What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2025-10-27 compared with 2025-07-25 · 311 added, 242 removed, 977 unchanged (36% of the section changed)

Financial Statements (Unaudited)

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

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

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

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

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

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

Notes to Condensed Consolidated Financial Statements

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

JUNE 30, 2025 AND DECEMBER 31, 2024

SEPTEMBER 30, 2025 AND DECEMBER 31, 2024

(dollars in thousands, except for per share data)

September 30,

2025 December 31,

3 unchanged sentences

Receivables (net of allowance for credit losses of $ 27,893 and $ 32,033

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

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

Fees 613,714 640,567

1 unchanged sentence

774,682 753,623

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

Investments (including $ 45,226 pledged at September 30, 2025)

623,711 614,947

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

Property (net of accumulated amortization and depreciation of $ 327,537 and $ 332,840 at September 30, 2025 and December 31, 2024, respectively)

173,285 160,402

Operating lease right-of-use assets 437,014 434,938

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

Goodwill and other intangible assets (net of accumulated amortization

of $ 67,711 at both September 30, 2025 and December 31, 2024)

395,251 393,575

4 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

JUNE 30, 2025 AND DECEMBER 31, 2024

SEPTEMBER 30, 2025 AND DECEMBER 31, 2024

(dollars in thousands, except for per share data)

September 30,

2025 December 31,

13 unchanged sentences

15,000,000 shares authorized;

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

issued and outstanding at September 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 June 30, 2025 and December 31, 2024, including shares held by subsidiaries)

112,746,606 and 112,766,091 shares issued at September 30, 2025 and December 31, 2024, respectively, including shares held by subsidiaries)

Additional paid-in-capital 293,012 327,810

3 unchanged sentences

Common stock held by subsidiaries, at cost ( 17,868,792 and 22,467,315

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

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

( 672,928 ) ( 838,069 )

5 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

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

FOR THE THREE MONTH AND NINE MONTH PERIODS ENDED SEPTEMBER 30, 2025 AND 2024

(dollars in thousands, except for per share data)

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

13 unchanged sentences

Fund administration and outsourced services 32,390 27,996 88,989 81,250

Benefit pursuant to tax receivable agreement ( 20,146 ) – ( 20,146 ) –

Other 14,886 10,078 39,787 36,424

14 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

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

FOR THE THREE MONTH AND NINE MONTH PERIODS ENDED SEPTEMBER 30, 2025 AND 2024

(dollars in thousands)

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

1 unchanged sentence

OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:

Currency translation adjustments 45,868 ( 4,572 ) 70,081 ( 20,834 )

Currency translation adjustments (net of tax

expense of $ 3,200 for the three months and

nine months ended September 30, 2025)

( 8,838 ) 41,627 61,243 20,793

Employee benefit plans:

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)

Actuarial gain (loss) (net of tax expense (benefit) of $ 628 and $( 2,254 ) for the three months ended September 30, 2025 and 2024, respectively, and $( 3,710 ) and $( 1,595 ) for the nine months ended September 30, 2025 and 2024, respectively)

2,961 ( 9,033 ) ( 12,856 ) ( 7,429 )

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)

Adjustment for items reclassified to earnings (net of tax expense of $ 554 and $ 545 for the three months ended September 30, 2025 and 2024, respectively, and $ 1,646 and $ 1,455 for the nine months ended September 30, 2025 and 2024, respectively)

1,831 1,888 5,472 4,775

5 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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

FOR THE NINE MONTH PERIODS ENDED SEPTEMBER 30, 2025 AND 2024

(dollars in thousands)

Six Months Ended

Nine Months Ended

September 30,

CASH FLOWS FROM OPERATING ACTIVITIES:

5 unchanged sentences

Deferred tax benefit ( 2,363 ) ( 34,209 )

Benefit pursuant to tax receivable agreement ( 20,146 ) –

Gain on sale of owned office building – ( 114,271 )

Other adjustments ( 8,566 ) –

4 unchanged sentences

Accrued compensation and benefits and other liabilities ( 503,882 ) ( 199,239 )

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

Net cash provided by operating activities 119,627 379,974

CASH FLOWS FROM INVESTING ACTIVITIES:

Additions to property ( 28,366 ) ( 30,625 )

Disposals of property – 1,928

Proceeds from sale of property – 194,283

Purchase of equity method investment – ( 17,488 )

Purchase of investments – ( 98,350 )

Proceeds from sales and maturities of debt securities – 50,000

Other disposals of property – 1,995

Other investing activities ( 35,584 ) –

Net cash used in investing activities ( 49,014 ) ( 109,483 )

Net cash provided by (used in) investing activities ( 63,950 ) 99,815

CASH FLOWS FROM FINANCING ACTIVITIES:

1 unchanged sentence

Proceeds from:

Issuance of senior debt, net of expenses – 396,010

Issuance of senior debt 300,000 396,010

Contributions from noncontrolling interests 1,466 1,989

10 unchanged sentences

EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS AND RESTRICTED CASH 86,957 14,763

NET DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH ( 361,060 ) ( 140,530 )

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH ( 186,325 ) 288,756

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

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

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH—September 30 $ 1,423,043 $ 1,513,739

See notes to condensed consolidated financial statements.

