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☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 ____________________________________________________

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

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 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. ☐    

						Page
Part I. Financial Information
Item 1.			Financial Statements			3
Item 2.			Management's Discussion and Analysis of Financial Condition and Results of Operations			35
Item 3.			Quantitative and Qualitative Disclosures About Market Risk			54
Item 4.			Controls and Procedures			54
Part II. Other Information
Item 1.			Legal Proceedings			55
Item 2.			Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities			55
Item 6.			Exhibits			57
Signatures

Item 1.			Financial Statements

Condensed Consolidated Financial Statements (Unaudited)			Page
Condensed Consolidated Statements of Financial Condition as of September 30, 2022 and December 31, 2021			4
Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2022 and 2021			5
Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2022 and 2021			6
Condensed Consolidated Statements of Changes in Equity for the three and nine months ended September 30, 2022 and 2021			7
Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2022 and 2021			8
Notes to Unaudited Condensed Consolidated Financial Statements			9

(dollars in thousands, except share data)

			September 30, 2022						December 31, 2021
Assets
Current Assets
Cash and Cash Equivalents			$	473,066					$	578,317
Investment Securities and Certificates of Deposit (includes available-for-sale debt securities with an amortized cost of $655,809 and $706,826 at September 30, 2022 and December 31, 2021, respectively)			1,313,001						1,784,639
Accounts Receivable (net of allowances of $4,352 and $2,704 at September 30, 2022 and December 31, 2021, respectively)			303,725						351,668
Receivable from Employees and Related Parties			23,178						25,208
Other Current Assets			108,544						58,533
Total Current Assets			2,221,514						2,798,365
Investments			43,314						75,176
Deferred Tax Assets			278,535						248,077
Operating Lease Right-of-Use Assets			240,048						263,329
Furniture, Equipment and Leasehold Improvements (net of accumulated depreciation and amortization of $178,125 and $165,857 at September 30, 2022 and December 31, 2021, respectively)			145,815						148,589
Goodwill			119,812						128,246
Intangible Assets (net of accumulated amortization of $3,568 and $3,294 at September 30, 2022 and December 31, 2021, respectively)			62						336
Other Assets			102,169						140,539
Total Assets			$	3,151,269					$	3,802,657
Liabilities and Equity
Current Liabilities
Accrued Compensation and Benefits			$	595,146					$	1,109,716
Accounts Payable and Accrued Expenses			33,088						31,633
Payable to Employees and Related Parties			36,461						58,876
Operating Lease Liabilities			40,633						47,321
Taxes Payable			8,443						20,980
Other Current Liabilities			35,589						28,610
Total Current Liabilities			749,360						1,297,136
Operating Lease Liabilities			276,702						297,473
Notes Payable			369,300						376,243
Amounts Due Pursuant to Tax Receivable Agreements			70,770						70,209
Other Long-term Liabilities			97,297						126,315
Total Liabilities			1,563,429						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, 79,632,356 and 74,804,288 issued at September 30, 2022 and December 31, 2021, respectively, and 38,835,732 and 37,903,430 outstanding at September 30, 2022 and December 31, 2021, respectively)			796						748
Class B, par value $0.01 per share (1,000,000 shares authorized, 49 and 53 issued and outstanding at September 30, 2022 and December 31, 2021, respectively)			—						—
Additional Paid-In-Capital			2,808,533						2,458,779
Accumulated Other Comprehensive Income (Loss)			(50,794)						(12,086)
Retained Earnings			1,659,479						1,418,382
Treasury Stock at Cost (40,796,624 and 36,900,858 shares at September 30, 2022 and December 31, 2021, respectively)			(3,006,249)						(2,545,452)
Total Evercore Inc. Stockholders' Equity			1,411,765						1,320,371
Noncontrolling Interest			176,075						314,910
Total Equity			1,587,840						1,635,281
Total Liabilities and Equity			$	3,151,269					$	3,802,657

