What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2026-10-26 compared with 2026-07-28 · 261 added, 226 removed, 1036 unchanged (32% of the section changed)

Financial Statements (Unaudited)

Condensed Consolidated Statements of Financial Condition as of June 30, 2026 and December 31, 2025

Condensed Consolidated Statements of Operations for the three month and six month periods ended June 30, 2026 and 2025

Condensed Consolidated Statements of Comprehensive Income for the three month and six month periods ended June 30, 2026 and 2025

Condensed Consolidated Statements of Cash Flows for the six month periods ended June 30, 2026 and 2025

Condensed Consolidated Statements of Changes in Stockholders’ Equity and Redeemable Noncontrolling Interests for the three month and six month periods ended June 30, 2026 and 2025

Condensed Consolidated Statements of Financial Condition as of September 30, 2026 and December 31, 2025

Condensed Consolidated Statements of Operations for the three month and nine month periods ended September 30, 2026 and 2025

Condensed Consolidated Statements of Comprehensive Income for the three month and nine month periods ended September 30, 2026 and 2025

Condensed Consolidated Statements of Cash Flows for the nine month periods ended September 30, 2026 and 2025

Condensed Consolidated Statements of Changes in Stockholders’ Equity and Redeemable Noncontrolling Interests for the three month and nine month periods ended September 30, 2026 and 2025

Notes to Condensed Consolidated Financial Statements

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

JUNE 30, 2026 AND DECEMBER 31, 2025

SEPTEMBER 30, 2026 AND DECEMBER 31, 2025

(dollars in thousands, except for per share data)

September 30,

2026 December 31,

2 unchanged sentences

Restricted cash 6,329 34,021

Receivables (net of allowance for credit losses of $ 23,589 and $ 22,884 at June 30, 2026 and December 31, 2025, respectively):

Receivables (net of allowance for credit losses of $ 25,177 and $ 22,884 at September 30, 2026 and December 31, 2025, respectively):

Fees 606,427 706,220

1 unchanged sentence

843,007 897,786

Investments (including $ 33,770 and $ 48,966 pledged at June 30, 2026 and December 31, 2025, respectively)

Investments (including $ 36,916 and $ 48,966 pledged at September 30, 2026 and December 31, 2025, respectively)

520,773 625,846

Property (net of accumulated amortization and depreciation of $ 291,341 and $ 286,235 at June 30, 2026 and December 31, 2025, respectively)

Property (net of accumulated amortization and depreciation of $ 298,800 and $ 286,235 at September 30, 2026 and December 31, 2025, respectively)

151,260 168,005

Operating lease right-of-use assets 398,151 412,584

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

Goodwill and other intangible assets (net of accumulated amortization of $ 3,959 and $ 67,711 at September 30, 2026 and December 31, 2025, respectively)

451,805 395,262

4 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

JUNE 30, 2026 AND DECEMBER 31, 2025

SEPTEMBER 30, 2026 AND DECEMBER 31, 2025

(dollars in thousands, except for per share data)

September 30,

2026 December 31,

12 unchanged sentences

15,000,000 shares authorized;

shares issued and outstanding at June 30, 2026 and December 31, 2025

shares issued and outstanding at September 30, 2026 and December 31, 2025

Common stock:

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

110,548,172 and 111,728,757 shares issued at June 30, 2026 and December 31, 2025, respectively, including shares held in treasury)

109,783,028 and 111,728,757 shares issued at September 30, 2026 and December 31, 2025, respectively, including shares held in treasury)

Additional paid-in-capital 219,424 306,425

3 unchanged sentences

Common stock held in treasury, at cost ( 12,120,709 and 17,822,122 shares at

June 30, 2026 and December 31, 2025, respectively)

September 30, 2026 and December 31, 2025, respectively)

( 474,281 ) ( 684,411 )

5 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE THREE MONTH AND SIX MONTH PERIODS ENDED JUNE 30, 2026 AND 2025

FOR THE THREE MONTH AND NINE MONTH PERIODS ENDED SEPTEMBER 30, 2026 AND 2025

(dollars in thousands, except for per share data)

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2026 2025 2026 2025

13 unchanged sentences

Fund administration and outsourced services 41,291 32,390 112,861 88,989

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

Other 15,521 14,886 43,960 39,787

14 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

FOR THE THREE MONTH AND SIX MONTH PERIODS ENDED JUNE 30, 2026 AND 2025

FOR THE THREE MONTH AND NINE MONTH PERIODS ENDED SEPTEMBER 30, 2026 AND 2025

(dollars in thousands)

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2026 2025 2026 2025

1 unchanged sentence

OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:

Currency translation adjustments (net of tax benefit of $ 597 and $ 603 for the three months and six months ended June 30, 2026, respectively)

Currency translation adjustments (net of tax expense (benefit) of $ 8 and $ 3,200 for the three months ended September 30, 2026 and 2025, respectively, and $( 595 ) and $ 3,200 for the nine months ended September 30, 2026 and 2025, respectively)

2,490 ( 8,838 ) ( 12,524 ) 61,243

Employee benefit plans:

Actuarial gain (loss) (net of tax expense (benefit) of $ 105 and $( 2,736 ) for the three months ended June 30, 2026 and 2025, respectively, and $ 1,367 and $( 4,338 ) for the six months ended June 30, 2026 and 2025, respectively)

Actuarial gain (loss) (net of tax expense (benefit) of $( 153 ) and $ 628 for the three months ended September 30, 2026 and 2025, respectively, and $ 1,214 and $( 3,710 ) for the nine months ended September 30, 2026 and 2025, respectively)

( 809 ) 2,961 3,708 ( 12,856 )

Adjustment for items reclassified to earnings (net of tax expense of $ 523 and $ 562 for the three months ended June 30, 2026 and 2025, respectively, and $ 1,047 and $ 1,092 for the six months ended June 30, 2026 and 2025, respectively)

