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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________________________
FORM 10-Q
____________________________________
(Mark One)

x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2025
OR

o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ________to ________
001-32492
(Commission File Number)
____________________________________
LAZARD, INC.
(Exact name of registrant as specified in its charter)

Delaware | 98-0437848
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.)

30 Rockefeller Plaza
New York, NY 10112
(Address of principal executive offices)
Registrant’s telephone number: (212) 632-6000
____________________________________
Securities Registered Pursuant to Section 12(b) of the Act:

Title of each class | Trading Symbol(s) | Name of each exchange on which registered
Common Stock | LAZ | New York Stock Exchange

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes x No o
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer | x | Accelerated filer | o
Non-accelerated filer | o | Smaller reporting company | o
|  | Emerging growth company | o

If the Registrant is an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x
As of April 21, 2025, there were 112,766,091 shares of the Registrant’s common stock outstanding (including 18,618,701 shares held by subsidiaries).

TABLE OF CONTENTS
When we use the terms “Lazard”, “we”, “us”, “our” and “the Company”, we mean Lazard, Inc., a company incorporated under the laws of the state of Delaware, and its subsidiaries. Lazard’s subsidiaries include Lazard Group LLC, a Delaware limited liability company, that is the current holding company for our businesses. Lazard’s primary operating asset is its indirect ownership of all of the common membership interests in Lazard Group LLC and its controlling interest in Lazard Group LLC.

| Page
Part I. Financial Information |
Item 1. Financial Statements (Unaudited) | 1
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations | 39
Item 3. Quantitative and Qualitative Disclosures About Market Risk | 66
Item 4. Controls and Procedures | 66
Part II. Other Information |
Item 1. Legal Proceedings | 67
Item 1A. Risk Factors | 67
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds | 67
Item 3. Defaults Upon Senior Securities | 68
Item 4. Mine Safety Disclosures | 68
Item 5. Other Information | 68
Item 6. Exhibits | 70
Signatures | 74

i

PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)

| Page
Condensed Consolidated Statements of Financial Condition as of March 31, 2025 and December 31, 2024 | 2
Condensed Consolidated Statements of Operations for the three month periods ended March 31, 2025 and 2024 | 4
Condensed Consolidated Statements of Comprehensive Income (Loss) for the three month periods ended March 31, 2025 and 2024 | 5
Condensed Consolidated Statements of Cash Flows for the three month periods ended March 31, 2025 and 2024 | 6
Condensed Consolidated Statements of Changes in Stockholders’ Equity and Redeemable Noncontrolling Interests for the three month periods ended March 31, 2025 and 2024 | 8
Notes to Condensed Consolidated Financial Statements | 10

1

LAZARD, INC.
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
MARCH 31, 2025 AND DECEMBER 31, 2024
(UNAUDITED)
(dollars in thousands, except for per share data)

| March 31, 2025 |  | December 31, 2024
ASSETS |  |  |
Cash and cash equivalents | $ | 908,586 |  |  | $ | 1,308,218 |
Deposits with banks and short-term investments | 264,944 |  |  | 268,684 |
Restricted cash | 34,252 |  |  | 32,466 |
Receivables (net of allowance for credit losses of $26,340 and $32,033 at March 31, 2025 and December 31, 2024, respectively): |  |  |
Fees | 531,498 |  |  | 640,567 |
Customers and other | 151,506 |  |  | 113,056 |
| 683,004 |  |  | 753,623 |
Investments | 506,497 |  |  | 614,947 |
Property (net of accumulated amortization and depreciation of $344,457 and $332,840 at March 31, 2025 and December 31, 2024, respectively) | 168,190 |  |  | 160,402 |
Operating lease right-of-use assets | 430,502 |  |  | 434,938 |
Goodwill and other intangible assets (net of accumulated amortization of $67,711 at both March 31, 2025 and December 31, 2024) | 394,103 |  |  | 393,575 |
Deferred tax assets | 496,848 |  |  | 479,582 |
Other assets | 345,141 |  |  | 347,558 |
Total Assets | $ | 4,232,067 |  |  | $ | 4,793,993 |

See notes to condensed consolidated financial statements.
2

LAZARD, INC.
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
MARCH 31, 2025 AND DECEMBER 31, 2024
(UNAUDITED)
(dollars in thousands, except for per share data)

| March 31, 2025 |  | December 31, 2024
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND STOCKHOLDERS’ EQUITY |  |  |
Liabilities: |  |  |
Deposits and other customer payables | $ | 335,380 |  |  | $ | 308,213 |
Accrued compensation and benefits | 248,194 |  |  | 844,953 |
Operating lease liabilities | 503,875 |  |  | 505,483 |
Tax receivable agreement obligation | 75,826 |  |  | 75,899 |
Senior debt | 1,687,841 |  |  | 1,687,052 |
Deferred tax liabilities | 1,077 |  |  | 1,084 |
Other liabilities | 647,510 |  |  | 606,526 |
Total Liabilities | 3,499,703 |  |  | 4,029,210 |
Commitments and contingencies |  |  |
Redeemable noncontrolling interests | 83,811 |  |  | 79,629 |
STOCKHOLDERS’ EQUITY |  |  |
Preferred stock, par value $0.01 per share; 15,000,000 shares authorized; no shares issued and outstanding at March 31, 2025 and December 31, 2024 | – |  |  | – |
Common stock: |  |  |
Par value $0.01 per share (500,000,000 shares authorized; 112,766,091 shares issued at March 31, 2025 and December 31, 2024, including shares held by subsidiaries) | 1,128 |  |  | 1,128 |
Additional paid-in-capital | 131,697 |  |  | 327,810 |
Retained earnings | 1,477,662 |  |  | 1,472,113 |
Accumulated other comprehensive loss, net of tax | (306,766) |  |  | (326,742) |
| 1,303,721 |  |  | 1,474,309 |
Common stock held by subsidiaries, at cost (18,618,701 and 22,467,315 shares at March 31, 2025 and December 31, 2024, respectively) | (700,693) |  |  | (838,069) |
Total Lazard Stockholders’ Equity | 603,028 |  |  | 636,240 |
Noncontrolling interests | 45,525 |  |  | 48,914 |
Total Stockholders’ Equity | 648,553 |  |  | 685,154 |
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity | $ | 4,232,067 |  |  | $ | 4,793,993 |

See notes to condensed consolidated financial statements.
3

LAZARD, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE MONTH PERIODS ENDED MARCH 31, 2025 AND 2024
(UNAUDITED)
(dollars in thousands, except for per share data)

| Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
REVENUE |  |  |  |  |  |  |
Investment banking and other advisory fees | $ | 360,367 |  |  | $ | 453,027 |  |  |  |  |
Asset management fees | 264,616 |  |  | 276,849 |  |  |  |  |
Interest income | 11,662 |  |  | 11,471 |  |  |  |  |
Other | 32,519 |  |  | 44,134 |  |  |  |  |
Total revenue | 669,164 |  |  | 785,481 |  |  |  |  |
Interest expense | 21,113 |  |  | 20,728 |  |  |  |  |
Net revenue | 648,051 |  |  | 764,753 |  |  |  |  |
OPERATING EXPENSES |  |  |  |  |  |  |
Compensation and benefits | 430,270 |  |  | 550,824 |  |  |  |  |
Occupancy and equipment | 35,413 |  |  | 32,857 |  |  |  |  |
Marketing and business development | 27,731 |  |  | 23,599 |  |  |  |  |
Technology and information services | 46,216 |  |  | 44,917 |  |  |  |  |
Professional services | 18,837 |  |  | 19,880 |  |  |  |  |
Fund administration and outsourced services | 26,545 |  |  | 26,140 |  |  |  |  |
Other | 8,404 |  |  | 11,975 |  |  |  |  |
Total operating expenses | 593,416 |  |  | 710,192 |  |  |  |  |
OPERATING INCOME | 54,635 |  |  | 54,561 |  |  |  |  |
Provision (benefit) for income taxes | (7,354) |  |  | 14,337 |  |  |  |  |
NET INCOME | 61,989 |  |  | 40,224 |  |  |  |  |
LESS - NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 1,614 |  |  | 4,469 |  |  |  |  |
NET INCOME ATTRIBUTABLE TO LAZARD | $ | 60,375 |  |  | $ | 35,755 |  |  |  |  |
ATTRIBUTABLE TO LAZARD COMMON STOCKHOLDERS: |  |  |  |  |  |  |
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING: |  |  |  |  |  |  |
Basic | 95,255,423 |  | 91,260,465 |  |  |  |
Diluted | 104,828,753 |  | 99,351,769 |  |  |  |
NET INCOME PER SHARE OF COMMON STOCK: |  |  |  |  |  |  |
Basic | $ | 0.61 |  |  | $ | 0.38 |  |  |  |  |
Diluted | $ | 0.56 |  |  | $ | 0.35 |  |  |  |  |

See notes to condensed consolidated financial statements.
4

LAZARD, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
FOR THE THREE MONTH PERIODS ENDED MARCH 31, 2025 AND 2024
(UNAUDITED)
(dollars in thousands)

| Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
NET INCOME | $ | 61,989 |  |  | $ | 40,224 |  |  |  |  |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: |  |  |  |  |  |  |
Currency translation adjustments | 24,213 |  |  | (16,262) |  |  |  |  |
Employee benefit plans: |  |  |  |  |  |  |
Actuarial gain (loss) (net of tax expense (benefit) of $(1,602) and $288 for the three months ended March 31, 2025 and 2024, respectively) | (5,789) |  |  | 815 |  |  |  |  |
Adjustment for items reclassified to earnings (net of tax expense of $530 and $455 for the three months ended March 31, 2025 and 2024, respectively) | 1,576 |  |  | 1,402 |  |  |  |  |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | 20,000 |  |  | (14,045) |  |  |  |  |
COMPREHENSIVE INCOME | 81,989 |  |  | 26,179 |  |  |  |  |
LESS - COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 1,638 |  |  | 4,469 |  |  |  |  |
COMPREHENSIVE INCOME ATTRIBUTABLE TO LAZARD | $ | 80,351 |  |  | $ | 21,710 |  |  |  |  |

See notes to condensed consolidated financial statements.
5

LAZARD, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTH PERIODS ENDED MARCH 31, 2025 AND 2024
(UNAUDITED)
(dollars in thousands)

| Three Months Ended March 31,
| 2025 |  | 2024
CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |
Net income | $ | 61,989 |  |  | $ | 40,224 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: |  |  |
Amortization of deferred expenses and share-based incentive compensation | 104,166 |  |  | 121,478 |
Noncash lease expense | 15,844 |  |  | 16,278 |
Depreciation and amortization of property | 8,443 |  |  | 9,134 |
Deferred tax benefit | (26,088) |  |  | (12,836) |
Other adjustments | (5,204) |  |  | – |
(Increase) decrease in operating assets and increase (decrease) in operating liabilities: |  |  |
Receivables-net | 88,373 |  |  | 6,694 |
Investments | 96,393 |  |  | 62,208 |
Other assets | 19,300 |  |  | (88,231) |
Accrued compensation and benefits and other liabilities | (580,742) |  |  | (244,935) |
Net cash used in operating activities | (217,526) |  |  | (89,986) |
CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |
Additions to property | (13,824) |  |  | (6,619) |
Disposals of property | – |  |  | 12 |
Other investing activities | (8,869) |  |  | – |
Net cash used in investing activities | (22,693) |  |  | (6,607) |
CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |
Proceeds from (payments for) customer deposits, net | 6,197 |  |  | 90,815 |
Proceeds from: |  |  |
Issuance of senior debt, net of expenses | – |  |  | 396,000 |
Contributions from noncontrolling interests | 100 |  |  | 181 |
Payments for: |  |  |
Extinguishment of senior debt | – |  |  | (233,073) |
Distributions to noncontrolling interests | (4) |  |  | (1,189) |
Purchase of common stock | (36,165) |  |  | (22,005) |
Common stock dividends | (44,950) |  |  | (43,715) |
Settlement of share-based incentive compensation in satisfaction of tax withholding requirements | (93,780) |  |  | (55,632) |
LFI Consolidated Funds redemptions | (14,368) |  |  | (26,217) |
Other financing activities | (8,604) |  |  | (6,678) |
Net cash provided by (used in) financing activities | (191,574) |  |  | 98,487 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | 30,207 |  |  | (22,225) |
NET DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | (401,586) |  |  | (20,331) |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH— January 1 | 1,609,368 |  |  | 1,224,983 |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH—March 31 | $ | 1,207,782 |  |  | $ | 1,204,652 |

See notes to condensed consolidated financial statements.
6

RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH WITHIN THE CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION: |  |  |
| March 31, 2025 |  | December 31, 2024
Cash and cash equivalents | $ | 908,586 |  |  | $ | 1,308,218 |
Deposits with banks and short-term investments | 264,944 |  |  | 268,684 |
Restricted cash | 34,252 |  |  | 32,466 |
TOTAL CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | $ | 1,207,782 |  |  | $ | 1,609,368 |

See notes to condensed consolidated financial statements.
7

LAZARD, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS
FOR THE THREE MONTH PERIOD ENDED MARCH 31, 2025
(UNAUDITED)
(dollars in thousands)

| Common Stock |  | Additional Paid-In- Capital |  | Retained Earnings |  | Accumulated Other Comprehensive Income (Loss), Net of Tax |  | Common Stock Held By Subsidiaries |  | Total Lazard Stockholders’ Equity |  | Noncontrolling Interests |  | Total Stockholders’ Equity |  | Redeemable Noncontrolling Interests
| Shares |  | $ |  |  |  |  | Shares |  | $ |  |  |  |
Balance - January 1, 2025 | 112,766,091 |  | $ | 1,128 |  |  | $ | 327,810 |  |  | $ | 1,472,113 |  |  | $ | (326,742) |  |  | 22,467,315 |  | $ | (838,069) |  |  | $ | 636,240 |  |  | $ | 48,914 |  |  | $ | 685,154 |  |  | $ | 79,629 |
Comprehensive income (loss): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) |  |  |  |  |  |  | 60,375 |  |  |  |  |  |  |  |  | 60,375 |  | 2,806 |  |  | 63,181 |  |  | (1,192) |
Other comprehensive income - net of tax |  |  |  |  |  |  |  |  | 19,976 |  |  |  |  |  |  | 19,976 |  | 24 |  |  | 20,000 |  |  |
Amortization of share-based incentive compensation |  |  |  |  | 74,950 |  |  |  |  |  |  |  |  |  |  | 74,950 |  | 2,218 |  |  | 77,168 |  |  |
Dividend equivalents |  |  |  |  | 9,421 |  |  | (9,876) |  |  |  |  |  |  |  |  | (455) |  | (7,011) |  |  | (7,466) |  |  |
Common stock dividends ($0.50 per share) |  |  |  |  |  |  | (44,950) |  |  |  |  |  |  |  |  | (44,950) |  |  |  | (44,950) |  |  |
Purchase of common stock |  |  |  |  |  |  |  |  |  |  | 773,955 |  | (36,165) |  |  | (36,165) |  |  |  | (36,165) |  |  |
Delivery of common stock in connection with share-based incentive compensation and related tax expense of $10,655 |  |  |  |  | (278,381) |  |  |  |  |  |  | (4,664,538) |  |  | 175,468 |  |  | (102,913) |  | (1,522) |  |  | (104,435) |  |  |
Business acquisitions and related equity transactions: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | – |  |  |
Common stock issuable |  |  |  |  | 1,235 |  |  |  |  |  |  |  |  |  |  | 1,235 |  |  |  | 1,235 |  |  |
Contributions from noncontrolling interests, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 96 |  |  | 96 |  |  |
LFI Consolidated Funds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | – |  |  | 5,374 |
Other |  |  |  |  | (3,338) |  |  |  |  |  |  | 41,969 |  |  | (1,927) |  |  | (5,265) |  |  |  | (5,265) |  |  |
Balance - March 31, 2025 | 112,766,091 |  | $ | 1,128 |  |  | $ | 131,697 |  |  | $ | 1,477,662 |  |  | $ | (306,766) |  |  | 18,618,701 |  |  | $ | (700,693) |  |  | $ | 603,028 |  |  | $ | 45,525 |  |  | $ | 648,553 |  |  | $ | 83,811 |

See notes to condensed consolidated financial statements.
8

LAZARD, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS
FOR THE THREE MONTH PERIOD ENDED MARCH 31, 2024
(UNAUDITED)
(dollars in thousands)

| Common Stock |  | Additional Paid-In- Capital |  | Retained Earnings |  | Accumulated Other Comprehensive Income (Loss), Net of Tax |  | Common Stock Held By Subsidiaries |  | Total Lazard Stockholders’ Equity |  | Noncontrolling Interests |  | Total Stockholders’ Equity |  | Redeemable Noncontrolling Interests
| Shares |  | $ |  |  |  |  | Shares |  | $ |  |  |  |
Balance - January 1, 2024 | 112,766,091 |  |  | $ | 1,128 |  |  | $ | 247,204 |  |  | $ | 1,402,636 |  |  | $ | (289,950) |  |  | 25,340,287 |  |  | $ | (937,259) |  |  | $ | 423,759 |  |  | $ | 58,428 |  |  | $ | 482,187 |  |  | $ | 87,675 |
Comprehensive income (loss): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income |  |  |  |  |  |  | 35,755 |  |  |  |  |  |  |  |  | 35,755 |  |  | 1,852 |  |  | 37,607 |  |  | 2,617 |
Other comprehensive loss - net of tax |  |  |  |  |  |  |  |  | (14,045) |  |  |  |  |  |  | (14,045) |  |  |  |  | (14,045) |  |  |
Amortization of share-based incentive compensation |  |  |  |  | 69,773 |  |  |  |  |  |  |  |  |  |  | 69,773 |  |  | 425 |  |  | 70,198 |  |  |
Dividend equivalents |  |  |  |  | 9,441 |  |  | (9,847) |  |  |  |  |  |  |  |  | (406) |  |  | (5,121) |  |  | (5,527) |  |  |
Common stock dividends ($0.50 per share) |  |  |  |  |  |  | (43,715) |  |  |  |  |  |  |  |  | (43,715) |  |  |  |  | (43,715) |  |  |
Purchase of common stock |  |  |  |  |  |  |  |  |  |  | 564,692 |  |  | (22,005) |  |  | (22,005) |  |  |  |  | (22,005) |  |  |
Delivery of common stock in connection with share-based incentive compensation and related tax expense of $764 |  |  |  |  | (193,080) |  |  |  |  |  |  | (3,656,974) |  |  | 135,443 |  |  | (57,637) |  |  | 1,241 |  |  | (56,396) |  |  |
Business acquisitions and related equity transactions: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock issuable |  |  |  |  | 1,235 |  |  |  |  |  |  |  |  |  |  | 1,235 |  |  |  |  | 1,235 |  |  |
Distributions to noncontrolling interests, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1,008) |  |  | (1,008) |  |  |
LFI Consolidated Funds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1,817) |
Balance - March 31, 2024 | 112,766,091 |  |  | $ | 1,128 |  |  | $ | 134,573 |  |  | $ | 1,384,829 |  |  | $ | (303,995) |  |  | 22,248,005 |  |  | $ | (823,821) |  |  | $ | 392,714 |  |  | $ | 55,817 |  |  | $ | 448,531 |  |  | $ | 88,475 |

See notes to condensed consolidated financial statements.
9

LAZARD, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(dollars in thousands, except for per share data, unless otherwise noted)
1. ORGANIZATION AND BASIS OF PRESENTATION
Organization
Lazard, Inc. is one of the world’s preeminent financial advisory and asset management firms, incorporated in Delaware that specializes in crafting solutions to the complex financial and strategic challenges of our clients. Lazard provides advice on mergers and acquisitions, capital markets and capital solutions, restructuring and liability management, geopolitics, and other strategic matters, as well as asset management and investment solutions to institutions, corporations, governments, partnerships, family offices, and high net worth individuals.
Lazard, Inc. indirectly held 100% of all outstanding common membership interests of Lazard Group LLC, a Delaware limited liability company (collectively referred to, together with its subsidiaries, as “Lazard Group”), as of March 31, 2025 and December 31, 2024. Lazard, Inc., through its control of the managing members of Lazard Group LLC, controls Lazard Group, which is governed by a Third Amended and Restated Operating Agreement that is effective as of January 1, 2023 (the “Operating Agreement”).
Lazard, Inc.’s primary operating asset is its indirect ownership of the common membership interests of, and managing member interests in, Lazard Group, whose principal operating activities are included in two business segments:
•Financial Advisory, which offers corporate, partnership, institutional, government, sovereign and individual clients across the globe a wide array of financial advisory services including mergers and acquisitions (“M&A”) advisory, capital markets advisory, shareholder advisory, sovereign advisory, geopolitical advisory, restructuring and liability management, capital raising and placement, and other strategic matters; and
•Asset Management, which offers a broad range of global investment solutions and investment and wealth management services in equity and fixed income strategies, asset allocation strategies, alternative investments and private equity funds to corporations, public funds, sovereign entities, endowments and foundations, labor funds, financial intermediaries and private wealth clients.
In addition, we record selected other activities in our Corporate segment, including cash management, investments, deferred tax assets, outstanding indebtedness and certain contingent obligations.
Basis of Presentation
The accompanying condensed consolidated financial statements of Lazard have been prepared pursuant to the rules and regulations of the United States Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States of America (“U.S. GAAP”) for complete financial statements and should be read in conjunction with the audited consolidated financial statements and notes thereto included in Lazard, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2024. The accompanying December 31, 2024 unaudited condensed consolidated statement of financial condition data was derived from audited consolidated financial statements, but does not include all disclosures required by U.S. GAAP for annual financial statement purposes. The accompanying condensed consolidated financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the financial position, results of operations and cash flows for the interim periods presented.
Preparing financial statements requires management to make estimates and assumptions that affect the amounts that are reported in the condensed consolidated financial statements and the accompanying disclosures. For example, discretionary compensation and benefits expense for interim periods is accrued based on the year-to-date amount of revenue earned, and an estimated annual ratio of compensation and benefits expense to revenue, with the applicable amounts adjusted for certain items. Although these estimates are based on management’s knowledge of current events and actions that Lazard may undertake in the future, actual results may differ materially from the estimates.
The condensed consolidated results of operations for the three month period ended March 31, 2025 are not indicative of the results to be expected for any future interim or annual period.
10

LAZARD, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)
(UNAUDITED)
(dollars in thousands, except for per share data, unless otherwise noted)
The condensed consolidated financial statements include Lazard, Inc. and its subsidiaries including Lazard Group LLC and Lazard Group LLC’s principal operating subsidiaries: Lazard Frères & Co. LLC (“LFNY”), a New York limited liability company, along with its subsidiaries, including Lazard Asset Management LLC and its subsidiaries (collectively referred to as “LAM”); the French limited liability companies Compagnie Financière Lazard Frères SAS (“CFLF”), along with its subsidiaries, Lazard Frères Banque SA (“LFB”) and Lazard Frères Gestion SAS (“LFG”), and Maison Lazard SAS and its subsidiaries; and Lazard & Co., Limited (“LCL”), through Lazard & Co., Holdings Limited (“LCH”), an English private limited company, together with their jointly owned affiliates and subsidiaries.
The Company’s policy is to consolidate entities in which it has a controlling financial interest. The Company consolidates:
•Voting interest entities (“VOEs”) where the Company holds a majority of the voting interest in such VOEs and
•Variable interest entities (“VIEs”) where the Company is the primary beneficiary having the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and the obligation to absorb losses of, or receive benefits from, the VIE that could be potentially significant to the VIE (see Note 21).
When the Company does not have a controlling interest in an entity, but exerts significant influence over such entity’s operating and financial decisions, the Company either (i) applies the equity method of accounting in which it records a proportionate share of the entity’s net earnings or losses or (ii) elects the option to measure its investment at fair value.
Intercompany transactions and balances have been eliminated.
Amortization and other acquisition-related costs are reported in “operating expenses-other” in the condensed consolidated statements of operations and “amortization of deferred expenses and share-based incentive compensation” in the condensed consolidated statements of cash flows. Such amounts were previously reported separately. Prior year information has been recast to reflect the updated presentation.
2. RECENT ACCOUNTING DEVELOPMENTS
Compensation – Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards — In March 2024, the FASB issued an accounting standard update that provides guidance in determining whether profits interest and similar awards should be accounted for as share-based arrangements within the scope of Topic 718. The amendments are effective for annual and interim periods beginning after December 15, 2024, and shall be applied either retrospectively or prospectively. The Company has adopted the new guidance as of January 1, 2025 with prospective application to any profits interest and similar awards granted or modified on or after the date of adoption. The adoption of the amendments did not have a material impact to the Company’s financial statements.
Income Taxes (Topic 740): Improvements to Income Tax Disclosures —In December 2023, the FASB issued an accounting standard update to enhance the transparency and decision usefulness of income tax disclosures. The amendments include new annual disclosure requirements related to the rate reconciliation, information about income taxes paid, and disaggregated information on pre-tax income or loss and income tax expense from continuing operations. The amendments also eliminated certain disclosure requirements. The new guidance is effective for annual periods beginning after December 15, 2024, and shall be applied on a prospective basis. The Company is currently evaluating the new guidance.
Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses — In November 2024, the FASB issued an accounting standard update to require additional information about the types of expenses in commonly presented expense captions. The amendments are effective for annual periods beginning after December 15, 2026, and the subsequent interim periods, with early adoption permitted. The amendments shall be applied either prospectively or retrospectively. The Company is currently evaluating the new guidance.
11

