,561 
Furniture, Equipment and Leasehold Improvements (net of accumulated depreciation and amortization of $194,413 and $187,077 at March 31, 2023 and December 31, 2022, respectively)
141,905 143,268 
Goodwill124,116 123,285 
Other Assets119,039 109,865 
Total Assets$2,750,472 $3,620,923 
Liabilities and Equity
Current Liabilities
Accrued Compensation and Benefits$196,299 $918,489 
Accounts Payable and Accrued Expenses28,582 28,807 
Payable to Employees and Related Parties53,349 41,235 
Operating Lease Liabilities34,490 37,968 
Taxes Payable3,625 9,842 
Other Current Liabilities27,058 34,195 
Total Current Liabilities343,403 1,070,536 
Operating Lease Liabilities289,378 278,078 
Notes Payable372,494 371,774 
Amounts Due Pursuant to Tax Receivable Agreements60,814 61,169 
Other Long-term Liabilities115,172 112,948 
Total Liabilities1,181,261 1,894,505 
Commitments and Contingencies (Note 15)
Equity
Evercore Inc. Stockholders' Equity
Common Stock
Class A, par value $0.01 per share (1,000,000,000 shares authorized, 81,836,929 and 79,686,375 issued at March 31, 2023 and December 31, 2022, respectively, and 38,345,235 and 38,347,262 outstanding at March 31, 2023 and December 31, 2022, respectively)
818 797 
Class B, par value $0.01 per share (1,000,000 shares authorized, 51 and 50 issued and outstanding at March 31, 2023 and December 31, 2022, respectively)
  
Additional Paid-In-Capital2,931,682 2,861,775 
Accumulated Other Comprehensive Income (Loss)(25,683)(27,942)
Retained Earnings 1,819,599 1,768,098 
Treasury Stock at Cost (43,491,694 and 41,339,113 shares at March 31, 2023 and December 31, 2022, respectively)
(3,350,483)(3,065,917)
Total Evercore Inc. Stockholders' Equity1,375,933 1,536,811 
Noncontrolling Interest193,278 189,607 
Total Equity1,569,211 1,726,418 
Total Liabilities and Equity$2,750,472 $3,620,923 
See Notes to Unaudited Condensed Consolidated Financial Statements.
4

Table of Contents                                            
EVERCORE INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
(dollars and share amounts in thousands, except per share data)
 For the Three Months Ended March 31,
 20232022
Revenues
Investment Banking & Equities:
Advisory Fees$462,562 $624,564 
Underwriting Fees22,883 36,306 
Commissions and Related Revenue48,065 50,898 
Asset Management and Administration Fees15,958 17,115 
Other Revenue, Including Interest and Investments26,846 (1,779)
Total Revenues576,314 727,104 
Interest Expense4,171 4,250 
Net Revenues572,143 722,854 
Expenses
Employee Compensation and Benefits366,872 429,735 
Occupancy and Equipment Rental20,379 19,177 
Professional Fees24,137 24,146 
Travel and Related Expenses15,203 7,826 
Communications and Information Services15,735 16,028 
Depreciation and Amortization6,573 7,110 
Execution, Clearing and Custody Fees2,765 2,797 
Special Charges, Including Business Realignment Costs2,921  
Other Operating Expenses10,654 6,671 
Total Expenses465,239 513,490 
Income Before Income from Equity Method Investments and Income Taxes106,904 209,364 
Income from Equity Method Investments1,468 2,512 
Income Before Income Taxes108,372 211,876 
Provision for Income Taxes16,131 34,782 
Net Income92,241 177,094 
Net Income Attributable to Noncontrolling Interest8,863 19,078 
Net Income Attributable to Evercore Inc.$83,378 $158,016 
Net Income Attributable to Evercore Inc. Common Shareholders$83,378 $158,016 
Weighted Average Shares of Class A Common Stock Outstanding
Basic38,510 39,176 
Diluted40,439 41,708 
Net Income Per Share Attributable to Evercore Inc. Common Shareholders:
Basic$2.17 $4.03 
Diluted$2.06 $3.79 


See Notes to Unaudited Condensed Consolidated Financial Statements.
5

Table of Contents                                            
EVERCORE INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
(dollars in thousands)
For the Three Months Ended March 31,
 20232022
Net Income$92,241 $177,094 
Other Comprehensive Income (Loss), net of tax:
Unrealized Gain (Loss) on Securities and Investments, net(3,246)3 
Foreign Currency Translation Adjustment Gain (Loss), net5,721 (3,020)
Other Comprehensive Income (Loss)2,475 (3,017)
Comprehensive Income94,716 174,077 
Comprehensive Income Attributable to Noncontrolling Interest9,079 18,805 
Comprehensive Income Attributable to Evercore Inc.$85,637 $155,272 

See Notes to Unaudited Condensed Consolidated Financial Statements.




