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Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2022
Fair Value Disclosures [Abstract] |
Schedule of Classification of Investments and Certain Other Assets and Liabilities Measured at Fair Value on Recurring Basis and Investments Measured at NAV | The following tables present, as of September 30, 2022 and December 31, 2021, 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:
|  | September 30, 2022 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | NAV |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equities |  | $ | 39,218 |  |  | $ | - |  |  | $ | 529 |  |  | $ | - |  |  | $ | 39,747 |
Funds: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Alternative investments |  |  | 25,937 |  |  |  | - |  |  |  | - |  |  |  | 28,264 |  |  |  | 54,201 |
Debt |  |  | 167,759 |  |  |  | - |  |  |  | - |  |  |  | 4 |  |  |  | 167,763 |
Equity |  |  | 319,669 |  |  |  | - |  |  |  | - |  |  |  | 38 |  |  |  | 319,707 |
Private equity |  |  | - |  |  |  | - |  |  |  | 240 |  |  |  | 41,564 |  |  |  | 41,804 |
Derivatives |  |  | - |  |  |  | 18,502 |  |  |  | - |  |  |  | - |  |  |  | 18,502 |
Total |  | $ | 552,583 |  |  | $ | 18,502 |  |  | $ | 769 |  |  | $ | 69,870 |  |  | $ | 641,724 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities sold, not yet purchased |  | $ | 4,301 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 4,301 |
Derivatives |  |  | 575 |  |  |  | 310,570 |  |  |  | - |  |  |  | - |  |  |  | 311,145 |
Total |  | $ | 4,876 |  |  | $ | 310,570 |  |  | $ | - |  |  | $ | - |  |  | $ | 315,446 |
|  | December 31, 2021 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | NAV |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt |  | $ | 299,990 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 299,990 |
Equities |  |  | 53,462 |  |  |  | - |  |  |  | 578 |  |  |  | - |  |  |  | 54,040 |
Funds: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Alternative investments |  |  | 24,972 |  |  |  | - |  |  |  | - |  |  |  | 24,785 |  |  |  | 49,757 |
Debt |  |  | 164,947 |  |  |  | - |  |  |  | - |  |  |  | 5 |  |  |  | 164,952 |
Equity |  |  | 375,712 |  |  |  | - |  |  |  | - |  |  |  | 49 |  |  |  | 375,761 |
Private equity |  |  | - |  |  |  | - |  |  |  | 293 |  |  |  | 46,296 |  |  |  | 46,589 |
Derivatives |  |  | - |  |  |  | 922 |  |  |  | - |  |  |  | - |  |  |  | 922 |
Total |  | $ | 919,083 |  |  | $ | 922 |  |  | $ | 871 |  |  | $ | 71,135 |  |  | $ | 992,011 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities sold, not yet purchased |  | $ | 6,828 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 6,828 |
Derivatives |  |  | 10,005 |  |  |  | 362,240 |  |  |  | - |  |  |  | - |  |  |  | 372,245 |
Total |  | $ | 16,833 |  |  | $ | 362,240 |  |  | $ | - |  |  | $ | - |  |  | $ | 379,073 |
Summary 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 nine month periods ended September 30, 2022 and 2021:
|  | Three Months Ended September 30, 2022 |
|  | Beginning Balance |  |  | Net Unrealized/ Realized Gains/Losses Included In Earnings (a) |  |  | Purchases/ Acquisitions/ Issuances |  |  | Sales/ Dispositions/ Settlements |  |  | Foreign Currency Translation Adjustments |  |  | Ending Balance |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equities |  | $ | 542 |  |  | $ | 28 |  |  | $ | - |  |  | $ | - |  |  | $ | (41 | ) |  | $ | 529 |
Private equity funds |  |  | 256 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (16 | ) |  |  | 240 |
Total Level 3 assets |  | $ | 798 |  |  | $ | 28 |  |  | $ | - |  |  | $ | - |  |  | $ | (57 | ) |  | $ | 769 |
|  | Nine Months Ended September 30, 2022 |
|  | Beginning Balance |  |  | Net Unrealized/ Realized Gains/Losses Included In Earnings (a) |  |  | Purchases/ Acquisitions/ Issuances |  |  | Sales/ Dispositions/ Settlements |  |  | Foreign Currency Translation Adjustments |  |  | Ending Balance |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equities |  | $ | 578 |  |  | $ | 35 |  |  | $ | - |  |  | $ | - |  |  | $ | (84 | ) |  | $ | 529 |
Private equity funds |  |  | 293 |  |  |  | - |  |  |  | - |  |  |  | (13 | ) |  |  | (40 | ) |  |  | 240 |
Total Level 3 assets |  | $ | 871 |  |  | $ | 35 |  |  | $ | - |  |  | $ | (13 | ) |  | $ | (124 | ) |  | $ | 769 |
|  | Three Months Ended September 30, 2021 |