LAZARD, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)
(UNAUDITED)
(dollars in thousands, except for per share data, unless otherwise noted)
3. REVENUE RECOGNITION
The Company disaggregates revenue based on its business segment results and believes that the following information provides a reasonable representation of how performance obligations relate to the nature, amount, timing and uncertainty of revenue and cash flows:

| Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
Net Revenue: |  |  |  |  |  |  |
Financial Advisory (a) | $ | 367,359 |  |  | $ | 453,507 |  |  |  |  |
Asset Management: |  |  |  |  |  |  |
Management fees and other (b) | $ | 278,192 |  |  | $ | 286,540 |  |  |  |  |
Incentive fees (c) | 9,908 |  |  | 8,936 |  |  |  |  |
Total Asset Management | $ | 288,100 |  |  | $ | 295,476 |  |  |  |  |

___________________________________
(a)Financial Advisory is comprised of a wide array of financial advisory services regarding M&A advisory, capital markets advisory, shareholder advisory, sovereign advisory, geopolitical advisory, restructuring and liability management, capital raising and placement, and other strategic advisory work for clients. The benefits of these advisory services are generally transferred to the Company’s clients over time, and consideration for these advisory services typically includes transaction completion, transaction announcement and retainer fees. Retainer fees are generally fixed and recognized over the period in which the advisory services are performed. However, transaction announcement and transaction completion fees are variable and subject to constraints, and they are typically not recognized until there is an announcement date or a completion date, respectively, due to the uncertainty associated with those events. Therefore, in any given period, advisory fees recognized for certain transactions may relate to services performed in prior periods. The advisory fees that may be unrecognized as of the end of a reporting period, primarily comprised of fees associated with transaction announcements and transaction completions, generally remain unrecognized due to the uncertainty associated with those events.
(b)Management fees and other is primarily comprised of management services. The benefits of these management services are transferred to the Company’s clients over time. Consideration for these management services generally includes management fees, which are based on assets under management and recognized over the period in which the management services are performed. The selling or distribution of fund interests is a separate performance obligation within management fees and other, and the benefits of such services are transferred to the Company’s clients at the point in time that such fund interests are sold or distributed.
(c)Incentive fees is primarily comprised of management services. The benefits of these management services are transferred to the Company’s clients over time. Consideration for these management services is generally variable and includes performance or incentive fees. The fees allocated to these management services that are unrecognized as of the end of the reporting period are generally amounts that are subject to constraints due to the uncertainty associated with performance targets and clawbacks.
In addition to the above, contracts with clients include trade-based commission income, which is recognized at the point in time of execution and presented within other revenue. Such income may be earned by providing trade facilitation, execution, clearance and settlement, custody, and trade administration services to clients.
With regard to the disclosure requirement for remaining performance obligations, the Company elected the practical expedients permitted in the guidance to (i) exclude contracts with a duration of one year or less; and (ii) exclude variable consideration, such as transaction completion and transaction announcement fees, that is allocated entirely to unsatisfied performance obligations. Excluded variable consideration typically relates to contracts with a duration of one year or less, and is generally constrained due to uncertainties.
12

LAZARD, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)
(UNAUDITED)
(dollars in thousands, except for per share data, unless otherwise noted)
At March 31, 2025, the Company had deferred revenue of $129,207 included in “other liabilities” on the condensed consolidated statements of financial condition. During the three month period ended March 31, 2025, the Company recognized $10,739 in revenue, that was included in the deferred revenue balance as of December 31, 2024 of $136,536.
4. RECEIVABLES AND ALLOWANCE FOR CREDIT LOSSES
The Company’s receivables represent fee receivables, amounts due from customers and other receivables. Where applicable, receivables are stated net of an estimated allowance for credit losses determined in accordance with the current expected credit losses (“CECL”) model.
Of the Company’s fee receivables at March 31, 2025 and December 31, 2024, $121,314 and $130,682, respectively, represented financing receivables for our Private Capital Advisory fees.
At March 31, 2025 and December 31, 2024, customers and other receivables included $96,382 and $82,985, respectively, of customer loans provided by LFB to high net worth individuals and families, which are fully collateralized and monitored for counterparty creditworthiness, with such collateral having a fair value in excess of the carrying amount of the loans as of both March 31, 2025 and December 31, 2024.
The aggregate carrying amount of other fees and customers and other receivables was $465,308 and $539,956 at March 31, 2025 and December 31, 2024, respectively.
Activity in the allowance for credit losses for the three month periods ended March 31, 2025 and 2024 was as follows:

| Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
Beginning Balance | $ | 32,033 |  |  | $ | 28,503 |  |  |  |  |
Provision for credit losses, net of reversals | (5,422) |  |  | 4,998 |  |  |  |  |
Charge-offs | (653) |  |  | (3,223) |  |  |  |  |
Foreign currency translation and other adjustments | 382 |  |  | (192) |  |  |  |  |
Ending Balance | $ | 26,340 |  |  | $ | 30,086 |  |  |  |  |

The provision for credit losses, net of reversals represents the current period provision of expected credit losses and is included in “operating expenses-other” on the condensed consolidated statements of operations.
The allowance for credit losses is substantially all related to Financial Advisory fee receivables and other receivables.
13

LAZARD, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)
(UNAUDITED)
(dollars in thousands, except for per share data, unless otherwise noted)
5. INVESTMENTS
The Company’s investments consist of the following at March 31, 2025 and December 31, 2024:

| March 31, 2025 |  | December 31, 2024
Debt | $ | 3,759 |  |  | $ | – |
Equity | 49,396 |  |  | 58,623 |
Funds: |  |  |
Alternative investments (a) | 50,340 |  |  | 59,230 |
Debt (a) | 111,751 |  |  | 147,173 |
Equity (a) | 227,384 |  |  | 289,610 |
Private equity | 46,287 |  |  | 43,412 |
Total funds | 435,762 |  |  | 539,425 |
Investments, at fair value | 488,917 |  |  | 598,048 |
Equity method investments | 17,580 |  |  | 16,899 |
Total investments | $ | 506,497 |  |  | $ | 614,947 |

___________________________________
(a)Interests in alternative investment funds, debt funds and equity funds include investments, including those held by LFI Consolidated Funds (see Note 21), with fair values of $20,937, $90,688 and $166,160, respectively, at March 31, 2025 and $23,865, $126,407 and $223,729, respectively, at December 31, 2024, held in order to satisfy the Company’s obligation upon vesting of previously granted Lazard Fund Interests (“LFI”) and other similar deferred compensation arrangements. LFI represent grants by the Company to eligible employees of interests in a number of Lazard-managed funds, subject to service-based vesting conditions (see Notes 7 and 13).
Debt securities primarily consists of investments in government securities held within separately managed accounts in order to seed strategies in our Asset Management business.
Equity securities primarily consist of investments in marketable equity securities of large-, mid- and small-cap domestic, international and global companies held within separately managed accounts in order to seed strategies in our Asset Management business.
Alternative investment funds primarily consist of interests in various Lazard-managed hedge funds, funds of funds and mutual funds. Such amounts primarily consist of investments in funds in order to seed strategies in our Asset Management business, and amounts related to LFI discussed above.
Debt funds primarily consist of investments in debt securities in order to seed strategies in our Asset Management business and amounts related to LFI discussed above.
Equity funds primarily consist of investments in equity securities in order to seed strategies in our Asset Management business, and amounts related to LFI discussed above.
Private equity investments include those owned by Lazard and those consolidated but not owned by Lazard. Private equity investments owned by Lazard are primarily comprised of investments in private equity funds. Such investments primarily include (i) Edgewater Growth Capital Partners III, L.P. (“EGCP III”), a fund primarily making equity and buyout investments in middle market companies and (ii) a seed investment in a fund that invests in sustainable private infrastructure opportunities.
Private equity investments consolidated but not owned by Lazard relate to the economic interests that are owned by the management team and other investors in the Edgewater Funds (“Edgewater”).
14

LAZARD, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)
(UNAUDITED)
(dollars in thousands, except for per share data, unless otherwise noted)
Equity method investments include an interest in a venture capital asset management entity accounted for under the equity method of accounting. The carrying value includes amounts related to intangible assets, which are amortized, and goodwill.
During the three month periods ended March 31, 2025 and 2024, the Company reported in “revenue-other” on its condensed consolidated statements of operations net unrealized investment gains and losses pertaining to equity securities and trading debt securities still held as of the reporting date as follows:

| Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
Net unrealized investment gains (losses) | $ | (8,984) |  |  | $ | 11,001 |  |  |  |  |

6. FAIR VALUE MEASUREMENTS
Fair Value Hierarchy of Investments and Certain Other Assets and Liabilities—Lazard categorizes its investments and certain other assets and liabilities recorded at fair value into a three-level fair value hierarchy as follows:
Level 1. Assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market that Lazard has the ability to access.
Level 2. Assets and liabilities whose values are based on (i) quoted prices for similar assets or liabilities in an active market, or quoted prices for identical or similar assets or liabilities in non-active markets, or (ii) inputs other than quoted prices that are directly observable or derived principally from, or corroborated by, market data.
Level 3. Assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs reflect our own assumptions about the assumptions a market participant would use in pricing the asset or liability. Items included in Level 3 include securities or other financial assets whose trading volume and level of activity have significantly decreased when compared with normal market activity and there is no longer sufficient frequency or volume to provide pricing information on an ongoing basis.
The fair value of debt securities, including instruments reported as either cash and cash equivalents, deposits with banks and short-term investments, or investments, is classified as Level 1 when the fair values are based on unadjusted quoted prices in active markets, or Level 2 when based on one or more quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.
The fair value of equity securities is classified as Level 1 or Level 3 as follows: marketable equity securities are classified as Level 1 and are valued based on the last trade price on the primary exchange for that security as provided by external pricing services; equity interests in private companies are generally classified as Level 3.
The fair value of investments in alternative investment funds, debt funds and equity funds is classified as Level 1 when the fair values are based on the publicly reported closing price for the fund, or Level 2 when based on one or more quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.
The fair value of investments in certain private equity funds is classified as Level 3 for (i) certain investments that are valued based on the potential transaction value and (ii) when the acquisition price is considered the best measure of fair value.
The fair value of securities sold, not yet purchased, is classified as Level 1 when the fair values are based on unadjusted quoted prices in active markets.
The fair value of the contingent consideration liability is classified as Level 3. The contingent consideration liability is initially recorded at fair value on the acquisition date and is included in “other liabilities” on the condensed consolidated statements of financial condition. The fair value of the contingent consideration liability is remeasured at each
15

LAZARD, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)
(UNAUDITED)
(dollars in thousands, except for per share data, unless otherwise noted)
reporting period. The inputs used to derive the fair value of the contingent consideration include the application of probabilities when assessing certain performance thresholds for the relevant periods. Any change in the fair value is recognized in “operating expenses-other” in the condensed consolidated statements of operations. Our business acquisitions may involve the potential payment of contingent consideration upon the achievement of certain performance thresholds.
The fair value of derivatives classified as Level 2 is based on the values of the related underlying assets, indices or reference rates as follows: the fair value of forward foreign currency exchange rate contracts is a function of the spot rate and the interest rate differential of the two currencies from the trade date to settlement date; the fair value of total return swaps is based on the change in fair value of the related underlying equity security, financial instrument or index and a specified notional holding; the fair value of interest rate swaps is based on the interest rate yield curve; and the fair value of derivative liabilities related to LFI and other similar deferred compensation arrangements is based on the value of the underlying investments, adjusted for forfeitures. See Note 7.
Investments Measured at Net Asset Value (“NAV”)—As a practical expedient, the Company uses NAV or its equivalent to measure the fair value of certain investments. NAV is primarily determined based on information provided by external fund administrators. The Company’s investments valued at NAV as a practical expedient in (i) alternative investment funds, debt funds and equity funds are redeemable in the near term, and (ii) private equity funds are not redeemable in the near term as a result of redemption restrictions.
The following tables present, as of March 31, 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:

| March 31, 2025
| Level 1 |  | Level 2 |  | Level 3 |  | NAV |  | Total
Assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents (a) | $ | 398 |  |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | 398 |
Deposits with banks and short-term investments (a) | 24,482 |  |  | – |  |  | – |  |  | – |  |  | 24,482 |
Investments: |  |  |  |  |  |  |  |  |
Debt | 3,381 |  |  | 378 |  |  | – |  |  | – |  |  | 3,759 |
Equity | 48,797 |  |  | – |  |  | 599 |  |  | – |  |  | 49,396 |
Funds: |  |  |  |  |  |  |  |  |
Alternative investments | 7,290 |  |  | – |  |  | – |  |  | 43,050 |  |  | 50,340 |
Debt | 94,954 |  |  | 16,794 |  |  | – |  |  | 3 |  |  | 111,751 |
Equity | 227,028 |  |  | 303 |  |  | – |  |  | 53 |  |  | 227,384 |
Private equity | – |  |  | – |  |  | 267 |  |  | 46,020 |  |  | 46,287 |
Derivatives | – |  |  | 1,361 |  |  | – |  |  | – |  |  | 1,361 |
Total | $ | 406,330 |  |  | $ | 18,836 |  |  | $ | 866 |  |  | $ | 89,126 |  |  | $ | 515,158 |
Liabilities: |  |  |  |  |  |  |  |  |
Securities sold, not yet purchased | $ | 3,476 |  |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | 3,476 |
Contingent consideration liability | – |  |  | – |  |  | 2,221 |  |  | – |  |  | 2,221 |
Derivatives | – |  |  | 172,140 |  |  | – |  |  | – |  |  | 172,140 |
Total | $ | 3,476 |  |  | $ | 172,140 |  |  | $ | 2,221 |  |  | $ | – |  |  | $ | 177,837 |

16

LAZARD, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)
(UNAUDITED)
(dollars in thousands, except for per share data, unless otherwise noted)

| 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.
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, 2025 and 2024:

| Three Months Ended March 31, 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 |  |  | $ | 1 |  |  | $ | – |  |  | $ | – |  |  | $ | 9 |  |  | $ | 599 |
Private equity funds | 256 |  |  | – |  |  | – |  |  | – |  |  | 11 |  |  | 267 |
Total Level 3 assets | $ | 845 |  |  | $ | 1 |  |  | $ | – |  |  | $ | – |  |  | $ | 20 |  |  | $ | 866 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Contingent consideration liability (b) | $ | 4,495 |  |  | $ | 26 |  |  | $ | – |  |  | $ | (2,300) |  |  | $ | – |  |  | $ | 2,221 |
Total Level 3 liabilities | $ | 4,495 |  |  | $ | 26 |  |  | $ | – |  |  | $ | (2,300) |  |  | $ | – |  |  | $ | 2,221 |

17

LAZARD, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)
(UNAUDITED)
(dollars in thousands, except for per share data, unless otherwise noted)

| Three Months Ended March 31, 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 | $ | 493 |  |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | (18) |  |  | $ | 475 |
Private equity funds | 273 |  |  | – |  |  | – |  |  | – |  |  | (6) |  |  | 267 |
Total Level 3 assets | $ | 766 |  |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | (24) |  |  | $ | 742 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Contingent consideration liability (b) | $ | 6,583 |  |  | $ | 53 |  |  | $ | – |  |  | $ | (2,300) |  |  | $ | – |  |  | $ | 4,336 |
Total Level 3 liabilities | $ | 6,583 |  |  | $ | 53 |  |  | $ | – |  |  | $ | (2,300) |  |  | $ | – |  |  | $ | 4,336 |

_________________________________
(a)Unrealized losses of $26 and $53 were recorded in “operating expenses-other” for the contingency consideration liability for the three month periods ended March 31, 2025 and 2024, respectively.
(b)For the three month periods ended March 31, 2025 and 2024, settlements represent aggregate cash and noncash settlement of contingent consideration after the acquisition date.
The following tables present, at March 31, 2025 and December 31, 2024, certain investments that are valued using NAV or its equivalent as a practical expedient in determining fair value:

| March 31, 2025
|  |  |  |  |  |  |  |  | Investments Redeemable
| NAV |  | Unfunded Commitments |  |  | % of NAV Not Redeemable |  |  | Redemption Frequency |  | Redemption Notice Period
Alternative investment funds: |  |  |  |  |  |  |  |  |  |  |
Hedge funds | $ | 42,329 |  |  | $ | – |  |  |  | NA |  |  | (a) |  | <30-60 days
Other | 721 |  |  | – |  |  |  | NA |  |  | (b) |  | <30-90 days
Debt funds | 3 |  |  | – |  |  |  | NA |  |  | (c) |  | <30-30 days
Equity funds | 53 |  |  | – |  |  |  | NA |  |  | (d) |  | <30-30 days
Private equity funds: |  |  |  |  |  |  |  |  |  |  |
Equity growth | 46,020 |  |  | 6,068 |  | (e) |  | 100% | (f) |  | NA |  | NA
Total | $ | 89,126 |  |  | $ | 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.
18

LAZARD, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)
(UNAUDITED)
(dollars in thousands, except for per share data, unless otherwise noted)

| 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.
7. DERIVATIVES
The tables below present the fair value of the Company’s derivative instruments reported within “other assets” and “other liabilities” and the fair value of the Company’s derivative liabilities relating to its obligations pertaining to LFI and other similar deferred compensation arrangements reported within “accrued compensation and benefits” (see Note 13) on the accompanying condensed consolidated statements of financial condition as of March 31, 2025 and December 31, 2024. Notional amounts provide an indication of the volume of the Company's derivative activity.
Derivative assets and liabilities, as well as the related cash collateral from the same counterparty, have been netted on the condensed consolidated statements of financial condition where the Company has a right to set off under an enforceable master netting agreement.
19

LAZARD, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)
(UNAUDITED)
(dollars in thousands, except for per share data, unless otherwise noted)
In addition to the cash collateral received and transferred that is presented on a net basis with derivative assets and liabilities, the Company receives and transfers additional securities and cash collateral. These amounts mitigate counterparty credit risk associated with the Company’s derivative instruments, but are not eligible for net presentation on the condensed consolidated statements of financial condition.

| March 31, 2025
| Derivative Assets |  | Derivative Liabilities
| Fair Value |  | Notional |  | Fair Value |  | Notional
Forward foreign currency exchange rate contracts | $ | 598 |  |  | $ | 96,561 |  |  | $ | 753 |  |  | $ | 187,928 |
Total return swaps and other | 1,267 |  |  | 83,136 |  |  | 183 |  |  | 17,125 |
LFI and other similar deferred compensation arrangements | – |  |  | – |  |  | 171,709 |  |  | 164,080 |
Total gross derivatives | 1,865 |  |  | $ | 179,697 |  |  | 172,645 |  |  | $ | 369,133 |
Counterparty and cash collateral netting: |  |  |  |  |  |  |
Forward foreign currency exchange rate contracts | (321) |  |  |  |  | (322) |  |  |
Total return swaps and other | (183) |  |  |  |  | (183) |  |  |
Net derivatives in "other assets" and "other liabilities" | 1,361 |  |  |  |  | 172,140 |  |  |
Amounts not netted on the condensed consolidated statement of financial condition (a): |  |  |  |  |  |  |
Cash collateral | (82) |  |  |  |  | (89) |  |  |
Securities collateral | – |  |  |  |  | – |  |  |
| $ | 1,279 |  |  |  |  | $ | 172,051 |  |  |

| December 31, 2024
| Derivative Assets |  | Derivative Liabilities
| Fair Value |  | Notional |  | Fair Value |  | Notional
Forward foreign currency exchange rate contracts | $ | 4,248 |  |  | $ | 359,717 |  |  | $ | 1,068 |  |  | $ | 167,115 |
Total return swaps and other | 125 |  |  | 1,031 |  |  | 17,527 |  |  | 116,239 |
LFI and other similar deferred compensation arrangements | – |  |  | – |  |  | 270,847 |  |  | 247,848 |
Total gross derivatives | 4,373 |  |  | $ | 360,748 |  |  | 289,442 |  |  | $ | 531,202 |
Counterparty and cash collateral netting: |  |  |  |  |  |  |
Forward foreign currency exchange rate contracts | (461) |  |  |  |  | (460) |  |  |
Total return swaps and other | (125) |  |  |  |  | (14,702) |  |  |
Net derivatives in "other assets" and "other liabilities" | 3,787 |  |  |  |  | 274,280 |  |  |
Amounts not netted on the condensed consolidated statement of financial condition (a): |  |  |  |  |  |  |
Cash collateral | – |  |  |  |  | (1,132) |  |  |
Securities collateral | – |  |  |  |  | – |  |  |
| $ | 3,787 |  |  |  |  | $ | 273,148 |  |  |

___________________________________
(a)Amounts are subject to master netting arrangements but do not meet the criteria for netting on the condensed consolidated statements of financial condition under U.S. GAAP. For some counterparties, the amounts of securities and cash collateral pledged may exceed the derivative assets and derivative liabilities balances. Where this is the case, the amount of collateral offset within net derivatives is limited to the net derivative assets and net derivative liabilities balances with that counterparty.
Net gains (losses) with respect to derivative instruments (included in “revenue-other”) and the Company’s derivative liabilities relating to its obligations pertaining to LFI and other similar deferred compensation arrangements
20

LAZARD, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)
(UNAUDITED)
(dollars in thousands, except for per share data, unless otherwise noted)
(included in “compensation and benefits” expense) as reflected on the accompanying condensed consolidated statements of operations for the three month periods ended March 31, 2025 and 2024 were as follows:

| Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
Forward foreign currency exchange rate contracts | $ | (5,399) |  |  | $ | 1,331 |  |  |  |  |
LFI and other similar deferred compensation arrangements | (5,243) |  |  | (9,373) |  |  |  |  |
Total return swaps and other | 3,654 |  |  | (6,364) |  |  |  |  |
Total | $ | (6,988) |  |  | $ | (14,406) |  |  |  |  |

8. PROPERTY, NET
At March 31, 2025 and December 31, 2024, property consisted of the following:

| Estimated Depreciable Life in Years |  | March 31, 2025 |  | December 31, 2024
Buildings | 33 |  | $ | 11,924 |  |  | $ | 11,455 |
Leasehold improvements | 3-20 |  | 218,053 |  |  | 214,744 |
Furniture and equipment | 3-10 |  | 170,080 |  |  | 165,727 |
Computer software | 3-5 |  | 68,941 |  |  | 67,523 |
Construction in progress |  |  | 43,649 |  |  | 33,793 |
Total |  |  | 512,647 |  |  | 493,242 |
Less - Accumulated depreciation and amortization |  |  | 344,457 |  |  | 332,840 |
Property, net |  |  | $ | 168,190 |  |  | $ | 160,402 |

9. GOODWILL
Changes in the carrying amount of goodwill for the three month periods ended March 31, 2025 and 2024 are as follows:

| Three Months Ended March 31,
| 2025 |  |  |  | 2024 |  |
| Financial Advisory |  | Asset Management |  | Total |  | Financial Advisory |  | Asset Management |  | Total
Balance, January 1 | $ | 312,305 |  |  | $ | 81,270 |  |  | $ | 393,575 |  |  | $ | 313,628 |  |  | $ | 81,270 |  |  | $ | 394,898 |
Foreign currency translation adjustments | 528 |  |  | – |  |  | 528 |  |  | (800) |  |  | – |  |  | (800) |
Balance, March 31 | $ | 312,833 |  |  | $ | 81,270 |  |  | $ | 394,103 |  |  | $ | 312,828 |  |  | $ | 81,270 |  |  | $ | 394,098 |

