Evercore Inc.

Previous wording

•Gains (losses) resulting from foreign currency exchange rate fluctuations

Current wording

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

Previous wording

Special Charges, Including Business Realignment Costs. Special Charges, Including Business Realignment Costs, for the three and six months ended June 30, 2026 reflect an estimated loss provision for non-U.S. employment taxes for prior periods. See Note 16 to our unaudited condensed consolidated financial statements, under Contingencies, for further information.

Current wording

Special Charges, Including Business Realignment Costs. Special Charges, Including Business Realignment Costs, for the three and nine months ended September 30, 2026 reflect duplicate facilities costs associated with the planned relocation of our U.K. headquarters and an estimated loss provision for non-U.S. employment taxes, principally related to prior periods. See Notes 9 and 16 to our unaudited condensed consolidated financial statements, under Operating Leasesand Contingencies, respectively, for further information.

Previous wording

Our share of the income (loss) from our equity interests in Atalanta Sosnoff and Seneca Evercore is 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 is included within Income from Equity Method Investments, as a component of Income Before Income Taxes, on the Unaudited Condensed

Previous wording

The following is a discussion of our results of operations for the three and six months ended June 30, 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.

Current wording

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

As of June 30, 2026 and 2025, we employed approximately 2,715 and 2,455 people, respectively.

Current wording

As of September 30, 2026 and 2025, we employed approximately 2,835 and 2,525 people, respectively.

Previous wording

Net Income Attributable to Evercore Inc. was $95.3 million for the three months ended June 30, 2026, a decrease of $1.9 million, or 2%, compared to $97.2 million for the three months ended June 30, 2025. The changes in our operating results during these periods are described below.

Current wording

Net Income Attributable to Evercore Inc. was $160.8 million for the three months ended September 30, 2026, an increase of $16.2 million, or 11%, compared to $144.6 million for the three months ended September 30, 2025. The changes in our operating results during these periods are described below.

Previous wording

Net Revenues were $990.2 million for the three months ended June 30, 2026, an increase of $156.4 million, or 19%, versus Net Revenues of $833.8 million for the three months ended June 30, 2025. Advisory Fees increased $77.8 million, or 11%, Underwriting Fees increased $64.9 million, or 201%, and Commissions and Related Revenue increased $5.3 million, or 9%, compared to the three months ended June 30, 2025. Asset Management and Administration Fees increased $3.0 million, or 14%, compared to the three months ended June 30, 2025. See "Business Segments" and "Liquidity and Capital Resources" below for further information.

Current wording

Net Revenues were $1.17 billion for the three months ended September 30, 2026, an increase of $129.7 million, or 12%, versus Net Revenues of $1.04 billion for the three months ended September 30, 2025. Advisory Fees increased $127.4 million, or 14%, Underwriting Fees increased $11.9 million, or 27%, and Commissions and Related Revenue decreased $2.3 million, or 4%, compared to the three months ended September 30, 2025. Asset Management and Administration Fees increased $1.9 million, or 8%, compared to the three months ended September 30, 2025. See "Business Segments" and "Liquidity and Capital Resources" below for further information.

Previous wording

Interest Expense was $8.3 million for the three months ended June 30, 2026, an increase of $4.1 million, or 97%, versus $4.2 million for the three months ended June 30, 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.

Current wording

Interest Expense was $8.3 million for the three months ended September 30, 2026, an increase of $1.2 million, or 17%, versus $7.1 million for the three months ended September 30, 2025, primarily reflecting interest expense related to the deferred acquisition consideration issued in the acquisition of Robey Warshaw. See Note 5 to our unaudited condensed consolidated financial statements for further information.

Previous wording

Employee Compensation and Benefits Expense was $641.8 million for the three months ended June 30, 2026, an increase of $93.2 million, or 17%, versus $548.6 million for the three months ended June 30, 2025. The increase in the amount of compensation recognized for the three months ended June 30, 2026 principally reflects higher amortization of prior period deferred compensation awards, higher base salaries and a higher accrual for incentive compensation. Employee Compensation and Benefits Expense for the three months ended June 30, 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 64.8% for the three months ended June 30, 2026, compared to 65.8% for the three months ended June 30, 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.

