Evercore Reports Record Fourth Quarter and Full Year 2025 Revenues; Quarterly Dividend of $0.84 Per Share

Evercore Inc. (NYSE:EVR):

Evercore Inc. (NYSE:EVR) today announced its results for the fourth quarter and full year ended December 31, 2025.

LEADERSHIP COMMENTARY

John S. Weinberg, Chairman and Chief Executive Officer, "Our 2025 results reflect strengthening market conditions and the benefits of our diversified business model. We enter 2026 with momentum and remain focused on serving our clients and executing our long-term growth strategy."

Roger C. Altman, Founder and Senior Chairman, "Evercore delivered record fourth quarter and full year revenues, ranking #3 globally in Advisory revenues among public firms for the second consecutive year. Our market share is at an all-time high."

Evercore's quarterly results may fluctuate significantly due to the timing and amount of transaction fees earned, as well as other factors. Accordingly, financial results in any particular quarter may not be representative of future results over a longer period of time.

Business Segments:

Evercore's business results are categorized into two segments: Investment Banking & Equities and Investment Management. Investment Banking & Equities includes providing advice to clients on mergers, acquisitions, divestitures and other strategic corporate transactions, as well as services related to securities underwriting, private placement services and commissions for agency-based equity trading services and equity research. Investment Management includes Wealth Management and interests in private equity funds which are not managed by the Company, as well as advising third-party investors through affiliates. See pages A-2 to A-10 for further information and reconciliations of these segment results to our U.S. GAAP consolidated results.

Non-GAAP Measures:

Throughout this release certain information is presented on an adjusted basis, which is a non-GAAP measure. Adjusted results begin with information prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"), and then those results are adjusted to exclude certain items and reflect the conversion of certain Evercore LP Units into Class A shares. Evercore believes that the disclosed adjusted measures and any adjustments thereto, when presented in conjunction with comparable U.S. GAAP measures, are useful to investors to compare Evercore's results across several periods and facilitate an understanding of Evercore's operating results. Evercore uses these measures to evaluate its operating performance, as well as the performance of individual employees. These measures should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with U.S. GAAP.

Evercore's Adjusted Net Income Attributable to Evercore Inc. for the three and twelve months ended December 31, 2025 was higher than U.S. GAAP principally as a result of the exclusion of the following expenses:

• Acquisition-related compensation charges reflecting expenses associated with awards granted in conjunction with the Company's acquisition of Robey Warshaw
• Acquisition and Transition Costs including professional fees and certain other costs incurred related to the acquisition of Robey Warshaw and transfer taxes and professional fees incurred resulting from the Company's reorganization of businesses within the Europe, Middle East and Africa ("EMEA") legal entity structure
• Expenses associated with the amortization of intangible assets and interest cost related to deferred acquisition consideration from the Robey Warshaw acquisition

Evercore's Adjusted Diluted Shares Outstanding for the three and twelve months ended December 31, 2025 were higher than U.S. GAAP primarily as a result of the inclusion of Evercore LP Units.

Further details of these adjustments, as well as an explanation of similar amounts for the three and twelve months ended December 31, 2024 are included in pages A-2 to A-10.

Reclassifications:

During the second quarter of 2025, the Company changed its U.S. GAAP and Adjusted presentation such that "Communications and Information Services" was renamed to "Technology and Information Services." Technology and related expenses have been reclassified from "Professional Fees" to "Technology and Information Services." The Company has reclassified prior periods to conform to the current presentation in this release. There was no impact on previously reported U.S. GAAP or Adjusted Operating Income, Net Income or Earnings Per Share.

The prior period reclassifications from "Professional Fees" to "Technology and Information Services" are as follows: Q1 2025: $10.2 million; Q1 2024: $9.0 million; Q2 2024: $9.9 million; Q3 2024: $10.4 million; Q4 2024: $10.2 million; Q1 2023: $8.6 million; Q2 2023: $8.2 million; Q3 2023: $9.2 million; Q4 2023: $9.1 million. Further details of these reclassifications, as well as a revised presentation for the quarterly results for Q1 2025 and quarterly and full year results for 2024, 2023 and 2022 are available on the Investor Relations section of Evercore's website at www.evercore.com.

