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SENIOR DEBT | 9 Months Ended
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Sep. 30, 2025
Debt Disclosure [Abstract] |
SENIOR DEBT | SENIOR DEBT Senior debt is comprised of the following as of September 30, 2025 and December 31, 2024:
|  |  |  |  |  |  |  |  | Outstanding as of
|  |  |  |  |  |  |  |  | September 30, 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 (a) | 300,000 |  |  | 3/01/27 |  | 3.625 | % |  | – | % |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | 300,000 |  |  | $ | 1,213 |  |  | $ | 298,787 |
Lazard Group 2028 Senior Notes | 500,000 |  |  | 9/19/28 |  | 4.50 | % |  | 4.70 | % |  | 500,000 |  |  | 3,018 |  |  | 496,982 |  |  | 500,000 |  |  | 3,783 |  |  | 496,217 |
Lazard Group 2029 Senior Notes | 500,000 |  |  | 3/11/29 |  | 4.375 | % |  | 4.56 | % |  | 500,000 |  |  | 3,184 |  |  | 496,816 |  |  | 500,000 |  |  | 3,875 |  |  | 496,125 |
Lazard Group 2031 Senior Notes | 400,000 |  |  | 3/15/31 |  | 6.00 | % |  | 6.16 | % |  | 400,000 |  |  | 3,584 |  |  | 396,416 |  |  | 400,000 |  |  | 4,077 |  |  | 395,923 |
Lazard Group 2035 Senior Notes (a) | 300,000 |  |  | 8/01/35 |  | 5.625 | % |  | 5.72 | % |  | 300,000 |  |  | 2,933 |  |  | 297,067 |  |  | – |  |  | – |  |  | – |
Total |  |  |  |  |  |  |  |  | $ | 1,700,000 |  |  | $ | 12,719 |  |  | $ | 1,687,281 |  |  | $ | 1,700,000 |  |  | $ | 12,948 |  |  | $ | 1,687,052 |
__________________________ (a)During the third quarter of 2025, Lazard Group LLC completed an offering of $300,000 aggregate principal amount of 5.625% senior notes due in 2035. Interest on the 2035 Notes is payable semi-annually on February 1 and August 1 of each year, beginning February 1, 2026. Lazard Group LLC used the net proceeds from the 2035 Notes to repurchase or redeem all of the issued and outstanding 2027 Notes. Lazard, Inc. has provided an unconditional and irrevocable guarantee for the repayment of all the senior notes in the table above. 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 September 30, 2025, the maximum future payments that Lazard, Inc. could be required to make under this guarantee is the same as the principal value in the table above plus accrued interest. The Company’s senior debt is unsecured and is carried at its principal amount outstanding, net of unamortized debt costs. At September 30, 2025 and December 31, 2024, the fair value of such senior debt was approximately $1,732,000 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”). Any 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 LLC’s then outstanding senior notes, on December 23, 2024, the Company and Lazard Group LLC entered into the First Amendment to Second Amended and Restated Credit Agreement pursuant to which Lazard, Inc. provided an unconditional and irrevocable guarantee for the obligations of Lazard Group LLC under the Second Amended and Restated Credit Agreement. As of September 30, 2025, the Company had approximately $210,000 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.

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