Current wording

Employee Compensation and Benefits Expense was $749.1 million for the three months ended September 30, 2026, an increase of $68.5 million, or 10%, versus $680.7 million for the three months ended September 30, 2025. The increase in the amount of compensation recognized for the three months ended September 30, 2026 principally reflects higher base salaries, higher amortization of prior period deferred compensation awards and higher compensation expense related to new hires. Employee Compensation and Benefits Expense for the three months ended September 30, 2026 also includes $7.0 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 64.1% for the three months ended September 30, 2026, compared to 65.5% for the three months ended September 30, 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 per employee were approximately $67.5 thousand for the three months ended June 30, 2026, versus $55.6 thousand for the three months ended June 30, 2025, a 21% increase.

Current wording

Non-compensation expenses were $174.9 million for the three months ended September 30, 2026, an increase of $32.9 million, or 23%, versus $142.0 million for the three months ended September 30, 2025. The increase was primarily driven by an increase in technology and information services, other operating expenses, travel and related expenses and depreciation and amortization expense. The increase in technology and information services is principally reflecting higher expenses associated with consulting costs, research services and license fees, the increase in other operating expenses is primarily attributable to expense in the third quarter of 2026 associated with changes in the fair value of contingent consideration issued to the sellers of Robey Warshaw, the increase in travel and related expenses is largely due to higher levels of business activity, elevated travel pricing and increased headcount, and the increase in depreciation and amortization expense is primarily due to the amortization of intangible assets related to the acquisition of Robey Warshaw. Non-Compensation expenses per employee were approximately $63.0 thousand for the three months ended September 30, 2026, versus $57.0 thousand for the three months ended September 30, 2025, an 11% increase.

Previous wording

Income from Equity Method Investments was $1.0 million for the three months ended June 30, 2026, an increase of $0.2 million, or 25%, versus $0.8 million for the three months ended June 30, 2025, primarily reflecting higher earnings from Atalanta Sosnoff during the three months ended June 30, 2026. See Note 8 to our unaudited condensed consolidated financial statements for further information.

Current wording

Income from Equity Method Investments was $1.3 million for the three months ended September 30, 2026, an increase of $0.2 million, or 23%, versus $1.1 million for the three months ended September 30, 2025, primarily reflecting higher earnings from Atalanta Sosnoff during the three months ended September 30, 2026. See Note 8 to our unaudited condensed consolidated financial statements for further information.

Previous wording

The provision for income taxes for the three months ended June 30, 2026 was $41.1 million, which reflected an effective tax rate of 27.8%. The provision for income taxes for the three months ended June 30, 2025 was $44.3 million, which reflected an effective tax rate of 29.3%. The decrease in the provision for income taxes for the three months ended June 30, 2026 is primarily attributable to an increase in the deduction associated with the appreciation in our share price upon vesting of employee share-based awards above the original grant price.

Current wording

The provision for income taxes for the three months ended September 30, 2026 was $66.6 million, which reflected an effective tax rate of 27.3%. The provision for income taxes for the three months ended September 30, 2025 was $59.8 million, which reflected an effective tax rate of 27.5%. The increase in the provision for income taxes for the three months ended September 30, 2026 is primarily attributable to a $26.6 million increase in pre-tax income.

Previous wording

Net Income Attributable to Noncontrolling Interest was $11.2 million for the three months ended June 30, 2026, an increase of $1.5 million, or 15%, versus $9.7 million for the three months ended June 30, 2025. The increase in Net Income Attributable to Noncontrolling Interest reflects higher income at Evercore LP and EWM during the three months ended June 30, 2026. See Note 13 to our unaudited condensed consolidated financial statements for further information.