Selected Financial Data – U.S. GAAP Results

The following is a discussion of Evercore's consolidated results on a U.S. GAAP basis. See pages A-6 to A-8 for our business segment results.

Net Revenues

Advisory Fees – Fourth quarter Advisory Fees increased $278.7 million, or 33%, year-over-year, and full year Advisory Fees increased $826.5 million, or 34%, year-over-year, primarily reflecting an increase in revenue earned from large transactions and an increase in the number of advisory fees earned during 2025.

Underwriting Fees – Fourth quarter Underwriting Fees increased $23.1 million, or 87%, year-over-year, reflecting an increase in the number of transactions we participated in during the fourth quarter of 2025. Full year Underwriting Fees increased $22.6 million, or 14%, year-over-year, reflecting an increase in the average fee size of the transactions we participated in during 2025.

Commissions and Related Revenue – Fourth quarter Commissions and Related Revenue increased $8.4 million, or 15%, year-over-year, and full year Commissions and Related Revenue increased $28.6 million, or 13%, year-over-year, primarily reflecting higher trading commissions driven by increased trading volume and higher subscription fees during 2025.

Asset Management and Administration Fees – Fourth quarter Asset Management and Administration Fees increased $2.1 million, or 10%, year-over-year, driven by an increase in fees from Wealth Management clients, as associated AUM increased 12%, from market appreciation and net inflows. Full year Asset Management and Administration Fees increased $7.8 million, or 10%, year-over-year, driven by an increase in fees from Wealth Management clients, as associated AUM increased 12%, from market appreciation and net inflows.

Other Revenue, net – Fourth quarter Other Revenue, net, increased $0.6 million, or 3%, year-over-year, primarily reflecting higher interest income. This increase was partially offset by an increase in interest expense related to the issuance of new senior notes in July 2025. Full year Other Revenue, net, decreased $9.3 million, or 11%, year-over-year, primarily reflecting lower performance of our investment funds portfolio and an increase in interest expense related to the issuance of new senior notes in July 2025. These decreases were partially offset by higher interest income resulting from higher average balances in interest-bearing assets. The investment funds portfolio is used as an economic hedge against our deferred cash compensation program.

Expenses

Employee Compensation and Benefits – Fourth quarter Employee Compensation and Benefits increased $172.4 million, or 27%, year-over-year, reflecting a compensation ratio of 63.0% for the fourth quarter of 2025 versus 65.6% for the prior year period. The increase in Employee Compensation and Benefits compared to the prior year period principally reflects a higher accrual for incentive compensation, higher base salaries and higher compensation expense related to senior new hires. The Compensation Ratio was also impacted by higher net revenues, as described above, during the current year period compared to the prior year period. Full year Employee Compensation and Benefits increased $526.8 million, or 27%, year-over-year, reflecting a full year compensation ratio of 64.9% versus 66.3% for the prior year period. The increase in Employee Compensation and Benefits compared to the prior year period principally reflects a higher accrual for incentive compensation, higher base salaries and higher amortization of prior period deferred compensation awards. The Compensation Ratio was also impacted by higher net revenues, as described above, during the current year period compared to the prior year period. See "Deferred Compensation" for more information.

Non-Compensation Costs – Fourth quarter Non-Compensation Costs increased $41.0 million, or 33%, year-over-year, primarily driven by an increase in technology and information services, principally reflecting higher expenses associated with research services and license fees in the fourth quarter of 2025, an increase in depreciation and amortization, principally reflecting the amortization of intangible assets from the acquisition of Robey Warshaw, an increase in travel and related expenses, largely due to higher levels of business activity and increased headcount, and an increase in other operating expenses related to charitable contributions made to the Evercore Foundation. The fourth quarter Non-Compensation ratio of 12.8% increased from 12.7% compared to the prior year period. The Non-Compensation Ratio was also impacted by higher net revenues, as described above, during the current year period compared to the prior year period. Full year Non-Compensation Costs increased $93.7 million, or 20%, year-over-year, primarily driven by an increase in technology and information services, principally reflecting higher expenses associated with research services, license fees and consulting costs, an increase in occupancy and equipment rental expense, primarily related to an increase in office space, and an increase in travel and related expenses, largely due to higher levels of business activity and increased headcount. The full year Non-Compensation ratio of 14.7% decreased from 15.8% for the prior year period. The Non-Compensation Ratio was also impacted by higher net revenues, as described above, during the current year period compared to the prior year period.