Adjustment for items reclassified to earnings (net of tax expense of $ 526 and $ 554 for the three months ended September 30, 2026 and 2025, respectively, and $ 1,573 and $ 1,646 for the nine months ended September 30, 2026 and 2025, respectively)

1,621 1,831 4,874 5,472

5 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE SIX MONTH PERIODS ENDED JUNE 30, 2026 AND 2025

FOR THE NINE MONTH PERIODS ENDED SEPTEMBER 30, 2026 AND 2025

(dollars in thousands)

Six Months Ended

Nine Months Ended

September 30,

CASH FLOWS FROM OPERATING ACTIVITIES:

6 unchanged sentences

Gain on sale and deconsolidation of business ( 75,508 ) –

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

Other adjustments ( 1,784 ) ( 8,566 )

4 unchanged sentences

Accrued compensation and benefits and other liabilities ( 329,471 ) ( 503,882 )

Net cash used in operating activities ( 15,865 ) ( 167,846 )

Net cash provided by operating activities 300,588 119,627

CASH FLOWS FROM INVESTING ACTIVITIES:

9 unchanged sentences

Proceeds from:

Issuance of senior debt – 300,000

Contributions from noncontrolling interests 151 1,466

Payments for:

Extinguishment of senior debt – ( 298,354 )

Distributions to noncontrolling interests ( 1,879 ) ( 2,049 )

9 unchanged sentences

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

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH—June 30 $ 1,302,756 $ 1,248,308

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH—September 30 $ 1,452,736 $ 1,423,043

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,

2026 December 31,

5 unchanged sentences

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

FOR THE THREE MONTH PERIOD ENDED JUNE 30, 2026

FOR THE THREE MONTH PERIOD ENDED SEPTEMBER 30, 2026

(dollars in thousands)

13 unchanged sentences

Shares $ Shares $

Balance - April 1, 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

Balance - July 1, 2026 110,548,172 $ 1,105 $ 195,119 $ 1,505,836 $ ( 278,753 ) 13,097,600 $ ( 509,002 ) $ 914,305 $ ( 9,773 ) $ 904,532 $ 111,286

Comprehensive income (loss):

7 unchanged sentences

stock ( 765,144 ) ( 7 ) ( 29,829 ) – ( 3,458 ) ( 33,294 ) ( 33,294 )

Delivery of common stock in connection with share-based incentive compensation and related tax benefit of $ 8,350

Delivery of common stock in connection with share-based incentive compensation and related tax expense of $ 8,290

( 55,485 ) ( 976,891 ) 38,179 ( 17,306 ) 2,661 ( 14,645 )

Business acquisitions and related equity transactions:

Common stock issuable 158 158 158

Distributions to noncontrolling

2 unchanged sentences

Purchase and consolidation of business (a) ( 555 ) ( 555 ) ( 555 ) 547

Balance - June 30, 2026 110,548,172 $ 1,105 $ 195,119 $ 1,505,836 $ ( 278,753 ) 13,097,600 $ ( 509,002 ) $ 914,305 $ ( 9,773 ) $ 904,532 $ 111,286

Balance - September 30, 2026 109,783,028 $ 1,098 $ 219,424 $ 1,477,967 $ ( 275,422 ) 12,120,709 $ ( 474,281 ) $ 948,786 $ ( 8,301 ) $ 940,485 $ 109,207

____________________

2 unchanged sentences

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

FOR THE SIX MONTH PERIOD ENDED JUNE 30, 2026

FOR THE NINE MONTH PERIOD ENDED SEPTEMBER 30, 2026

(dollars in thousands)

32 unchanged sentences

Purchase and consolidation of business (b) ( 2,543 ) ( 2,543 ) ( 514 ) ( 3,057 ) 36,321

Balance - June 30, 2026 110,548,172 $ 1,105 $ 195,119 $ 1,505,836 $ ( 278,753 ) 13,097,600 $ ( 509,002 ) $ 914,305 $ ( 9,773 ) $ 904,532 $ 111,286

Balance - September 30, 2026 109,783,028 $ 1,098 $ 219,424 $ 1,477,967 $ ( 275,422 ) 12,120,709 $ ( 474,281 ) $ 948,786 $ ( 8,301 ) $ 940,485 $ 109,207

____________________

3 unchanged sentences

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

FOR THE THREE MONTH PERIOD ENDED JUNE 30, 2025

FOR THE THREE MONTH PERIOD ENDED SEPTEMBER 30, 2025

(dollars in thousands)

13 unchanged sentences

Shares $ Shares $

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

Balance - July 1, 2025 112,766,091 $ 1,128 $ 191,132 $ 1,507,082 $ ( 268,903 ) 18,408,649 $ ( 693,298 ) $ 737,141 $ 44,881 $ 782,022 $ 83,578

Comprehensive income (loss):

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

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

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

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

2 unchanged sentences

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

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

Purchase and cancellation of common stock

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

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

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

Contributions from noncontrolling

Distributions to noncontrolling

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

1 unchanged sentence

Other ( 3,594 ) ( 3,594 )

Balance - June 30, 2025 112,766,091 $ 1,128 $ 191,132 $ 1,507,082 $ ( 268,903 ) 18,408,649 $ ( 693,298 ) $ 737,141 $ 44,881 $ 782,022 $ 83,578

Balance - September 30, 2025 112,746,606 $ 1,127 $ 259,086 $ 1,522,725 $ ( 272,950 ) 17,868,792 $ ( 672,928 ) $ 837,060 $ 37,104 $ 874,164 $ 78,518

See notes to condensed consolidated financial statements.