6

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EVERCORE INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(UNAUDITED)
(dollars in thousands, except share data)
For the Three Months Ended March 31, 2023
Accumulated
AdditionalOther
Class A Common StockPaid-InComprehensiveRetainedTreasury StockNoncontrollingTotal
SharesDollarsCapitalIncome (Loss)EarningsSharesDollarsInterestEquity
Balance at December 31, 202279,686,375 $797 $2,861,775 $(27,942)$1,768,098 (41,339,113)$(3,065,917)$189,607 $1,726,418 
Net Income— — — — 83,378 — — 8,863 92,241 
Other Comprehensive Income— — — 2,259 — — — 216 2,475 
Treasury Stock Purchases— — — — — (2,152,581)(284,566)— (284,566)
Evercore LP Units Exchanged for Class A Common Stock23,500  2,414 — — — — (1,478)936 
Equity-based Compensation Awards2,127,054 21 67,493 — — — — 6,460 73,974 
Dividends— — — — (31,877)— — — (31,877)
Noncontrolling Interest (Note 12)— —  — — — — (10,390)(10,390)
Balance at March 31, 202381,836,929 $818 $2,931,682 $(25,683)$1,819,599 (43,491,694)$(3,350,483)$193,278 $1,569,211 
For the Three Months Ended March 31, 2022
Accumulated
AdditionalOther
Class A Common StockPaid-InComprehensiveRetainedTreasury StockNoncontrollingTotal
SharesDollarsCapitalIncome (Loss)EarningsSharesDollarsInterestEquity
Balance at December 31, 202174,804,288 $748 $2,458,779 $(12,086)$1,418,382 (36,900,858)$(2,545,452)$314,910 $1,635,281 
Net Income— — — — 158,016 — — 19,078 177,094 
Other Comprehensive Income (Loss)— — — (2,744)— — — (273)(3,017)
Treasury Stock Purchases— — — — — (1,991,116)(255,141)— (255,141)
Evercore LP Units Exchanged for Class A Common Stock2,546,405 26 162,034 — — — — (157,777)4,283 
Equity-based Compensation Awards2,109,757 21 60,448 — — — — 6,221 66,690 
Dividends— — — — (31,633)— — — (31,633)
Noncontrolling Interest (Note 12)— — (1,361)— — — — (4,527)(5,888)
Balance at March 31, 202279,460,450 $795 $2,679,900 $(14,830)$1,544,765 (38,891,974)$(2,800,593)$177,632 $1,587,669 

See Notes to Unaudited Condensed Consolidated Financial Statements.