1 unchanged sentence

THE CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION:

September 30,

2025 December 31,

5 unchanged sentences

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

FOR THE THREE MONTH PERIOD ENDED JUNE 30, 2025

FOR THE THREE MONTH PERIOD ENDED SEPTEMBER 30, 2025

(dollars in thousands)

13 unchanged sentences

Shares $ Shares $

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

Balance - July 1, 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

Comprehensive income (loss):

Net income (loss) 71,247 71,247 ( 699 ) 70,548 2,952

Other comprehensive income - net of tax 37,863 37,863 42 37,905

Other comprehensive income (loss) - net of tax ( 4,047 ) ( 4,047 ) 1 ( 4,046 )

Amortization of share-based incentive compensation 95,059 95,059 1,064 96,123

2 unchanged sentences

( 47,179 ) ( 47,179 ) ( 47,179 )

Purchase of common stock 85,894 ( 3,763 ) ( 3,763 ) ( 3,763 )

Purchase and cancellation of common

stock (a) ( 19,485 ) ( 1 ) ( 1,083 ) ( 1,084 ) ( 1,084 )

Delivery of common stock in connection with share-based incentive compensation and related tax expense of $ 2,195

( 34,333 ) ( 539,857 ) 20,370 ( 13,963 ) – ( 13,963 )

Contributions from noncontrolling

Distribution to noncontrolling

interests, net ( 1,832 ) ( 1,832 )

1 unchanged sentence

Other ( 3,594 ) ( 3,594 )

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

Balance - September 30, 2025 112,746,606 $ 1,127 $ 293,012 $ 1,493,261 $ ( 272,950 ) 17,868,792 $ ( 672,928 ) $ 841,522 $ 37,104 $ 878,626 $ 78,518

___________________________________

(a) In the third quarter of 2025, Lazard, Inc.

purchased 19,485 shares of common stock which were immediately canceled by the Company and therefore were not included in treasury stock.

There was no impact on total stockholders' equity as a result of the share cancellation.

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, 2025

FOR THE NINE MONTH PERIOD ENDED SEPTEMBER 30, 2025

(dollars in thousands)

21 unchanged sentences

( 139,203 ) ( 139,203 ) ( 139,203 )

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

Purchase and cancellation of common

stock (a) ( 19,485 ) ( 1 ) ( 1,083 ) 859,849 ( 39,928 ) ( 41,012 ) ( 41,012 )

Delivery of common stock in connection with share-based incentive compensation and related tax expense of $ 12,942

2 unchanged sentences

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

Contribution from noncontrolling interests,

Distribution to noncontrolling interests,

net ( 583 ) ( 583 )

1 unchanged sentence

Other ( 3,339 ) 41,969 ( 1,927 ) ( 5,266 ) ( 3,594 ) ( 8,860 )

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

Balance - September 30, 2025 112,746,606 $ 1,127 $ 293,012 $ 1,493,261 $ ( 272,950 ) 17,868,792 $ ( 672,928 ) $ 841,522 $ 37,104 $ 878,626 $ 78,518

___________________________________

(a) In the third quarter of 2025, Lazard, Inc.

purchased 19,485 shares of common stock which were immediately canceled by the Company and therefore were not included in treasury stock.

There was no impact on total stockholders' equity as a result of the share cancellation.