Current wording

Net Income Attributable to Noncontrolling Interest was $16.5 million for the three months ended September 30, 2026, an increase of $3.6 million, or 28%, versus $12.9 million for the three months ended September 30, 2025. The increase in Net Income Attributable to Noncontrolling Interest primarily reflects higher income at Evercore LP during the three months ended September 30, 2026. See Note 13 to our unaudited condensed consolidated financial statements for further information.

Previous wording

Net Income Attributable to Evercore Inc. was $396.5 million for the six months ended June 30, 2026, an increase of $153.1 million, or 63%, compared to $243.4 million for the six months ended June 30, 2025. The changes in our operating results during these periods are described below.

Current wording

Net Income Attributable to Evercore Inc. was $557.3 million for the nine months ended September 30, 2026, an increase of $169.3 million, or 44%, compared to $388.0 million for the nine months ended September 30, 2025. The changes in our operating results during these periods are described below.

Previous wording

Net Revenues were $2.38 billion for the six months ended June 30, 2026, an increase of $853.1 million, or 56%, versus Net Revenues of $1.53 billion for the six months ended June 30, 2025. Advisory Fees increased $765.2 million, or 61%, Underwriting Fees increased $65.7 million, or 76%, and Commissions and Related Revenue increased $12.8 million, or 11%, compared to the six months ended June 30, 2025. Asset Management and Administration Fees increased $4.6 million, or 11%, compared to the six months ended June 30, 2025. See "Business Segments" and "Liquidity and Capital Resources" below for further information.

Current wording

Net Revenues were $3.55 billion for the nine months ended September 30, 2026, an increase of $982.8 million, or 38%, versus Net Revenues of $2.57 billion for the nine months ended September 30, 2025. Advisory Fees increased $892.6 million, or 42%, Underwriting Fees increased $77.5 million, or 60%, and Commissions and Related Revenue increased $10.5 million, or 6%, compared to the nine months ended September 30, 2025. Asset Management and Administration Fees increased $6.5 million, or 10%, compared to the nine months ended September 30, 2025. See "Business Segments" and "Liquidity and Capital Resources" below for further information.

Previous wording

Other Revenue, Including Interest and Investments, was $54.0 million for the six months ended June 30, 2026, an increase of $13.5 million, or 33%, versus $40.5 million for the six months ended June 30, 2025, primarily reflecting higher interest income resulting from higher average balances in interest-bearing assets, as well as higher performance of our investment funds portfolio. The investment funds portfolio is used as an economic hedge against our deferred cash compensation program.

Current wording

Other Revenue, Including Interest and Investments, was $79.3 million for the nine months ended September 30, 2026, an increase of $5.6 million, or 8%, versus $73.7 million for the nine months ended September 30, 2025, primarily reflecting higher interest income resulting from higher average balances in interest-bearing assets, partially offset by lower performance of our investment funds portfolio. The investment funds portfolio is used as an economic hedge against our deferred cash compensation program.

Previous wording

Interest Expense was $17.2 million for the six months ended June 30, 2026, an increase of $8.8 million, or 105%, versus $8.4 million for the six months ended June 30, 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.

Current wording

Interest Expense was $25.5 million for the nine months ended September 30, 2026, an increase of $10.0 million, or 64%, versus $15.5 million for the nine months ended September 30, 2025, primarily reflecting the issuance of new senior notes in July 2025 and interest expense related to deferred acquisition consideration issued in the acquisition of Robey Warshaw. See Notes 5 and 11 to our unaudited condensed consolidated financial statements for further information.

Previous wording

Employee Compensation and Benefits Expense was $1.55 billion for the six months ended June 30, 2026, an increase of $537.4 million, or 53%, versus $1.01 billion for the six months ended June 30, 2025. The increase in the amount of compensation recognized for the six months ended June 30, 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 six months ended June 30, 2026 also includes $14.2 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 64.9% for the six months ended June 30, 2026, compared to 66.0% for the six months ended June 30, 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.

