What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2025-07-25 compared with 2025-05-01 · 361 added, 171 removed, 858 unchanged (38% of the section changed)

Financial Statements (Unaudited)

Condensed Consolidated Statements of Financial Condition as of March 31, 2025 and December 31, 2024

Condensed Consolidated Statements of Operations for the three month periods ended March 31, 2025 and 2024

Condensed Consolidated Statements of Comprehensive Income (Loss) for the three month periods ended March 31, 2025 and 2024

Condensed Consolidated Statements of Cash Flows for the three month periods ended March 31, 2025 and 2024

Condensed Consolidated Statements of Changes in Stockholders’ Equity and Redeemable Noncontrolling Interests for the three month periods ended March 31, 2025 and 2024

Condensed Consolidated Statements of Financial Condition as of June 30, 2025 and December 31, 2024

Condensed Consolidated Statements of Operations for the three month and six month periods ended June 30, 2025 and 2024

Condensed Consolidated Statements of Comprehensive Income for the three month and six month periods ended June 30, 2025 and 2024

Condensed Consolidated Statements of Cash Flows for the six month periods ended June 30, 2025 and 2024

Condensed Consolidated Statements of Changes in Stockholders’ Equity and Redeemable Noncontrolling Interests for the three month and six month periods ended June 30, 2025 and 2024

Notes to Condensed Consolidated Financial Statements

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

MARCH 31, 2025 AND DECEMBER 31, 2024

JUNE 30, 2025 AND DECEMBER 31, 2024

(dollars in thousands, except for per share data)

4 unchanged sentences

Receivables (net of allowance for credit losses of $ 26,545 and $ 32,033

at March 31, 2025 and December 31, 2024, respectively):

at June 30, 2025 and December 31, 2024, respectively):

Fees 578,535 640,567

1 unchanged sentence

754,795 753,623

Investments 506,497 614,947

Property (net of accumulated amortization and depreciation of $ 344,457 and $ 332,840 at March 31, 2025 and December 31, 2024, respectively)

Investments (including $ 41,223 pledged at June 30, 2025)

637,473 614,947

Property (net of accumulated amortization and depreciation of $ 359,461 and $ 332,840 at June 30, 2025 and December 31, 2024, respectively)

176,240 160,402

Operating lease right-of-use assets 443,388 434,938

Goodwill and other intangible assets (net of accumulated amortization of $ 67,711 at both March 31, 2025 and December 31, 2024)

Goodwill and other intangible assets (net of accumulated amortization of $ 67,711 at both June 30, 2025 and December 31, 2024)

395,225 393,575

4 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

MARCH 31, 2025 AND DECEMBER 31, 2024

JUNE 30, 2025 AND DECEMBER 31, 2024

(dollars in thousands, except for per share data)

14 unchanged sentences

15,000,000 shares authorized;

issued and outstanding at March 31, 2025 and December 31, 2024

issued and outstanding at June 30, 2025 and December 31, 2024

Common stock:

Par value $ 0.01 per share ( 500,000,000 shares authorized;

112,766,091 shares issued at March 31, 2025 and December 31, 2024, including shares held by subsidiaries)

112,766,091 shares issued at June 30, 2025 and December 31, 2024, including shares held by subsidiaries)

Additional paid-in-capital 225,058 327,810

3 unchanged sentences

Common stock held by subsidiaries, at cost ( 18,408,649 and 22,467,315

shares at March 31, 2025 and December 31, 2024, respectively)

shares at June 30, 2025 and December 31, 2024, respectively)

( 693,298 ) ( 838,069 )

5 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE THREE MONTH PERIODS ENDED MARCH 31, 2025 AND 2024

FOR THE THREE MONTH AND SIX MONTH PERIODS ENDED JUNE 30, 2025 AND 2024

(dollars in thousands, except for per share data)

Three Months Ended

June 30, Six Months Ended

2025 2024 2025 2024

Investment banking and other advisory fees $ 493,226 $ 408,773 $ 853,593 $ 861,800

15 unchanged sentences

OPERATING INCOME 93,081 63,640 147,716 118,201

Provision (benefit) for income taxes ( 7,354 ) 14,337

Provision for income taxes 31,764 11,587 24,410 25,924

NET INCOME 61,317 52,053 123,306 92,277

9 unchanged sentences

See notes to condensed consolidated financial statements.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

FOR THE THREE MONTH PERIODS ENDED MARCH 31, 2025 AND 2024

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

FOR THE THREE MONTH AND SIX MONTH PERIODS ENDED JUNE 30, 2025 AND 2024

(dollars in thousands)

Three Months Ended

June 30, Six Months Ended

2025 2024 2025 2024

NET INCOME $ 61,317 $ 52,053 $ 123,306 $ 92,277

2 unchanged sentences

Employee benefit plans:

Actuarial gain (loss) (net of tax expense (benefit) of $( 1,602 ) and $ 288 for the three months ended March 31, 2025 and 2024, respectively)

Actuarial gain (loss) (net of tax expense (benefit) of $( 2,736 ) and $ 371 for the three months ended June 30, 2025 and 2024, respectively, and $( 4,338 ) and $ 659 for the six months ended June 30, 2025 and 2024, respectively)

( 10,028 ) 789 ( 15,817 ) 1,604

Adjustment for items reclassified to earnings (net of tax expense of $ 530 and $ 455 for the three months ended March 31, 2025 and 2024, respectively)

Adjustment for items reclassified to earnings (net of tax expense of $ 562 and $ 455 for the three months ended June 30, 2025 and 2024, respectively, and $ 1,092 and $ 910 for the six months ended June 30, 2025 and 2024, respectively)

2,065 1,485 3,641 2,887

OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX 37,905 ( 2,298 ) 57,905 ( 16,343 )

4 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE THREE MONTH PERIODS ENDED MARCH 31, 2025 AND 2024

FOR THE SIX MONTH PERIODS ENDED JUNE 30, 2025 AND 2024

(dollars in thousands)

Three Months Ended

Six Months Ended

CASH FLOWS FROM OPERATING ACTIVITIES:

Net income $ 123,306 $ 92,277

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:

Adjustments to reconcile net income to net cash provided by (used in) operating activities:

Amortization of deferred expenses and share-based incentive compensation 237,536 258,336

8 unchanged sentences

Accrued compensation and benefits and other liabilities ( 585,359 ) ( 322,239 )

Net cash used in operating activities ( 217,526 ) ( 89,986 )

Net cash provided by (used in) in operating activities ( 167,846 ) 86,255

CASH FLOWS FROM INVESTING ACTIVITIES:

1 unchanged sentence

Disposals of property – 1,928

Purchase of investments – ( 98,350 )

Other investing activities ( 23,504 ) –

8 unchanged sentences

Distributions to noncontrolling interests ( 112 ) ( 2,005 )

Tax receivable agreement – ( 30,950 )

Purchase of common stock ( 39,928 ) ( 40,816 )

3 unchanged sentences

Other financing activities ( 11,456 ) ( 8,898 )

Net cash provided by (used in) financing activities ( 191,574 ) 98,487

Net cash used in financing activities ( 231,548 ) ( 94,125 )

EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS AND RESTRICTED CASH 87,348 ( 23,177 )

1 unchanged sentence

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH— January 1 1,609,368 1,224,983

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH—March 31 $ 1,207,782 $ 1,204,652

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH—June 30 $ 1,248,308 $ 1,084,453

See notes to condensed consolidated financial statements.