Non-Compensation Costs for the fourth quarter and full year 2025 are also impacted by Acquisition and Transition Costs resulting from the acquisition of Robey Warshaw and the Company's reorganization of businesses within the EMEA legal entity structure.

Special Charges, Including Business Realignment Costs – Full year 2024 Special Charges, Including Business Realignment Costs, relate to the write-off of the remaining carrying value of the Company's investment in Luminis in connection with the redemption of the Company's interest.

Effective Tax Rate

The fourth quarter effective tax rate was 29.0% versus 27.5% for the prior year period, principally reflecting an increase in non-deductible expenses and state and local apportionment adjustments. The full year effective tax rate was 19.3% versus 21.6% for the prior year period, principally reflecting the deduction associated with the appreciation in the Firm's share price upon vesting of employee share-based awards above the original grant price, partially offset by an increase in non-deductible expenses and state and local apportionment adjustments.

Selected Financial Data – Adjusted Results

The following is a discussion of Evercore's consolidated results on an Adjusted basis. See pages 3 and A-2 to A-10 for further information and reconciliations of these metrics to our U.S. GAAP results. See pages A-6 to A-8 for our business segment results.

Adjusted Net Revenues

See page 5 for additional business metrics.

Advisory Fees – Fourth quarter adjusted Advisory Fees increased $278.7 million, or 33%, year-over-year, and full year adjusted Advisory Fees increased $825.4 million, or 34%, year-over-year, primarily reflecting an increase in revenue earned from large transactions and an increase in the number of advisory fees earned during 2025.

Underwriting Fees – Fourth quarter Underwriting Fees increased $23.1 million, or 87%, year-over-year, reflecting an increase in the number of transactions we participated in during the fourth quarter of 2025. Full year Underwriting Fees increased $22.6 million, or 14%, year-over-year, reflecting an increase in the average fee size of the transactions we participated in during 2025.

Commissions and Related Revenue – Fourth quarter Commissions and Related Revenue increased $8.4 million, or 15%, year-over-year, and full year Commissions and Related Revenue increased $28.6 million, or 13%, year-over-year, primarily reflecting higher trading commissions driven by increased trading volume and higher subscription fees during 2025.

Asset Management and Administration Fees – Fourth quarter adjusted Asset Management and Administration Fees increased $2.2 million, or 10%, year-over-year, primarily driven by an increase in fees from Wealth Management clients, as associated AUM increased 12%, from market appreciation and net inflows. The increase was also driven by a 14% increase in equity in earnings of affiliates. Full year adjusted Asset Management and Administration Fees increased $6.5 million, or 8%, year-over-year, driven by an increase in fees from Wealth Management clients, as associated AUM increased 12%, from market appreciation and net inflows. The increase was partially offset by a 25% decrease in equity in earnings of affiliates, reflecting the sale of the remaining portion of our interest in ABS during the third quarter of 2024.

Other Revenue – Fourth quarter adjusted Other Revenue, net, increased $5.2 million, or 21%, year-over-year, primarily reflecting higher interest income. Full year adjusted Other Revenue, net, decreased $1.8 million, or 2%, year-over-year, primarily reflecting lower performance of our investment funds portfolio. The decrease was partially offset by higher interest income resulting from higher average balances in interest-bearing assets. The investment funds portfolio is used as an economic hedge against our deferred cash compensation program.

Adjusted Expenses

Employee Compensation and Benefits – Fourth quarter adjusted Employee Compensation and Benefits increased $165.3 million, or 26%, year-over-year, reflecting an adjusted compensation ratio of 62.0% for the fourth quarter of 2025 versus 65.2% for the prior year period. The increase in adjusted Employee Compensation and Benefits compared to the prior year period principally reflects a higher accrual for incentive compensation, higher base salaries and higher compensation expense related to senior new hires. The adjusted Compensation Ratio was also impacted by higher net revenues, as described above, during the current year period compared to the prior year period. Full year adjusted Employee Compensation and Benefits increased $519.8 million, or 26%, year-over-year, reflecting a full year adjusted compensation ratio of 64.2% versus 65.7% for the prior year period. The increase in adjusted Employee Compensation and Benefits compared to the prior year period principally reflects a higher accrual for incentive compensation, higher base salaries and higher amortization of prior period deferred compensation awards. The adjusted Compensation Ratio was also impacted by higher net revenues, as described above, during the current year period compared to the prior year period. See "Deferred Compensation" for more information.

