What changed in this filing

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Item 1. Financial Statements

2026-05-04 compared with 2025-10-27 · 313 added, 546 removed, 742 unchanged (54% of the section changed)

Financial Statements (Unaudited)

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

Condensed Consolidated Statements of Financial Condition as of March 31, 2026 and December 31, 2025

Condensed Consolidated Statements of Operations for the three month periods ended March 31, 2026 and 2025

Condensed Consolidated Statements of Comprehensive Income for the three month periods ended March 31, 2026 and 2025

Condensed Consolidated Statements of Cash Flows for the three month periods ended March 31, 2026 and 2025

Condensed Consolidated Statements of Changes in Stockholders’ Equity and Redeemable Noncontrolling Interests for the three month periods ended March 31, 2026 and 2025

Notes to Condensed Consolidated Financial Statements

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

SEPTEMBER 30, 2025 AND DECEMBER 31, 2024

MARCH 31, 2026 AND DECEMBER 31, 2025

(dollars in thousands, except for per share data)

September 30,

2026 December 31,

2 unchanged sentences

Restricted cash 6,590 34,021

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

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

Receivables (net of allowance for credit losses of $ 22,239 and $ 22,884 at March 31, 2026 and December 31, 2025, respectively):

Fees 574,003 706,220

1 unchanged sentence

773,785 897,786

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

Investments (including $ 33,089 and $ 48,966 pledged at March 31, 2026 and December 31, 2025, respectively)

516,555 625,846

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

Property (net of accumulated amortization and depreciation of $ 290,686 and $ 286,235 at March 31, 2026 and December 31, 2025, respectively)

160,103 168,005

Operating lease right-of-use assets 402,500 412,584

Goodwill and other intangible assets (net of accumulated amortization

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

Goodwill and other intangible assets (net of accumulated amortization of $ 67,711 at both March 31, 2026 and December 31, 2025)

394,591 395,262

4 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

SEPTEMBER 30, 2025 AND DECEMBER 31, 2024

MARCH 31, 2026 AND DECEMBER 31, 2025

(dollars in thousands, except for per share data)

September 30,

2026 December 31,

3 unchanged sentences

Operating lease liabilities 472,576 485,149

Tax receivable agreement obligation 55,680 75,899

Senior debt 1,688,808 1,688,086

7 unchanged sentences

15,000,000 shares authorized;

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

shares issued and outstanding at March 31, 2026 and December 31, 2025

Common stock:

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

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

111,687,255 and 111,728,757 shares issued at March 31, 2026 and December 31, 2025, respectively, including shares held in treasury)

Additional paid-in-capital 106,494 306,425

2 unchanged sentences

1,390,202 1,553,604

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

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

Common stock held in treasury, at cost ( 13,249,570 and 17,822,122 shares at March 31, 2026 and December 31, 2025, respectively)

( 508,906 ) ( 684,411 )

5 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

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

FOR THE THREE MONTH PERIODS ENDED MARCH 31, 2026 AND 2025

(dollars in thousands, except for per share data)

Three Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

Investment banking and other advisory fees $ 357,421 $ 360,367

12 unchanged sentences

Fund administration and outsourced services 33,516 26,545

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

Other 12,563 8,404

1 unchanged sentence

OPERATING INCOME 89,574 54,635

Provision for income taxes 21,430 45,052 45,840 70,976

Benefit for income taxes ( 10,989 ) ( 7,354 )

NET INCOME 100,563 61,989

LESS - NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS 2,253 8,197 9,838 14,810

LESS - NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS ( 353 ) 1,614

NET INCOME ATTRIBUTABLE TO LAZARD $ 100,916 $ 60,375

8 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

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

FOR THE THREE MONTH PERIODS ENDED MARCH 31, 2026 AND 2025

(dollars in thousands)

Three Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

NET INCOME $ 100,563 $ 61,989

OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:

Currency translation adjustments (net of tax

expense of $ 3,200 for the three months and

nine months ended September 30, 2025)

Currency translation adjustments (net of tax benefit of $ 6 for the three months ended March 31, 2026)

( 11,032 ) 24,213

Employee benefit plans:

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 $ 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)

Actuarial gain (loss) (net of tax expense (benefit) of $ 1,262 and $( 1,602 ) for the three months ended March 31, 2026 and 2025, respectively)

4,221 ( 5,789 )

Adjustment for items reclassified to earnings (net of tax expense of $ 524 and $ 530 for the three months ended March 31, 2026 and 2025, respectively)

OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX ( 5,175 ) 20,000

COMPREHENSIVE INCOME 95,388 81,989

LESS - COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS 2,254 8,230 9,905 14,843

LESS - COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS ( 359 ) 1,638

COMPREHENSIVE INCOME ATTRIBUTABLE TO LAZARD $ 95,747 $ 80,351

1 unchanged sentence

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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

FOR THE THREE MONTH PERIODS ENDED MARCH 31, 2026 AND 2025

(dollars in thousands)

Nine Months Ended

September 30,

Three Months Ended

CASH FLOWS FROM OPERATING ACTIVITIES:

5 unchanged sentences

Deferred tax benefit ( 15,496 ) ( 26,088 )

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

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

Gain on sale and deconsolidation of business ( 77,990 ) –

Other adjustments 394 ( 5,204 )

4 unchanged sentences

Accrued compensation and benefits and other liabilities ( 562,685 ) ( 580,742 )

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

Net cash used in operating activities ( 219,267 ) ( 217,526 )

CASH FLOWS FROM INVESTING ACTIVITIES:

Additions to property ( 2,185 ) ( 13,824 )

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

Sale and deconsolidation of business, net of cash proceeds ( 46,226 ) –

Proceeds from (payments for) customer loans, net 914 ( 10,535 )

Other investing activities ( 9 ) 1,666

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

Net cash used in investing activities ( 47,506 ) ( 22,693 )

CASH FLOWS FROM FINANCING ACTIVITIES:

1 unchanged sentence

Proceeds from:

Issuance of senior debt 300,000 396,010

Contributions from noncontrolling interests 151 100

Payments for:

Extinguishment of senior debt ( 298,354 ) ( 233,073 )

Distributions to noncontrolling interests ( 15 ) ( 4 )

Tax receivable agreement – ( 30,950 )

Tax receivable agreement obligation ( 10,219 ) –

Purchase of common stock ( 1,694 ) ( 36,165 )

5 unchanged sentences

EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS AND RESTRICTED CASH ( 15,948 ) 30,207

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

NET DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH ( 436,108 ) ( 401,586 )

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH— January 1 1,670,571 1,609,368

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

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH—March 31 $ 1,234,463 $ 1,207,782

See notes to condensed consolidated financial statements.

RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH WITHIN

THE CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION:

September 30,

RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH WITHIN THE CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION:

2026 December 31,

5 unchanged sentences

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

FOR THE THREE MONTH PERIOD ENDED SEPTEMBER 30, 2025

FOR THE THREE MONTH PERIOD ENDED MARCH 31, 2026

(dollars in thousands)

5 unchanged sentences

Net of Tax Common Stock

Held By Subsidiaries Total

Held In Treasury Total

Stockholders’

5 unchanged sentences

Shares $ Shares $

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

Balance - January 1, 2026 111,728,757 $ 1,117 $ 306,425 $ 1,517,571 $ ( 271,509 ) 17,822,122 $ ( 684,411 ) $ 869,193 $ 37,096 $ 906,289 $ 78,379

Comprehensive income (loss):

Net income (loss) 100,916 100,916 ( 254 ) 100,662 ( 99 )

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

Dividend equivalents 8,311 ( 8,425 ) ( 114 ) ( 2,717 ) ( 2,831 )

Common stock dividends ($ 0.50 per share)

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

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 )

Distribution to noncontrolling

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

LFI Consolidated Funds ( 8,012 )

Other ( 3,594 ) ( 3,594 )

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 NINE MONTH PERIOD ENDED SEPTEMBER 30, 2025

(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, 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 186,968 186,968 1,693 188,661 8,145

Other comprehensive income - net of tax 53,792 53,792 67 53,859

Other comprehensive loss - net of tax ( 5,169 ) ( 5,169 ) ( 6 ) ( 5,175 )

Amortization of share-based incentive compensation 103,261 103,261 640 103,901

3 unchanged sentences

Purchase and cancellation of common

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

stock ( 41,502 ) ( 1,694 ) ( 1,694 ) ( 1,694 )

Delivery of common stock in connection with share-based incentive compensation and related tax expense of $ 10,652

2 unchanged sentences

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

Distribution to noncontrolling interests,

net ( 583 ) ( 583 )

LFI Consolidated Funds ( 9,256 )

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

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 SEPTEMBER 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 - 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 income - net of tax 34,449 34,449 33 34,482

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

Dividend equivalents 7,633 ( 7,851 ) ( 218 ) ( 3,056 ) ( 3,274 )

Common stock dividends ($ 0.50 per share)

( 45,092 ) ( 45,092 ) ( 45,092 )

Purchase of common stock 67,500 ( 3,112 ) ( 3,112 ) ( 3,112 )

Delivery of common stock in connection with share-based incentive compensation and related tax expense of $ 538

( 16,784 ) ( 367,739 ) 13,650 ( 3,134 ) – ( 3,134 )

Distributions to noncontrolling interests, net ( 214 ) ( 214 )

Contributions from noncontrolling

interests, net

LFI Consolidated Funds 3,146

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

Sale and deconsolidation of business ( 47,002 ) ( 47,002 )

Balance - March 31, 2026 111,687,255 $ 1,117 $ 106,494 $ 1,559,269 $ ( 276,678 ) 13,249,570 $ ( 508,906 ) $ 881,296 $ ( 8,841 ) $ 872,455 $ 81,426

See notes to condensed consolidated financial statements.

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

FOR THE NINE MONTH PERIOD ENDED September 30, 2024

FOR THE THREE MONTH PERIOD ENDED MARCH 31, 2025

(dollars in thousands)

5 unchanged sentences

Net of Tax Common Stock

Held By Subsidiaries Total

Held In Treasury Total

Stockholders’

7 unchanged sentences

Comprehensive income (loss):

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

Net income (loss) 60,375 60,375 2,806 63,181 ( 1,192 )

Other comprehensive income - net of tax 19,976 19,976 24 20,000

8 unchanged sentences

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

Distributions to noncontrolling interests, net ( 1,987 ) ( 1,987 )

Contributions from noncontrolling

interests, net 96 96

LFI Consolidated Funds 5,374

Other ( 3,338 ) 41,969 ( 1,927 ) ( 5,265 ) ( 5,265 )

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

Balance - March 31, 2025 112,766,091 $ 1,128 $ 97,771 $ 1,507,126 $ ( 306,766 ) 18,618,701 $ ( 700,693 ) $ 598,566 $ 45,525 $ 644,091 $ 83,811

See notes to condensed consolidated financial statements.

2 unchanged sentences

ORGANIZATION AND BASIS OF PRESENTATION

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.

is a global financial advisory and asset management firm, incorporated in Delaware that specializes in crafting solutions to the complex financial and strategic challenges and opportunities 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 September 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”).

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 (the “Operating Agreement”).

Lazard, Inc.’s primary operating asset is its indirect ownership of the common membership interests of, and managing member interests in, Lazard Group, whose principal operating activities are included in two business segments:

• Financial Advisory, which offers corporate, partnership, institutional, government, sovereign and individual clients across the globe a wide array of financial advisory services including mergers and acquisitions (“M&A”) advisory, capital markets advisory, shareholder advisory, sovereign advisory, geopolitical advisory, restructuring and liability management, capital raising and placement, and other strategic matters;

• Financial Advisory, which offers corporate, partnership, institutional, government, sovereign and individual clients across the globe a wide array of financial advisory services including mergers and acquisitions (“M&A”) advisory, strategic capital solutions, shareholder advisory, sovereign advisory, geopolitical advisory, restructuring and liability management, capital raising and placement, and other strategic matters;

• Asset Management, which offers a broad range of global investment solutions and investment and wealth management services in equity and fixed income strategies, asset allocation strategies, alternative investments and private equity funds to corporations, public funds, sovereign entities, endowments and foundations, labor funds, financial intermediaries and private wealth clients.

In addition, we record selected other activities in our Corporate segment, including cash management, investments, deferred tax assets, outstanding indebtedness and certain contingent obligations.

In addition, we record selected other activities in our Corporate segment, including cash management, certain investments, deferred tax assets, outstanding indebtedness and certain contingent obligations.

Basis of Presentation

8 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 nine month periods ended September 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 period ended March 31, 2026 are not indicative of the results to be expected for any future interim or annual period.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

12 unchanged sentences

Intercompany transactions and balances have been eliminated.

Amortization and other acquisition-related costs are reported in “operating expenses-other” in the condensed consolidated statements of operations and “amortization of deferred expenses and share-based incentive compensation” in the condensed consolidated statements of cash flows.

Such amounts were previously reported separately.

