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v3.25.1

FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended
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Mar. 31, 2025
Fair Value Disclosures [Abstract] |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | 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 |
| 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.
Schedule of Changes in Fair Value of Company's Level 3 Assets and Liabilities | The following tables provide a summary of changes in fair value of the Company’s Level 3 assets and liabilities for the three month periods ended March 31, 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 |
| 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.
Schedule of Fair Value of Certain Investments Based on NAV | 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.
| 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.

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