21

LAZARD, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)
(UNAUDITED)
(dollars in thousands, except for per share data, unless otherwise noted)
10. SENIOR DEBT
Senior debt is comprised of the following as of March 31, 2025 and December 31, 2024:

|  |  |  |  |  |  |  |  | Outstanding as of
|  |  |  |  |  |  |  |  | March 31, 2025 |  | December 31, 2024
| Initial Principal Amount |  | Maturity Date |  | Annual Interest Rate |  | Effective Interest Rate |  | Principal |  | Unamortized Debt Costs |  | Carrying Value |  | Principal |  | Unamortized Debt Costs |  | Carrying Value
Lazard Group 2027 Senior Notes | 300,000 |  |  | 3/1/27 |  | 3.625 | % |  | 3.81 | % |  | $ | 300,000 |  |  | $ | 1,073 |  |  | $ | 298,927 |  |  | $ | 300,000 |  |  | $ | 1,213 |  |  | $ | 298,787 |
Lazard Group 2028 Senior Notes | 500,000 |  |  | 9/19/28 |  | 4.50 | % |  | 4.70 | % |  | 500,000 |  |  | 3,528 |  |  | 496,472 |  |  | 500,000 |  |  | 3,783 |  |  | 496,217 |
Lazard Group 2029 Senior Notes | 500,000 |  |  | 3/11/29 |  | 4.375 | % |  | 4.56 | % |  | 500,000 |  |  | 3,645 |  |  | 496,355 |  |  | 500,000 |  |  | 3,875 |  |  | 496,125 |
Lazard Group 2031 Senior Notes | 400,000 |  |  | 3/15/31 |  | 6.00 | % |  | 6.16 | % |  | 400,000 |  |  | 3,913 |  |  | 396,087 |  |  | 400,000 |  |  | 4,077 |  |  | 395,923 |
Total |  |  |  |  |  |  |  |  | $ | 1,700,000 |  |  | $ | 12,159 |  |  | $ | 1,687,841 |  |  | $ | 1,700,000 |  |  | $ | 12,948 |  |  | $ | 1,687,052 |

Lazard, Inc. has provided an unconditional and irrevocable guarantee for the repayment of the Lazard Group 2027 Notes, 2028 Notes, 2029 Notes and 2031 Notes (collectively, the “Lazard Group Senior Notes”). The guarantee covers both the principal and interest payments on the senior debt and will remain in effect until all the Lazard Group Senior Notes are repaid. As of March 31, 2025, the maximum future payments that Lazard, Inc. could be required to make under this guarantee is the same as the carrying amount on the condensed consolidated statements of financial condition plus accrued interest. In conjunction with the Lazard, Inc. guarantee of the Lazard Group Senior Notes, Lazard, Inc. provided an unconditional and irrevocable guarantee for the obligations of Lazard Group LLC under the Second Amended and Restated Credit Agreement (see below).
The Company’s senior debt is unsecured and is carried at its principal amount outstanding, net of unamortized debt costs. At March 31, 2025 and December 31, 2024, the fair value of such senior debt was approximately $1,697,000 and $1,682,000, respectively. The fair value of the Company’s senior debt is based on market quotations. The Company’s senior debt would be categorized within Level 2 of the hierarchy of fair value measurements if carried at fair value.
Lazard Group LLC has a Second Amended and Restated Credit Agreement with a group of lenders for a five-year, $200,000 senior revolving credit facility expiring in June 2028 (the “Second Amended and Restated Credit Agreement”). Borrowings under the Second Amended and Restated Credit Agreement generally will bear interest at adjusted term SOFR plus an applicable margin for specific interest periods determined based on Lazard Group LLC’s highest credit rating from an internationally recognized credit agency. The Second Amended and Restated Credit Agreement contains certain covenants, events of default and other customary provisions, including customary benchmark-replacement mechanics. In conjunction with the Lazard, Inc. guarantee of the Lazard Group Senior Notes, on December 23, 2024, the Company and Lazard Group LLC entered into the First Amendment to Second Amended and Restated Credit Agreement (the “First Amendment”).
As of March 31, 2025, the Company had approximately $209,200 in unused lines of credit available to it, including the credit facility provided under the Second Amended and Restated Credit Agreement.
The Second Amended and Restated Credit Agreement, the indenture and the supplemental indentures relating to Lazard Group’s senior notes contain certain covenants, events of default and other customary provisions, including a customary make-whole provision in the event of early redemption, where applicable.
22

LAZARD, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)
(UNAUDITED)
(dollars in thousands, except for per share data, unless otherwise noted)
11. COMMITMENTS AND CONTINGENCIES
Leases
In July 2024, the Company signed a lease agreement for additional office facilities, with lease commencement anticipated in 2027. The lease term is 10 years and has undiscounted future lease payments of approximately $95,000.
Other Commitments
See Notes 6 and 14 for information regarding commitments relating to investment capital funding commitments and obligations to fund our pension plans, respectively.
The fulfillment of the commitments described herein should not have a material adverse effect on the Company’s condensed consolidated financial position or results of operations.
Legal—The Company is involved from time to time in judicial, governmental, regulatory and arbitration proceedings and inquiries concerning matters arising in connection with the conduct of our businesses, including proceedings initiated by former employees alleging wrongful termination. The Company reviews such matters on a case-by-case basis and establishes any required accrual if a loss is probable and the amount of such loss can be reasonably estimated. The Company may experience significant variation in its revenue and earnings on a quarterly basis. Accordingly, the results of any pending matter or matters could be significant when compared to the Company’s earnings in any particular quarter. The Company believes, however, based on currently available information, that the results of any pending matters, in the aggregate, will not have a material effect on its business or financial condition.
12. STOCKHOLDERS’ EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS
Share Repurchase Program—The Board of Directors of Lazard authorized the repurchase of Lazard, Inc. common stock (“common stock”) as set forth in the table below as of March 31, 2025:

Date | Repurchase Authorization |  | Expiration
July 2024 | $ | 200,000 |  |  | December 31, 2026

The Company’s purchases under the share repurchase program over time are used to offset dilution from the shares that have been or will be issued under Lazard’s 2018 Incentive Compensation Plan, as amended (the “2018 Plan”). Pursuant to the share repurchase program, purchases have been made in the open market or through privately negotiated transactions. The rate at which the Company purchases shares in connection with the share repurchase program may vary from period to period due to a variety of factors. Purchases with respect to such program are set forth in the table below:

Three Months Ended March 31: | Number of Shares Purchased |  | Average Price Per Share
2024 | 564,692 |  | $ | 38.97 |
2025 | 773,955 |  | $ | 46.73 |

During the three month periods ended March 31, 2025 and 2024, certain of our executive officers received common stock in connection with the vesting or settlement of previously-granted deferred equity incentive awards. The vesting or settlement of such equity awards gave rise to a tax payable by the executive officers, and, consistent with our past practice, the Company purchased shares of common stock from certain of our executive officers equal in value to all or a portion of the estimated amount of such tax. The aggregate value of all such purchases during the three month periods ended March 31, 2025 and 2024 was approximately $8,001 and $11,200, respectively. Such shares of common stock are reported at cost, and are included in “common stock held by subsidiaries” on the accompanying condensed consolidated statements of financial condition.
23

LAZARD, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)
(UNAUDITED)
(dollars in thousands, except for per share data, unless otherwise noted)
As of March 31, 2025, a total of $163,835 of share repurchase authorization remained available under Lazard, Inc.’s share repurchase program, which will expire on December 31, 2026.
During the three month period ended March 31, 2025, Lazard, Inc. had in place trading plans under Rule 10b5-1 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), pursuant to which it effected stock repurchases in the open market.
Accumulated Other Comprehensive Income (Loss) (“AOCI”), Net of Tax—The tables below reflect the balances of each component of AOCI at March 31, 2025 and 2024 and activity during the three month periods then ended:

| Three Months Ended March 31, 2025
| Currency Translation Adjustments |  | Employee Benefit Plans |  | Total AOCI |  | Amount Attributable to Noncontrolling Interests |  | Total Lazard AOCI
Balance - January 1, 2025 | $ | (160,914) |  |  | $ | (165,888) |  |  | $ | (326,802) |  |  | $ | (60) |  |  | $ | (326,742) |
Activity: |  |  |  |  |  |  |  |  |
Other comprehensive income (loss) before reclassifications | 24,213 |  |  | (5,789) |  |  | 18,424 |  |  | 24 |  |  | 18,400 |
Adjustments for items reclassified to earnings, net of tax | – |  |  | 1,576 |  |  | 1,576 |  |  | – |  |  | 1,576 |
Net other comprehensive income (loss) | 24,213 |  |  | (4,213) |  |  | 20,000 |  |  | 24 |  |  | 19,976 |
Balance, March 31, 2025 | $ | (136,701) |  |  | $ | (170,101) |  |  | $ | (306,802) |  |  | $ | (36) |  |  | $ | (306,766) |

| Three Months Ended March 31, 2024
| Currency Translation Adjustments |  | Employee Benefit Plans |  | Total AOCI |  | Amount Attributable to Noncontrolling Interests |  | Total Lazard AOCI
Balance - January 1, 2024 | $ | (123,991) |  |  | $ | (165,958) |  |  | $ | (289,949) |  |  | $ | 1 |  |  | $ | (289,950) |
Activity: |  |  |  |  |  |  |  |  |
Other comprehensive income (loss) before reclassifications | (16,262) |  |  | 815 |  |  | (15,447) |  |  | – |  |  | (15,447) |
Adjustments for items reclassified to earnings, net of tax | – |  |  | 1,402 |  |  | 1,402 |  |  | – |  |  | 1,402 |
Net other comprehensive income (loss) | (16,262) |  |  | 2,217 |  |  | (14,045) |  |  | – |  |  | (14,045) |
Balance, March 31, 2024 | $ | (140,253) |  |  | $ | (163,741) |  |  | $ | (303,994) |  |  | $ | 1 |  |  | $ | (303,995) |

24

LAZARD, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)
(UNAUDITED)
(dollars in thousands, except for per share data, unless otherwise noted)
The table below reflects adjustments for items reclassified out of AOCI, by component, for the three month periods ended March 31, 2025 and 2024:

| Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
Employee benefit plans: |  |  |  |  |  |  |
Amortization relating to employee benefit plans (a) | $ | 2,106 |  |  | $ | 1,857 |  |  |  |  |
Less - related income taxes | 530 |  |  | 455 |  |  |  |  |
Total reclassifications, net of tax | $ | 1,576 |  |  | $ | 1,402 |  |  |  |  |

__________________________
(a)Included in the computation of net periodic benefit cost (see Note 14). Such amounts are included in “operating expenses–other” on the condensed consolidated statements of operations.
Noncontrolling Interests—Noncontrolling interests principally represent (i) interests held in Edgewater’s management vehicles that the Company is deemed to control, but does not own and (ii) profits interest participation rights (see Note 13).
Redeemable Noncontrolling Interests—Redeemable noncontrolling interests principally represent consolidated VIE interests held by employees (vested LFI awards), which may be redeemed at any time at the option of the holder for cash, are recorded on the Company’s condensed consolidated statements of financial position at redemption value and classified as temporary equity. Changes in redemption value are recognized immediately as they occur and will adjust the carrying value of redeemable noncontrolling interests to equal the redemption value at the end of each reporting period (see Note 21).
Dividends Declared, April 24, 2025—On April 24, 2025, the Board of Directors of Lazard declared a quarterly dividend of $0.50 per share on our common stock. The dividend is payable on May 16, 2025, to stockholders of record on May 5, 2025.
13. INCENTIVE PLANS
Share-Based Incentive Plan Awards
Total shares available for issuance under incentive compensation plans are primarily from the 2018 Plan, which as amended, authorized the issuance of an aggregate of 70,000,000 shares. Such shares may be issued pursuant to the grant or exercise of stock options; stock appreciation rights; restricted stock units, restricted stock awards, and deferred stock units (collectively “RSUs”); performance-based restricted stock units (“PRSUs”); profits interest participation rights (“PIPRs”); and other share-based awards.
25

LAZARD, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)
(UNAUDITED)
(dollars in thousands, except for per share data, unless otherwise noted)
Expense
The following reflects the expense with respect to share-based incentive plans, which is primarily recorded within “compensation and benefits” expense in the Company’s accompanying condensed consolidated statements of operations for the three month periods ended March 31, 2025 and 2024:

| Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
Share-based incentive awards: |  |  |  |  |  |  |
RSUs | $ | 68,832 |  |  | $ | 61,120 |  |  |  |  |
PRSUs | (44) |  |  | 405 |  |  |  |  |
PIPRs | 8,380 |  |  | 8,673 |  |  |  |  |
Total | $ | 77,168 |  |  | $ | 70,198 |  |  |  |  |

Compensation and benefits expense relating to share-based awards with service and/or performance conditions is reversed if the awards are forfeited due to these conditions not being met. Compensation and benefits expense relating to share-based awards with market-based conditions is not reversed if these awards are forfeited based solely on failing to meet such market-based conditions.
The Company periodically assesses forfeiture rates, including as a result of any applicable performance conditions. A change in estimated forfeiture rates or performance results in a cumulative adjustment to compensation and benefits expense and also would cause the aggregate amount of compensation expense recognized in future periods to differ from the estimated unrecognized compensation expense described below.
The Company’s share-based incentive plans and awards are described below.
RSUs and PRSUs
RSUs generally require future service as a condition for vesting (unless the recipient is then eligible for retirement under the Company’s retirement policy or is a non-executive member of the Board of Directors) and convert into shares of common stock on a one-for-one basis after the stipulated vesting periods. The grant date fair value of the RSUs, net of an estimated forfeiture rate, is expensed over the requisite service periods (generally, one-third after two years and the remaining two-thirds after the third year), and is adjusted for actual forfeitures over such period.
RSUs generally include a dividend participation right during the applicable vesting period, which is payable in additional units. During the three month period ended March 31, 2025, dividend participation rights required the issuance of an aggregate 212,342 units of RSUs and the associated aggregate charge to “retained earnings” (with a corresponding credit to “additional paid-in-capital”) was $9,421.
In connection with RSUs and PRSUs that settled during the three month period ended March 31, 2025, the Company satisfied its minimum statutory tax withholding requirements in lieu of delivering 1,753,468 and 52,000 shares, respectively, of common stock during such three month period. Accordingly, 2,415,794 and 58,638 shares, respectively, of common stock held by the Company were delivered during the three month period ended March 31, 2025.
PRSUs are a type of RSU that is incrementally subject to performance-based and service-based vesting conditions and a market-based condition. The number of shares of common stock that a recipient receives upon vesting of a PRSU is calculated by reference to certain performance-based and market-based metrics that relate to Lazard, Inc.’s performance over a three-year period. The target number of shares of common stock subject to each PRSU is one; however, based on the achievement of both the performance-based and market-based conditions, the number of shares of common stock that may be received will range from zero to 2.4 times the target number. PRSUs vest on a single date approximately three years following the date of the grant, provided the applicable service and performance conditions are satisfied. PRSUs include dividend participation rights that are subject to the same vesting restrictions (including performance conditions) as the
26

LAZARD, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)
(UNAUDITED)
(dollars in thousands, except for per share data, unless otherwise noted)
underlying PRSUs to which they relate and are settled in cash at the same rate that dividends are paid on common stock. Compensation expense recognized for PRSU awards is determined by multiplying the number of shares of common stock underlying such awards that, based on the Company’s estimate, are considered probable of vesting, by the grant date fair value.
The following is a summary of activity relating to RSUs and PRSUs during the three month period ended March 31, 2025:

| RSUs |  | PRSUs
| Units |  | Weighted Average Grant Date Fair Value |  | Units |  | Weighted Average Grant Date Fair Value
Balance, January 1, 2025 | 16,212,004 |  |  | $ | 37.07 |  |  | 62,296 |  |  | $ | 35.44 |
Granted (including 212,342 RSUs relating to dividend participation) | 6,198,780 |  |  | $ | 53.87 |  |  | – |  |  | $ | – |
Forfeited | (469,607) |  |  | $ | 42.95 |  |  | – |  |  | $ | – |
PRSUs performance units earned (a) |  |  |  |  | 48,342 |  |  | $ | 21.92 |
Settled | (4,169,262) |  |  | $ | 34.51 |  |  | (110,638) |  |  | $ | 29.53 |
Balance, March 31, 2025 | 17,771,915 |  |  | $ | 43.37 |  |  | – |  |

__________________________________
(a)Represents PRSUs earned during the three month period ended March 31, 2025 under the performance conditions of previously-granted PRSU awards in excess of the target payout levels of such awards.
The weighted-average grant date fair value of RSUs granted in the three month period ended March 31, 2024 was $38.74.
As of March 31, 2025, the total estimated unrecognized compensation expense related to RSUs was $439,270. The Company expects to expense such amounts over weighted-average periods of approximately 1.8 years, respectively, subsequent to March 31, 2025.
PIPRs
PIPRs are equity incentive awards that, subject to certain vesting and other conditions described below, may be exchanged for shares of common stock pursuant to the 2018 Plan. They are a class of membership interests in Lazard Group that are intended to qualify as “profits interests” for U.S. federal income tax purposes and are recorded as noncontrolling interests within stockholders’ equity in the Company’s condensed consolidated statements of financial condition until they are exchanged into common stock, at which time there is a reclassification to additional paid-in-capital.
PIPRs, with the exception of Stock Price PIPRs (“SP-PIPRs”), as explained below, generally provide for vesting approximately three years following the grant date, so long as applicable vesting and other conditions have been satisfied. PIPRs are subject to continued employment and other conditions and restrictions and are forfeited if those conditions and restrictions are not fulfilled.
A recipient generally realizes value from PIPRs only to the extent that applicable vesting and other conditions are satisfied, and an amount of economic appreciation in the assets of Lazard Group occurs as necessary to satisfy certain partnership tax rules (referred to as the “Minimum Value Condition”), otherwise the PIPRs will be forfeited. Upon satisfaction of such conditions, PIPRs that are in parity with the value of common stock will be exchanged on a one-for-one basis for shares of common stock. If forfeited based solely on failing to meet the Minimum Value Condition, or, if applicable, common stock price milestones as described below, the associated compensation expense would not be reversed.
All PIPR awards are subject to service-based vesting conditions. In addition to PIPR awards with only service based vesting conditions (“Ordinary PIPRs”) granted to certain of our executive officers and a limited number of
27

LAZARD, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)
(UNAUDITED)
(dollars in thousands, except for per share data, unless otherwise noted)
employees, the Company has granted the following types of PIPRs to certain of our executive officers, that are subject to additional vesting and market-based conditions:
•Performance PIPRs (“P-PIPRs”), which are subject to service-based and performance-based vesting conditions and incremental market-based conditions.
•SP-PIPRs, which are subject to service-based vesting conditions and common stock price milestones and are eligible to vest in three tranches.
The number of shares of common stock that a recipient will receive upon the exchange of a P-PIPR award is calculated by reference to applicable performance-based vesting conditions and, beginning with P-PIPRs granted in 2021, incremental market-based conditions and only result in value to the recipient to the extent the vesting and other conditions are satisfied. The target number of shares of common stock subject to each P-PIPR is one. Based on the achievement of performance conditions, as determined and approved by the Compensation Committee, the number of shares of common stock that may be received in connection with the P-PIPR awards granted prior to February 2021 will range from zero to two times the target number. For the P-PIPR awards granted beginning in February 2021, subject to both performance-based and incremental market-based conditions, the number of shares that may be received will range from zero to 2.4 times the target number. Unless applicable vesting and other conditions are satisfied during the three-year performance period, and the Minimum Value Condition is satisfied within five years following the grant date, all P-PIPRs will be forfeited.
SP-PIPRs are eligible to vest in three tranches (each, a “Tranche”) based on the achievement of service conditions and Tranche-specific common stock price milestones measured as of a specified anniversary of the date of grant, as described below. Their aggregate fair value at the grant date, which based on the estimated probability of achieving the common stock price milestones was approximately $33,900, is expensed over the requisite service periods.
Each Tranche, as described below, is subject to the executive’s continued employment through the applicable anniversary of the date of grant and requires that the applicable common stock price milestone is sustained for any 30 consecutive day period prior to the anniversary of the date of grant of the applicable Tranche (the “Expiration Date”).
SP-PIPRs vest:
•20% if, during the three years following the date of grant, the common stock price has appreciated 25% above the average trailing 30 consecutive day stock price preceding the date of grant (the “Grant Date Stock Price”);
•40% if, during the five years following the date of grant, the common stock price has appreciated 50% above the Grant Date Stock Price;
•40% if, during the seven years following the date of grant, the common stock price has appreciated 100% above the Grant Date Stock Price.
If the service conditions and common stock price milestones, as described above, are not achieved as of the Expiration Date, all SP-PIPRs in such Tranche will be forfeited.
28

LAZARD, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)
(UNAUDITED)
(dollars in thousands, except for per share data, unless otherwise noted)
The following is a summary of activity relating to all PIPRs during the three month period ended March 31, 2025:

| Ordinary PIPRs (a) |  | P-PIPRs |  | SP-PIPRs
| Units |  | Weighted Average Grant Date Fair Value |  | Units |  | Weighted Average Grant Date Fair Value |  | Units |  | Weighted Average Grant Date Fair Value
Balance, January 1, 2025 | 3,331,563 |  |  | $ | 35.77 |  |  | 963,660 |  |  | $ | 35.44 |  |  | 2,250,000 |  | $ | 15.06 |
Granted | 1,444,345 |  |  | $ | 44.93 |  |  | – |  |  | $ | – |  |  | – |  | $ | – |
Forfeited | (212,968) |  |  | $ | 36.41 |  |  | – |  |  | $ | – |  |  | – |  | $ | – |
Performance units earned (b) |  |  |  |  | 747,800 |  |  | $ | 21.92 |  |  |  |  |  |
Settled | (478,646) |  |  | $ | 32.95 |  |  | (1,711,460) |  |  | $ | 29.53 |  |  | – |  | $ | – |
Balance, March 31, 2025 | 4,084,294 |  | $ | 39.31 |  |  | – |  |  |  | 2,250,000 |  | $ | 15.06 |

__________________________
(a)Includes PIPR awards with only service-based vesting conditions.
(b)Represents P-PIPRs earned during the three month period ended March 31, 2025 under the performance conditions of previously-granted P-PIPR awards in excess of the target payout levels of such awards.
Fair values shown above represent the weighted average as of grant date. The weighted-average grant date fair value of ordinary PIPRs granted in the three month period ended March 31, 2024 was $38.26.
Compensation expense recognized for ordinary PIPRs and P-PIPRs is determined by multiplying the number of shares of common stock underlying such awards that, based on the Company’s estimate, are considered probable of vesting, by the grant date fair value. Compensation expense recognized for SP-PIPRs is determined by multiplying the number of shares of common stock underlying such awards by the grant date fair value. As of March 31, 2025, the total estimated unrecognized compensation expense of all profits interest participation rights was $101,583 and the Company expects to expense such amount over a weighted-average period of approximately 2.2 years subsequent to March 31, 2025.
LFI and Other Similar Deferred Compensation Arrangements
In connection with LFI and other similar deferred compensation arrangements, granted to eligible employees, which generally require future service as a condition for vesting, the Company records a prepaid compensation asset and a corresponding compensation liability on the grant date based upon the fair value of the award. The prepaid asset is amortized on a straight-line basis over the applicable requisite service periods (which are generally similar to the comparable periods for RSUs) and is charged to “compensation and benefits” expense within the Company’s condensed consolidated statements of operations. LFI and similar deferred compensation arrangements that do not require future service are expensed immediately. The related compensation liability is accounted for at fair value as a derivative liability, which contemplates the impact of estimated forfeitures, and is adjusted for changes in fair value primarily related to changes in value of the underlying investments.
29

LAZARD, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)
(UNAUDITED)
(dollars in thousands, except for per share data, unless otherwise noted)
The following is a summary of activity relating to LFI and other similar deferred compensation arrangements during the three month period ended March 31, 2025:

| Prepaid Compensation Asset |  | Compensation Liability
Balance, January 1, 2025 | $ | 52,055 |  |  | $ | 270,847 |
Granted | 40,478 |  |  | 40,478 |
Settled | – |  |  | (142,906) |
Amortization and the impact of forfeitures | (21,291) |  |  | (2,810) |
Change in fair value of underlying investments | – |  |  | 5,243 |
Other | 8 |  |  | 857 |
Balance, March 31, 2025 | $ | 71,250 |  |  | $ | 171,709 |

The amortization of the prepaid compensation asset will generally be recognized over a weighted average period of approximately 1.5 years subsequent to March 31, 2025.
The following is a summary of the impact of LFI and other similar deferred compensation arrangements on “compensation and benefits” expense within the accompanying condensed consolidated statements of operations for the three month periods ended March 31, 2025 and 2024:

| Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
Amortization and the impact of forfeitures | $ | 18,481 |  |  | $ | 35,699 |  |  |  |  |
Change in the fair value of underlying investments | 5,243 |  |  | 9,373 |  |  |  |  |
Total | $ | 23,724 |  |  | $ | 45,072 |  |  |  |  |