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

FOR THE SIX MONTH PERIOD ENDED JUNE 30, 2025

FOR THE NINE MONTH PERIOD ENDED SEPTEMBER 30, 2025

(dollars in thousands)

21 unchanged sentences

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

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

Purchase and cancellation of common stock

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

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

2 unchanged sentences

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

Contribution from noncontrolling interests, net 1,249 1,249

Distributions 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 - June 30, 2025 112,766,091 $ 1,128 $ 191,132 $ 1,507,082 $ ( 268,903 ) 18,408,649 $ ( 693,298 ) $ 737,141 $ 44,881 $ 782,022 $ 83,578

Balance - September 30, 2025 112,746,606 $ 1,127 $ 259,086 $ 1,522,725 $ ( 272,950 ) 17,868,792 $ ( 672,928 ) $ 837,060 $ 37,104 $ 874,164 $ 78,518

See notes to condensed consolidated financial statements.

4 unchanged sentences

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

indirectly held 100 % of all outstanding common membership interests of Lazard Group LLC, a Delaware limited liability company (collectively referred to, together with its subsidiaries, as “Lazard Group”), as of June 30, 2026 and December 31, 2025.

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”).

13 unchanged sentences

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

The condensed consolidated results of operations for the three month and six month periods ended June 30, 2026 are not indicative of the results to be expected for any future interim or annual period.

The condensed consolidated results of operations for the three month and nine month periods ended September 30, 2026 are not indicative of the results to be expected for any future interim or annual period.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

33 unchanged sentences

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

Three Months Ended June 30, 2025

Three Months Ended September 30, 2025

As Reported As Adjusted Effect of Change

Additional Paid-In-Capital:

Balance - April 1, 2025

$ 131,697 $ 97,771 $ ( 33,926 )

Balance - June 30, 2025

225,058 191,132 ( 33,926 )

Balance - July 1, 2025 $ 225,058 $ 191,132 $ ( 33,926 )

Balance - September 30, 2025 293,012 259,086 ( 33,926 )

Retained Earnings:

Balance - April 1, 2025

$ 1,477,662 $ 1,507,126 $ 29,464

Balance - June 30, 2025

1,477,618 1,507,082 29,464

Six Months Ended June 30, 2025

Balance - July 1, 2025 $ 1,477,618 $ 1,507,082 $ 29,464

Balance - September 30, 2025 1,493,261 1,522,725 29,464

Nine Months Ended September 30, 2025

As Reported As Adjusted Effect of Change

1 unchanged sentence

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

Balance - June 30, 2025

225,058 191,132 ( 33,926 )

Balance - September 30, 2025 293,012 259,086 ( 33,926 )

Retained Earnings:

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

Balance - June 30, 2025

1,477,618 1,507,082 29,464

Balance - September 30, 2025 1,493,261 1,522,725 29,464

___________________________________

10 unchanged sentences

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 $ 75,508 , which was reported as “other revenue” on the condensed consolidated statement of operations for the six month period ended June 30, 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 six month period ended June 30, 2026 primarily relate to decrease in cash and cash equivalents and restricted cash from the deconsolidation of Edgewater.

Cash flows from investing activities “sale and deconsolidation of business, net of cash proceeds” in the condensed consolidated statements of cash flows for the nine month period ended September 30, 2026 primarily relate to decrease in cash and cash equivalents and restricted cash from the deconsolidation of Edgewater.

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

6 unchanged sentences

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 .

The transaction is expected to close in early November, subject to customary closing conditions.

RECENT ACCOUNTING DEVELOPMENTS

19 unchanged sentences

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2026 2025 2026 2025

30 unchanged sentences

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

At June 30, 2026, the Company had deferred revenue of $ 5,401 included in “other liabilities” on the condensed consolidated statements of financial condition.

During the three month and six month periods ended June 30, 2026, the Company recognized $ 1,093 and $ 9,756 in revenue, respectively, 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 six month period ended June 30, 2026 relates to the sale and corresponding deconsolidation of Edgewater.

At September 30, 2026, the Company had deferred revenue of $ 4,288 included in “other liabilities” on the condensed consolidated statements of financial condition.

During the three month and nine month periods ended September 30, 2026, the Company recognized $ 761 and $ 10,517 in revenue, respectively, 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 nine month period ended September 30, 2026 relates to the sale and corresponding deconsolidation of Edgewater.

See Note 1 for further information.

2 unchanged sentences

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

Of the Company’s fee receivables at June 30, 2026 and December 31, 2025, $ 114,725 and $ 152,227 , respectively, represented financing receivables for our Private Capital Advisory fees.

At June 30, 2026 and December 31, 2025, customers and other receivables included $ 141,634 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 June 30, 2026 and December 31, 2025.

The aggregate carrying amount of other fees and customers and other receivables was $ 508,869 and $ 603,105 at June 30, 2026 and December 31, 2025, respectively.

Activity in the allowance for credit losses for the three month and six month periods ended June 30, 2026 and 2025 was as follows:

Of the Company’s fee receivables at September 30, 2026 and December 31, 2025, $ 124,990 and $ 152,227 , respectively, represented financing receivables for our Private Capital Advisory fees.

At September 30, 2026 and December 31, 2025, customers and other receivables included $ 151,373 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 September 30, 2026 and December 31, 2025.

The aggregate carrying amount of other fees and customers and other receivables was $ 566,644 and $ 603,105 at September 30, 2026 and December 31, 2025, respectively.

Activity in the allowance for credit losses for the three month and nine month periods ended September 30, 2026 and 2025 was as follows:

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2026 2025 2026 2025

8 unchanged sentences

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

The Company’s investments consist of the following at June 30, 2026 and December 31, 2025:

The Company’s investments consist of the following at September 30, 2026 and December 31, 2025:

September 30,

2026 December 31,

12 unchanged sentences

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

September 30,

2026 December 31,

5 unchanged sentences

(b) Unfunded commitments relating to investments:

September 30,

2026 December 31,

9 unchanged sentences

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, (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.