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

“Proceeds from (payments for) customer loans, net” is being reported separately in the condensed consolidated statements of cash flows.

Such amounts were previously reported in “other investing activities”.

Prior period information has been recast to reflect the updated presentation.

Change in Accounting Principle

In the first quarter of 2026, the Company changed its accounting principle for recognizing compensation expense for share-based incentive compensation awards and certain deferred compensation arrangements with only a service condition from the graded attribution method to the straight-line attribution method.

The Company believes that the straight-line attribution method of accounting is preferable because it more appropriately reflects the pattern of service provided by the employee.

This change in accounting principle was retrospectively applied resulting in a cumulative effect that was recorded as an adjustment to opening retained earnings as of January 1, 2024.

The effect of the change on each prior period’s condensed consolidated statements of operations and cash flows presented as well as on basic and diluted net income per share and weighted average shares of common stock outstanding was not material, and as a result these amounts were not recast.

The Company also changed the vesting period for share-based incentive compensation awards and certain deferred compensation arrangements with only a service condition, granted in the first quarter of 2026, such that they vest to employees ratably over three years (see Note 13).

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

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

The following tables present the effect of the change in accounting principle and its impact on key components of the Company's condensed consolidated statements of financial condition and condensed consolidated statements of changes in stockholders’ equity and redeemable noncontrolling interests:

December 31, 2025

As Reported As Adjusted Effect of Change

Deferred tax assets $ 459,087 $ 449,531 $ ( 9,556 )

Other assets (a) 311,593 316,687 5,094

Stockholders' Equity:

Additional paid-in-capital $ 340,351 $ 306,425 $ ( 33,926 )

Retained earnings 1,488,107 1,517,571 29,464

Total Lazard Stockholders' Equity 873,655 869,193 ( 4,462 )

Total Stockholders' Equity 910,751 906,289 ( 4,462 )

Three Months Ended March 31, 2025

As Reported As Adjusted Effect of Change

Additional Paid-In-Capital:

Balance - January 1, 2025 $ 327,810 $ 293,884 $ ( 33,926 )

Balance - March 31, 2025 131,697 97,771 ( 33,926 )

Retained Earnings:

Balance - January 1, 2025 $ 1,472,113 $ 1,501,577 $ 29,464

Balance - March 31, 2025 1,477,662 1,507,126 29,464

___________________________________

(a) Included in other assets is the prepaid compensation asset relating to Lazard Fund Interests (“LFI”) and other similar deferred compensation arrangements.

The following table presents the impact to the prepaid compensation asset as presented in Note 13:

December 31, 2025

As Reported As Adjusted Effect of Change

Prepaid Compensation Asset - LFI $ 28,407 $ 33,501 $ 5,094

Sale and Deconsolidation of The Edgewater Management Vehicles (“Edgewater”)

On February 13, 2026, the Company completed the sale of a controlling stake in the Edgewater management vehicles, resulting in the deconsolidation of the related entities.

The Company measured its retained investment in Edgewater, primarily composed of certain carried interests, at fair value of $ 8,164 at the time of transaction.

This measurement, which required significant management estimates and assumptions, was determined using an income approach, which is based on discounted estimated future cash flows from net income.

As a result of the transaction, the Company recorded a pre-tax gain of $ 77,990 , which was reported as “other revenue” on the condensed consolidated statement of operations for the three month period ended March 31, 2026.

Cash flows from investing activities “sale and deconsolidation of business, net of cash proceeds” in the condensed consolidated statements of cash flows for the three month period ended March 31, 2026 primarily relate to decrease in cash and cash equivalents and restricted cash from the deconsolidation of Edgewater.

The Company will use the equity method to account for its retained investment.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

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

RECENT ACCOUNTING DEVELOPMENTS

Compensation – Stock Compensation (Topic 718):

Scope Application of Profits Interest and Similar Awards — In March 2024, the FASB issued an accounting standard update that provides guidance in determining whether profits interest and similar awards should be accounted for as share-based arrangements within the scope of Topic 718.

The amendments are effective for annual and interim periods beginning after December 15, 2024, and shall be applied either retrospectively or prospectively.

The Company has adopted the new guidance as of January 1, 2025 with prospective application to any profits interest and similar awards granted or modified on or after the date of adoption.

The adoption of the amendments did not have a material impact to the Company’s financial statements.

Income Taxes (Topic 740):

Improvements to Income Tax Disclosures —In December 2023, the FASB issued an accounting standard update to enhance the transparency and decision usefulness of income tax disclosures.

The amendments include new annual disclosure requirements related to the rate reconciliation, information about income taxes paid, and disaggregated information on pre-tax income or loss and income tax expense from continuing operations.

The amendments also eliminated certain disclosure requirements.

The new guidance is effective for annual periods beginning after December 15, 2024, and shall be applied on a prospective basis.

The Company is currently evaluating the new guidance.

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 receivable, 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 either prospective or retrospective application.

The Company elected to apply the practical expedient on a prospective basis beginning January 1, 2026.

The adoption of this guidance did not have a material impact on the Company’s financial statements.

Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40):

3 unchanged sentences

The Company is currently evaluating the new guidance.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(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):

4 unchanged sentences

REVENUE RECOGNITION

The Company disaggregates revenue based on its business segment results and believes that the following information provides a reasonable representation of how performance obligations relate to the nature, amount, timing and uncertainty of revenue and cash flows:

The Company disaggregates revenue from contracts with customers based on its business segment results and believes that the following information provides a reasonable representation of how performance obligations relate to the nature, amount, timing and uncertainty of revenue and cash flows:

Three Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

Financial Advisory (a) $ 358,169 $ 367,359

Asset Management:

Management fees and other (b) $ 311,540 $ 288,814 $ 876,929 $ 857,246

Management fees (b) $ 315,475 $ 254,700

Incentive fees (c) 11,824 9,908

Other (d) 10,973 23,492

Total Asset Management $ 338,272 $ 288,100

___________________________________

(a) Financial Advisory is comprised of a wide array of financial advisory services regarding M&A advisory, capital markets advisory, shareholder advisory, sovereign advisory, geopolitical advisory, restructuring and liability management, capital raising and placement, and other strategic advisory work for clients.

(a) Financial Advisory is comprised of a wide array of financial advisory services regarding M&A advisory, strategic capital solutions, shareholder advisory, sovereign advisory, geopolitical advisory, restructuring and liability management, capital raising and placement, and other strategic advisory work for clients.

The benefits of these advisory services are generally transferred to the Company’s clients over time, and consideration for these advisory services typically includes transaction completion, transaction announcement and retainer fees.