Cash Retention Awards
During the year ended December 31, 2024, the Company granted and paid cash retention awards that are subject to repayment in full in connection with a termination of employment for cause or resignation without good reason on or prior to the three-year service period.
In connection with these awards, the Company recorded a prepaid compensation asset on the grant date based upon the amount paid. The prepaid compensation asset is amortized over the requisite service period beginning on the grant date and is charged to “compensation and benefits” expense in the condensed consolidated statements of operations.
Amortization expense for the three months ended March 31, 2025 was $3,693. The remaining prepaid compensation asset was $33,215 as of March 31, 2025.
14. EMPLOYEE BENEFIT PLANS
The Company provides retirement and other post-retirement benefits to certain of its employees through defined benefit pension plans (the “pension plans”). The Company also offers defined contribution plans to its employees. The pension plans generally provide benefits to participants based on average levels of compensation. Expenses related to the Company’s employee benefit plans are included in “compensation and benefits” expense for the service cost component, and “operating expenses-other” for the other components of benefit costs on the condensed consolidated statements of operations.
30

LAZARD, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)
(UNAUDITED)
(dollars in thousands, except for per share data, unless otherwise noted)
Employer Contributions to Pension Plans—The Company’s funding policy for its U.S. and non-U.S. pension plans is to fund when required or when applicable upon an agreement with the plans’ trustees. Management also evaluates from time to time whether to make voluntary contributions to the plans.
The following table summarizes the components of net periodic benefit cost related to the Company’s pension plans for the three month periods ended March 31, 2025 and 2024:

| Pension Plans
| Three Months Ended March 31,
| 2025 |  | 2024
Components of Net Periodic Benefit Cost: |  |  |
Service cost | $ | 176 |  |  | $ | 83 |
Interest cost | 5,409 |  |  | 5,192 |
Expected return on plan assets | (5,972) |  |  | (6,511) |
Amortization of: |  |  |
Prior service cost | 298 |  |  | 133 |
Net actuarial loss | 1,808 |  |  | 1,724 |
Net periodic benefit cost | $ | 1,719 |  |  | $ | 621 |

15. COST-SAVING INITIATIVES
The Company conducted firm-wide cost-saving initiatives over the course of 2023, which were completed during the first quarter of 2024.
Expenses and losses associated with the cost-saving initiatives for the three month period ended March 31, 2024 consisted of the following:

| Three Months Ended March 31, 2024
| Financial Advisory |  | Asset Management |  | Corporate |  | Total
Severance and other employee termination expenses (included in "compensation and benefits" expense) | $ | 32,773 |  |  | $ | 11,545 |  |  | $ | 2,292 |  |  | $ | 46,610 |
Other | 708 |  |  | 14 |  |  | 1,397 |  |  | 2,119 |
Total | $ | 33,481 |  |  | $ | 11,559 |  |  | $ | 3,689 |  |  | $ | 48,729 |

31

LAZARD, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)
(UNAUDITED)
(dollars in thousands, except for per share data, unless otherwise noted)
Activity related to the obligations pursuant to the cost-saving initiatives during the three month period ended March 31, 2025 was as follows:

| Accrued Compensation and Benefits |
Balance, January 1, 2025 | $ | 6,268 |  |
Less: |  |
Foreign currency translation and other adjustments | (11) |  |
Payments and settlements | 4,418 |  |
Balance, March 31, 2025 | $ | 1,861 |  |

16. INCOME TAXES
Lazard, Inc. is subject to U.S. federal income taxes on all its income and, through its subsidiaries, is also subject to state and local taxes on its income apportioned to various state and local jurisdictions. Lazard Group LLC operates principally through subsidiary corporations including those domiciled outside the U.S. that are subject to local income taxes in foreign jurisdictions. In addition, Lazard Group LLC is subject to Unincorporated Business Tax (“UBT”) attributable to its operations apportioned to New York City.
The Company recorded an income tax benefit of $7,354 and an income tax provision of $14,337 for the three month periods ended March 31, 2025 and 2024, respectively, representing effective tax rates of (13.5)% and 26.3% respectively. The difference between the U.S. federal statutory rate of 21.0% and the effective tax rates reflected above principally relates to (i) the tax impact of differences in the value of share based incentive compensation that vested in the first quarter and other discrete items, (ii) certain foreign source income (loss) not taxable in the U.S., (iii) taxes payable to foreign jurisdictions that are not offset against U.S. income taxes, (iv) change in the U.S. federal valuation allowance affecting the provision for income taxes and (v) U.S. state and local taxes, which are incremental to the U.S. federal statutory tax rate.
17. NET INCOME PER SHARE OF COMMON STOCK
The Company is required to utilize the “two-class” method of computing basic and diluted net income per share because the Company issued certain PIPRs, including certain P-PIPRs, which are treated as participating securities.
32

LAZARD, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)
(UNAUDITED)
(dollars in thousands, except for per share data, unless otherwise noted)
The Company’s basic and diluted net income per share calculations using the “two-class” method for the three month periods ended March 31, 2025 and 2024 are presented below:

| Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
Net income attributable to Lazard | $ | 60,375 |  |  | $ | 35,755 |  |  |  |  |
Adjustment for earnings attributable to participating securities | (1,810) |  |  | (1,279) |  |  |  |  |
Net income attributable to Lazard - basic | 58,565 |  |  | 34,476 |  |  |  |  |
Adjustment for earnings attributable to participating securities | – |  |  | 195 |  |  |  |  |
Net income attributable to Lazard - diluted | $ | 58,565 |  |  | $ | 34,671 |  |  |  |  |
Weighted average number of shares of common stock outstanding | 91,311,188 |  | 88,547,757 |  |  |  |
Weighted average number of shares of common stock issuable on a non-contingent basis | 3,944,235 |  | 2,712,708 |  |  |  |
Weighted average number of shares of common stock outstanding - basic | 95,255,423 |  | 91,260,465 |  |  |  |
Weighted average number of incremental shares of common stock issuable from share-based incentive compensation (a) | 9,573,330 |  | 8,091,304 |  |  |  |
Weighted average number of shares of common stock outstanding - diluted | 104,828,753 |  |  | 99,351,769 |  |  |  |  |
Net income attributable to Lazard per share of common stock: |  |  |  |  |  |  |
Basic | $ | 0.61 |  |  | $ | 0.38 |  |  |  |  |
Diluted | $ | 0.56 |  |  | $ | 0.35 |  |  |  |  |

__________________________________
(a)The aggregate weighted average number of incremental shares of common stock issuable from PIPRs for the three month periods ended March 31, 2025 and 2024 of 2,814,720 and 2,167,520 that could be potentially dilutive in future periods, have been excluded from the computation of diluted net income per share as the effect would be antidilutive in the respective periods.
18. RELATED PARTIES
Sponsored Funds
The Company serves as an investment advisor for certain affiliated investment companies and fund entities and receives management fees and, for the alternative investment funds, performance-based incentive fees for providing such services. Asset management fees relating to such services were $138,058 and $134,220 for the three month periods ended March 31, 2025 and 2024, respectively, and are included in “asset management fees” on the condensed consolidated statements of operations. Of such amounts, $55,400 and $68,577 remained as receivables at March 31, 2025 and December 31, 2024, respectively, and are included in “fees receivable” on the condensed consolidated statements of financial condition.
Tax Receivable Agreement
The Second Amended and Restated Tax Receivable Agreement, dated as of October 26, 2015 (the “TRA”), between Lazard and LTBP Trust, a Delaware statutory trust (the “Trust”), provides for the payment by our subsidiaries to the Trust of (i) approximately 45% of the amount of cash savings, if any, in U.S. federal, state and local income tax or franchise tax that we actually realize as a result of the increases in the tax basis of certain assets and of certain other tax benefits related to the TRA, and (ii) an amount that we currently expect will equal 85% of the cash tax savings that may arise from tax basis increases attributable to payments under the TRA. Our subsidiaries expect to benefit from the balance of cash savings, if any, in income tax that our subsidiaries realize from such tax basis increases. Any amount paid by our subsidiaries to the Trust will generally be distributed pro rata to the owners of the Trust, who include certain of our executive officers.
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LAZARD, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)
(UNAUDITED)
(dollars in thousands, except for per share data, unless otherwise noted)
For purposes of the TRA, cash savings in income and franchise tax will be computed by comparing our subsidiaries’ actual income and franchise tax liability to the amount of such taxes that our subsidiaries would have been required to pay had there been no increase in the tax basis of certain assets of Lazard Group and had our subsidiaries not entered into the TRA. The term of the TRA will continue until approximately 2033 or, if earlier, until all relevant tax benefits have been utilized or expired.
The amount of the TRA liability is an undiscounted amount based upon current tax laws, the current structure of the Company and various assumptions regarding potential future operating profitability. The assumptions reflected in the estimate involve significant judgment, and as such, the actual amount and timing of payments under the TRA could differ materially from our estimates. Any changes in the amount of the estimated liability would be recorded as a non-compensation expense in the condensed consolidated statements of operations. Adjustments, if necessary, to the related deferred tax assets would be recorded through the “provision (benefit) for income taxes”.
The cumulative liability relating to our obligations under the TRA as of March 31, 2025 and December 31, 2024 was $75,826 and $75,899, respectively, and is recorded in “tax receivable agreement obligation” on the condensed consolidated statements of financial condition.
Other
See Note 12 for information regarding related party transactions pertaining to shares repurchased from certain of our executive officers.
19. REGULATORY AUTHORITIES
LFNY is a U.S. registered broker-dealer and is subject to the net capital requirements of Rule 15c3-1 under the Exchange Act. Under the basic method permitted by this rule, the minimum required net capital, as defined, is a specified fixed percentage (6 2/3%) of total aggregate indebtedness recorded in LFNY’s Financial and Operational Combined Uniform Single (“FOCUS”) report filed with the Financial Industry Regulatory Authority (“FINRA”), or $5, whichever is greater. In addition, the ratio of aggregate indebtedness (as defined) to net capital may not exceed 15:1. At March 31, 2025, LFNY’s regulatory net capital was $88,440, which exceeded the minimum requirement by $86,169. LFNY’s aggregate indebtedness to net capital ratio was 0.39:1 as of March 31, 2025.
Certain U.K. subsidiaries of the Company, including LCL, Lazard Fund Managers Limited and Lazard Asset Management Limited (collectively, the “U.K. Subsidiaries”) are regulated by the Financial Conduct Authority. At March 31, 2025, the aggregate regulatory net capital of the U.K. Subsidiaries was $102,581, which exceeded the minimum requirement by $29,520.
CFLF, under which asset management and commercial banking activities are carried out in France, is subject to regulation by the Autorité de Contrôle Prudentiel et de Résolution (“ACPR”) for its banking activities conducted through its subsidiary, LFB. LFB, as a registered bank, is engaged primarily in commercial and private banking services for clients and funds managed by LFG (asset management) and other clients, and asset-liability management. The investment services activities exercised through LFB and other subsidiaries of CFLF, primarily LFG, also are subject to regulation and supervision by the Autorité des Marchés Financiers. At December 31, 2024, the consolidated regulatory net capital of CFLF was $146,131, which exceeded the minimum requirement set for regulatory capital levels by $61,858. In addition, pursuant to the consolidated supervision rules in the European Union, LFB, in particular, as a French credit institution, is required to be supervised by a regulatory body, either in the U.S. or in the European Union. LFB and certain other non-Financial Advisory subsidiaries of the Company in the European Union (referred to herein, on a combined basis, as the “combined European regulated group”) is subject to consolidated supervision based on an agreement with the ACPR and under such rules is required to comply with minimum requirements for regulatory net capital. At December 31, 2024, the regulatory net capital of the combined European regulated group was $167,784, which exceeded the minimum requirement set for regulatory capital levels by $73,786. Additionally, the combined European regulated group, together with our Financial Advisory entities in the European Union, is required to perform an annual risk assessment and provide certain other information on a periodic basis.
34

LAZARD, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)
(UNAUDITED)
(dollars in thousands, except for per share data, unless otherwise noted)
Certain other U.S. and non-U.S. subsidiaries are subject to various capital adequacy requirements promulgated by various regulatory and exchange authorities in the countries in which they operate. At March 31, 2025, for those subsidiaries with regulatory capital requirements, their aggregate net capital was $105,581, which exceeded the minimum required capital by $82,167.
At March 31, 2025, each of these subsidiaries individually was in compliance with its regulatory capital requirements.
20. SEGMENT INFORMATION
The Company’s reportable segments offer different products and services and are managed separately, as different levels and types of expertise are required to effectively manage the segments’ transactions. Each segment is reviewed by the Chief Operating Decision Maker (the “CODM”) to determine the allocation of resources and to assess its performance. The Company’s reportable segments are Financial Advisory, Asset Management, and Corporate, which are described in Note 1.
The Company’s CODM is the Company’s Chief Executive Officer. The CODM assesses the segments’ performance by each segment’s adjusted operating income (loss) attributable to each of the segments. The Company previously disclosed each segment’s U.S. GAAP operating income (loss) as the segment’s measure of profit or loss. Comparable prior year information has been recast to reflect the updated measure. Adjusted operating income (loss) is also used by the CODM to allocate compensation and non-compensation related resources to each segment.
The table below provides select financial information about the Company’s segments, including adjusted compensation and benefits expense and adjusted non-compensation expense (both of which are significant expense categories on which the CODM is regularly provided information), other segment items, and adjusted operating income (loss).
Adjusted compensation and benefits expense and adjusted non-compensation expense include costs directly incurred by each segment, with certain adjustments. Adjusted non-compensation expense includes expenses for occupancy and equipment, marketing and business development, technology and information services, professional services, fund administration and outsourced services.
Other segment items include certain adjustments to calculate adjusted operating income (loss), including:
•Noncontrolling interests;
•Certain distribution, introducer and management fees paid to third parties and reimbursable deal costs;
•Provision for credit losses;
•Changes in the fair value of investments held in connection with LFI and other similar deferred compensation arrangements;
•Interest expense, excluding interest expense incurred by LFB; and
•Losses associated with the closing of certain offices as part of the cost-saving initiatives, representing the reclassification of currency translation adjustments to earnings from accumulated other comprehensive loss.
Inter-segment revenues are not material for all periods presented.
The CODM does not regularly receive asset information by segment and does not use segment asset information to assess performance or allocate resources.
35

LAZARD, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)
(UNAUDITED)
(dollars in thousands, except for per share data, unless otherwise noted)

| Three Months Ended March 31, 2025
| Financial Advisory |  | Asset Management |  | Corporate |  | Total
Net Revenue (Loss) - U.S. GAAP Basis | $ | 367,359 |  |  | $ | 288,100 |  |  | $ | (7,408) |  |  | $ | 648,051 |
Adjusted Compensation and Benefits Expense | 239,968 |  |  | 142,827 |  |  | 38,491 |  |  | 421,286 |
Adjusted Non-compensation Expense | 52,561 |  |  | 59,211 |  |  | 36,110 |  |  | 147,882 |
Other Segment Items | 2,184 |  |  | (23,606) |  |  | 16,556 |  |  | (4,866) |
Adjusted Operating Income (Loss) | $ | 77,014 |  |  | $ | 62,456 |  |  | $ | (65,453) |  |  | $ | 74,017 |
Other Segment Disclosures: |  |  |  |  |  |  |
Interest income (included in net revenue) | $ | 1,197 |  |  | $ | 2,447 |  |  | $ | 8,018 |  |  | $ | 11,662 |
Depreciation and amortization of property (included in adjusted non-compensation expense) | $ | 2,010 |  |  | $ | 1,381 |  |  | $ | 5,040 |  |  | $ | 8,431 |

| Three Months Ended March 31, 2024
| Financial Advisory |  | Asset Management |  | Corporate |  | Total
Net Revenue - U.S. GAAP Basis | $ | 453,507 |  |  | $ | 295,476 |  |  | $ | 15,770 |  |  | $ | 764,753 |
Adjusted Compensation and Benefits Expense | 302,080 |  |  | 150,698 |  |  | 39,955 |  |  | 492,733 |
Adjusted Non-compensation Expense | 47,865 |  |  | 55,575 |  |  | 30,853 |  |  | 134,293 |
Other Segment Items | (6,873) |  |  | (19,542) |  |  | 8,227 |  |  | (18,188) |
Adjusted Operating Income (Loss) | $ | 96,689 |  |  | $ | 69,661 |  |  | $ | (46,811) |  |  | $ | 119,539 |
Other Segment Disclosures: |  |  |  |  |  |  |
Interest income (included in net revenue) | $ | 966 |  |  | $ | 3,711 |  |  | $ | 6,794 |  |  | $ | 11,471 |
Depreciation and amortization of property (included in adjusted non-compensation expense) | $ | 2,249 |  |  | $ | 1,289 |  |  | $ | 5,551 |  |  | $ | 9,089 |

36

LAZARD, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)
(UNAUDITED)
(dollars in thousands, except for per share data, unless otherwise noted)
The table below provides a reconciliation of the Company's consolidated adjusted operating income to the Company’s consolidated U.S. GAAP operating income.

| Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
Adjusted Operating Income | $ | 74,017 |  |  | $ | 119,539 |  |  |  |  |
Adjustments: |  |  |  |  |  |  |
Operating income related to noncontrolling interests and similar arrangements (a) | 1,613 |  |  | 4,469 |  |  |  |  |
Interest expense (b) | (20,969) |  |  | (20,650) |  |  |  |  |
Amortization and other acquisition-related costs | (26) |  |  | (68) |  |  |  |  |
Losses associated with cost-saving initiatives (c) | – |  |  | (587) |  |  |  |  |
Expenses associated with cost-saving initiatives | – |  |  | (48,142) |  |  |  |  |
Operating Income - U.S. GAAP Basis | $ | 54,635 |  |  | $ | 54,561 |  |  |  |  |

_____________________
(a)Revenue and expenses related to the consolidation of noncontrolling interests and similar arrangements are excluded because the Company has no economic interest in such amounts.
(b)Interest expense (excluding interest expense incurred by LFB) is added back in determining adjusted net revenue because such expense relates to corporate financing activities and is not considered to be a cost directly related to the revenue of our business.
(c)Represents the reclassification of currency translation adjustments to earnings from accumulated other comprehensive loss in the three month period ended March 31, 2024.
37

LAZARD, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)
(UNAUDITED)
(dollars in thousands, except for per share data, unless otherwise noted)
21. CONSOLIDATED VIEs
LFI Consolidated Funds
The Company’s consolidated VIEs as of March 31, 2025 and December 31, 2024 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 $33,584 and $68,452 of LFI owned by Lazard Group as of March 31, 2025 and December 31, 2024, 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 condensed consolidated statements of financial condition consist of the following at March 31, 2025 and December 31, 2024.

| March 31, 2025 |  | December 31, 2024
ASSETS |  |  |
Cash and cash equivalents | $ | 135 |  |  | $ | 2,456 |
Customers and other receivables | 2,143 |  |  | 97 |
Investments | 115,826 |  |  | 144,878 |
Other assets | 593 |  |  | 1,016 |
Total assets | $ | 118,697 |  |  | $ | 148,447 |

LIABILITIES |  |  |
Deposits and other customer payables | $ | 388 |  |  | $ | 72 |
Other liabilities | 914 |  |  | 295 |
Total liabilities | $ | 1,302 |  |  | $ | 367 |

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following discussion should be read in conjunction with Lazard’s condensed consolidated financial statements and the related notes included elsewhere in this Quarterly Report on Form 10-Q (the “Form 10-Q”), as well as Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) included in our Annual Report on Form 10-K for the year ended December 31, 2024 (the “Form 10-K”). All references to “2025,” “2024,” “ first quarter” or “the period” refer to, as the context requires, the three month periods ended March 31, 2025 and 2024.
Forward-Looking Statements and Certain Factors that May Affect Our Business
Management has included in Parts I and II of this Form 10-Q, including in its MD&A, statements that are forward-looking statements. In some cases, forward-looking statements can be identified by the use of forward-looking terminology such as “may,” “might,” “will,” “should,” “could,” “would,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “target,” “goal,” “pipeline,” or “continue,” and the negative of these terms and other comparable terminology. These forward-looking statements, which are subject to known and unknown risks, uncertainties and assumptions about us, may include projections of our future financial performance based on our growth strategies, business plans and initiatives and anticipated trends in our business. These forward-looking statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements. These factors include, but are not limited to, those discussed in our Form 10-K under the caption “Risk Factors,” including the following:
•adverse general economic conditions or adverse conditions in global or regional financial markets;
•changes in international trade policies and practices, including the implementation of tariffs, proposed further tariffs, and responses from other jurisdictions, and the economic impacts, volatility and uncertainty resulting therefrom;
•a decline in our revenues, for example due to a decline in overall mergers and acquisitions (“M&A”) activity, our share of the M&A market or our assets under management (“AUM”);
•losses caused by financial or other problems experienced by third parties;
•losses due to unidentified or unanticipated risks;
•a lack of liquidity, i.e., ready access to funds, for use in our businesses;
•competitive pressure on our businesses and on our ability to retain and attract employees at current compensation levels; and
•changes in relevant tax laws, regulations or treaties or an adverse interpretation of those items.
These risks and uncertainties are not exhaustive. Other sections of the Form 10-K and this Form 10-Q describe additional factors that could adversely affect our business and financial performance. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for our management to predict all risks and uncertainties, nor can management assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.
As a result, there can be no assurance that the forward-looking statements included in this Form 10-Q will prove to be accurate or correct. Although we believe the statements reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance, achievements or events. Moreover, neither we nor any other person assumes responsibility for the accuracy or completeness of any of these forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. We are under no duty to update any of these forward-looking statements after the date of this Form 10-Q to conform our prior statements to actual results or revised expectations and we do not intend to do so.
Forward-looking statements include, but are not limited to, statements about:
•financial goals, including ratios of adjusted compensation and benefits expense to adjusted net revenue;
•ability to deploy surplus cash through dividends, share repurchases and debt repurchases;
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•ability to offset stockholder dilution through share repurchases;
•possible or assumed future results of operations and operating cash flows;
•strategies and investment policies;
•financing plans and the availability of short-term borrowing;
•competitive position;
•future acquisitions or other strategic transactions, including the consideration to be paid and the timing of consummation;
•potential growth opportunities available to our businesses;
•potential impact of investments in our technology infrastructure and data science capabilities;
•recruitment and retention of our managing directors and employees;
•potential levels of expense, including adjusted compensation and benefits expense, and adjusted non-compensation expense;
•potential operating performance, achievements, productivity improvements, efficiency and cost reduction efforts;
•statements regarding environmental, social and governance (“ESG”) goals and initiatives;
•likelihood of success and impact of litigation;
•expected tax rates, including effective tax rates;
•changes in interest and tax rates;
•availability of certain tax benefits, including certain potential deductions;
•potential impact of certain events or circumstances on our financial statements and operations;
•changes in foreign currency exchange rates;
•changes in international trade policies and practices, including the implementation of tariffs, proposed further tariffs, and responses from other jurisdictions, and the economic impacts, volatility and uncertainty resulting therefrom;
•the expected timing and levels of funding of awarded institutional mandates;
•the pipeline in M&A, restructuring and other financial advisory transactions;
•expectations with respect to the economy, the securities markets, the market for mergers, acquisitions, restructuring, private credit and other financial advisory activity, the market for asset management activity and other macroeconomic, regional and industry trends;
•effects of competition on our business; and
•impact of new or future legislation and regulation, including tax laws and regulations, on our business.
The Company is committed to providing timely and accurate information to the investing public, consistent with our legal and regulatory obligations. To that end, Lazard and its operating companies use their websites, and other social media sites to convey information about their businesses, including the anticipated release of quarterly financial results, quarterly financial, statistical and business-related information, and the posting of updates of AUM in various mutual funds, hedge funds and other investment products managed by Lazard Asset Management LLC (together with its subsidiaries) (“LAM”) and Lazard Frères Gestion SAS (“LFG”). Investors can link to Lazard, Inc., Lazard Group and their operating company websites through http://www.lazard.com. Our websites and social media sites and the information contained therein or connected thereto shall not be deemed to be incorporated into this Form 10-Q.
Business Summary
Founded in 1848, Lazard is one of the world’s preeminent financial advisory and asset management firms, with operations in North and South America, Europe, the Middle East, Asia, and Australia. Lazard provides advice on mergers and acquisitions, capital markets and capital solutions, restructuring and liability management, geopolitics, and other
40

strategic matters, as well as asset management and investment solutions to institutions, corporations, governments, partnerships, family offices, and high net worth individuals.
Our mission is to provide trusted, independent financial advice and investment solutions to our clients, backed by the intellectual capital of our firm. During our more than 175-year history, we have built a global network of relationships with key decision makers in business, government and investing institutions. This network is both a competitive strength and a powerful resource for Lazard and our clients. As a firm that competes on the quality of our advice, we have two fundamental assets: our people and our reputation.
We operate in cyclical businesses across multiple geographies, industries and asset classes. In recent years, we have deepened our sector expertise, enhanced our specialized insights in geopolitical advisory, and increased connectivity to private capital in our financial advisory business. In addition, we have invested in our global investment and distribution platform in our asset management business to further drive performance. Business and government leaders and global investors seek trusted advisors, and we believe that our business model as an independent advisor will continue to create opportunities for us to attract new clients and key personnel.
Our principal sources of revenue are derived from activities in the following business segments:
•Financial Advisory, which offers corporate, partnership, institutional, government, sovereign and individual clients across the globe a wide array of financial advisory services including M&A advisory, capital markets advisory, shareholder advisory, sovereign advisory, geopolitical advisory, restructuring and liability management, capital raising and placement, and other strategic matters; and
•Asset Management, which offers a broad range of global investment solutions and investment and wealth management services in equity and fixed income strategies, asset allocation strategies, alternative investments and private equity funds to corporations, public funds, sovereign entities, endowments and foundations, labor funds, financial intermediaries and private wealth clients.
In addition, we record selected other activities in our Corporate segment, including cash management, investments, deferred tax assets, outstanding indebtedness and certain contingent obligations. We also invest our own capital from time to time, generally alongside capital of qualified institutional and individual investors in alternative investments or private equity investments, and make investments to seed our Asset Management strategies.
See “Business Segments” below for discussion of the adjusted operating results of our Financial Advisory, Asset Management and Corporate segments.
Business Environment and Outlook
Economic and global financial market conditions can materially affect our financial performance. As described above, our principal sources of revenue are derived from activities in our Financial Advisory and Asset Management business segments. Our Financial Advisory revenues are primarily dependent on the successful completion of merger, acquisition, sale, restructuring, capital raising or similar transactions, and our Asset Management revenues are primarily driven by the levels of AUM. Weak or uncertain global economic and financial market conditions can result in a challenging business environment for M&A and capital-raising activity as well as our Asset Management business, but such conditions may provide opportunities for our restructuring business.
We operate in a very competitive and global environment. Recent changes to international trade policies and practices have resulted in a period of heightened uncertainty and market volatility. For example, in April 2025, the U.S. government introduced tariffs on trading partners globally, including China which responded with retaliatory tariffs. The potential for geopolitical impacts could further exacerbate market volatility and contribute to weakened economic conditions. We believe our broad set of capabilities and diversified business model positions us well to meet evolving client needs in varying economic environments. However, unpredictability due to rapidly changing international trade policies and market volatility could reduce our clients’ ability to finalize decision-making or execute on investment priorities.
New risks and uncertainties emerge continuously, and it is not possible for our management to predict all risks and uncertainties, nor can we assess the impact of all potentially applicable factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. See Item 1A, “Risk Factors” in our Form 10-K. Furthermore, net income and revenue in any period may not be
41

indicative of full-year results or the results of any other period and may vary significantly from year to year and quarter to quarter.
Overall, we continue to focus on the development of our business, including the generation of revenue growth, earnings growth and shareholder returns, the evaluation of potential growth opportunities, the investment in new technology to support the development of existing and new business opportunities, the evaluation of other strategic alternatives, the prudent management of our costs and expenses, the efficient use of our assets and the return of capital to our shareholders.
Certain industry-wide market data with respect to our Financial Advisory and Asset Management businesses is included below.
Financial Advisory
The following table sets forth global M&A and restructuring industry statistics for completed and announced M&A transactions and completed restructuring transactions.

