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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.

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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.

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-Topic 820
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