1 unchanged sentence

However, transaction announcement and transaction completion fees are variable and subject to constraints, and they are typically not recognized until there is an announcement date or a completion date, respectively, due to the uncertainty associated with those events.

Therefore, in any given period, advisory fees recognized for certain transactions may relate to services performed in prior periods.

Therefore, in any given period, advisory fees recognized for certain transactions may relate to

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

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

services performed in prior periods.

The advisory fees that may be unrecognized as of the end of a reporting period, primarily comprised of fees associated with transaction announcements and transaction completions, generally remain unrecognized due to the uncertainty associated with those events.

(b) Management fees and other is primarily comprised of management services.

(b) Management fees is primarily comprised of management services.

The benefits of these management services are transferred to the Company’s clients over time.

Consideration for these management services generally includes management fees, which are based on assets under management and recognized over the period in which the management services are performed.

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)

The selling or distribution of fund interests is a separate performance obligation within management fees, 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.

2 unchanged sentences

The fees allocated to these management services that are unrecognized as of the end of the reporting period are generally amounts that are subject to constraints due to the uncertainty associated with performance targets and clawbacks.

In addition to the above, contracts with clients include trade-based commission income, which is recognized at the point in time of execution and presented within other revenue.

(d) Other is primarily comprised of trade-based commission income, which is recognized at the point in time of execution and presented within other revenue.

Such income may be earned by providing trade facilitation, execution, clearance and settlement, custody, and trade administration services to clients.

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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)

Asset Management “other” revenue is being reported separately in the above table.

Such amounts were previously included in “management fees and other”.

Prior period information has been recast to reflect the updated presentation.

At March 31, 2026, the Company had deferred revenue of $ 5,829 included in “other liabilities” on the condensed consolidated statements of financial condition.

During the three month period ended March 31, 2026, the Company recognized $ 8,663 in revenue that was included in the deferred revenue balance as of December 31, 2025 of $ 139,022 .

The majority of the remaining decrease in the deferred revenue balance in the three month period ended March 31, 2026 relates to the sale and corresponding deconsolidation of Edgewater.

See Note 1 for further information.

RECEIVABLES AND ALLOWANCE FOR CREDIT LOSSES

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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 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:

Of the Company’s fee receivables at March 31, 2026 and December 31, 2025, $ 120,945 and $ 152,227 , respectively, represented financing receivables for our Private Capital Advisory fees.

At March 31, 2026 and December 31, 2025, customers and other receivables included $ 139,048 and $ 142,454 , 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, 2026 and December 31, 2025.

The aggregate carrying amount of other fees and customers and other receivables was $ 513,792 and $ 603,105 at March 31, 2026 and December 31, 2025, respectively.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

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

Activity in the allowance for credit losses for the three month periods ended March 31, 2026 and 2025 was as follows:

Three Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

Beginning Balance $ 22,884 $ 32,033

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The allowance for credit losses is substantially all related to Financial Advisory fee receivables and other receivables.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

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

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

September 30,

The Company’s investments consist of the following at March 31, 2026 and December 31, 2025:

2026 December 31,

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Equity (a) 279,863 320,832

Private equity 47,818 43,412

Private equity (b) 20,202 49,105

Total funds 435,170 548,445

Investments, at fair value 490,080 607,094

Equity method investments 18,631 16,899

Equity method investments (b) 26,475 18,752

Total investments $ 516,555 $ 625,846

___________________________________

(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.

(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 20), held to satisfy the Company’s obligation upon vesting of previously granted 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).

September 30,

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

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

2026 December 31,

Investments related to LFI and other similar

deferred compensation arrangements:

Investments related to LFI and other similar deferred compensation arrangements:

Alternative investments $ 22,053 $ 22,224

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Total $ 211,504 $ 285,021

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

(b) Unfunded commitments relating to investments:

2026 December 31,

Private equity funds $ 27,778 $ 34,389

Equity method investments 819 –

Debt securities primarily consist of investments in government 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.

Private equity investments include those owned by Lazard and those consolidated but not owned by Lazard.

Private equity investments owned by Lazard are primarily comprised of investments in private equity funds.

Private equity investments are primarily comprised of investments in private equity funds.

Such investments primarily include (i) Edgewater Growth Capital Partners III, L.P.

(“EGCP III”), a fund primarily making equity and buyout investments in middle market companies and (ii) a seed investment in a fund that invests in sustainable private infrastructure opportunities.

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”).

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

(“EGCP III”), a fund primarily making equity and buyout investments in middle market companies, (ii) a seed investment in a fund that invests in sustainable private infrastructure opportunities, and (iii) an investment in a European tech-focused growth equity fund managed by our asset management business.

In 2025, 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 Edgewater.

Equity method investments include (i) retained investment in Edgewater, and (ii) 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 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

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

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.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

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

During the three month periods ended March 31, 2026 and 2025, 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

Net unrealized investment gains (losses) $ ( 23,849 ) $ ( 8,984 )

As of March 31, 2026 and December 31, 2025, the Company has pledged investments with a carrying value of $ 33,089 and $ 48,966 , respectively, primarily as collateral for its derivative contracts (see Note 7).

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

FAIR VALUE MEASUREMENTS

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The fair value of the contingent consideration liability is classified as Level 3.

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 contingent consideration liability is initially recorded at fair value on the acquisition date and is included in “other liabilities” on the condensed

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

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

consolidated statements of financial condition.

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

7 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 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

The following tables present, as of March 31, 2026 and December 31, 2025, 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, 2026

Level 1 Level 2 Level 3 NAV Total

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Securities sold, not yet purchased $ 2,477 $ – $ – $ – $ 2,477

Contingent consideration liability – – 2,274 – 2,274

Derivatives – 136,032 – – 136,032

4 unchanged sentences

Level 1 Level 2 Level 3 NAV Total

Cash and cash equivalents (a) $ 5,982 $ – $ – $ – $ 5,982

Deposits with banks and short-term

investments (a) $ 24,820 $ – $ – $ – $ 24,820

Restricted cash (a) 100 – – – 100

Debt 1,313 416 – – 1,729

Equity 56,245 – 675 – 56,920

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

Three Months Ended September 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 periods ended March 31, 2026 and 2025:

Three Months Ended March 31, 2026

Balance Net Unrealized

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Contingent consideration

liability $ 2,248 $ 26 $ – $ – $ – $ 2,274

liability (a) $ 2,300 $ – $ – $ ( 2,300 ) $ – $ –

Total Level 3 liabilities $ 2,300 $ – $ – $ ( 2,300 ) $ – $ –

1 unchanged sentence

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

Nine Months Ended September 30, 2025

Balance Net Unrealized

Earnings Purchases/

Issuances Sales/

Settlements Foreign

Adjustments Ending

Equity $ 589 $ 57 $ – $ – $ 39 $ 685

Private equity funds 256 – – – 34 290

Total Level 3 assets $ 845 $ 57 $ – $ – $ 73 $ 975

Contingent consideration

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

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

Three Months Ended September 30, 2024

Three Months Ended March 31, 2025

Balance Net Unrealized

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Contingent consideration

liability $ 4,389 $ 53 $ – $ – $ – $ 4,442

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

Nine Months Ended September 30, 2024

Balance Net Unrealized

Earnings Purchases/

Issuances Sales/

Settlements Foreign

Adjustments Ending

Equities $ 493 $ 46 $ 109 $ – $ 2 $ 650

Private equity funds 273 – – – 3 276

Total Level 3 assets $ 766 $ 46 $ 109 $ – $ 5 $ 926

Contingent consideration

liability (a)

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

Total Level 3 liabilities $ 4,495 $ 26 $ – $ ( 2,300 ) $ – $ 2,221

_________________________________

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

(a) Settlements for the three month periods ended March 31, 2026 and 2025 represent aggregate cash and noncash settlement of contingent consideration after the acquisition date.

The following tables present, at March 31, 2026 and December 31, 2025, certain investments that are valued using NAV or its equivalent as a practical expedient in determining fair value:

March 31, 2026

Investments Redeemable

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Private equity funds:

Equity growth 47,528 5,954 (e) 100 % (f) NA NA

Equity growth 19,918 100 % (e) NA NA

Total $ 71,430

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(d) monthly ( 100 %)

(e) Unfunded commitments to private equity investments consolidated but not owned by Lazard of $ 19,894 are excluded.

Such commitments are required to be funded by capital contributions from noncontrolling interest holders.

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

(d) daily ( 99 %) and monthly ( 1 %)

(e) 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, 2025

Investments Redeemable

Commitments % of

Redeemable Redemption

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Private equity funds:

Equity growth 43,156 6,068 (e) 100 % (f) NA NA

Equity growth 48,815 100 % (e) NA NA

Total $ 94,354

1 unchanged sentence

(a) monthly ( 100 %)

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

(b) daily ( 100 %)

(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.

Such commitments are required to be funded by capital contributions from noncontrolling interest holders.

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

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 September 30, 2025 and December 31, 2024.

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

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.

September 30, 2025

March 31, 2026

Derivative Assets Derivative Liabilities

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$ 5,181 $ 114,536

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

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

December 31, 2025

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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.

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:

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

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

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 periods ended March 31, 2026 and 2025 were as follows:

Three Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

Forward foreign currency exchange rate contracts $ 2,529 $ ( 5,399 )

2 unchanged sentences

Total $ 2,973 $ ( 6,988 )

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

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

PROPERTY, NET

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

Life in Years September 30,

At March 31, 2026 and December 31, 2025, property consisted of the following:

Life in Years March 31,

2026 December 31,

Buildings 33 $ 12,678 $ 12,956

Leasehold improvements 3-20 238,365 214,744

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

Leasehold improvements (a) 3 - 20

234,316 236,294

Furniture and equipment (a) 3 - 10

140,113 142,738

Computer software 3 - 5

57,855 56,168

Construction in progress 5,827 6,084

2 unchanged sentences

Property, net $ 160,103 $ 168,005

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,

___________________________________

(a) The Company classified assets as held for sale as of March 31, 2026 and December 31, 2025, the carrying amount of which was $ 3,684 (net of accumulated depreciation).

The assets are expected to be sold in 2026.

Effective January 1, 2026, depreciation expense is no longer recorded on these assets.

Changes in the carrying amount of goodwill for the three month periods ended March 31, 2026 and 2025 are as follows:

Three Months Ended March 31,

Financial Advisory Asset Management Total Financial Advisory Asset Management Total

Balance, January 1 $ 313,992 $ 81,270 $ 395,262 $ 312,305 $ 81,270 $ 393,575

Sale and deconsolidation of business – ( 359 ) ( 359 ) – – –

Foreign currency translation adjustments ( 312 ) – ( 312 ) 528 – 528

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

Balance, March 31 $ 313,680 $ 80,911 $ 394,591 $ 312,833 $ 81,270 $ 394,103

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 September 30, 2025 and December 31, 2024:

Senior debt is comprised of the following as of March 31, 2026 and December 31, 2025:

Outstanding as of

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

Amount Maturity

3 unchanged sentences

Debt Costs Carrying

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 $ 2,508 $ 497,492 $ 500,000 $ 2,763 $ 497,237

1 unchanged sentence

Notes 400,000 3/15/31 6.00 % 6.16 % 400,000 3,254 396,746 400,000 3,419 396,581

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

Notes 300,000 8/01/35 5.625 % 5.72 % 300,000 2,706 297,294 300,000 2,778 297,222

Total $ 1,700,000 $ 11,192 $ 1,688,808 $ 1,700,000 $ 11,914 $ 1,688,086

__________________________

(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 September 30, 2025, the maximum future payments that Lazard, Inc.

As of March 31, 2026, the maximum future payments that Lazard, Inc.

could be required to make under this guarantee is the same as the principal value in the table above plus accrued interest.

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

At September 30, 2025 and December 31, 2024, the fair value of such senior debt was approximately $ 1,732,000 and $ 1,682,000 , respectively.

At March 31, 2026 and December 31, 2025, the fair value of such senior debt was approximately $ 1,708,000 and $ 1,737,000 , respectively.

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

2 unchanged sentences

Any borrowings under the Second Amended and Restated Credit Agreement generally will bear interest at adjusted term SOFR plus an applicable margin for specific interest periods determined based on Lazard Group LLC’s highest credit rating from an internationally recognized credit agency.

The Second Amended and Restated Credit Agreement contains certain covenants, events of default and other customary provisions, including customary benchmark-replacement mechanics.

In conjunction with the Lazard, Inc.

1 unchanged sentence

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.

As of March 31, 2026, the Company had approximately $ 204,000 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.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

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

COMMITMENTS AND CONTINGENCIES

In July 2024, the Company signed a lease agreement for additional office facilities, with lease commencement anticipated in 2027.

The lease term is 10 years and has undiscounted future lease payments of approximately $ 103,000 .

The Company signed two lease agreements for additional office facilities, with lease commencement anticipated in future periods.

The lease terms are approximately 8 to 10 years and the total of undiscounted future lease payments is approximately $ 108,000 .

