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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

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 March 31, 2023 and December 31, 2022, 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:

		March 31, 2023
		Level 1				Level 2				Level 3				NAV				Total
Assets:
Investments:
Debt		$	4,116			$	-			$	-			$	-			$	4,116
Equities			51,454				-				634				-				52,088
Funds:
Alternative investments			28,066				-				-				42,167				70,233
Debt			205,696				-				-				5				205,701
Equity			358,160				-				-				42				358,202
Private equity			-				-				19,139				32,389				51,528
Derivatives			-				3,991				-				-				3,991
Total		$	647,492			$	3,991			$	19,773			$	74,603			$	745,859
Liabilities:
Securities sold, not yet purchased		$	4,106			$	-			$	-			$	-			$	4,106
Contingent consideration liability			-				-				6,342				-				6,342
Derivatives			-				368,452				-				-				368,452
Total		$	4,106			$	368,452			$	6,342			$	-			$	378,900

		December 31, 2022
		Level 1				Level 2				Level 3				NAV				Total
Assets:
Investments:
Equities		$	43,243			$	-			$	646			$	-			$	43,889
Funds:
Alternative investments			27,073				-				-				29,874				56,947
Debt			178,552				-				-				4				178,556
Equity			350,242				-				-				40				350,282
Private equity			-				-				18,772				35,050				53,822
Derivatives			-				14,554				-				-				14,554
Total		$	599,110			$	14,554			$	19,418			$	64,968			$	698,050
Liabilities:
Securities sold, not yet purchased		$	4,651			$	-			$	-			$	-			$	4,651
Derivatives			115				327,045				-				-				327,160
Total		$	4,766			$	327,045			$	-			$	-			$	331,811

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 periods ended March 31, 2023 and 2022:

		Three Months Ended March 31, 2023
		Beginning Balance				Net Unrealized/ Realized Gains/Losses Included In Earnings (a)				Purchases/ Acquisitions/ Issuances				Sales/ Settlements				Foreign Currency Translation Adjustments				Ending Balance
Assets:
Investments:
Equities		$	646			$	1			$	-			$	-			$	(13	)		$	634
Private equity funds			18,772				-				-				-				367				19,139
Total Level 3 assets		$	19,418			$	1			$	-			$	-			$	354			$	19,773

Liabilities:
Contingent consideration liability		$	-			$	33			$	7,754			$	(1,445	)		$	-			$	6,342
Total Level 3 liabilities		$	-			$	33			$	7,754			$	(1,445	)		$	-			$	6,342

		Three Months Ended March 31, 2022
		Beginning Balance				Net Unrealized/ Realized Gains/Losses Included In Earnings (a)				Purchases/ Issuances				Sales/ Settlements				Foreign Currency Translation Adjustments				Ending Balance
Assets:
Investments:
Equities		$	578			$	7			$	-			$	-			$	(10	)		$	575
Private equity funds			293				-				-				(13	)			(6	)			274
Total Level 3 assets		$	871			$	7			$	-			$	(13	)		$	(16	)		$	849

(a)

Earnings recorded in “other revenue” for investments in Level 3 assets for the three month periods ended March 31, 2023 and 2022 include net unrealized gains of $1 and $7, respectively. Unrealized losses of $33 were recorded in “amortization and other acquisition-related costs” for the contingent consideration liability for the three month period ended March 31, 2023.

Fair Value of Certain Investments Based on NAV

The following tables present, at March 31, 2023 and December 31, 2022, certain investments that are valued using NAV or its equivalent as a practical expedient in determining fair value:

March 31, 2023

Investments Redeemable

Fair Value

Unfunded

Commitments

% of

Fair Value

Not

Redeemable

Redemption

Frequency

Redemption

Notice Period

Alternative investment funds:

Hedge funds

$

41,526

$

-

NA

(a)

30-60 days

Other

641

-

NA

(b)

<30-30 days

Debt funds

5

-

NA

(c)

<30 days

Equity funds

42

-

NA

(d)

<30-60 days

Private equity funds:

Equity growth

32,389

5,455

(e)

100%

(f)

NA

NA

Total

$

74,603

$

5,455

(a)	monthly (73%) and quarterly (27%)

(b)	daily (5%) and monthly (95%)

(c)	daily (100%)

(d)	monthly (34%) and annually (66%)

(e)	Unfunded commitments to private equity investments consolidated but not owned by Lazard of $8,003 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, 2022

Investments Redeemable

Fair Value

Unfunded

Commitments

% of

Fair Value

Not

Redeemable

Redemption

Frequency

Redemption

Notice Period

Alternative investment funds:

Hedge funds

$

29,259

$

-

NA

(a)

30-60 days

Other

615

-

NA

(b)

<30-30 days

Debt funds

4

-

NA

(c)

<30 days

Equity funds

40

-

NA

(d)

<30-60 days

Private equity funds:

Equity growth

35,050

5,455

(e)

100

%

(f)

NA

NA

Total

$

64,968

$

5,455

(a)	monthly (68%) and quarterly (32%)

(b)	daily (5%) and monthly (95%)

(c)	daily (100%)

(d)	monthly (35%) and annually (65%)

(e)	Unfunded commitments to private equity investments consolidated but not owned by Lazard of $8,003 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.