8 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS

FOR THE THREE MONTH PERIOD ENDED MARCH 31, 2025

FOR THE THREE MONTH PERIOD ENDED JUNE 30, 2025

(dollars in thousands)

13 unchanged sentences

Shares $ Shares $

Balance - January 1, 2025 112,766,091 $ 1,128 $ 327,810 $ 1,472,113 $ ( 326,742 ) 22,467,315 $ ( 838,069 ) $ 636,240 $ 48,914 $ 685,154 $ 79,629

Balance - April 1, 2025 112,766,091 $ 1,128 $ 131,697 $ 1,477,662 $ ( 306,766 ) 18,618,701 $ ( 700,693 ) $ 603,028 $ 45,525 $ 648,553 $ 83,811

Comprehensive income (loss):

8 unchanged sentences

( 20,484 ) ( 295,946 ) 11,158 ( 9,326 ) – ( 9,326 )

Business acquisitions and related equity transactions:

Common stock issuable 1,235 1,235 1,235

Contributions from noncontrolling

2 unchanged sentences

Other ( 1 ) – – ( 1 ) ( 1 )

Balance - March 31, 2025 112,766,091 $ 1,128 $ 131,697 $ 1,477,662 $ ( 306,766 ) 18,618,701 $ ( 700,693 ) $ 603,028 $ 45,525 $ 648,553 $ 83,811

Balance - June 30, 2025 112,766,091 $ 1,128 $ 225,058 $ 1,477,618 $ ( 268,903 ) 18,408,649 $ ( 693,298 ) $ 741,603 $ 44,881 $ 786,484 $ 83,578

See notes to condensed consolidated financial statements.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS

FOR THE THREE MONTH PERIOD ENDED MARCH 31, 2024

FOR THE SIX MONTH PERIOD ENDED JUNE 30, 2025

(dollars in thousands)

14 unchanged sentences

Balance - January 1, 2025 112,766,091 $ 1,128 $ 327,810 $ 1,472,113 $ ( 326,742 ) 22,467,315 $ ( 838,069 ) $ 636,240 $ 48,914 $ 685,154 $ 79,629

Comprehensive income:

Net income 115,721 115,721 2,392 118,113 5,193

Other comprehensive income - net of tax 57,839 57,839 66 57,905

Amortization of share-based incentive compensation 180,615 180,615 3,510 184,125

Dividend equivalents 17,602 ( 18,192 ) ( 590 ) ( 9,728 ) ( 10,318 )

Common stock dividends ($ 1.00 per share)

( 92,024 ) ( 92,024 ) ( 92,024 )

Purchase of common stock 859,849 ( 39,928 ) ( 39,928 ) ( 39,928 )

Delivery of common stock in connection with share-based incentive compensation and related tax expense of $ 10,747

( 298,865 ) ( 4,960,484 ) 186,626 ( 112,239 ) ( 1,522 ) ( 113,761 )

Business acquisitions and related equity transactions:

Common stock issuable 1,235 1,235 1,235

Contribution from noncontrolling interests,

net 1,249 1,249

LFI Consolidated Funds ( 1,244 )

Other ( 3,339 ) 41,969 ( 1,927 ) ( 5,266 ) ( 5,266 )

Balance - June 30, 2025 112,766,091 $ 1,128 $ 225,058 $ 1,477,618 $ ( 268,903 ) 18,408,649 $ ( 693,298 ) $ 741,603 $ 44,881 $ 786,484 $ 83,578

See notes to condensed consolidated financial statements.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS

FOR THE THREE MONTH PERIOD ENDED JUNE 30, 2024

(dollars in thousands)

Common Stock Additional

Capital Retained

Earnings Accumulated

Comprehensive

Income (Loss),

Net of Tax Common Stock

Held By Subsidiaries Total

Stockholders’

Equity Noncontrolling

Interests Total

Stockholders’

Equity Redeemable

Noncontrolling

Shares $ Shares $

Balance - April 1, 2024 112,766,091 $ 1,128 $ 134,573 $ 1,384,829 $ ( 303,995 ) 22,248,005 $ ( 823,821 ) $ 392,714 $ 55,817 $ 448,531 $ 88,475

Comprehensive income (loss):

8 unchanged sentences

( 11,378 ) ( 142,815 ) 5,300 ( 6,078 ) – ( 6,078 )

Distributions to noncontrolling interests, net ( 765 ) ( 765 )

LFI Consolidated Funds ( 8,005 )

Other 144 ( 6 ) ( 6 ) ( 6 )

Balance - June 30, 2024 112,766,091 $ 1,128 $ 218,455 $ 1,382,703 $ ( 306,293 ) 22,596,555 $ ( 837,338 ) $ 458,655 $ 55,535 $ 514,190 $ 80,931

See notes to condensed consolidated financial statements.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS

FOR THE SIX MONTH PERIOD ENDED JUNE 30, 2024

(dollars in thousands)

Common Stock Additional

Capital Retained

Earnings Accumulated

Comprehensive

Income (Loss),

Net of Tax Common Stock

Held By Subsidiaries Total

Stockholders’

Equity Noncontrolling

Interests Total

Stockholders’

Equity Redeemable

Noncontrolling

Shares $ Shares $

Balance - January 1, 2024 112,766,091 $ 1,128 $ 247,204 $ 1,402,636 $ ( 289,950 ) 25,340,287 $ ( 937,259 ) $ 423,759 $ 58,428 $ 482,187 $ 87,675

Comprehensive income (loss):

Net income 85,664 85,664 3,535 89,199 3,078

Other comprehensive loss - net of tax ( 16,343 ) ( 16,343 ) – ( 16,343 )

Amortization of share-based incentive compensation 158,211 158,211 1,334 159,545

Dividend equivalents 16,263 ( 16,866 ) ( 603 ) ( 7,230 ) ( 7,833 )

Common stock dividends ($ 1.00 per share)

( 88,731 ) ( 88,731 ) ( 88,731 )

Purchase of common stock 1,055,913 ( 40,816 ) ( 40,816 ) ( 40,816 )

Delivery of common stock in connection with share-based incentive compensation and related tax expense of $ 881

( 204,458 ) ( 3,799,789 ) 140,743 ( 63,715 ) 1,241 ( 62,474 )

Business acquisitions and related equity transactions:

2 unchanged sentences

LFI Consolidated Funds ( 9,822 )

Balance - March 31, 2024 112,766,091 $ 1,128 $ 134,573 $ 1,384,829 $ ( 303,995 ) 22,248,005 $ ( 823,821 ) $ 392,714 $ 55,817 $ 448,531 $ 88,475

Other 144 ( 6 ) ( 6 ) – ( 6 )

Balance - June 30, 2024 112,766,091 $ 1,128 $ 218,455 $ 1,382,703 $ ( 306,293 ) 22,596,555 $ ( 837,338 ) $ 458,655 $ 55,535 $ 514,190 $ 80,931

See notes to condensed consolidated financial statements.

4 unchanged sentences

Lazard provides advice on mergers and acquisitions, capital markets and capital solutions, restructuring and liability management, geopolitics, and other strategic matters, as well as asset management and investment solutions to institutions, corporations, governments, partnerships, family offices, and high net worth individuals.

indirectly held 100 % of all outstanding common membership interests of Lazard Group LLC, a Delaware limited liability company (collectively referred to, together with its subsidiaries, as “Lazard Group”), as of March 31, 2025 and December 31, 2024.

Lazard, Inc., through its control of the managing members of Lazard Group LLC, controls Lazard Group, which is governed by a Third Amended and Restated Operating Agreement that is effective as of January 1, 2023 (the “Operating Agreement”).

13 unchanged sentences

Although these estimates are based on management’s knowledge of current events and actions that Lazard may undertake in the future, actual results may differ materially from the estimates.

The condensed consolidated results of operations for the three month period ended March 31, 2025 are not indicative of the results to be expected for any future interim or annual period.

The condensed consolidated results of operations for the three month and six month periods ended June 30, 2025 are not indicative of the results to be expected for any future interim or annual period.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

37 unchanged sentences

Three Months Ended

June 30, Six Months Ended

2025 2024 2025 2024

Financial Advisory (a) $ 497,306 $ 411,308 $ 864,665 $ 864,815

25 unchanged sentences

(dollars in thousands, except for per share data, unless otherwise noted)

At March 31, 2025, the Company had deferred revenue of $ 129,207 included in “other liabilities” on the condensed consolidated statements of financial condition.

During the three month period ended March 31, 2025, the Company recognized $ 10,739 in revenue, that was included in the deferred revenue balance as of December 31, 2024 of $ 136,536 .

At June 30, 2025, the Company had deferred revenue of $ 129,413 included in “other liabilities” on the condensed consolidated statements of financial condition.

During the three month and six month periods ended June 30, 2025, the Company recognized $ 5,768 and $ 16,507 in revenue, respectively, that was included in the deferred revenue balance as of December 31, 2024 of $ 136,536 .

RECEIVABLES AND ALLOWANCE FOR CREDIT LOSSES

1 unchanged sentence

Where applicable, receivables are stated net of an estimated allowance for credit losses determined in accordance with the current expected credit losses (“CECL”) model.