Other Commitments

8 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 September 30, 2025:

common stock (“common stock”) as set forth in the table below as of March 31, 2026:

Date Repurchase

2 unchanged sentences

The Company’s purchases under the share repurchase program over time are used to offset dilution from the shares that have been or will be issued under Lazard’s 2018 Incentive Compensation Plan, as amended (the “2018 Plan”).

Pursuant to the share repurchase program, purchases have been made in the open market or through privately negotiated transactions.

Pursuant to the share repurchase program, purchases have been made in the open market or through privately negotiated transactions, including those with employees.

The rate at which the Company purchases shares in connection with the share repurchase program may vary from period to period due to a variety of factors.

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

Nine Months Ended September 30:

Three Months Ended March 31:

Purchased Average

2025 773,955 $ 46.73

2026 (a) 41,502 $ 40.82

______________________

(a) Shares were immediately cancelled by the Company.

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

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

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

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.

During the three month periods ended March 31, 2026 and 2025, 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 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 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

Attributable to

Noncontrolling

Interests Total

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, 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

The aggregate value of all such purchases during the three month periods ended March 31, 2026 and 2025 was approximately $ 1,694 and $ 8,001 , respectively.

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

As of March 31, 2026, a total of $ 107,295 of share repurchase authorization remained available under Lazard, Inc.’s share repurchase program, which will expire on December 31, 2026 .

Accumulated Other Comprehensive Income (Loss) (“AOCI”), Net of Tax — The tables below reflect the balances of each component of AOCI at March 31, 2026 and 2025 and activity during the three month periods then ended:

Three Months Ended March 31, 2026

Adjustments Employee

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Net other comprehensive income (loss) ( 11,032 ) 5,857 ( 5,175 ) ( 6 ) ( 5,169 )

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

Three Months Ended September 30, 2024

Adjustments Employee

Attributable to

Noncontrolling

Interests Total

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

Adjustments for items reclassified to earnings, net of tax – 1,888 1,888 – 1,888

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

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

Nine Months Ended September 30, 2024

Balance, March 31, 2026 $ ( 112,513 ) $ ( 164,167 ) $ ( 276,680 ) $ ( 2 ) $ ( 276,678 )

Three Months Ended March 31, 2025

Adjustments Employee

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Net other comprehensive income (loss) 24,213 ( 4,213 ) 20,000 24 19,976

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

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

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:

The table below reflects adjustments for items reclassified out of AOCI, by component, for the three month periods ended March 31, 2026 and 2025:

Three Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

Employee benefit plans:

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Such amounts are included in “operating expenses–other” on the condensed consolidated statements of operations.

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).

Noncontrolling Interests —Noncontrolling interests principally represent (i) profits interest participation rights (see Note 13), and (ii) up to February 13, 2026, interests held in Edgewater’s management vehicles that the Company was deemed to control, but does not own (see Note 1).

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 20).

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 .

Dividends Declared, April 30, 2026 —On April 30, 2026 , 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 22, 2026 , to stockholders of record on May 11, 2026 .

INCENTIVE PLANS

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restricted stock units, restricted stock awards, and deferred stock units (collectively “RSUs”);

performance-based restricted stock units (“PRSUs”);

profits interest participation rights (“PIPRs”);

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

Three Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

Share-based incentive awards:

RSUs $ 93,866 $ 68,832

PRSUs – 318 ( 44 ) 1,037

PIPRs 10,035 8,380

Performance-based restricted

stock units – ( 44 )

Total $ 103,901 $ 77,168

4 unchanged sentences

The Company’s share-based incentive plans and awards are described below.

RSUs and PRSUs

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.

RSUs granted in 2026 vest ratably over three years , which we expect will be the vesting period for all year-end compensation grants going forward.

RSUs granted prior to 2026 vest generally, one-third after two years and the remaining two-thirds after the third year.

The grant date fair value of the RSUs, net of an estimated forfeiture rate, is expensed over the requisite service periods under the straight-line attribution method 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 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.

The number of shares of common stock that a recipient receives upon vesting of a PRSU is calculated by reference to certain performance-based and market-based metrics that relate to Lazard, Inc.’s performance over a three-year period.

The target number of shares of common stock subject to each PRSU is one ;

however, based on the achievement of both the performance-based and market-based conditions, the number of shares of common stock that may be received will range from zero to 2.4 times the target number.

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

During the three month period ended March 31, 2026, dividend participation rights required the issuance of an aggregate 240,526 units of RSUs and the associated aggregate charge to “retained earnings” (with a corresponding credit to “additional paid-in-capital”) was $ 12,148 .

In connection with RSUs that settled during the three month period ended March 31, 2026, the Company satisfied its minimum statutory tax withholding requirements in lieu of delivering 2,440,728 shares of common stock during such three month period.

Accordingly, 3,359,537 shares of common stock held by the Company were delivered during the three month period ended March 31, 2026.

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 nine month period ended September 30, 2025:

The following is a summary of activity relating to RSUs during the three month period ended March 31, 2026:

Units Weighted

Fair Value Units Weighted

Balance, January 1, 2026 17,963,773 $ 44.03

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Forfeited ( 96,135 ) $ 49.38

PRSUs performance units earned (a) 48,342 $ 21.92

Settled ( 5,800,265 ) $ 38.27

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

_________________________________

(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.

Balance, March 31, 2026 20,257,339 $ 49.71

The weighted-average grant date fair value of RSUs granted in the three month period ended March 31, 2025 was $ 53.87 .

As of March 31, 2026, the total estimated unrecognized compensation expense related to RSUs was $ 641,783 .

The Company expects to expense such amounts over a weighted-average period of approximately 2.2 years subsequent to March 31, 2026.

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.

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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

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:

• Total Shareholder Return PIPRs (“TSR-PIPRs”) are subject to service-based vesting conditions and have a payout based on the Company’s relative three-year total shareholder return versus the S&P 1500.

The payout ranges between 0 % and 150 % and is capped at 100 % if absolute TSR is negative.

• SP-PIPRs, which are subject to service-based vesting conditions and common stock price milestones and are eligible to vest in three tranches.

SP-PIPRs are eligible to vest in three tranches (each, a “Tranche”) based on the achievement of service conditions and Tranche-specific common stock price milestones measured as of a specified anniversary of the date of grant, as

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.

• SP-PIPRs, which are subject to service-based vesting conditions and common stock price milestones and are eligible to vest in three tranches.

The number of shares of common stock that a recipient will receive upon the exchange of a P-PIPR award is calculated by reference to applicable performance-based vesting conditions and, beginning with P-PIPRs granted in 2021, incremental market-based conditions and only result in value to the recipient to the extent the vesting and other conditions are satisfied.