Non-Compensation Costs – Fourth quarter adjusted Non-Compensation Costs increased $32.6 million, or 26%, year-over-year, primarily driven by an increase in technology and information services, principally reflecting higher expenses associated with research services and license fees in the fourth quarter of 2025, an increase in travel and related expenses, largely due to higher levels of business activity and increased headcount, and an increase in other operating expenses related to charitable contributions made to the Evercore Foundation. The fourth quarter adjusted Non-Compensation ratio of 12.0% decreased from 12.6% for the prior year period. The adjusted Non-Compensation Ratio was also impacted by higher net revenues, as described above, during the current year period compared to the prior year period. Full year adjusted Non-Compensation Costs increased $80.2 million, or 17%, year-over-year, primarily driven by an increase in technology and information services, principally reflecting higher expenses associated with research services, license fees and consulting costs, an increase in occupancy and equipment rental expense, primarily related to an increase in office space, and an increase in travel and related expenses, largely due to higher levels of business activity and increased headcount. The full year adjusted Non-Compensation ratio of 14.2% decreased from 15.7% for the prior year period. The adjusted Non-Compensation Ratio was also impacted by higher net revenues, as described above, during the current year period compared to the prior year period.

Adjusted Effective Tax Rate

The fourth quarter adjusted effective tax rate was 29.4% versus 27.3% for the prior year period, principally reflecting an increase in non-deductible expenses and state and local apportionment adjustments. The full year adjusted effective tax rate was 19.8% versus 21.8% for the prior year period, principally reflecting the deduction associated with the appreciation in the Firm's share price upon vesting of employee share-based awards above the original grant price, partially offset by an increase in non-deductible expenses and state and local apportionment adjustments.

Liquidity

The Company continues to maintain a strong balance sheet. As of December 31, 2025, cash and cash equivalents were $1.4 billion, investment securities and certificates of deposit were $1.6 billion and current assets exceeded current liabilities by $2.1 billion. Amounts due related to the Notes Payable were $588.2 million at December 31, 2025.

Headcount

As of December 31, 2025 and 2024, the Company employed approximately 2,570 and 2,380 people, respectively, worldwide.

As of December 31, 2025 and 2024, the Company employed 210⁽¹⁾ and 184⁽²⁾ total Investment Banking & Equities Senior Managing Directors, respectively, of which 171⁽¹⁾ and 144⁽²⁾, respectively, were Investment Banking Senior Managing Directors.

Deferred Compensation

During 2025, the Company granted to certain employees 1.9 million unvested restricted stock units ("RSUs") (of which 1.6 million were granted in conjunction with the 2024 bonus awards) with a grant date fair value of $488.1 million.

In addition, during 2025, the Company granted $83.0 million of deferred cash awards to certain employees, related to our deferred cash compensation program, principally pursuant to 2024 bonus awards.

The Company recognized compensation expense related to RSUs and our deferred cash compensation program of $122.9 million and $518.0 million for the three and twelve months ended December 31, 2025, respectively, and $114.0 million and $476.2 million for the three and twelve months ended December 31, 2024, respectively.

As of December 31, 2025, the Company had 4.8 million unvested RSUs with an aggregate grant date fair value of $931.6 million. RSUs are expensed over the service period of the award, subject to retirement eligibility, and generally vest over four years.

As of December 31, 2025, the Company expects to pay an aggregate of $360.2 million related to our deferred cash compensation program at various dates through 2029, subject to certain vesting events. Amounts due pursuant to this program are expensed over the service period of the award, subject to retirement eligibility, and are reflected in Accrued Compensation and Benefits, a component of current liabilities.

In addition, from time to time, the Company also grants cash and equity-based performance awards to certain employees, the settlement of which is dependent on the performance criteria being achieved.

Capital Return Transactions

On February 3, 2026, the Board of Directors of Evercore declared a quarterly dividend of $0.84 per share to be paid on March 13, 2026 to common stockholders of record on February 27, 2026.

During the fourth quarter, the Company repurchased 12 thousand shares from employees for the net settlement of stock-based compensation awards at an average price per share of $303.03, and 0.5 million shares at an average price per share of $317.85 pursuant to the Company's share repurchase program. The aggregate 0.5 million shares were acquired at an average price per share of $317.50. During 2025, the Company repurchased 1.0 million shares from employees for the net settlement of stock-based compensation awards at an average price per share of $284.01, and 1.4 million shares at an average price per share of $269.74 pursuant to the Company's share repurchase program. The aggregate 2.4 million shares were acquired at an average price per share of $275.42.

Conference Call

Evercore will host a related conference call beginning at 8:00 a.m. Eastern Time, Wednesday, February 4, 2026, accessible via telephone and webcast. Investors and analysts may participate in the live conference call by dialing (800) 245-3047 (toll-free domestic) or (203) 518-9765 (international); passcode: EVRQ425. Please register at least 10 minutes before the conference call begins.

A live audio webcast of the conference call will be available on the Investor Relations section of Evercore's website at www.evercore.com. The webcast will be archived on Evercore's website for 30 days.

About Evercore

Evercore (NYSE:EVR) is a premier global independent investment banking advisory firm. We are dedicated to helping our clients achieve superior results through trusted independent and innovative advice on matters of strategic significance to boards of directors, management teams and shareholders, including mergers and acquisitions, strategic shareholder advisory, restructurings, and capital structure. Evercore also assists clients in raising public and private capital and delivers equity research and equity sales and agency trading execution, in addition to providing wealth and investment management services to high net worth and institutional investors. Founded in 1995, the Firm is headquartered in New York and maintains offices and affiliate offices in major financial centers in the Americas, Europe, the Middle East and Asia. For more information, please visit www.evercore.com.

Basis of Alternative Financial Statement Presentation

Our Adjusted results are a non-GAAP measure. As discussed further under "Non-GAAP Measures", Evercore believes that the disclosed Adjusted measures and any adjustments thereto, when presented in conjunction with comparable U.S. GAAP measures, are useful to investors to compare Evercore's results across several periods and better reflects how management views its operating results. These measures should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with U.S. GAAP. A reconciliation of our U.S. GAAP results to Adjusted results is presented in the tables included in the following pages.

Forward-Looking Statements

This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which reflect our current views with respect to, among other things, Evercore's operations and financial performance. In some cases, you can identify these forward-looking statements by the use of words such as "outlook," "backlog," "believes," "expects," "potential," "probable," "continues," "may," "will," "should," "seeks," "approximately," "predicts," "intends," "plans," "estimates," "anticipates" or the negative version of these words or other comparable words. All statements, other than statements of historical fact, included in this release are forward-looking statements and are based on various underlying assumptions and expectations and are subject to known and unknown risks, uncertainties and assumptions, and may include projections of our future financial performance based on our growth strategies and anticipated trends in Evercore's business. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. Evercore believes these factors include, but are not limited to, those described under "Risk Factors" discussed in Evercore's Annual Report on Form 10-K for the year ended December 31, 2024, subsequent quarterly reports on Form 10-Q, current reports on Form 8-K and Registration Statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release. In addition, new risks and uncertainties emerge from time to time, and it is not possible for Evercore to predict all risks and uncertainties, nor can Evercore assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Accordingly, you should not rely upon forward-looking statements as a prediction of actual results and Evercore does not assume any responsibility for the accuracy or completeness of any of these forward-looking statements. Evercore undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

Adjusted Results

Throughout the discussion of Evercore's business and elsewhere in this release, information is presented on an Adjusted basis, which is a non-generally accepted accounting principles ("non-GAAP") measure. Adjusted results begin with information prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"), adjusted to exclude certain items and reflect the conversion of certain Evercore LP Units and Unvested Restricted Stock Units into Class A shares. Evercore believes that the disclosed Adjusted measures and any adjustments thereto, when presented in conjunction with comparable U.S. GAAP measures, are useful to investors to compare Evercore's results across several periods and facilitate an understanding of Evercore's operating results. The Company uses these measures to evaluate its operating performance, as well as the performance of individual employees. These measures should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with U.S. GAAP. These Adjusted amounts are allocated to the Company's two business segments: Investment Banking & Equities and Investment Management. The differences between the Adjusted and U.S. GAAP results are as follows:

