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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 June 30, 2022
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)
 ____________________________________________________
Delaware 20-4748747
(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 class Trading Symbol Name of each exchange on which registered
Class A Common Stock, par value $0.01 per share EVR New 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 July 22, 2022 was 39,144,156. The number of shares of the registrant’s Class B common stock, par value $0.01 per share, outstanding as of July 22, 2022 was 50 (excluding 50 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.





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PART I. FINANCIAL INFORMATION




















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EVERCORE INC.
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(UNAUDITED)
(dollars in thousands, except share data)
June 30, 2022 December 31, 2021
Assets
Current Assets
Cash and Cash Equivalents $ 444,306  $ 578,317 
Investment Securities and Certificates of Deposit (includes available-for-sale debt securities with an amortized cost of $462,544 and $706,826 at June 30, 2022 and December 31, 2021, respectively)
1,135,700  1,784,639 
Accounts Receivable (net of allowances of $1,447 and $2,704 at June 30, 2022 and December 31, 2021, respectively)
317,990  351,668 
Receivable from Employees and Related Parties 21,207  25,208 
Other Current Assets 156,808  58,533 
Total Current Assets 2,076,011  2,798,365 
Investments 42,904  75,176 
Deferred Tax Assets 268,299  248,077 
Operating Lease Right-of-Use Assets 245,154  263,329 
Furniture, Equipment and Leasehold Improvements (net of accumulated depreciation and amortization of $176,376 and $165,857 at June 30, 2022 and December 31, 2021, respectively)
147,449  148,589 
Goodwill 123,429  128,246 
Intangible Assets (net of accumulated amortization of $3,476 and $3,294 at June 30, 2022 and December 31, 2021, respectively)
154  336 
Other Assets 108,088  140,539 
Total Assets $ 3,011,488  $ 3,802,657 
Liabilities and Equity
Current Liabilities
Accrued Compensation and Benefits $ 505,222  $ 1,109,716 
Accounts Payable and Accrued Expenses 38,224  31,633 
Payable to Employees and Related Parties 56,436  58,876 
Operating Lease Liabilities 45,120  47,321 
Taxes Payable 4,449  20,980 
Other Current Liabilities 21,361  28,610 
Total Current Liabilities 670,812  1,297,136 
Operating Lease Liabilities 278,773  297,473 
Notes Payable 371,707  376,243 
Amounts Due Pursuant to Tax Receivable Agreements 70,770  70,209 
Other Long-term Liabilities 98,717  126,315 
Total Liabilities 1,490,779  2,167,376 
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, 79,597,763 and 74,804,288 issued at June 30, 2022 and December 31, 2021, respectively, and 39,137,078 and 37,903,430 outstanding at June 30, 2022 and December 31, 2021, respectively)
796  748 
Class B, par value $0.01 per share (1,000,000 shares authorized, 50 and 53 issued and outstanding at June 30, 2022 and December 31, 2021, respectively)
—  — 
Additional Paid-In-Capital 2,746,245  2,458,779 
Accumulated Other Comprehensive Income (Loss) (31,371) (12,086)
Retained Earnings 1,607,976  1,418,382 
Treasury Stock at Cost (40,460,685 and 36,900,858 shares at June 30, 2022 and December 31, 2021, respectively)
(2,973,087) (2,545,452)
Total Evercore Inc. Stockholders' Equity 1,350,559  1,320,371 
Noncontrolling Interest 170,150  314,910 
Total Equity 1,520,709  1,635,281 
Total Liabilities and Equity $ 3,011,488  $ 3,802,657 
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 June 30, For the Six Months Ended June 30,
  2022 2021 2022 2021
Revenues
Investment Banking:
Advisory Fees $ 576,245  $ 560,814  $ 1,200,809  $ 1,072,732 
Underwriting Fees 13,516  48,048  49,822  127,305 
Commissions and Related Revenue 52,485  50,725  103,383  104,251 
Asset Management and Administration Fees 15,968  16,183  33,083  31,132 
Other Revenue, Including Interest and Investments (23,039) 16,401  (24,818) 23,631 
Total Revenues 635,175  692,171  1,362,279  1,359,051 
Interest Expense 4,258  4,306  8,508  8,876 
Net Revenues 630,917  687,865  1,353,771  1,350,175 
Expenses
Employee Compensation and Benefits 388,971  407,798  818,706  803,188 
Occupancy and Equipment Rental 19,608  17,513  38,785  36,222 
Professional Fees 27,767  21,401  51,913  43,008 
Travel and Related Expenses 14,786  3,715  22,612  6,007 
Communications and Information Services 14,384  14,080  30,412  28,109 
Depreciation and Amortization 6,597  7,151  13,707  13,792 
Execution, Clearing and Custody Fees 2,631  2,913  5,428  6,465 
Special Charges, Including Business Realignment Costs 532  —  532  — 
Acquisition and Transition Costs —  —  — 
Other Operating Expenses 9,459  6,281  16,130  12,156 
Total Expenses 484,735  480,852  998,225  948,954 
Income Before Income from Equity Method Investments and Income Taxes 146,182  207,013  355,546  401,221 
Income from Equity Method Investments 2,274  3,394  4,786  6,418 
Income Before Income Taxes 148,456  210,407  360,332  407,639 
Provision for Income Taxes 38,562  46,478  73,344  78,159 
Net Income 109,894  163,929  286,988  329,480 
Net Income Attributable to Noncontrolling Interest 14,267  23,570  33,345  44,769 
Net Income Attributable to Evercore Inc. $ 95,627  $ 140,359  $ 253,643  $ 284,711 
Net Income Attributable to Evercore Inc. Common Shareholders $ 95,627  $ 140,359  $ 253,643  $ 284,711 
Weighted Average Shares of Class A Common Stock Outstanding
Basic 39,834  40,667  39,507  41,010 
Diluted 41,108  43,661  41,395  44,053 
Net Income Per Share Attributable to Evercore Inc. Common Shareholders:
Basic $ 2.40  $ 3.45  $ 6.42  $ 6.94 
Diluted $ 2.33  $ 3.21  $ 6.13  $ 6.46 


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 June 30, For the Six Months Ended June 30,
  2022 2021 2022 2021
Net Income $ 109,894  $ 163,929  $ 286,988  $ 329,480 
Other Comprehensive Income (Loss), net of tax:
Unrealized Gain on Securities and Investments, net 304  453  307  495 
Foreign Currency Translation Adjustment Gain (Loss), net (18,519) 886  (21,539) 2,439 
Other Comprehensive Income (Loss) (18,215) 1,339  (21,232) 2,934 
Comprehensive Income 91,679  165,268  265,756  332,414 
Comprehensive Income Attributable to Noncontrolling Interest 12,593  23,739  31,398  45,172 
Comprehensive Income Attributable to Evercore Inc. $ 79,086  $ 141,529  $ 234,358  $ 287,242 