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

FOR THE THREE MONTH PERIOD ENDED SEPTEMBER 30, 2024

(dollars in thousands)

13 unchanged sentences

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

Balance - July 1, 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

Comprehensive income (loss):

Net income 107,938 107,938 2,620 110,558 5,577

Other comprehensive loss - net of tax ( 2,298 ) ( 2,298 ) – ( 2,298 )

Other comprehensive income - net of tax 34,449 34,449 33 34,482

Amortization of share-based incentive compensation 74,787 74,787 797 75,584

7 unchanged sentences

LFI Consolidated Funds ( 2,041 )

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

Balance - September 30, 2024 112,766,091 $ 1,128 $ 284,091 $ 1,437,698 $ ( 271,844 ) 22,296,316 $ ( 826,800 ) $ 624,273 $ 55,715 $ 679,988 $ 84,467

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

FOR THE NINE MONTH PERIOD ENDED September 30, 2024

(dollars in thousands)

16 unchanged sentences

Net income 193,602 193,602 6,155 199,757 8,655

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

Other comprehensive income - net of tax 18,106 18,106 33 18,139

Amortization of share-based incentive compensation 232,998 232,998 2,131 235,129

10 unchanged sentences

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

Balance - September 30, 2024 112,766,091 $ 1,128 $ 284,091 $ 1,437,698 $ ( 271,844 ) 22,296,316 $ ( 826,800 ) $ 624,273 $ 55,715 $ 679,988 $ 84,467

See notes to condensed consolidated financial statements.

2 unchanged sentences

ORGANIZATION AND BASIS OF PRESENTATION

is one of the world’s preeminent financial advisory and asset management firms, incorporated in Delaware that specializes in crafting solutions to the complex financial and strategic challenges of our clients.

is a global financial advisory and asset management firm, incorporated in Delaware that specializes in crafting solutions to the complex financial and strategic challenges of our clients.

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 June 30, 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 and six month periods ended June 30, 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 nine month periods ended September 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)

34 unchanged sentences

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

Financial Instruments—Credit Losses (Topic 326):

Measurement of Credit Losses for Accounts Receivable and Contract Assets — In July 2025, the FASB issued an accounting standard update that provides a practical expedient related to the estimation of expected credit losses on accounts receivables, which permits entities to assume that the current conditions as of the balance sheet date do not change for the remaining life of the asset.

The amendments are effective for annual periods beginning after December 15, 2025 and interim periods within those annual periods, with early adoption permitted.

The amendments shall be applied either prospectively or retrospectively.

The Company intends to elect the practical expedient with a prospective application as of January 1, 2026.

The Company does not expect the election of the practical expedient to have a material impact on its financial statements upon adoption.

Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40):

Targeted Improvements to the Accounting for Internal-Use Software — In September 2025, the FASB issued an accounting standard update to eliminate accounting consideration of software project development stages and enhance the guidance related to when an entity would begin capitalizing software costs.

The amendments are effective for annual periods beginning after December 15, 2027, and the interim periods within those annual periods, with early adoption permitted.

The amendments can be applied prospectively, retrospectively, or using a modified transition approach.

The Company is currently evaluating the new guidance.

REVENUE RECOGNITION

1 unchanged sentence

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

15 unchanged sentences

The selling or distribution of fund interests is a separate performance obligation within management fees and other, and the benefits of such services are transferred to the Company’s clients at the point in time that such fund interests are sold or distributed.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

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

7 unchanged sentences

Excluded variable consideration typically relates to contracts with a duration of one year or less, and is generally constrained due to uncertainties.

At September 30, 2025, the Company had deferred revenue of $ 142,629 included in “other liabilities” on the condensed consolidated statements of financial condition.

During the three month and nine month periods ended September 30, 2025, the Company recognized $ 6,511 and $ 23,018 in revenue, respectively, that was included in the deferred revenue balance as of December 31, 2024 of $ 136,536 .

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

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

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 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:

Of the Company’s fee receivables at September 30, 2025 and December 31, 2024, $ 129,437 and $ 130,682 , respectively, represented financing receivables for our Private Capital Advisory fees.

At September 30, 2025 and December 31, 2024, customers and other receivables included $ 129,685 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 September 30, 2025 and December 31, 2024.

The aggregate carrying amount of other fees and customers and other receivables was $ 515,560 and $ 539,956 at September 30, 2025 and December 31, 2024, respectively.

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

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

8 unchanged sentences

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

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

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

September 30,

2025 December 31,

12 unchanged sentences

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).

September 30,

2025 December 31,

20 unchanged sentences

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

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:

During the three month and nine month periods ended September 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

September 30, Nine Months Ended

September 30,

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).

Net unrealized investment gains $ 12,663 $ 23,050 $ 51,904 $ 23,803

As of September 30, 2025, the Company has pledged investments with a carrying value of $ 45,226 , primarily as collateral for its derivative contracts (see Note 7).

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

7 unchanged sentences

These inputs reflect our own assumptions about the assumptions a market participant would use in pricing the asset or liability.

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, 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.

Items included in Level 3 include securities or other financial instruments for which there is little, if any, market activity.

As a result, valuation inputs may involve significant management judgment or estimation.