Such investments primarily include (i) an investment in a European tech-focused growth equity fund managed by our asset management business, (ii) a seed investment in a fund that invests in sustainable private infrastructure opportunities, and (iii) Edgewater Growth Capital Partners III, L.P.

(“EGCP III”), a fund primarily making equity and buyout investments in middle market companies.

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.

2 unchanged sentences

See Note 9 for further information on the acquisition of an additional ownership stake in Elaia which resulted in a controlling financial interest.

During the three month and six month periods ended June 30, 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:

During the three month and nine month periods ended September 30, 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

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2026 2025 2026 2025

Net unrealized investment gains $ 51,340 $ 48,225 $ 27,491 $ 39,241

As of June 30, 2026 and December 31, 2025, the Company has pledged investments with a carrying value of $ 33,770 and $ 48,966 , respectively, primarily as collateral for its derivative contracts (see Note 7).

Net unrealized investment gains (losses) $ ( 10,668 ) $ 12,663 $ 16,823 $ 51,904

As of September 30, 2026 and December 31, 2025, the Company has pledged investments with a carrying value of $ 36,916 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.

33 unchanged sentences

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

The following tables present, as of June 30, 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:

June 30, 2026

The following tables present, as of September 30, 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:

September 30, 2026

Level 1 Level 2 Level 3 NAV Total

35 unchanged sentences

Treasury securities.

The following tables provide a summary of changes in fair value of the Company’s Level 3 assets and liabilities for the three month and six month periods ended June 30, 2026 and 2025:

Three Months Ended June 30, 2026

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, 2026 and 2025:

Three Months Ended September 30, 2026

Balance Net Unrealized

8 unchanged sentences

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

Six Months Ended June 30, 2026

Nine Months Ended September 30, 2026

Balance Net Unrealized

9 unchanged sentences

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

Three Months Ended June 30, 2025

Three Months Ended September 30, 2025

Balance Net Unrealized

9 unchanged sentences

Total Level 3 liabilities $ 2,248 $ 26 $ – $ – $ – $ 2,274

Six Months Ended June 30, 2025

Nine Months Ended September 30, 2025

Balance Net Unrealized

3 unchanged sentences

Adjustments Ending

Equities $ 589 $ 47 $ – $ – $ 61 $ 697

Equity $ 589 $ 57 $ – $ – $ 39 $ 685

Private equity funds 256 – – – 34 290

6 unchanged sentences

_________________________________

(a) Settlements for the six month periods ended June 30, 2026 and 2025 represent aggregate cash and noncash settlement of contingent consideration after the acquisition date.

The following tables present, at June 30, 2026 and December 31, 2025, certain investments that are valued using NAV or its equivalent as a practical expedient in determining fair value:

June 30, 2026

(a) Settlements for the nine month periods ended September 30, 2026 and 2025 represent aggregate cash and noncash settlement of contingent consideration after the acquisition date.

The following tables present, at September 30, 2026 and December 31, 2025, certain investments that are valued using NAV or its equivalent as a practical expedient in determining fair value:

September 30, 2026

Investments Redeemable

36 unchanged sentences

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

The tables below present the fair value of the Company’s derivative instruments reported within “other assets” and “other liabilities” and the fair value of the Company’s derivative liabilities relating to its obligations pertaining to LFI and other similar deferred compensation arrangements reported within “accrued compensation and benefits” (see Note 13) on the accompanying condensed consolidated statements of financial condition as of June 30, 2026 and December 31, 2025.

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

2 unchanged sentences

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

June 30, 2026

September 30, 2026

Derivative Assets Derivative Liabilities

7 unchanged sentences

Total return swaps and other ( 1,002 ) ( 7,098 )

Net derivatives in "other assets" and "other liabilities" 1,851 140,708

Net derivatives in "other assets", "other liabilities" and

"accrued compensation and benefits" 2,254 138,467

Collateral not netted on the condensed consolidated

1 unchanged sentence

$ 2,254 $ 116,824

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

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

December 31, 2025

8 unchanged sentences

Total return swaps and other ( 251 ) ( 9,421 )

Net derivatives in "other assets" and "other liabilities" 453 218,939

Net derivatives in "other assets", "other liabilities" and

"accrued compensation and benefits" 453 218,939

Collateral not netted on the condensed consolidated

1 unchanged sentence

$ 453 $ 189,357

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

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

__________________________________

2 unchanged sentences

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.

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 six month periods ended June 30, 2026 and 2025 were as follows:

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, 2026 and 2025 were as follows:

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2026 2025 2026 2025

3 unchanged sentences

Total $ 3,908 $ ( 20,143 ) $ ( 37,249 ) $ ( 81,891 )

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

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

PROPERTY, NET

At June 30, 2026 and December 31, 2025, property consisted of the following:

Life in Years June 30,

At September 30, 2026 and December 31, 2025, property consisted of the following:

Life in Years September 30,

2026 December 31,

10 unchanged sentences

Property, net $ 151,260 $ 168,005

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

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

GOODWILL AND OTHER INTANGIBLE ASSETS

The components of goodwill and other intangible assets at June 30, 2026 and December 31, 2025 are presented below.

The components of goodwill and other intangible assets at September 30, 2026 and December 31, 2025 are presented below.

September 30,

2026 December 31, 2025

2 unchanged sentences

$ 451,805 $ 395,262

Changes in the carrying amount of goodwill for the six month periods ended June 30, 2026 and 2025 are as follows:

Six Months Ended June 30,

Changes in the carrying amount of goodwill for the nine month periods ended September 30, 2026 and 2025 are as follows:

Nine Months Ended September 30,

Financial Advisory Asset Management Total Financial Advisory Asset Management Total

3 unchanged sentences

Foreign currency translation adjustments ( 591 ) ( 140 ) ( 731 ) 1,676 – 1,676

Balance, June 30 $ 313,551 $ 121,381 $ 434,932 $ 313,955 $ 81,270 $ 395,225

Balance, September 30 $ 317,991 $ 121,424 $ 439,415 $ 313,981 $ 81,270 $ 395,251

______________________

2 unchanged sentences

This transaction resulted in the Company recognizing goodwill of $ 40,653 and other intangible assets of $ 12,335 (primarily management agreements) at closing.

