v3.26.1
Noncontrolling Interest
6 Months Ended
Jun. 30, 2026
Noncontrolling Interest [Abstract]  
Noncontrolling Interest 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:
As of June 30,
20262025
Evercore LP%%
Evercore Wealth Management ("EWM")26 %27 %
The Noncontrolling Interests for Evercore LP and EWM have rights, in certain circumstances, to convert into Class A Shares.
The Company has outstanding Class A LP Units, Class E limited partnership units of Evercore LP ("Class E LP Units"), Class I limited partnership units of Evercore LP ("Class I LP Units") and Class K limited partnership units of Evercore LP ("Class K LP Units"), which give the holders the right to receive Class A Shares upon exchange on a one-for-one basis. See Note 14 for further information.
Changes in Noncontrolling Interest for the three and six months ended June 30, 2026 and 2025 were as follows:
For the Three Months Ended June 30, For the Six Months Ended June 30,
2026202520262025
Beginning balance$306,515 $245,095 $288,290 $234,166 
Comprehensive Income:
Net Income Attributable to Noncontrolling Interest11,223 9,738 32,709 17,344 
Other Comprehensive Income (Loss)67 1,390 (845)2,029 
Total Comprehensive Income11,290 11,128 31,864 19,373 
Evercore LP Units Exchanged for Class A Shares(4,988)(8,772)(11,844)(10,967)
Amortization and Vesting of LP Units (see Note 15) and EWM Class A Units 15,991 19,847 32,131 32,574 
Other Items:
Distributions to Noncontrolling Interests(9,069)(4,944)(20,702)(13,309)
Issuance of Noncontrolling Interest450 1,100 450 1,617 
Purchase of Noncontrolling Interest(442)(39)(442)(39)
Total Other Items(9,061)(3,883)(20,694)(11,731)
Ending balance$319,747 $263,415 $319,747 $263,415 
Other Comprehensive Income Other Comprehensive Income (Loss) Attributed to Noncontrolling Interest includes unrealized losses on securities and investments, net, of ($12) for the six months ended June 30, 2026, and ($17) for the six months ended June 30, 2025 and foreign currency translation adjustment gains (losses), net, of $67 and ($833) for the three and six months ended June 30, 2026, respectively, and $1,390 and $2,046 for the three and six months ended June 30, 2025, respectively.
Evercore LP Units – During the three and six months ended June 30, 2026, 44 and 110 LP Units, respectively, were exchanged for Class A Shares. This resulted in a decrease to Noncontrolling Interest of $4,988 and $11,844 for the three and six months ended June 30, 2026, respectively, an increase to Class A Common Stock of $1 for the six months ended June 30, 2026,
and an increase to Additional Paid-In Capital of $4,988 and $11,843 for the three and six months ended June 30, 2026, respectively, on the Company's Unaudited Condensed Consolidated Statement of Financial Condition as of June 30, 2026. See Note 12 for further information.
EWM Class A Units – During the second quarter of 2026, 2025 and 2024, the Company granted 406, 395 and 297 EWM Class A Units, respectively, which generally vest ratably over three years. Compensation expense related to EWM Class A Units was $1,071 and $1,596 for the three and six months ended June 30, 2026, respectively, and $836 and $1,074 for the three and six months ended June 30, 2025, respectively.
Interests Issued – During the second quarter of 2026, certain employees of EWM purchased EWM Class A Units, at fair value, resulting in an increase to Noncontrolling Interest of $450 on the Company's Unaudited Condensed Consolidated Statement of Financial Condition as of June 30, 2026.
During the second quarter of 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 Unaudited Condensed Consolidated Statement of Financial Condition as of June 30, 2025.
Interests Purchased During the second quarter of 2026 and 2025, the Company purchased, at fair value, EWM Class A Units for $2,250 and $1,259, respectively. The Company has also committed to purchase interests from individuals in equal tranches over the next four years, at fair value at the time of the purchase. As of June 30, 2026 and December 31, 2025, the Company recorded $2,222 and $770, respectively, in Payable to Employees and Related Parties and $5,168 and $1,319, respectively, in Other Long-term Liabilities on the Unaudited Condensed Consolidated Statements of Financial Condition, reflecting the current fair value of amounts committed to be purchased in the future. These transactions resulted in a decrease to Noncontrolling Interest of $442 and $39, respectively, and a decrease to Additional Paid-In Capital of $6,952 and $1,220, respectively, on the Company's Unaudited Condensed Consolidated Statement of Financial Condition as of June 30, 2026 and 2025. The Company incurred expense of $202 and $315 within Interest Expense on the Unaudited Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2026, respectively, in conjunction with these arrangements.
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 June 30, 2026, the Company determined that the achievement of performance conditions of these awards were not probable and therefore no expense was recognized for the three and six months ended June 30, 2026.