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 June 30, 2022
Accumulated
Additional Other
Class A Common Stock Paid-In Comprehensive Retained Treasury Stock Noncontrolling Total
Shares Dollars Capital Income (Loss) Earnings Shares Dollars Interest Equity
Balance at March 31, 2022 79,460,450  $ 795  $ 2,679,900  $ (14,830) $ 1,544,765  (38,891,974) $ (2,800,593) $ 177,632  $ 1,587,669 
Net Income —  —  —  —  95,627  —  —  14,267  109,894 
Other Comprehensive Income (Loss) —  —  —  (16,541) —  —  —  (1,674) (18,215)
Treasury Stock Purchases —  —  —  —  —  (1,568,711) (172,494) —  (172,494)
Evercore LP Units Exchanged for Class A Common Stock 26,200  —  1,655  —  —  —  —  (1,530) 125 
Equity-based Compensation Awards 111,113  64,690  —  —  —  —  6,308  70,999 
Dividends —  —  —  —  (32,416) —  —  —  (32,416)
Noncontrolling Interest (Note 12) —  —  —  —  —  —  —  (24,853) (24,853)
Balance at June 30, 2022 79,597,763  $ 796  $ 2,746,245  $ (31,371) $ 1,607,976  (40,460,685) $ (2,973,087) $ 170,150  $ 1,520,709 
  For the Six Months Ended June 30, 2022
Accumulated
Additional Other
  Class A Common Stock Paid-In Comprehensive Retained Treasury Stock Noncontrolling Total
  Shares Dollars Capital Income (Loss) Earnings Shares Dollars Interest Equity
Balance at December 31, 2021 74,804,288  $ 748  $ 2,458,779  $ (12,086) $ 1,418,382  (36,900,858) $ (2,545,452) $ 314,910  $ 1,635,281 
Net Income —  —  —  —  253,643  —  —  33,345  286,988 
Other Comprehensive Income (Loss) —  —  —  (19,285) —  —  —  (1,947) (21,232)
Treasury Stock Purchases —  —  —  —  —  (3,559,827) (427,635) —  (427,635)
Evercore LP Units Exchanged for Class A Common Stock 2,572,605  26  163,689  —  —  —  —  (159,307) 4,408 
Equity-based Compensation Awards 2,220,870  22  125,138  —  —  —  —  12,529  137,689 
Dividends —  —  —  —  (64,049) —  —  —  (64,049)
Noncontrolling Interest (Note 12) —  —  (1,361) —  —  —  —  (29,380) (30,741)
Balance at June 30, 2022 79,597,763  $ 796  $ 2,746,245  $ (31,371) $ 1,607,976  (40,460,685) $ (2,973,087) $ 170,150  $ 1,520,709 
For the Three Months Ended June 30, 2021
Accumulated
Additional Other
Class A Common Stock Paid-In Comprehensive Retained Treasury Stock Noncontrolling Total
Shares Dollars Capital Income (Loss) Earnings Shares Dollars Interest Equity
Balance at March 31, 2021 74,521,960  $ 745  $ 2,322,421  $ (8,397) $ 914,120  (33,385,488) $ (2,059,581) $ 265,089  $ 1,434,397 
Net Income —  —  —  —  140,359  —  —  23,570  163,929 
Other Comprehensive Income —  —  —  1,170  —  —  —  169  1,339 
Treasury Stock Purchases —  —  —  —  —  (1,367,984) (189,952) —  (189,952)
Evercore LP Units Exchanged for Class A Common Stock 20,550  —  1,555  —  —  —  —  (1,033) 522 
Equity-based Compensation Awards 45,673  59,749  —  —  —  —  3,011  62,761 
Dividends —  —  —  —  (31,219) —  —  —  (31,219)
Noncontrolling Interest (Note 12) —  —  —  —  —  —  —  (16,510) (16,510)
Balance at June 30, 2021 74,588,183  $ 746  $ 2,383,725  $ (7,227) $ 1,023,260  (34,753,472) $ (2,249,533) $ 274,296  $ 1,425,267 
  For the Six Months Ended June 30, 2021
        Accumulated          
      Additional Other        
  Class A Common Stock Paid-In Comprehensive Retained Treasury Stock Noncontrolling Total
  Shares Dollars Capital Income (Loss) Earnings Shares Dollars Interest Equity
Balance at December 31, 2020 72,195,283  $ 722  $ 2,266,136  $ (9,758) $ 798,573  (31,445,058) $ (1,824,727) $ 258,428  $ 1,489,374 
Net Income —  —  —  —  284,711  —  —  44,769  329,480 
Other Comprehensive Income —  —  —  2,531  —  —  —  403  2,934 
Treasury Stock Purchases —  —  —  —  —  (3,308,414) (424,806) —  (424,806)
Evercore LP Units Exchanged for Class A Common Stock 140,693  8,766  —  —  —  —  (6,747) 2,020 
Equity-based Compensation Awards 2,252,207  23  111,649  —  —  —  —  6,107  117,779 
Dividends —  —  —  —  (60,024) —  —  —  (60,024)
Noncontrolling Interest (Note 12) —  —  (2,826) —  —  —  —  (28,664) (31,490)
Balance at June 30, 2021 74,588,183  $ 746  $ 2,383,725  $ (7,227) $ 1,023,260  (34,753,472) $ (2,249,533) $ 274,296  $ 1,425,267 

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 Six Months Ended June 30,
  2022 2021
Cash Flows From Operating Activities
Net Income $ 286,988  $ 329,480 
Adjustments to Reconcile Net Income to Net Cash Provided by (Used In) Operating Activities:
Net (Gains) Losses on Investments, Investment Securities and Contingent Consideration 28,678  (22,193)
Equity Method Investments, Including Gain on Sale 3,968  5,038 
Equity-Based and Other Deferred Compensation 238,641  202,186 
Noncash Lease Expense 18,760  20,311 
Depreciation, Amortization and Accretion 14,386  14,129 
Bad Debt Expense 1,503  (1,766)
Deferred Taxes (8,369) 3,982 
Decrease (Increase) in Operating Assets:
Investment Securities (528) (1,946)
Accounts Receivable 21,713  42,638 
Receivable from Employees and Related Parties 3,917  4,558 
Other Assets (67,406) (20,482)
(Decrease) Increase in Operating Liabilities:
Accrued Compensation and Benefits (705,445) (359,317)
Accounts Payable and Accrued Expenses 5,865  6,001 
Payables to Employees and Related Parties 25,801  23,791 
Taxes Payable (16,531) (10,537)
Other Liabilities (20,561) (121,415)
Net Cash Provided by (Used In) Operating Activities (168,620) 114,458 
Cash Flows From Investing Activities
Investments Purchased —  (1,355)
Proceeds from Redemption of G5 Debt Security in 2021 and Sale of Investments in 2022 18,300  11,779 
Distributions of Private Equity Investments 27  171 
Investment Securities:
Proceeds from Sales and Maturities of Investment Securities 1,703,871  992,836 
Purchases of Investment Securities (1,078,819) (852,579)
Maturity of Certificates of Deposit 138,305  — 
Purchase of Certificates of Deposit (154,640) (122,510)
Purchase of Furniture, Equipment and Leasehold Improvements (11,449) (16,374)
Net Cash Provided by Investing Activities 615,595  11,968 
Cash Flows From Financing Activities
Issuance of Noncontrolling Interests 300  1,107 
Distributions to Noncontrolling Interests (32,541) (29,642)
Payment of Notes Payable (67,000) (38,000)
Issuance of Notes Payable 67,000  38,000 
Debt Issuance Costs and Make-Whole Amount (1,641) (355)
Purchase of Treasury Stock and Noncontrolling Interests (457,068) (423,188)
Dividends (70,868) (65,139)
Net Cash Provided by (Used in) Financing Activities (561,818) (517,217)
Effect of Exchange Rate Changes on Cash (19,056) 3,558 
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash (133,899) (387,233)
Cash, Cash Equivalents and Restricted Cash – Beginning of Period 587,293  838,224 
Cash, Cash Equivalents and Restricted Cash – End of Period $ 453,394  $ 450,991 
SUPPLEMENTAL CASH FLOW DISCLOSURE
Payments for Interest $ 9,164  $ 8,912 
Payments for Income Taxes $ 140,187  $ 70,772 
Accrued Dividends $ 8,362  $ 7,096 
Settlement of Sale of Trilantic VI $ 9,188  $ — 
Receipt of Equity Securities in Settlement of Accounts Receivable $ —  $ 1,955 
Debt Issuance Costs Accrued $ 185  $ — 

