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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 September 30, 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 filer☒Accelerated filer☐
Non-accelerated filer☐Smaller 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 October 20, 2023 was 37,672,572. The number of shares of the registrant’s Class B common stock, par value $0.01 per share, outstanding as of October 20, 2023 was 45 (excluding 55 shares of Class B common stock held by a subsidiary of the registrant).

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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
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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)
September 30, 2023December 31, 2022
Assets
Current Assets
Cash and Cash Equivalents$492,590 $663,400 
Investment Securities and Certificates of Deposit (includes available-for-sale debt securities with an amortized cost of $433,476 and $802,652 at September 30, 2023 and December 31, 2022, respectively)
1,137,620 1,432,716 
Accounts Receivable (net of allowances of $5,154 and $4,683 at September 30, 2023 and December 31, 2022, respectively)
332,993 385,131 
Receivable from Employees and Related Parties26,423 21,914 
Other Current Assets141,203 203,570 
Total Current Assets2,130,829 2,706,731 
Investments42,525 43,047 
Deferred Tax Assets 264,592 257,166 
Operating Lease Right-of-Use Assets387,426 237,561 
Furniture, Equipment and Leasehold Improvements (net of accumulated depreciation and amortization of $205,636 and $187,077 at September 30, 2023 and December 31, 2022, respectively)
142,500 143,268 
Goodwill123,544 123,285 
Other Assets134,382 109,865 
Total Assets$3,225,798 $3,620,923 
Liabilities and Equity
Current Liabilities
Accrued Compensation and Benefits$422,201 $918,489 
Accounts Payable and Accrued Expenses28,964 28,807 
Payable to Employees and Related Parties32,127 41,235 
Operating Lease Liabilities34,984 37,968 
Taxes Payable2,859 9,842 
Other Current Liabilities42,226 34,195 
Total Current Liabilities563,361 1,070,536 
Operating Lease Liabilities438,146 278,078 
Notes Payable372,419 371,774 
Amounts Due Pursuant to Tax Receivable Agreements61,279 61,169 
Other Long-term Liabilities136,125 112,948 
Total Liabilities1,571,330 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, 81,987,589 and 79,686,375 issued at September 30, 2023 and December 31, 2022, respectively, and 37,662,786 and 38,347,262 outstanding at September 30, 2023 and December 31, 2022, respectively)
820 797 
Class B, par value $0.01 per share (1,000,000 shares authorized, 45 and 50 issued and outstanding at September 30, 2023 and December 31, 2022, respectively)
— — 
Additional Paid-In Capital3,088,014 2,861,775 
Accumulated Other Comprehensive Income (Loss)(27,925)(27,942)
Retained Earnings 1,842,910 1,768,098 
Treasury Stock at Cost (44,324,803 and 41,339,113 shares at September 30, 2023 and December 31, 2022, respectively)
(3,450,970)(3,065,917)
Total Evercore Inc. Stockholders' Equity1,452,849 1,536,811 
Noncontrolling Interest201,619 189,607 
Total Equity1,654,468 1,726,418 
Total Liabilities and Equity$3,225,798 $3,620,923 

See Notes to Unaudited Condensed Consolidated Financial Statements.
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EVERCORE INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
(dollars and share amounts in thousands, except per share data)
 For the Three Months Ended September 30, For the Nine Months Ended September 30,
 2023202220232022
Revenues
Investment Banking & Equities:
Advisory Fees$467,401 $488,224 $1,304,519 $1,689,033 
Underwriting Fees30,814 28,697 91,897 78,519 
Commissions and Related Revenue48,697 49,200 146,810 152,583 
Asset Management and Administration Fees17,304 15,641 49,837 48,724 
Other Revenue, Including Interest and Investments10,188 (637)61,255 (25,455)
Total Revenues574,404 581,125 1,654,318 1,943,404 
Interest Expense4,184 4,188 12,536 12,696 
Net Revenues570,220 576,937 1,641,782 1,930,708 
Expenses
Employee Compensation and Benefits391,730 355,794 1,096,976 1,174,500 
Occupancy and Equipment Rental22,094 19,680 63,994 58,465 
Professional Fees28,390 29,294 79,992 81,207 
Travel and Related Expenses13,465 12,862 46,090 35,474 
Communications and Information Services18,435 15,333 52,006 45,745 
Depreciation and Amortization5,848 7,065 18,373 20,772 
Execution, Clearing and Custody Fees3,115 2,378 8,845 7,806 
Special Charges, Including Business Realignment Costs— — 2,921 532 
Other Operating Expenses10,317 4,132 31,139 20,262 
Total Expenses493,394 446,538 1,400,336 1,444,763 
Income Before Income from Equity Method Investments and Income Taxes76,826 130,399 241,446 485,945 
Income from Equity Method Investments1,664 2,027 4,674 6,813 
Income Before Income Taxes78,490 132,426 246,120 492,758 
Provision for Income Taxes19,717 40,790 52,945 114,134 
Net Income58,773 91,636 193,175 378,624 
Net Income Attributable to Noncontrolling Interest6,625 9,198 20,444 42,543 
Net Income Attributable to Evercore Inc.$52,148 $82,438 $172,731 $336,081 
Net Income Attributable to Evercore Inc. Common Shareholders$52,148 $82,438 $172,731 $336,081 
Weighted Average Shares of Class A Common Stock Outstanding
Basic37,823 39,114 38,179 39,375 
Diluted40,000 40,527 39,907 41,104 
Net Income Per Share Attributable to Evercore Inc. Common Shareholders:
Basic$1.38 $2.11 $4.52 $8.54 
Diluted$1.30 $2.03 $4.33 $8.18 