The fair value of instruments reported as cash and cash equivalents, deposits with banks and short-term investments, and restricted cash, is classified as Level 1 when the fair values are based on unadjusted quoted prices in active markets.

The fair value of debt securities, 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:

2 unchanged sentences

The fair value of investments in alternative investment funds, debt funds and equity funds is classified as Level 1 when the fair values are based on the publicly reported closing price for the fund, 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 investments in certain private equity funds is classified as Level 3 for (i) certain investments that are valued based on the potential transaction value and (ii) when the acquisition price is considered the best measure of fair value.

The fair value of investments in certain private equity funds is classified as Level 3 when the acquisition price is considered the best measure of fair value.

The fair value of securities sold, not yet purchased, is classified as Level 1 when the fair values are based on unadjusted quoted prices in active markets.

15 unchanged sentences

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 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

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

Cash and cash equivalents (a) $ 3,611 $ – $ – $ – $ 3,611

Deposits with banks and short-term

34 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 and six month periods ended June 30, 2025 and 2024:

Three Months Ended June 30, 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 nine month periods ended September 30, 2025 and 2024:

Three Months Ended September 30, 2025

Balance Net Unrealized

Earnings (a) Purchases/

Earnings Purchases/

Issuances Sales/

9 unchanged sentences

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

Six Months Ended June 30, 2025

Nine Months Ended September 30, 2025

Balance Net Unrealized

Earnings (a) Purchases/

Earnings Purchases/

Issuances Sales/

5 unchanged sentences

Contingent consideration

liability (b) $ 4,495 $ 53 $ – $ ( 2,300 ) $ – $ 2,248

liability (a) $ 4,495 $ 79 $ – $ ( 2,300 ) $ – $ 2,274

Total Level 3 liabilities $ 4,495 $ 79 $ – $ ( 2,300 ) $ – $ 2,274

Three Months Ended June 30, 2024

Three Months Ended September 30, 2024

Balance Net Unrealized

Earnings (a) Purchases/

Earnings Purchases/

Issuances Sales/

7 unchanged sentences

Total Level 3 liabilities $ 4,389 $ 53 $ – $ – $ – $ 4,442

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

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

Six Months Ended June 30, 2024

Nine Months Ended September 30, 2024

Balance Net Unrealized

Earnings (a) Purchases/Acquisitions/

Earnings Purchases/

Issuances Sales/

Transfers Foreign

Settlements Foreign

Adjustments Ending

3 unchanged sentences

Contingent consideration

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

liability (a) $ 6,583 $ 159 $ – $ ( 2,300 ) $ – $ 4,442

Total Level 3 liabilities $ 6,583 $ 159 $ – $ ( 2,300 ) $ – $ 4,442

_________________________________

(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

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

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

(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.

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

11 unchanged sentences

(a) monthly ( 100 %)

(b) daily ( 5 %) and monthly ( 95 %)

(b) daily ( 100 %)

3 unchanged sentences

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

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

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

December 31, 2024

17 unchanged sentences

(d) monthly ( 100 %)

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

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

(e) Unfunded commitments to private equity investments consolidated but not owned by Lazard of $ 20,205 are excluded.

1 unchanged sentence

(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 June 30, 2025 and December 31, 2024.

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

Derivative assets and liabilities, as well as the related cash collateral from the same counterparty, have been netted on the condensed consolidated statements of financial condition where the Company has a right to set off under an enforceable master netting agreement.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

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

In addition to the cash collateral received and transferred that is presented on a net basis with derivative assets and liabilities, the Company receives and transfers additional securities and cash collateral.

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.

June 30, 2025

September 30, 2025

Derivative Assets Derivative Liabilities

8 unchanged sentences

Net derivatives in "other assets" and "other liabilities" 523 222,587

Amounts not netted on the condensed consolidated

Collateral not netted on the condensed consolidated

statement of financial condition (a) – ( 31,978 )

Cash collateral – ( 119 )

Securities collateral – ( 25,183 )

$ 523 $ 190,609

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

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

December 31, 2024

9 unchanged sentences

Net derivatives in "other assets" and "other liabilities" 3,787 274,280

Amounts not netted on the condensed consolidated

Collateral not netted on the condensed consolidated

statement of financial condition (a) – ( 1,132 )

Cash collateral – ( 1,132 )

Securities collateral – –

$ 3,787 $ 273,148

___________________________________

(a) Amounts are subject to master netting arrangements but do not meet the criteria for netting on the condensed consolidated statements of financial condition under U.S.

(a) Includes cash and/or securities collateral pledged that are subject to master netting arrangements but do not meet the criteria for netting on the condensed consolidated statements of financial condition under U.S.