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 segment includes the advisory business through which the Company provides advice to clients on significant mergers, acquisitions, divestitures, shareholder activism and other strategic corporate transactions, with a particular focus on advising prominent multinational corporations and substantial private equity firms on large, complex transactions. The Company also provides restructuring advice to companies in financial transition, as well as to creditors, shareholders and potential acquirers. In addition, the Company provides its clients with capital markets advice, underwrites securities offerings, raises funds for financial sponsors and provides advisory services focused on secondary transactions for private funds interests, as well as on primary and secondary transactions for real estate oriented financial sponsors and private equity interests. The Investment Banking business also includes the Evercore ISI 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, 2021.
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, 2021. The December 31, 2021 Unaudited Condensed Consolidated Statement of Financial Condition data was derived from audited consolidated financial statements, but does not include all disclosures required by U.S. GAAP. Operating results for interim periods are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2022.
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 and related items, which are presented on the Company's (Parent Company Only) Condensed 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)
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, 2021.
Evercore ISI International Limited ("Evercore ISI U.K."), Evercore Partners International LLP ("Evercore U.K."), Evercore (Japan) Ltd. ("Evercore Japan"), Evercore Consulting (Beijing) Co. Ltd. ("Evercore Beijing") and Evercore Partners Canada Ltd. ("Evercore Canada") are also VIEs, and the Company is the primary beneficiary of these VIEs. Specifically for Evercore ISI U.K., Evercore Japan, Evercore Beijing and Evercore Canada, the Company provides financial support through transfer pricing agreements with these entities, which exposes the Company to losses that are potentially significant to these entities, and has decision making authority that significantly affects the economic performance of these entities. The Company has the majority economic interest in Evercore U.K. and has decision making authority that significantly affects the economic performance of this entity. The Company included in its Unaudited Condensed Consolidated Statements of Financial Condition Evercore ISI U.K., Evercore U.K., Evercore Japan, Evercore Beijing and Evercore Canada assets of $520,319 and liabilities of $203,531 at June 30, 2022 and assets of $446,736 and liabilities of $260,426 at December 31, 2021.
All intercompany balances and transactions with the Company's subsidiaries have been eliminated upon consolidation.
Note 3 – Recent Accounting Pronouncements
ASU 2020-06 In August 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2020-06, "Accounting for Convertible Instruments and Contracts in an Entity's Own Equity" ("ASU 2020-06"). ASU 2020-06 provides amendments to reduce the number of models used to account for convertible instruments and to simplify the accounting for contracts in an entity's own equity. ASU 2020-06 also provides amendments to diluted earnings per share calculations, which require entities to use the if-converted method for convertible instruments and to include the effect of potential share settlement from instruments that may be settled in cash or in shares. The amendments in this update are effective during interim and annual periods beginning after December 15, 2021, with early adoption permitted. The amendments should be applied using a modified or full retrospective transition method. The Company adopted ASU 2020-06 on January 1, 2022. The adoption of ASU 2020-06 did not have a material impact on the Company's financial condition, results of operations and cash flows, or disclosures thereto.
Note 4 – Revenue and Accounts Receivable

The following table presents revenue recognized by the Company for the three and six months ended June 30, 2022 and 2021:
For the Three Months Ended June 30, For the Six Months Ended June 30,
2022 2021 2022 2021
Investment Banking:
Advisory Fees $ 576,245  $ 560,814  $ 1,200,809  $ 1,072,732 
Underwriting Fees 13,516  48,048  49,822  127,305 
Commissions and Related Revenue 52,485  50,725  103,383  104,251 
Total Investment Banking $ 642,246  $ 659,587  $ 1,354,014  $ 1,304,288 
Investment Management:
Asset Management and Administration Fees:
Wealth Management
$ 15,968  $ 16,183  $ 33,083  $ 31,132 
Total Investment Management $ 15,968  $ 16,183  $ 33,083  $ 31,132 
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 six months ended June 30, 2022 and 2021 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 Six Months Ended June 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) (33,678) (24,418) 51,177  (11,407) 366  — 
Balance at June 30, 2022 $ 317,990  $ 63,346  $ 65,269  $ 1,538  $ 9,623  $ 147 
For the Six Months Ended June 30, 2021
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, 2021 $ 368,346  $ 70,975  $ 29,327  $ 5,283  $ 9,373  $ 147 
Increase (Decrease) (39,803) 5,011  25,438  1,380  2,280  — 
Balance at June 30, 2021 $ 328,543  $ 75,986  $ 54,765  $ 6,663  $ 11,653  $ 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 $6,297 and $10,505 on the Unaudited Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2022, respectively, and $5,609 and $8,076 for the three and six months ended June 30, 2021, 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 six months ended June 30, 2022 and 2021 is as follows:
For the Three Months Ended June 30, For the Six Months Ended June 30,
2022 2021 2022 2021
Beginning Balance $ 2,054  $ 2,017  $ 2,704  $ 5,372 
Bad debt expense, net of reversals 2,022  (28) 1,503  (1,766)
Write-offs, foreign currency translation and other adjustments (2,629) 154  (2,760) (1,463)
Ending Balance $ 1,447  $ 2,143  $ 1,447  $ 2,143 
The change in the balance during the three and six months ended June 30, 2022 is primarily related to 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 June 30, 2022, by year of origination:
11

EVERCORE INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(amounts in thousands, except per share amounts, unless otherwise noted)
Amortized Carrying Value by Origination Year
2022 2021 2020 2019 2018 Prior Total
Long-term Accounts Receivable and Long-Term Contract Assets $ 6,753  $ 37,739  $ 16,865  $ 3,527  $ —  $ —  $ 64,884 
Note 5 – Related Parties
Investment Banking Revenue includes advisory 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 $4,251 and $7,111 for the three and six months ended June 30, 2022, respectively, and $16,052 and $23,087 for the three and six months ended June 30, 2021, respectively.
Other Assets on the Unaudited Condensed Consolidated Statements of Financial Condition includes the long-term portion of loans receivable from certain employees of $21,694 and $20,397 as of June 30, 2022 and December 31, 2021, 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 June 30, 2022 and December 31, 2021 were as follows:
  June 30, 2022 December 31, 2021
  Cost Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair Value Cost Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair Value
Debt Securities $ 462,544  $ 346  $ —  $ 462,890  $ 706,826  $ 37  $ 16  $ 706,847 
Equity Securities 558  —  147  411  666  193  —  859 
Debt Securities Carried by EGL 389,290  570  —  389,860  784,813  43  14  784,842 
Investment Funds 143,276  358  9,658  133,976  111,682  39,191  —  150,873 
Total Investment Securities (carried at fair value) $ 995,668  $ 1,274  $ 9,805  $ 987,137  $ 1,603,987  $ 39,464  $ 30  $ 1,643,421 
Certificates of Deposit (carried at contract value) 148,563  141,218 
Total Investment Securities and Certificates of Deposit $ 1,135,700  $ 1,784,639 
Scheduled maturities of the Company's available-for-sale debt securities as of June 30, 2022 and December 31, 2021 were as follows:
  June 30, 2022 December 31, 2021
  Amortized
Cost
Fair Value Amortized
Cost
Fair Value
Due within one year $ 462,544  $ 462,890  $ 706,826  $ 706,847 
Total $ 462,544  $ 462,890  $ 706,826  $ 706,847 
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 June 30, 2022 and has not recorded a credit allowance on these securities.
Debt Securities
Debt Securities are classified as available-for-sale securities within Investment Securities and Certificates of Deposit on the Unaudited Condensed Consolidated Statements of Financial Condition. These securities are stated at fair value with unrealized gains and losses included in Accumulated Other Comprehensive Income (Loss) and realized gains and losses
12