Current wording

Employee Compensation and Benefits Expense was $2.29 billion for the nine months ended September 30, 2026, an increase of $605.9 million, or 36%, versus $1.69 billion for the nine months ended September 30, 2025. The increase in the amount of compensation recognized for the nine months ended September 30, 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 nine months ended September 30, 2026 also includes $21.2 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 64.6% for the nine months ended September 30, 2026, compared to 65.8% for the nine months ended September 30, 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 $337.3 million for the six months ended June 30, 2026, an increase of $78.6 million, or 30%, versus $258.7 million for the six months ended June 30, 2025. The increase was primarily driven by an increase in travel and related expenses, professional fees and technology and information services. The increase in travel and related expenses is largely due to higher levels of business activity, elevated travel pricing and increased headcount and the increase in technology and information services is principally reflecting higher expenses associated with license fees, consulting costs and research services. Non-Compensation expenses per employee were approximately $127.8 thousand for the six months ended June 30, 2026, versus $107.4 thousand for the six months ended June 30, 2025, a 19% increase.

Current wording

Non-compensation expenses were $512.2 million for the nine months ended September 30, 2026, an increase of $111.6 million, or 28%, versus $400.7 million for the nine months ended September 30, 2025. The increase was primarily driven by an increase in travel and related expenses, technology and information services and other operating expenses. The increase in travel and related expenses is largely due to higher levels of business activity, elevated travel pricing and increased headcount, the increase in technology and information services is principally reflecting higher expenses associated with license fees, consulting costs and research services and the increase in other operating expenses is primarily attributable to expense during 2026 associated with changes in the fair value of contingent consideration issued to the sellers of Robey Warshaw. The increase in depreciation and amortization expense is primarily due to the amortization of intangible assets related to the acquisition of Robey Warshaw. Non-Compensation expenses per employee were approximately $190.5 thousand for the nine months ended September 30, 2026, versus $164.3 thousand for the nine months ended September 30, 2025, a 16% increase.

Previous wording

Income from Equity Method Investments was $2.1 million for the six months ended June 30, 2026, an increase of $0.4 million, or 22%, versus $1.7 million for the six months ended June 30, 2025, reflecting higher earnings from Atalanta Sosnoff and Seneca Evercore in 2026. See Note 8 to our unaudited condensed consolidated financial statements for further information.

Current wording

Income from Equity Method Investments was $3.4 million for the nine months ended September 30, 2026, an increase of $0.6 million, or 22%, versus $2.8 million for the nine months ended September 30, 2025, primarily reflecting higher earnings from Atalanta Sosnoff in 2026. See Note 8 to our unaudited condensed consolidated financial statements for further information.

Previous wording

The provision for income taxes for the six months ended June 30, 2026 was $50.2 million, which reflected an effective tax rate of 10.5%. The provision for income taxes for the six months ended June 30, 2025 was $2.5 million, which reflected an effective tax rate of 1.0%. The increase in provision for income taxes for the six months ended June 30, 2026 is primarily attributable to a $216.1 million increase in pre-tax income, as well as an increase in non-deductible expenses and state and local apportionment adjustments, partially offset by the net impact associated with the appreciation in our share price upon vesting of employee share-based awards above the original grant price of $91.4 million and $75.0 million, respectively, which resulted in a reduction in the effective tax rate of 19.1 and 28.5 percentage points for the six months ended June 30, 2026 and 2025, respectively.

Current wording

The provision for income taxes for the nine months ended September 30, 2026 was $116.7 million, which reflected an effective tax rate of 16.1%. 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 increase in the provision for income taxes for the nine months ended September 30, 2026 is primarily attributable to a $242.7 million increase in pre-tax income, as well as an increase in non-deductible expenses and higher state and local taxes resulting from changes in apportionment, partially offset by the net impact associated with the appreciation in our share price upon vesting of employee share-based awards above the original grant price of $92.0 million and $76.4 million, respectively, which resulted in a reduction in the effective tax rate of 12.7 and 15.9 percentage points for the nine months ended September 30, 2026 and 2025, respectively.