7

Table of Contents                                            
EVERCORE INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(dollars in thousands)
 For the Three Months Ended March 31,
 20232022
Cash Flows From Operating Activities
Net Income$92,241 $177,094 
Adjustments to Reconcile Net Income to Net Cash Provided by (Used In) Operating Activities:
Net (Gains) Losses on Investments, Investment Securities and Contingent Consideration(9,509)4,456 
Equity Method Investments, Including Gain on Sale(890)(786)
Equity-Based and Other Deferred Compensation 130,242 117,524 
Noncash Lease Expense11,045 10,094 
Depreciation, Amortization and Accretion, net5,287 7,219 
Bad Debt Expense3,734 (519)
Deferred Taxes(2,514)(1,942)
Decrease (Increase) in Operating Assets:
Investment Securities1,676 (21)
Accounts Receivable83,422 36,230 
Receivable from Employees and Related Parties1,268 1,460 
Other Assets82,271 (14,980)
(Decrease) Increase in Operating Liabilities:
Accrued Compensation and Benefits(767,197)(839,975)
Accounts Payable and Accrued Expenses(1,132)373 
Payables to Employees and Related Parties4,788 28,261 
Taxes Payable(6,217)(4,462)
Other Liabilities(13,252)(6,246)
Net Cash Provided by (Used in) Operating Activities(384,737)(486,220)
Cash Flows From Investing Activities
Investments Purchased(37) 
Proceeds from Sale of Investments 18,300 
Distributions of Private Equity Investments72 20 
Investment Securities:
Proceeds from Sales and Maturities of Investment Securities1,409,643 1,325,038 
Purchases of Investment Securities(851,103)(626,283)
Maturity of Certificates of Deposit82,759 67,796 
Purchase of Certificates of Deposit(5,222)(85,843)
Purchase of Furniture, Equipment and Leasehold Improvements(4,858)(5,491)
Net Cash Provided by Investing Activities631,254 693,537 
Cash Flows From Financing Activities
Issuance of Noncontrolling Interests 300 
Distributions to Noncontrolling Interests(9,202)(4,740)
Purchase of Treasury Stock and Noncontrolling Interests(286,592)(283,126)
Dividends(41,193)(41,619)
Net Cash Provided by (Used in) Financing Activities(336,987)(329,185)
Effect of Exchange Rate Changes on Cash6,472 (1,531)
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash(83,998)(123,399)
Cash, Cash Equivalents and Restricted Cash – Beginning of Period672,123 587,293 
Cash, Cash Equivalents and Restricted Cash – End of Period$588,125 $463,894 
SUPPLEMENTAL CASH FLOW DISCLOSURE
Payments for Interest$1,790 $3,542 
Payments for Income Taxes$33,255 $36,867 
Accrued Dividends$4,205 $4,128 
Amounts Due for Purchase of Noncontrolling Interest$ $1,448 
Settlement of Sale of Trilantic VI$ $9,188 

See Notes to Unaudited Condensed Consolidated Financial Statements.
8

EVERCORE INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(amounts in thousands, except per share amounts, unless otherwise noted)
Note 1 – Organization
Evercore Inc., together with its subsidiaries (the "Company"), is an investment banking and investment management firm, incorporated in Delaware and headquartered in New York, New York. The Company is a holding company which owns a controlling interest in, and is the sole general partner of, Evercore LP, a Delaware limited partnership ("Evercore LP"). The Company operates from its offices and through its affiliates in the Americas, Europe, the Middle East and Asia.
The Investment Banking & Equities segment includes the investment banking business through which the Company provides advice to clients on significant mergers, acquisitions, divestitures, shareholder activism and other strategic corporate transactions, with a particular focus on advising prominent multinational corporations and substantial private equity firms on large, complex transactions. The Company also provides restructuring advice to companies in financial transition, as well as to creditors, shareholders and potential acquirers. In addition, the Company provides its clients with capital markets advice, underwrites securities offerings, raises funds for financial sponsors and provides advisory services focused on secondary transactions for private funds interests, as well as on primary and secondary transactions for real estate oriented financial sponsors and private equity interests. The Investment Banking & Equities segment also includes the equities business through which the Company offers macroeconomic, policy and fundamental equity research and agency-based equity securities trading for institutional investors.
The Investment Management segment includes the wealth management business through which the Company provides investment advisory, wealth management and fiduciary services for high-net-worth individuals and associated entities, and the private equity business, which holds interests in private equity funds which are not managed by the Company.
Note 2 – Significant Accounting Policies
For a further discussion of the Company's accounting policies, refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2022.
Basis of Presentation – The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with the instructions to Form 10-Q. As permitted by the rules and regulations of the United States Securities and Exchange Commission, the unaudited condensed consolidated financial statements contain certain condensed financial information and exclude certain footnote disclosures normally included in audited consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The accompanying condensed consolidated financial statements are unaudited and are prepared in accordance with U.S. GAAP. In the opinion of the Company's management, the accompanying unaudited condensed consolidated financial statements contain all adjustments, including normal recurring accruals, necessary to fairly present the accompanying unaudited condensed consolidated financial statements. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Company's annual report on Form 10-K for the year ended December 31, 2022. The December 31, 2022 Unaudited Condensed Consolidated Statement of Financial Condition data was derived from audited consolidated financial statements, but does not include all disclosures required by U.S. GAAP. Operating results for interim periods are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2023.
The accompanying unaudited condensed consolidated financial statements of the Company are comprised of the consolidation of Evercore LP and Evercore LP's wholly-owned and majority-owned direct and indirect subsidiaries, including Evercore Group L.L.C. ("EGL"), a registered broker-dealer in the U.S. The Company's policy is to consolidate all subsidiaries in which it has a controlling financial interest, as well as any variable interest entities ("VIEs") where the Company is deemed to be the primary beneficiary, when it has the power to make the decisions that most significantly affect the economic performance of the VIE and has the obligation to absorb significant losses or the right to receive benefits that could potentially be significant to the VIE. The Company reviews factors, including the rights of the equity holders and obligations of equity holders to absorb losses or receive expected residual returns, to determine if the investment is a VIE. In evaluating whether the Company is the primary beneficiary, the Company evaluates its economic interests in the entity held either directly or indirectly by the Company. The consolidation analysis is generally performed qualitatively. This analysis, which requires judgment, is performed at each reporting date.
Evercore LP is a VIE and the Company is the primary beneficiary. Specifically, the Company has the majority economic interest in Evercore LP and has decision making authority that significantly affects the economic performance of the entity while the limited partners have no kick-out or substantive participating rights. The assets and liabilities of Evercore LP represent substantially all of the consolidated assets and liabilities of the Company with the exception of U.S. corporate taxes
9