Of the Company’s fee receivables at March 31, 2025 and December 31, 2024, $ 121,314 and $ 130,682 , respectively, represented financing receivables for our Private Capital Advisory fees.

At March 31, 2025 and December 31, 2024, customers and other receivables included $ 96,382 and $ 82,985 , respectively, of customer loans provided by LFB to high net worth individuals and families , which are fully collateralized and monitored for counterparty creditworthiness, with such collateral having a fair value in excess of the carrying amount of the loans as of both March 31, 2025 and December 31, 2024.

The aggregate carrying amount of other fees and customers and other receivables was $ 465,308 and $ 539,956 at March 31, 2025 and December 31, 2024, respectively.

Activity in the allowance for credit losses for the three month periods ended March 31, 2025 and 2024 was as follows:

Of the Company’s fee receivables at June 30, 2025 and December 31, 2024, $ 108,982 and $ 130,682 , respectively, represented financing receivables for our Private Capital Advisory fees.

At June 30, 2025 and December 31, 2024, customers and other receivables included $ 117,358 and $ 82,985 , respectively, of customer loans provided by LFB to high net worth individuals and families , which are fully collateralized and monitored for counterparty creditworthiness, with such collateral having a fair value in excess of the carrying amount of the loans as of both June 30, 2025 and December 31, 2024.

The aggregate carrying amount of other fees and customers and other receivables was $ 528,455 and $ 539,956 at June 30, 2025 and December 31, 2024, respectively.

Activity in the allowance for credit losses for the three month and six month periods ended June 30, 2025 and 2024 was as follows:

Three Months Ended

June 30, Six Months Ended

2025 2024 2025 2024

Beginning Balance $ 26,340 $ 30,086 $ 32,033 $ 28,503

7 unchanged sentences

(dollars in thousands, except for per share data, unless otherwise noted)

The Company’s investments consist of the following at March 31, 2025 and December 31, 2024:

The Company’s investments consist of the following at June 30, 2025 and December 31, 2024:

2025 December 31,

10 unchanged sentences

___________________________________

(a) Interests in alternative investment funds, debt funds and equity funds include investments, including those held by LFI Consolidated Funds (see Note 21), with fair values of $ 20,937 , $ 90,688 and $ 166,160 , respectively, at March 31, 2025 and $ 23,865 , $ 126,407 and $ 223,729 , respectively, at December 31, 2024, held in order to satisfy the Company’s obligation upon vesting of previously granted Lazard Fund Interests (“LFI”) and other similar deferred compensation arrangements.

(a) Interests in alternative investment funds, debt funds and equity funds include investments (fair values shown below), including those held by LFI Consolidated Funds (see Note 21), held to satisfy the Company’s obligation upon vesting of previously granted Lazard Fund Interests (“LFI”) and other similar deferred compensation arrangements.

LFI represent grants by the Company to eligible employees of interests in a number of Lazard-managed funds, subject to service-based vesting conditions (see Notes 7 and 13).

Debt securities primarily consists of investments in government securities held within separately managed accounts in order to seed strategies in our Asset Management business.

2025 December 31,

Investments related to LFI and other similar

deferred compensation arrangements:

Alternative investments $ 21,805 $ 23,865

Debt 93,022 126,407

Equity 170,356 223,729

Total $ 285,183 $ 374,001

Debt securities primarily consist of investments in debt securities held within separately managed accounts in order to seed strategies in our Asset Management business.

Equity securities primarily consist of investments in marketable equity securities of large-, mid- and small-cap domestic, international and global companies held within separately managed accounts in order to seed strategies in our Asset Management business.

2 unchanged sentences

Debt funds primarily consist of investments in debt securities in order to seed strategies in our Asset Management business and amounts related to LFI discussed above.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(dollars in thousands, except for per share data, unless otherwise noted)

Equity funds primarily consist of investments in equity securities in order to seed strategies in our Asset Management business, and amounts related to LFI discussed above.

4 unchanged sentences

Private equity investments consolidated but not owned by Lazard relate to the economic interests that are owned by the management team and other investors in the Edgewater Funds (“Edgewater”).

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(dollars in thousands, except for per share data, unless otherwise noted)

Equity method investments include an interest in a venture capital asset management entity accounted for under the equity method of accounting.

The carrying value includes amounts related to intangible assets, which are amortized, and goodwill.

During the three month periods ended March 31, 2025 and 2024, the Company reported in “revenue-other” on its condensed consolidated statements of operations net unrealized investment gains and losses pertaining to equity securities and trading debt securities still held as of the reporting date as follows:

During the three month and six month periods ended June 30, 2025 and 2024, the Company reported in “revenue-other” on its condensed consolidated statements of operations net unrealized investment gains and losses pertaining to equity securities and trading debt securities still held as of the reporting date as follows:

Three Months Ended

June 30, Six Months Ended

2025 2024 2025 2024

Net unrealized investment gains (losses) $ 48,225 $ ( 10,248 ) $ 39,241 $ 753

As of June 30, 2025, the Company has pledged investments with a carrying value of $ 41,223 , primarily as collateral for its derivative contracts (see Note 7).

Such pledged assets can be sold or repledged by the secured party.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(dollars in thousands, except for per share data, unless otherwise noted)

FAIR VALUE MEASUREMENTS

5 unchanged sentences

Items included in Level 3 include securities or other financial assets whose trading volume and level of activity have significantly decreased when compared with normal market activity and there is no longer sufficient frequency or volume to provide pricing information on an ongoing basis.

The fair value of debt securities, including instruments reported as either cash and cash equivalents, deposits with banks and short-term investments, or investments, is classified as Level 1 when the fair values are based on unadjusted quoted prices in active markets, or Level 2 when based on one or more quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

The fair value of debt securities, including instruments reported as either cash and cash equivalents, deposits with banks and short-term investments, restricted cash, or investments, is classified as Level 1 when the fair values are based on unadjusted quoted prices in active markets, or Level 2 when based on one or more quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

The fair value of equity securities is classified as Level 1 or Level 3 as follows:

6 unchanged sentences

The contingent consideration liability is initially recorded at fair value on the acquisition date and is included in “other liabilities” on the condensed consolidated statements of financial condition.

The fair value of the contingent consideration liability is remeasured at each

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(dollars in thousands, except for per share data, unless otherwise noted)

reporting period.

The fair value of the contingent consideration liability is remeasured at each reporting period.

The inputs used to derive the fair value of the contingent consideration include the application of probabilities when assessing certain performance thresholds for the relevant periods.

6 unchanged sentences

and the fair value of derivative liabilities related to LFI and other similar deferred compensation arrangements is based on the value of the underlying investments, adjusted for forfeitures.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(dollars in thousands, except for per share data, unless otherwise noted)

Investments Measured at Net Asset Value (“NAV”) —As a practical expedient, the Company uses NAV or its equivalent to measure the fair value of certain investments.

1 unchanged sentence

The Company’s investments valued at NAV as a practical expedient in (i) alternative investment funds, debt funds and equity funds are redeemable in the near term, and (ii) private equity funds are not redeemable in the near term as a result of redemption restrictions.

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

The following tables present, as of June 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:

June 30, 2025

Level 1 Level 2 Level 3 NAV Total

2 unchanged sentences

investments (a) 24,667 – – – 24,667

Restricted cash (a) 200 – – – 200

Debt – 207 – – 207

31 unchanged sentences

Treasury securities.