These intangible assets will be amortized over their estimated useful lives between 1 and 10 years.

These intangible assets will be amortized over their

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

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

estimated useful lives between 1 and 10 years.

Goodwill and intangible assets were also recognized in the Financial Advisory business, on a business combination that closed in the third quarter of 2026 .

(b) See Note 1.

Lazard Group Senior Notes are comprised of the following as of June 30, 2026 and December 31, 2025:

Lazard Group Senior Notes are comprised of the following as of September 30, 2026 and December 31, 2025:

Outstanding as of

June 30, 2026 December 31, 2025

September 30, 2026 December 31, 2025

Amount Maturity

8 unchanged sentences

Total $ 1,700,000 $ 9,748 $ 1,690,252 $ 1,700,000 $ 11,914 $ 1,688,086

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

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

has provided an unconditional and irrevocable guarantee for the repayment of all the senior notes in the table above.

The guarantee covers both the principal and interest payments on the senior debt and will remain in effect until all the Lazard Group senior notes are repaid.

As of June 30, 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.

As of September 30, 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 of $ 5,911 .

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

At June 30, 2026 and December 31, 2025, the fair value of such senior debt was approximately $ 1,709,000 and $ 1,737,000 , respectively.

At September 30, 2026 and December 31, 2025, the fair value of such senior debt was approximately $ 1,664,000 and $ 1,737,000 , respectively.

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

5 unchanged sentences

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

As of June 30, 2026, 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 September 30, 2026, the Company had approximately $ 210,000 in unused lines of credit available to it, including the credit facility provided under the Second Amended and Restated Credit Agreement.

The Second Amended and Restated Credit Agreement, the indenture and the supplemental indentures relating to Lazard Group’s senior notes contain certain covenants, events of default and other customary provisions, including a customary make-whole provision in the event of early redemption, where applicable.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

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

COMMITMENTS AND CONTINGENCIES

8 unchanged sentences

Accordingly, the results of any pending matter or matters could be significant when compared to the Company’s earnings in any particular quarter.

The Company believes, however, based on currently available information, that the results of any pending matters, in the aggregate, will not have a material effect on its business or financial condition.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

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

The Company believes based on currently available information, that the results of any pending matters, in the aggregate, will not have a material effect on its business or financial condition.

STOCKHOLDERS’ EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS

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

common stock (“common stock”) as set forth in the table below as of June 30, 2026:

common stock (“common stock”) as set forth in the table below as of September 30, 2026:

Date Repurchase

1 unchanged sentence

July 2024 $ 200,000 December 31, 2026

July 2026 $ 200,000 December 31, 2028

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”).

2 unchanged sentences

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

Six Months Ended June 30:

Nine Months Ended September 30:

Purchased Average

2025 859,849 $ 46.44

2025 (a) 879,334 $ 46.64

2026 (b) 1,945,729 $ 43.68

______________________

(a) Shares were immediately cancelled by the Company.

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

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

The aggregate value of all such purchases during the six month periods ended June 30, 2026 and 2025 was approximately $ 1,700 and $ 11,800 , 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 June 30, 2026, a total of $ 57,295 of share repurchase authorization remained available under Lazard, Inc.’s share repurchase program, which will expire on December 31, 2026 .

On July 22, 2026, the Board of Directors authorized additional share repurchases of $ 200,000 , which expire as of December 31, 2028, bringing the total outstanding share repurchase authorization to approximately $ 257,000 .

During the six month period ended June 30, 2026, 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.

(a) Includes 19,485 shares of common stock which were cancelled by the Company.

(b) Shares were cancelled by the Company.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

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

Accumulated Other Comprehensive Income (Loss) (“AOCI”), Net of Tax — The tables below reflect the balances of each component of AOCI at June 30, 2026 and 2025 and activity during the three month and six month periods then ended:

Three Months Ended June 30, 2026

During the nine month periods ended September 30, 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.

In addition, during the nine month period ended September 30, 2025, 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, 2026 and 2025 was approximately $ 5,000 and $ 12,800 , respectively.

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

As of September 30, 2026, a total of $ 224,000 of share repurchase authorization remained available under Lazard, Inc.’s share repurchase program, of which $ 24,000 will expire on December 31, 2026 and $ 200,000 will expire on December 31, 2028 .

During the nine month period ended September 30, 2026, 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, 2026 and 2025 and activity during the three month and nine month periods then ended:

Three Months Ended September 30, 2026

Adjustments Employee

1 unchanged sentence

Noncontrolling

Interests Total

Balance - April 1, 2026 $ ( 112,513 ) $ ( 164,167 ) $ ( 276,680 ) $ ( 2 ) $ ( 276,678 )

Interests (a) Total

Balance - July 1, 2026 $ ( 116,495 ) $ ( 162,254 ) $ ( 278,749 ) $ 4 $ ( 278,753 )

Other comprehensive income (loss) before reclassifications, net of tax 2,490 ( 809 ) 1,681 ( 29 ) 1,710

1 unchanged sentence

Net other comprehensive income (loss) 2,490 812 3,302 ( 29 ) 3,331

Balance, June 30, 2026 $ ( 116,495 ) $ ( 162,254 ) $ ( 278,749 ) $ 4 $ ( 278,753 )

Six Months Ended June 30, 2026

Balance, September 30, 2026 $ ( 114,005 ) $ ( 161,442 ) $ ( 275,447 ) $ ( 25 ) $ ( 275,422 )

______________________

(a) Includes redeemable noncontrolling interests.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

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

Nine Months Ended September 30, 2026

Adjustments Employee

1 unchanged sentence

Noncontrolling

Interests Total

Interests (a) Total

Balance - January 1, 2026 $ ( 101,481 ) $ ( 170,024 ) $ ( 271,505 ) $ 4 $ ( 271,509 )

2 unchanged sentences

Net other comprehensive income (loss) ( 12,524 ) 8,582 ( 3,942 ) ( 29 ) ( 3,913 )

Balance, June 30, 2026 $ ( 116,495 ) $ ( 162,254 ) $ ( 278,749 ) $ 4 $ ( 278,753 )

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

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

Three Months Ended June 30, 2025

Balance, September 30, 2026 $ ( 114,005 ) $ ( 161,442 ) $ ( 275,447 ) $ ( 25 ) $ ( 275,422 )

______________________

(a) Includes redeemable noncontrolling interests.