|  | Beginning Balance |  |  | Net Unrealized/ Realized Gains/Losses Included In Earnings (a) |  |  | Purchases/ Acquisitions/ Issuances |  |  | Sales/ Dispositions/ Settlements |  |  | Foreign Currency Translation Adjustments |  |  | Ending Balance |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equities |  | $ | 1,646 |  |  | $ | (836 | ) |  | $ | - |  |  | $ | - |  |  | $ | (28 | ) |  | $ | 782 |
Private equity funds |  |  | 2,628 |  |  |  | 4,593 |  |  |  | - |  |  |  | (16 | ) |  |  | (7 | ) |  |  | 7,198 |
Total Level 3 assets |  | $ | 4,274 |  |  | $ | 3,757 |  |  | $ | - |  |  | $ | (16 | ) |  | $ | (35 | ) |  | $ | 7,980 |
|  | Nine Months Ended September 30, 2021 |
|  | Beginning Balance |  |  | Net Unrealized/ Realized Gains/Losses Included In Earnings (a) |  |  | Purchases/ Acquisitions |  |  | Sales/ Dispositions/ Settlements/ Transfers (b) |  |  | Foreign Currency Translation Adjustments |  |  | Ending Balance |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equities |  | $ | 1,671 |  |  | $ | (835 | ) |  | $ | - |  |  | $ | - |  |  | $ | (54 | ) |  | $ | 782 |
Private equity funds |  |  | 1,486 |  |  |  | 5,745 |  |  |  | - |  |  |  | (16 | ) |  |  | (17 | ) |  |  | 7,198 |
Total Level 3 assets |  | $ | 3,157 |  |  | $ | 4,910 |  |  | $ | - |  |  | $ | (16 | ) |  | $ | (71 | ) |  | $ | 7,980 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives |  | $ | - |  |  | $ | - |  |  | $ | 11,500 |  |  | $ | (11,500 | ) |  | $ | - |  |  | $ | - |
Total Level 3 liabilities |  | $ | - |  |  | $ | - |  |  | $ | 11,500 |  |  | $ | (11,500 | ) |  | $ | - |  |  | $ | - |
(a) | Earnings recorded in “other revenue” for investments in Level 3 assets for the three month and nine month periods ended September 30, 2022 and 2021 include net unrealized gains of $28, $35, $3,757 and $4,910, respectively.
(b) | Transfers out of Level 3 derivatives during the nine month period ended September 30, 2021 reflected transfers of derivative liabilities for LGAC Warrants to Level 1 principally due to a change in the inputs used to value these derivatives.
Fair Value of Certain Investments Based on NAV | The following tables present, at September 30, 2022 and December 31, 2021, certain investments that are valued using NAV or its equivalent as a practical expedient in determining fair value:
|  | September 30, 2022
|  |  |  |  |  |  |  |  |  |  |  |  |  | Investments Redeemable
|  | Fair Value |  |  | Unfunded Commitments |  |  |  | % of Fair Value Not Redeemable |  |  | Redemption Frequency |  | Redemption Notice Period
Alternative investment funds: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hedge funds |  | $ | 27,668 |  |  | $ | - |  |  |  | NA |  |  | (a) |  | 30-60 days
Other |  |  | 596 |  |  |  | - |  |  |  | NA |  |  | (b) |  | <30-30 days
Debt funds |  |  | 4 |  |  |  | - |  |  |  | NA |  |  | (c) |  | <30 days
Equity funds |  |  | 38 |  |  |  | - |  |  |  | NA |  |  | (d) |  | <30-60 days
Private equity funds: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity growth |  |  | 41,564 |  |  |  | 5,520 |  | (e) |  | 100% | (f) |  | NA |  | NA
Total |  | $ | 69,870 |  |  | $ | 5,520 |  |  |  |  |  |  |  |  |
(a) | monthly (67%) and quarterly (33%)
(b) | daily (6%) and monthly (94%)
(c) | daily (100%)
(d) | monthly (32%) and annually (68%)
(e) | Unfunded commitments to private equity investments consolidated but not owned by Lazard of $8,032 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, 2021
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Investments Redeemable
|  | Fair Value |  |  | Unfunded Commitments |  |  |  | % of Fair Value Not Redeemable |  |  |  | Redemption Frequency |  | Redemption Notice Period
Alternative investment funds: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hedge funds |  | $ | 24,162 |  |  | $ | - |  |  |  | NA |  |  |  | (a) |  | 30-60 days
Other |  |  | 623 |  |  |  | - |  |  |  | NA |  |  |  | (b) |  | <30-30 days
Debt funds |  |  | 5 |  |  |  | - |  |  |  | NA |  |  |  | (c) |  | <30 days
Equity funds |  |  | 49 |  |  |  | - |  |  |  | NA |  |  |  | (d) |  | <30-60 days
Private equity funds: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity growth |  |  | 46,296 |  |  |  | 5,597 |  | (e) |  |  | 100 | % | (f) |  | NA |  | NA
Total |  | $ | 71,135 |  |  | $ | 5,597 |  |  |  |  |  |  |  |  |  |  |
(a) | monthly (79%) and quarterly (21%)
(b) | daily (8%) and monthly (92%)
(c) | daily (100%)
(d) | monthly (36%) and annually (64%)
(e) | Unfunded commitments to private equity investments consolidated but not owned by Lazard of $9,128 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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