Previous wording

Net Income Attributable to Noncontrolling Interest was $32.7 million for the six months ended June 30, 2026, an increase of $15.4 million, or 89%, versus $17.3 million for the six months ended June 30, 2025. The increase in Net Income Attributable to Noncontrolling Interest reflects higher income at Evercore LP and EWM during the six months ended June 30, 2026. See Note 13 to our unaudited condensed consolidated financial statements for further information.

Current wording

Net Income Attributable to Noncontrolling Interest was $49.2 million for the nine months ended September 30, 2026, an increase of $19.0 million, or 63%, versus $30.3 million for the nine months ended September 30, 2025. The increase in Net Income Attributable to Noncontrolling Interest primarily reflects higher income at Evercore LP during the nine months ended September 30, 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, including interest expense related to deferred acquisition consideration, all of which total $8.1 million and $16.9 million for the three and six months ended June 30, 2026, respectively, and $4.2 million and $8.4 million for the three and six months ended June 30, 2025, 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 $8.1 million and $25.0 million for the three and nine months ended September 30, 2026, respectively, and $7.1 million and $15.5 million for the three and nine months ended September 30, 2025, respectively.

Previous wording

The following table summarizes Evercore statistics for the three and six months ended June 30, 2026 and 2025.

Current wording

The following table summarizes Evercore statistics for the three and nine months ended September 30, 2026 and 2025.

Previous wording

Net Revenues were $966.9 millionfor the three months ended June 30, 2026, an increase of $154.7 million, or 19%, versus $812.2 millionfor the three months ended June 30, 2025. Theincrease in revenues for the three months ended June 30, 2026 was primarily driven by an increase of$77.8 million, or 11%, in Advisory Fees, reflecting an increase in revenue earned from large transactions and an increase in the number of advisory fees earned during the second quarter of 2026. Underwriting Fees increased$64.9 million, or 201%, compared to thethree months ended June 30, 2025, reflecting an increase in the number of transactions we participated in during the second quarter of 2026. Commissions and Related Revenue increased$5.3 million, or 9%, compared to thethree months ended June 30, 2025, primarily reflecting higher trading commissions driven by increased trading volume during the second quarter of 2026. Other Revenue, net, increased$6.7 million, or 28%, compared to thethree months ended June 30, 2025, primarily reflecting higher performance of our investment funds portfolio, as well ashigher interest income resulting from higher average balances in interest-bearing assets, partially offset byan increase in interest expense related to the issuance of new senior notes in July 2025. The investment funds portfolio is used as an economic hedge against our deferred cash compensation program.

Current wording

Net Revenues were $1.14 billionfor the three months ended September 30, 2026, an increase of $127.9 million, or 13%, versus $1.02 billionfor the three months ended September 30, 2025. Theincrease in revenues for the three months ended September 30, 2026 was primarily driven by an increase of$127.4 million, or 14%, 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 third quarter of 2026. Underwriting Fees increased$11.9 million, or 27%, compared to thethree months ended September 30, 2025, reflecting an increase in the average fee size of transactions we participated in during the third quarter of 2026. Commissions and Related Revenue decreased$2.3 million, or 4%, compared to thethree months ended September 30, 2025, primarily reflecting lower trading commissions driven by decreased trading volume during the third quarter of 2026. Other Revenue, net, decreased$9.0 million, or 35%, compared to thethree months ended September 30, 2025, primarily reflecting lower performance of our investment funds portfolio, partially offset byhigher interest income resulting from higher average balances in interest-bearing assets. The investment funds portfolio is used as an economic hedge against our deferred cash compensation program.

Previous wording

Non-compensation expenses were$175.8 million for the three months ended June 30, 2026, an increase of $45.0 million, or 34%, versus $130.8 million for the three months ended June 30, 2025. Non-compensation expenses increased from the prior year period, primarily driven by an increase in travel and related expenses, professional fees, technology and information services and other operating expenses. The increase in travel and related expenses is largely due to higher levels of business activity, elevated travel pricing and increased headcount and the increase in other operating expenses is primarily attributable to an increase in the provision for credit losses.