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

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 six month periods ended June 30, 2025 and 2024:

Three Months Ended June 30, 2025

Balance Net Unrealized/

7 unchanged sentences

Contingent consideration

liability (b) $ 4,495 $ 26 $ – $ ( 2,300 ) $ – $ 2,221

liability $ 2,221 $ 27 $ – $ – $ – $ 2,248

Total Level 3 liabilities $ 2,221 $ 27 $ – $ – $ – $ 2,248

1 unchanged sentence

(dollars in thousands, except for per share data, unless otherwise noted)

Three Months Ended March 31, 2024

Six Months Ended June 30, 2025

Balance Net Unrealized/

9 unchanged sentences

Total Level 3 liabilities $ 4,495 $ 53 $ – $ ( 2,300 ) $ – $ 2,248

Three Months Ended June 30, 2024

Balance Net Unrealized/

Earnings (a) Purchases/

Issuances Sales/

Settlements/ Foreign

Adjustments Ending

Equity $ 475 $ 37 $ 109 $ – $ ( 10 ) $ 611

Private equity funds 267 – – – ( 3 ) 264

Total Level 3 assets $ 742 $ 37 $ 109 $ – $ ( 13 ) $ 875

Contingent consideration

liability $ 4,336 $ 53 $ – $ – $ – $ 4,389

Total Level 3 liabilities $ 4,336 $ 53 $ – $ – $ – $ 4,389

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(dollars in thousands, except for per share data, unless otherwise noted)

Six Months Ended June 30, 2024

Balance Net Unrealized/

Earnings (a) Purchases/Acquisitions/

Issuances Sales/

Transfers Foreign

Adjustments Ending

Equities $ 493 $ 37 $ 109 $ – $ ( 28 ) $ 611

Private equity funds 273 – – – ( 9 ) 264

Total Level 3 assets $ 766 $ 37 $ 109 $ – $ ( 37 ) $ 875

Contingent consideration

liability (b) $ 6,583 $ 106 $ – $ ( 2,300 ) $ – $ 4,389

Total Level 3 liabilities $ 6,583 $ 106 $ – $ ( 2,300 ) $ – $ 4,389

_________________________________

(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.

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

(a) Earnings recorded in “ other revenue ” for investments in Level 3 assets for the three month and six month periods ended June 30, 2025 and 2024 include net unrealized gains of $ 46 , $ 47 , $ 37 , and $ 37 , respectively.

Unrealized losses of $ 27 , $ 53 , $ 53 and $ 106 were recorded in “ operating expenses-other ” for the contingency consideration liability for the three month and six month periods ended June 30, 2025 and 2024, respectively.

(b) For the six month periods ended June 30, 2025 and 2024, settlements represent aggregate cash and noncash settlement of contingent consideration after the acquisition date.

The following tables present, at June 30, 2025 and December 31, 2024, certain investments that are valued using NAV or its equivalent as a practical expedient in determining fair value:

June 30, 2025

Investments Redeemable

41 unchanged sentences

(f) Distributions from each fund will be received as the underlying investments of the funds are liquidated.

The tables below present the fair value of the Company’s derivative instruments reported within “other assets” and “other liabilities” and the fair value of the Company’s derivative liabilities relating to its obligations pertaining to LFI and other similar deferred compensation arrangements reported within “accrued compensation and benefits” (see Note 13) on the accompanying condensed consolidated statements of financial condition as of March 31, 2025 and December 31, 2024.

Notional amounts provide an indication of the volume of the Company's derivative activity.

4 unchanged sentences

These amounts mitigate counterparty credit risk associated with the Company’s derivative instruments, but are not eligible for net presentation on the condensed consolidated statements of financial condition.

March 31, 2025

June 30, 2025

Derivative Assets Derivative Liabilities

36 unchanged sentences

(dollars in thousands, except for per share data, unless otherwise noted)

(included in “compensation and benefits” expense) as reflected on the accompanying condensed consolidated statements of operations for the three month periods ended March 31, 2025 and 2024 were as follows:

(included in “compensation and benefits” expense) as reflected on the accompanying condensed consolidated statements of operations for the three month and six month periods ended June 30, 2025 and 2024 were as follows:

Three Months Ended

June 30, Six Months Ended

2025 2024 2025 2024

Forward foreign currency exchange rate contracts $ ( 9,610 ) $ 1,894 $ ( 15,009 ) $ 3,225

3 unchanged sentences

PROPERTY, NET

At March 31, 2025 and December 31, 2024, property consisted of the following:

Life in Years March 31,

At June 30, 2025 and December 31, 2024, property consisted of the following:

Life in Years June 30,

2025 December 31,

10 unchanged sentences

Property, net $ 176,240 $ 160,402

Changes in the carrying amount of goodwill for the three month periods ended March 31, 2025 and 2024 are as follows:

Three Months Ended March 31,

Changes in the carrying amount of goodwill for the six month periods ended June 30, 2025 and 2024 are as follows:

Six Months Ended June 30,

Financial Advisory Asset Management Total Financial Advisory Asset Management Total

1 unchanged sentence

Foreign currency translation adjustments 1,650 – 1,650 ( 931 ) – ( 931 )

Balance, March 31 $ 312,833 $ 81,270 $ 394,103 $ 312,828 $ 81,270 $ 394,098

Balance, June 30 $ 313,955 $ 81,270 $ 395,225 $ 312,697 $ 81,270 $ 393,967

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(dollars in thousands, except for per share data, unless otherwise noted)

Senior debt is comprised of the following as of March 31, 2025 and December 31, 2024:

Senior debt is comprised of the following as of June 30, 2025 and December 31, 2024:

Outstanding as of

March 31, 2025 December 31, 2024

June 30, 2025 December 31, 2024

Amount Maturity

10 unchanged sentences

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 March 31, 2025, the maximum future payments that Lazard, Inc.

could be required to make under this guarantee is the same as the carrying amount on the condensed consolidated statements of financial condition plus accrued interest.

As of June 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.

In conjunction with the Lazard, Inc.

2 unchanged sentences

The Company’s senior debt is unsecured and is carried at its principal amount outstanding, net of unamortized debt costs.

At March 31, 2025 and December 31, 2024, the fair value of such senior debt was approximately $ 1,697,000 and $ 1,682,000 , respectively.

At June 30, 2025 and December 31, 2024, the fair value of such senior debt was approximately $ 1,716,000 and $ 1,682,000 , respectively.

The fair value of the Company’s senior debt is based on market quotations.

1 unchanged sentence

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”).

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.

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.

1 unchanged sentence

guarantee of the Lazard Group Senior Notes, on December 23, 2024, the Company and Lazard Group LLC entered into the First Amendment to Second Amended and Restated Credit Agreement (the “First Amendment”).

As of March 31, 2025, the Company had approximately $ 209,200 in unused lines of credit available to it, including the credit facility provided under the Second Amended and Restated Credit Agreement.

As of June 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.

7 unchanged sentences

The fulfillment of the commitments described herein should not have a material adverse effect on the Company’s condensed consolidated financial position or results of operations.

Legal —The Company is involved from time to time in judicial, governmental, regulatory and arbitration proceedings and inquiries concerning matters arising in connection with the conduct of our businesses, including proceedings initiated by former employees alleging wrongful termination.

The Company reviews such matters on a case-by-case basis and establishes any required accrual if a loss is probable and the amount of such loss can be reasonably estimated.

4 unchanged sentences

Share Repurchase Program — The Board of Directors of Lazard authorized the repurchase of Lazard, Inc.

common stock (“common stock”) as set forth in the table below as of March 31, 2025:

common stock (“common stock”) as set forth in the table below as of June 30, 2025:

Date Repurchase

5 unchanged sentences

Purchases with respect to such program are set forth in the table below:

Three Months Ended March 31:

Six Months Ended June 30:

Purchased Average

1 unchanged sentence

2025 859,849 $ 46.44

During the three month periods ended March 31, 2025 and 2024, certain of our executive officers received common stock in connection with the vesting or settlement of previously-granted deferred equity incentive awards.

During the six month periods ended June 30, 2025 and 2024, certain of our executive officers received common stock in connection with the vesting or settlement of previously-granted deferred equity incentive awards.

The vesting or settlement of such equity awards gave rise to a tax payable by the executive officers, and, consistent with our past practice, the Company purchased shares of common stock from certain of our executive officers equal in value to all or a portion of the estimated amount of such tax.

The aggregate value of all such purchases during the three month periods ended March 31, 2025 and 2024 was approximately $ 8,001 and $ 11,200 , respectively.

In addition, during the six month period ended June 30, 2025, the Company purchased shares of common stock from certain of our executive officers.

The aggregate value of all such purchases during the six month periods ended June 30, 2025 and 2024 was approximately $ 11,800 and $ 11,200 , respectively.

Such shares of common stock are reported at cost, and are included in “common stock held by subsidiaries” on the accompanying condensed consolidated statements of financial condition.

