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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following tables present, as of December 31, 2024 and 2023, 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:

			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.

			December 31, 2023
			Level 1						Level 2						Level 3						NAV						Total
Assets:
Investments:
Debt			$	4,285					$	–					$	–					$	–					$	4,285
Equity			54,224						–						493						–						54,717
Funds:
Alternative investments			15,676						–						–						46,004						61,680
Debt			180,907						10,413						–						5						191,325
Equity			343,094						–						–						45						343,139
Private equity			–						–						273						46,545						46,818
Derivatives			–						2,789						–						–						2,789
Total			$	598,186					$	13,202					$	766					$	92,599					$	704,753
Liabilities:
Securities sold, not yet purchased			$	4,809					$	–					$	–					$	–					$	4,809
Contingent consideration liability			–						–						6,583						–						6,583
Derivatives			–						368,673						–						–						368,673
Total			$	4,809					$	368,673					$	6,583					$	–					$	380,065

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 years ended December 31, 2024, 2023 and 2022:

			Year Ended December 31, 2024
			Beginning Balance						Net Unrealized/ Realized Gains/Losses Included In Earnings (a)						Purchases/ Acquisitions/ Issuances						Sales/ Settlements						Foreign Currency Translation Adjustments						Ending Balance
Assets:
Investments:
Equity			$	493					$	46					$	109					$	–					$	(59)					$	589
Private equity funds			273						–						–						–						(17)						256
Total Level 3 assets			$	766					$	46					$	109					$	–					$	(76)					$	845
Liabilities:
Contingent consideration    liability (b)			$	6,583					$	212					$	–					$	(2,300)					$	–					$	4,495
Total Level 3 liabilities			$	6,583					$	212					$	–					$	(2,300)					$	–					$	4,495

			Year Ended December 31, 2023
			Beginning Balance						Net Unrealized/ Realized Gains/Losses Included In Earnings (a)						Purchases/ Acquisitions/Issuances						Sales/ Settlements/Transfers (c)						Foreign Currency Translation Adjustments						Ending Balance
Assets:
Investments:
Equity			$	646					$	54					$	–					$	(281)					$	74					$	493
Private equity funds			18,772						–						–						(18,508)						9						273
Total Level 3 assets			$	19,418					$	54					$	–					$	(18,789)					$	83					$	766
Liabilities:
Contingent consideration    liability (b)			$	–					$	274					$	7,754					$	(1,445)					$	–					$	6,583
Total Level 3 liabilities			$	–					$	274					$	7,754					$	(1,445)					$	–					$	6,583

			Year Ended December 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:
Equity			$	578					$	99					$	–					$	–					$	(31)					$	646
Private equity funds			293						–						18,000						(13)						492						18,772
Total Level 3 assets			$	871					$	99					$	18,000					$	(13)					$	461					$	19,418

_____________________

(a)Earnings recorded in “other revenue” for investments in Level 3 assets for the years ended December 31, 2024, 2023 and 2022 include net unrealized gains (losses) of $46, $(6) and $99, respectively. Unrealized losses of $212 and $274 were recorded in “operating expenses-other” for the contingent consideration liability for the years ended December 31, 2024 and 2023, respectively.

(b)For the year ended December 31, 2023, acquisitions represent the initial recognition of the contingent consideration liability (noncash transaction). Settlements for the years ended December 31, 2024 and 2023 represent aggregate cash and noncash settlement of contingent consideration after the acquisition date.

(c)Transfers out of Level 3 private equity funds during the year ended December 31, 2023 reflect investments valued at NAV that were previously valued based on the acquisition price.

Financial Instruments Not Measured at Fair Value

The tables below present the carrying value, fair value and fair value hierarchy category of certain financial instruments as of December 31, 2024 and 2023 that are not measured at fair value in the Company’s consolidated statement of financial condition.

			December 31, 2024
			Carrying Value						Fair Value						Fair Value Measurements Using:
															Level 1						Level 2						Level 3
Financial Assets:
Cash and cash equivalents			$	1,302,236					$	1,302,236					$	1,302,236					$	–					$	–
Deposits with banks and short-term investments			244,018						244,018						244,018						–						–
Restricted cash			32,466						32,466						32,466						–						–
Financing receivables			130,682						131,272						–						–						131,272
Customer loans			82,985						82,985						–						–						82,985
Other fees and customers and other receivables			539,956						539,956						–						539,956						–
Financial Liabilities:
Deposits and other customer payables			$	308,213					$	308,213					$	–					$	308,213					$	–
Senior debt			1,687,052						1,681,893						–						1,681,893						–

			December 31, 2023
			Carrying Value						Fair Value						Fair Value Measurements Using:
															Level 1						Level 2						Level 3
Financial Assets:
Cash and cash equivalents			$	971,316					$	971,316					$	971,316					$	–					$	–
Deposits with banks and short-term investments			219,576						219,576						219,576						–						–
Restricted cash			34,091						34,091						34,091						–						–
Financing receivables			113,929						113,694						–						–						113,694
Customer loans			86,412						86,412						–						–						86,412
Other fees and customers and other receivables			561,978						561,978						561,978						–						–
Financial Liabilities:
Deposits and other customer payables			$	443,262					$	443,262					$	443,262					$	–					$	–
Senior debt			1,690,200						1,651,726						–						1,651,726						–

Fair Value of Certain Investments Based on NAV

The following tables present, at December 31, 2024 and 2023, certain investments that are valued using NAV or its equivalent as a practical expedient in determining fair value:

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.

December 31, 2023

Investments Redeemable

NAV

Unfunded Commitments

% of NAV Not Redeemable

Redemption Frequency

Redemption Notice Period

Alternative investment funds:

Hedge funds

$

45,324

$

–

NA

(a)

30-60 days

Other

680

–

NA

(b)

<30-30 days

Debt funds

5

–

NA

(c)

<30 days

Equity funds

45

–

NA

(d)

<30-60 days

Private equity funds:

Equity growth

46,545

5,505

(e)

100

%

(f)

NA

NA

Total

$

92,599

$

5,505

_____________________

(a)monthly (74%) and quarterly (26%)

(b)daily (4%) and monthly (96%)

(c)daily (100%)

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

(e)Unfunded commitments to private equity investments consolidated but not owned by Lazard of $9,605 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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