Current wording

Non-compensation expenses were$170.9 million for the three months ended September 30, 2026, an increase of $33.1 million, or 24%, versus $137.8 million for the three months ended September 30, 2025. Non-compensation expenses increased from the prior year period, primarily driven by an increase in technology and information services, other operating expenses, travel and related expenses and depreciation and amortization expense. The increase in technology and information services is principally reflecting higher expenses associated with consulting costs, research services and license fees, the increase in other operating expenses is primarily attributable to expense in the third quarter of 2026 associated with changes in the fair value of contingent consideration issued to the sellers of Robey Warshaw, the increase in travel and related expenses is largely due to higher levels of business activity, elevated travel pricing and increased headcount, and the increase in depreciation and amortization expense is primarily due to the amortization of intangible assets related to the acquisition of Robey Warshaw.

Previous wording

Net Revenues were $2.34 billion forthe six months ended June 30, 2026, an increase of $848.9 million, or 57%, versus $1.49 billion forthe six months ended June 30, 2025. Theincrease in revenues for the six months ended June 30, 2026 was primarily driven by an increase of$765.2 million, or 61%, 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 2026. Underwriting Fees increased $65.7 million, or 76%, compared tothe six months ended June 30, 2025, reflecting an increase in the number of transactions we participated in during 2026. Commissions and Related Revenue increased$12.8 million, or 11%, compared tothe six months ended June 30, 2025, primarily reflecting higher trading commissions driven by increased trading volume during 2026. Other Revenue, net, increased$5.2 million, or 16%, compared tothe six months ended June 30, 2025, primarily reflecting higher interest income resulting from higher average balances in interest-bearing assets, as well as higher performance of our investment funds portfolio, partially offset by an increase in interest expense related to the issuance of new senior notes in July 2025. The investment funds portfolio is used as an economic hedge against our deferred cash compensation program.

Current wording

Net Revenues were $3.48 billion forthe nine months ended September 30, 2026, an increase of $976.8 million, or 39%, versus $2.50 billion forthe nine months ended September 30, 2025. Theincrease in revenues for the nine months ended September 30, 2026 was primarily driven by an increase of$892.6 million, or 42%, 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 2026. Underwriting Fees increased $77.5 million, or 60%, compared tothe nine months ended September 30, 2025, reflecting an increase in the number of transactions we participated in during 2026. Commissions and Related Revenue increased$10.5 million, or 6%, compared tothe nine months ended September 30, 2025, primarily reflecting higher trading commissions during 2026. Other Revenue, net, decreased$3.8 million, or 7%, compared tothe nine months ended September 30, 2025, primarily reflectingan increase in interest expense principally related to the issuance of new senior notes in July 2025 and deferred acquisition consideration issued in the acquisition of Robey Warshaw. The decrease was also driven by lower performance of our investment funds portfolio, partially offset by higher interest income resulting from higher average balances in interest-bearing assets. The investment funds portfolio is used as an economic hedge against our deferred cash compensation program.

Previous wording

Employee Compensation and Benefits Expense was $1.52 billion for the six months ended June 30, 2026, an increase of $533.0 million, or 54%, versus $983.5 million for the six months ended June 30, 2025. The increase in the amount of compensation recognized for the six months ended June 30, 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 six months ended June 30, 2026 also includes $14.2 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.

Current wording

Employee Compensation and Benefits Expense was $2.25 billion for the nine months ended September 30, 2026, an increase of $602.1 million, or 37%, versus $1.65 billion for the nine months ended September 30, 2025. The increase in the amount of compensation recognized for the nine months ended September 30, 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 nine months ended September 30, 2026 also includes $21.2 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$328.4 million for the six months ended June 30, 2026, an increase of $77.9 million, or 31%, versus $250.5 million for the six months ended June 30, 2025. Non-compensation expenses increased from the prior year period, primarily driven by an increase in travel and related expenses, professional fees and technology and information services. The increase in travel and related expenses is largely due to higher levels of business activity, elevated travel pricing and increased headcount and the increase in technology and information services is principally reflecting higher expenses associated with license fees, consulting costs and research services.