For some counterparties, the amounts of securities and cash collateral pledged may exceed the derivative assets and derivative liabilities balances.

Where this is the case, the amount of collateral offset within net derivatives is limited to the net derivative assets and net derivative liabilities balances with that counterparty.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(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 and six month periods ended June 30, 2025 and 2024 were as follows:

Cash and securities collateral were previously reported separately.

Prior year information has been recast to reflect the current presentation.

Net gains (losses) with respect to derivative instruments (included in “revenue-other”) and the Company’s derivative liabilities relating to its obligations pertaining to LFI and other similar deferred compensation arrangements (included in “compensation and benefits” expense) as reflected on the accompanying condensed consolidated statements of operations for the three month and nine month periods ended September 30, 2025 and 2024 were as follows:

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

3 unchanged sentences

Total $ ( 20,143 ) $ ( 30,735 ) $ ( 81,891 ) $ ( 41,625 )

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

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

PROPERTY, NET

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

Life in Years June 30,

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

Life in Years September 30,

2025 December 31,

1 unchanged sentence

Leasehold improvements 3-20 238,365 214,744

263,882 214,744

Furniture and equipment 3-10 170,864 165,727

184,251 165,727

Computer software 3-5 69,928 67,523

69,916 67,523

Construction in progress 8,719 33,793

2 unchanged sentences

Property, net $ 173,285 $ 160,402

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,

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

Nine Months Ended September 30,

Financial Advisory Asset Management Total Financial Advisory Asset Management Total

1 unchanged sentence

Foreign currency translation adjustments 1,676 – 1,676 ( 323 ) – ( 323 )

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

Balance, September 30 $ 313,981 $ 81,270 $ 395,251 $ 313,305 $ 81,270 $ 394,575

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 June 30, 2025 and December 31, 2024:

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

Outstanding as of

June 30, 2025 December 31, 2024

September 30, 2025 December 31, 2024

Amount Maturity

3 unchanged sentences

Debt Costs Carrying

Notes 300,000 3/1/27 3.625 % 3.81 % $ 300,000 $ 934 $ 299,066 $ 300,000 $ 1,213 $ 298,787

Notes (a) 300,000 3/01/27 3.625 % – % $ – $ – $ – $ 300,000 $ 1,213 $ 298,787

Notes 500,000 9/19/28 4.50 % 4.70 % 500,000 3,018 496,982 500,000 3,783 496,217

1 unchanged sentence

Notes 400,000 3/15/31 6.00 % 6.16 % 400,000 3,584 396,416 400,000 4,077 395,923

Notes (a) 300,000 8/01/35 5.625 % 5.72 % 300,000 2,933 297,067 – – –

Total $ 1,700,000 $ 12,719 $ 1,687,281 $ 1,700,000 $ 12,948 $ 1,687,052

has provided an unconditional and irrevocable guarantee for the repayment of the Lazard Group 2027 Notes, 2028 Notes, 2029 Notes and 2031 Notes (collectively, the “Lazard Group Senior Notes”).

__________________________

(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.

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 June 30, 2025, the maximum future payments that Lazard, Inc.

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.

In conjunction with the Lazard, Inc.

guarantee of the Lazard Group Senior Notes, Lazard, Inc.

provided an unconditional and irrevocable guarantee for the obligations of Lazard Group LLC under the Second Amended and Restated Credit Agreement (see below).

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

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.

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.

4 unchanged sentences

In conjunction with the Lazard, Inc.

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 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.

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.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

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

COMMITMENTS AND CONTINGENCIES

11 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 June 30, 2025:

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

Date Repurchase

5 unchanged sentences

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

Six Months Ended June 30:

Nine Months Ended September 30:

Purchased Average

1 unchanged sentence

2025 879,334 $ 46.64

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.

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.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

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

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.

During the nine month periods ended September 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.

In addition, during the nine month periods ended September 30, 2025 and 2024, the Company purchased shares of common stock from certain of our executive officers.

The aggregate value of all such purchases during the nine month periods ended September 30, 2025 and 2024 was approximately $ 12,800 and $ 14,300 , respectively.

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

As of September 30, 2025, a total of $ 158,989 of share repurchase authorization remained available under Lazard, Inc.’s share repurchase program, which will expire on December 31, 2026 .

