
	June 30, 2025		December 31, 2024
Debt	$	207	$	–
Equity	56,315		58,623
Funds:
Alternative investments (a)	52,872		59,230
Debt (a)	111,201		147,173
Equity (a)	348,302		289,610
Private equity	50,090		43,412
Total funds	562,465		539,425
Investments, at fair value	618,987		598,048
Equity method investments	18,486		16,899
Total investments	$	637,473	$	614,947

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(a)Interests in alternative investment funds, debt funds and equity funds include investments (fair values shown below), including those held by LFI Consolidated Funds (see Note 21), held to satisfy the Company’s obligation upon vesting of previously granted Lazard Fund Interests (“LFI”) and other similar deferred compensation arrangements. LFI represent grants by the Company to eligible employees of interests in a number of Lazard-managed funds, subject to service-based vesting conditions (see Notes 7 and 13).


	June 30, 2025		December 31, 2024
Investments related to LFI and other similar deferred compensation arrangements:
Alternative investments	$	21,805	$	23,865
Debt	93,022		126,407
Equity	170,356		223,729
Total	$	285,183	$	374,001

Debt securities primarily consist of investments in debt securities held within separately managed accounts in order to seed strategies in our Asset Management business.

Equity securities primarily consist of investments in marketable equity securities of large-, mid- and small-cap domestic, international and global companies held within separately managed accounts in order to seed strategies in our Asset Management business.

Alternative investment funds primarily consist of interests in various Lazard-managed hedge funds, funds of funds and mutual funds. Such amounts primarily consist of investments in funds in order to seed strategies in our Asset Management business, and amounts related to LFI discussed above.

Debt funds primarily consist of investments in debt securities in order to seed strategies in our Asset Management business and amounts related to LFI discussed above.

Equity funds primarily consist of investments in equity securities in order to seed strategies in our Asset Management business, and amounts related to LFI discussed above.

Private equity investments include those owned by Lazard and those consolidated but not owned by Lazard. Private equity investments owned by Lazard are primarily comprised of investments in private equity funds. Such investments primarily include (i) Edgewater Growth Capital Partners III, L.P. (“EGCP III”), a fund primarily making equity and buyout investments in middle market companies and (ii) a seed investment in a fund that invests in sustainable private infrastructure opportunities.

Private equity investments consolidated but not owned by Lazard relate to the economic interests that are owned by the management team and other investors in the Edgewater Funds (“Edgewater”).

Equity method investments include an interest in a venture capital asset management entity accounted for under the equity method of accounting. The carrying value includes amounts related to intangible assets, which are amortized, and goodwill.

During the three month and six month periods ended June 30, 2025 and 2024, the Company reported in “revenue-other” on its condensed consolidated statements of operations net unrealized investment gains and losses pertaining to equity securities and trading debt securities still held as of the reporting date as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Net unrealized investment gains (losses)	$	48,225	$	(10,248)	$	39,241	$	753

As of June 30, 2025, the Company has pledged investments with a carrying value of $41,223, primarily as collateral for its derivative contracts (see Note 7). Such pledged assets can be sold or repledged by the secured party.