			For the Three Months Ended September 30,												For the Nine Months Ended September 30,
			2022						2021						2022						2021
Revenues
Investment Banking:
Advisory Fees			$	488,224					$	708,333					$	1,689,033					$	1,781,065
Underwriting Fees			28,697						54,381						78,519						181,686
Commissions and Related Revenue			49,200						46,763						152,583						151,014
Asset Management and Administration Fees			15,641						16,960						48,724						48,092
Other Revenue, Including Interest and Investments			(637)						1,511						(25,455)						25,142
Total Revenues			581,125						827,948						1,943,404						2,186,999
Interest Expense			4,188						4,393						12,696						13,269
Net Revenues			576,937						823,555						1,930,708						2,173,730
Expenses
Employee Compensation and Benefits			355,794						486,471						1,174,500						1,289,659
Occupancy and Equipment Rental			19,680						19,191						58,465						55,413
Professional Fees			29,294						24,851						81,207						67,859
Travel and Related Expenses			12,862						5,895						35,474						11,902
Communications and Information Services			15,333						14,082						45,745						42,191
Depreciation and Amortization			7,065						7,122						20,772						20,914
Execution, Clearing and Custody Fees			2,378						2,484						7,806						8,949
Special Charges, Including Business Realignment Costs			—						8,554						532						8,554
Acquisition and Transition Costs			—						—						—						7
Other Operating Expenses			4,132						9,752						20,262						21,908
Total Expenses			446,538						578,402						1,444,763						1,527,356
Income Before Income from Equity Method Investments and Income Taxes			130,399						245,153						485,945						646,374
Income from Equity Method Investments			2,027						3,681						6,813						10,099
Income Before Income Taxes			132,426						248,834						492,758						656,473
Provision for Income Taxes			40,790						59,712						114,134						137,871
Net Income			91,636						189,122						378,624						518,602
Net Income Attributable to Noncontrolling Interest			9,198						29,577						42,543						74,346
Net Income Attributable to Evercore Inc.			$	82,438					$	159,545					$	336,081					$	444,256
Net Income Attributable to Evercore Inc. Common Shareholders			$	82,438					$	159,545					$	336,081					$	444,256
Weighted Average Shares of Class A Common Stock Outstanding
Basic			39,114						39,467						39,375						40,492
Diluted			40,527						42,697						41,104						43,597
Net Income Per Share Attributable to Evercore Inc. Common Shareholders:
Basic			$	2.11					$	4.04					$	8.54					$	10.97
Diluted			$	2.03					$	3.74					$	8.18					$	10.19

			For the Three Months Ended September 30,												For the Nine Months Ended September 30,
			2022						2021						2022						2021
Net Income			$	91,636					$	189,122					$	378,624					$	518,602
Other Comprehensive Income (Loss), net of tax:
Unrealized Gain (Loss) on Securities and Investments, net			1,186						(858)						1,493						(363)
Foreign Currency Translation Adjustment Gain (Loss), net			(22,597)						(6,749)						(44,136)						(4,310)
Other Comprehensive Income (Loss)			(21,411)						(7,607)						(42,643)						(4,673)
Comprehensive Income			70,225						181,515						335,981						513,929
Comprehensive Income Attributable to Noncontrolling Interest			7,210						28,468						38,608						73,640
Comprehensive Income Attributable to Evercore Inc.			$	63,015					$	153,047					$	297,373					$	440,289

EVERCORE INC.