EVERCORE INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(amounts in thousands, except per share amounts, unless otherwise noted)
included in earnings. The Company had net realized losses of ($34) for the six months ended June 30, 2022 and ($11) for the six months ended June 30, 2021.
Equity Securities
Equity Securities are carried at fair value with changes in fair value recorded in Other Revenue, Including Interest and Investments, on the Unaudited Condensed Consolidated Statements of Operations. The Company had net realized and unrealized gains (losses) of ($459) and ($448) for the three and six months ended June 30, 2022, respectively, and ($267) and $1,860 for the three and six months ended June 30, 2021, 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 (losses) of $507 and $528 for the three and six months ended June 30, 2022, respectively, and ($4) and ($9) for the three and six months ended June 30, 2021, 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 ($26,353) and ($31,516) for the three and six months ended June 30, 2022, respectively, and $9,774 and $16,002 for the three and six months ended June 30, 2021, respectively.
Certificates of Deposit
At June 30, 2022 and December 31, 2021, the Company held certificates of deposit of $148,563 and $141,218, 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, equity securities in private companies and investments in G5 Holdings S.A. ("G5") (through June 25, 2021), Glisco Manager Holdings LP and Trilantic Capital Partners ("Trilantic"). The Company's investments are relatively high-risk and illiquid assets.
The Company's investments in ABS Investment Management Holdings, LP and ABS Investment Management GP LLC (collectively, "ABS"), Atalanta Sosnoff Capital, LLC ("Atalanta Sosnoff"), Luminis Partners ("Luminis") and Seneca Advisors LTDA ("Seneca Evercore") are in voting interest entities. The Company's share of earnings (losses) from these investments is included within Income from Equity Method Investments on the Unaudited Condensed Consolidated Statements of Operations.
The Company also has investments in private equity partnerships which consist of investment interests in private equity funds which are voting interest entities. Realized and unrealized gains and losses on private equity investments are included within Other Revenue, Including Interest and Investments, on the Unaudited Condensed Consolidated Statements of Operations.
Equity Method Investments
A summary of the Company's investments accounted for under the equity method of accounting as of June 30, 2022 and December 31, 2021 was as follows:
13

EVERCORE INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(amounts in thousands, except per share amounts, unless otherwise noted)
June 30, 2022 December 31, 2021
ABS $ 18,986  $ 40,977 
Atalanta Sosnoff 10,865  10,948 
Luminis 5,757  6,158 
Seneca Evercore 448  507 
Total $ 36,056  $ 58,590 

ABS
On December 29, 2011, the Company made an investment accounted for under the equity method of accounting in ABS Investment Management, LLC. Effective as of September 1, 2018, ABS Investment Management, LLC underwent an internal reorganization pursuant to which the Company contributed its ownership interest in ABS Investment Management, LLC to ABS in exchange for ownership interests in ABS Investment Management Holdings LP and ABS Investment Management GP LLC.  Taken together, the ownership interests in ABS Investment Management Holdings LP and ABS Investment Management GP LLC were substantially equivalent to the contributed ownership interests in ABS Investment Management, LLC.
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 six months ended June 30, 2022, included within Other Revenue, Including Interest and Investments, on the Unaudited Condensed Consolidated Statement of Operations.
At June 30, 2022, the Company's ownership interest in ABS was 26%. This investment resulted in earnings of $1,171 and $2,370 for the three and six months ended June 30, 2022, respectively, and $2,295 and $4,490 for the three and six months ended June 30, 2021, respectively, included within Income from Equity Method Investments on the Unaudited Condensed Consolidated Statements of Operations.
Atalanta Sosnoff
On December 31, 2015, the Company amended the Operating Agreement with Atalanta Sosnoff and deconsolidated its assets and liabilities, accounting for its interest under the equity method of accounting from that date forward. At June 30, 2022, the Company's ownership interest in Atalanta Sosnoff was 49%. This investment resulted in earnings of $939 and $1,878 for the three and six months ended June 30, 2022, respectively, and $550 and $1,210 for the three and six months ended June 30, 2021, respectively, included within Income from Equity Method Investments on the Unaudited Condensed Consolidated Statements of Operations.
Luminis
On January 1, 2017, the Company acquired an interest in Luminis and accounted for its interest under the equity method of accounting. At June 30, 2022, the Company's ownership interest in Luminis was 20%. This investment resulted in earnings of $102 and $390 for the three and six months ended June 30, 2022, respectively, and $549 and $718 for the three and six months ended June 30, 2021, 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
On July 7, 2021, the Company acquired a 20% interest in Seneca Evercore for $500 and maintains proportional representation on the board of directors of Seneca Evercore (but not less than one director) following this transaction. The Company accounts for its interest under the equity method of accounting. This investment resulted in earnings of $62 and $148 for the three and six months ended June 30, 2022, respectively, included within Income from Equity Method Investments on the Unaudited Condensed Consolidated Statement of Operations. This investment is subject to currency translation from the Brazilian real to the U.S. dollar, included in Accumulated Other Comprehensive Income (Loss), on the Unaudited Condensed Consolidated Statements of Financial Condition.
Other
14

EVERCORE INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(amounts in thousands, except per share amounts, unless otherwise noted)
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 June 30, 2022 and 2021 and $158 for each of the six months ended June 30, 2022 and 2021.
The Company assesses its equity method investments for impairment annually, or more frequently if circumstances indicate impairment may have occurred.
Debt Security Investment
On December 31, 2017, the Company exchanged all of its outstanding equity interests in G5 for debentures of G5. The Company previously recorded its investment in G5 as a held-to-maturity debt security within Investments on the Unaudited Condensed Consolidated Statements of Financial Condition. These securities were mandatorily redeemable on December 31, 2027, or earlier, subject to the occurrence of certain events. The Company was accreting its investment to its redemption value ratably, or on an accelerated basis if certain revenue thresholds were met by G5, from December 31, 2017 to December 31, 2027. This investment was subject to currency translation from the Brazilian real to the U.S. dollar, included in Other Revenue, Including Interest and Investments, on the Unaudited Condensed Consolidated Statements of Operations. On June 25, 2021, G5 repaid its outstanding debentures with the Company in full, resulting in a gain of $4,374, included in Other Revenue, Including Interest and Investments, on the Unaudited Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2021.
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 June 30, 2022 and December 31, 2021 was as follows:
June 30, 2022 December 31, 2021
Glisco II, Glisco III and Glisco IV $ 3,582  $ 3,479 
Trilantic IV, Trilantic V and Trilantic VI 2,658  12,210 
Total Private Equity Funds $ 6,240  $ 15,689 
Net realized and unrealized gains (losses) on private equity fund investments were $19 and ($64) for the three and six months ended June 30, 2022, respectively, and ($17) and $22 for the three and six months ended June 30, 2021, respectively. In the event the funds perform poorly, the Company may be obligated to repay certain carried interest previously distributed. As of June 30, 2022, $703 of previously distributed carried interest received from the funds was subject to repayment.
On December 14, 2021, the Company entered into an agreement to sell its interests in Trilantic VI for $9,188. Consideration for this transaction was received in December 2021 and was reflected in Cash and Cash Equivalents and Other Current Liabilities on the Unaudited Condensed Consolidated Statement of Financial Condition at December 31, 2021. This transaction closed on January 1, 2022 and as of that date, the Company has no further commitments to invest in Trilantic VI.
General Partners of Private Equity Funds which are VIEs
Following the Glisco transaction, the Company concluded that Glisco Capital Partners II, Glisco Capital Partners III and Glisco Manager Holdings LP are VIEs and that the Company is not the primary beneficiary of these VIEs. The Company's assessment of the primary beneficiary of these entities included assessing which parties have the power to significantly impact the economic performance of these entities and the obligation to absorb losses, which could be potentially significant to the entities, or the right to receive benefits from the entities that could be potentially significant. Neither the Company nor its
15