EVERCORE INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(amounts in thousands, except per share amounts, unless otherwise noted)
and related items, which are presented on the Company's (Parent Company Only) Condensed Statements of Financial Condition in Note 24 to the Company's consolidated financial statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2022.
Evercore ISI International Limited ("Evercore ISI U.K."), Evercore Partners International LLP ("Evercore U.K."), Evercore (Japan) Ltd. ("Evercore Japan"), Evercore Consulting (Beijing) Co. Ltd. ("Evercore Beijing") and Evercore Partners Canada Ltd. ("Evercore Canada") are also VIEs, and the Company is the primary beneficiary of these VIEs. Specifically for Evercore ISI U.K., Evercore Japan, Evercore Beijing and Evercore Canada, the Company provides financial support through transfer pricing agreements with these entities, which exposes the Company to losses that are potentially significant to these entities, and has decision making authority that significantly affects the economic performance of these entities. The Company has the majority economic interest in Evercore U.K. and has decision making authority that significantly affects the economic performance of this entity. The Company included in its Unaudited Condensed Consolidated Statements of Financial Condition Evercore ISI U.K., Evercore U.K., Evercore Japan, Evercore Beijing and Evercore Canada assets of $291,905 and liabilities of $144,272 at March 31, 2023 and assets of $584,192 and liabilities of $247,884 at December 31, 2022.
All intercompany balances and transactions with the Company's subsidiaries have been eliminated upon consolidation.
Note 3 – Recent Accounting Pronouncements
The Company did not adopt any new accounting standards that had a material impact on the Company's unaudited condensed consolidated financial statements during the three months ended March 31, 2023. The Company continues to monitor recently issued accounting standards to assess the impact on our unaudited condensed consolidated financial statements.
Note 4 – Revenue and Accounts Receivable

The following table presents revenue recognized by the Company for the three months ended March 31, 2023 and 2022:
For the Three Months Ended March 31,
20232022
Investment Banking & Equities:
Advisory Fees$462,562 $624,564 
Underwriting Fees22,883 36,306 
Commissions and Related Revenue48,065 50,898 
Total Investment Banking & Equities$533,510 $711,768 
Investment Management:
Asset Management and Administration Fees:
Wealth Management
$15,958 $17,115 
Total Investment Management$15,958 $17,115 
Contract Balances
The change in the Company’s contract assets and liabilities during the following periods primarily reflects timing differences between the Company’s performance and the client’s payment. The Company’s receivables, contract assets and deferred revenue (contract liabilities) for the three months ended March 31, 2023 and 2022 are as follows:
10