| Three Months Ended March 31, |  |
| 2025 |  | 2024 |  | % Incr / (Decr) |  |  |  |  |  |
| ($ in billions)
Completed M&A Transactions: |  |  |  |  |  |  |  |  |  |  |
All deals: |  |  |  |  |  |  |  |  |  |  |
Value | $ | 778 |  |  | $ | 665 |  |  | 17 | % |  |  |  |  |  |
Number | 6,719 |  |  | 9,851 |  |  | (32) | % |  |  |  |  |  |
Deals Greater than $500 million: |  |  |  |  |  |  |  |  |  |  |
Value | $ | 638 |  |  | $ | 482 |  |  | 32 | % |  |  |  |  |  |
Number | 255 |  |  | 250 |  |  | 2 | % |  |  |  |  |  |
Announced M&A Transactions: |  |  |  |  |  |  |  |  |  |  |
All deals: |  |  |  |  |  |  |  |  |  |  |
Value | $ | 1,031 |  |  | $ | 874 |  |  | 18 | % |  |  |  |  |  |
Number | 7,712 |  |  | 10,175 |  |  | (24) | % |  |  |  |  |  |
Deals Greater than $500 million: |  |  |  |  |  |  |  |  |  |  |
Value | $ | 848 |  |  | $ | 686 |  |  | 24 | % |  |  |  |  |  |
Number | 321 |  |  | 258 |  |  | 24 | % |  |  |  |  |  |
Completed Restructuring Transactions: |  |  |  |  |  |  |  |  |  |  |
All deals: |  |  |  |  |  |  |  |  |  |  |
Value | $ | 23 |  |  | $ | 150 |  |  | (85) | % |  |  |  |  |  |
Number | 39 |  |  | 127 |  |  | (69) | % |  |  |  |  |  |

____________________________________
Source: Dealogic as of April 2, 2025.
Another measure of global restructuring activity is the number of corporate defaults, which decreased during the first quarter of 2025 as compared to the first quarter of 2024. The number of defaulting issuers was 27 in the first quarter of 2025, according to Moody’s Investors Service, Inc., as compared to 38 in the first quarter of 2024.
Net revenue trends in Financial Advisory are generally correlated to the level of completed industry-wide M&A transactions and restructuring transactions occurring subsequent to corporate debt defaults. However, deviations from this relationship can occur in any given year for a number of reasons. For instance, our results can diverge from industry-wide activity where there are material variances from the level of industry-wide M&A activity in a particular market where Lazard has greater or lesser relative market share, or regarding the relative number of our advisory engagements with respect to larger-sized transactions, and where we are involved in non-public or sovereign advisory assignments.
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Asset Management
The percentage change in major equity market indices at March 31, 2025, as compared to such indices at December 31, 2024 and at March 31, 2024 is shown in the table below:

| Percentage Changes March 31, 2025 vs.
| December 31, 2024 |  | March 31, 2024 |  |
MSCI World Index | (2) | % |  | 7 | % |  |
Euro Stoxx | 8 | % |  | 7 | % |  |
MSCI Emerging Market | 3 | % |  | 8 | % |  |
S&P 500 | (4) | % |  | 8 | % |  |

The fees that we receive for providing investment management and advisory services are primarily driven by the level of AUM and the nature of the AUM product mix. Accordingly, market movements, foreign currency exchange rate volatility and changes in our AUM product mix will impact the level of revenues we receive from our Asset Management business when comparing periodic results. A substantial portion of our AUM is invested in equities. Movements in AUM during the period generally reflect the changes in equity market indices.
Financial Statement Overview
Net Revenue
The majority of Lazard’s Financial Advisory net revenue historically has been earned from advice and other services provided in M&A transactions. The amount of the fee earned can vary depending upon the type, size and complexity of the transaction Lazard is advising on. M&A fees can be earned as a retainer, working fee, announcement fee, milestone fee, opinion fee or transaction completion fee. Most fees are paid upon completion of a transaction, the timing of which can be impacted by delays due to securing financing, board approvals, regulatory approvals, shareholder votes, changing market conditions or other factors.
Our restructuring and liability management team advises on situations where our clients are financially distressed, providing advice on financial debt restructurings, liability management and M&A. Bankruptcy proceedings may require court approval of our fees. We also advise on both public and private debt and structured equity transactions, while the private capital advisory team provides fundraising and secondary advisory services for private equity, private credit, real estate and real assets-focused investment firms. Additionally, Lazard earns fees from providing strategic advice to clients, which may include shareholder advisory, geopolitical advisory and other strategic advisory matters, with such fees not being dependent on the completion of a transaction.
Our Financial Advisory businesses may be impacted by overall M&A activity levels in the market, the level of corporate debt defaults and the environment for capital raising activities, among other factors.
Significant fluctuations in Financial Advisory net revenue can occur over the course of any given year, because a significant portion of such net revenue is earned upon the successful completion of a transaction, restructuring or capital raising activity, the timing of which is uncertain and is not subject to Lazard’s control.
Lazard’s Asset Management segment principally includes LAM, LFG, Lazard Frères Banque SA (“LFB”) and the Edgewater Funds (“Edgewater”). Asset Management net revenue is derived from fees for investment management and advisory services provided to clients. As noted above, the main driver of Asset Management net revenue is the level and product mix of AUM, which is generally influenced by the performance of the global equity markets and, to a lesser extent, fixed income markets as well as Lazard’s investment performance, which impacts its ability to successfully attract and retain assets. As a result, fluctuations (including timing thereof) in financial markets and client asset inflows and outflows for any reason have a direct effect on Asset Management net revenue and operating income. Asset Management fees are generally based on the level of AUM measured daily, monthly or quarterly, and an increase or reduction in AUM, due to market price fluctuations, currency fluctuations, changes in product mix, or net client asset flows will result in a corresponding increase or decrease in management fees. Our investment advisory contracts are generally terminable at any time or on notice of 30 days or less. Institutional and individual clients, and firms with which we have strategic alliances, can terminate their relationship with us, reduce the aggregate amount of AUM or shift their funds to other types of accounts with different rate structures for a number of reasons, including investment performance, changes in prevailing interest rates and financial market performance. Moreover, it is possible that awarded institutional mandates may not be funded in
43

the amounts and at the times initially anticipated, or at all. In addition, as Lazard’s AUM includes significant amounts of assets that are denominated in currencies other than U.S. Dollars, changes in the value of the U.S. Dollar relative to foreign currencies will impact the value of Lazard’s AUM and the overall amount of management fees generated by the AUM. Fees vary with the type of assets managed and the vehicle in which they are managed, with higher fees earned on equity assets and alternative investment funds, such as hedge funds and private equity funds, and lower fees earned on fixed income and cash management products.
The Company earns performance-based incentive fees on various investment products, including traditional products and alternative investment funds, such as hedge funds and private equity funds.
For hedge funds, incentive fees are calculated based on a specified percentage of a fund’s net appreciation, in some cases in excess of established benchmarks or thresholds. The Company records incentive fees on traditional products and hedge funds at the end of the relevant performance measurement period, when potential uncertainties regarding the ultimately realizable amounts have been determined. The incentive fee measurement period is generally an annual period (unless an account terminates or redemption occurs during the year). The incentive fees received at the end of the measurement period are not subject to reversal or payback. Incentive fees on hedge funds are often subject to loss carryforward provisions in which losses incurred by the hedge funds in any year are applied against certain gains realized by the hedge funds in future periods before any further incentive fees can be earned.
For private equity funds, incentive fees may be earned in the form of a “carried interest” if profits arising from realized investments exceed a specified threshold. Typically, such carried interest is ultimately calculated on a whole-fund or investment by investment basis and, therefore, clawback of carried interest toward the end of the life of the fund can occur. As a result, the Company recognizes incentive fees earned on our private equity funds only when it is probable that a clawback will not occur.
Corporate segment net revenue consists primarily of interest income and interest expense, investment gains and losses on the Company’s investments to seed strategies in our Asset Management business, net of hedging activities, and principal investments in private equity funds, as well as gains and losses on investments held in connection with Lazard Fund Interests (“LFI”). Corporate net revenue can fluctuate due to changes in the fair value of debt and equity securities, as well as due to changes in interest and currency exchange rates and the levels of cash, investments and indebtedness.
We use “adjusted net revenue”, a non-GAAP measure, for comparison of revenues between periods. For the reconciliations and calculations with respect to “adjusted net revenue” and related ratios to “adjusted net revenue,” see the table under “Consolidated Results of Operations” below.
Operating Expenses
The majority of Lazard’s operating expenses relate to compensation and benefits for managing directors and employees. Our compensation and benefits expense includes (i) salaries and benefits, (ii) amortization of the relevant portion of previously granted deferred incentive compensation awards, including (a) share-based incentive compensation under Lazard’s 2018 Incentive Compensation Plan, as amended (the “2018 Plan”) and (b) LFI and other similar deferred compensation arrangements, (iii) a provision for discretionary or guaranteed cash bonuses and profit pools and (iv) when applicable, severance payments and cash retention awards. Compensation expense in any given period is dependent on many factors, including general economic and market conditions, our actual and forecasted operating and financial performance, staffing levels, estimated forfeiture rates, competitive pay conditions and the nature of revenues earned, as well as the mix between current and deferred compensation. See Note 13 of Notes to Condensed Consolidated Financial Statements.
We use “adjusted compensation and benefits expense” and the ratio of “adjusted compensation and benefits expense” to “adjusted net revenue,” both non-GAAP measures, for comparison of compensation and benefits expense between periods. For the reconciliations and calculations with respect to “adjusted compensation and benefits expense” and related ratios to “adjusted net revenue,” see the table under “Condensed Consolidated Results of Operations” below.
Compensation and benefits expense is the largest component of our operating expenses. We seek to maintain discipline with respect to compensation, including the rate at which we award deferred compensation. We focus on a ratio of adjusted compensation and benefits expense to adjusted net revenue to manage costs, balancing a view of current conditions in the market for talent alongside our objective to drive long-term shareholder value. Our practice is to pay our employees competitively to foster retention and motivate performance and, in doing so, we look to the market for talent
44

and other factors, which are typically correlated with industry revenues, but may vary year by year. At the same time, the amount of compensation we award in a particular year is, in part, deferred and amortized over the successive years. Increased competition for professionals, changes in the macroeconomic environment or the financial markets generally, lower adjusted net revenue resulting from, for example, a decrease in M&A activity, our share of the M&A market or our AUM levels, changes in the mix of revenues from our businesses, investments in our businesses or various other factors could prevent us from achieving this goal.
Our operating expenses also include “non-compensation expense”, which includes costs for occupancy and equipment, marketing and business development, technology and information services, professional services, fund administration and outsourced services, and other expenses. Our occupancy costs represent a significant portion of our aggregate operating expenses and are subject to change from time to time, particularly as leases for real property expire and are renewed or replaced with new, long-term leases for the same or other real property.
We believe that “adjusted non-compensation expense”, a non-GAAP measure, when presented in conjunction with measures prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), provides a meaningful and useful basis for our investors to assess our operating results. For calculations with respect to “adjusted non-compensation expense”, see the table under “Consolidated Results of Operations” below.
Cost-Saving Initiatives
The Company conducted firm-wide cost-saving initiatives over the course of 2023, which were completed during the first quarter of 2024. See Note 15 of Notes to Condensed Consolidated Financial Statements.
Provision for Income Taxes
Lazard, Inc. is subject to U.S. federal income taxes on all of its income and, through its subsidiaries, is also subject to state and local taxes on its income apportioned to various state and local jurisdictions. Lazard Group LLC operates principally through subsidiary corporations including through those domiciled outside the U.S. that are subject to local income taxes in foreign jurisdictions. In addition, Lazard Group LLC is subject to Unincorporated Business Tax (“UBT”) attributable to its operations apportioned to New York City.
Additionally, the Organization for Economic Cooperation and Development (the “OECD”) reached agreement among various countries, including the EU member states, to establish a 15% minimum tax on certain multinational companies, commonly called “Pillar Two”. Many countries continue to announce changes in their tax laws and regulations to implement the OECD Pillar Two proposals. Lazard is continuing to evaluate the potential impact on future periods of the Pillar Two proposals, as new guidance becomes available.
See “Critical Accounting Policies and Estimates—Income Taxes” below and Notes 16 and 18 of Notes to Condensed Consolidated Financial Statements for additional information regarding income taxes, our deferred tax assets and the tax receivable agreement obligation.
Net Income Attributable to Noncontrolling Interests
Noncontrolling interests primarily consist of (i) amounts related to Edgewater’s management vehicles that the Company is deemed to control but not own, (ii) profits interest participation rights and (iii) consolidated VIE interests held by employees. See Notes 12 and 21 of Notes to Condensed Consolidated Financial Statements for information regarding the Company’s noncontrolling interests and consolidated VIEs.
Consolidated Results of Operations
Lazard’s condensed consolidated financial statements are presented in U.S. Dollars. Many of our non-U.S. subsidiaries have a functional currency (i.e., the currency in which operational activities are primarily conducted) that is other than the U.S. Dollar, generally the currency of the country in which the subsidiaries are domiciled. Such subsidiaries’ assets and liabilities are translated into U.S. Dollars using exchange rates as of the respective balance sheet date, while revenue and expenses are translated at average exchange rates during the respective periods based on the daily closing exchange rates. Adjustments that result from translating amounts from a subsidiary’s functional currency are reported as a component of stockholders’ equity. Foreign currency remeasurement gains and losses on transactions in non-functional currencies are included in the condensed consolidated statements of operations.
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The condensed consolidated financial statements are prepared in conformity with U.S. GAAP. Selected financial data derived from the Company’s reported condensed consolidated results of operations is set forth below, followed by a more detailed discussion of both the consolidated and business segment results.

| Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
| ($ in thousands)
Net Revenue | $ | 648,051 |  |  | $ | 764,753 |  |  |  |  |
Operating Expenses: |  |  |  |  |  |  |
Compensation and benefits | 430,270 |  |  | 550,824 |  |  |  |  |
Non-compensation | 163,146 |  |  | 159,368 |  |  |  |  |
Total operating expenses | 593,416 |  |  | 710,192 |  |  |  |  |
Operating Income | 54,635 |  |  | 54,561 |  |  |  |  |
Provision (benefit) for income taxes | (7,354) |  |  | 14,337 |  |  |  |  |
Net Income | 61,989 |  |  | 40,224 |  |  |  |  |
Less - Net Income Attributable to Noncontrolling Interests | 1,614 |  |  | 4,469 |  |  |  |  |
Net Income Attributable to Lazard | $ | 60,375 |  |  | $ | 35,755 |  |  |  |  |
Operating Income, as a % of net revenue | 8.4 | % |  | 7.1 | % |  |  |  |

The tables below describe the components of adjusted net revenue, adjusted compensation and benefits expense, adjusted non-compensation expense, adjusted operating income and related key ratios, which are non-GAAP measures used by the Company to manage its business. We believe such non-GAAP measures in conjunction with U.S. GAAP measures provide a meaningful and useful basis for comparison between present, historical and future periods, as described above.

| Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
| ($ in thousands)
Lazard, Inc. Adjusted Net Revenue: |  |  |  |  |  |  |
Net revenue - U.S. GAAP basis | $ | 648,051 |  |  | $ | 764,753 |  |  |  |  |
Adjustments: |  |  |  |  |  |  |
Revenue related to noncontrolling interests and similar arrangements (a) | (6,011) |  |  | (7,103) |  |  |  |  |
Gains related to LFI and other similar arrangements (b) | (5,243) |  |  | (9,373) |  |  |  |  |
Distribution fees, reimbursable deal costs, provision for credit losses and other (c) | (14,581) |  |  | (22,949) |  |  |  |  |
Interest expense (d) | 20,969 |  |  | 20,650 |  |  |  |  |
Losses associated with cost-saving initiatives (e) | – |  | 587 |  |  |  |  |
Adjusted net revenue (f) | $ | 643,185 |  |  | $ | 746,565 |  |  |  |  |

____________________________________
(a)Revenue related to the consolidation of noncontrolling interests and similar arrangements are excluded from adjusted net revenue because the Company has no economic interest in such amounts.
(b)Represents changes in the fair value of investments held in connection with LFI and other similar deferred compensation arrangements, for which a corresponding equal amount is excluded from compensation and benefits expense.
(c)Represents certain distribution, introducer and management fees paid to third parties, reimbursable deal costs and provision for credit losses relating to fees and other receivables that are deemed uncollectible for which an equal amount is excluded for purposes of determining adjusted non-compensation expense.
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(d)Interest expense (excluding interest expense incurred by LFB) is added back in determining adjusted net revenue because such expense relates to corporate financing activities and is not considered to be a cost directly related to the revenue of our business.
(e)Represents the reclassification of currency translation adjustments to earnings from accumulated other comprehensive loss in the three month period ended March 31, 2024.
(f)Adjusted net revenue is a non-GAAP measure.

| Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
| ($ in thousands)
Lazard, Inc. Adjusted Compensation and Benefits Expense: |  |  |  |  |  |  |
Total compensation and benefits expense | $ | 430,270 |  |  | $ | 550,824 |  |  |  |  |
Adjustments: |  |  |  |  |  |  |
Compensation and benefits expense related to noncontrolling interests and similar arrangements (a) | (3,741) |  |  | (2,108) |  |  |  |  |
Charges pertaining to LFI and other similar arrangements (b) | (5,243) |  |  | (9,373) |  |  |  |  |
Expenses associated with cost-saving initiatives | – |  |  | (46,610) |  |  |  |  |
Adjusted compensation and benefits expense (c) | $ | 421,286 |  |  | $ | 492,733 |  |  |  |  |
Adjusted compensation and benefits expense, as a % of adjusted net revenue (c) | 65.5 | % |  | 66.0 | % |  |  |  |

____________________________________
(a)Expenses related to the consolidation of noncontrolling interests and similar arrangements are excluded because the Company has no economic interest in such amounts.
(b)Represents changes in the fair value of the compensation liability recorded in connection with LFI and other similar deferred incentive compensation awards, for which a corresponding equal amount is excluded from adjusted net revenue.
(c)Adjusted compensation and benefits expense and adjusted compensation and benefits expense, as a percentage of adjusted net revenue are non-GAAP measures.

| Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
| ($ in thousands)
Lazard, Inc. Adjusted Non-Compensation Expense: |  |  |  |  |  |  |
Total non-compensation expense | $ | 163,146 |  |  | $ | 159,368 |  |  |  |  |
Adjustments: |  |  |  |  |  |  |
Non-compensation expense related to noncontrolling interests and similar arrangements (a) | (657) |  |  | (526) |  |  |  |  |
Distribution fees, reimbursable deal costs, provision for credit losses and other (b) | (14,581) |  |  | (22,949) |  |  |  |  |
Amortization and other acquisition-related costs | (26) |  |  | (68) |  |  |  |  |
Expenses associated with cost-saving initiatives | – |  |  | (1,532) |  |  |  |  |
Adjusted non-compensation expense (c) | $ | 147,882 |  |  | $ | 134,293 |  |  |  |  |
Adjusted non-compensation expense, as a % of adjusted net revenue (c) | 23.0 | % |  | 18.0 | % |  |  |  |

____________________________________
(a)Expenses related to the consolidation of noncontrolling interests and similar arrangements are excluded because the Company has no economic interest in such amounts.
(b)Represents certain distribution, introducer and management fees paid to third parties, reimbursable deal costs and provision for credit losses relating to fees and other receivables that are deemed uncollectible for which an equal amount is included for purposes of determining adjusted net revenue.
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(c)Adjusted non-compensation expense and adjusted non-compensation expense, as a percentage of adjusted net revenue are non-GAAP measures.

| Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
| ($ in thousands)
Lazard, Inc. Adjusted Operating Income: |  |  |  |  |  |  |
Operating income | $ | 54,635 |  |  | $ | 54,561 |  |  |  |  |
Adjustments: |  |  |  |  |  |  |
Operating income related to noncontrolling interests and similar arrangements | (1,613) |  |  | (4,469) |  |  |  |  |
Interest expense | 20,969 |  |  | 20,650 |  |  |  |  |
Amortization and other acquisition-related costs | 26 |  |  | 68 |  |  |  |  |
Losses associated with cost-saving initiatives | – |  |  | 587 |  |  |  |  |
Expenses associated with cost-saving initiatives | – |  |  | 48,142 |  |  |  |  |
Adjusted operating income (a) | $ | 74,017 |  |  | $ | 119,539 |  |  |  |  |
Adjusted operating income, as a % of adjusted net revenue (a) | 11.5 | % |  | 16.0 | % |  |  |  |

____________________________________
(a)Adjusted operating income and adjusted operating income, as a percentage of adjusted net revenue are non-GAAP measures.
Headcount information is set forth below:

| As of
| March 31, 2025 |  | December 31, 2024 |  | March 31, 2024
Headcount: |  |  |  |  |
Managing Directors: |  |  |  |  |
Financial Advisory | 210 |  | 194 |  | 199
Asset Management | 131 |  | 124 |  | 117
Corporate | 23 |  | 21 |  | 21
Total Managing Directors | 364 |  | 339 |  | 337
Other Business Segment Professionals and Support Staff: |  |  |  |  |
Financial Advisory | 1,328 |  | 1,363 |  | 1,287
Asset Management | 1,133 |  | 1,117 |  | 1,063
Corporate | 428 |  | 444 |  | 427
Total | 3,253 |  | 3,263 |  | 3,114