During the nine month period ended September 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 June 30, 2025 and 2024 and activity during the three month and six month periods then ended:

Three Months Ended June 30, 2025

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

Three Months Ended September 30, 2025

Adjustments Employee

2 unchanged sentences

Interests Total

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

Balance - July 1, 2025 $ ( 90,833 ) $ ( 178,064 ) $ ( 268,897 ) $ 6 $ ( 268,903 )

Other comprehensive income (loss) before reclassifications, net of tax ( 8,838 ) 2,961 ( 5,877 ) 1 ( 5,878 )

Adjustments for items reclassified to earnings, net of tax – 1,831 1,831 – 1,831

Net other comprehensive income (loss) ( 8,838 ) 4,792 ( 4,046 ) 1 ( 4,047 )

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

Six Months Ended June 30, 2025

Balance, September 30, 2025 $ ( 99,671 ) $ ( 173,272 ) $ ( 272,943 ) $ 7 $ ( 272,950 )

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

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

Nine Months Ended September 30, 2025

Adjustments Employee

3 unchanged sentences

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

Other comprehensive income (loss) before reclassifications 70,081 ( 15,817 ) 54,264 66 54,198

Other comprehensive income (loss) before reclassifications, net of tax 61,243 ( 12,856 ) 48,387 67 48,320

Adjustments for items reclassified to earnings, net of tax – 5,472 5,472 – 5,472

Net other comprehensive income (loss) 61,243 ( 7,384 ) 53,859 67 53,792

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)

Three Months Ended June 30, 2024

Balance, September 30, 2025 $ ( 99,671 ) $ ( 173,272 ) $ ( 272,943 ) $ 7 $ ( 272,950 )

Three Months Ended September 30, 2024

Adjustments Employee

2 unchanged sentences

Interests Total

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

Balance - July 1, 2024 $ ( 144,825 ) $ ( 161,467 ) $ ( 306,292 ) $ 1 $ ( 306,293 )

Other comprehensive income (loss) before reclassifications 41,627 ( 9,033 ) 32,594 33 32,561

1 unchanged sentence

Net other comprehensive income (loss) 41,627 ( 7,145 ) 34,482 33 34,449

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

Six Months Ended June 30, 2024

Balance, September 30, 2024 $ ( 103,198 ) $ ( 168,612 ) $ ( 271,810 ) $ 34 $ ( 271,844 )

Nine Months Ended September 30, 2024

Adjustments Employee

6 unchanged sentences

Net other comprehensive income (loss) 20,793 ( 2,654 ) 18,139 33 18,106

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:

Balance, September 30, 2024 $ ( 103,198 ) $ ( 168,612 ) $ ( 271,810 ) $ 34 $ ( 271,844 )

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 and nine month periods ended September 30, 2025 and 2024:

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

7 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).

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, 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 .

Dividends Declared, October 22, 2025 —On October 22, 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 November 14, 2025 , to stockholders of record on November 3, 2025 .

INCENTIVE PLANS

7 unchanged sentences

and other share-based awards.

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 and six month periods ended June 30, 2025 and 2024:

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

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

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

11 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

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.

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.

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

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.

During the nine month period ended September 30, 2025, dividend participation rights required the issuance of an aggregate 550,976 units of RSUs and the associated aggregate charge to “retained earnings” (with a corresponding credit to “additional paid-in-capital”) was $ 25,913 .

In connection with RSUs and PRSUs that settled during the nine month period ended September 30, 2025, the Company satisfied its minimum statutory tax withholding requirements in lieu of delivering 2,174,633 and 52,000 shares, respectively, of common stock during such nine month period.

Accordingly, 3,176,897 and 58,638 shares, respectively, of common stock held by the Company were delivered during the nine month period ended September 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 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

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.

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 six month period ended June 30, 2025:

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

Units Weighted

6 unchanged sentences

Settled ( 5,426,230 ) $ 35.69 ( 110,638 ) $ 29.53

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

Balance, September 30, 2025 17,067,979 $ 43.74 –

_________________________________

(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)

(a) Represents PRSUs earned during the nine month period ended September 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 nine month period ended September 30, 2024 was $ 38.75 .

As of September 30, 2025, the total estimated unrecognized compensation expense related to RSUs was $ 293,039 .

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

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 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

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:

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

7 unchanged sentences

Their aggregate fair value at the grant date, which based on the estimated probability of achieving the common stock price milestones was approximately $ 33,900 , is expensed over the requisite service periods.

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)

Each Tranche, as described below, is subject to the executive’s continued employment through the applicable anniversary of the date of grant, or earlier in certain circumstances, 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”).

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.

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

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 nine month period ended September 30, 2025:

Ordinary PIPRs (a) P-PIPRs SP-PIPRs (c)

Units Weighted

6 unchanged sentences

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

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

Balance, September 30, 2025 4,084,294 $ 39.31 – 2,250,000 $ 16.12

__________________________

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

(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.