EVERCORE INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(amounts in thousands, except per share amounts, unless otherwise noted)
For the Three Months Ended March 31, 2023
Receivables
(Current)(1)
Receivables
(Long-term)(2)
Contract Assets (Current)(3)
Contract Assets (Long-term)(2)
Deferred Revenue
(Current Contract Liabilities)(4)
Deferred Revenue
(Long-term Contract Liabilities)(5)
Balance at January 1, 2023$385,131 $64,139 $110,468 $8,028 $5,071 $ 
Increase (Decrease)(85,974)6,022 (96,505)3,869 873  
Balance at March 31, 2023$299,157 $70,161 $13,963 $11,897 $5,944 $ 
For the Three Months Ended March 31, 2022
Receivables
(Current)(1)
Receivables
(Long-term)(2)
Contract Assets (Current)(3)
Contract Assets (Long-term)(2)
Deferred Revenue
(Current Contract Liabilities)(4)
Deferred Revenue
(Long-term Contract Liabilities)(5)
Balance at January 1, 2022$351,668 $87,764 $14,092 $12,945 $9,257 $147 
Increase (Decrease)(37,991)(12,541)30,493 (4,411)1,827  
Balance at March 31, 2022$313,677 $75,223 $44,585 $8,534 $11,084 $147 
(1)Included in Accounts Receivable on the Unaudited Condensed Consolidated Statements of Financial Condition.
(2)Included in Other Assets on the Unaudited Condensed Consolidated Statements of Financial Condition.
(3)Included in Other Current Assets on the Unaudited Condensed Consolidated Statements of Financial Condition.
(4)Included in Other Current Liabilities on the Unaudited Condensed Consolidated Statements of Financial Condition.
(5)Included in Other Long-term Liabilities on the Unaudited Condensed Consolidated Statements of Financial Condition.
The Company's contract assets represent arrangements in which an estimate of variable consideration has been included in the transaction price and thereby recognized as revenue that precedes the contractual due date. Under Accounting Standards Codification ("ASC") 606, "Revenue from Contracts with Customers" ("ASC 606"), revenue is recognized when all material conditions for completion have been met and it is probable that a significant revenue reversal will not occur in a future period.
The Company recognized revenue of $3,547 and $4,208 on the Unaudited Condensed Consolidated Statements of Operations for the three months ended March 31, 2023 and 2022, respectively, that was initially included in deferred revenue within Other Current Liabilities on the Company’s Unaudited Condensed Consolidated Statements of Financial Condition.
Generally, performance obligations under client arrangements will be settled within one year; therefore, the Company has elected to apply the practical expedient in ASC 606-10-50-14.
The allowance for credit losses for the three months ended March 31, 2023 and 2022 is as follows:
For the Three Months Ended March 31,
20232022
Beginning Balance$4,683 $2,704 
Bad debt expense, net of reversals3,734 (519)
Write-offs, foreign currency translation and other adjustments(1,200)(131)
Ending Balance$7,217 $2,054 
The change in the balance during the three months ended March 31, 2023 is primarily related an increase in the Company's reserve for credit losses and the write-off of aged receivables.
For long-term accounts receivable and long-term contract assets, the Company monitors clients’ creditworthiness based on collection experience and other internal metrics. The following table presents the Company’s long-term accounts receivable and long-term contract assets from the Company's private and secondary fund advisory businesses as of March 31, 2023, by year of origination:
11