EVERCORE INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(amounts in thousands, except per share amounts, unless otherwise noted)
related parties will have the ability to make decisions that significantly impact the economic performance of these entities. Further, as a limited partner in these entities, the Company does not possess substantive participating rights. The Company had assets of $3,225 and $3,408 included in its Unaudited Condensed Consolidated Statements of Financial Condition at June 30, 2022 and December 31, 2021, respectively, related to these unconsolidated VIEs, representing the carrying value of the Company's investments in the entities. The Company's exposure to the obligations of these VIEs is generally limited to its investments in these entities. The Company's maximum exposure to loss as of June 30, 2022 and December 31, 2021 was $5,524 and $5,715, respectively, which represents the carrying value of the Company's investments in these VIEs, as well as any unfunded commitments to the current and future funds.
Other Investments
In certain instances, the Company receives equity securities in private companies in exchange for advisory services. These investments, which had a balance of $608 and $676 as of June 30, 2022 and December 31, 2021, respectively, are accounted for at their cost minus impairment, if any, plus or minus changes resulting from observable price changes.
Following the Glisco transaction in 2016, the Company recorded an investment in Glisco Manager Holdings LP representing the fair value of the deferred consideration resulting from this transaction. This investment is accounted for at its cost minus impairment, if any, plus or minus changes resulting from observable price changes. The Company amortizes the balance of its investment as distributions are received related to the deferred consideration. This investment was fully amortized as of June 30, 2022 and had a balance of $221 as of December 31, 2021.
Note 8 – Leases
Operating Leases – The Company leases office space under non-cancelable lease agreements, which expire on various dates through 2035. The Company reflects lease expense over the lease terms on a straight-line basis. The lease terms include options to extend the lease when it is reasonably certain that the Company will exercise that option. Occupancy lease agreements, in addition to base rentals, generally are subject to escalation provisions based on certain costs incurred by the landlord. The Company does not have any leases with variable lease payments. Occupancy and Equipment Rental on the Unaudited Condensed Consolidated Statements of Operations includes operating lease cost for office space of $12,769 and $25,609 for the three and six months ended June 30, 2022, respectively, and $12,334 and $24,500 for the three and six months ended June 30, 2021, respectively, and variable lease cost, which principally include costs for real estate taxes, common area maintenance and other operating expenses, of $1,744 and $3,644 for the three and six months ended June 30, 2022, respectively, and $1,766 and $3,618 for the three and six months ended June 30, 2021, respectively.
In conjunction with the lease of office space, the Company has entered into letters of credit in the amount of $5,616 as of June 30, 2022 and December 31, 2021, which are secured by cash that is included in Other Assets on the Unaudited Condensed Consolidated Statements of Financial Condition.
The Company has entered into various operating leases for the use of office equipment (primarily computers, printers, copiers and other information technology related equipment). Occupancy and Equipment Rental on the Unaudited Condensed Consolidated Statements of Operations includes operating lease cost for office equipment of $1,258 and $2,501 for the three and six months ended June 30, 2022, respectively, and $1,144 and $2,651 for the three and six months ended June 30, 2021, respectively.
The Company uses its secured incremental borrowing rate to determine the present value of its right-of-use assets and lease liabilities. The determination of an appropriate incremental borrowing rate requires significant assumptions and judgment. The Company's incremental borrowing rate was calculated based on the Company's recent debt issuances and current market conditions. The Company scales the rates appropriately depending on the life of the leases.
The Company incurred net operating cash outflows of $30,201 and $22,893 for the six months ended June 30, 2022 and 2021, respectively, related to its operating leases, which was net of cash received from lease incentives of $332 and $4,144 for the six months ended June 30, 2022 and 2021, respectively.
Other information as it relates to the Company's operating leases is as follows:
16

EVERCORE INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(amounts in thousands, except per share amounts, unless otherwise noted)
For the Three Months Ended June 30, For the Six Months Ended June 30,
2022 2021 2022 2021
New Right-of-Use Assets obtained in exchange for new operating lease liabilities $ 1,585  $ 12,327  $ 7,192  $ 14,211 
June 30, 2022 June 30, 2021
Weighted-average remaining lease term - operating leases 10.7 years 11.2 years
Weighted-average discount rate - operating leases 3.91  % 4.02  %
As of June 30, 2022, the maturities of the undiscounted operating lease liabilities for which the Company has commenced use are as follows:
2022 (July 1 through December 31) $ 29,804 
2023 45,266 
2024 37,153 
2025 38,712 
2026 38,497 
Thereafter 216,888 
Total lease payments 406,320 
Less: Tenant Improvement Allowances (5,949)
Less: Imputed Interest (76,478)
Present value of lease liabilities 323,893 
Less: Current lease liabilities (45,120)
Long-term lease liabilities $ 278,773 
In conjunction with the lease agreement to expand its headquarters at 55 East 52nd St., New York, New York, and lease agreements at certain other locations, the Company entered into leases for office space which have not yet commenced and thus are not yet included on the Company's Unaudited Condensed Consolidated Statements of Financial Condition as right-of-use assets and lease liabilities. The Company anticipates that it will take possession of these spaces by the end of 2023. These spaces will have lease terms of 3 to 13 years once the Company has taken possession. The additional future payments under these arrangements are $230,009 as of June 30, 2022.
Note 9 – Fair Value Measurements
ASC 820, "Fair Value Measurements and Disclosures" ("ASC 820") establishes a hierarchical disclosure framework which prioritizes and ranks the level of market price observability used in measuring investments at fair value. Market price observability is affected by a number of factors, including the type of investment and the characteristics specific to the investment. Investments with readily-available active quoted prices, or for which fair value can be measured from actively quoted prices, generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value.
Investments measured and reported at fair value are classified and disclosed in one of the following categories:
Level 1 – Quoted prices are available in active markets for identical investments as of the reporting date. The type of investments included in Level 1 include listed equities, listed derivatives and treasury bills. As required by ASC 820, the Company does not adjust the quoted price for these investments, even in situations where the Company holds a large position and a sale could reasonably impact the quoted price.
Level 2 – Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined through the use of models or other valuation
17

