XML 48 R37.htm IDEA: XBRL DOCUMENT
v3.25.3

FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2025
Fair Value Disclosures [Abstract] |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following tables present, as of September 30, 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:
| September 30, 2025
| Level 1 |  | Level 2 |  | Level 3 |  | NAV |  | Total
Assets: |  |  |  |  |  |  |  |  |
Deposits with banks and short-term investments (a) | $ | 29,753 |  |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | 29,753 |
Restricted cash (a) | 100 |  |  | – |  |  | – |  |  | – |  |  | 100 |
Investments: |  |  |  |  |  |  |  |  |
Debt | 1,300 |  |  | 404 |  |  | – |  |  | – |  |  | 1,704 |
Equity | 57,845 |  |  | – |  |  | 685 |  |  | – |  |  | 58,530 |
Funds: |  |  |  |  |  |  |  |  |
Alternative investments | 6,825 |  |  | – |  |  | – |  |  | 43,176 |  |  | 50,001 |
Debt | 104,795 |  |  | 11,733 |  |  | – |  |  | 3 |  |  | 116,531 |
Equity | 330,132 |  |  | 303 |  |  | – |  |  | 61 |  |  | 330,496 |
Private equity | – |  |  | – |  |  | 290 |  |  | 47,528 |  |  | 47,818 |
Derivatives | – |  |  | 523 |  |  | – |  |  | – |  |  | 523 |
Total | $ | 530,750 |  |  | $ | 12,963 |  |  | $ | 975 |  |  | $ | 90,768 |  |  | $ | 635,456 |
Liabilities: |  |  |  |  |  |  |  |  |
Securities sold, not yet purchased | $ | 4,076 |  |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | 4,076 |
Contingent consideration liability | – |  |  | – |  |  | 2,274 |  |  | – |  |  | 2,274 |
Derivatives | – |  |  | 222,587 |  |  | – |  |  | – |  |  | 222,587 |
Total | $ | 4,076 |  |  | $ | 222,587 |  |  | $ | 2,274 |  |  | $ | – |  |  | $ | 228,937 |
| 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 and nine month periods ended September 30, 2025 and 2024:
| Three Months Ended September 30, 2025
| Beginning Balance |  | Net Unrealized Gains/Losses Included In Earnings |  | Purchases/ Issuances |  | Sales/ Settlements |  | Foreign Currency Translation Adjustments |  | Ending Balance
Assets: |  |  |  |  |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |  |  |  |  |
Equity | $ | 697 |  |  | $ | 10 |  |  | $ | – |  |  | $ | – |  |  | $ | (22) |  |  | $ | 685 |
Private equity funds | 289 |  |  | – |  |  | – |  |  | – |  |  | 1 |  |  | 290 |
Total Level 3 assets | $ | 986 |  |  | $ | 10 |  |  | $ | – |  |  | $ | – |  |  | $ | (21) |  |  | $ | 975 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Contingent consideration liability | $ | 2,248 |  |  | $ | 26 |  |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | 2,274 |
Total Level 3 liabilities | $ | 2,248 |  |  | $ | 26 |  |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | 2,274 |
| Nine Months Ended September 30, 2025
| Beginning Balance |  | Net Unrealized Gains/Losses Included In Earnings |  | Purchases/ Issuances |  | Sales/ Settlements |  | Foreign Currency Translation Adjustments |  | Ending Balance
Assets: |  |  |  |  |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |  |  |  |  |
Equity | $ | 589 |  |  | $ | 57 |  |  | $ | – |  |  | $ | – |  |  | $ | 39 |  |  | $ | 685 |
Private equity funds | 256 |  |  | – |  |  | – |  |  | – |  |  | 34 |  |  | 290 |
Total Level 3 assets | $ | 845 |  |  | $ | 57 |  |  | $ | – |  |  | $ | – |  |  | $ | 73 |  |  | $ | 975 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Contingent consideration liability (a) | $ | 4,495 |  |  | $ | 79 |  |  | $ | – |  |  | $ | (2,300) |  |  | $ | – |  |  | $ | 2,274 |
Total Level 3 liabilities | $ | 4,495 |  |  | $ | 79 |  |  | $ | – |  |  | $ | (2,300) |  |  | $ | – |  |  | $ | 2,274 |
| Three Months Ended September 30, 2024
| Beginning Balance |  | Net Unrealized Gains/Losses Included In Earnings |  | Purchases/ Issuances |  | Sales/ Settlements/ |  | Foreign Currency Translation Adjustments |  | Ending Balance