Lazard, Inc. Operating Results
The Company’s quarterly revenue and profits can fluctuate materially depending on the number, size and timing of completed transactions on which it advised, as well as seasonality, the performance of equity markets and other factors. Accordingly, the revenue and profits in any particular quarter may not be indicative of future results. Lazard management believes that annual results are the most meaningful basis for comparison among present, historical and future periods.
Three Months Ended March 31, 2025 versus March 31, 2024
The Company reported net income attributable to Lazard of $60 million, as compared to net income attributable to Lazard of $36 million in the 2024 period.
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Net revenue decreased $117 million, or 15%, with adjusted net revenue decreasing $103 million, or 14%, as compared to the 2024 period. Fee revenue from investment banking and other advisory activities decreased $93 million, or 20%, as compared to the 2024 period. Asset management fees, including incentive fees, decreased $12 million, or 4%, as compared to the 2024 period. In the aggregate, interest income, other revenue and interest expense decreased $12 million as compared to the 2024 period.
Compensation and benefits expense decreased $121 million, or 22%, as compared to the 2024 period which included $47 million associated with the cost-saving initiatives.
Adjusted compensation and benefits expense (which excludes certain items and which we believe allows for improved comparability between periods, as described above) was $421 million, a decrease of $71 million, or 15%, as compared to $493 million in the 2024 period. The ratio of adjusted compensation and benefits expense to adjusted net revenue was 65.5% for the 2025 period, as compared to 66.0% for the 2024 period.
Non-compensation expense increased $4 million, or 2%, as compared to the 2024 period. Adjusted non-compensation expense increased $14 million, or 10%, as compared to the 2024 period. Such increases in non-compensation expense and adjusted non-compensation expense were primarily due to increased occupancy and equipment and marketing and business development expenses. The ratio of adjusted non-compensation expense to adjusted net revenue was 23.0% for the 2025 period, as compared to 18.0% for the 2024 period.
Operating income remained substantially the same as compared to the 2024 period.
Adjusted operating income decreased $46 million, or 38%, as compared to the 2024 period, and as a percentage of adjusted net revenue was 11.5% for the 2025 period, as compared to 16.0% in the 2024 period.
The provision (benefit) for income taxes reflects an effective tax rate of (13.5)%, as compared to 26.3% for the 2024 period. The change in the effective tax rate principally relates to increases in discrete benefits for share-based incentive compensation and changes in the geographic mix of earnings.
Net income attributable to noncontrolling interests decreased $3 million as compared to the 2024 period.
For additional discussion of the drivers of our adjusted operating results for the period, see “Business Segments” below.
Business Segments
The following is a discussion of net revenue, adjusted net revenue, adjusted compensation and benefits expense, adjusted non-compensation expense, and adjusted operating income (loss) for the Company’s segments: Financial Advisory, Asset Management and Corporate. Adjusted compensation and benefits expense and adjusted non-compensation expense include costs directly incurred by each segment, with certain adjustments.
Adjusted net revenue, adjusted operating income, and adjusted operating income as a percentage of adjusted net revenue, are non-GAAP measures in the tables below.
The Company previously disclosed each segment’s operating results on a U.S. GAAP basis. In the applicable tables below, the comparable prior year information has been recast to reflect the updated measures used by management. See Note 20 of Notes to Condensed Consolidated Financial Statements for further information regarding segments.
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Financial Advisory
The following table summarizes the adjusted operating results attributable to the Financial Advisory segment:

| Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
| ($ in thousands)
Net revenue - U.S. GAAP basis | $ | 367,359 |  |  | $ | 453,507 |  |  |  |  |
Adjustments: |  |  |  |  |  |  |
Reimbursable deal costs, (provision) benefit for credit losses and other | 2,181 |  |  | (7,501) |  |  |  |  |
Interest expense | 3 |  |  | 41 |  |  |  |  |
Losses associated with cost-saving initiatives | – |  |  | 587 |  |  |  |  |
Total adjustments (a) | 2,184 |  |  | (6,873) |  |  |  |  |
Adjusted net revenue (b) | 369,543 |  |  | 446,634 |  |  |  |  |
Adjusted compensation and benefits expense | 239,968 |  |  | 302,080 |  |  |  |  |
Adjusted non-compensation expense | 52,561 |  |  | 47,865 |  |  |  |  |
Adjusted operating income (b) | $ | 77,014 |  |  | $ | 96,689 |  |  |  |  |
Adjusted operating income, as a % of adjusted net revenue (b) | 20.8 | % |  | 21.6 | % |  |  |  |

_______________________________________
(a)Total adjustments equal the “other segment items” in Note 20 of Notes to Condensed Consolidated Financial Statements. See “Consolidated Results of Operations” above for further information on the adjustments.
(b)Adjusted net revenue, adjusted operating income, and adjusted operating income as a percentage of adjusted net revenue are non-GAAP measures.
Certain Lazard fee and transaction statistics for the Financial Advisory segment are set forth below:

| Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
Lazard Statistics: |  |  |  |  |  |  |
Number of clients with fees greater than $1 million: |  |  |  |  |  |  |
Financial Advisory | 82 |  |  | 77 |  |  |  |  |
Percentage of total Financial Advisory net revenue from top 10 clients | 34 | % |  | 45 | % |  |  |  |
Number of M&A transactions completed with values greater than $500 million (a) | 17 |  |  | 18 |  |  |  |  |

________________________________________
(a)Source: Dealogic as of April 2, 2025.
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The geographical distribution of Financial Advisory adjusted net revenue is set forth below in percentage terms and is based on the Lazard offices that generate Financial Advisory adjusted net revenue, which are located in the Americas (primarily in the U.S.), EMEA (primarily in the U.K., France, Germany, Italy and Spain) and the Asia Pacific region and therefore may not be reflective of the geography in which the clients are located.

| Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
Americas | 66 | % |  | 63 | % |  |  |  |
EMEA | 33 |  |  | 37 |  |  |  |  |
Asia Pacific | 1 |  |  | – |  |  |  |  |
Total | 100 | % |  | 100 | % |  |  |  |

The Company’s managing directors and many of its professionals have significant experience, and many of them are able to use this experience to advise on a combination of M&A, restructuring and other strategic advisory matters, depending on clients’ needs. This adaptability enables Lazard to more effectively deploy its professionals based on the often counter-cyclical nature of restructuring as compared to our M&A business. While Lazard measures revenue by practice area, Lazard does not separately measure the costs or profitability of M&A services as compared to restructuring or other services. Accordingly, Lazard measures performance in its Financial Advisory segment based on overall segment adjusted net revenue and adjusted operating income margins.
Financial Advisory Results of Operations
Financial Advisory’s quarterly revenue and profits can fluctuate materially depending on the number, size and timing of completed transactions on which it advised, as well as seasonality and other factors. Accordingly, the revenue and profits in any particular quarter or period may not be indicative of future results. Lazard management believes that annual results are the most meaningful basis for comparison among present, historical and future periods.
Three Months Ended March 31, 2025 versus March 31, 2024
Financial Advisory net revenue decreased $86 million, or 19%, as compared to the 2024 period. Financial Advisory adjusted net revenue decreased $77 million, or 17%, as compared to the 2024 period. The decrease in Financial Advisory net revenue and adjusted net revenue was primarily driven by a lower number of transactions with fees above $10 million compared to the same period in 2024 and a decreased number of completed M&A transactions with values greater than $500 million as compared to the 2024 period.
Adjusted compensation and benefits expense decreased $62 million, or 21%, as compared to the 2024 period, primarily driven by decreased adjusted net revenue.
Adjusted non-compensation and benefits expense increased $5 million, or 10%, as compared to the 2024 period, primarily due to increased occupancy and equipment and marketing and business development expenses.
Adjusted operating income was $77 million, a decrease of $20 million, or 20%, as compared to adjusted operating income of $97 million in the 2024 period and, as a percentage of adjusted net revenue, was 20.8%, as compared to 21.6% in the 2024 period.
Asset Management
Assets Under Management
AUM primarily consists of debt and equity instruments, which have a value that is readily available based on either prices quoted on a recognized exchange or prices provided by external pricing services.
Prices of equity and debt securities and other instruments that comprise our AUM are provided by independent, third-party vendors. Such third-party vendors rely on prices provided by external pricing services which are obtained from recognized exchanges or markets, or, for certain fixed income securities, from evaluated bids or other similarly sourced prices.
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Either directly, or through our third-party vendors, we perform a variety of regular due diligence procedures on our pricing service providers.
The following table shows the composition of AUM for the Asset Management segment (see Item 1, “Business—Principal Business Lines—Asset Management—Investment Strategies”):

| As of
| March 31, 2025 |  | December 31, 2024
| ($ in millions)
AUM by Asset Class: |  |  |
Equity: |  |  |
Emerging Markets | $ | 28,830 |  |  | $ | 27,926 |
Global | 49,886 |  |  | 49,058 |
Local | 46,415 |  |  | 49,750 |
Multi-Regional | 48,999 |  |  | 48,204 |
Total Equity | 174,130 |  |  | 174,938 |
Fixed Income: |  |  |
Emerging Markets | 5,130 |  |  | 6,919 |
Global | 11,223 |  |  | 11,138 |
Local | 5,637 |  |  | 5,617 |
Multi-Regional | 22,034 |  |  | 19,612 |
Total Fixed Income | 44,024 |  |  | 43,286 |
Alternative Investments | 3,132 |  |  | 2,917 |
Private Wealth Alternative Investments | 3,116 |  |  | 3,097 |
Private Equity | 1,500 |  |  | 1,514 |
Cash Management | 1,525 |  |  | 569 |
Total AUM | $ | 227,427 |  |  | $ | 226,321 |

Total AUM at March 31, 2025 was $227 billion, an increase of $1 billion as compared to total AUM of $226 billion at December 31, 2024 due to market and foreign exchange appreciation, partially offset by net outflows. Average AUM for the first quarter of 2025 decreased 7% as compared to the first quarter of 2024 and decreased 1% as compared to the fourth quarter of 2024.
As of both March 31, 2025 and December 31, 2024, approximately 82% of our AUM was managed on behalf of institutional and intermediary clients, including corporations, labor unions, pension funds, insurance companies and banks, and through sub-advisory relationships, mutual fund sponsors, broker-dealers and registered advisors. As of both March 31, 2025 and December 31, 2024, approximately 18% of our AUM was managed on behalf of individual client relationships.
As of both March 31, 2025 and December 31, 2024, AUM with foreign currency exposure represented approximately 62% of our total AUM. AUM with foreign currency exposure generally declines in value with the strengthening of the U.S. Dollar and increases in value as the U.S. Dollar weakens, with all other factors held constant.
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The following is a summary of changes in AUM by asset class for the three month periods ended March 31, 2025 and 2024:

| Three Months Ended March 31, 2025
| AUM Beginning Balance |  | Inflows |  | Outflows |  | Net Flows |  | Market Value Appreciation/ (Depreciation) |  | Foreign Exchange Appreciation/ (Depreciation) |  | AUM Ending Balance
| ($ in millions)
Equity | $ | 174,938 |  |  | $ | 7,820 |  |  | $ | (10,373) |  |  | $ | (2,553) |  |  | $ | (814) |  |  | $ | 2,559 |  |  | $ | 174,130 |
Fixed Income | 43,286 |  |  | 2,198 |  |  | (4,281) |  |  | (2,083) |  |  | 1,517 |  |  | 1,304 |  |  | 44,024 |
Other | 8,097 |  |  | 1,239 |  |  | (262) |  |  | 977 |  |  | 122 |  |  | 77 |  |  | 9,273 |
Total | $ | 226,321 |  |  | $ | 11,257 |  |  | $ | (14,916) |  |  | $ | (3,659) |  |  | $ | 825 |  |  | $ | 3,940 |  |  | $ | 227,427 |

Net flows were primarily driven by outflows in the Multi-Regional Equity platform and the Emerging Markets Fixed Income platform.

| Three Months Ended March 31, 2024
| AUM Beginning Balance |  | Inflows |  | Outflows |  | Net Flows |  | Market Value Appreciation/ (Depreciation) |  | Foreign Exchange Appreciation/ (Depreciation) |  | AUM Ending Balance
| ($ in millions)
Equity | $ | 190,138 |  |  | $ | 4,027 |  |  | $ | (10,485) |  |  | $ | (6,458) |  |  | $ | 14,182 |  |  | $ | (2,609) |  |  | $ | 195,253 |
Fixed Income | 48,107 |  |  | 1,782 |  |  | (1,571) |  |  | 211 |  |  | (199) |  |  | (899) |  |  | 47,220 |
Other | 8,406 |  |  | 275 |  |  | (658) |  |  | (383) |  |  | (12) |  |  | (52) |  |  | 7,959 |
Total | $ | 246,651 |  |  | $ | 6,084 |  |  | $ | (12,714) |  |  | $ | (6,630) |  |  | $ | 13,971 |  |  | $ | (3,560) |  |  | $ | 250,432 |

Average AUM for the three month periods ended March 31, 2025 and 2024 for each significant asset class is set forth below. Average AUM generally represents the average of the monthly ending AUM balances for the period.

| Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
| ($ in millions)
Average AUM by Asset Class: |  |  |  |  |  |  |
Equity | $ | 178,144 |  |  | $ | 191,619 |  |  |  |  |
Fixed Income | 44,093 |  |  | 47,312 |  |  |  |  |
Alternative Investments | 3,047 |  |  | 3,150 |  |  |  |  |
Private Wealth Alternative Investments | 3,108 |  |  | 2,722 |  |  |  |  |
Private Equity | 1,505 |  |  | 1,519 |  |  |  |  |
Cash Management | 890 |  |  | 628 |  |  |  |  |
Total Average AUM | $ | 230,787 |  |  | $ | 246,950 |  |  |  |  |

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The following table summarizes the adjusted operating results attributable to the Asset Management segment:

| Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
| ($ in thousands)
Net revenue - U.S. GAAP basis | $ | 288,100 |  |  | $ | 295,476 |  |  |  |  |
Adjustments: |  |  |  |  |  |  |
Revenue related to noncontrolling interests and similar arrangements | (6,850) |  |  | (4,097) |  |  |  |  |
Distribution fees and other | (16,762) |  |  | (15,448) |  |  |  |  |
Interest expense | 6 |  |  | 3 |  |  |  |  |
Total adjustments (a) | (23,606) |  |  | (19,542) |  |  |  |  |
Adjusted net revenue (b) | 264,494 |  |  | 275,934 |  |  |  |  |
Adjusted compensation and benefits expense | 142,827 |  |  | 150,698 |  |  |  |  |
Adjusted non-compensation expense | 59,211 |  |  | 55,575 |  |  |  |  |
Adjusted operating income (b) | $ | 62,456 |  |  | $ | 69,661 |  |  |  |  |
Adjusted operating income, as a % of adjusted net revenue (b) | 23.6 | % |  | 25.2 | % |  |  |  |

_______________________________________
(a)Total adjustments equal the “other segment items” in Note 20 of Notes to Condensed Consolidated Financial Statements. See “Consolidated Results of Operations” above for further information on the adjustments.
(b)Adjusted net revenue, adjusted operating income, and adjusted operating income as a percentage of adjusted net revenue are non-GAAP measures.
The geographical distribution of Asset Management adjusted net revenue is set forth below in percentage terms, and is based on the Lazard offices that manage and distribute the respective AUM amounts. Such geographical distribution may not be reflective of the geography of the investment products or clients.

| Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
Americas | 41 | % |  | 42 | % |  |  |  |
EMEA | 45 |  |  | 44 |  |  |  |  |
Asia Pacific | 14 |  |  | 14 |  |  |  |  |
Total | 100 | % |  | 100 | % |  |  |  |

Asset Management Results of Operations
Asset Management’s quarterly revenue and profits in any particular quarter or period may not be indicative of future results and may fluctuate based on the performance of the equity and other capital markets. Lazard management believes that annual results are the most meaningful basis for comparison among present, historical and future periods.
Three Months Ended March 31, 2025 versus March 31, 2024
Asset Management net revenue decreased $7 million, or 2%, as compared to the 2024 period. Asset Management adjusted net revenue decreased $11 million, or 4%, as compared to the 2024 period. Management fees and other revenue, on an adjusted basis, was $256 million, a decrease of $12 million, or 5%, as compared to $268 million in the 2024 period. Incentive fees, on an adjusted basis, were $9 million, an increase of $1 million as compared to $8 million in the 2024 period.
Adjusted compensation and benefits expense decreased $8 million, or 5%, as compared to the 2024 period.
Adjusted non-compensation expense increased $4 million, or 7%, as compared to the 2024 period.
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Asset Management adjusted operating income was $62 million, a decrease of $7 million, or 10%, as compared to adjusted operating income of $70 million in the 2024 period and as a percentage of adjusted net revenue, was 23.6%, as compared to 25.2% in the 2024 period.
Corporate
The following table summarizes the reported adjusted operating results attributable to the Corporate segment:

| Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
| ($ in thousands)
Net revenue (loss) - U.S. GAAP basis | $ | (7,408) |  |  | $ | 15,770 |  |  |  |  |
Adjustments: |  |  |  |  |  |  |
(Revenue) loss related to noncontrolling interests and similar arrangements | 839 |  |  | (3,006) |  |  |  |  |
Gains related to LFI and other similar arrangements | (5,243) |  |  | (9,373) |  |  |  |  |
Interest expense | 20,960 |  |  | 20,606 |  |  |  |  |
Total adjustments (a) | 16,556 |  |  | 8,227 |  |  |  |  |
Adjusted net revenue (b) | 9,148 |  |  | 23,997 |  |  |  |  |
Adjusted compensation and benefits expense | 38,491 |  |  | 39,955 |  |  |  |  |
Adjusted non-compensation expense | 36,110 |  |  | 30,853 |  |  |  |  |
Adjusted operating loss (b) | $ | (65,453) |  |  | $ | (46,811) |  |  |  |  |

_________________________________
(a)Total adjustments equal the “other segment items” in Note 20 of Notes to Condensed Consolidated Financial Statements. See “Consolidated Results of Operations” above for further information on the adjustments.
(b)Adjusted net revenue and adjusted operating loss are non-GAAP measures.
Corporate Results of Operations
Corporate’s quarterly results in any particular quarter or period may not be indicative of future results and may fluctuate based on a variety of factors. Lazard management believes that annual results are the most meaningful basis for comparison among present, historical and future periods.
Three Months Ended March 31, 2025 versus March 31, 2024
Corporate net revenue decreased $23 million as compared to the 2024 period, primarily due to lower investment gains in the 2025 period as compared to the 2024 period, including investments held in connection with LFI. Corporate adjusted net revenue decreased $15 million, as compared to the 2024 period, primarily due to lower investment gains in the 2025 period as compared to the 2024 period.
Adjusted compensation and benefits expense, including centrally managed costs, decreased $1 million, or 4%, as compared to the 2024 period.
Adjusted non-compensation expense, including centrally managed costs, increased $5 million, or 17%, as compared to the 2024 period.
Cash Flows
The Company’s cash flows are influenced primarily by the timing of the receipt of Financial Advisory and Asset Management fees, the timing of distributions to shareholders, payments of incentive compensation to managing directors and employees and purchases of common stock. M&A and other advisory and Asset Management fees are generally collected within 60 days of billing, while Restructuring fee collections may extend beyond 60 days, particularly those that involve bankruptcies with court-ordered holdbacks. Fees from our Private Capital Advisory activities are generally collected over a four-year period from billing and typically include an interest component.
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The Company makes cash payments for a significant portion of its incentive compensation with respect to the prior year’s results during the first three months of each calendar year. See the Condensed Consolidated Financial Statements—Consolidated Statements of Cash Flows for further detail.
Summary of Cash Flows:

| Three Months Ended March 31,
| 2025 |  | 2024
| ($ in millions)
Cash Provided By (Used In): |  |  |
Operating activities: |  |  |
Net income | $ | 62 |  |  | $ | 40 |
Adjustments to reconcile net income to net cash provided by operating activities (a) | 97 |  |  | 134 |
Other operating activities (b) | (376) |  |  | (264) |
Net cash used in operating activities | (217) |  |  | (90) |
Investing activities | (23) |  |  | (7) |
Financing activities (c) | (191) |  |  | 99 |
Effect of exchange rate changes | 30 |  |  | (22) |
Net Decrease in Cash and Cash Equivalents and Restricted Cash | (401) |  |  | (20) |
Cash and Cash Equivalents and Restricted Cash (d): |  |  |
Beginning of Period | 1,609 |  |  | 1,225 |
End of Period | $ | 1,208 |  |  | $ | 1,205 |

________________________________________
(a)Consists primarily of amortization of deferred expenses and share-based incentive compensation, noncash lease expenses, depreciation and amortization of property and deferred tax provision (benefit).
(b)Includes net changes in operating assets and liabilities.
(c)Consists primarily of purchases of shares of common stock, tax withholdings related to the settlement of vested RSUs and vested PRSUs, common stock dividends, changes in customer deposits, distributions to noncontrolling interest holders, activity related to borrowings (including in 2024, the issuance of the 2031 Notes and the partial redemption of the 2025 Notes).
(d)Consists of cash and cash equivalents, deposits with banks and short-term investments and restricted cash.
Liquidity and Capital Resources
Sources and Uses of Liquidity
Net revenue, operating income and cash receipts fluctuate significantly between periods and could be affected by various risks and uncertainties. While cash flow from Asset Management activities is relatively stable, in the case of Financial Advisory, fee receipts are generally dependent upon the successful completion of client transactions, the occurrence and timing of which is irregular and not subject to Lazard’s control.
Liquidity is significantly impacted by cash payments for incentive compensation, a significant portion of which are made during the first three months of the year. As a consequence, cash on hand generally declines in the beginning of the year and gradually builds over the remainder of the year. We also make payments during the year on behalf of certain managing directors for their estimated taxes, which serve to reduce their respective incentive compensation payments. Additionally, we made payments through 2024 relating to severance and other employee termination costs associated with cost-saving initiatives. Also See “Senior Debt” below for senior debt refinancing in the first quarter of 2024.
Liquidity is also affected by the level of LFB customer-related demand deposits, primarily from clients and funds managed by LFG. To the extent that such deposits rise or fall, and assuming unchanged asset allocation, this has a corresponding impact on liquidity held at LFB, with the majority of such amounts generally being recorded in “deposits
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with banks and short-term investments”. LFB is subject to, and in compliance with, regulatory liquidity coverage ratios and liquidity levels are monitored on a daily basis.
We regularly monitor our liquidity position, including cash levels, lease obligations, investments, credit lines, principal investment commitments, interest and principal payments on debt, capital expenditures, dividend payments, purchases of shares of common stock, compensation and matters relating to liquidity and to compliance with regulatory net capital requirements. At March 31, 2025, Lazard had approximately $909 million of cash and cash equivalents, including approximately $494 million held at Lazard’s operations outside the U.S. Lazard provides for income taxes on substantially all of its foreign earnings and we expect that no material amount of additional taxes would be recognized upon receipt of dividends or distributions of such earnings from our foreign operations. In April 2025, we made additional investments of approximately $90 million to seed our Asset Management strategies in connection with the launch of actively managed ETFs.
As of March 31, 2025, the Company’s remaining lease obligations were $60 million for 2025 (April 1 through December 31), $145 million from 2026 through 2027, $141 million from 2028 through 2029 and $261 million from 2030 through 2039.
As of March 31, 2025, Lazard had approximately $209 million in unused lines of credit available to it, including a $200 million, five-year, senior revolving credit facility under the Second Amended and Restated Credit Agreement, among Lazard Group LLC, the Banks from time to time party thereto and Citibank, N.A., as Administrative Agent (as amended from time to time, the “Second Amended and Restated Credit Agreement”).
The Second Amended and Restated Credit Agreement contains customary terms and conditions, including limitations on consolidations, mergers, indebtedness and certain payments, as well as financial condition covenants relating to leverage and interest coverage ratios. Lazard Group’s obligations under the Second Amended and Restated Credit Agreement may be accelerated upon customary events of default, including non-payment of principal or interest, breaches of covenants, cross-defaults to other material debt, a change in control and specified bankruptcy events. Borrowings under the Second Amended and Restated Credit Agreement generally will bear interest at adjusted term SOFR plus an applicable margin for specific interest periods determined based on Lazard Group’s highest credit rating from an internationally recognized credit agency.
The Second Amended and Restated Credit Agreement includes financial covenants that require that Lazard Group LLC not permit (i) its Consolidated Leverage Ratio (as defined in the Second Amended and Restated Credit Agreement) for the 12-month period ending on the last day of any fiscal quarter to be greater than 3.25 to 1.00, provided that the Consolidated Leverage Ratio may be greater than 3.25 to 1.00 for four (consecutive or nonconsecutive) quarters so long as it is not greater than 3.50 to 1.00 on the last day of any such quarter, or (ii) its Consolidated Interest Coverage Ratio (as defined in the Second Amended and Restated Credit Agreement) for the 12-month period ending on the last day of any fiscal quarter to be less than 3.00 to 1.00. No amounts were outstanding under the Second Amended and Restated Credit Agreement as of March 31, 2025.
In addition, the Second Amended and Restated Credit Agreement contains certain other covenants (none of which relate to financial condition), events of default and other customary provisions. At March 31, 2025, the Company was in compliance with all financial and nonfinancial provisions.
Lazard’s annual cash flow generated from operations historically has been sufficient to enable it to meet its annual obligations. We believe that the sources of liquidity described above should be sufficient for us to fund our current obligations for the next 12 months.
See also Notes 11, 13, 14, 16, 18 and 19 of Notes to Condensed Consolidated Financial Statements regarding information in connection with commitments, incentive plans, employee benefit plans, income taxes, tax receivable agreement obligations and regulatory requirements, respectively.
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Senior Debt
The table below sets forth our corporate indebtedness as of March 31, 2025 and December 31, 2024. The agreements with respect to this indebtedness are discussed in more detail in our condensed consolidated financial statements and related notes included elsewhere in this Form 10-Q and in our Form 10-K.

