| Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis |
The following tables present, as of June 30, 2025 and December 31, 2024, the classification of (i) investments and certain other assets and liabilities measured at fair value on a recurring basis within the fair value hierarchy and (ii) investments measured at NAV or its equivalent as a practical expedient: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | Level 1 | | Level 2 | | Level 3 | | NAV | | Total | | Assets: | | | | | | | | | | | Cash and cash equivalents (a) | $ | 3,611 | | | $ | – | | | $ | – | | | $ | – | | | $ | 3,611 | | Deposits with banks and short-term
investments (a) | 24,667 | | | – | | | – | | | – | | | 24,667 | | | Restricted cash (a) | 200 | | | – | | | – | | | – | | | 200 | | | Investments: | | | | | | | | | | | Debt | – | | | 207 | | | – | | | – | | | 207 | | | Equity | 55,618 | | | – | | | 697 | | | – | | | 56,315 | | | Funds: | | | | | | | | | | | Alternative investments | 7,901 | | | – | | | – | | | 44,971 | | | 52,872 | | | Debt | 100,280 | | | 10,918 | | | – | | | 3 | | | 111,201 | | | Equity | 347,952 | | | 292 | | | – | | | 58 | | | 348,302 | | | Private equity | – | | | – | | | 289 | | | 49,801 | | | 50,090 | | | Derivatives | – | | | 88 | | | – | | | – | | | 88 | | | Total | $ | 540,229 | | | $ | 11,505 | | | $ | 986 | | | $ | 94,833 | | | $ | 647,553 | | | Liabilities: | | | | | | | | | | | Securities sold, not yet purchased | $ | 4,471 | | | $ | – | | | $ | – | | | $ | – | | | $ | 4,471 | | | Contingent consideration liability | – | | | – | | | 2,248 | | | – | | | 2,248 | | | Derivatives | – | | | 214,556 | | | – | | | – | | | 214,556 | | | Total | $ | 4,471 | | | $ | 214,556 | | | $ | 2,248 | | | $ | – | | | $ | 221,275 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2024 | | Level 1 | | Level 2 | | Level 3 | | NAV | | Total | | Assets: | | | | | | | | | | | Cash and cash equivalents (a) | $ | 5,982 | | | $ | – | | | $ | – | | | $ | – | | | $ | 5,982 | | Deposits with banks and short-term
investments (a) | 24,666 | | | – | | | – | | | – | | | 24,666 | | | Investments: | | | | | | | | | | | Equity | 58,034 | | | – | | | 589 | | | – | | | 58,623 | | | Funds: | | | | | | | | | | | Alternative investments | 10,763 | | | – | | | – | | | 48,467 | | | 59,230 | | | Debt | 129,004 | | | 18,166 | | | – | | | 3 | | | 147,173 | | | Equity | 289,244 | | | 316 | | | – | | | 50 | | | 289,610 | | | Private equity | – | | | – | | | 256 | | | 43,156 | | | 43,412 | | | Derivatives | – | | | 3,787 | | | – | | | – | | | 3,787 | | | Total | $ | 517,693 | | | $ | 22,269 | | | $ | 845 | | | $ | 91,676 | | | $ | 632,483 | | | Liabilities: | | | | | | | | | | | Securities sold, not yet purchased | $ | 4,529 | | | $ | – | | | $ | – | | | $ | – | | | $ | 4,529 | | | Contingent consideration liability | – | | | – | | | 4,495 | | | – | | | 4,495 | | | Derivatives | – | | | 274,280 | | | – | | | – | | | 274,280 | | | Total | $ | 4,529 | | | $ | 274,280 | | | $ | 4,495 | | | $ | – | | | $ | 283,304 | |
___________________________________ (a)Level 1 represents U.S. Treasury securities.
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| Schedule of Changes in Fair Value of Company's Level 3 Assets and Liabilities |
The following tables provide a summary of changes in fair value of the Company’s Level 3 assets and liabilities for the three month and six month periods ended June 30, 2025 and 2024: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, 2025 | | Beginning
Balance | | Net Unrealized/
Realized
Gains/Losses
Included In
Earnings (a) | | Purchases/
Issuances | | Sales/
Settlements | | Foreign
Currency
Translation
Adjustments | | Ending
Balance | | Assets: | | | | | | | | | | | | | Investments: | | | | | | | | | | | | | Equity | $ | 599 | | | $ | 46 | | | $ | – | | | $ | – | | | $ | 52 | | | $ | 697 | | | Private equity funds | 267 | | | – | | | – | | | – | | | 22 | | | 289 | | | Total Level 3 assets | $ | 866 | | | $ | 46 | | | $ | – | | | $ | – | | | $ | 74 | | | $ | 986 | | | | | | | | | | | | | | | Liabilities: | | | | | | | | | | | | Contingent consideration
liability | $ | 2,221 | | | $ | 27 | | | $ | – | | | $ | – | | | $ | – | | | $ | 2,248 | | | Total Level 3 liabilities | $ | 2,221 | | | $ | 27 | | | $ | – | | | $ | – | | | $ | – | | | $ | 2,248 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2025 | | Beginning
Balance | | Net Unrealized/
Realized
Gains/Losses
Included In
Earnings (a) | | Purchases/
Issuances | | Sales/
Settlements | | Foreign
Currency
Translation
Adjustments | | Ending
Balance | | Assets: | | | | | | | | | | | | | Investments: | | | | | | | | | | | | | Equity | $ | 589 | | | $ | 47 | | | $ | – | | | $ | – | | | $ | 61 | | | $ | 697 | | | Private equity funds | 256 | | | – | | | – | | | – | | | 33 | | | 289 | | | Total Level 3 assets | $ | 845 | | | $ | 47 | | | $ | – | | | $ | – | | | $ | 94 | | | $ | 986 | | | | | | | | | | | | | | | Liabilities: | | | | | | | | | | | | Contingent consideration
liability (b) | $ | 4,495 | | | $ | 53 | | | $ | – | | | $ | (2,300) | | | $ | – | | | $ | 2,248 | | | Total Level 3 liabilities | $ | 4,495 | | | $ | 53 | | | $ | – | | | $ | (2,300) | | | $ | – | | | $ | 2,248 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, 2024 | | Beginning
Balance | | Net Unrealized/
Realized
Gains/Losses
Included In
Earnings (a) | | Purchases/
Issuances | | Sales/
Settlements/ | | Foreign
Currency
Translation
Adjustments | | Ending
Balance | | Assets: | | | | | | | | | | | | | Investments: | | | | | | | | | | | | | Equity | $ | 475 | | | $ | 37 | | | $ | 109 | | | $ | – | | | $ | (10) | | | $ | 611 | | | Private equity funds | 267 | | | – | | | – | | | – | | | (3) | | | 264 | | | Total Level 3 assets | $ | 742 | | | $ | 37 | | | $ | 109 | | | $ | – | | | $ | (13) | | | $ | 875 | | | | | | | | | | | | | | | Liabilities: | | | | | | | | | | | | Contingent consideration
liability | $ | 4,336 | | | $ | 53 | | | $ | – | | | $ | – | | | $ | – | | | $ | 4,389 | | | Total Level 3 liabilities | $ | 4,336 | | | $ | 53 | | | $ | – | | | $ | – | | | $ | – | | | $ | 4,389 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2024 | | Beginning
Balance | | Net Unrealized/
Realized
Gains/Losses
Included In
Earnings (a) | | Purchases/Acquisitions/
Issuances | | Sales/
Settlements/
Transfers | | Foreign
Currency
Translation
Adjustments | | Ending
Balance | | Assets: | | | | | | | | | | | | | Investments: | | | | | | | | | | | | | Equities | $ | 493 | | | $ | 37 | | | $ | 109 | | | $ | – | | | $ | (28) | | | $ | 611 | | | Private equity funds | 273 | | | – | | | – | | | – | | | (9) | | | 264 | | | Total Level 3 assets | $ | 766 | | | $ | 37 | | | $ | 109 | | | $ | – | | | $ | (37) | | | $ | 875 | | | | | | | | | | | | | | | Liabilities: | | | | | | | | | | | | Contingent consideration