Three Months Ended September 30, 2025

Adjustments Employee

2 unchanged sentences

Interests Total

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

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

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

1 unchanged sentence

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

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

Six Months Ended June 30, 2025

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

Nine Months Ended September 30, 2025

Adjustments Employee

6 unchanged sentences

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

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

The table below reflects adjustments for items reclassified out of AOCI, by component, for the three month and six month periods ended June 30, 2026 and 2025:

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

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

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

The table below reflects adjustments for items reclassified out of AOCI, by component, for the three month and nine month periods ended September 30, 2026 and 2025:

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2026 2025 2026 2025

8 unchanged sentences

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

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

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

of redeemable noncontrolling interests to equal the redemption value at the end of each reporting period (see Note 20).

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).

Beginning on June 30, 2026, redeemable noncontrolling interests also includes the portion of Elaia that the Company does not own (see Note 9).

Dividends Declared, July 22, 2026 —On July 22, 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 August 14, 2026 , to stockholders of record on August 3, 2026 .

Dividends Declared, October 21, 2026 —On October 21, 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 November 13, 2026 , to stockholders of record on November 2, 2026 .

INCENTIVE PLANS

Share-Based Incentive Plan Awards

Total shares available for issuance under incentive compensation plans are from the 2018 Plan, which was amended on May 21, 2026 to increase the aggregate number of shares authorized for issuance by 25,000,000 shares.

The aggregate number of shares authorized for issuance under the 2018 Plan is 95,000,000 shares.

The aggregate number of shares authorized for issuance under the 2018 Incentive Compensation Plan is 95,000,000 shares, which includes 25,000,000 shares added as a result of an amendment on May 21, 2026.

Such shares may be issued pursuant to the grant or exercise of stock options;

3 unchanged sentences

and other share-based awards.

The following reflects the expense with respect to share-based incentive plans, which is primarily recorded within “compensation and benefits” expense in the Company’s accompanying condensed consolidated statements of operations for the three month and six month periods ended June 30, 2026 and 2025:

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

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

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2026 2025 2026 2025

12 unchanged sentences

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

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

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

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

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 six month period ended June 30, 2026, dividend participation rights required the issuance of an aggregate 442,243 units of RSUs and the associated aggregate charge to “retained earnings” (with a corresponding credit to “additional paid-in-capital”) was $ 21,020 .

In connection with RSUs that settled during the six month period ended June 30, 2026, the Company satisfied its minimum statutory tax withholding requirements in lieu of delivering 2,524,123 shares of common stock during such six month period.

Accordingly, 3,511,507 shares of common stock held by the Company were delivered during the six month period ended June 30, 2026.

The following is a summary of activity relating to RSUs during the six month period ended June 30, 2026:

During the nine month period ended September 30, 2026, dividend participation rights required the issuance of an aggregate 656,927 units of RSUs and the associated aggregate charge to “retained earnings” (with a corresponding credit to “additional paid-in-capital”) was $ 29,240 .

In connection with RSUs that settled during the nine month period ended September 30, 2026, the Company satisfied its minimum statutory tax withholding requirements in lieu of delivering 2,671,081 shares of common stock during such nine month period.

Accordingly, 4,038,398 shares of common stock held by the Company were delivered during the nine month period ended September 30, 2026.

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 RSUs during the nine month period ended September 30, 2026:

Units Weighted

4 unchanged sentences

Settled ( 6,709,479 ) $ 39.15

Balance, June 30, 2026 19,875,198 $ 49.74

The weighted-average grant date fair value of RSUs granted in the six month period ended June 30, 2025 was $ 53.28 .

As of June 30, 2026, the total estimated unrecognized compensation expense related to RSUs was $ 515,575 .

The Company expects to expense such amounts over a weighted-average period of approximately 2.1 years subsequent to June 30, 2026.

Balance, September 30, 2026 19,574,087 $ 49.70

The weighted-average grant date fair value of RSUs granted in the nine month period ended September 30, 2025 was $ 53.01 .

As of September 30, 2026, the total estimated unrecognized compensation expense related to RSUs was $ 432,513 .

The Company expects to expense such amounts over a weighted-average period of approximately 2.0 years subsequent to September 30, 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.

6 unchanged sentences

If forfeited based solely on failing to meet the Minimum Value Condition, or, if applicable, common stock price milestones as described below, the associated compensation expense would not be reversed.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

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

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

3 unchanged sentences

• 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 original grant date, as described below.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

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

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.

5 unchanged sentences

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

The following is a summary of activity relating to all PIPRs during the six month period ended June 30, 2026:

The following is a summary of activity relating to all PIPRs during the nine month period ended September 30, 2026:

Ordinary PIPRs TSR-PIPRs/ SP-PIPRs

5 unchanged sentences

Settled ( 1,213,015 ) $ 35.94 ( 450,000 ) $ 17.21

Balance, June 30, 2026 4,110,785 $ 40.66 2,108,384 $ 16.74

Balance, September 30, 2026 4,110,785 $ 40.66 1,658,384 $ 16.61

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

The weighted-average grant date fair value of ordinary PIPRs granted in the six month period ended June 30, 2025 was $ 44.93 .

The weighted-average grant date fair value of ordinary PIPRs granted in the nine month period ended September 30, 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 June 30, 2026, the total estimated unrecognized compensation expense of all profits interest participation rights was $ 59,670 and the Company expects to expense such amount over a weighted-average period of approximately 1.9 years subsequent to June 30, 2026.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

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

As of September 30, 2026, the total estimated unrecognized compensation expense of all profits interest participation rights was $ 43,876 and the Company expects to expense such amount over a weighted-average period of approximately 2.0 years subsequent to September 30, 2026.

LFI and Other Similar Deferred Compensation Arrangements

3 unchanged sentences

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.

The following is a summary of activity relating to LFI and other similar deferred compensation arrangements during the six month period ended June 30, 2026:

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 LFI and other similar deferred compensation arrangements during the nine month period ended September 30, 2026:

Asset Compensation

5 unchanged sentences

Other ( 131 ) ( 175 )

Balance, June 30, 2026 $ 48,234 $ 120,636

The amortization of the prepaid compensation asset will generally be recognized over a weighted average period of approximately 1.8 years subsequent to June 30, 2026.

The following is a summary of the impact of LFI and other similar deferred compensation arrangements on “compensation and benefits” expense within the accompanying condensed consolidated statements of operations for the three month and six month periods ended June 30, 2026 and 2025:

Balance, September 30, 2026 $ 35,424 $ 116,338

The amortization of the prepaid compensation asset will generally be recognized over a weighted average period of approximately 1.8 years subsequent to September 30, 2026.

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2026 2025 2026 2025

6 unchanged sentences

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

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

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

Amortization expense for the three month and six month periods ended June 30, 2026 was $ 3,153 and $ 7,154 , respectively and $ 4,079 and $ 7,772 for the three month and six month periods ended June 30, 2025, respectively.

The remaining prepaid compensation asset was $ 10,061 as of June 30, 2026.

Amortization expense for the three month and nine month periods ended September 30, 2026 was $ 2,853 and $ 10,007 , respectively and $ 4,360 and $ 12,132 for the three month and nine month periods ended September 30, 2025, respectively.

The remaining prepaid compensation asset was $ 6,875 as of September 30, 2026.

EMPLOYEE BENEFIT PLANS

3 unchanged sentences

Expenses related to the Company’s employee benefit plans are included in “compensation and benefits” expense for the service cost component, and “operating expenses-other” for the other components of benefit costs on the condensed consolidated statements of operations.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

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

Employer Contributions to Pension Plans —The Company’s funding policy for its U.S.

1 unchanged sentence

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

The following table summarizes the components of net periodic benefit cost related to the Company’s pension plans for the three month and six month periods ended June 30, 2026 and 2025:

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, 2026 and 2025:

Pension Plans

Three Months Ended June 30,

Three Months Ended September 30,

Components of Net Periodic Benefit Cost:

7 unchanged sentences

Pension Plans

Six Months Ended June 30,

Nine Months Ended September 30,

Components of Net Periodic Benefit Cost:

9 unchanged sentences

Lazard Group LLC operates principally through subsidiary corporations including those domiciled outside the U.S.

that are subject to local income

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

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

taxes in foreign jurisdictions.

that are subject to local income taxes in foreign jurisdictions.

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

The Company recorded income tax provisions of $ 23,871 and $ 12,882 for the three month and six month periods ended June 30, 2026, respectively, and $ 31,764 and $ 24,410 for the three month and six month periods ended June 30, 2025, respectively, representing effective tax rates of 63.5 %, 10.1 %, 34.1 %, and 16.5 % respectively.

The Company recorded income tax provisions of $ 25,082 and $ 37,964 for the three month and nine month periods ended September 30, 2026, respectively, and $ 21,430 and $ 45,840 for the three month and nine month periods ended September 30, 2025, respectively, representing effective tax rates of 45.8 %, 20.9 %, 22.6 %, and 18.9 % respectively.

The difference between the U.S.

4 unchanged sentences

federal statutory tax rate.

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 which are treated as participating securities.

The Company’s basic and diluted net income per share calculations using the “two-class” method for the three month and six month periods ended June 30, 2026 and 2025 are presented below:

The Company’s basic and diluted net income per share calculations using the “two-class” method for the three month and nine month periods ended September 30, 2026 and 2025 are presented below:

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2026 2025 2026 2025

13 unchanged sentences

__________________________________

(a) The aggregate weighted average number of incremental shares of common stock issuable from PIPRs for the three month and six month periods ended June 30, 2026 of 1,665,133 and 2,082,769 , respectively, and for the three month and six month periods ended June 30, 2025 of 1,570,105 and 2,192,413 , 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.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

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

(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, 2026 of 1,584,921 and 1,916,819 , respectively, and for the three month and nine month periods ended September 30, 2025 of 1,572,289 and 1,985,705 , respectively, that could be potentially dilutive in future periods, have been excluded from the computation of diluted net income per share as the effect would be antidilutive in the respective periods.

RELATED PARTIES

1 unchanged sentence

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

Asset management fees relating to such services were $ 190,949 and $ 379,232 for the three month and six month periods ended June 30, 2026, respectively, and $ 147,367 and $ 285,425 for the three month and six month periods June 30, 2025, respectively, and are included in “asset management fees” on the condensed consolidated statements of operations.

Of such amounts, $ 36,241 and $ 86,262 remained as receivables at June 30, 2026 and December 31, 2025, respectively, and are included in “fees receivable” on the condensed consolidated statements of financial condition.

Asset management fees relating to such services were $ 194,400 and $ 573,632 for the three month and nine month periods ended September 30, 2026, respectively, and $ 171,114 and $ 456,539 for the three month and nine month periods ended September 30, 2025, respectively, and are included in “asset management fees” on the condensed consolidated statements of operations.