1 unchanged sentence

(dollars in thousands, except for per share data, unless otherwise noted)

As of March 31, 2025, a total of $ 163,835 of share repurchase authorization remained available under Lazard, Inc.’s share repurchase program, which will expire on December 31, 2026 .

During the three month period ended March 31, 2025, Lazard, Inc.

As of June 30, 2025, a total of $ 160,072 of share repurchase authorization remained available under Lazard, Inc.’s share repurchase program, which will expire on December 31, 2026 .

During the six month period ended June 30, 2025, Lazard, Inc.

had in place trading plans under Rule 10b5-1 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), pursuant to which it effected stock repurchases in the open market.

Accumulated Other Comprehensive Income (Loss) (“AOCI”), Net of Tax — The tables below reflect the balances of each component of AOCI at March 31, 2025 and 2024 and activity during the three month periods then ended:

Three Months Ended March 31, 2025

Accumulated Other Comprehensive Income (Loss) (“AOCI”), Net of Tax — The tables below reflect the balances of each component of AOCI at June 30, 2025 and 2024 and activity during the three month and six month periods then ended:

Three Months Ended June 30, 2025

Adjustments Employee

2 unchanged sentences

Interests Total

Balance - January 1, 2025 $ ( 160,914 ) $ ( 165,888 ) $ ( 326,802 ) $ ( 60 ) $ ( 326,742 )

Balance - April 1, 2025 $ ( 136,701 ) $ ( 170,101 ) $ ( 306,802 ) $ ( 36 ) $ ( 306,766 )

Other comprehensive income (loss) before reclassifications 45,868 ( 10,028 ) 35,840 42 35,798

1 unchanged sentence

Net other comprehensive income (loss) 45,868 ( 7,963 ) 37,905 42 37,863

Balance, March 31, 2025 $ ( 136,701 ) $ ( 170,101 ) $ ( 306,802 ) $ ( 36 ) $ ( 306,766 )

Three Months Ended March 31, 2024

Balance, June 30, 2025 $ ( 90,833 ) $ ( 178,064 ) $ ( 268,897 ) $ 6 $ ( 268,903 )

Six Months Ended June 30, 2025

Adjustments Employee

6 unchanged sentences

Net other comprehensive income (loss) 70,081 ( 12,176 ) 57,905 66 57,839

Balance, March 31, 2024 $ ( 140,253 ) $ ( 163,741 ) $ ( 303,994 ) $ 1 $ ( 303,995 )

Balance, June 30, 2025 $ ( 90,833 ) $ ( 178,064 ) $ ( 268,897 ) $ 6 $ ( 268,903 )

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(dollars in thousands, except for per share data, unless otherwise noted)

The table below reflects adjustments for items reclassified out of AOCI, by component, for the three month periods ended March 31, 2025 and 2024:

Three Months Ended June 30, 2024

Adjustments Employee

Attributable to

Noncontrolling

Interests Total

Balance - April 1, 2024 $ ( 140,253 ) $ ( 163,741 ) $ ( 303,994 ) $ 1 $ ( 303,995 )

Other comprehensive income (loss) before reclassifications ( 4,572 ) 789 ( 3,783 ) – ( 3,783 )

Adjustments for items reclassified to earnings, net of tax – 1,485 1,485 – 1,485

Net other comprehensive income (loss) ( 4,572 ) 2,274 ( 2,298 ) – ( 2,298 )

Balance, June 30, 2024 $ ( 144,825 ) $ ( 161,467 ) $ ( 306,292 ) $ 1 $ ( 306,293 )

Six Months Ended June 30, 2024

Adjustments Employee

Attributable to

Noncontrolling

Interests Total

Balance - January 1, 2024 $ ( 123,991 ) $ ( 165,958 ) $ ( 289,949 ) $ 1 $ ( 289,950 )

Other comprehensive income (loss) before reclassifications ( 20,834 ) 1,604 ( 19,230 ) – ( 19,230 )

Adjustments for items reclassified to earnings, net of tax – 2,887 2,887 – 2,887

Net other comprehensive income (loss) ( 20,834 ) 4,491 ( 16,343 ) – ( 16,343 )

Balance, June 30, 2024 $ ( 144,825 ) $ ( 161,467 ) $ ( 306,292 ) $ 1 $ ( 306,293 )

The table below reflects adjustments for items reclassified out of AOCI, by component, for the three month and six month periods ended June 30, 2025 and 2024:

Three Months Ended

June 30, Six Months Ended

2025 2024 2025 2024

Employee benefit plans:

6 unchanged sentences

Noncontrolling Interests —Noncontrolling interests principally represent (i) interests held in Edgewater’s management vehicles that the Company is deemed to control, but does not own and (ii) profits interest participation rights (see Note 13).

Redeemable Noncontrolling Interests —Redeemable noncontrolling interests principally represent consolidated VIE interests held by employees (vested LFI awards), which may be redeemed at any time at the option of the holder for cash, are recorded on the Company’s condensed consolidated statements of financial position at redemption value and classified as temporary equity.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(dollars in thousands, except for per share data, unless otherwise noted)

Redeemable Noncontrolling Interests —Redeemable noncontrolling interests represent consolidated VIE interests held by employees (vested LFI awards), which may be redeemed at any time at the option of the holder for cash, are recorded on the Company’s condensed consolidated statements of financial position at redemption value and classified as temporary equity.

Changes in redemption value are recognized immediately as they occur and will adjust the carrying value of redeemable noncontrolling interests to equal the redemption value at the end of each reporting period (see Note 21).

Dividends Declared, April 24, 2025 —On April 24, 2025 , the Board of Directors of Lazard declared a quarterly dividend of $ 0.50 per share on our common stock.

The dividend is payable on May 16, 2025 , to stockholders of record on May 5, 2025 .

Dividends Declared, July 23, 2025 —On July 23, 2025 , the Board of Directors of Lazard declared a quarterly dividend of $ 0.50 per share on our common stock.

The dividend is payable on August 15, 2025 , to stockholders of record on August 4, 2025 .

INCENTIVE PLANS

7 unchanged sentences

and other share-based awards.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(dollars in thousands, except for per share data, unless otherwise noted)

The following reflects the expense with respect to share-based incentive plans, which is primarily recorded within “compensation and benefits” expense in the Company’s accompanying condensed consolidated statements of operations for the three month periods ended March 31, 2025 and 2024:

Three Months Ended

June 30, Six Months Ended

2025 2024 2025 2024

Share-based incentive awards:

10 unchanged sentences

RSUs generally require future service as a condition for vesting (unless the recipient is then eligible for retirement under the Company’s retirement policy or is a non-executive member of the Board of Directors) and convert into shares of common stock on a one-for-one basis after the stipulated vesting periods.

The grant date fair value of the RSUs, net of an estimated forfeiture rate, is expensed over the requisite service periods (generally, one-third after two years and the remaining two-thirds after the third year), and is adjusted for actual forfeitures over such period.

The grant date fair value of the RSUs, net of an

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(dollars in thousands, except for per share data, unless otherwise noted)

estimated forfeiture rate, is expensed over the requisite service periods (generally, one-third after two years and the remaining two-thirds after the third year), and is adjusted for actual forfeitures over such period.

RSUs generally include a dividend participation right during the applicable vesting period, which is payable in additional units.

During the three month period ended March 31, 2025, dividend participation rights required the issuance of an aggregate 212,342 units of RSUs and the associated aggregate charge to “retained earnings” (with a corresponding credit to “additional paid-in-capital”) was $ 9,421 .

In connection with RSUs and PRSUs that settled during the three month period ended March 31, 2025, the Company satisfied its minimum statutory tax withholding requirements in lieu of delivering 1,753,468 and 52,000 shares, respectively, of common stock during such three month period.

Accordingly, 2,415,794 and 58,638 shares, respectively, of common stock held by the Company were delivered during the three month period ended March 31, 2025.

During the six month period ended June 30, 2025, dividend participation rights required the issuance of an aggregate 394,800 units of RSUs and the associated aggregate charge to “retained earnings” (with a corresponding credit to “additional paid-in-capital”) was $ 17,602 .

In connection with RSUs and PRSUs that settled during the six month period ended June 30, 2025, the Company satisfied its minimum statutory tax withholding requirements in lieu of delivering 1,968,550 and 52,000 shares, respectively, of common stock during such six month period.