The target number of shares of common stock subject to each P-PIPR is one .

Based on the achievement of performance conditions, as determined and approved by the Compensation Committee, the number of shares of common stock that may be received in connection with the P-PIPR awards granted prior to February 2021 will range from zero to two times the target number.

For the P-PIPR awards granted beginning in February 2021, subject to both performance-based and incremental market-based conditions, the number of shares that may be received will range from zero to 2.4 times the target number.

Unless applicable vesting and other conditions are satisfied during the three-year performance period, and the Minimum Value Condition is satisfied within five years following the grant date, all P-PIPRs will be forfeited.

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.

described below.

Their aggregate fair value at the original 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, 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”).

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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 nine month period ended September 30, 2025:

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

The following is a summary of activity relating to all PIPRs during the three month period ended March 31, 2026:

Ordinary PIPRs TSR-PIPRs/ SP-PIPRs

Units Weighted

Fair Value Units Weighted

Balance, January 1, 2026 4,084,294 $ 39.31 2,250,000 $ 16.12

1 unchanged sentence

Forfeited – $ – – $ –

Performance units earned (b) 747,800 $ 21.92

Settled ( 1,213,015 ) $ 35.94 – $ –

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 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.

Balance, March 31, 2026 4,110,785 $ 40.66 2,345,380 $ 17.08

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 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 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.

The weighted-average grant date fair value of ordinary PIPRs granted in the three month period ended March 31, 2025 was $ 44.93 .

Compensation expense recognized for 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, 2026, the total estimated unrecognized compensation expense of all profits interest participation rights was $ 79,623 and the Company expects to expense such amount over a weighted-average period of approximately 1.8 years subsequent to March 31, 2026.

LFI and Other Similar Deferred Compensation Arrangements

In connection with LFI and other similar deferred compensation arrangements, granted to eligible employees, which generally require future service as a condition for vesting, the Company records a prepaid compensation asset and a corresponding compensation liability on the grant date based upon the fair value of the award.

The prepaid asset is amortized on a straight-line basis over the applicable requisite service periods (which are generally similar to the comparable periods for RSUs) and is charged to “compensation and benefits” expense within the Company’s condensed consolidated statements of operations.

LFI and similar deferred compensation arrangements that do not require future service are expensed immediately.

In connection with LFI and other similar deferred compensation arrangements, granted to eligible employees, which generally require future service as a condition for vesting (which, for awards granted before 2026 and those granted in 2026, are generally similar to the respective vesting periods for RSUs), the Company records a prepaid compensation asset and a corresponding compensation liability on the grant date based upon the fair value of the award.

The prepaid asset is amortized over the applicable requisite service periods under the straight-line attribution method and is charged to “compensation and benefits” expense within the Company’s condensed consolidated statements of operations.

LFI and other similar deferred compensation arrangements that do not require future service are expensed immediately.

The related compensation liability is accounted for at fair value as a derivative liability, which contemplates the impact of estimated forfeitures, and is adjusted for changes in fair value primarily related to changes in value of the underlying investments.

1 unchanged sentence

(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 nine month period ended September 30, 2025:

The following is a summary of activity relating to LFI and other similar deferred compensation arrangements during the three month period ended March 31, 2026:

Asset Compensation

5 unchanged sentences

Other 2 ( 317 )

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.

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 nine month periods ended September 30, 2025 and 2024:

Balance, March 31, 2026 $ 67,373 $ 114,234

The amortization of the prepaid compensation asset will generally be recognized over a weighted average period of approximately 1.8 years subsequent to March 31, 2026.

Three Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

Amortization and the impact of forfeitures $ 15,393 $ 18,481

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 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.

Amortization expense for the three month periods ended March 31, 2026 and 2025 was $ 4,001 and $ 3,693 , respectively.

The remaining prepaid compensation asset was $ 13,976 as of March 31, 2026.

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 nine month periods ended September 30, 2025 and 2024:

Pension Plans

Three Months Ended September 30,

Components of Net Periodic Benefit Cost:

Service cost $ 193 $ 170

Interest cost 5,791 5,345

Expected return on plan assets ( 6,408 ) ( 6,721 )

Amortization of:

Prior service cost 315 138

Net actuarial loss 2,070 2,295

Net periodic benefit cost $ 1,961 $ 1,227

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, 2026 and 2025:

Pension Plans

Nine Months Ended September 30,

Three Months Ended March 31,

Components of Net Periodic Benefit Cost:

6 unchanged sentences

Net periodic benefit cost $ 1,779 $ 1,719

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 nine month period ended September 30, 2024 consisted of the following:

Nine Months Ended September 30, 2024

Financial Advisory Asset Management Corporate Total

Severance and other employee

termination expenses (included

in "compensation and benefits"

expense) $ 32,773 $ 11,545 $ 2,292 $ 46,610

Other 708 14 1,397 2,119

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

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 ( 16 )

Payments and settlements 5,351

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 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.

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 benefits of $ 10,989 and $ 7,354 for the three month periods ended March 31, 2026 and 2025, respectively, representing effective tax rates of ( 12.3 )% and ( 13.5 )%, 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 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 in the first quarter 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 nine month period ended September 30, 2025 was $ 99,262 .

Cash paid for income taxes, net of refunds for the three month period ended March 31, 2026 was $ 13,944 .

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 which are treated as participating securities.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

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

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.

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:

The Company’s basic and diluted net income per share calculations using the “two-class” method for the three month periods ended March 31, 2026 and 2025 are presented below:

Three Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

Net income attributable to Lazard $ 100,916 $ 60,375

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__________________________________

(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.

(a) The aggregate weighted average number of incremental shares of common stock issuable from PIPRs for the three month periods ended March 31, 2026 and 2025 of 2,500,405 and 2,814,720 , 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

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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 $ 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.

Asset management fees relating to such services were $ 188,283 and $ 138,058 for the three month periods ended March 31, 2026 and 2025, respectively, and are included in “asset management fees” on the condensed consolidated statements of operations.

Of such amounts, $ 39,882 and $ 86,262 remained as receivables at March 31, 2026 and December 31, 2025, respectively, and are included in “fees receivable” on the condensed consolidated statements of financial condition.

Tax Receivable Agreement

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Our subsidiaries expect to benefit from the balance of cash savings, if any, in income tax that our subsidiaries realize from such tax basis increases.

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.

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

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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 for income taxes”.

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.

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, 2026 and December 31, 2025 was $ 46,832 and $ 57,051 , respectively, and is recorded in “other liabilities” 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 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.