EVERCORE INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(amounts in thousands, except per share amounts, unless otherwise noted)
Amortized Carrying Value by Origination Year
20232022202120202019Total
Long-term Accounts Receivable and Long-Term Contract Assets$13,537 $40,369 $20,781 $5,816 $1,555 $82,058 
Note 5 – Related Parties
Advisory Fees includes fees earned from clients that have the Company's Senior Managing Directors, certain Senior Advisors and executives as a member of their Board of Directors of $1,668 and $2,860 for the three months ended March 31, 2023 and 2022, respectively.
Other Assets on the Unaudited Condensed Consolidated Statements of Financial Condition includes the long-term portion of loans receivable from certain employees of $14,354 and $16,928 as of March 31, 2023 and December 31, 2022, respectively. See Note 14 for further information.
Note 6 – Investment Securities and Certificates of Deposit
The Company's Investment Securities and Certificates of Deposit as of March 31, 2023 and December 31, 2022 were as follows:
 March 31, 2023December 31, 2022
 CostGross
Unrealized
Gains
Gross
Unrealized
Losses
Fair ValueCostGross
Unrealized
Gains
Gross
Unrealized
Losses
Fair Value
Debt Securities$117,508 $34 $ $117,542 $802,652 $4,483 $ $807,135 
Equity Securities558  60 498 558  223 335 
Debt Securities Carried by EGL494,113 1,437  495,550 363,824 1,814  365,638 
Investment Funds145,784 521 3,701 142,604 144,343 531 8,156 136,718 
Total Investment Securities (carried at fair value)$757,963 $1,992 $3,761 $756,194 $1,311,377 $6,828 $8,379 $1,309,826 
Certificates of Deposit (carried at contract value)46,948 122,890 
Total Investment Securities and Certificates of Deposit$803,142 $1,432,716 
Scheduled maturities of the Company's available-for-sale debt securities as of March 31, 2023 and December 31, 2022 were as follows:
 March 31, 2023December 31, 2022
 Amortized
Cost
Fair ValueAmortized
Cost
Fair Value
Due within one year$116,538 $116,565 $800,710 $805,190 
Due after one year through five years970 977 1,942 1,945 
Total$117,508 $117,542 $802,652 $807,135 
The Company has the ability and intent to hold available-for-sale securities until a recovery of fair value is equal to an amount approximating its amortized cost, which may be at maturity. Further, the securities are all U.S. Treasuries, and the Company has not incurred credit losses on its securities. As such, the Company does not consider these securities to be impaired at March 31, 2023 and has not recorded a credit allowance on these securities.
Debt Securities
Debt Securities are classified as available-for-sale securities within Investment Securities and Certificates of Deposit on the Unaudited Condensed Consolidated Statements of Financial Condition. These securities are stated at fair value with unrealized gains and losses included in Accumulated Other Comprehensive Income (Loss) on the Unaudited Condensed
12

EVERCORE INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(amounts in thousands, except per share amounts, unless otherwise noted)
Consolidated Statements of Financial Condition and realized gains and losses included in Other Revenue, Including Interest and Investments, on the Unaudited Condensed Consolidated Statements of Operations. The Company had net realized losses of ($151) and ($34) for the three months ended March 31, 2023 and 2022, respectively.
Equity Securities
Equity Securities are carried at fair value with changes in fair value recorded in Other Revenue, Including Interest and Investments, on the Unaudited Condensed Consolidated Statements of Operations. The Company had net realized and unrealized gains of $163 and $11 for the three months ended March 31, 2023 and 2022, respectively.
Debt Securities Carried by EGL
EGL invests in a fixed income portfolio consisting primarily of U.S. Treasury bills. These securities are carried at fair value, with changes in fair value recorded in Other Revenue, Including Interest and Investments, on the Unaudited Condensed Consolidated Statements of Operations, as required for broker-dealers in securities. The Company had net realized and unrealized gains of $6 and $21 for the three months ended March 31, 2023 and 2022, respectively.
Investment Funds
The Company invests in a portfolio of exchange-traded funds as an economic hedge against its deferred cash compensation program. See Note 14 for further information. These securities are carried at fair value, with changes in fair value recorded in Other Revenue, Including Interest and Investments, on the Unaudited Condensed Consolidated Statements of Operations. The Company had net realized and unrealized gains (losses) of $9,441 and ($5,163) for the three months ended March 31, 2023 and 2022, respectively.
Certificates of Deposit
At March 31, 2023 and December 31, 2022, the Company held certificates of deposit of $46,948 and $122,890, respectively, with certain banks with original maturities of four months or less when purchased.
Note 7 – Investments
The Company's investments reported on the Unaudited Condensed Consolidated Statements of Financial Condition consist of investments in unconsolidated affiliated companies, other investments in private equity partnerships and equity securities in private companies. The Company's investments are relatively high-risk and illiquid assets.
The Company's investments in ABS Investment Management Holdings, LP and ABS Investment Management GP LLC (collectively, "ABS"), Atalanta Sosnoff Capital, LLC ("Atalanta Sosnoff"), Luminis Partners ("Luminis") and Seneca Advisors LTDA ("Seneca Evercore") are in voting interest entities. The Company's share of earnings (losses) from these investments is included within Income from Equity Method Investments on the Unaudited Condensed Consolidated Statements of Operations.
The Company also has investments in private equity partnerships which consist of investment interests in private equity funds which are voting interest entities. Realized and unrealized gains and losses on private equity investments are included within Other Revenue, Including Interest and Investments, on the Unaudited Condensed Consolidated Statements of Operations.
Equity Method Investments
A summary of the Company's investments accounted for under the equity method of accounting as of March 31, 2023 and December 31, 2022 was as follows:
March 31, 2023December 31, 2022
ABS$20,047 $19,387 
Atalanta Sosnoff10,876 10,717 
Luminis6,098 6,092 
Seneca Evercore601 706 
Total$37,622 $36,902 