Accordingly, 2,637,040 and 58,638 shares, respectively, of common stock held by the Company were delivered during the six month period ended June 30, 2025.

PRSUs are a type of RSU that is incrementally subject to performance-based and service-based vesting conditions and a market-based condition.

3 unchanged sentences

PRSUs vest on a single date approximately three years following the date of the grant, provided the applicable service and performance conditions are satisfied.

PRSUs include dividend participation rights that are subject to the same vesting restrictions (including performance conditions) as the

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(dollars in thousands, except for per share data, unless otherwise noted)

underlying PRSUs to which they relate and are settled in cash at the same rate that dividends are paid on common stock.

PRSUs include dividend participation rights that are subject to the same vesting restrictions (including performance conditions) as the underlying PRSUs to which they relate and are settled in cash at the same rate that dividends are paid on common stock.

Compensation expense recognized for PRSU awards is determined by multiplying the number of shares of common stock underlying such awards that, based on the Company’s estimate, are considered probable of vesting, by the grant date fair value.

The following is a summary of activity relating to RSUs and PRSUs during the three month period ended March 31, 2025:

The following is a summary of activity relating to RSUs and PRSUs during the six month period ended June 30, 2025:

Units Weighted

6 unchanged sentences

Settled ( 4,680,290 ) $ 34.63 ( 110,638 ) $ 29.53

Balance, March 31, 2025 17,771,915 $ 43.37 –

Balance, June 30, 2025 17,443,760 $ 43.56 –

_________________________________

(a) Represents PRSUs earned during the three month period ended March 31, 2025 under the performance conditions of previously-granted PRSU awards in excess of the target payout levels of such awards.

The weighted-average grant date fair value of RSUs granted in the three month period ended March 31, 2024 was $ 38.74 .

As of March 31, 2025, the total estimated unrecognized compensation expense related to RSUs was $ 439,270 .

The Company expects to expense such amounts over weighted-average periods of approximately 1.8 years, respectively, subsequent to March 31, 2025.

(a) Represents PRSUs earned during the six month period ended June 30, 2025 under the performance conditions of previously-granted PRSU awards in excess of the target payout levels of such awards.

The weighted-average grant date fair value of RSUs granted in the six month period ended June 30, 2024 was $ 38.70 .

As of June 30, 2025, the total estimated unrecognized compensation expense related to RSUs was $ 356,051 .

The Company expects to expense such amounts over a weighted-average period of approximately 1.8 years subsequent to June 30, 2025.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(dollars in thousands, except for per share data, unless otherwise noted)

PIPRs are equity incentive awards that, subject to certain vesting and other conditions described below, may be exchanged for shares of common stock pursuant to the 2018 Plan.

7 unchanged sentences

All PIPR awards are subject to service-based vesting conditions.

In addition to PIPR awards with only service based vesting conditions (“Ordinary PIPRs”) granted to certain of our executive officers and a limited number of

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(dollars in thousands, except for per share data, unless otherwise noted)

employees, the Company has granted the following types of PIPRs to certain of our executive officers, that are subject to additional vesting and market-based conditions:

In addition to PIPR awards with only service based vesting conditions (“Ordinary PIPRs”) granted to certain of our executive officers and a limited number of employees, the Company has granted the following types of PIPRs to certain of our executive officers, that are subject to additional vesting and market-based conditions:

• Performance PIPRs (“P-PIPRs”), which are subject to service-based and performance-based vesting conditions and incremental market-based conditions.

8 unchanged sentences

Each Tranche, as described below, is subject to the executive’s continued employment through the applicable anniversary of the date of grant and requires that the applicable common stock price milestone is sustained for any 30 consecutive day period prior to the anniversary of the date of grant of the applicable Tranche (the “Expiration Date”).

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(dollars in thousands, except for per share data, unless otherwise noted)

SP-PIPRs vest:

3 unchanged sentences

If the service conditions and common stock price milestones, as described above, are not achieved as of the Expiration Date, all SP-PIPRs in such Tranche will be forfeited.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(dollars in thousands, except for per share data, unless otherwise noted)

The following is a summary of activity relating to all PIPRs during the three month period ended March 31, 2025:

The following is a summary of activity relating to all PIPRs during the six month period ended June 30, 2025:

Ordinary PIPRs (a) P-PIPRs SP-PIPRs

7 unchanged sentences

Settled ( 478,646 ) $ 32.95 ( 1,711,460 ) $ 29.53 – $ –

Balance, March 31, 2025 4,084,294 $ 39.31 – 2,250,000 $ 15.06

Balance, June 30, 2025 4,084,294 $ 39.31 – 2,250,000 $ 15.06

__________________________

(a) Includes PIPR awards with only service-based vesting conditions.

(b) Represents P-PIPRs earned during the three month period ended March 31, 2025 under the performance conditions of previously-granted P-PIPR awards in excess of the target payout levels of such awards.

(b) Represents P-PIPRs earned during the six month period ended June 30, 2025 under the performance conditions of previously-granted P-PIPR awards in excess of the target payout levels of such awards.

Fair values shown above represent the weighted average as of grant date.

The weighted-average grant date fair value of ordinary PIPRs granted in the three month period ended March 31, 2024 was $ 38.26 .

The weighted-average grant date fair value of ordinary PIPRs granted in the six month period ended June 30, 2024 was $ 38.26 .

Compensation expense recognized for ordinary PIPRs and P-PIPRs is determined by multiplying the number of shares of common stock underlying such awards that, based on the Company’s estimate, are considered probable of vesting, by the grant date fair value.

Compensation expense recognized for SP-PIPRs is determined by multiplying the number of shares of common stock underlying such awards by the grant date fair value.

As of March 31, 2025, the total estimated unrecognized compensation expense of all profits interest participation rights was $ 101,583 and the Company expects to expense such amount over a weighted-average period of approximately 2.2 years subsequent to March 31, 2025.

As of June 30, 2025, the total estimated unrecognized compensation expense of all profits interest participation rights was $ 77,378 and the Company expects to expense such amount over a weighted-average period of approximately 2.3 years subsequent to June 30, 2025.

LFI and Other Similar Deferred Compensation Arrangements

5 unchanged sentences

(dollars in thousands, except for per share data, unless otherwise noted)

The following is a summary of activity relating to LFI and other similar deferred compensation arrangements during the three month period ended March 31, 2025:

The following is a summary of activity relating to LFI and other similar deferred compensation arrangements during the six month period ended June 30, 2025:

Asset Compensation

4 unchanged sentences

Change in fair value of underlying investments – 15,752

Balance, March 31, 2025 $ 71,250 $ 171,709

The amortization of the prepaid compensation asset will generally be recognized over a weighted average period of approximately 1.5 years subsequent to March 31, 2025.

The following is a summary of the impact of LFI and other similar deferred compensation arrangements on “compensation and benefits” expense within the accompanying condensed consolidated statements of operations for the three month periods ended March 31, 2025 and 2024:

Other 7 4,033

Balance, June 30, 2025 $ 54,206 $ 182,622

The amortization of the prepaid compensation asset will generally be recognized over a weighted average period of approximately 1.5 years subsequent to June 30, 2025.

Three Months Ended

June 30, Six Months Ended

2025 2024 2025 2024

Amortization and the impact of forfeitures $ 16,916 $ 22,406 $ 35,397 $ 58,105

5 unchanged sentences

The prepaid compensation asset is amortized over the requisite service period beginning on the grant date and is charged to “compensation and benefits” expense in the condensed consolidated statements of operations.

Amortization expense for the three months ended March 31, 2025 was $ 3,693 .

The remaining prepaid compensation asset was $ 33,215 as of March 31, 2025.

Amortization expense for the three month and six month periods ended June 30, 2025 was $ 4,079 and $ 7,772 , respectively.

The remaining prepaid compensation asset was $ 27,359 as of June 30, 2025.

EMPLOYEE BENEFIT PLANS

8 unchanged sentences

Management also evaluates from time to time whether to make voluntary contributions to the plans.