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

(c) The change in the weighted average grant date fair value of SP-PIPRs as of September 30, 2025 reflects a modification of certain 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 six month period ended June 30, 2024 was $ 38.26 .

The weighted-average grant date fair value of ordinary PIPRs granted in the nine month period ended September 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 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.

As of September 30, 2025, the total estimated unrecognized compensation expense of all profits interest participation rights was $ 58,173 and the Company expects to expense such amount over a weighted-average period of approximately 1.8 years subsequent to September 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 six month period ended June 30, 2025:

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

Asset Compensation

5 unchanged sentences

Other ( 40 ) 4,218

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.

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 and six month periods ended June 30, 2025 and 2024:

Balance, September 30, 2025 $ 39,052 $ 185,144

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

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

6 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 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.

Amortization expense for the three month and nine month periods ended September 30, 2025 was $ 4,360 and $ 12,132 , respectively.

The remaining prepaid compensation asset was $ 22,843 as of September 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 and six month periods ended June 30, 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 nine month periods ended September 30, 2025 and 2024:

Pension Plans

Three Months Ended June 30,

Three Months Ended September 30,

Components of Net Periodic Benefit Cost:

7 unchanged sentences

Pension Plans

Six Months Ended June 30,

Nine Months Ended September 30,

Components of Net Periodic Benefit Cost:

10 unchanged sentences

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 six month period ended June 30, 2024 consisted of the following:

Six Months Ended June 30, 2024

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

Nine Months Ended September 30, 2024

Financial Advisory Asset Management Corporate Total

5 unchanged sentences

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

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

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

Accrued Compensation and Benefits

Balance, January 1, 2025 $ 6,268

Foreign currency translation and other adjustments ( 15 )

Foreign currency translation

and other adjustments ( 16 )

Payments and settlements 5,351

Balance, June 30, 2025 $ 966

Balance, September 30, 2025 $ 933

is subject to U.S.

2 unchanged sentences

that are subject to local income taxes in foreign jurisdictions.

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

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.

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

The Company recorded income tax provisions of $ 21,430 and $ 45,840 for the three month and nine month periods ended September 30, 2025, respectively, and $ 45,052 and $ 70,976 for the three month and nine month periods ended September 30, 2024, respectively, representing effective tax rates of 22.6 %, 18.9 %, 28.0 % and 25.4 %, 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 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.

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 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.

2 unchanged sentences

federal statutory tax rate.

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

Cash paid for income taxes, net of refunds for the nine month period ended September 30, 2025 was $ 99,262 .

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

2 unchanged sentences

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.

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:

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

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

13 unchanged sentences

__________________________________

(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.

(a) The aggregate weighted average number of incremental shares of common stock issuable from PIPRs for the three month and nine month periods ended September 30, 2025 of 1,572,289 and 1,985,705 , respectively, and for the three month and nine month periods ended September 30, 2024 of 1,229,021 and 1,541,854 , 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 $ 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.

Asset management fees relating to such services were $ 171,114 and $ 456,539 for the three month and nine month periods ended September 30, 2025, respectively, and $ 140,025 and $ 407,875 for the three month and nine month periods ended September 30, 2024, respectively, and are included in “asset management fees” on the condensed consolidated statements of operations.

Of such amounts, $ 62,257 and $ 68,577 remained as receivables at September 30, 2025 and

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

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

December 31, 2024, respectively, and are included in “fees receivable” on the condensed consolidated statements of financial condition.

Tax Receivable Agreement

9 unchanged sentences

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.

The periodic revaluation of the TRA liability and the assumptions reflected in the estimate had the effect of reducing the estimated liability under the TRA.

As a result, the Company recorded a “benefit pursuant to tax receivable agreement” of $ 20,146 on the condensed consolidated statements of operations for the three month and nine month periods ended September 30, 2025.

The cumulative liability relating to our obligations under the TRA as of September 30, 2025 and December 31, 2024 was $ 55,680 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 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.

At September 30, 2025, LFNY’s regulatory net capital was $ 103,208 , which exceeded the minimum requirement by $ 96,881 .

LFNY’s aggregate indebtedness to net capital ratio was 0.92 :1 as of September 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 June 30, 2025, the aggregate regulatory net capital of the U.K.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

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

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

Subsidiaries was $ 113,537 , which exceeded the minimum requirement by $ 38,431 .

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 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 .

At June 30, 2025, the consolidated regulatory net capital of CFLF was $ 165,355 , which exceeded the minimum requirement set for regulatory capital levels by $ 64,940 .

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 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 .

At June 30, 2025, the regulatory net capital of the combined European regulated group was $ 188,305 , which exceeded the minimum requirement set for regulatory capital levels by $ 66,407 .

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.

1 unchanged sentence

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

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.

At September 30, 2025, for those subsidiaries with regulatory capital requirements, their aggregate net capital was $ 101,014 , which exceeded the minimum required capital by $ 74,509 .

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

SEGMENT INFORMATION

8 unchanged sentences

Adjusted operating income (loss) is also used by the CODM to allocate compensation and non-compensation related resources to each segment.

The table below provides select financial information about the Company’s segments, including adjusted compensation and benefits expense and adjusted non-compensation expense (both of which are significant expense categories on which the CODM is regularly provided information), other segment items, and adjusted operating income (loss).

The table below provides selected financial information about the Company’s segments, including adjusted compensation and benefits expense and adjusted non-compensation expense (both of which are significant expense categories on which the CODM is regularly provided information), other segment items, and adjusted operating income (loss).

Adjusted compensation and benefits expense and adjusted non-compensation expense include costs directly incurred by each segment, with certain adjustments.

2 unchanged sentences

• Noncontrolling interests;

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

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

• Certain distribution, introducer and management fees paid to third parties and reimbursable deal costs;

2 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;

• The gain on sale of an owned office building.

Inter-segment revenues are not material for all periods presented.

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

Three Months Ended September 30, 2025

Financial Advisory Asset Management Corporate Total

Net Revenue - U.S.

Net Revenue (Loss) - U.S.

GAAP Basis $ 427,335 $ 327,029 $ ( 6,286 ) $ 748,078

7 unchanged sentences

$ 1,805 $ 1,564 $ 5,096 $ 8,465

Six Months Ended June 30, 2025

Nine Months Ended September 30, 2025

Financial Advisory Asset Management Corporate Total

7 unchanged sentences

Interest income (included in net revenue) $ 3,718 $ 6,744 $ 18,067 $ 28,529

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

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

Depreciation and amortization of property

(included in adjusted non-compensation

expense) $ 5,980 $ 4,352 $ 15,177 $ 25,509

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

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

Three Months Ended June 30, 2024

Three Months Ended September 30, 2024

Financial Advisory Asset Management Corporate Total

Net Revenue (Loss) - U.S.

Net Revenue - U.S.

GAAP Basis $ 370,917 $ 293,878 $ 120,071 $ 784,866

7 unchanged sentences

$ 2,007 $ 1,410 $ 5,536 $ 8,953

Six Months Ended June 30, 2024

Nine Months Ended September 30, 2024

Financial Advisory Asset Management Corporate Total

7 unchanged sentences

Interest income (included in net revenue) $ 3,443 $ 11,323 $ 24,564 $ 39,330

Depreciation and amortization of property

(included in adjusted non-compensation

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

$ 6,422 $ 4,091 $ 16,733 $ 27,246

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

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

4 unchanged sentences

Amortization and other acquisition-related costs ( 27 ) ( 53 ) ( 79 ) ( 189 )

Losses associated with cost-saving initiatives (c) – – – ( 587 )

Expenses associated with senior management

transition (c)

( 6,148 ) – ( 6,148 ) –

Losses associated with cost-saving initiatives (d)

– – – ( 587 )

Expenses associated with cost-saving initiatives – – – ( 48,142 )

Gain on sale of property (e)

– 114,271 – 114,271

Expenses associated with sale of property (f)

– ( 20,121 ) – ( 20,121 )

Benefit pursuant to tax receivable obligation ("TRA") (g)

20,146 – 20,146 –

Operating Income - U.S.

1 unchanged sentence

_____________________

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.

(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 six month period ended June 30, 2024.

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

(e) Represents gain on the sale of an owned office building.

(f) Represents estimated statutory profit sharing expenses associated with the sale of an owned office building.

(g) Represents the effect of the periodic valuation of the TRA liability.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

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

CONSOLIDATED VIEs

LFI Consolidated Funds

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.

The Company’s consolidated VIEs as of September 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 $ 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.

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 June 30, 2025 and December 31, 2024.

June 30, 2025 December 31, 2024

The assets of LFI Consolidated Funds, except as it relates to $ 33,350 and $ 68,452 of LFI owned by Lazard Group as of September 30, 2025 and December 31, 2024, respectively, can only be used to settle the obligations of LFI Consolidated Funds.

September 30, 2025 December 31, 2024

Cash and cash equivalents $ 2,370 $ 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