			For the Three Months Ended September 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 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
Net Income			—						—						—						—						82,438						—						—						9,198						91,636
Other Comprehensive Income (Loss)			—						—						—						(19,423)						—						—						—						(1,988)						(21,411)
Treasury Stock Purchases			—						—						—						—						—						(335,939)						(33,162)						—						(33,162)
Evercore LP Units Exchanged for Class A Common Stock			850						—						47						—						—						—						—						(47)						—
Equity-based Compensation Awards			33,743						—						63,839						—						—						—						—						5,403						69,242
Dividends			—						—						—						—						(30,935)						—						—						—						(30,935)
Noncontrolling Interest (Note 12)			—						—						(1,598)						—						—						—						—						(6,641)						(8,239)
Balance at September 30, 2022			79,632,356						$	796					$	2,808,533					$	(50,794)					$	1,659,479					(40,796,624)						$	(3,006,249)					$	176,075					$	1,587,840
			For the Nine Months Ended September 30, 2022
																					Accumulated
															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			—						—						—						—						336,081						—						—						42,543						378,624
Other Comprehensive Income (Loss)			—						—						—						(38,708)						—						—						—						(3,935)						(42,643)
Treasury Stock Purchases			—						—						—						—						—						(3,895,766)						(460,797)						—						(460,797)
Evercore LP Units Exchanged for Class A Common Stock			2,573,455						26						163,736						—						—						—						—						(159,354)						4,408
Equity-based Compensation Awards			2,254,613						22						188,977						—						—						—						—						17,932						206,931
Dividends			—						—						—						—						(94,984)						—						—						—						(94,984)
Noncontrolling Interest (Note 12)			—						—						(2,959)						—						—						—						—						(36,021)						(38,980)
Balance at September 30, 2022			79,632,356						$	796					$	2,808,533					$	(50,794)					$	1,659,479					(40,796,624)						$	(3,006,249)					$	176,075					$	1,587,840
			For the Three Months Ended September 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 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
Net Income			—						—						—						—						159,545						—						—						29,577						189,122
Other Comprehensive Income (Loss)			—						—						—						(6,498)						—						—						—						(1,109)						(7,607)
Treasury Stock Purchases			—						—						—						—						—						(792,706)						(105,147)						—						(105,147)
Evercore LP Units Exchanged for Class A Common Stock			250						—						21						—						—						—						—						(13)						8
Equity-based Compensation Awards			43,128						—						52,981						—						—						—						—						2,946						55,927
Dividends			—						—						—						—						(30,278)						—						—						—						(30,278)
Noncontrolling Interest (Note 12)			—						—						—						—						—						—						—						(15,054)						(15,054)
Balance at September 30, 2021			74,631,561						$	746					$	2,436,727					$	(13,725)					$	1,152,527					(35,546,178)						$	(2,354,680)					$	290,643					$	1,512,238
			For the Nine Months Ended September 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			—						—						—						—						444,256						—						—						74,346						518,602
Other Comprehensive Income (Loss)			—						—						—						(3,967)						—						—						—						(706)						(4,673)
Treasury Stock Purchases			—						—						—						—						—						(4,101,120)						(529,953)						—						(529,953)
Evercore LP Units Exchanged for Class A Common Stock			140,943						1						8,787						—						—						—						—						(6,760)						2,028
Equity-based Compensation Awards			2,295,335						23						164,630						—						—						—						—						9,053						173,706
Dividends			—						—						—						—						(90,302)						—						—						—						(90,302)
Noncontrolling Interest (Note 12)			—						—						(2,826)						—						—						—						—						(43,718)						(46,544)
Balance at September 30, 2021			74,631,561						$	746					$	2,436,727					$	(13,725)					$	1,152,527					(35,546,178)						$	(2,354,680)					$	290,643					$	1,512,238

(dollars in thousands)

			For the Nine Months Ended September 30,
			2022						2021
Cash Flows From Operating Activities
Net Income			$	378,624					$	518,602
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Net (Gains) Losses on Investments, Investment Securities and Contingent Consideration			27,305						(12,067)
Equity Method Investments, Including Gain on Sale			3,291						3,292
Equity-Based and Other Deferred Compensation			357,401						309,204
Noncash Lease Expense			27,096						30,368
Depreciation, Amortization and Accretion			21,579						21,360
Bad Debt Expense			4,905						15
Deferred Taxes			(11,300)						9,364
Decrease (Increase) in Operating Assets:
Investment Securities			(1,541)						(1,971)
Accounts Receivable			30,729						(31,122)
Receivable from Employees and Related Parties			1,817						2,091
Other Assets			(15,036)						(49,736)
(Decrease) Increase in Operating Liabilities:
Accrued Compensation and Benefits			(636,901)						(144,111)
Accounts Payable and Accrued Expenses			3,475						8,814
Payables to Employees and Related Parties			5,826						9,076
Taxes Payable			(12,537)						(13,505)
Other Liabilities			(27,560)						(129,770)
Net Cash Provided by Operating Activities			157,173						529,904
Cash Flows From Investing Activities
Investments Purchased			—						(3,862)
Proceeds from Redemption of G5 Debt Security in 2021 and Sale of Investments in 2022			18,300						11,779
Distributions of Private Equity Investments			238						316
Investment Securities:
Proceeds from Sales and Maturities of Investment Securities			2,326,799						1,565,429
Purchases of Investment Securities			(1,893,948)						(1,640,970)
Maturity of Certificates of Deposit			217,837						73,995
Purchase of Certificates of Deposit			(231,639)						(191,498)
Purchase of Furniture, Equipment and Leasehold Improvements			(19,072)						(23,417)
Net Cash Provided by (Used In) Investing Activities			418,515						(208,228)
Cash Flows From Financing Activities
Issuance of Noncontrolling Interests			300						2,063
Distributions to Noncontrolling Interests			(38,970)						(45,768)
Payment of Notes Payable			(67,000)						(38,000)
Issuance of Notes Payable			67,000						38,000
Debt Issuance Costs and Make-Whole Amount			(1,826)						(355)
Purchase of Treasury Stock and Noncontrolling Interests			(491,936)						(533,737)
Dividends			(99,082)						(91,922)
Net Cash Provided by (Used in) Financing Activities			(631,514)						(669,719)
Effect of Exchange Rate Changes on Cash			(49,296)						(2,306)
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash			(105,122)						(350,349)
Cash, Cash Equivalents and Restricted Cash – Beginning of Period			587,293						838,224
Cash, Cash Equivalents and Restricted Cash – End of Period			$	482,171					$	487,875
SUPPLEMENTAL CASH FLOW DISCLOSURE
Payments for Interest			$	10,954					$	12,454
Payments for Income Taxes			$	165,021					$	118,892
Accrued Dividends			$	11,245					$	10,718
Settlement of Sale of Trilantic VI			$	9,188					$	—
Settlement of Contingent Consideration			$	1,083					$	—
Receipt of Equity Securities in Settlement of Accounts Receivable			$	—					$	1,955