1. Assumed Exchange of Evercore LP Units into Class A Shares. The Adjusted results assume substantially all Evercore LP Units have been exchanged for Class A shares. Accordingly, the noncontrolling interest related to these units is converted to a controlling interest. The Company's management believes that it is useful to provide the per-share effect associated with the assumed conversion of substantially all of these previously granted equity interests and IPO related restricted stock units, and thus the Adjusted results reflect their exchange into Class A shares.
2. Adjustments Associated with Business Combinations and Divestitures. The following charges resulting from business combinations and divestitures have been excluded from the Adjusted results as the Company's Management believes that operating performance is more comparable across periods excluding the effects of these acquisition-related charges:
   
   
   1. Acquisition and Transition Costs. Professional fees and certain other costs incurred related to the acquisition of Robey Warshaw and transfer taxes and professional fees incurred resulting from the Company's reorganization of businesses within the EMEA legal entity structure.
   2. Acquisition-related Compensation Charges. Expenses associated with awards granted in conjunction with the Company's acquisition of Robey Warshaw.
   3. Amortization of Intangible Assets. Amortization of intangible assets from the acquisition of Robey Warshaw.
   4. Interest Expense. Interest expense accrued for deferred acquisition consideration issued in the acquisition of Robey Warshaw.
   5. Foreign Exchange Gains / (Losses). The release of cumulative foreign exchange losses in the third quarter of 2024 resulting from the redemption of the Company's interest in Luminis.
   6. Gain on Sale of Interests in ABS. The gain on the sale of the remaining portion of the Company's interest in ABS in the third quarter of 2024.
3. Special Charges, Including Business Realignment Costs. Expenses during 2024 that are excluded from the Adjusted presentation relate to the write-off of the remaining carrying value of the Company's investment in Luminis in connection with the redemption of the Company's interest.
4. Income Taxes. Evercore is organized as a series of Limited Liability Companies, Partnerships, C-Corporations and a Public Corporation in the U.S. as the ultimate parent. Certain of the subsidiaries, particularly Evercore LP, have noncontrolling interests held by management or former members of management. As a result, not all of the Company's income is subject to corporate level taxes and certain other state and local taxes are levied. The assumption in the Adjusted earnings presentation is that substantially all of the noncontrolling interest is eliminated through the exchange of Evercore LP units into Class A common stock of the ultimate parent. As a result, the Adjusted earnings presentation assumes that the allocation of earnings to Evercore LP's noncontrolling interest holders is substantially eliminated and is therefore subject to statutory tax rates of a C-Corporation under a conventional tax structure in the U.S. and that certain state and local taxes are reduced accordingly.
5. Presentation of Interest Expense. The Adjusted results present Adjusted Investment Banking & Equities Operating Income and Adjusted Investment Management Operating Income before interest expense on debt, lines of credit and other financing arrangements, which are included in interest expense on a U.S. GAAP basis.
6. Presentation of Income from Equity Method Investments. The Adjusted results present Income from Equity Method Investments within Revenue as the Company's Management believes it is a useful presentation.

Reclassifications:

During the second quarter of 2025, the Company changed its U.S. GAAP and Adjusted presentation such that "Communications and Information Services" was renamed to "Technology and Information Services." Technology and related expenses have been reclassified from "Professional Fees" to "Technology and Information Services." The Company has reclassified prior periods to conform to the current presentation in this release. There was no impact on previously reported U.S. GAAP or Adjusted Operating Income, Net Income or Earnings Per Share.

The prior period reclassifications from "Professional Fees" to "Technology and Information Services" are as follows: Q1 2025: $10.2 million; Q1 2024: $9.0 million; Q2 2024: $9.9 million; Q3 2024: $10.4 million; Q4 2024: $10.2 million; Q1 2023: $8.6 million; Q2 2023: $8.2 million; Q3 2023: $9.2 million; Q4 2023: $9.1 million. Further details of these reclassifications, as well as a revised presentation for the quarterly results for Q1 2025 and quarterly and full year results for 2024, 2023 and 2022 are available on the Investor Relations section of Evercore's website at www.evercore.com.