Current wording

Non-compensation expenses were$499.3 million for the nine months ended September 30, 2026, an increase of $111.0 million, or 29%, versus $388.4 million for the nine months ended September 30, 2025. Non-compensation expenses increased from the prior year period, primarily driven by an increase in travel and related expenses, technology and information services and other operating expenses. The increase in travel and related expenses is largely due to higher levels of business activity, elevated travel pricing and increased headcount, the increase in technology and information services is principally reflecting higher expenses associated with license fees, consulting costs and research services and the increase in other operating expenses is primarily attributable to expense during 2026 associated with changes in the fair value of contingent consideration issued to the sellers of Robey Warshaw. The increase in depreciation and amortization expense is primarily due to the amortization of intangible assets related to the acquisition of Robey Warshaw.

Previous wording

Income (Loss) from Equity Method Investments was $0.03 million for the six months ended June 30, 2026, an increase of$0.1 million, versus ($0.03) million forthe six months ended June 30, 2025, reflecting higher earnings from Seneca Evercore in 2026. See Note 8 to our unaudited condensed consolidated financial statements for further information.

Current wording

Income (Loss) from Equity Method Investments was $0.04 million for the nine months ended September 30, 2026, an increase of$0.06 million, versus ($0.02) million forthe nine months ended September 30, 2025, reflecting higher earnings from Seneca Evercore in 2026. See Note 8 to our unaudited condensed consolidated financial statements for further information.

Previous wording

(1)Includes interest expense on mandatorily redeemable interests of $0.2 million and $0.3 million for the three and six months ended June 30, 2026, respectively.

Current wording

(1)Includes interest expense on mandatorily redeemable interests of $0.2 million and $0.5 million for the three and nine months ended September 30, 2026, respectively.

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 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 June 30, 2026, 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).

Previous wording

AUM in our Wealth Management business of $16.2 billion at June 30, 2026 increased $0.7 billion, or 5%, 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 78% of Level 1 investments, 18% of Level 2 investments and 4% of Level 3 investments as of June 30, 2026 and December 31, 2025.

Current wording

AUM in our Wealth Management business of $16.2 billion at September 30, 2026 increased $0.7 billion, or 4%, 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 79% and 78% of Level 1 investments, 17% and 18% of Level 2 investments and 4% and 4% of Level 3 investments as of September 30, 2026 and December 31, 2025, respectively.

Previous wording

The following table summarizes AUM activity for Wealth Management for the six months ended June 30, 2026:

Current wording

The following table summarizes AUM activity for Wealth Management for the nine months ended September 30, 2026:

Previous wording

For the six months ended June 30, 2026, AUM for Wealth Management increased 5%, primarily reflecting an increase from market appreciation. Performance as of June 30, 2026 reflected:

Current wording

For the nine months ended September 30, 2026, AUM for Wealth Management increased 4%, reflecting a 5% increase from market appreciation, partially offset by a 1% decrease from net outflows. Performance as of September 30, 2026 reflected:

Previous wording

•Wealth Management lagged the S&P 500 on a 1 and 3-year basis by approximately 4% and 6%, respectively

Current wording

•Wealth Management lagged the S&P 500 on a 1 and 3-year basis by approximately 7%

Previous wording

◦The S&P 500 was up approximately 22% and 21% on a 1 and 3-year basis, respectively

Current wording

◦The S&P 500 was up approximately 16% and 23% on a 1 and 3-year basis, respectively

Previous wording

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

Current wording

•Wealth Management outperformed the fixed income composite on a 1 and 3-year basis by approximately 1% and 0.1%, respectively

Previous wording

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

Current wording

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

Previous wording

AUM from our unconsolidated affiliate, Atalanta Sosnoff, increased 8% compared to December 31, 2025.

Current wording

AUM from our unconsolidated affiliate, Atalanta Sosnoff, increased 6% compared to December 31, 2025.