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.

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

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 $495,876 and liabilities of $192,767 at September 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.

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.

			For the Three Months Ended September 30,												For the Nine Months Ended September 30,
			2022						2021						2022						2021
Investment Banking:
Advisory Fees			$	488,224					$	708,333					$	1,689,033					$	1,781,065
Underwriting Fees			28,697						54,381						78,519						181,686
Commissions and Related Revenue			49,200						46,763						152,583						151,014
Total Investment Banking			$	566,121					$	809,477					$	1,920,135					$	2,113,765
Investment Management:
Asset Management and Administration Fees:
Wealth Management			$	15,641					$	16,960					$	48,724					$	48,092
Total Investment Management			$	15,641					$	16,960					$	48,724					$	48,092

The change in the Company’s contract assets and liabilities during the following periods primarily reflects timing differences between the Company’s performance and the client’s payment. The Company’s receivables, contract assets and deferred revenue (contract liabilities) for the nine months ended September 30, 2022 and 2021 are as follows:

			For the Nine Months Ended September 30, 2022
			Receivables (Current)(1)						Receivables (Long-term)(2)						Contract Assets (Current)(3)						Contract Assets (Long-term)(2)						Deferred Revenue (Current Contract Liabilities)(4)						Deferred Revenue (Long-term Contract Liabilities)(5)
Balance at January 1, 2022			$	351,668					$	87,764					$	14,092					$	12,945					$	9,257					$	147
Increase (Decrease)			(47,943)						(30,723)						15,992						(8,963)						(776)						—
Balance at September 30, 2022			$	303,725					$	57,041					$	30,084					$	3,982					$	8,481					$	147
			For the Nine Months Ended September 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)			29,618						6,919						53,477						5,261						(2,615)						—
Balance at September 30, 2021			$	397,964					$	77,894					$	82,804					$	10,544					$	6,758					$	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 $6,079 and $16,584 on the Unaudited Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2022, respectively, and $13,759 and $21,835 for the three and nine months ended September 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 nine months ended September 30, 2022 and 2021 is as follows:

			For the Three Months Ended September 30,												For the Nine Months Ended September 30,
			2022						2021						2022						2021
Beginning Balance			$	1,447					$	2,143					$	2,704					$	5,372
Bad debt expense, net of reversals			3,402						1,781						4,905						15
Write-offs, foreign currency translation and other adjustments			(497)						(361)						(3,257)						(1,824)
Ending Balance			$	4,352					$	3,563					$	4,352					$	3,563

The change in the balance during the three and nine months ended September 30, 2022 is primarily related an increase in the Company's reserve for credit losses and the write-off of aged receivables.

For long-term accounts receivable and long-term contract assets, the Company monitors clients’ creditworthiness based on collection experience and other internal metrics. The following table presents the Company’s long-term accounts receivable and long-term contract assets from the Company's private and secondary fund advisory businesses as of September 30, 2022, by year of origination:

			Amortized Carrying Value by Origination Year
			2022						2021						2020						2019						2018						Prior												Total
Long-term Accounts Receivable and Long-Term Contract Assets			$	16,439					$	31,568					$	10,473					$	2,543					$	—					$	—											$	61,023