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SENIOR DEBT
 9 Months Ended
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, 2025December 31, 2024
Initial
Principal
Amount		Maturity
Date		Annual
Interest
Rate		Effective Interest RatePrincipalUnamortized
Debt Costs		Carrying
Value		PrincipalUnamortized
Debt Costs		Carrying
Value
Lazard Group
   2027 Senior
   Notes (a)		300,000 3/01/273.625 %– %$– $– $– $300,000 $1,213 $298,787 
Lazard Group
   2028 Senior
   Notes		500,000 9/19/284.50 %4.70 %500,000 3,018 496,982 500,000 3,783 496,217 
Lazard Group
   2029 Senior
   Notes		500,000 3/11/294.375 %4.56 %500,000 3,184 496,816 500,000 3,875 496,125 
Lazard Group
   2031 Senior
   Notes 		400,000 3/15/316.00 %6.16 %400,000 3,584 396,416 400,000 4,077 395,923 
Lazard Group
   2035 Senior
   Notes (a)		300,000 8/01/355.625 %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.