EVERCORE INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(amounts in thousands, except per share amounts, unless otherwise noted)
methodologies. Periodically, the Company holds investments in corporate bonds, municipal bonds and other debt securities, the estimated fair values of which are based on prices provided by external pricing services.
Level 3 – 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.
The following table presents the categorization of investments and certain other financial assets measured at fair value on a recurring basis as of June 30, 2022 and December 31, 2021:
  June 30, 2022
  Level 1 Level 2 Level 3 Total
Debt Securities Carried by EGL $ 389,860  $ —  $ —  $ 389,860 
Other Debt and Equity Securities(1)
469,187  —  —  469,187 
Investment Funds 133,976  —  —  133,976 
Total Assets Measured At Fair Value $ 993,023  $ —  $ —  $ 993,023 
  December 31, 2021
  Level 1 Level 2 Level 3 Total
Debt Securities Carried by EGL $ 784,842  $ —  $ —  $ 784,842 
Other Debt and Equity Securities(1)
710,706  —  —  710,706 
Investment Funds 150,873  —  —  150,873 
Total Assets Measured At Fair Value $ 1,646,421  $ —  $ —  $ 1,646,421 
(1)Includes $5,886 and $3,000 of treasury bills and notes classified within Cash and Cash Equivalents on the Unaudited Condensed Consolidated Statements of Financial Condition as of June 30, 2022 and December 31, 2021, respectively.
In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment.
The carrying amount and estimated fair value of the Company's financial instrument assets and liabilities, which are not measured at fair value on the Unaudited Condensed Consolidated Statements of Financial Condition, are listed in the tables below.
18

EVERCORE INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(amounts in thousands, except per share amounts, unless otherwise noted)
    June 30, 2022
  Carrying Estimated Fair Value
  Amount Level 1 Level 2 Level 3 Total
Financial Assets:
Cash and Cash Equivalents $ 438,420  $ 438,420  $ —  $ —  $ 438,420 
Certificates of Deposit 148,563  —  148,563  —  148,563 
Receivables(1)
381,336  —  379,522  —  379,522 
Contract Assets(2)
66,807  —  66,717  —  66,717 
Receivable from Employees and Related Parties 21,207  —  21,207  —  21,207 
Closely-held Equity Securities 608  —  —  608  608 
Financial Liabilities:
Accounts Payable and Accrued Expenses $ 38,224  $ —  $ 38,224  $ —  $ 38,224 
Payable to Employees and Related Parties 56,436  —  56,436  —  56,436 
Notes Payable 371,707  —  369,191  —  369,191 
    December 31, 2021
  Carrying Estimated Fair Value
  Amount Level 1 Level 2 Level 3 Total
Financial Assets:
Cash and Cash Equivalents $ 575,317  $ 575,317  $ —  $ —  $ 575,317 
Certificates of Deposit 141,218  —  141,218  —  141,218 
Receivables(1)
439,432  —  436,749  —  436,749 
Contract Assets(2)
27,037  —  25,986  —  25,986 
Receivable from Employees and Related Parties 25,208  —  25,208  —  25,208 
Closely-held Equity Securities 676  —  —  676  676 
Financial Liabilities:
Accounts Payable and Accrued Expenses $ 31,633  $ —  $ 31,633  $ —  $ 31,633 
Payable to Employees and Related Parties 58,876  —  58,876  —  58,876 
Notes Payable 376,243  —  390,288  —  390,288 
(1)Includes Accounts Receivable, as well as long-term receivables, which are included in Other Assets on the Unaudited Condensed Consolidated Statements of Financial Condition.
(2)Includes current and long-term contract assets included in Other Current Assets and Other Assets on the Unaudited Condensed Consolidated Statements of Financial Condition.
Note 10 – Notes Payable
2016 Private Placement Notes
On March 30, 2016, the Company issued an aggregate of $170,000 of senior notes, including: $38,000 aggregate principal amount of its 4.88% Series A senior notes which were due March 30, 2021 (the "Series A Notes"), $67,000 aggregate principal amount of its 5.23% Series B senior notes due March 30, 2023 (the "Series B Notes"), $48,000 aggregate principal amount of its 5.48% Series C senior notes due March 30, 2026 (the "Series C Notes") and $17,000 aggregate principal amount of its 5.58% Series D senior notes due March 30, 2028 (the "Series D Notes" and together with the Series A Notes, the Series B Notes and the Series C Notes, the "2016 Private Placement Notes"), pursuant to a note purchase agreement (the "2016 Note Purchase Agreement") dated as of March 30, 2016, among the Company and the purchasers party thereto in a private placement exempt from registration under the Securities Act of 1933.
Interest on the 2016 Private Placement Notes is payable semi-annually and the 2016 Private Placement Notes are guaranteed by certain of the Company's domestic subsidiaries. The Company may, at its option, prepay all, or from time to time
19

EVERCORE INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(amounts in thousands, except per share amounts, unless otherwise noted)
any part of, the 2016 Private Placement Notes (without regard to Series), in an amount not less than 5% of the aggregate principal amount of the 2016 Private Placement Notes then outstanding at 100% of the principal amount thereof plus an applicable "make-whole amount." Upon the occurrence of a change of control, the holders of the 2016 Private Placement Notes will have the right to require the Company to prepay the entire unpaid principal amounts held by each holder of the 2016 Private Placement Notes plus accrued and unpaid interest to the prepayment date. The 2016 Note Purchase Agreement contains customary covenants, including financial covenants requiring compliance with a maximum leverage ratio, a minimum tangible net worth and a minimum interest coverage ratio, and customary events of default. As of June 30, 2022, the Company was in compliance with all of these covenants.
In March 2021, the Company repaid the $38,000 aggregate principal amount of its Series A Notes. On June 28, 2022, the Company prepaid the $67,000 aggregate principal amount of its Series B Notes plus the applicable make-whole amount. In conjunction with the June 2022 prepayment and the acceleration of the remaining debt issuance costs, the Company recorded a loss of $456 for the three and six months ended June 30, 2022, included within Special Charges, Including Business Realignment Costs, on the Unaudited Condensed Consolidated Statements of Operations.
2019 Private Placement Notes
On August 1, 2019, the Company issued $175,000 and £25,000 of senior unsecured notes through private placement. These notes reflect a weighted average life of 12 years and a weighted average stated interest rate of 4.26%. These notes include: $75,000 aggregate principal amount of its 4.34% Series E senior notes due August 1, 2029 (the "Series E Notes"), $60,000 aggregate principal amount of its 4.44% Series F senior notes due August 1, 2031 (the "Series F Notes"), $40,000 aggregate principal amount of its 4.54% Series G senior notes due August 1, 2033 (the "Series G Notes") and £25,000 aggregate principal amount of its 3.33% Series H senior notes due August 1, 2033 (the "Series H Notes" and together with the Series E Notes, the Series F Notes and the Series G Notes, the "2019 Private Placement Notes"), each of which were issued pursuant to a note purchase agreement dated as of August 1, 2019 (the "2019 Note Purchase Agreement"), among the Company and the purchasers party thereto in a private placement exempt from registration under the Securities Act of 1933.
Interest on the 2019 Private Placement Notes is payable semi-annually and the 2019 Private Placement Notes are guaranteed by certain of the Company's domestic subsidiaries. The Company may, at its option, prepay all, or from time to time any part of, the 2019 Private Placement Notes (without regard to Series), in an amount not less than 5% of the aggregate principal amount of the 2019 Private Placement Notes then outstanding at 100% of the principal amount thereof plus an applicable "make-whole amount." Upon the occurrence of a change of control, the holders of the 2019 Private Placement Notes will have the right to require the Company to prepay the entire unpaid principal amounts held by each holder of the 2019 Private Placement Notes plus accrued and unpaid interest to the prepayment date. The 2019 Note Purchase Agreement contains customary covenants, including financial covenants requiring compliance with a maximum leverage ratio and a minimum tangible net worth, and customary events of default. As of June 30, 2022, the Company was in compliance with all of these covenants.
2021 Private Placement Notes
On March 29, 2021, the Company issued an aggregate of $38,000 of senior notes, comprised of $38,000 aggregate principal amount of its 1.97% Series I senior notes due August 1, 2025 (the "Series I Notes" or the "2021 Private Placement Notes"), pursuant to a note purchase agreement (the "2021 Note Purchase Agreement") dated as of March 29, 2021, among the Company and the purchasers party thereto in a private placement exempt from registration under the Securities Act of 1933.
Interest on the 2021 Private Placement Notes is payable semi-annually and the 2021 Private Placement Notes are guaranteed by certain of the Company's domestic subsidiaries. The Company may, at its option, prepay all, or from time to time any part of, the 2021 Private Placement Notes, in an amount not less than 5% of the aggregate principal amount of the 2021 Private Placement Notes then outstanding at 100% of the principal amount thereof plus an applicable "make-whole amount." Upon the occurrence of a change of control, the holders of the 2021 Private Placement Notes will have the right to require the Company to prepay the entire unpaid principal amounts held by each holder of the 2021 Private Placement Notes plus accrued and unpaid interest to the prepayment date. The 2021 Note Purchase Agreement contains customary covenants, including financial covenants requiring compliance with a maximum leverage ratio and a minimum tangible net worth, and customary events of default. As of June 30, 2022, the Company was in compliance with all of these covenants.
2022 Private Placement Notes
20

