Noncontrolling Interest

12 Months Ended

Dec. 31, 2025

Noncontrolling Interest recorded in the consolidated financial statements of the Company relates to the following approximate interests in certain consolidated subsidiaries, which are not owned by the Company:


	As of December 31,
	2025		2024		2023

Evercore LP	6	%	6	%	7	%
EWM	27	%	26	%	26	%

The Noncontrolling Interests for Evercore LP and EWM have rights, in certain circumstances, to convert into Class A Shares.

The Company has outstanding LP Units, which give the holders the right to receive Class A Shares upon exchange on a one-for-one basis. See Note 2 for further information.

Changes in Noncontrolling Interest for the years ended December 31, 2025, 2024 and 2023 were as follows:


	For the Years Ended December 31,
		2025		2024		2023
Beginning balance		$	234,166	$	205,556	$	189,607

Comprehensive Income:
Net Income Attributable to Noncontrolling Interest		48,785		39,458		29,744
Other Comprehensive Income (Loss)		1,871		(826)		112
Total Comprehensive Income		50,656		38,632		29,856

Evercore LP Units Exchanged for Class A Shares		(41,311)		(26,766)		(11,490)

Amortization and Vesting of LP Units and EWM Class A Units (see Note 18)		74,049		47,141		24,301


Other Items:
Distributions to Noncontrolling Interests		(30,731)		(30,848)		(27,293)



Issuance of Noncontrolling Interest		1,617		518		733
Purchase of Noncontrolling Interest		(156)		(67)		(158)



Total Other Items		(29,270)		(30,397)		(26,718)

Ending balance		$	288,290	$	234,166	$	205,556

Other Comprehensive Income – Other Comprehensive Income (Loss) Attributed to Noncontrolling Interest includes unrealized losses on securities and investments, net, of ($6), ($6) and ($268) for the years ended December 31, 2025, 2024 and 2023, respectively, and foreign currency translation adjustment gains (losses), net, of $1,877, ($897) and $380 for the years ended December 31, 2025, 2024 and 2023, respectively.

The redemption of the Company's interest in Luminis in 2024 resulted in the reclassification of $77 of cumulative foreign currency translation losses from Noncontrolling Interest on the Consolidated Statement of Financial Condition to Other Revenue, Including Interest and Investments, on the Consolidated Statement of Operations for the year ended December 31, 2024. See Note 10 for further information.

Evercore LP Units – During the year ended December 31, 2025, 366 LP Units were exchanged for Class A Shares. This resulted in a decrease to Noncontrolling Interest of $41,311 and increases to Class A Common Stock and Additional Paid-In Capital of $4 and $41,307, respectively, on the Company's Consolidated Statement of Financial Condition as of December 31, 2025.

In addition, 352 and 178 LP Units were exchanged for Class A Shares during the years ended December 31, 2024 and 2023, respectively.

During the year ended December 31, 2025, the Company issued 2 Class A LP Units. This resulted in an increase to Noncontrolling Interest of $517 on the Company's Consolidated Statement of Financial Condition as of December 31, 2025.

See Note 15 for further information.

EWM Class A Units – During 2025 and 2024, the Company granted 395 and 297 EWM Class A Units, respectively, which generally vest ratably over three years. Compensation expense related to EWM Class A Units was $2,421 and $1,012 for the years ended December 31, 2025 and 2024, respectively.

Interests Issued – During 2025, certain employees of EWM purchased EWM Class A Units, at fair value, resulting in an increase to Noncontrolling Interest of $1,100 on the Company's Consolidated Statement of Financial Condition as of December 31, 2025.

Interests Purchased – During 2025, the Company purchased, at fair value, an additional 0.1% of the EWM Class A Units for $1,259. The Company has also committed to purchase an additional 0.5% of interests from individuals in equal tranches over the next three years, at fair value at the time of the purchase. These transactions resulted in a decrease to Noncontrolling Interest of $156 and a decrease to Additional Paid-In Capital of $2,788 on the Company's Consolidated Statement of Financial Condition as of December 31, 2025. The Company recorded $770 and $1,319 in Payable to Employees and Related Parties and Other Long-term Liabilities, respectively, on the Consolidated Statement of Financial Condition as of December 31, 2025, reflecting the current fair value of amounts committed to be purchased in the future and accrued distributions related to those interests. The Company incurred expense of $539 within Interest Expense on the Consolidated Statement of Operations for the year ended December 31, 2025 in conjunction with these arrangements.

During 2024, the Company purchased, at fair value, an additional 0.3% of the EWM Class A Units for $1,036. This purchase resulted in a decrease to Noncontrolling Interest of $67 and a decrease to Additional Paid-In Capital of $969 on the Company's Consolidated Statement of Financial Condition as of December 31, 2024.

During 2023, the Company purchased, at fair value, an additional 0.7% of the EWM Class A Units for $2,002. This purchase resulted in a decrease to Noncontrolling Interest of $158 and a decrease to Additional Paid-In Capital of $1,844 on the Company's Consolidated Statement of Financial Condition as of December 31, 2023.

EWM Class P-I Units – In December 2025, the Company awarded 0.3 EWM Class P-I Units. These EWM Class P-I Units convert into a number of EWM Class A Units contingent and based upon the achievement of certain market conditions related to the value of EWM Class A Units, defined benchmark results and continued service through June 30, 2028. The number of EWM Class A Units received in conversion is dependent on the level of defined benchmarks achieved, as well as the value of EWM Class A Units at the time of conversion. The EWM Class A Units received in conversion vest in three equal tranches on the first, second and third anniversaries of the date of conversion, subject to continued service. As this award contains market, performance and service conditions, the expense for this award will be recognized over the service period of the award and will reflect the fair value of the underlying units, taking into account the probable outcome of the market condition being achieved, as well as the probable outcome of the performance condition. As of December 31, 2025, the Company determined that the achievement of performance conditions of these awards were not probable and therefore no expense was recognized for 2025.