|  |  |  | Outstanding as of
|  |  |  | March 31, 2025 |  | December 31, 2024
Senior Debt |  | Annual Interest Rate |  | Principal |  | Unamortized Debt Costs |  | Carrying Value |  | Principal |  | Unamortized Debt Costs |  | Carrying Value
|  |  |  | ($ in millions)
Lazard Group 2027 Senior Notes |  | 3.625 | % |  | $ | 300.0 |  |  | $ | 1.1 |  |  | $ | 298.9 |  |  | $ | 300.0 |  |  | $ | 1.2 |  |  | $ | 298.8 |
Lazard Group 2028 Senior Notes |  | 4.50 | % |  | 500.0 |  |  | 3.5 |  |  | 496.5 |  |  | 500.0 |  |  | 3.8 |  |  | 496.2 |
Lazard Group 2029 Senior Notes |  | 4.375 | % |  | 500.0 |  |  | 3.6 |  |  | 496.4 |  |  | 500.0 |  |  | 3.9 |  |  | 496.1 |
Lazard Group 2031 Senior Notes |  | 6.00 | % |  | 400.0 |  |  | 3.9 |  |  | 396.1 |  |  | 400.0 |  |  | 4.1 |  |  | 395.9 |
|  |  |  | $ | 1,700.0 |  |  | $ | 12.1 |  |  | $ | 1,687.9 |  |  | $ | 1,700.0 |  |  | $ | 13.0 |  |  | $ | 1,687.0 |

The indenture and supplemental indentures relating to Lazard Group LLC’s senior notes contain certain covenants (none of which relate to financial condition), events of default and other customary provisions. At March 31, 2025, the Company was in compliance with all of these provisions. We may, to the extent required and subject to restrictions contained in our financing arrangements, use other financing sources, which may cause us to be subject to additional restrictions or covenants.
Guarantor Information
Lazard, Inc. has provided an unconditional and irrevocable guarantee for the repayment of the Lazard Group 2027 Notes, 2028 Notes, 2029 Notes and 2031 Notes (collectively, the “Lazard Group Senior Notes”), and has amended the Second Amended and Restated Credit Agreement, to provide an unconditional and irrevocable guarantee for Lazard Group's obligations under the Second Amended and Restated Credit Agreement. See Note 10 of Notes to Condensed Consolidated Financial Statements for additional information regarding senior debt.
As permitted under Rule 13-01 of Regulation S-X, Lazard, Inc. has excluded summarized financial information for Lazard Group because the combined assets, liabilities and results of operations of Lazard Group for the period were not materially different than the corresponding amounts in Lazard, Inc.’s condensed consolidated financial statements presented herein and management believes such summarized financial information would be repetitive and would not provide incremental value to investors.
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Stockholders’ Equity
At March 31, 2025, total stockholders’ equity was $649 million, as compared to $685 million at December 31, 2024, including $603 million and $636 million attributable to Lazard, Inc. on the respective dates. The net activity in stockholders’ equity during the three month period ended March 31, 2025 is reflected in the table below (in millions of dollars):

Stockholders’ Equity - January 1, 2025 | $ | 685 |
Increase (decrease) due to: |
Net income (a) | 63 |
Other comprehensive income | 20 |
Amortization of share-based incentive compensation | 77 |
Purchase of common stock | (36) |
Settlement of share-based incentive compensation (b) | (104) |
Common stock dividends | (45) |
Other - net | (11) |
Stockholders’ Equity - March 31, 2025 | $ | 649 |

________________________________________
(a)Excludes net loss associated with redeemable noncontrolling interests of $1 million in 2025.
(b)The tax withholding portion of share-based compensation is settled in cash, not shares.
See the Consolidated Financial Statements—Condensed Consolidated Statements of Changes in Stockholders’ Equity and Redeemable Noncontrolling Interests for further detail.
The Board of Directors of Lazard has issued a series of authorizations to repurchase common stock, which help offset the dilutive effect of our share-based incentive compensation plans. The Company aims to repurchase shares to offset dilution from the shares it expects to issue pursuant to such compensation plans in respect of year-end incentive compensation over time. The rate at which the Company purchases shares in connection with this annual objective may vary from period to period due to a variety of factors. Purchases with respect to such program are set forth in the table below:

Three Months Ended March 31: |  | Number of Shares Purchased |  | Average Price Per Share
2024 |  | 564,692 |  | $ | 38.97 |
2025 |  | 773,955 |  | $ | 46.73 |

As of March 31, 2025, a total of $164 million of share repurchase authorization remained available under Lazard, Inc.’s share repurchase program which will expire on December 31, 2026.
During the three month period ended March 31, 2025, Lazard, Inc. had in place trading plans under Rule 10b5-1 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), pursuant to which it effected stock repurchases in the open market.
On April 24, 2025, the Board of Directors of Lazard declared a quarterly dividend of $0.50 per share on our common stock. The dividend is payable on May 16, 2025 to stockholders of record on May 5, 2025.
See Notes 12 and 13 of Notes to Condensed Consolidated Financial Statements for additional information regarding Lazard’s stockholders’ equity and incentive plans, respectively.
Regulatory Capital
We actively monitor our regulatory capital base. Our principal subsidiaries are subject to regulatory requirements in their respective jurisdictions to ensure their general financial soundness and liquidity, which require, among other things,
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that we comply with rules regarding certain minimum capital requirements. These regulatory requirements may restrict the flow of funds to and from affiliates. See Note 19 of Notes to Condensed Consolidated Financial Statements for further information. These regulations differ in the U.S., the U.K., France and other countries in which we operate. Our capital structure is designed to provide each of our subsidiaries with capital and liquidity consistent with its business and regulatory requirements. For a discussion of regulations relating to us, see Item 1, “Business—Regulation” included in our Form 10-K.
Critical Accounting Policies and Estimates
The preparation of Lazard’s condensed consolidated financial statements, in conformity with U.S. GAAP, requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses, and related disclosure of contingent assets and liabilities. On an ongoing basis, Lazard evaluates its estimates, including those related to revenue recognition, the allowance for credit losses, compensation liabilities, income taxes (including the impact on the tax receivable agreement obligation), and goodwill. Lazard bases these estimates on historical experience and various other assumptions that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments, including judgments regarding the carrying values of assets and liabilities, that are not readily apparent from other sources. Actual results may differ from these estimates.
The following is a description of Lazard’s critical accounting estimates and judgments used in the preparation of its condensed consolidated financial statements.
Revenue Recognition
Lazard generates substantially all of its revenue from providing Financial Advisory and Asset Management services to clients. Lazard recognizes revenue in accordance with the criteria in Note 2 of Notes to Consolidated Financial Statements in our Form 10-K.
Assessment of these criteria requires the application of judgment in determining the timing and amount of revenue recognized, including the probability of collection of fees.
Allowance for Credit Losses
We maintain an allowance for credit losses to provide coverage for estimated losses from our receivables. We determine the adequacy of the allowance under the current expected credit losses (“CECL”) guidance by (i) applying a charge-off rate based on historical credit loss experience; (ii) estimating the probability of loss based on our analysis of the client’s creditworthiness resulting in specific reserves against exposures where we determine the receivables are uncollectible, which may include situations where a fee is in dispute or litigation has commenced; and (iii) performing qualitative assessments to monitor economic risks that may require additional adjustments.
The allowance for credit losses involves judgment including the incorporation of historical loss experience and assessment of risk characteristics of our clients. The charge-off rate based on historical credit loss experience is an average annual rate estimated using the most recent two years of charge-off data. When assessing risk characteristics of individual clients, we considered the macroeconomic environment in the local market, our collection experience and recent communication with the client, as well as any potential future engagement with the client.
Compensation Liabilities
Annual discretionary compensation represents a significant portion of our annual compensation and benefits expense. We allocate the estimated amount of such annual discretionary compensation to interim periods by segment in proportion to the amount of adjusted net revenue earned in such periods based on an estimated annual ratio of adjusted compensation and benefits expense to adjusted net revenue. See “Financial Statement Overview—Operating Expenses” for more information on our periodic compensation and benefits expense.
Income Taxes
As part of the process of preparing our consolidated financial statements, we estimate our income taxes for each of our tax-paying entities in its respective jurisdiction. In addition to estimating actual current tax liabilities for these jurisdictions, we also must account for the tax effects of differences between the financial reporting and tax reporting of
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items, such as basis adjustments, compensation and benefits expense, and depreciation and amortization. Differences which are temporary in nature result in deferred tax assets and liabilities. Significant judgment is required in determining our provision for income taxes, our deferred tax assets and liabilities, any valuation allowance recorded against our deferred tax assets and our unrecognized tax benefits.
We recognize a deferred tax asset if it is more likely than not (defined as a likelihood of greater than 50%) that a tax benefit will be accepted by the relevant taxing authority. The measurement of deferred tax assets and liabilities is based upon currently enacted tax rates in the applicable jurisdictions.
Subsequent to the initial recognition of deferred tax assets, we also must continually assess the likelihood that such deferred tax assets will be realized. If we determine that we may not fully derive the benefit from a deferred tax asset, we consider whether it would be appropriate to apply a valuation allowance against the applicable deferred tax asset, taking into account all available information. The ultimate realization of a deferred tax asset for a particular entity depends, among other things, on the generation of taxable income by such entity in the applicable jurisdiction.
We consider multiple possible sources of taxable income when assessing a valuation allowance against a deferred tax asset. See Note 2 of Notes to Consolidated Financial Statements in our Form 10-K for additional information on sources of taxable income, and the information considered when assessing whether a valuation allowance is required.
The weight we give to any particular item is, in part, dependent upon the degree to which it can be objectively verified. We give greater weight to the recent results of operations of a relevant entity. Pre-tax operating losses on a three year cumulative basis or lack of sustainable profitability are considered objectively verifiable evidence and will generally outweigh a projection of future taxable income.
Certain of our tax-paying entities have individually experienced losses on a cumulative three year basis or have tax attributes that may expire unused. In addition, some of our tax-paying entities have recorded a valuation allowance on substantially all of their deferred tax assets due to the combined effect of operating losses in certain subsidiaries of these entities as well as foreign taxes that together limit their ability to eliminate residual U.S. tax liability. Taking into account all available information, we cannot determine that it is more likely than not that deferred tax assets held by these entities will be realized. Consequently, we have recorded valuation allowances on deferred tax assets held by these entities as of December 31, 2024.
We record tax positions taken or expected to be taken in a tax return based upon our estimates regarding the amount that is more likely than not to be realized or paid, including in connection with the resolution of any related appeals or other legal processes. Accordingly, we recognize liabilities for certain unrecognized tax benefits based on the amounts that are more likely than not to be settled with the relevant taxing authority. Such liabilities are evaluated periodically as new information becomes available and any changes in the amounts of such liabilities are recorded as adjustments to “income tax expense”. Liabilities for unrecognized tax benefits involve significant judgment and the ultimate resolution of such matters may be materially different from our estimates.
In addition to the discussion above regarding deferred tax assets and associated valuation allowances, as well as unrecognized tax benefit liability estimates, other factors affect our provision for income taxes, including changes in the geographic mix of our business, the level of our annual pre-tax income, transfer pricing and intercompany transactions.
See Item 1A, “Risk Factors” in our Form 10-K and Note 16 of Notes to Condensed Consolidated Financial Statements for additional information related to income taxes.
Tax Receivable Agreement
The Second Amended and Restated Tax Receivable Agreement, dated as of October 26, 2015 (the “TRA”), between Lazard and LTBP Trust (the “Trust”) provides for payments by our subsidiaries to the owners of the Trust, who include certain of our executive officers.
The amount of the TRA liability is an undiscounted amount based upon current tax laws and the structure of the Company and various assumptions regarding potential future operating profitability. The assumptions reflected in the estimate involve significant judgment, and as such, the actual amount and timing of payments under the TRA could differ materially from our estimates. See Note 18 of Notes to Condensed Consolidated Financial Statements for additional information regarding the TRA.
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Goodwill
Goodwill has an indefinite life and is tested for impairment annually, as of October 1, or more frequently if circumstances indicate impairment may have occurred. The Company performs a qualitative assessment about whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount in lieu of actually calculating the fair value of the reporting unit. The qualitative assessment includes significant judgment on the business outlook assumptions of each reporting unit based on historical data, current economic conditions, stock performance and industry trends. If events indicate that it is more likely than not that the reporting unit’s fair value is less than its carrying value, the Company performs a quantitative assessment to determine the fair value of the reporting unit and compares it to its carrying values. If the carrying value of a reporting unit exceeds its fair value, the Company would recognize an impairment loss equal to the excess. The goodwill impairment tests indicated no reporting units were at risk of impairment. See Note 9 of Notes to Condensed Consolidated Financial Statements for additional information regarding goodwill.
Consolidation
The condensed consolidated financial statements include entities in which Lazard has a controlling financial interest. Lazard determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity (“VOE”) or a variable interest entity (“VIE”) under U.S. GAAP.
•Voting Interest Entities. VOEs are entities in which (i) the total equity investment at risk is sufficient to enable the entity to finance itself independently and (ii) the equity holders have the obligation to absorb losses, the right to receive residual returns and the right to make decisions about the entity’s activities. Lazard is required to consolidate a VOE if it holds a majority of the voting interest in such VOE.
•Variable Interest Entities. VIEs are entities that lack one or more of the characteristics of a VOE. If Lazard has a variable interest, or a combination of variable interests, in a VIE, it is required to analyze whether it needs to consolidate such VIE. Lazard is required to consolidate a VIE if we are the primary beneficiary having (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses of, or receive benefits from, the VIE that could be potentially significant to the VIE.
Lazard’s involvement with various entities that are VOEs or VIEs primarily arises from LFI investments, seed and other investments in our Asset Management business. Lazard consolidates these entities when it has a controlling financial interest.
The impact of seed and LFI investment entities that require consolidation on the condensed consolidated financial statements, including any consolidation or deconsolidation of such entities, is not material to our financial statements. Our exposure to loss from entities in which we have made such investments is limited to the extent of our investment in, or investment commitment to, such entities.
Generally, when the Company initially invests to seed an investment entity, the Company is the majority owner of the entity. Our majority ownership in seed investment entities represents a controlling financial interest, except when we are the general partner in such entities and the third-party investors have the right to replace the general partner. To the extent material, we consolidate seed and LFI investment entities in which we own a controlling financial interest, and we would deconsolidate any such entity when we no longer have a controlling financial interest in such entity.
Seed investments held in entities in which the Company maintained a controlling financial interest were $110 million in twelve entities as of March 31, 2025, as compared to $111 million in ten entities as of December 31, 2024. LFI investments held in entities in which the Company maintained a controlling financial interest were $54 million in nine entities as of March 31, 2025, as compared to $93 million in nine entities as of December 31, 2024.
As of March 31, 2025 and December 31, 2024, the Company did not consolidate any seed investment entities or LFI investment entities, with the exception of the consolidation of certain LFI funds (see Note 21 of Notes to Condensed Consolidated Financial Statements). As such, seed investments and substantially all of LFI investments included in “investments” on the condensed consolidated statements of financial condition represented the Company’s economic interest in the seed and LFI investments.
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Risk Management
Investments
Investments consist primarily of debt and equity securities, and interests in alternative investment, debt, equity and private equity funds. These investments are carried at fair value on the condensed consolidated statements of financial condition, and any increases or decreases in the fair value of these investments are reflected in earnings. The fair value of investments is generally based upon market prices or the net asset value (“NAV”) or its equivalent for investments in funds.
Investments also include those investments accounted for under the equity method of accounting. Any increases or decreases in the Company’s share of net income or losses pertaining to its equity method investments are reflected in earnings.
See Note 6 of Notes to Condensed Consolidated Financial Statements for additional information on the measurement of the fair value of investments.
Lazard is subject to market and other risks on investments held. As such, gains and losses on investment positions held, which arise from sales or changes in the fair value of the investments, are not predictable and can cause periodic fluctuations in net income.
Data relating to investments is set forth below:

| March 31, 2025 |  | December 31, 2024
| ($ in thousands)
Seed investments by asset class: |  |  |
Debt | $ | 3,759 |  |  | $ | – |
Equity (a) | 109,535 |  |  | 123,457 |
Fixed income | 21,048 |  |  | 20,751 |
Alternative investments | 28,141 |  |  | 34,161 |
Private equity | 16,584 |  |  | 16,785 |
Total seed investments | 179,067 |  |  | 195,154 |
Other investments owned: |  |  |
Private equity | 7,368 |  |  | 7,570 |
Fixed income and other | 2,362 |  |  | 2,266 |
Total other investments owned | 9,730 |  |  | 9,836 |
Subtotal | 188,797 |  |  | 204,990 |
Private equity consolidated, not owned | 22,335 |  |  | 19,057 |
Equity method | 17,580 |  |  | 16,899 |
LFI | 277,785 |  |  | 374,001 |
Total investments | $ | 506,497 |  |  | $ | 614,947 |

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_______________________
(a)At March 31, 2025 and December 31, 2024, seed investments in directly owned equity securities were invested as follows:

| March 31, 2025 |  | December 31, 2024
Percentage invested in: |  |  |
Financials | 18 | % |  | 16 | %
Consumer | 30 |  |  | 31 |
Industrial | 13 |  |  | 14 |
Technology | 20 |  |  | 22 |
Other | 19 |  |  | 17 |
Total | 100 | % |  | 100 | %

The Company makes investments primarily to seed strategies in our Asset Management business or to reduce exposure arising from LFI and other similar deferred compensation arrangements. The Company manages its net economic exposure to market and other risks arising from seed investments and other investments owned. The Company does not hedge investments associated with LFI and other similar deferred compensation arrangements, or investments in funds owned entirely by the noncontrolling interest holders as there is no net economic exposure.
The market risk associated with investments held in connection with LFI and other similar deferred compensation arrangements is equally offset by the market risk associated with the derivative liability with respect to awards expected to vest. The Company is subject to market risk associated with any portion of such investments that employees may forfeit. See “—Risk Management—Risks Related to Derivatives” for risk management information relating to derivatives.
Risk sensitivities include the effects of economic hedging. For equity market price risk, investment portfolios and their corresponding hedges are beta-adjusted to the All-Country World equity index. Interest rate and credit spread risk and foreign exchange rate risk are hedged using relevant benchmark indices. Private equity risk is not hedged due to lack of proxy hedging instruments. Fair value and sensitivity measurements presented herein are based on various portfolio exposures at a particular point in time and may not be representative of future results. Risk exposures may change as a result of ongoing portfolio activities and changing market conditions, among other things.
Equity Market Price Risk—At March 31, 2025 and December 31, 2024, the Company’s exposure to equity market price risk in its investment portfolio, which primarily relates to investments in equity securities, equity funds and hedge funds, was approximately $148 million and $164 million, respectively. The Company hedges market exposure arising from a significant portion of our equity investment portfolios by entering into total return swaps. The Company estimates that a hypothetical 10% adverse change in market prices would result in a net decrease of approximately $1.7 million and $0.9 million as of March 31, 2025 and December 31, 2024, respectively, in the carrying value of such investments, including the effect of the hedging transactions.
Interest Rate and Credit Spread Risk—At March 31, 2025 and December 31, 2024, the Company’s exposure to interest rate and credit spread risk in its investment portfolio related to investments in debt securities or funds which invest primarily in debt securities was $23 million and $24 million, respectively. The Company hedges market exposure arising from a portion of our debt investment portfolios by entering into total return swaps. The Company estimates that a hypothetical 100 basis point adverse change in interest rates or credit spreads would result in a net decrease of approximately $0.8 million as of March 31, 2025 and a net increase of approximately $0.6 million in the carrying value of such investments as of December 31, 2024, including the effect of the hedging transactions.
Foreign Exchange Rate Risk—At March 31, 2025 and December 31, 2024, the Company’s exposure to foreign exchange rate risk in its investment portfolio, which primarily relates to investments in foreign currency denominated equity and debt securities and private equity investments was $83 million and $65 million, respectively. A significant portion of the Company’s foreign currency exposure related to our equity and debt investment portfolios is hedged through the aforementioned total return swaps. The Company estimates that a 10% adverse change in foreign exchange rates versus the U.S. Dollar would result in a net decrease of approximately $4.1 million and $2.0 million in the carrying value of such investments as of March 31, 2025 and December 31, 2024, respectively, including the effect of the hedging transactions.
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Private Equity—The Company invests in private equity primarily as a part of its co-investment activities and in connection with certain legacy businesses. At both March 31, 2025 and December 31, 2024, the Company’s exposure to changes in fair value of such investments was approximately $24 million. The Company estimates that a hypothetical 10% adverse change in fair value would result in a decrease of approximately $2.4 million in the carrying value of such investments as of both March 31, 2025 and December 31, 2024.
For additional information regarding risks associated with our investments, see Item 1A, “Risk Factors—Other Business Risks—Our results of operations may be affected by fluctuations in the fair value of positions held in our investment portfolios” in our Form 10-K.
Risks Related to Receivables
We maintain an allowance for credit losses to provide coverage for expected losses from our receivables. At March 31, 2025, total receivables amounted to $683 million, net of an allowance for credit losses of $26 million. As of that date, Financial Advisory and Asset Management fees, and customers and other receivables comprised 78% and 22% of total receivables, respectively. At December 31, 2024, total receivables amounted to $754 million, net of an allowance for credit losses of $32 million. As of that date, Financial Advisory and Asset Management fees, and customers and other receivables comprised 85% and 15% of total receivables, respectively. See also “Critical Accounting Policies and Estimates—Revenue Recognition” above and Note 4 of Notes to Condensed Consolidated Financial Statements for additional information regarding receivables.
LFG and LFB offer wealth management and banking services to high net worth individuals and families. At March 31, 2025 and December 31, 2024, customers and other receivables included $96 million and $83 million, respectively, of such LFB loans which are fully collateralized and monitored for counterparty creditworthiness, with such collateral having a fair value in excess of the carrying amount of the loans. Therefore, there was no allowance for credit losses required at those dates related to such receivables.
Credit Concentrations
The Company monitors its exposures to individual counterparties and diversifies where appropriate to reduce the exposure to concentrations of credit.
Risks Related to Derivatives
Lazard enters into forward foreign currency exchange contracts and interest rate swaps to hedge exposures to currency exchange rates and interest rates and uses total return swap contracts on various equity and debt indices to hedge a portion of its market exposure with respect to certain investments that seed strategies in our Asset Management business. Derivative contracts are recorded at fair value. In entering into derivative agreements, the Company is subject to counterparty risk. Net derivative assets amounted to $1 million and $4 million at March 31, 2025 and December 31, 2024, respectively, and net derivative liabilities, excluding the derivative liability arising from the Company’s obligation pertaining to LFI and other similar deferred compensation arrangements amounted to $0.4 million and $3 million at March 31, 2025 and December 31, 2024, respectively.
The Company also records derivative liabilities relating to its obligations pertaining to LFI awards and other similar deferred compensation arrangements, the fair value of which is based on the value of the underlying investments, adjusted for estimated forfeitures. Changes in the fair value of the derivative liabilities are equally offset by the changes in the fair value of investments which are expected to be delivered upon settlement of LFI awards. Derivative liabilities relating to LFI amounted to $172 million and $271 million at March 31, 2025 and December 31, 2024, respectively.
Risks Related to Cash and Cash Equivalents and Corporate Indebtedness
A significant portion of the Company’s indebtedness has fixed interest rates, while its cash and cash equivalents typically bear interest at market interest rates. Based on account balances as of March 31, 2025, Lazard estimates that its annual operating income relating to cash and cash equivalents would increase by approximately $9 million in the event interest rates were to increase by 1% and decrease by approximately $9 million if rates were to decrease by 1%.
As of March 31, 2025, the Company’s cash and cash equivalents totaled approximately $909 million. Substantially all of the Company’s cash and cash equivalents were invested in (i) highly liquid institutional money market
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funds (a significant majority of which were invested solely in U.S. Government or agency money market funds), (ii) in short-term interest bearing and non-interest bearing accounts at a number of leading banks throughout the world and (iii) in short-term certificates of deposit from such banks. Cash and cash equivalents are continuously monitored. On a regular basis, management reviews its investment profile as well as the credit profile of its list of depositor banks in order to adjust any deposit or investment thresholds as necessary.
Operational Risk
Operational risk is inherent in all of our businesses and may, for example, manifest itself in the form of errors, breaches in the system of internal controls, employee misconduct, business interruptions, fraud, including fraud perpetrated by third parties, legal actions due to operating deficiencies, noncompliance or cyber attacks. The Company maintains a framework including policies and a system of internal controls designed to monitor and manage operational risk and provide management with timely and accurate information. Management within each of our operating subsidiaries is primarily responsible for its operational risk programs. The Company has in place business continuity and disaster recovery programs that manage its capabilities to provide services in the case of a disruption. We purchase insurance policies designed to help protect the Company against accidental loss and losses that may significantly affect our financial objectives, personnel, property or our ability to continue to meet our responsibilities to our various stakeholder groups. See Item 1A, “Risk Factors” in our Form 10-K for more information regarding operational risk in our business and Item 1C, “Cybersecurity” in our Form 10-K for more information on the Company’s processes to identify, assess and manage cybersecurity risks.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Risk Management
Quantitative and qualitative disclosures about market risk are included under the caption “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Risk Management”.
Item 4. Controls and Procedures
Our management, including our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures pursuant to Rule 13a-15 under the Exchange Act as of the end of the period covered by this quarterly report. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that, as of the end of the period covered by this quarterly report, our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act) are effective to ensure that information we are required to disclose in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in Securities and Exchange Commission rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.
In addition, no change in our internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) occurred during our most recent fiscal quarter that has materially affected, or is likely to materially affect, our internal control over financial reporting.
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PART II. OTHER INFORMATION
Item 1. Legal Proceedings
The Company is involved from time to time in judicial, governmental, regulatory and arbitration proceedings and inquiries concerning matters arising in connection with the conduct of our businesses, including proceedings initiated by former employees alleging wrongful termination. The Company reviews such matters on a case-by-case basis and establishes any required accrual if a loss is probable and the amount of such loss can be reasonably estimated. The Company may experience significant variation in its revenue and earnings on a quarterly basis. Accordingly, the results of any pending matter or matters could be significant when compared to the Company’s earnings in any particular quarter. The Company believes, however, based on currently available information, that the results of any pending matters, in the aggregate, will not have a material effect on its business or financial condition.
Item 1A. Risk Factors
There were no material changes from the risk factors previously disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
None.
Issuer Repurchases of Equity Securities
The following table sets forth information regarding Lazard’s purchases of its common stock on a monthly basis during the first quarter of 2025. Share repurchases are recorded on a trade date basis.