13

EVERCORE INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(amounts in thousands, except per share amounts, unless otherwise noted)
ABS
The Company has an investment accounted for under the equity method of accounting in ABS.
In January 2022, the Company entered into an agreement to sell a portion of its interest in ABS. This transaction closed on March 28, 2022 and resulted in the reduction of the Company's ownership interest from 46% to 26%. The Company received cash of $18,300 as consideration for its interests sold and recorded a gain of $1,294 for the three months ended March 31, 2022, included within Other Revenue, Including Interest and Investments, on the Unaudited Condensed Consolidated Statement of Operations.
At March 31, 2023, the Company's ownership interest in ABS was 26%. This investment resulted in earnings of $1,006 and $1,199 for the three months ended March 31, 2023 and 2022, respectively, included within Income from Equity Method Investments on the Unaudited Condensed Consolidated Statements of Operations.
Atalanta Sosnoff
The Company has an investment accounted for under the equity method of accounting in Atalanta Sosnoff. At March 31, 2023, the Company's ownership interest in Atalanta Sosnoff was 49%. This investment resulted in earnings of $391 and $939 for the three months ended March 31, 2023 and 2022, respectively, included within Income from Equity Method Investments on the Unaudited Condensed Consolidated Statements of Operations.
Luminis
The Company has an investment accounted for under the equity method of accounting in Luminis. At March 31, 2023, the Company's ownership interest in Luminis was 20%. This investment resulted in earnings of $162 and $288 for the three months ended March 31, 2023 and 2022, respectively, included within Income from Equity Method Investments on the Unaudited Condensed Consolidated Statements of Operations. This investment is subject to currency translation from the Australian dollar to the U.S. dollar, included in Accumulated Other Comprehensive Income (Loss), on the Unaudited Condensed Consolidated Statements of Financial Condition.
Seneca Evercore
The Company has an investment accounted for under the equity method of accounting in Seneca Evercore. At March 31, 2023, the Company's ownership interest in Seneca Evercore was 20%. This investment resulted in earnings (losses) of ($91) and $86 for the three months ended March 31, 2023 and 2022, respectively, included within Income from Equity Method Investments on the Unaudited Condensed Consolidated Statements of Operations. This investment is subject to currency translation from the Brazilian real to the U.S. dollar, included in Accumulated Other Comprehensive Income (Loss), on the Unaudited Condensed Consolidated Statements of Financial Condition.
Other
The Company allocates the purchase price of its equity method investments, in part, to the inherent finite-lived identifiable intangible assets of the investees. The Company's share of the earnings of the investees has been reduced by the amortization of these identifiable intangible assets of $79 for each of the three months ended March 31, 2023 and 2022.
The Company assesses its equity method investments for impairment annually, or more frequently if circumstances indicate impairment may have occurred.
Investments in Private Equity
Private Equity Funds
The Company's investments related to private equity partnerships and associated entities include investments in Glisco Partners II, L.P. ("Glisco II"), Glisco Partners III, L.P. ("Glisco III"), Glisco Capital Partners IV ("Glisco IV"), Trilantic Capital Partners Associates IV, L.P. ("Trilantic IV"), Trilantic Capital Partners V, L.P. ("Trilantic V") and Trilantic Capital Partners VI (North America), L.P. ("Trilantic VI") (through January 1, 2022). Portfolio holdings of the private equity funds are carried at fair value. Accordingly, the Company reflects its pro rata share of unrealized gains and losses occurring from changes in fair value. Additionally, the Company reflects its pro rata share of realized gains, losses and carried interest associated with any investment realizations.
14

EVERCORE INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(amounts in thousands, except per share amounts, unless otherwise noted)
A summary of the Company's investments in the private equity funds as of March 31, 2023 and December 31, 2022 was as follows:
March 31, 2023December 31, 2022
Glisco II, Glisco III and Glisco IV$3,764 $3,602