At March 31, 2026, LFNY’s regulatory net capital was $ 98,341 , which exceeded the minimum requirement by $ 94,081 .

LFNY’s aggregate indebtedness to net capital ratio was 0.65 :1 as of March 31, 2026.

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.

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.

At March 31, 2026, the aggregate regulatory net capital of the U.K.

Subsidiaries was $ 115,743 , which exceeded the minimum requirement by $ 41,645 .

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 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 .

At December 31, 2025, the consolidated regulatory net capital of CFLF was $ 164,221 , which exceeded the minimum requirement set for regulatory capital levels by $ 57,437 .

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 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 .

At December 31, 2025, the regulatory net capital of the combined European regulated group was $ 187,192 , which exceeded the minimum requirement set for regulatory capital levels by $ 49,245 .

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 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.

At March 31, 2026, for those subsidiaries with regulatory capital requirements, their aggregate net capital was $ 110,569 , which exceeded the minimum required capital by $ 77,645 .

At March 31, 2026, each of these subsidiaries individually was in compliance with its regulatory capital requirements.

SEGMENT INFORMATION

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The Company’s CODM is the Company’s Chief Executive Officer.

The CODM assesses the segments’ performance by each segment’s adjusted operating income (loss) attributable to each of the segments.

The Company previously disclosed each segment’s U.S.

GAAP operating income (loss) as the segment’s measure of profit or loss.

Comparable prior year information has been recast to reflect the updated measure.

The CODM assesses the segments’ performance by each segment’s adjusted operating income (loss).

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

4 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;

• 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.

• Gain on sale and deconsolidation of Edgewater.

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 September 30, 2025

Financial Advisory Asset Management Corporate Total

Net Revenue (Loss) - U.S.

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

Adjusted Compensation and Benefits Expense 273,214 155,920 45,513 474,647

Adjusted Non-compensation Expense 52,098 64,513 32,054 148,665

Other Segment Items ( 5,056 ) ( 32,840 ) 14,471 ( 23,425 )

Adjusted Operating Income (Loss) $ 96,967 $ 73,756 $ ( 69,382 ) $ 101,341

Other Segment Disclosures:

Interest income (included in net revenue) $ 618 $ 2,161 $ 4,881 $ 7,660

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

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

Nine Months Ended September 30, 2025

Financial Advisory Asset Management Corporate Total

Net Revenue (Loss) - U.S.

GAAP Basis $ 1,292,000 $ 907,607 $ ( 7,481 ) $ 2,192,126

Adjusted Compensation and Benefits Expense 830,218 438,402 131,576 1,400,196

Adjusted Non-compensation Expense 157,085 187,321 109,512 453,918

Other Segment Items ( 8,819 ) ( 80,433 ) 34,830 ( 54,422 )

Adjusted Operating Income (Loss) $ 295,878 $ 201,451 $ ( 213,739 ) $ 283,590

Other Segment Disclosures:

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

Depreciation and amortization of property

(included in adjusted non-compensation

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

Segment revenue includes revenue from contracts with customers and other revenue.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

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

Three Months Ended September 30, 2024

Three Months Ended March 31, 2026

Financial Advisory Asset Management Corporate Total

Net Revenue - U.S.

Net Revenue (Loss) - U.S.

GAAP Basis $ 359,568 $ 409,763 $ ( 12,749 ) $ 756,582

7 unchanged sentences

$ 1,811 $ 1,450 $ 4,542 $ 7,803

Nine Months Ended September 30, 2024

Three Months Ended March 31, 2025

Financial Advisory Asset Management Corporate Total

Net Revenue - U.S.

Net Revenue (Loss) - U.S.

GAAP Basis $ 367,359 $ 288,100 $ ( 7,408 ) $ 648,051

12 unchanged sentences

Three Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

Adjusted Operating Income $ 53,724 $ 74,017

Operating income related to noncontrolling interests and

similar arrangements (a) 2,252 8,192 9,835 14,803

Operating income (loss) related to noncontrolling interests

and similar arrangements (a) ( 354 ) 1,613

Interest expense (b) ( 22,728 ) ( 20,969 )

Amortization and other acquisition-related costs – ( 26 )

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 –

Gain on sale and deconsolidation of Edgewater (c) 77,990 –

Expenses associated with senior management transition (d)

Expenses related to the proposed acquisition of Campbell

Lutyens Holdings Limited ("Campbell Lutyens") (e) ( 2,400 ) –

Operating Income - U.S.

3 unchanged sentences

(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.

(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.

(d) Represents expenses associated with the departure of certain executive officers.

(e) Represents expenses related to the proposed acquisition of Campbell Lutyens (see Note 21).

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

2 unchanged sentences

LFI Consolidated Funds

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.

The Company’s consolidated VIEs as of March 31, 2026 and December 31, 2025 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 $ 33,350 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.

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 September 30, 2025 and December 31, 2024.

September 30, 2025 December 31, 2024

The assets of LFI Consolidated Funds, except as it relates to $ 10,319 and $ 36,527 of LFI owned by Lazard Group as of March 31, 2026 and December 31, 2025, respectively, can only be used to settle the obligations of LFI Consolidated Funds.

March 31, 2026 December 31, 2025

Cash and cash equivalents $ 1,463 $ 1,028

6 unchanged sentences

Total liabilities $ 1,077 $ 746

SUBSEQUENT EVENT

On April 30, 2026, the Company entered into a Sale and Purchase Agreement (the “Purchase Agreement”) pursuant to which the Company agreed to acquire all of the issued share capital of Campbell Lutyens, a global private markets advisor focused on fund placement, secondary advisory, and GP capital advisory services.

The aggregate consideration for the transaction consists of (i) initial closing consideration of $ 460,000 based on the Company’s stock price at announcement, and subject to adjustments for cash, debt and working capital as of closing;

(ii) deferred consideration of $ 115,000 payable on the second anniversary of closing;

and (iii) earn-out consideration of up to $ 85,000 based on the achievement of defined performance criteria over a multi-year period and subject to continuing employment by certain selling shareholders.

Both initial and deferred consideration include portions that are subject to additional lock-up arrangements.

The aggregate consideration is payable in a combination of the Company’s common stock, cash, and loan notes, subject to the terms of the Purchase Agreement, including limitations on share issuance.

The transaction is expected to close in the second half of 2026, subject to regulatory approvals and other customary closing conditions.

Under certain circumstances, if the Purchase Agreement is terminated, the Company may be required to pay Campbell Lutyens a termination fee of $ 50,000 .

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