The following table summarizes the components of net periodic benefit cost related to the Company’s pension plans for the three month periods ended March 31, 2025 and 2024:

The following table summarizes the components of net periodic benefit cost related to the Company’s pension plans for the three month and six month periods ended June 30, 2025 and 2024:

Pension Plans

Three Months Ended March 31,

Three Months Ended June 30,

Components of Net Periodic Benefit Cost:

6 unchanged sentences

Net periodic benefit cost $ 2,165 $ 857

Pension Plans

Six Months Ended June 30,

Components of Net Periodic Benefit Cost:

Service cost $ 367 $ 328

Interest cost 11,133 10,429

Expected return on plan assets ( 12,349 ) ( 13,076 )

Amortization of:

Prior service cost 616 264

Net actuarial loss 4,117 3,533

Net periodic benefit cost $ 3,884 $ 1,478

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(dollars in thousands, except for per share data, unless otherwise noted)

COST-SAVING INITIATIVES

The Company conducted firm-wide cost-saving initiatives over the course of 2023, which were completed during the first quarter of 2024.

Expenses and losses associated with the cost-saving initiatives for the three month period ended March 31, 2024 consisted of the following:

Three Months Ended March 31, 2024

Expenses and losses associated with the cost-saving initiatives for the six month period ended June 30, 2024 consisted of the following:

Six Months Ended June 30, 2024

Financial Advisory Asset Management Corporate Total

5 unchanged sentences

Total $ 33,481 $ 11,559 $ 3,689 $ 48,729

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(dollars in thousands, except for per share data, unless otherwise noted)

Activity related to the obligations pursuant to the cost-saving initiatives during the three month period ended March 31, 2025 was as follows:

Activity related to the obligations pursuant to the cost-saving initiatives during the six month period ended June 30, 2025 was as follows:

Accrued Compensation and Benefits

2 unchanged sentences

Payments and settlements 5,317

Balance, March 31, 2025 $ 1,861

Balance, June 30, 2025 $ 966

is subject to U.S.

3 unchanged sentences

In addition, Lazard Group LLC is subject to Unincorporated Business Tax (“UBT”) attributable to its operations apportioned to New York City.

The Company recorded an income tax benefit of $ 7,354 and an income tax provision of $ 14,337 for the three month periods ended March 31, 2025 and 2024, respectively, representing effective tax rates of ( 13.5 )% and 26.3 % respectively.

The Company recorded income tax provisions of $ 31,764 and $ 24,410 for the three month and six month periods ended June 30, 2025, respectively, and $ 11,587 and $ 25,924 for the three month and six month periods ended June 30, 2024, respectively, representing effective tax rates of 34.1 %, 16.5 %, 18.2 % and 21.9 %, respectively.

The difference between the U.S.

federal statutory rate of 21.0 % and the effective tax rates reflected above principally relates to (i) the tax impact of differences in the value of share based incentive compensation that vested in the first quarter and other discrete items, (ii) certain foreign source income (loss) not taxable in the U.S., (iii) taxes payable to foreign jurisdictions that are not offset against U.S.

income taxes, (iv) change in the U.S.

federal valuation allowance affecting the provision for income taxes and (v) U.S.

federal statutory rate of 21.0 % and the effective tax rates reflected above principally relates to (i) the tax impact of differences in the value of share based incentive compensation that vested principally in the first quarter, changes in uncertain tax positions during the second quarter of 2024 and other discrete items, (ii) taxes payable to foreign jurisdictions that are not offset against U.S.

income taxes, (iii) change in the U.S.

federal valuation allowance affecting the provision for income taxes and (iv) U.S.

state and local taxes, which are incremental to the U.S.

federal statutory tax rate.

NET INCOME PER SHARE OF COMMON STOCK

The Company is required to utilize the “two-class” method of computing basic and diluted net income per share because the Company issued certain PIPRs, including certain P-PIPRs, which are treated as participating securities.

Cash paid for income taxes, net of refunds for the six month period ended June 30, 2025 was $ 82,298 .

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(dollars in thousands, except for per share data, unless otherwise noted)

The Company’s basic and diluted net income per share calculations using the “two-class” method for the three month periods ended March 31, 2025 and 2024 are presented below:

NET INCOME PER SHARE OF COMMON STOCK

The Company’s basic and diluted net income per share calculations using the “two-class” method for the three month and six month periods ended June 30, 2025 and 2024 are presented below:

Three Months Ended

June 30, Six Months Ended

2025 2024 2025 2024

Net income attributable to Lazard $ 55,346 $ 49,909 $ 115,721 $ 85,664

12 unchanged sentences

__________________________________

(a) The aggregate weighted average number of incremental shares of common stock issuable from PIPRs for the three month periods ended March 31, 2025 and 2024 of 2,814,720 and 2,167,520 that could be potentially dilutive in future periods, have been excluded from the computation of diluted net income per share as the effect would be antidilutive in the respective periods.

(a) The aggregate weighted average number of incremental shares of common stock issuable from PIPRs for the three month and six month periods ended June 30, 2025 of 1,570,105 and 2,192,413 , respectively, and for the three month and six month periods ended June 30, 2024 of 1,229,021 and 1,698,271 , respectively, that could be potentially dilutive in future periods, have been excluded from the computation of diluted net income per share as the effect would be antidilutive in the respective periods.

RELATED PARTIES

1 unchanged sentence

The Company serves as an investment advisor for certain affiliated investment companies and fund entities and receives management fees and, for the alternative investment funds, performance-based incentive fees for providing such services.

Asset management fees relating to such services were $ 138,058 and $ 134,220 for the three month periods ended March 31, 2025 and 2024, respectively, and are included in “asset management fees” on the condensed consolidated statements of operations.

Of such amounts, $ 55,400 and $ 68,577 remained as receivables at March 31, 2025 and December 31, 2024, respectively, and are included in “fees receivable” on the condensed consolidated statements of financial condition.

Asset management fees relating to such services were $ 147,367 and $ 285,425 for the three month and six month periods ended June 30, 2025, respectively, and $ 133,630 and $ 267,850 for the three month and six month periods ended June 30, 2024, respectively, and are included in “asset management fees” on the condensed consolidated statements of operations.

Of such amounts, $ 54,941 and $ 68,577 remained as receivables at June 30, 2025 and December 31, 2024, respectively, and are included in “fees receivable” on the condensed consolidated statements of financial condition.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(dollars in thousands, except for per share data, unless otherwise noted)

Tax Receivable Agreement

3 unchanged sentences

Any amount paid by our subsidiaries to the Trust will generally be distributed pro rata to the owners of the Trust, who include certain of our executive officers.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(dollars in thousands, except for per share data, unless otherwise noted)

For purposes of the TRA, cash savings in income and franchise tax will be computed by comparing our subsidiaries’ actual income and franchise tax liability to the amount of such taxes that our subsidiaries would have been required to pay had there been no increase in the tax basis of certain assets of Lazard Group and had our subsidiaries not entered into the TRA.

3 unchanged sentences

Any changes in the amount of the estimated liability would be recorded as a non-compensation expense in the condensed consolidated statements of operations.

Adjustments, if necessary, to the related deferred tax assets would be recorded through the “provision (benefit) for income taxes”.

The cumulative liability relating to our obligations under the TRA as of March 31, 2025 and December 31, 2024 was $ 75,826 and $ 75,899 , respectively, and is recorded in “tax receivable agreement obligation” on the condensed consolidated statements of financial condition.

Adjustments, if necessary, to the related deferred tax assets would be recorded through the “provision for income taxes”.

The cumulative liability relating to our obligations under the TRA as of June 30, 2025 and December 31, 2024 was $ 75,826 and $ 75,899 , respectively, and is recorded in “tax receivable agreement obligation” on the condensed consolidated statements of financial condition.

See Note 12 for information regarding related party transactions pertaining to shares repurchased from certain of our executive officers.

4 unchanged sentences

In addition, the ratio of aggregate indebtedness (as defined) to net capital may not exceed 15:1.

At March 31, 2025, LFNY’s regulatory net capital was $ 88,440 , which exceeded the minimum requirement by $ 86,169 .

LFNY’s aggregate indebtedness to net capital ratio was 0.39 :1 as of March 31, 2025.

At June 30, 2025, LFNY’s regulatory net capital was $ 103,804 , which exceeded the minimum requirement by $ 100,099 .

LFNY’s aggregate indebtedness to net capital ratio was 0.54 :1 as of June 30, 2025.

subsidiaries of the Company, including LCL, Lazard Fund Managers Limited and Lazard Asset Management Limited (collectively, the “U.K.