See Notes to Unaudited Condensed Consolidated Financial Statements.
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EVERCORE INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
(dollars in thousands)
For the Three Months Ended September 30, For the Nine Months Ended September 30,
 2023202220232022
Net Income$58,773 $91,636 $193,175 $378,624 
Other Comprehensive Income (Loss), net of tax:
Unrealized Gain (Loss) on Securities and Investments, net21 1,186 (3,229)1,493 
Foreign Currency Translation Adjustment Gain (Loss), net(8,301)(22,597)3,213 (44,136)
Other Comprehensive Income (Loss)(8,280)(21,411)(16)(42,643)
Comprehensive Income50,493 70,225 193,159 335,981 
Comprehensive Income Attributable to Noncontrolling Interest5,878 7,210 20,411 38,608 
Comprehensive Income Attributable to Evercore Inc.$44,615 $63,015 $172,748 $297,373 

See Notes to Unaudited Condensed Consolidated Financial Statements.




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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 September 30, 2023
Accumulated
AdditionalOther
Class A Common StockPaid-InComprehensiveRetainedTreasury StockNoncontrollingTotal
SharesDollarsCapitalIncome (Loss)EarningsSharesDollarsInterestEquity
Balance at June 30, 202381,914,589 $819 $3,011,969 $(20,392)$1,823,412 (44,028,278)$(3,410,153)$198,925 $1,604,580 
Net Income— — — — 52,148 — — 6,625 58,773 
Other Comprehensive Income (Loss)— — — (7,533)— — — (747)(8,280)
Treasury Stock Purchases— — — — — (296,525)(40,817)— (40,817)
Evercore LP Units Exchanged for Class A Common Stock37,565 1 3,629 — — — — (2,354)1,276 
Equity-based Compensation Awards35,435 — 72,416 — — — — 6,538 78,954 
Dividends— — — — (32,650)— — — (32,650)
Noncontrolling Interest (Note 12)— — — — — — — (7,368)(7,368)
Balance at September 30, 202381,987,589 $820 $3,088,014 $(27,925)$1,842,910 (44,324,803)$(3,450,970)$201,619 $1,654,468 
 For the Nine Months Ended September 30, 2023
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— — — — 172,731 — — 20,444 193,175 
Other Comprehensive Income (Loss)— — — 17 — — — (33)(16)
Treasury Stock Purchases— — — — — (2,985,690)(385,053)— (385,053)
Evercore LP Units Exchanged for Class A Common Stock82,368 1 7,450 — — — — (5,128)2,323 
Equity-based Compensation Awards2,218,846 22 220,633 — — — — 19,173 239,828 
Dividends— — — — (97,919)— — — (97,919)
Noncontrolling Interest (Note 12)— — (1,844)— — — — (22,444)(24,288)
Balance at September 30, 202381,987,589 $820 $3,088,014 $(27,925)$1,842,910 (44,324,803)$(3,450,970)$201,619 $1,654,468 
For the Three Months Ended September 30, 2022
Accumulated
AdditionalOther
Class A Common StockPaid-InComprehensiveRetainedTreasury StockNoncontrollingTotal
SharesDollarsCapitalIncome (Loss)EarningsSharesDollarsInterestEquity
Balance at June 30, 202279,597,763 $796 $2,746,245 $(31,371)$1,607,976 (40,460,685)$(2,973,087)$170,150 $1,520,709 
Net Income— — — — 82,438 — — 9,198 91,636 
Other Comprehensive Income (Loss)— — — (19,423)— — — (1,988)(21,411)
Treasury Stock Purchases— — — — — (335,939)(33,162)— (33,162)
Evercore LP Units Exchanged for Class A Common Stock850 — 47 — — — — (47)— 
Equity-based Compensation Awards33,743 — 63,839 — — — — 5,403 69,242 
Dividends— — — — (30,935)— — — (30,935)
Noncontrolling Interest (Note 12)— — (1,598)— — — — (6,641)(8,239)
Balance at September 30, 202279,632,356 $796 $2,808,533 $(50,794)$1,659,479 (40,796,624)$(3,006,249)$176,075 $1,587,840 
 For the Nine Months Ended September 30, 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— — — — 336,081 — — 42,543 378,624 
Other Comprehensive Income (Loss)— — — (38,708)— — — (3,935)(42,643)
Treasury Stock Purchases— — — — — (3,895,766)(460,797)— (460,797)
Evercore LP Units Exchanged for Class A Common Stock2,573,455 26 163,736 — — — — (159,354)4,408 
Equity-based Compensation Awards2,254,613 22 188,977 — — — — 17,932 206,931 
Dividends — — — — (94,984)— — — (94,984)
Noncontrolling Interest (Note 12)— — (2,959)— — — — (36,021)(38,980)
Balance at September 30, 202279,632,356 $796 $2,808,533 $(50,794)$1,659,479 (40,796,624)$(3,006,249)$176,075 $1,587,840 

See Notes to Unaudited Condensed Consolidated Financial Statements.






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EVERCORE INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(dollars in thousands)
 For the Nine Months Ended September 30,
 20232022
Cash Flows From Operating Activities
Net Income$193,175 $378,624 
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Net (Gains) Losses on Investments, Investment Securities and Contingent Consideration(18,160)27,305 
Equity Method Investments, Including Gain on Sale769 3,291 
Equity-Based and Other Deferred Compensation 393,633 357,401 
Noncash Lease Expense31,599 27,096 
Depreciation, Amortization and Accretion, net7,061 21,579 
Bad Debt Expense5,007 4,905 
Deferred Taxes(4,613)(11,300)
Decrease (Increase) in Operating Assets:
Investment Securities8,315 (1,541)
Accounts Receivable48,680 30,729 
Receivable from Employees and Related Parties(4,499)1,817 
Other Assets37,931 (15,036)
(Decrease) Increase in Operating Liabilities:
Accrued Compensation and Benefits(622,834)(636,901)
Accounts Payable and Accrued Expenses2,085 3,475 
Payables to Employees and Related Parties(11,916)5,826 
Taxes Payable(6,983)(12,537)
Other Liabilities(16,926)(27,560)
Net Cash Provided by Operating Activities42,324 157,173 
Cash Flows From Investing Activities
Investments Purchased(37)— 
Proceeds from Sale of Investments— 18,300 
Distributions of Private Equity Investments72 238 
Investment Securities:
Proceeds from Sales and Maturities of Investment Securities2,894,653 2,326,799 
Purchases of Investment Securities(2,624,225)(1,893,948)
Maturity of Certificates of Deposit129,974 217,837 
Purchase of Certificates of Deposit(91,414)(231,639)
Purchase of Furniture, Equipment and Leasehold Improvements(18,558)(19,072)
Net Cash Provided by Investing Activities290,465 418,515 
Cash Flows From Financing Activities
Issuance of Noncontrolling Interests733 300 
Distributions to Noncontrolling Interests(23,019)(38,970)
Payment of Notes Payable— (67,000)
Issuance of Notes Payable— 67,000 
Debt Issuance Costs and Make-Whole Amount— (1,826)
Purchase of Treasury Stock and Noncontrolling Interests(389,262)(491,936)
Dividends(99,056)(99,082)
Net Cash Provided by (Used in) Financing Activities(510,604)(631,514)
Effect of Exchange Rate Changes on Cash7,144 (49,296)
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash(170,671)(105,122)
Cash, Cash Equivalents and Restricted Cash – Beginning of Period672,123 587,293 
Cash, Cash Equivalents and Restricted Cash – End of Period$501,452 $482,171 
SUPPLEMENTAL CASH FLOW DISCLOSURE
Payments for Interest$9,889 $10,954 
Payments for Income Taxes$69,479 $165,021 
Accrued Dividends$12,717 $11,245 
Settlement of Sale of Trilantic VI$— $9,188 
Settlement of Contingent Consideration$— $1,083 