Period |  | Total Number of Shares Purchased |  | Average Price Paid per Share |  | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs |  | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs
January 1 – January 31, 2025 |  |  |  |  |  |  |  |  |
Share Repurchase Program (1) |  | 401,049 |  | $ | 48.25 |  |  | 401,049 |  | $ | 180.6 |  | million
Employee Transactions (2) |  | 2,169 |  | $ | 49.76 |  |  | – |  | – |  |
February 1 – February 28, 2025 |  |  |  |  |  |  |  |  |
Share Repurchase Program (1) |  | – |  | $ | – |  |  | – |  | $ | 180.6 |  | million
Employee Transactions (2) |  | 901,084 |  | $ | 53.97 |  |  | – |  | – |  |
March 1 – March 31, 2025 |  |  |  |  |  |  |  |  |
Share Repurchase Program (1) |  | 372,906 |  | $ | 45.09 |  |  | 372,906 |  | $ | 163.8 |  | million
Employee Transactions (2) |  | 902,215 |  | $ | 49.92 |  |  | – |  | – |  |
Total |  |  |  |  |  |  |  |  |
Share Repurchase Program (1) |  | 773,955 |  | $ | 46.73 |  |  | 773,955 |  | $ | 163.8 |  | million
Employee Transactions (2) |  | 1,805,468 |  | $ | 51.94 |  |  | – |  | – |  |

_______________________
(1)The Board of Directors of Lazard authorized the repurchase of common stock as set forth in the table below as of March 31, 2025.

Date |  | Repurchase Authorization |  | Expiration
|  | ($ in thousands) |  |
July 2024 |  | $ | 200,000 |  |  | December 31, 2026

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The Company’s purchases under the share repurchase program over time are used to offset dilution from the shares that have been or will be issued under the 2018 Plan, as amended. Purchases under the share repurchase program may be made in the open market or through privately negotiated transactions. The rate at which the Company purchases shares in connection with the share repurchase program may vary from period to period due to a variety of factors. Amounts shown in this line item include repurchases of common stock and exclude the shares of common stock withheld by the Company to meet the minimum statutory tax withholding requirements as described below. As of March 31, 2025, a total of $164 million of share repurchase authorization remained available under Lazard, Inc.’s share repurchase program, which will expire on December 31, 2026.
(2)Under the terms of the 2018 Plan, upon the settlement of RSUs and PRSUs, shares of common stock may be withheld by the Company to meet the minimum statutory tax withholding requirements. During the three month period ended March 31, 2025, the Company satisfied such obligations in lieu of issuing 1,805,468 shares of common stock upon the settlement of 4,279,900 of RSUs.
Item 3. Defaults Upon Senior Securities
None.
Item 4. Mine Safety Disclosures
Not applicable.
Item 5. Other Information
New Retention Agreements with Peter R. Orszag, Alexandra Soto and Christian A. Weideman
Effective April 24, 2025, the Company entered into new retention agreements (the “Retention Agreements”) with Mr. Orszag and Ms. Soto (the “Named Executives”) relating to the continuation of employment in their respective roles with Lazard. The Retention Agreements replace Mr. Orszag’s and Ms. Soto’s prior retention agreements with Lazard.
The Retention Agreements do not have fixed terms. The Retention Agreements continue to provide for annual base salaries and eligibility for discretionary annual bonuses. The Retention Agreement for Ms. Soto decreases the cash severance multiple from 2.0 to 1.5. The Retention Agreements also decrease (from two to one) the number of years of additional age and service credit under Lazard’s retiree healthcare benefit plans the Named Executive would receive upon a qualifying termination, and provide 12 months of continued health benefits.
The Named Executives continue to be subject to post-termination restrictive covenants, including perpetual confidentiality and non-disparagement covenants, and the Retention Agreements extend the period of the non-competition and non-solicitation covenants to nine months following termination, while providing for injunctive relief for three months following termination.
The foregoing summary of the Retention Agreements does not purport to be complete and is qualified in its entirety by the full text of each Retention Agreement, a copy of each of which is filed with this Form 10-Q.
The Company also entered into a similar retention agreement with Mr. Weideman, effective April 24, 2025. A copy of the retention agreement with Mr. Weideman is filed with this Form 10-Q.
Securities Trading Plans of Directors and Executive Officers
On March 13, 2025, Peter R. Orszag, the Company’s Chief Executive Officer and Chairman, adopted a trading plan for the sale of shares of the Company’s common stock, which is designated to satisfy the affirmative defense conditions of Rule 10b5-1 under the Exchange Act. The plan expires on September 15, 2026 or upon the sale of the maximum number of shares under the trading plan. The aggregate number of shares to be sold under the plan is equal to 50% of the shares underlying equity awards that are scheduled to vest during the term of the plan, representing up to 226,003 shares of the Company’s common stock. Sales of the shares pursuant to the plan, together with any incremental sales to the Company, are intended to cover estimated taxes and other personal expenditures.
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During the three months ended March 31, 2025, no other director or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “Non-Rule 10b5-1 trading arrangement” as each term is defined in Item 408 of Regulation S-K.
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PART IV

Item 6. |  | Exhibits
3.1 |  | Certificate of Incorporation of the Registrant (incorporated by reference to Exhibit 3.1 to the Registrant’s Current Report (File No. 001-32492) on Form 8-K filed on January 2, 2024).
3.2 |  | By-laws of the Registrant (incorporated by reference to Exhibit 3.2 to the Registrant’s Current Report (File No. 001-32492) on Form 8-K filed on January 2, 2024).
4.1 |  | Form of Stock Certificate for Common Stock (incorporated by reference to Exhibit 4.1 to the Registrant’s Current Report (File No. 001-32492) on Form 8-K filed on January 2, 2024).
4.2 |  | Indenture, dated as of May 10, 2005, by and between Lazard Group LLC and The Bank of New York, as Trustee (incorporated by reference to Exhibit 4.1 to Lazard Group LLC’s Registration Statement (File No. 333-126751) on Form S-4 filed on July 21, 2005).
4.3 |  | Sixth Supplemental Indenture, dated as of February 13, 2015, between Lazard Group LLC and The Bank of New York Mellon, as trustee (incorporated by reference to Exhibit 4.1 of the Registrant’s Current Report on Form 8-K (File No. 001-32492) filed on February 13, 2015).
4.4 |  | Seventh Supplemental Indenture, dated as of November 4, 2016, between Lazard Group LLC and The Bank of New York Mellon, as trustee (incorporated by reference to Exhibit 4.1 of the Registrant’s Current Report on Form 8-K (File No. 001-32492) filed on November 7, 2016).
4.5 |  | Eighth Supplemental Indenture, dated as of September 19, 2018, between Lazard Group LLC and the Bank of New York Mellon, as trustee (incorporated by reference to Exhibit 4.1 to the Registrant’s Current Report on Form 8-K (File No. 001-32492) filed on September 19, 2018).
4.6 |  | Ninth Supplemental Indenture, dated as of March 11, 2019, between Lazard Group LLC and The Bank of New York Mellon, as trustee (incorporated by reference to Exhibit 4.1 to the Registrant’s Current Report on Form 8-K (File No. 001-32492) filed on March 11, 2019).
4.7 |  | Tenth Supplemental Indenture, dated as of March 12, 2024, between Lazard Group LLC and The Bank of New York Mellon, as trustee (incorporated by reference to Exhibit 4.1 to the Registrant’s Current Report on Form 8-K (File No. 001-32492) filed on March 12, 2024).
4.8 |  | Eleventh Supplemental Indenture, dated as of December 12, 2024, among Lazard Group LLC, Lazard, Inc. and The Bank of New York Mellon, as trustee (incorporated by reference to Exhibit 4.1 to the Registrant's Current Report on Form 8-K (File No. 001-32492) filed on December 12, 2024).
4.9 |  | Form of Senior Note (included in Exhibits 4.3, 4.4, 4.5, 4.6 and 4.7).
10.1 |  | Third Amended and Restated Operating Agreement of Lazard Group LLC, dated as of March 31, 2023 (incorporated by reference to Exhibit 10.1 to the Registrant’s Quarterly Report (File No. 001-32492) on Form 10-Q filed on May 2, 2023).
10.2 |  | Second Amended and Restated Tax Receivable Agreement, dated as of October 26, 2015, by and among Ltd Sub A, Ltd Sub B and LTBP Trust (incorporated by reference to Exhibit 10.2 to the Registrant’s Quarterly Report (File No. 001-32492) on Form 10-Q filed on October 28, 2015).
10.3 |  | Lease, dated as of January 27, 1994, by and between Rockefeller Center Properties and Lazard Frères & Co. LLC (incorporated by reference to Exhibit 10.19 to the Registrant’s Registration Statement (File No. 333-121407) on Form S-1/A filed on February 11, 2005).
10.4 |  | Fourth Amendment dated as of February 16, 2011, by and among RCPI Landmark Properties, L.L.C. (as the successor in interest to Rockefeller Center Properties), RCPI 30 Rock 22234849, L.L.C. and Lazard Group LLC (as the successor in interest to Lazard Frères & Co. LLC), to the Lease dated as of January 27, 1994, by and among Rockefeller Center Properties and Lazard Frères & Co. LLC (incorporated by reference to Exhibit 10.16 to the Registrant’s Quarterly Report (File No. 001-32492) on Form 10-Q filed on April 29, 2011).
10.5* |  | Lazard, Inc. 2008 Incentive Compensation Plan (incorporated by reference to Annex B to the Registrant’s Definitive Proxy Statement on Schedule 14A (File No. 001-32492) filed on March 24, 2008).

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10.6* |  | Lazard, Inc. 2018 Incentive Compensation Plan (incorporated by reference to Annex B to the Registrant’s Definitive Proxy Statement on Schedule 14A (File No. 001-32492) filed on March 15, 2018).
10.7* |  | First Amendment to the Lazard, Inc. 2018 Incentive Compensation Plan (incorporated by reference to Annex B to the Registrant’s Definitive Proxy Statement on Schedule 14A (File No. 001-32492) filed on March 16, 2021).
10.8* |  | Second Amendment to the Lazard, Inc. 2018 Incentive Compensation Plan (incorporated by reference to Exhibit 10.2 to the Registrant's Post-Effective Amendment No. 1 to Registration Statements on Form S-8 (File Nos. 333-154977, 333-193845, 333-217597, 333-224552 and 333-269977) filed on February 2, 2024).
10.9* |  | Third Amendment to the Lazard, Inc. 2018 Incentive Compensation Plan (incorporated by reference to Annex B to the Registrant’s Definitive Proxy Statement on Schedule 14A (File No. 001-32492) filed on March 21, 2024).
10.10* |  | First Amendment to the Lazard, Inc. 2008 Incentive Compensation Plan (incorporated by reference to Exhibit 10.1 to the Registrant's Post-Effective Amendment No. 1 to Registration Statements on Form S-8 (File Nos. 333-154977, 333-193845, 333-217597, 333-224552 and 333-269977) filed on February 2, 2024).
10.11* |  | Amended and Restated Agreement relating to Retention and Noncompetition and Other Covenants, dated as of March 31, 2022, by and among the Registrant, Lazard Group LLC and Kenneth M. Jacobs (incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K (File No. 001-32492) filed on April 6, 2022).
10.12* |  | Amendment to Amended and Restated Agreement Relating to Retention and Noncompetition and Other Covenants, dated as of May 25, 2023, by and among the Registrant, Lazard Group LLC and Kenneth M. Jacobs (incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K (File No. 001-32492) filed on May 26, 2023).
10.13* |  | Letter Agreement, dated November 22, 2024, by and between Kenneth M. Jacobs and Lazard, Inc. (incorporated by reference to Exhibit 10.13 to the Registrant’s Annual Report on Form 10-K (File No. 001-32492) filed on February 24, 2025).
10.14* |  | Amended and Restated Agreement relating to Retention and Noncompetition and Other Covenants, dated as of March 31, 2022, by and among the Registrant, Lazard Group LLC and Evan L. Russo (incorporated by reference to Exhibit 10.2 to the Registrant’s Current Report on Form 8-K (File No. 001-32492) filed on April 6, 2022).
10.15* |  | Amendment to Amended and Restated Agreement Relating to Retention and Noncompetition and Other Covenants, dated as of May 25, 2023, by and among the Registrant, Lazard Group LLC and Evan L. Russo (incorporated by reference to Exhibit 10.3 to the Registrant’s Current Report on Form 8-K (File No. 001-32492) filed on May 26, 2023).
10.16* |  | Amended and Restated Agreement relating to Retention and Noncompetition and Other Covenants, dated as of March 31, 2022, by and among the Registrant, Lazard Group LLC and Peter R. Orszag (incorporated by reference to Exhibit 10.3 to the Registrant’s Current Report on Form 8-K (File No. 001-32492) filed on April 6, 2022).
10.17* |  | Amendment to Amended and Restated Agreement Relating to Retention and Noncompetition and Other Covenants, dated as of May 25, 2023, by and among the Registrant, Lazard Group LLC and Peter R. Orszag (incorporated by reference to Exhibit 10.2 to the Registrant’s Current Report on Form 8-K (File No. 001-32492) filed on May 26, 2023).
10.18* |  | Letter Agreement regarding Terms of Continued Employment, dated as of April 24, 2025, between Lazard, Inc. and Peter R. Orszag.
10.19* |  | Amended and Restated Agreement relating to Retention and Noncompetition and Other Covenants, dated as of March 29, 2019, by and among the Registrant, Lazard Group LLC and Ashish Bhutani (incorporated by reference to Exhibit 10.3 to the Registrant’s Current Report on Form 8-K (File No. 001-32492) filed on April 3, 2019).

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10.20* |  | Resignation Letter Agreement, dated as of March 31, 2022, by and between the Registrant and Ashish Bhutani (incorporated by reference to Exhibit 10.4 to the Registrant’s Current Report on Form 8-K (File No. 001-32492) filed on April 6, 2022).
10.21* |  | Letter Agreement, dated as of January 1, 2023, by and between Lazard Asset Management LLC and Ashish Bhutani (incorporated by reference to Exhibit 10.13 to the Registrant’s Quarterly Report (File No. 001-32492) on Form 10-Q filed on May 2, 2023.
10.22* |  | Amended and Restated Agreement relating to Retention and Noncompetition and Other Covenants, dated as of March 29, 2019, by and among the Registrant, Lazard Group LLC and Alexander F. Stern (incorporated by reference to Exhibit 10.5 to the Registrant’s Current Report on Form 8-K (File No. 001-32492) filed on April 3, 2019).
10.23* |  | Resignation Letter Agreement, dated as of March 31, 2022, by and between the Registrant and Alexander F. Stern (incorporated by reference to Exhibit 10.5 to the Registrant’s Current Report on Form 8-K (File No. 001-32492) filed on April 6, 2022).
10.24* |  | Letter Agreement, dated as of January 1, 2023, by and between Lazard Frères & Co. LLC and Alexander F. Stern (incorporated by reference to Exhibit 10.16 to the Registrant’s Quarterly Report (File No. 001-32492) on Form 10-Q filed on May 2, 2023).
10.25* |  | Letter Agreement, dated as of July 23, 2022, by and between Lazard Group LLC and Mary Ann Betsch (incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K (File No. 001-32492) filed on July 28, 2022).
10.26* |  | Agreement relating to Retention and Noncompetition and Other Covenants, dated as of August 23, 2023, by and between the Registrant, Lazard Group LLC and Mary Ann Betsch (incorporated by reference to Exhibit 10.2 to the Registrant’s Current Report on Form 8-K (File No. 001-32492) filed on August 25, 2023).
10.27* |  | Letter Agreement, dated as of June 29, 2023, by and between Lazard Frères & Co. LLC and Michael Gathy (incorporated by reference to Exhibit 10.22 to the Registrant's Quarterly Report (File No. 001-32492) on Form 10-Q filed on October 27, 2023).
10.28* |  | Amended and Restated Agreement relating to Retention and Noncompetition and Other Covenants, dated as of March 7, 2024, by and among the Registrant, Lazard & Co., Services Limited and Alexandra Soto (incorporated by reference to Exhibit 10.25 to the Registrant's Quarterly Report (File No. 001-32492) on Form 10-Q filed on April 26, 2024).
10.29* |  | Letter Agreement regarding Terms of Continued Employment, dated as of April 24, 2025, between Lazard, Inc. and Alexandra Soto.
10.30* |  | Letter Agreement regarding Terms of Continued Employment, dated as of April 2 4, 2025, between Lazard, Inc. and Christian A. Weideman.
10.31* |  | Form of Award Letter for Annual Grant of Deferred Stock Units to Non-Executive Directors (incorporated by reference to Exhibit 99.1 to the Registrant’s Current Report on Form 8-K (File No. 001-32492) filed on September 8, 2005).
10.32* |  | Directors’ Fee Deferral Unit Plan (incorporated by reference to Exhibit 10.39 to the Registrant’s Quarterly Report on Form 10-Q (File No. 001-32492) filed on May 11, 2006).
10.33 |  | Second Amended and Restated Credit Agreement, dated as of June 6, 2023, among Lazard Group LLC, the Banks from time to time parties thereto, and Citibank, N.A., as Administrative Agent (incorporated by reference to Exhibit 10.23 to the Registrant’s Quarterly Report on Form 10-Q (File No. 001-32492) filed on July 31, 2023).
10.34 |  | First Amendment to Second Amended and Restated Credit Agreement, dated as of December 23, 2024, by and among Lazard Group LLC, Lazard, Inc., the Banks party thereto and Citibank, N.A., as Administrative Agent (incorporated by reference to Exhibit 10.3 1 to the Registrant’s Annual Report on Form 10-K (File No. 001-32492) filed on February 24, 2025).
10.35* |  | Form of Agreement for Performance-Based Profits Interest Participation Right Units under the 2018 Incentive Compensation Plan (incorporated by reference to Exhibit 10.24 to the Registrant’s Quarterly Report on Form 10-Q (File No. 001-32492) filed on April 30, 2019).

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10.36* |  | Form of Agreement evidencing grant of Performance-Based Restricted Participation Units under the 2018 Incentive Compensation Plan (incorporated by reference to Exhibit 10.19 to the Registrant’s Quarterly Report on Form 10-Q (File No. 001-32492) filed on May 4, 2021).
10.37* |  | Form of Agreement evidencing grant of Lazard Fund Interests to Named Executive Officers under the 2018 Incentive Compensation Plan (incorporated by reference to Exhibit 10.20 to the Registrant’s Quarterly Report on Form 10-Q (File No. 001-32492) filed on May 4, 2021).
10.38* |  | Form of Agreement for Profits Interest Participation Right Units under the 2018 Compensation Plan (incorporated by reference to Exhibit 10.21 to the Registrant’s Quarterly Report on Form 10-Q (File No. 001-32492) filed on May 4, 2021).
10.39* |  | Form of Agreement for Profits Interest Participation Right Units under the 2018 Incentive Compensation Plan (incorporated by reference to Exhibit 10.26 to the Registrant’s Quarterly Report (File No. 001-32492) on Form 10-Q filed on May 2, 2023).
10.40* |  | Form of Agreement evidencing grant of Restricted Stock Units under the 2018 Incentive Compensation Plan (incorporated by reference to Exhibit 10.27 to the Registrant’s Quarterly Report (File No. 001-32492) on Form 10-Q filed on May 2, 2023).
19.1 |  | Insider Trading Policy (incorporated by reference to Exhibit 19.1 to the Registrant’s Annual Report on Form 10-K (File No. 001-32492) filed on February 24, 2025).
22.1 |  | List of Issuers of Guaranteed Securities (incorporated by reference to Exhibit 22.1 to the Registrant’s Annual Report on Form 10-K (File No. 001-32492) filed on February 24, 2025).
31.1 |  | Rule 13a-14(a) Certification of Peter R. Orszag.
31.2 |  | Rule 13a-14(a) Certification of Mary Ann Betsch.
32.1** |  | Section 1350 Certification for Peter R. Orszag.
32.2** |  | Section 1350 Certification for Mary Ann Betsch.
97.1 |  | Incentive Compensation Recovery Policy (incorporated by reference to Exhibit 97.1 to the Registrant’s Annual Report (File No. 001-32492) on Form 10-K filed on February 23, 2024).
101.INS |  | Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because iXBRL tags are embedded within the Inline XBRL document.
101.SCH |  | Inline XBRL Taxonomy Extension Schema.
101.CAL |  | Inline XBRL Taxonomy Extension Calculation Linkbase.
101.DEF |  | Inline XBRL Taxonomy Extension Definition Linkbase.
101.LAB |  | Inline XBRL Taxonomy Extension Label Linkbase.
101.PRE |  | Inline XBRL Taxonomy Extension Presentation Linkbase.
104 |  | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101).

_____________________
*Management contract or compensatory plan or arrangement.
**Furnished herewith. These exhibits shall not be deemed “filed” for purpose of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that Section. Such exhibits shall not be deemed incorporated into any filings under the Securities Act of 1933 or the Securities Exchange Act of 1934.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Dated: April 30, 2025

| LAZARD, INC.
| By: | /s/ Mary Ann Betsch
| Name: | Mary Ann Betsch
| Title: | Chief Financial Officer

| By: | /s/ Michael Gathy
| Name: | Michael Gathy
| Title: | Chief Accounting Officer

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