Subsidiaries”) are regulated by the Financial Conduct Authority.

At March 31, 2025, the aggregate regulatory net capital of the U.K.

At June 30, 2025, the aggregate regulatory net capital of the U.K.

Subsidiaries was $ 105,992 , which exceeded the minimum requirement by $ 29,452 .

2 unchanged sentences

The investment services activities exercised through LFB and other subsidiaries of CFLF, primarily LFG, also are subject to regulation and supervision by the Autorité des Marchés Financiers.

At December 31, 2024, the consolidated regulatory net capital of CFLF was $ 146,131 , which exceeded the minimum requirement set for regulatory capital levels by $ 61,858 .

At March 31, 2025, the consolidated regulatory net capital of CFLF

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(dollars in thousands, except for per share data, unless otherwise noted)

was $ 164,854 , which exceeded the minimum requirement set for regulatory capital levels by $ 64,272 .

In addition, pursuant to the consolidated supervision rules in the European Union, LFB, in particular, as a French credit institution, is required to be supervised by a regulatory body, either in the U.S.

1 unchanged sentence

LFB and certain other non-Financial Advisory subsidiaries of the Company in the European Union (referred to herein, on a combined basis, as the “combined European regulated group”) is subject to consolidated supervision based on an agreement with the ACPR and under such rules is required to comply with minimum requirements for regulatory net capital.

At December 31, 2024, the regulatory net capital of the combined European regulated group was $ 167,784 , which exceeded the minimum requirement set for regulatory capital levels by $ 73,786 .

At March 31, 2025, the regulatory net capital of the combined European regulated group was $ 187,958 , which exceeded the minimum requirement set for regulatory capital levels by $ 65,081 .

Additionally, the combined European regulated group, together with our Financial Advisory entities in the European Union, is required to perform an annual risk assessment and provide certain other information on a periodic basis.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(dollars in thousands, except for per share data, unless otherwise noted)

Certain other U.S.

subsidiaries are subject to various capital adequacy requirements promulgated by various regulatory and exchange authorities in the countries in which they operate.

At March 31, 2025, for those subsidiaries with regulatory capital requirements, their aggregate net capital was $ 105,581 , which exceeded the minimum required capital by $ 82,167 .

At March 31, 2025, each of these subsidiaries individually was in compliance with its regulatory capital requirements.

At June 30, 2025, for those subsidiaries with regulatory capital requirements, their aggregate net capital was $ 108,666 , which exceeded the minimum required capital by $ 83,473 .

At June 30, 2025, each of these subsidiaries individually was in compliance with its regulatory capital requirements.

SEGMENT INFORMATION

17 unchanged sentences

• Interest expense, excluding interest expense incurred by LFB;

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(dollars in thousands, except for per share data, unless otherwise noted)

• Losses associated with the closing of certain offices as part of the cost-saving initiatives, representing the reclassification of currency translation adjustments to earnings from accumulated other comprehensive loss.

1 unchanged sentence

The CODM does not regularly receive asset information by segment and does not use segment asset information to assess performance or allocate resources.

Three Months Ended June 30, 2025

Financial Advisory Asset Management Corporate Total

Net Revenue - U.S.

GAAP Basis $ 497,306 $ 292,478 $ 6,213 $ 795,997

Adjusted Compensation and Benefits Expense 317,036 139,655 47,572 504,263

Adjusted Non-compensation Expense 52,426 63,597 41,348 157,371

Other Segment Items ( 5,947 ) ( 23,987 ) 3,803 ( 26,131 )

Adjusted Operating Income (Loss) $ 121,897 $ 65,239 $ ( 78,904 ) $ 108,232

Other Segment Disclosures:

Interest income (included in net revenue) $ 1,903 $ 2,136 $ 5,168 $ 9,207

Depreciation and amortization of property (included in adjusted non-compensation

$ 2,165 $ 1,407 $ 5,041 $ 8,613

Six Months Ended June 30, 2025

Financial Advisory Asset Management Corporate Total

Net Revenue (Loss) - U.S.

GAAP Basis $ 864,665 $ 580,578 $ ( 1,195 ) $ 1,444,048

Adjusted Compensation and Benefits Expense 557,004 282,482 86,063 925,549

Adjusted Non-compensation Expense 104,987 122,808 77,458 305,253

Other Segment Items ( 3,763 ) ( 47,593 ) 20,359 ( 30,997 )

Adjusted Operating Income (Loss) $ 198,911 $ 127,695 $ ( 144,357 ) $ 182,249

Other Segment Disclosures:

Interest income (included in net revenue) $ 3,100 $ 4,583 $ 13,186 $ 20,869

Depreciation and amortization of property (included in adjusted non-compensation

$ 4,175 $ 2,788 $ 10,081 $ 17,044

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(dollars in thousands, except for per share data, unless otherwise noted)

Three Months Ended March 31, 2025

Three Months Ended June 30, 2024

Financial Advisory Asset Management Corporate Total

9 unchanged sentences

$ 2,166 $ 1,392 $ 5,646 $ 9,204

Three Months Ended March 31, 2024

Six Months Ended June 30, 2024

Financial Advisory Asset Management Corporate Total

7 unchanged sentences

Interest income (included in net revenue) $ 2,276 $ 7,520 $ 14,529 $ 24,325

Depreciation and amortization of property (included in adjusted non-compensation

Depreciation and amortization of property

(included in adjusted non-compensation

$ 4,415 $ 2,681 $ 11,197 $ 18,293

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(dollars in thousands, except for per share data, unless otherwise noted)

The table below provides a reconciliation of the Company's consolidated adjusted operating income to the Company’s consolidated U.S.

1 unchanged sentence

Three Months Ended

June 30, Six Months Ended

2025 2024 2025 2024

Adjusted Operating Income $ 108,232 $ 84,166 $ 182,249 $ 203,705

8 unchanged sentences

_____________________

(a) Revenue and expenses related to the consolidation of noncontrolling interests and similar arrangements are excluded because the Company has no economic interest in such amounts.

(b) Interest expense (excluding interest expense incurred by LFB) is added back in determining adjusted net revenue because such expense relates to corporate financing activities and is not considered to be a cost directly related to the revenue of our business.

(c) Represents the reclassification of currency translation adjustments to earnings from accumulated other comprehensive loss in the three month period ended March 31, 2024.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(dollars in thousands, except for per share data, unless otherwise noted)

(a) Revenue and expenses related to the consolidation of noncontrolling interests and similar arrangements are excluded because the Company has no economic interest in such amounts.

(c) Represents the reclassification of currency translation adjustments to earnings from accumulated other comprehensive loss in the six month period ended June 30, 2024.

CONSOLIDATED VIEs

LFI Consolidated Funds

The Company’s consolidated VIEs as of March 31, 2025 and December 31, 2024 include certain funds (“LFI Consolidated Funds”) that were established for the benefit of employees participating in the Company’s existing LFI deferred compensation arrangement.

The Company’s consolidated VIEs as of June 30, 2025 and December 31, 2024 include certain funds (“LFI Consolidated Funds”) that were established for the benefit of employees participating in the Company’s existing LFI deferred compensation arrangement.

Lazard invests in these funds and is the investment manager and is therefore deemed to have both the power to direct the most significant activities of the funds and the right to receive benefits (or the obligation to absorb losses) that could potentially be significant to these funds.

The assets of LFI Consolidated Funds, except as it relates to $ 33,584 and $ 68,452 of LFI owned by Lazard Group as of March 31, 2025 and December 31, 2024, respectively, can only be used to settle the obligations of LFI Consolidated Funds.

The Company’s consolidated VIE assets and liabilities for LFI Consolidated Funds as reflected in the condensed consolidated statements of financial condition consist of the following at March 31, 2025 and December 31, 2024.

March 31, 2025 December 31, 2024

The assets of LFI Consolidated Funds, except as it relates to $ 32,974 and $ 68,452 of LFI owned by Lazard Group as of June 30, 2025 and December 31, 2024, respectively, can only be used to settle the obligations of LFI Consolidated Funds.

June 30, 2025 December 31, 2024

Cash and cash equivalents $ 2,452 $ 2,456

7 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements