Evercore Inc.

Previous wording

Interest Expense includes interest expense associated with our Notes Payable, lines of credit and other financing arrangements.

Current wording

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.

Previous wording

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. Our level of compensation, including deferred compensation, reflects our plan to maintain competitive compensation levels to retain 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.

Current wording

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. 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.

Previous wording

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. 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 2023, 2024 and 2025, respectively. Following the distributions, the Class L Interests are cancelled pursuant to their terms. 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.

Current wording

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

Previous wording

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). 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. 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. We periodically assess the probability of the benchmarks being achieved and expense the probable payout over the requisite service period of the award.

Current wording

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. In conjunction with the 2021 Long-term Incentive Plan, we made cash distributions in the first quarter of 2026 and 2025. 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.

Previous wording

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. These include Class K-P Units issued by Evercore LP and certain RSU and deferred cash awards. See Note 15 to our unaudited condensed consolidated financial statements for further information.

Current wording

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. 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.

Previous wording

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. See Note 8 to our unaudited condensed consolidated financial statements for further information.

Current wording

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.

Previous wording

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. 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. In addition, net deferred tax assets are impacted by changes to statutory tax rates in the period of enactment. See Note 18 to our unaudited condensed consolidated financial statements for further information.

Current wording

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. 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 (Benefit) for Income Taxes. In addition, net deferred tax assets are impacted by changes to statutory tax rates in the period of enactment. See Note 18 to our unaudited condensed consolidated financial statements for further information.

Previous wording

The following is a discussion of our results of operations for the three and nine months ended September 30, 2025 and 2024. 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.

Current wording

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.

Previous wording

(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. See Note 2 to our unaudited condensed consolidated financial statements for further information.

Current wording

(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.

Previous wording

As of September 30, 2025 and 2024, we employed approximately 2,525 and 2,395 people, respectively.

Current wording

As of March 31, 2026 and 2025, we employed approximately 2,635 and 2,395 people, respectively.

Previous wording

Net Income Attributable to Evercore Inc. 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. The changes in our operating results during these periods are described below.

Current wording

Net Income Attributable to Evercore Inc. 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.

Previous wording

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. 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. Asset Management and Administration Fees increased $1.9 million, or 9%, compared to the three months ended September 30, 2024. See "Business Segments" and "Liquidity and Capital Resources" below for further information.

Current wording

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. 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. 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.

Previous wording

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. See Note 11 to our unaudited condensed consolidated financial statements for further information.

Current wording

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.

Previous wording

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. 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. 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. 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.

Current wording

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. 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. 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. See Notes 5 and 15 to our unaudited condensed consolidated financial statements for further information. 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.

Previous wording

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. 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 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. 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.

Current wording

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. 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 increase in professional fees and an increase in travel and related expenses, largely due to higher levels of business activity and increased headcount. 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. 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.

Previous wording

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. See Note 8 to our unaudited condensed consolidated financial statements for further information.

Current wording

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.

Previous wording

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%. 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%. 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. 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.

Current wording

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%. 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%). 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.

Previous wording

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. The increase in Net Income Attributable to Noncontrolling Interest primarily reflects higher income at Evercore LP during the three months ended September 30, 2025. See Note 13 to our unaudited condensed consolidated financial statements for further information.

Current wording

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. 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.

Previous wording

(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.

Current wording

(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.

Previous wording

(3)Equity in Seneca Evercore and Luminis (through September 2024) is classified within Income (Loss) from Equity Method Investments.

Current wording

(2)Equity in Seneca Evercore is classified within Income (Loss) from Equity Method Investments.

Previous wording

(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. See Notes 2 and 19 to our unaudited condensed consolidated financial statements for further information.

Current wording

(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.

Previous wording

The following table summarizes Evercore statistics for the three and nine months ended September 30, 2025 and 2024.

Current wording

The following table summarizes Evercore statistics for the three months ended March 31, 2026 and 2025.

Previous wording

Net Revenues were $1.02 billionfor the three months ended September 30, 2025, an increase of $303.4 million, or 43%, versus $712.8 millionfor the three months ended September 30, 2024. Theincrease 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. Commissions and Related Revenue increased$8.3 million, or 15%, compared to thethree 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. Underwriting Fees decreased$0.4 million, or 1%, compared to thethree 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. Other Revenue, net, increased$4.8 million, or 23%, compared to thethree 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. Treasury bills, driven by higher portfolio balances during the third quarter of 2025 compared to 2024. The investment funds portfolio is used as an economic hedge against our deferred cash compensation program. These increases were partially offset by an increase in interest expense primarily related to the issuance of new senior notes in July 2025.

Current wording

Net Revenues were $1.37 billionfor the three months ended March 31, 2026, an increase of $694.2 million, or 103%, versus $674.5 millionfor the three months ended March 31, 2025. Theincrease 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. Commissions and Related Revenue increased$7.5 million, or 14%, compared to thethree months ended March 31, 2025, primarily reflecting higher trading commissions driven by increased trading volume during the first quarter of 2026. Underwriting Fees increased$0.8 million, or 1%, compared to thethree months ended March 31, 2025, reflecting an increase in the number of transactions we participated in during the first quarter of 2026. Other Revenue, net, decreased$1.5 million, or 20%, compared to thethree 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 byhigher interest income resulting from higher average balances in interest-bearing assets.

Previous wording

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. 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.

Current wording

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. 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. 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. See Notes 5 and 15 to our unaudited condensed consolidated financial statements for further information.

Previous wording

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. 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.

Current wording

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. 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. 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.

Previous wording

Income (Loss) from Equity Method Investments was$0.01 millionfor the three months ended September 30, 2025, a decrease of$0.2 million, or 95%, versus $0.2 millionfor 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. See Note 8 to our unaudited condensed consolidated financial statements for further information.

Current wording

Income (Loss) from Equity Method Investments was$0.01 millionfor the three months ended March 31, 2026, an increase of$0.05 million versus ($0.04) millionfor 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.

Previous wording

(2)Equity in Atalanta Sosnoff and ABS (through July 2024) is classified as Income from Equity Method Investments.

Current wording

(2)Equity in Atalanta Sosnoff is classified as Income from Equity Method Investments.

Previous wording

(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. See Notes 2 and 19 to our unaudited condensed consolidated financial statements for further information.

Current wording

(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.

Previous wording

•Private Equity – conducted through our investment interests in private equity funds. We maintain a limited partner's interest in Glisco II, Glisco III and Glisco IV (together the "Glisco Funds"), as well as Glisco Manager Holdings LP and the general partners of the Glisco Funds. We receive our portion of the management fees earned by Glisco Partners Inc. ("Glisco") from Glisco Manager Holdings LP. We are passive investors and do not participate in the management of any Glisco sponsored funds. We are also passive investors in Trilantic IV and Trilantic V. In the event the private equity funds perform below certain thresholds, we may be obligated to repay certain carried interest previously distributed. As of September 30, 2025, there was no previously distributed carried interest received from the funds subject to repayment.

Current wording

•Private Equity – conducted through our investment interests in private equity funds. We maintain a limited partner's interest in Glisco II, Glisco III and Glisco IV (together the "Glisco Funds"), as well as Glisco Manager Holdings LP and the general partners of the Glisco Funds. We receive our portion of the management fees earned by Glisco Partners Inc. ("Glisco") from Glisco Manager Holdings LP. We are passive investors and do not participate in the management of any Glisco sponsored funds. 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. As of March 31, 2026, there was no previously distributed carried interest received from the funds subject to repayment.

Previous wording

•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). The results of these investments are included within Income from Equity Method Investments. During the third quarter of 2024, we sold the remaining portion of our interest in ABS. See Note 8 to our unaudited condensed consolidated financial statements for further information.

Current wording

•We also hold an interest in Atalanta Sosnoff that is accounted for under the equity method of accounting. 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.

Previous wording

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. 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. 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. 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. 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.

Current wording

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. 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. 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.

Previous wording

The following table summarizes AUM activity for Wealth Management for the nine months ended September 30, 2025:

Current wording

The following table summarizes AUM activity for Wealth Management for the three months ended March 31, 2026:

Previous wording

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. Performance as of September 30, 2025 reflected:

Current wording

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. Performance as of March 31, 2026 reflected:

Previous wording

•Wealth Management lagged the S&P 500 on a 1 and 3-year basis by approximately 8% and 4%, respectively

Current wording

•Wealth Management lagged the S&P 500 on a 1 and 3-year basis by approximately 6% and 5%, respectively

Previous wording

◦The S&P 500 was up approximately 18% and 25% on a 1 and 3-year basis, respectively

Current wording

◦The S&P 500 was up approximately 18% on both a 1 and 3-year basis

Previous wording

•Wealth Management lagged the fixed income composite on a 1 and 3-year basis by approximately 0.4% and 0.2%, respectively

Current wording

•Wealth Management outperformed the fixed income composite on a 1 and 3-year basis by approximately 0.04% and 0.5%, respectively

Previous wording

◦The fixed income composite was up approximately 3% and 4% on a 1 and 3-year basis, respectively

Current wording

◦The fixed income composite was up approximately 4% and 2% on a 1 and 3-year basis, respectively

Previous wording

•The S&P 500 and the fixed income composite were up approximately 15% and 4%, respectively, for the nine months ended September 30, 2025

Current wording

•The S&P 500 and the fixed income composite were down approximately 4% and 1%, respectively, for the three months ended March 31, 2026

Previous wording

AUM from our unconsolidated affiliate, Atalanta Sosnoff, increased 10% compared to December 31, 2024.

Current wording

AUM from our unconsolidated affiliate, Atalanta Sosnoff, decreased 5% compared to December 31, 2025.

Previous wording

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. 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.

Current wording

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. Asset Management and Administration Fees earned from the 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.