Investments

9 Months Ended

Sep. 30, 2025

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 and equity securities in private companies. The Company's investments are relatively high-risk and illiquid assets.

The Company's investments in Atalanta Sosnoff, Seneca Evercore, ABS (through July 2024) and Luminis (through September 2024) 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 September 30, 2025 and December 31, 2024 was as follows:



	September 30, 2025		December 31, 2024

Atalanta Sosnoff	$	11,259	$	11,155
Seneca Evercore	1,245		1,462


Total	$	12,504	$	12,617

Atalanta Sosnoff

The Company has an investment accounted for under the equity method of accounting in Atalanta Sosnoff. At September 30, 2025, the Company's ownership interest in Atalanta Sosnoff was 49%. This investment resulted in earnings of $1,071 and

$2,792 for the three and nine months ended September 30, 2025, respectively, and $865 and $2,181 for the three and nine months ended September 30, 2024, respectively, included within Income from Equity Method Investments on the Unaudited Condensed Consolidated Statements of Operations.

Seneca Evercore

The Company has an investment accounted for under the equity method of accounting in Seneca Evercore. At September 30, 2025, the Company's ownership interest in Seneca Evercore was 20%. This investment resulted in earnings (losses) of $11 and ($16) for the three and nine months ended September 30, 2025, respectively, and $129 and $259 for the three and nine months ended September 30, 2024, 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 Brazilian real to the U.S. dollar, included in Accumulated Other Comprehensive Income (Loss), on the Unaudited Condensed Consolidated Statements of Financial Condition.

ABS

In July 2024, the Company sold its remaining 26% ownership interest in ABS for cash of $18,113. This transaction resulted in a gain of $615 for the three and nine months ended September 30, 2024, included within Other Revenue, Including Interest and Investments, on the Unaudited Condensed Consolidated Statements of Operations.

This investment resulted in earnings of $2,031 for the nine months ended September 30, 2024, included within Income from Equity Method Investments on the Unaudited Condensed Consolidated Statement of Operations.

Luminis

In September 2024, the Company agreed to the redemption of its interest in Luminis, such that it no longer has an equity interest in Luminis following the redemption. The Company received no consideration in respect of the redemption. As a result, the Company incurred a loss associated with the write-off of the remaining carrying value of its investment of $7,305 for the three and nine months ended September 30, 2024, included within Special Charges, Including Business Realignment Costs, on the Unaudited Condensed Consolidated Statements of Operations. This investment was 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 Statement of Financial Condition. Accordingly, the redemption resulted in the reclassification of $581 and $77 of cumulative foreign currency translation losses from Accumulated Other Comprehensive Income (Loss) and Noncontrolling Interest, respectively, on the Unaudited Condensed Consolidated Statement of Financial Condition to Other Revenue, Including Interest and Investments, on the Unaudited Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2024.

This investment resulted in earnings of $78 and $783 for the three and nine months ended September 30, 2024, respectively, included within Income from Equity Method Investments on the Unaudited Condensed Consolidated Statements of Operations.

Other

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 $62 and $186 for the three and nine months ended September 30, 2025, respectively, and $79 and $237 for the three and nine months ended September 30, 2024, respectively.

The Company assesses each of its equity method investments for impairment annually, or more frequently if circumstances indicate impairment may have occurred.

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") and Trilantic Capital Partners V, L.P. ("Trilantic V"). 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, as well as 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 September 30, 2025 and December 31, 2024 was as follows:



	September 30, 2025		December 31, 2024


Glisco II, Glisco III and Glisco IV	$	1,933	$	3,569


Trilantic IV and Trilantic V	1,572		1,862

Total Private Equity Funds	$	3,505	$	5,431

Net realized and unrealized losses on private equity fund investments were ($25) and ($1,119) for the three and nine months ended September 30, 2025, respectively, and ($4) and ($105) for the three and nine months ended September 30, 2024, respectively. In the event the funds perform poorly, the Company may be obligated to repay certain carried interest previously distributed. As of September 30, 2025, there was no previously distributed carried interest received from the funds subject to repayment.

General Partners of Private Equity Funds which are VIEs

The Company has 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 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 $1,326 and $2,956 included in its Unaudited Condensed Consolidated Statements of Financial Condition at September 30, 2025 and December 31, 2024, 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 September 30, 2025 and December 31, 2024 was $3,509 and $5,138, 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 makes investments in private companies in exchange for equity securities and warrants, or receives equity securities in private companies in exchange for advisory services. These investments, which had a balance of $1,671 and $625 as of September 30, 2025 and December 31, 2024, respectively, are accounted for at their cost minus impairment, if any, plus or minus changes resulting from observable price changes.