Consolidated VIEs

12 Months Ended

Dec. 31, 2024

Variable Interest Entity, Measure of Activity [Abstract]

CONSOLIDATED VIEs

LFI Consolidated Funds

The Company’s consolidated VIEs as of December 31, 2024 and 2023 include certain funds (“LFI Consolidated Funds”) that were established for the benefit of employees participating in the Company’s existing LFI deferred compensation arrangement. Lazard invests in these funds and is the investment manager and is therefore deemed to have both the power to direct the most significant activities of the funds and the right to receive benefits (or the obligation to absorb losses) that could potentially be significant to these funds. The assets of LFI Consolidated Funds, except as it relates to $68,452 and $113,174 of LFI held by Lazard Group as of December 31, 2024 and 2023, respectively, can only be used to settle the obligations of LFI Consolidated Funds. The Company’s consolidated VIE assets and liabilities for LFI

Consolidated Funds as reflected in the consolidated statements of financial condition consist of the following at December 31, 2024 and 2023.


	December 31,
	2024		2023
ASSETS
Cash and cash equivalents	$	2,456	$	4,627
Customers and other receivables	97		23,277
Investments	144,878		196,112
Other assets	1,016		683
Total assets	$	148,447	$	224,699
LIABILITIES
Deposits and other customer payables	$	72	$	23,498
Other liabilities	295		353
Total liabilities	$	367	$	23,851

Lazard Growth Acquisition Corp. I

In addition, the Company’s consolidated VIEs for the year ended December 31, 2023 included Lazard Growth Acquisition Corp. I (“LGAC”), a former special purpose acquisition company. The Company held a controlling financial interest in LGAC through a subsidiary’s ownership of Class B founder shares of LGAC. As a result, both LGAC and the sponsor were consolidated in the Company’s financial statements.

“Redeemable noncontrolling interests” of $583,471 associated with the publicly held LGAC Class A ordinary shares were recorded on the Company’s consolidated statements of financial condition as of December 31, 2022 at redemption value and classified as temporary equity.

On February 23, 2023, LGAC redeemed all of its outstanding publicly held Class A ordinary shares as a result of LGAC not consummating a business combination within the time period required by its amended and restated memorandum and articles of association resulting in the distribution of $585,891 of the cash held in the trust account to the LGAC shareholders. The Company recognized $17,929 of losses on the liquidation of LGAC in “revenue-other” on the consolidated statement of operations for the year ended December 31, 2023. In addition, $20,125 of non-cash deferred underwriting fees was no longer probable of being incurred and therefore was reversed from other liabilities to additional paid-in-capital.