Of such amounts, $ 32,046 and $ 86,262 remained as receivables at September 30, 2026 and December 31, 2025, respectively, and are included in “fees receivable” on the condensed consolidated statements of financial condition.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

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

Tax Receivable Agreement

9 unchanged sentences

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 June 30, 2026 and December 31, 2025 was $ 46,814 and $ 57,051 , respectively, and is recorded in “other liabilities” on the condensed consolidated statements of financial condition.

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

As a result, the Company recorded a “benefit pursuant to tax receivable agreement obligation” 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, 2026 and December 31, 2025 was $ 46,814 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 June 30, 2026, LFNY’s regulatory net capital was $ 115,522 , which exceeded the minimum requirement by $ 111,986 .

LFNY’s aggregate indebtedness to net capital ratio was 0.46 :1 as of June 30, 2026.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

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

At September 30, 2026, LFNY’s regulatory net capital was $ 126,431 , which exceeded the minimum requirement by $ 119,281 .

LFNY’s aggregate indebtedness to net capital ratio was 0.85 :1 as of September 30, 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.

At June 30, 2026, the aggregate regulatory net capital of the U.K.

At September 30, 2026, the aggregate regulatory net capital of the U.K.

Subsidiaries was $ 137,242 , which exceeded the minimum requirement by $ 60,903 .

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

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

CFLF, under which asset management and commercial banking activities are carried out in France, is subject to regulation by the Autorité de Contrôle Prudentiel et de Résolution (“ACPR”) for its banking activities conducted through its subsidiary, LFB.

1 unchanged sentence

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

At March 31, 2026, the consolidated regulatory net capital of CFLF was $ 160,712 , which exceeded the minimum requirement set for regulatory capital levels by $ 56,906 .

At June 30, 2026, the consolidated regulatory net capital of CFLF was $ 180,630 , which exceeded the minimum requirement set for regulatory capital levels by $ 70,679 .

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

1 unchanged sentence

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

At March 31, 2026, the regulatory net capital of the combined European regulated group was $ 183,205 , which exceeded the minimum requirement set for regulatory capital levels by $ 50,604 .

At June 30, 2026, the regulatory net capital of the combined European regulated group was $ 202,026 , which exceeded the minimum requirement set for regulatory capital levels by $ 62,511 .

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

1 unchanged sentence

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

At June 30, 2026, for those subsidiaries with regulatory capital requirements, their aggregate net capital was $ 105,916 , which exceeded the minimum required capital by $ 72,086 .

At June 30, 2026, each of these subsidiaries individually was in compliance with its regulatory capital requirements.

At September 30, 2026, for those subsidiaries with regulatory capital requirements, their aggregate net capital was $ 106,646 , which exceeded the minimum required capital by $ 71,626 .

At September 30, 2026, each of these subsidiaries individually was in compliance with its regulatory capital requirements.

SEGMENT INFORMATION

10 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;

• Provision for credit losses;

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

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

• Changes in the fair value of investments held in connection with LFI and other similar deferred compensation arrangements;

4 unchanged sentences

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

Three Months Ended June 30, 2026

Three Months Ended September 30, 2026

Financial Advisory Asset Management Corporate Total

Net Revenue - U.S.

Net Revenue (Loss) - U.S.

GAAP Basis $ 469,623 $ 356,950 $ ( 12,402 ) $ 814,171

7 unchanged sentences

$ 1,758 $ 1,482 $ 4,158 $ 7,398

Six Months Ended June 30, 2026

Nine Months Ended September 30, 2026

Financial Advisory Asset Management Corporate Total

11 unchanged sentences

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

Three Months Ended June 30, 2025

Three Months Ended September 30, 2025

Financial Advisory Asset Management Corporate Total

Net Revenue - U.S.

Net Revenue (Loss) - U.S.

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

7 unchanged sentences

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

Six Months Ended June 30, 2025

Nine Months Ended September 30, 2025

Financial Advisory Asset Management Corporate Total

12 unchanged sentences

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2026 2025 2026 2025

3 unchanged sentences

Interest expense (b) ( 22,025 ) ( 22,634 ) ( 67,183 ) ( 64,698 )

Other – ( 26 ) – ( 52 )

Gain on sale and deconsolidation of Edgewater (c) – – 75,508 –

3 unchanged sentences

Lutyens (e) ( 4,108 ) – ( 15,316 ) –

Amortization of intangible assets (f) ( 601 ) – ( 601 ) –

Benefit pursuant to tax receivable agreement

obligation ("TRA") (g) – 20,146 – 20,146

Other ( 46 ) ( 27 ) ( 46 ) ( 79 )

Operating Income - U.S.

8 unchanged sentences

(e) Represents expenses related to the pending acquisition of Campbell Lutyens (see Note 1).

(f) Represents intangible asset amortization expense associated with the acquisition of a business.

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

CONSOLIDATED VIEs

LFI Consolidated Funds

The Company’s consolidated VIEs as of June 30, 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.

The Company’s consolidated VIEs as of September 30, 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 $ 11,321 and $ 36,527 of LFI owned by Lazard Group as of June 30, 2026 and December 31, 2025, respectively, can only be used to settle the obligations of LFI Consolidated Funds.

The Company’s consolidated VIE assets and liabilities for LFI Consolidated Funds as reflected in the condensed consolidated statements of financial condition consist of the following at June 30, 2026 and December 31, 2025.

June 30, 2026 December 31, 2025

The assets of LFI Consolidated Funds, except as it relates to $ 9,383 and $ 36,527 of LFI owned by Lazard Group as of September 30, 2026 and December 31, 2025, respectively, can only be used to settle the obligations of LFI Consolidated Funds.

September 30, 2026 December 31, 2025

Cash and cash equivalents $ 2,144 $ 1,028

7 unchanged sentences

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

What changed 10-Q

Item 1. Financial Statements