See Notes to Unaudited Condensed Consolidated Financial Statements.
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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 partnerships and 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 Statements 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
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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"), Evercore Partners Canada Ltd. ("Evercore Canada") and Evercore Asia Limited ("Evercore Hong Kong") are also VIEs, and the Company is the primary beneficiary of these VIEs. Specifically for Evercore ISI U.K., Evercore Japan, Evercore Beijing, Evercore Canada and Evercore Hong Kong (as of September 30, 2023 for Evercore Hong Kong), the Company provides financial support through transfer pricing agreements with these entities, which exposes the Company to losses that are potentially significant to these entities, and has decision making authority that significantly affects the economic performance of these entities. The Company has the majority economic interest in Evercore U.K. and has decision making authority that significantly affects the economic performance of this entity. The Company included in its Unaudited Condensed Consolidated Statements of Financial Condition Evercore ISI U.K., Evercore U.K., Evercore Japan, Evercore Beijing, Evercore Canada and Evercore Hong Kong assets of $374,966 and liabilities of $164,010 at September 30, 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 and nine months ended September 30, 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 and nine months ended September 30, 2023 and 2022:
For the Three Months Ended September 30, For the Nine Months Ended September 30,
2023202220232022
Investment Banking & Equities:
Advisory Fees$467,401 $488,224 $1,304,519 $1,689,033 
Underwriting Fees30,814 28,697 91,897 78,519 
Commissions and Related Revenue48,697 49,200 146,810 152,583 
Total Investment Banking & Equities$546,912 $566,121 $1,543,226 $1,920,135 
Investment Management:
Asset Management and Administration Fees:
Wealth Management
$17,304 $15,641 $49,837 $48,724 
Total Investment Management$17,304 $15,641 $49,837 $48,724 
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 nine months ended September 30, 2023 and 2022 are as follows:
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EVERCORE INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(amounts in thousands, except per share amounts, unless otherwise noted)
For the Nine Months Ended September 30, 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)(52,138)14,878 (67,412)(622)3,092 — 
Balance at September 30, 2023$332,993 $79,017 $43,056 $7,406 $8,163 $— 
For the Nine Months Ended September 30, 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)(47,943)(30,723)15,992 (8,963)(776)— 
Balance at September 30, 2022$303,725 $57,041 $30,084 $3,982 $8,481 $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 $6,284 and $14,474 on the Unaudited Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2023, respectively, and $6,079 and $16,584 for the three and nine months ended September 30, 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 and nine months ended September 30, 2023 and 2022 is as follows:
For the Three Months Ended September 30, For the Nine Months Ended September 30,
2023202220232022
Beginning Balance$8,712 $1,447 $4,683 $2,704 
Bad debt expense, net of reversals(290)3,402 5,007 4,905 
Write-offs, foreign currency translation and other adjustments(3,268)(497)(4,536)(3,257)
Ending Balance$5,154 $4,352 $5,154 $4,352 
The change in the balance during the three months ended September 30, 2023 is primarily related to the write-off of aged receivables. The change in the balance during the nine months ended September 30, 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 September 30, 2023, by year of origination:
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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$40,249 $31,138 $11,564 $2,904 $568 $86,423 
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 $277 and $4,217 for the three and nine months ended September 30, 2023, respectively, and $1,097 and $8,208 for the three and nine months ended September 30, 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 $22,113 and $16,928 as of September 30, 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 September 30, 2023 and December 31, 2022 were as follows:
 September 30, 2023December 31, 2022
Debt Securities$433,496 $807,135 
Equity Securities272 335 
Debt Securities Carried by EGL471,016 365,638 
Investment Funds148,673 136,718 
Total Investment Securities, at fair value$1,053,457 $1,309,826 
Certificates of Deposit, at contract value84,163 122,890 
Total Investment Securities and Certificates of Deposit$1,137,620 $1,432,716 
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 Consolidated Statements of Financial Condition and realized gains and losses included in Other Revenue, Including Interest and Investments, on the Unaudited Condensed Consolidated Statements of Operations, on a specific identification basis.
Gross unrealized gains included in Accumulated Other Comprehensive Income (Loss) were $69 and $262 for the three and nine months ended September 30, 2023, respectively, and $1,936 and $2,284 for the three and nine months ended September 30, 2022, respectively. Gross unrealized losses included in Accumulated Other Comprehensive Income (Loss) were ($48) and ($241) for the three and nine months ended September 30, 2023 and ($342) and ($365) for the three and nine months ended September 30, 2022, respectively.
Gross realized losses included within Other Revenue, Including Interest and Investments, were ($261) for the nine months ended September 30, 2023, and ($34) for the nine months ended September 30, 2022.
Proceeds from the sales and maturities of available-for-sale securities, including interest, were $250,000 and $1,493,992 for the three and nine months ended September 30, 2023, respectively, and $233,638 and $997,349 for the three and nine months ended September 30, 2022, respectively.
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EVERCORE INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(amounts in thousands, except per share amounts, unless otherwise noted)
Scheduled maturities of the Company's available-for-sale debt securities as of September 30, 2023 and December 31, 2022 were as follows:
 September 30, 2023December 31, 2022
 Amortized
Cost		Fair ValueAmortized
Cost		Fair Value
Due within one year$432,499 $432,533 $800,710 $805,190 
Due after one year through five years977 963 1,942 1,945 
Total$433,476 $433,496 $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 September 30, 2023 and has not recorded a credit allowance on these securities.
Equity Securities
Equity Securities are carried at fair value with changes in fair value recorded in Other Revenue, Including Interest and Investments, on the Unaudited Condensed Consolidated Statements of Operations. The Company had net unrealized losses of ($286) and ($63) for the three and nine months ended September 30, 2023, respectively, and ($131) and ($579) for the three and nine months ended September 30, 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 $129 and $147 for the three and nine months ended September 30, 2023, respectively, and $1,013 and $1,541 for the three and nine months ended September 30, 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 ($5,541) and $15,515 for the three and nine months ended September 30, 2023, respectively, (of which ($5,541) and $10,709, respectively, were net unrealized gains (losses)) and ($7,454) and ($38,970) for the three and nine months ended September 30, 2022, respectively, (of which ($7,454) and ($54,670), respectively, were net unrealized losses).
Certificates of Deposit
At September 30, 2023 and December 31, 2022, the Company held certificates of deposit of $84,163 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
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EVERCORE INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(amounts in thousands, except per share amounts, unless otherwise noted)
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 September 30, 2023 and December 31, 2022 was as follows:
September 30, 2023December 31, 2022
ABS$18,277 $19,387 
Atalanta Sosnoff10,664 10,717 
Luminis6,386 6,092 
Seneca Evercore727 706 
Total$36,054 $36,902 