liability (b) | $ | 6,583 | | | $ | 106 | | | $ | – | | | $ | (2,300) | | | $ | – | | | $ | 4,389 | | | Total Level 3 liabilities | $ | 6,583 | | | $ | 106 | | | $ | – | | | $ | (2,300) | | | $ | – | | | $ | 4,389 | |
_________________________________(a)Earnings recorded in “other revenue” for investments in Level 3 assets for the three month and six month periods ended June 30, 2025 and 2024 include net unrealized gains of $46, $47, $37, and $37, respectively. Unrealized losses of $27, $53, $53 and $106 were recorded in “operating expenses-other” for the contingency consideration liability for the three month and six month periods ended June 30, 2025 and 2024, respectively. (b)For the six month periods ended June 30, 2025 and 2024, settlements represent aggregate cash and noncash settlement of contingent consideration after the acquisition date.
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| Schedule of Fair Value of Certain Investments Based on NAV |
The following tables present, at June 30, 2025 and December 31, 2024, certain investments that are valued using NAV or its equivalent as a practical expedient in determining fair value: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | | | | | | | | | Investments Redeemable | | NAV | | Unfunded Commitments | | | % of
NAV
Not
Redeemable | | | Redemption Frequency | | Redemption Notice Period | | Alternative investment funds: | | | | | | | | | | | | | Hedge funds | $ | 44,208 | | | $ | – | | | | NA | | | (a) | | <30-60 days | | Other | 763 | | | – | | | | NA | | | (b) | | <30-90 days | | Debt funds | 3 | | | – | | | | NA | | | (c) | | <30-30 days | | Equity funds | 58 | | | – | | | | NA | | | (d) | | <30-30 days | | Private equity funds: | | | | | | | | | | | | | Equity growth | 49,801 | | | 5,961 | | (e) | | 100% | (f) | | NA | | NA | | Total | $ | 94,833 | | | $ | 5,961 | | | | | | | | | |
___________________________________ (a)monthly (100%) (b)daily (5%) and monthly (95%) (c)daily (100%) (d)monthly (100%) (e)Unfunded commitments to private equity investments consolidated but not owned by Lazard of $19,998 are excluded. Such commitments are required to be funded by capital contributions from noncontrolling interest holders. (f)Distributions from each fund will be received as the underlying investments of the funds are liquidated. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2024 | | | | | | | | | | Investments Redeemable | | NAV | | Unfunded
Commitments | | | % of
NAV
Not
Redeemable | | | Redemption
Frequency | | Redemption
Notice Period | | Alternative investment funds: | | | | | | | | | | | | | Hedge funds | $ | 47,788 | | | $ | – | | | | NA | | | (a) | | 30-60 days | | Other | 679 | | | – | | | | NA | | | (b) | | <30-90 days | | Debt funds | 3 | | | – | | | | NA | | | (c) | | <30 days | | Equity funds | 50 | | | – | | | | NA | | | (d) | | <30-30 days | | Private equity funds: | | | | | | | | | | | | | Equity growth | 43,156 | | | 6,068 | | (e) | | 100% | (f) | | NA | | NA | | Total | $ | 91,676 | | | $ | 6,068 | | | | | | | | | |
___________________________________ (a)monthly (100%) (b)daily (5%) and monthly (95%) (c)daily (100%) (d)monthly (100%) (e)Unfunded commitments to private equity investments consolidated but not owned by Lazard of $20,205 are excluded. Such commitments are required to be funded by capital contributions from noncontrolling interest holders. (f)Distributions from each fund will be received as the underlying investments of the funds are liquidated.
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