EVERCORE INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(amounts in thousands, except per share amounts, unless otherwise noted)
On June 28, 2022, the Company issued $67,000 aggregate principal amount of its 4.61% Series J senior notes due November 15, 2028 (the "Series J Notes" or the "2022 Private Placement Notes"), pursuant to a note purchase agreement (the "2022 Note Purchase Agreement") dated as of June 28, 2022, among the Company and the purchasers party thereto in a private placement exempt from registration under the Securities Act of 1933.
Interest on the 2022 Private Placement Notes is payable semi-annually and the 2022 Private Placement Notes are guaranteed by certain of the Company's domestic subsidiaries. The Company may, at its option, prepay all, or from time to time any part of, the 2022 Private Placement Notes, in an amount not less than 5% of the aggregate principal amount of the 2022 Private Placement Notes then outstanding at 100% of the principal amount thereof plus an applicable "make-whole amount." Upon the occurrence of a change of control, the holders of the 2022 Private Placement Notes will have the right to require the Company to prepay the entire unpaid principal amounts held by each holder of the 2022 Private Placement Notes plus accrued and unpaid interest to the prepayment date. The 2022 Note Purchase Agreement contains customary covenants, including financial covenants requiring compliance with a maximum leverage ratio and a minimum tangible net worth, and customary events of default. As of June 30, 2022, the Company was in compliance with all of these covenants.
Notes Payable is comprised of the following as of June 30, 2022 and December 31, 2021:
Carrying Value(a)
Note Maturity Date Effective Annual Interest Rate June 30, 2022 December 31, 2021
Evercore Inc. 5.23% Series B Senior Notes
3/30/2023 5.44  % $ —  $ 66,829 
Evercore Inc. 5.48% Series C Senior Notes
3/30/2026 5.64  % 47,740  47,710 
Evercore Inc. 5.58% Series D Senior Notes
3/30/2028 5.72  % 16,883  16,874 
Evercore Inc. 4.34% Series E Senior Notes
8/1/2029 4.46  % 74,442  74,407 
Evercore Inc. 4.44% Series F Senior Notes
8/1/2031 4.55  % 59,523  59,500 
Evercore Inc. 4.54% Series G Senior Notes
8/1/2033 4.64  % 39,667  39,655 
Evercore Inc. 3.33% Series H Senior Notes
8/1/2033 3.42  % 30,188  33,564 
Evercore Inc. 1.97% Series I Senior Notes
8/1/2025 2.20  % 37,744  37,704 
Evercore Inc. 4.61% Series J Senior Notes
11/15/2028 5.02  % 65,520  — 
Total $ 371,707  $ 376,243 
(a)Carrying value has been adjusted to reflect the presentation of debt issuance costs as a direct reduction from the related liability.
Note 11 – Evercore Inc. Stockholders' Equity
Dividends – The Company's Board of Directors declared on July 26, 2022, a quarterly cash dividend of $0.72 per share, to the holders of record of shares of Class A common stock ("Class A Shares") as of August 26, 2022, which will be paid on September 9, 2022. During the three and six months ended June 30, 2022, the Company declared and paid dividends of $0.72 and $1.40 per share, respectively, totaling $28,182 and $55,687, respectively, and accrued deferred cash dividends on unvested restricted stock units ("RSUs") totaling $4,234 and $8,362, respectively. The Company also paid deferred cash dividends of $1,067 and $15,181 during the three and six months ended June 30, 2022, respectively. During the three and six months ended June 30, 2021, the Company declared and paid dividends of $0.68 and $1.29 per share, respectively, totaling $27,534 and $52,928, respectively, and accrued deferred cash dividends on unvested RSUs totaling $3,685 and $7,096, respectively. The Company also paid deferred cash dividends of $191 and $12,211 during the three and six months ended June 30, 2021, respectively.
Treasury Stock During the three months ended June 30, 2022, the Company purchased 57 Class A Shares from employees at an average cost per share of $110.92, primarily for the net settlement of stock-based compensation awards, and 1,512 Class A Shares at an average cost per share of $109.92 pursuant to the Company's share repurchase program. The aggregate 1,569 Class A Shares were purchased at an average cost per share of $109.96, and the result of these purchases was an increase in Treasury Stock of $172,494 on the Company's Unaudited Condensed Consolidated Statement of Financial Condition as of June 30, 2022.
21

EVERCORE INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(amounts in thousands, except per share amounts, unless otherwise noted)
During the six months ended June 30, 2022, the Company purchased 972 Class A Shares from employees at an average cost per share of $127.99, primarily for the net settlement of stock-based compensation awards, and 2,588 Class A Shares at an average cost per share of $117.18 pursuant to the Company's share repurchase program. The aggregate 3,560 Class A Shares were purchased at an average cost per share of $120.13, and the result of these purchases was an increase in Treasury Stock of $427,635 on the Company's Unaudited Condensed Consolidated Statement of Financial Condition as of June 30, 2022.
LP Units – During the three and six months ended June 30, 2022, 26 and 2,573 Evercore LP partnership units ("LP Units"), respectively, were exchanged for Class A Shares, resulting in an increase to Class A Common Stock of $26 for the six months ended June 30, 2022, and an increase to Additional Paid-In-Capital of $1,530 and $159,281 for the three and six months ended June 30, 2022, respectively, on the Company's Unaudited Condensed Consolidated Statement of Financial Condition as of June 30, 2022. See Note 12 for further information.
Accumulated Other Comprehensive Income (Loss) – As of June 30, 2022, Accumulated Other Comprehensive Income (Loss) on the Company's Unaudited Condensed Consolidated Statement of Financial Condition includes an accumulated Unrealized Gain (Loss) on Securities and Investments, net, and Foreign Currency Translation Adjustment Gain (Loss), net, of ($5,262) and ($26,109), respectively.
Note 12 – Noncontrolling Interest
Noncontrolling Interest recorded in the unaudited condensed consolidated financial statements of the Company relates to the following approximate interests in certain consolidated subsidiaries, which are not owned by the Company. In circumstances where the governing documents of the entity to which the noncontrolling interest relates require special allocations of profits or losses to the controlling and noncontrolling interest holders, the net income or loss of these entities is allocated based on these special allocations.
June 30,
2022 2021
Subsidiary:
Evercore LP % 11  %
Evercore Wealth Management ("EWM")(1)
25  % 25  %
Real Estate Capital Advisory ("RECA")(2)
—  % 38  %
(1) Noncontrolling Interests represent a blended rate for multiple classes of interests in EWM.
(2) Noncontrolling Interests represent the Class R Interests of Private Capital Advisory L.P.
The Noncontrolling Interests for Evercore LP and EWM have rights, in certain circumstances, to convert into Class A Shares.
During the period January 1, 2023 through December 31, 2023, the Company has the option to purchase, at fair value, a portion of the outstanding EWM Class A Units such that the noncontrolling interest holders would continue to hold no less than 25% of the outstanding units following the transaction. This transaction may be settled in cash, Evercore LP Units or Class A shares of the Company, at the Company’s discretion. If the Company has not exercised its option prior to the end of the option period, or the noncontrolling interest holders continue to hold greater than 25% of the outstanding units following the transaction, the noncontrolling interest holders may exchange their interests for Evercore LP Units, at fair value, sufficient to reduce their outstanding interest to 25%. As of June 30, 2022, the EWM members held 25% of the outstanding EWM Units.
Changes in Noncontrolling Interest for the three and six months ended June 30, 2022 and 2021 were as follows:
22

EVERCORE INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(amounts in thousands, except per share amounts, unless otherwise noted)
  For the Three Months Ended June 30, For the Six Months Ended June 30,
  2022 2021 2022 2021
Beginning balance $ 177,632  $ 265,089  $ 314,910  $ 258,428 
Comprehensive Income:
Net Income Attributable to Noncontrolling Interest 14,267  23,570  33,345  44,769 
Other Comprehensive Income (Loss) (1,674) 169  (1,947) 403 
Total Comprehensive Income 12,593  23,739  31,398  45,172 
Evercore LP Units Exchanged for Class A Shares (1,530) (1,033) (159,307) (6,747)
Amortization and Vesting of LP Units 6,308  3,011  12,529  6,107 
Other Items:
Distributions to Noncontrolling Interests (24,853) (16,748) (29,593) (29,642)
Issuance of Noncontrolling Interest —  238  300  1,345 
Purchase of Noncontrolling Interest —  —  (87) (367)
Total Other Items (24,853) (16,510) (29,380) (28,664)
Ending balance $ 170,150  $ 274,296  $ 170,150  $ 274,296 
Other Comprehensive Income Other Comprehensive Income (Loss) Attributed to Noncontrolling Interest includes unrealized gains on securities and investments, net, of $28 for the three and six months ended June 30, 2022 and $62 and $68 for the three and six months ended June 30, 2021, respectively, and foreign currency translation adjustment gains (losses), net, of ($1,702) and ($1,975) for the three and six months ended June 30, 2022, respectively, and $107 and $335 for the three and six months ended June 30, 2021, respectively.
LP Units Exchanged – On February 24, 2022, the Company entered into an agreement (the "Exchange Agreement") with ISI Holding, Inc. ("ISI Holding"), the principal stockholder of which is Ed Hyman, an executive officer of the Company. Pursuant to the Exchange Agreement, ISI Holding exercised its existing conversion rights under the terms of the partnership agreement of Evercore LP to exchange (the "Exchange") all 2,545 of the Class E limited partnership units of Evercore LP ("Class E LP Units") owned by it for 2,545 Class A Shares. Following the Exchange, ISI Holding liquidated and distributed the Class A Shares received in the Exchange to its stockholders in accordance with their ownership interests in ISI Holding. The parties have relied on the exemption from the registration requirements of the Securities Act of 1933 under Section 4(a)(2) thereof for the Exchange.
During the three and six months ended June 30, 2022, an aggregate of 26 and 2,573 LP Units, respectively, were exchanged for Class A Shares, including the Class E LP Units described above. These exchanges resulted in a decrease to Noncontrolling Interest of $1,530 and $159,307 for the three and six months ended June 30, 2022, respectively, an increase to Additional-Paid-In-Capital of $1,530 and $159,281 for the three and six months ended June 30, 2022, respectively, and an increase to Class A Common Stock of $26 for the six months ended June 30, 2022 on the Company's Unaudited Condensed Consolidated Statement of Financial Condition as of June 30, 2022. See Note 11 for further information.
Interests Issued – During the first quarter of 2021, certain employees of EWM purchased EWM Class A Units, at fair value, resulting in an increase to Noncontrolling Interest of $975 on the Company's Unaudited Condensed Consolidated Statement of Financial Condition as of June 30, 2021.
Interests Purchased During the first quarter of 2022, the Company purchased, at fair value, an additional 0.4% of the EWM Class A Units for $1,448, which was settled in cash during the three months ended June 30, 2022. This purchase resulted in a decrease to Noncontrolling Interest of $87 and a decrease to Additional-Paid-In-Capital of $1,361 on the Company's Unaudited Condensed Consolidated Statement of Financial Condition as of June 30, 2022.
23

EVERCORE INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(amounts in thousands, except per share amounts, unless otherwise noted)
During the first quarter of 2021, the Company purchased, at fair value, an additional 1% of the EWM Class A Units for $3,170, which was settled in cash during the three months ended June 30, 2021. This purchase resulted in a decrease to Noncontrolling Interest of $344 and a decrease to Additional Paid-In-Capital of $2,826 on the Company's Unaudited Condensed Consolidated Statement of Financial Condition as of June 30, 2021.
On December 31, 2021, the Company purchased, at fair value, all of the outstanding Class R Interests of Private Capital Advisory L.P. from employees of the RECA business for $54,297. Consideration for this transaction included the payment of $6,000 of cash in 2021, $27,710 of cash during the six months ended June 30, 2022, and contingent cash consideration which will be settled in early 2024. As of June 30, 2022 and December 31, 2021, the fair value of the contingent consideration is $17,309 and $20,587, respectively, and is included within Other Long-term Liabilities on the Company's Unaudited Condensed Consolidated Statement of Financial Condition. The amount of contingent consideration to be paid is dependent on the RECA business achieving certain revenue performance targets. For the three and six months ended June 30, 2022, the Company recognized a reversal of expense of $2,701 and $3,278, respectively, within Other Operating Expenses on the Unaudited Condensed Consolidated Statements of Operations, related to the change in fair value of the contingent consideration. The fair value of the contingent consideration reflects the present value of the expected payment due based on the current expectation for the business meeting the revenue performance targets. This purchase resulted in a decrease to Noncontrolling Interest of $7,137 and a decrease to Additional Paid-In-Capital of $47,160 on the Company’s Unaudited Condensed Consolidated Statement of Financial Condition on December 31, 2021. In conjunction with this transaction, the Company will also issue two separate payments in early 2023 and 2024, contingent on continued employment with the Company, and accordingly, will be treated as compensation expense for accounting purposes in the periods earned. These payments will also be dependent on the RECA business achieving certain revenue performance targets.
Note 13 – Net Income Per Share Attributable to Evercore Inc. Common Shareholders
The calculations of basic and diluted net income per share attributable to Evercore Inc. common shareholders for the three and six months ended June 30, 2022 and 2021 are described and presented below.

24

EVERCORE INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(amounts in thousands, except per share amounts, unless otherwise noted)
<
  For the Three Months Ended June 30, For the Six Months Ended June 30,
  2022 2021 2022 2021
Basic Net Income Per Share Attributable to Evercore Inc. Common Shareholders
Numerator:
Net income attributable to Evercore Inc. common shareholders $ 95,627  $ 140,359  $ 253,643  $ 284,711