ABS
The Company has an investment accounted for under the equity method of accounting in ABS. At September 30, 2023, the Company's ownership interest in ABS was 26%. This investment resulted in earnings of $1,066 and $3,136 for the three and nine months ended September 30, 2023, respectively, and $1,043 and $3,413 for the three and nine months ended September 30, 2022, respectively, included within Income from Equity Method Investments on the Unaudited Condensed Consolidated Statements of Operations.
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 nine months ended September 30, 2022, included within Other Revenue, Including Interest and Investments, on the Unaudited Condensed Consolidated Statement of Operations.
Atalanta Sosnoff
The Company has an investment accounted for under the equity method of accounting in Atalanta Sosnoff. At September 30, 2023, the Company's ownership interest in Atalanta Sosnoff was 49%. This investment resulted in earnings of $418 and $1,144 for the three and nine months ended September 30, 2023, respectively, and $533 and $2,411 for the three and nine months ended September 30, 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 September 30, 2023, the Company's ownership interest in Luminis was 20%. This investment resulted in earnings of $53 and $350 for the three and nine months ended September 30, 2023, respectively, and $397 and $787 for the three and nine months ended September 30, 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 September 30, 2023, the Company's ownership interest in Seneca Evercore was 20%. This investment resulted in earnings of $127 and $44 for the three and nine months ended September 30, 2023, respectively, and $54 and $202 for the three and nine months ended September 30, 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.

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EVERCORE INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(amounts in thousands, except per share amounts, unless otherwise noted)
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 September 30, 2023 and 2022 and $237 for each of the nine months ended September 30, 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.
A summary of the Company's investments in the private equity funds as of September 30, 2023 and December 31, 2022 was as follows:
September 30, 2023December 31, 2022
Glisco II, Glisco III and Glisco IV$3,992 $3,602 
Trilantic IV and Trilantic V1,870 1,939