Assets: |  |  |  |  |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |  |  |  |  |
Equity | $ | 611 |  |  | $ | 9 |  |  | $ | – |  |  | $ | – |  |  | $ | 30 |  |  | $ | 650 |
Private equity funds | 264 |  |  | – |  |  | – |  |  | – |  |  | 12 |  |  | 276 |
Total Level 3 assets | $ | 875 |  |  | $ | 9 |  |  | $ | – |  |  | $ | – |  |  | $ | 42 |  |  | $ | 926 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Contingent consideration liability | $ | 4,389 |  |  | $ | 53 |  |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | 4,442 |
Total Level 3 liabilities | $ | 4,389 |  |  | $ | 53 |  |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | 4,442 |
| Nine Months Ended September 30, 2024
| Beginning Balance |  | Net Unrealized Gains/Losses Included In Earnings |  | Purchases/ Issuances |  | Sales/ Settlements |  | Foreign Currency Translation Adjustments |  | Ending Balance
Assets: |  |  |  |  |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |  |  |  |  |
Equities | $ | 493 |  |  | $ | 46 |  |  | $ | 109 |  |  | $ | – |  |  | $ | 2 |  |  | $ | 650 |
Private equity funds | 273 |  |  | – |  |  | – |  |  | – |  |  | 3 |  |  | 276 |
Total Level 3 assets | $ | 766 |  |  | $ | 46 |  |  | $ | 109 |  |  | $ | – |  |  | $ | 5 |  |  | $ | 926 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Contingent consideration liability (a) | $ | 6,583 |  |  | $ | 159 |  |  | $ | – |  |  | $ | (2,300) |  |  | $ | – |  |  | $ | 4,442 |
Total Level 3 liabilities | $ | 6,583 |  |  | $ | 159 |  |  | $ | – |  |  | $ | (2,300) |  |  | $ | – |  |  | $ | 4,442 |
_________________________________ (a)For the nine month periods ended September 30, 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 September 30, 2025 and December 31, 2024, certain investments that are valued using NAV or its equivalent as a practical expedient in determining fair value:
| September 30, 2025
|  |  |  |  |  |  |  |  | Investments Redeemable
| NAV |  | Unfunded Commitments |  |  | % of NAV Not Redeemable |  |  | Redemption Frequency |  | Redemption Notice Period
Alternative investment funds: |  |  |  |  |  |  |  |  |  |  |
Hedge funds | $ | 43,137 |  |  | $ | – |  |  |  | NA |  |  | (a) |  | <30-60 days
Other | 39 |  |  | – |  |  |  | NA |  |  | (b) |  | <30-90 days
Debt funds | 3 |  |  | – |  |  |  | NA |  |  | (c) |  | <30-30 days
Equity funds | 61 |  |  | – |  |  |  | NA |  |  | (d) |  | <30-30 days
Private equity funds: |  |  |  |  |  |  |  |  |  |  |
Equity growth | 47,528 |  |  | 5,954 |  | (e) |  | 100% | (f) |  | NA |  | NA
Total | $ | 90,768 |  |  | $ | 5,954 |  |  |  |  |  |  |  |  |
___________________________________ (a)monthly (100%) (b)daily (100%) (c)daily (100%) (d)monthly (100%) (e)Unfunded commitments to private equity investments consolidated but not owned by Lazard of $19,894 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.

X
- Definition Tabular disclosure of fair value assets and liabilities measured on recurring basis unobservable input reconciliation. + References No definition available. + Details
Name: | laz_FairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTableTextBlock
Namespace Prefix: | laz_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of investments in certain entities that calculate net asset value per share or equivalent measured at fair value on a recurring or nonrecurring basis. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 35 -Paragraph 54B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482134/820-10-35-54B Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-8 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A + Details
Name: | us-gaap_FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerShareTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration