What changed in this filing

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Item 1. Financial Statements

2025-05-01 compared with 2024-11-01 · 301 added, 533 removed, 728 unchanged (53% of the section changed)

Financial Statements (Unaudited)

Condensed Consolidated Statements of Financial Condition as of September 30, 2024 and December 31, 2023

Condensed Consolidated Statements of Operations for the three month and nine month periods ended September 30, 2024 and 2023

Condensed Consolidated Statements of Comprehensive Income (Loss) for the three month and nine month periods ended September 30, 2024 and 2023

Condensed Consolidated Statements of Cash Flows for the nine month periods ended September 30, 2024 and 2023

Condensed Consolidated Statements of Changes in Stockholders’ Equity and Redeemable Noncontrolling Interests for the three month and nine month periods ended September 30, 2024 and 2023

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

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

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

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

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

Notes to Condensed Consolidated Financial Statements

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

SEPTEMBER 30, 2024 AND DECEMBER 31, 2023

MARCH 31, 2025 AND DECEMBER 31, 2024

(dollars in thousands, except for per share data)

September 30,

2025 December 31,

3 unchanged sentences

Receivables (net of allowance for credit losses of $ 26,340 and $ 32,033

at September 30, 2024 and December 31, 2023, respectively):

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

Fees 531,498 640,567

2 unchanged sentences

Investments 506,497 614,947

Property (net of accumulated amortization and depreciation of $ 332,911 and $ 414,547 at September 30, 2024 and December 31, 2023, respectively, including $ 72,921 of property held for sale at December 31, 2023)

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

168,190 160,402

Operating lease right-of-use assets 430,502 434,938

Goodwill and other intangible assets (net of accumulated amortization

of $ 67,711 and $ 67,681 at September 30, 2024 and December 31, 2023, respectively)

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

394,103 393,575

4 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

SEPTEMBER 30, 2024 AND DECEMBER 31, 2023

MARCH 31, 2025 AND DECEMBER 31, 2024

(dollars in thousands, except for per share data)

September 30,

2025 December 31,

13 unchanged sentences

15,000,000 shares authorized;

issued and outstanding at September 30, 2024 and December 31, 2023

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

Common stock:

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

112,766,091 shares issued at September 30, 2024 and December 31, 2023, including shares held by subsidiaries)

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

Additional paid-in-capital 131,697 327,810

3 unchanged sentences

Common stock held by subsidiaries, at cost ( 18,618,701 and 22,467,315

shares at September 30, 2024 and December 31, 2023, respectively)

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

( 700,693 ) ( 838,069 )

5 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE THREE MONTH AND NINE MONTH PERIODS ENDED SEPTEMBER 30, 2024 AND 2023

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

(dollars in thousands, except for per share data)

Three Months Ended

September 30, Nine Months Ended

September 30,

2024 2023 2024 2023

Investment banking and other advisory fees $ 360,367 $ 453,027

12 unchanged sentences

Fund administration and outsourced services 26,545 26,140

Amortization and other acquisition-related costs 53 96 189 239

Benefit pursuant to tax receivable agreement – – – ( 40,435 )

Other 8,404 11,975

Total operating expenses 593,416 710,192

OPERATING INCOME (LOSS) 161,187 ( 4,857 ) 279,388 ( 151,854 )

OPERATING INCOME 54,635 54,561

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

NET INCOME (LOSS) 116,135 6,774 208,412 ( 128,801 )

LESS - NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS 8,197 ( 365 ) 14,810 10,245

NET INCOME (LOSS) ATTRIBUTABLE TO LAZARD $ 107,938 $ 7,139 $ 193,602 $ ( 139,046 )

NET INCOME 61,989 40,224

LESS - NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS 1,614 4,469

NET INCOME ATTRIBUTABLE TO LAZARD $ 60,375 $ 35,755

ATTRIBUTABLE TO LAZARD COMMON STOCKHOLDERS:

2 unchanged sentences

Diluted 104,828,753 99,351,769

NET INCOME (LOSS) PER SHARE OF COMMON STOCK:

NET INCOME PER SHARE OF COMMON STOCK:

Basic $ 0.61 $ 0.38

2 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

FOR THE THREE MONTH AND NINE MONTH PERIODS ENDED SEPTEMBER 30, 2024 AND 2023

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

(dollars in thousands)

Three Months Ended

September 30, Nine Months Ended

September 30,

2024 2023 2024 2023

NET INCOME (LOSS) $ 116,135 $ 6,774 $ 208,412 $ ( 128,801 )

NET INCOME $ 61,989 $ 40,224

OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:

Currency translation adjustments 24,213 ( 16,262 )

Currency translation adjustments before reclassification 41,627 ( 19,935 ) 20,793 ( 2,946 )

Adjustment for items reclassified to earnings – 2,129 – 2,157

Employee benefit plans:

Actuarial gain (loss) (net of tax expense (benefit) of $( 2,254 ) and $ 1,195 for the three months ended September 30, 2024 and 2023, respectively, and $( 1,595 ) and $ 121 for the nine months ended September 30, 2024 and 2023, respectively)

( 9,033 ) 5,054 ( 7,429 ) ( 332 )

Adjustment for items reclassified to earnings (net of tax expense of $ 545 and $ 374 for the three months ended September 30, 2024 and 2023, respectively, and $ 1,455 and $ 1,135 for the nine months ended September 30, 2024 and 2023, respectively)

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

( 5,789 ) 815

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

OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX 20,000 ( 14,045 )

COMPREHENSIVE INCOME (LOSS) 150,617 ( 4,398 ) 226,551 ( 126,006 )

LESS - COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS 8,230 ( 364 ) 14,843 10,245

COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO LAZARD $ 142,387 $ ( 4,034 ) $ 211,708 $ ( 136,251 )

COMPREHENSIVE INCOME 81,989 26,179

LESS - COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS 1,638 4,469

COMPREHENSIVE INCOME ATTRIBUTABLE TO LAZARD $ 80,351 $ 21,710

See notes to condensed consolidated financial statements.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE NINE MONTH PERIODS ENDED SEPTEMBER 30, 2024 AND 2023

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

(dollars in thousands)

Nine Months Ended

September 30,

Three Months Ended

CASH FLOWS FROM OPERATING ACTIVITIES:

Net income (loss) $ 208,412 $ ( 128,801 )

Net income $ 61,989 $ 40,224

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

2 unchanged sentences

Depreciation and amortization of property 8,443 9,134

Currency translation adjustment reclassification – 2,157

Amortization and other acquisition-related costs 189 239

Deferred tax benefit ( 26,088 ) ( 12,836 )

Benefit pursuant to tax receivable agreement – ( 40,435 )

Gain on sale of property ( 114,271 ) –

Impairment of equity method investments and other receivables – 22,981

Impairment of assets associated with cost-saving initiatives – 8,561

Loss on LGAC liquidation – 17,929

Other adjustments ( 5,204 ) –

(Increase) decrease in operating assets and increase (decrease) in operating liabilities:

3 unchanged sentences

Accrued compensation and benefits and other liabilities ( 580,742 ) ( 244,935 )

Net cash provided by (used in) operating activities 379,974 ( 176,934 )

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

CASH FLOWS FROM INVESTING ACTIVITIES:

Additions to property ( 13,824 ) ( 6,619 )

Proceeds from sale of property 194,283 –

Purchase of equity method investment ( 17,488 ) –

Purchase of debt securities ( 98,350 ) –

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

Other disposals of property 1,995 352

Acquisition of business, net of cash acquired – ( 10,516 )

Net cash provided by (used in) investing activities 99,815 ( 29,669 )

Disposals of property – 12

Other investing activities ( 8,869 ) –

Net cash used in investing activities ( 22,693 ) ( 6,607 )

CASH FLOWS FROM FINANCING ACTIVITIES:

6 unchanged sentences

Distributions to noncontrolling interests ( 4 ) ( 1,189 )

Tax receivable agreement ( 30,950 ) ( 32,208 )

Distribution to redeemable noncontrolling interests in connection with LGAC redemption – ( 585,891 )

Purchase of common stock ( 36,165 ) ( 22,005 )

3 unchanged sentences

Other financing activities ( 8,604 ) ( 6,678 )

Net cash used in financing activities ( 205,796 ) ( 1,420,921 )

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

EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS AND RESTRICTED CASH 30,207 ( 22,225 )

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH 288,756 ( 1,632,625 )

NET DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH ( 401,586 ) ( 20,331 )

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

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH—September 30 $ 1,513,739 $ 1,006,775

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

See notes to condensed consolidated financial statements.

1 unchanged sentence

THE CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION:

September 30,

2025 December 31,

5 unchanged sentences

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

FOR THE THREE MONTH PERIOD ENDED 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 )

LFI Consolidated Funds ( 2,041 )

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

See notes to condensed consolidated financial statements.

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

FOR THE NINE MONTH PERIOD ENDED SEPTEMBER 30, 2024

FOR THE THREE MONTH PERIOD ENDED MARCH 31, 2025

(dollars in thousands)

15 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

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, 2023

(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, 2023 112,766,091 $ 1,128 $ 167,622 $ 1,431,181 $ ( 281,886 ) 25,896,701 $ ( 958,067 ) $ 359,978 $ 55,907 $ 415,885 $ 83,583

Comprehensive income (loss):

Net income (loss) 7,139 7,139 2,886 10,025 ( 3,251 )

Other comprehensive income (loss) - net of tax ( 11,173 ) ( 11,173 ) 1 ( 11,172 )

Amortization of share-based incentive compensation 57,058 57,058 1,304 58,362

Dividend equivalents 6,133 ( 6,370 ) ( 237 ) ( 1,916 ) ( 2,153 )

Common stock dividends ($ 0.50 per share)

( 43,442 ) ( 43,442 ) ( 43,442 )

Purchase of common stock 85,035 ( 2,954 ) ( 2,954 ) ( 2,954 )

Delivery of common stock in connection with share-based incentive compensation and related tax benefit of $ 164

( 28,196 ) ( 624,796 ) 23,145 ( 5,051 ) – ( 5,051 )

Contributions from noncontrolling interests, net – 61 61

LFI Consolidated Funds 1,449

Balance - September 30, 2023 112,766,091 $ 1,128 $ 202,617 $ 1,388,508 $ ( 293,059 ) 25,356,940 $ ( 937,876 ) $ 361,318 $ 58,243 $ 419,561 $ 81,781

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

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, 2023

FOR THE THREE MONTH PERIOD ENDED MARCH 31, 2024

(dollars in thousands)

15 unchanged sentences

Comprehensive income (loss):

Net income (loss) ( 139,046 ) ( 139,046 ) 4,696 ( 134,350 ) 5,549

Other comprehensive income - net of tax 2,795 2,795 – 2,795

Net income 35,755 35,755 1,852 37,607 2,617

Other comprehensive loss - net of tax ( 14,045 ) ( 14,045 ) ( 14,045 )

Amortization of share-based incentive compensation 69,773 69,773 425 70,198

3 unchanged sentences

Purchase of common stock 564,692 ( 22,005 ) ( 22,005 ) ( 22,005 )

Delivery of common stock in connection with share-based incentive compensation and related tax benefit of $ 254

Delivery of common stock in connection with share-based incentive compensation and related tax expense of $ 764

( 193,080 ) ( 3,656,974 ) 135,443 ( 57,637 ) 1,241 ( 56,396 )

1 unchanged sentence

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

Delivery of common stock ( 1,533 ) ( 41,384 ) 1,533 – –

Distributions to noncontrolling interests, net ( 1,008 ) ( 1,008 )

LFI Consolidated Funds ( 1,817 )

Change in redemption value of redeemable noncontrolling interests ( 412 ) ( 412 ) ( 177 ) ( 589 ) 589

LGAC Liquidation:

Distribution to redeemable

noncontrolling interests ( 585,891 )

Reversal to net loss of amounts

previously charged to

additional paid-in-capital

and noncontrolling interests 13,195 13,195 4,734 17,929

Reversal of deferred offering

costs liability 14,087 14,087 6,038 20,125

Other ( 581 ) 5,240 ( 149 ) ( 730 ) ( 17 ) ( 747 )

Balance - September 30, 2023 112,766,091 $ 1,128 $ 202,617 $ 1,388,508 $ ( 293,059 ) $ 25,356,940 $ ( 937,876 ) $ 361,318 $ 58,243 $ 419,561 $ 81,781

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

See notes to condensed consolidated financial statements.

3 unchanged sentences

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

We serve a diverse set of clients around the world, including corporations, governments, institutions, partnerships, family offices and individuals.

On January 1, 2024, Lazard completed its conversion (the “Conversion”) from an exempted company incorporated under the laws of Bermuda named Lazard Ltd to a U.S.

C-Corporation named Lazard, Inc.

Pursuant to the Conversion, each share of Lazard Ltd common stock was converted into one share of Lazard, Inc.

common stock.

References to “Lazard” or the “Company” refer to (i) Lazard, Inc.

and its subsidiaries following the Conversion and (ii) Lazard Ltd and its subsidiaries prior to the Conversion.

As the Conversion became effective on January 1, 2024, the accompanying financial statements and related notes as of December 31, 2023 and for the three month and nine month periods ended September 30, 2023 reflect Lazard as an exempted company incorporated under the laws of Bermuda named Lazard Ltd.

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, 2024 and December 31, 2023.

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

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.

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.’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 regarding strategic and mergers and acquisitions (“M&A”) advisory, capital markets advisory, shareholder advisory, restructuring and liability management, sovereign advisory, geopolitical advisory and other strategic advisory matters and capital raising and placement, and

• 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 clients.

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

• 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;

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

Basis of Presentation

5 unchanged sentences

The accompanying condensed consolidated financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the financial position, results of operations and cash flows for the interim periods presented.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

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

Preparing financial statements requires management to make estimates and assumptions that affect the amounts that are reported in the condensed consolidated financial statements and the accompanying disclosures.

1 unchanged sentence

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, 2024 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, 2025 are not indicative of the results to be expected for any future interim or annual period.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

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

The condensed consolidated financial statements include Lazard, Inc.

and its subsidiaries including Lazard Group and Lazard Group’s principal operating subsidiaries:

and its subsidiaries including Lazard Group LLC and Lazard Group LLC’s principal operating subsidiaries:

Lazard Frères & Co.

8 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.

RECENT ACCOUNTING DEVELOPMENTS

Segment Reporting (Topic 280):

Improvements to Reportable Segment Disclosures —In November 2023, the Financial Accounting Standards Board (“FASB”) issued an accounting standard update to improve the disclosures about a public entity’s reportable segments and address requests from investors for additional, more detailed information about each reportable segment’s expenses.

The amendments include new annual and interim disclosure requirements primarily related to significant segment expenses, reportable segments’ profit or loss, and information on the chief operating decision maker.

The new guidance is effective for annual periods beginning after December 15, 2023, and interim periods beginning after December 15, 2024.

The amendments shall be applied retrospectively to all prior periods presented in the consolidated financial statements.

The Company is currently evaluating the new guidance.

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):

4 unchanged sentences

The Company is currently evaluating the new guidance.

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

Disaggregation of Income Statement Expenses — In November 2024, the FASB issued an accounting standard update to require additional information about the types of expenses in commonly presented expense captions.

The amendments are effective for annual periods beginning after December 15, 2026, and the subsequent interim periods, with early adoption permitted.

The amendments shall be applied either prospectively or retrospectively.

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)

Compensation – Stock Compensation (Topic 718):

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

The Company is currently evaluating the new guidance.

REVENUE RECOGNITION

1 unchanged sentence

Three Months Ended

September 30, Nine Months Ended

September 30,

2024 2023 2024 2023

Financial Advisory (a) $ 367,359 $ 453,507

4 unchanged sentences

___________________________________

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

(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.

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.

13 unchanged sentences

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

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

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

With regard to the disclosure requirement for remaining performance obligations, the Company elected the practical expedients permitted in the guidance to (i) exclude contracts with a duration of one year or less;

1 unchanged sentence

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, 2024, the Company had deferred revenue of $ 137,040 included in “other liabilities” on the condensed consolidated statements of financial condition.

During the three month and nine month periods ended September 30, 2024, the Company recognized $ 5,134 and $ 15,702 in revenue, respectively, that was included in the deferred revenue balance as of December 31, 2023 of $ 140,417 .

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

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

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

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

RECEIVABLES AND ALLOWANCE FOR CREDIT LOSSES

1 unchanged sentence

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

Of the Company’s fee receivables at September 30, 2024 and December 31, 2023, $ 116,333 and $ 113,929 , respectively, represented financing receivables for our Private Capital Advisory fees.

At September 30, 2024 and December 31, 2023, customers and other receivables included $ 93,417 and $ 86,412 , 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, 2024 and December 31, 2023.

The aggregate carrying amount of other fees and customers and other receivables was $ 472,277 and $ 561,978 at September 30, 2024 and December 31, 2023, respectively.

Activity in the allowance for credit losses for the three month and nine month periods ended September 30, 2024 and 2023 was as follows:

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

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

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

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

Three Months Ended

September 30, Nine Months Ended

September 30,

2024 2023 2024 2023

Beginning Balance $ 32,033 $ 28,503

7 unchanged sentences

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

The Company’s investments consist of the following at September 30, 2024 and December 31, 2023:

September 30,

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

2025 December 31,

10 unchanged sentences

___________________________________

(a) Interests in alternative investment funds, debt funds and equity funds include investments, including those held by LFI Consolidated Funds (see Note 21), with fair values of $ 23,829 , $ 133,925 and $ 237,687 , respectively, at September 30, 2024 and $ 27,454 , $ 175,449 and $ 284,099 , respectively, at December 31, 2023, held in order to satisfy the Company’s obligation upon vesting of previously granted Lazard Fund Interests (“LFI”) and other similar deferred compensation arrangements.

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

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

Debt securities primarily consists of U.S.

Treasury securities with remaining maturities at time of purchase of greater than three months and less than one year and investments in government securities held within separately managed accounts in order to seed strategies in our Asset Management business.

Debt securities primarily consists 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.

6 unchanged sentences

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 fund targeting significant noncontrolling-stake investments in established private companies and (iii) a seed investment in a fund that invests in sustainable private infrastructure opportunities.

(“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”).

2 unchanged sentences

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

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

During the three month and nine month periods ended September 30, 2024 and 2023, 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:

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

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

Three Months Ended

September 30, Nine Months Ended

September 30,

2024 2023 2024 2023

Net unrealized investment gains (losses) $ ( 8,984 ) $ 11,001

20 unchanged sentences

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

Any change in the fair value is recognized in “amortization and other acquisition-related costs” in the condensed consolidated statements of operations.

Any change in the fair value is recognized in “operating expenses-other” in the condensed consolidated statements of operations.

Our business acquisitions may involve the potential payment of contingent consideration upon the achievement of certain performance thresholds.

7 unchanged sentences

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

The following tables present, as of September 30, 2024 and December 31, 2023, 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, 2024

The following tables present, as of March 31, 2025 and December 31, 2024, the classification of (i) investments and certain other assets and liabilities measured at fair value on a recurring basis within the fair value hierarchy and (ii) investments measured at NAV or its equivalent as a practical expedient:

March 31, 2025

Level 1 Level 2 Level 3 NAV Total

2 unchanged sentences

investments (a) 24,482 – – – 24,482

Debt (a) 49,673 1,428 – – 51,101

Debt 3,381 378 – – 3,759

Equity 48,797 – 599 – 49,396

9 unchanged sentences

Total $ 3,476 $ 172,140 $ 2,221 $ – $ 177,837

__________________________________

(a) Level 1 represents U.S.

Treasury securities.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

2 unchanged sentences

Level 1 Level 2 Level 3 NAV Total

Debt $ 4,285 $ – $ – $ – $ 4,285

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

Deposits with banks and short-term

investments (a) 24,666 – – – 24,666

Equity 58,034 – 589 – 58,623

9 unchanged sentences

Total $ 4,529 $ 274,280 $ 4,495 $ – $ 283,304

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, 2024 and 2023:

Three Months Ended September 30, 2024

___________________________________

(a) Level 1 represents U.S.

Treasury securities.

The following tables provide a summary of changes in fair value of the Company’s Level 3 assets and liabilities for the three month periods ended March 31, 2025 and 2024:

Three Months Ended March 31, 2025

Balance Net Unrealized/

7 unchanged sentences

Contingent consideration

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

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

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

1 unchanged sentence

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

Nine Months Ended September 30, 2024

Balance Net Unrealized/

Earnings (a) Purchases/

Issuances Sales/

Settlements Foreign

Adjustments Ending

Equity $ 493 $ 46 $ 109 $ – $ 2 $ 650

Private equity funds 273 – – – 3 276

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

Contingent consideration

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

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

Three Months Ended September 30, 2023

Three Months Ended March 31, 2024

Balance Net Unrealized/

7 unchanged sentences

Contingent consideration

liability $ 6,422 $ 81 $ – $ – $ – $ 6,503

Total Level 3 liabilities $ 6,422 $ 81 $ – $ – $ – $ 6,503

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

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

Nine Months Ended September 30, 2023

Balance Net Unrealized/

Earnings (a) Purchases/Acquisitions/

Issuances Sales/

Transfers (c) Foreign

Adjustments Ending

Equities $ 646 $ ( 81 ) $ – $ – $ ( 25 ) $ 540

Private equity funds 18,772 – – ( 18,508 ) ( 3 ) 261

Total Level 3 assets $ 19,418 $ ( 81 ) $ – $ ( 18,508 ) $ ( 28 ) $ 801

Contingent consideration

liability (b) $ 6,583 $ 53 $ – $ ( 2,300 ) $ – $ 4,336

1 unchanged sentence

_________________________________

(a) Earnings recorded in “ other revenue ” for investments in Level 3 assets for the three month and nine month periods ended September 30, 2024 and 2023 include net unrealized gains (losses) of $ 9 , $ 46 , $( 76 ) and $( 62 ), respectively.

Unrealized losses of $ 53 , $ 159 , $ 81 and $ 194 were recorded in “ amortization and other acquisition-related costs ” for the contingent consideration liability for the three month and nine month periods ended September 30, 2024 and 2023, respectively.

(b) For the nine month period ended September 30, 2023, acquisitions represent the initial recognition of the contingent consideration liability (noncash transaction).

Settlements for the nine month periods ended September 30, 2024 and 2023 represent aggregate cash and noncash settlement of contingent consideration after the acquisition date.

(c) Transfers out of Level 3 private equity funds in the nine month period ended September 30, 2023 reflect investments valued at NAV as of September 30, 2023 that were previously valued based on the acquisition price.

The following tables present, at September 30, 2024 and December 31, 2023, certain investments that are valued using NAV or its equivalent as a practical expedient in determining fair value:

September 30, 2024

(a) Unrealized losses of $ 26 and $ 53 were recorded in “ operating expenses-other ” for the contingency consideration liability for the three month periods ended March 31, 2025 and 2024, respectively.

(b) For the three month periods ended March 31, 2025 and 2024, settlements represent aggregate cash and noncash settlement of contingent consideration after the acquisition date.

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

March 31, 2025

Investments Redeemable

10 unchanged sentences

___________________________________

(a) monthly ( 74 %) and quarterly ( 26 %)

(a) monthly ( 100 %)

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

1 unchanged sentence

(d) monthly ( 100 %)

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

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

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

1 unchanged sentence

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

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

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

December 31, 2024

13 unchanged sentences

___________________________________

(a) monthly ( 74 %) and quarterly ( 26 %)

(a) monthly ( 100 %)

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

(d) monthly ( 34 %) and annually ( 66 %)

(d) monthly ( 100 %)

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

1 unchanged sentence

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

The tables below present the fair value of the Company’s derivative instruments reported within “other assets” and “other liabilities” and the fair value of the Company’s derivative liabilities relating to its obligations pertaining to LFI and other similar deferred compensation arrangements reported within “accrued compensation and benefits” (see Note 13) on the accompanying condensed consolidated statements of financial condition as of September 30, 2024 and December 31, 2023.

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.

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

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

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

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, 2024

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

March 31, 2025

Derivative Assets Derivative Liabilities

8 unchanged sentences

Net derivatives in "other assets" and "other liabilities" 1,361 172,140

Amounts not netted on the statement of financial

condition (a):

Amounts not netted on the condensed consolidated

statement of financial condition (a):

Cash collateral ( 82 ) ( 89 )

12 unchanged sentences

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

Amounts not netted on the statement of financial

condition (a):

Amounts not netted on the condensed consolidated

statement of financial condition (a):

Cash collateral – ( 1,132 )

5 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.

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 and nine month periods ended September 30, 2024 and 2023 were as follows:

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

Three Months Ended

September 30, Nine Months Ended

September 30,

2024 2023 2024 2023

Forward foreign currency exchange rate contracts $ ( 5,399 ) $ 1,331

LFI and other similar deferred compensation arrangements ( 5,243 ) ( 9,373 )

LGAC Warrants – – – 115

Total return swaps and other 3,654 ( 6,364 )

1 unchanged sentence

PROPERTY, NET

At September 30, 2024 and December 31, 2023, property consisted of the following:

Life in Years September 30,

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

Life in Years March 31,

2025 December 31,

Buildings (a) 33 $ 12,345 $ 170,830

Leasehold improvements (a) 3 - 20

Buildings 33 $ 11,924 $ 11,455

Leasehold improvements 3 - 20

218,053 214,744

5 unchanged sentences

Total 512,647 493,242

Less - Accumulated depreciation and amortization (a) 332,911 414,547

Less - Accumulated depreciation and amortization 344,457 332,840

Property, net $ 168,190 $ 160,402

________________________

(a) On July 22, 2024, the Company completed the sale of an owned office building, including rights to the operating lease income, for gross proceeds of $ 194,283 .

The carrying amount of the property at the time of sale was $ 72,594 .

The asset was previously classified as property held for sale.

In addition, a $ 6,550 receivable (included in “other assets”) related to operating lease income on the owned office building was classified as held for sale as of December 31, 2023.

The sale resulted in a gain of $ 114,271 , which has been recognized in “revenue-other” on the condensed consolidated statements of operations for the three month and nine month periods ended September 30, 2024 and is reported in the Corporate segment.

Effective June 30, 2024, in the table above, computer software is being reported separately for September 30, 2024 and December 31, 2023.

Computer software was previously included as a component of furniture and equipment.

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

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 September 30, 2024 and December 31, 2023 are presented below:

September 30,

2024 December 31,

Goodwill $ 394,575 $ 394,898

Other intangible assets (net of accumulated amortization) – 30

$ 394,575 $ 394,928

Changes in the carrying amount of goodwill for the nine month periods ended September 30, 2024 and 2023 are as follows:

Nine Months Ended September 30,

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

Three Months Ended March 31,

Financial Advisory Asset Management Total Financial Advisory Asset Management Total

Balance, January 1 $ 312,305 $ 81,270 $ 393,575 $ 313,628 $ 81,270 $ 394,898

Acquisition of business – – – – 16,729 16,729

Foreign currency translation adjustments 528 – 528 ( 800 ) – ( 800 )

Balance, September 30 $ 313,305 $ 81,270 $ 394,575 $ 312,779 $ 81,270 $ 394,049

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

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, 2024 and December 31, 2023:

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

Outstanding as of

September 30, 2024 December 31, 2023

March 31, 2025 December 31, 2024

Amount Maturity

3 unchanged sentences

Debt Costs Carrying

Notes (a) $ 400,000 2/13/25 3.75 % 3.77 % $ 164,347 $ 72 $ 164,275 $ 400,000 $ 531 $ 399,469

Notes 300,000 3/1/27 3.625 % 3.81 % $ 300,000 $ 1,073 $ 298,927 $ 300,000 $ 1,213 $ 298,787

1 unchanged sentence

Notes 500,000 3/11/29 4.375 % 4.56 % 500,000 3,645 496,355 500,000 3,875 496,125

Notes (a) 400,000 3/15/31 6.00 % 6.14 % 400,000 3,674 396,326 – – –

Notes 400,000 3/15/31 6.00 % 6.16 % 400,000 3,913 396,087 400,000 4,077 395,923

Total $ 1,700,000 $ 12,159 $ 1,687,841 $ 1,700,000 $ 12,948 $ 1,687,052

__________________________

(a) In March 2024, Lazard Group completed an offering of $ 400,000 aggregate principal amount of 6.00 % senior notes due in 2031.

Interest on the 2031 Notes is payable semi-annually on March 15 and September 15 of each year, beginning September 15, 2024.

Lazard Group used a portion of the net proceeds from the 2031 Notes to purchase in a tender offer $ 235,653 aggregate principal amount of the 2025 Notes.

On October 30, 2024, the Company announced that it will redeem all of the issued and outstanding 2025 Notes on December 12, 2024.

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

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

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

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

In conjunction with the Lazard, Inc.

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

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

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

At September 30, 2024 and December 31, 2023, the fair value of such senior debt was approximately $ 1,876,000 and $ 1,652,000 , respectively.

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

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

The Company’s senior debt would be categorized within Level 2 of the hierarchy of fair value measurements if carried at fair value.

On June 6, 2023 , Lazard Group entered into a Second Amended and Restated Credit Agreement with a group of lenders for a five-year , $ 200,000 senior revolving credit facility expiring in June 2028 (the “Second Amended and Restated Credit Agreement”).

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

Lazard Group LLC has a Second Amended and Restated Credit Agreement with a group of lenders for a five-year , $ 200,000 senior revolving credit facility expiring in June 2028 (the “Second Amended and Restated Credit Agreement”).

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

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

As of September 30, 2024, the Company had approximately $ 209,500 in unused lines of credit available to it, including the credit facility provided under the Second Amended and Restated Credit Agreement.

In conjunction with the Lazard, Inc.

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

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

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.

2 unchanged sentences

COMMITMENTS AND CONTINGENCIES

In June 2024, the Company commenced a non-cancelable office lease with a lease term of approximately 15 years.

Such lease increased operating lease right-of-use assets and operating lease liabilities on the condensed consolidated statements of financial condition by $ 76,539 and $ 71,977 , respectively, as of June 30, 2024, the initial recognition being a noncash transaction.

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

10 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, 2024:

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

Date Repurchase

Authorization Expiration

February 2022 $ 300,000 December 31, 2024

July 2024 $ 200,000 December 31, 2026

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:

Nine Months Ended September 30:

Three Months Ended March 31:

Purchased Average

1 unchanged sentence

2025 773,955 $ 46.73

During the nine month periods ended September 30, 2024 and 2023, 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

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

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

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

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

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

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

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, 2024 and 2023, 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, 2024 and 2023 was approximately $ 14,300 and $ 11,100 , respectively.

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

As of September 30, 2024, a total of $ 356,166 of share repurchase authorization remained available under Lazard, Inc.’s share repurchase program, of which $ 156,166 will expire on December 31, 2024 and $ 200,000 will expire on December 31, 2026 .

During the nine month period ended September 30, 2024, Lazard, Inc.

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

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

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, 2024 and 2023 and activity during the three month and nine month periods then ended:

Three Months Ended September 30, 2024

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

Three Months Ended March 31, 2025

Adjustments Employee

2 unchanged sentences

Interests Total

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

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

Other comprehensive income (loss) before reclassifications 24,213 ( 5,789 ) 18,424 24 18,400

1 unchanged sentence

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 )

Nine Months Ended September 30, 2024

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

Three Months Ended March 31, 2024

Adjustments Employee

6 unchanged sentences

Net other comprehensive income (loss) ( 16,262 ) 2,217 ( 14,045 ) – ( 14,045 )

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

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

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

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

Three Months Ended September 30, 2023

Adjustments Employee

Attributable to

Noncontrolling

Interests Total

Balance - July 1, 2023 $ ( 139,907 ) $ ( 141,980 ) $ ( 281,887 ) $ ( 1 ) $ ( 281,886 )

Other comprehensive income (loss) before reclassifications ( 19,935 ) 5,054 ( 14,881 ) 1 ( 14,882 )

Adjustments for items reclassified to earnings, net of tax 2,129 1,580 3,709 – 3,709

Net other comprehensive income (loss) ( 17,806 ) 6,634 ( 11,172 ) 1 ( 11,173 )

Balance, September 30, 2023 $ ( 157,713 ) $ ( 135,346 ) $ ( 293,059 ) $ – $ ( 293,059 )

Nine Months Ended September 30, 2023

Adjustments Employee

Attributable to

Noncontrolling

Interests Total

Balance - January 1, 2023 $ ( 156,924 ) $ ( 138,930 ) $ ( 295,854 ) $ – $ ( 295,854 )

Other comprehensive loss before reclassifications ( 2,946 ) ( 332 ) ( 3,278 ) – ( 3,278 )

Adjustments for items reclassified to earnings, net of tax 2,157 3,916 6,073 – 6,073

Net other comprehensive income (loss) ( 789 ) 3,584 2,795 – 2,795

Balance, September 30, 2023 $ ( 157,713 ) $ ( 135,346 ) $ ( 293,059 ) $ – $ ( 293,059 )

The table below reflects adjustments for items reclassified out of AOCI, by component, for the three month and nine month periods ended September 30, 2024 and 2023:

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

Three Months Ended

September 30, Nine Months Ended

September 30,

2024 2023 2024 2023

Currency translation losses (a) $ – $ 2,129 $ – $ 2,157

Employee benefit plans:

Amortization relating to employee benefit plans (b) 2,433 1,954 6,230 5,051

Amortization relating to employee benefit plans (a) $ 2,106 $ 1,857

Less - related income taxes 530 455

1,888 1,580 4,775 3,916

Total reclassifications, net of tax $ 1,576 $ 1,402

__________________________

(a) Represents currency translation losses reclassified from AOCI associated with closing of certain of our offices.

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

(b) Included in the computation of net periodic benefit cost (see Note 14).

(a) Included in the computation of net periodic benefit cost (see Note 14).

Such amounts are included in “operating expenses–other” 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)

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, (ii) profits interest participation rights (see Note 13) and (iii) LGAC interests (see Note 21).

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

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

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

Dividends Declared, October 30, 2024 —On October 30, 2024 , 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 15, 2024 , to stockholders of record on November 8, 2024 .

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

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

INCENTIVE PLANS

Share-Based Incentive Plan Awards

Total shares available for issuance under incentive compensation plans are primarily from the 2018 Plan, which became effective on April 24, 2018 and was amended on May 9, 2024 to increase the aggregate number of shares authorized for issuance by 20,000,000 shares.

The aggregate number of shares authorized for issuance under the 2018 Plan is 70,000,000 .

Total shares available for issuance under incentive compensation plans are primarily from the 2018 Plan, which as amended, authorized the issuance of an aggregate of 70,000,000 shares.

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

4 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 nine month periods ended September 30, 2024 and 2023:

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

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

Three Months Ended

September 30, Nine Months Ended

September 30,

2024 2023 2024 2023

Share-based incentive awards:

8 unchanged sentences

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

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

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

RSUs and PRSUs

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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, 2024, dividend participation rights required the issuance of an aggregate 608,673 units of RSUs and the associated aggregate charge to “retained earnings” (with a corresponding credit to “additional paid-in-capital”) was $ 23,896 .

In connection with RSUs and PRSUs that settled during the nine month period ended September 30, 2024, the Company satisfied its minimum statutory tax withholding requirements in lieu of delivering 1,619,201 and 29,690 shares, respectively, of common stock during such nine month period.

Accordingly, 2,537,447 and 33,479 shares, respectively, of common stock held by the Company were delivered during the nine month period ended September 30, 2024.

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

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

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

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

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

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

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

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

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

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

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

The following is a summary of activity relating to RSUs and PRSUs during the nine month period ended September 30, 2024:

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

Units Weighted

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Forfeited ( 469,607 ) $ 42.95 – $ –

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

Settled ( 4,169,262 ) $ 34.51 ( 110,638 ) $ 29.53

Balance, September 30, 2024 16,515,745 $ 36.93 62,296 $ 35.44

The weighted-average grant date fair value of RSUs granted in the nine month period ended September 30, 2023 was $ 36.56 .

As of September 30, 2024, the total estimated unrecognized compensation expense related to RSUs and PRSUs was $ 245,018 and $ 73 , respectively.

The Company expects to expense such amounts over weighted-average periods of approximately 1.8 and 0.1 years, respectively, subsequent to September 30, 2024.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

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

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

__________________________________

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

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

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

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

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

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

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

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

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

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

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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 described below.

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

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

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

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

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

SP-PIPRs vest:

3 unchanged sentences

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

The following is a summary of activity relating to all PIPRs during the nine month period ended September 30, 2024:

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

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

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

Ordinary PIPRs (a) P-PIPRs SP-PIPRs

5 unchanged sentences

Forfeited ( 212,968 ) $ 36.41 – $ – – $ –

Performance units earned (b) 747,800 $ 21.92

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

Balance, September 30, 2024 3,346,422 $ 35.78 963,660 $ 35.44 2,250,000 $ 15.06

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

__________________________

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

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

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

The weighted-average grant date fair value of ordinary PIPRs and SP-PIPRs granted in the nine month periods ended September 30, 2023 was $ 35.94 and $ 15.06 , respectively.

The weighted-average grant date fair value of ordinary PIPRs granted in the three month period ended March 31, 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, 2024, the total estimated unrecognized compensation expense of all profits interest participation rights was $ 58,979 and the Company expects to expense such amount over a weighted-average period of approximately 3.0 years subsequent to September 30, 2024.

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

LFI and Other Similar Deferred Compensation Arrangements

5 unchanged sentences

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

The following is a summary of activity relating to LFI and other similar deferred compensation arrangements during the nine month period ended September 30, 2024:

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

Asset Compensation

4 unchanged sentences

Change in fair value of underlying investments – 5,243

Other ( 73 ) 384

Balance, September 30, 2024 $ 71,576 $ 284,968

The amortization of the prepaid compensation asset will generally be recognized over a weighted average period of approximately 1.3 years subsequent to September 30, 2024.

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, 2024 and 2023:

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

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

Three Months Ended

September 30, Nine Months Ended

September 30,

2024 2023 2024 2023

Amortization and the impact of forfeitures $ 18,481 $ 35,699

2 unchanged sentences

Cash Retention Awards

In the first nine months of 2024, the Company granted and paid approximately $ 94,000 of cash retention awards that are subject to repayment in full in connection with a termination of employment for cause or resignation without good reason on or prior to the three-year service period.

During the year ended December 31, 2024, the Company granted and paid cash retention awards that are subject to repayment in full in connection with a termination of employment for cause or resignation without good reason on or prior to the three-year service period.

In connection with these awards, the Company recorded a prepaid compensation asset on the grant date based upon the amount paid.

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 nine months ended September 30, 2024 was approximately $ 47,000 .

The remaining prepaid compensation asset was approximately $ 44,000 as of September 30, 2024.

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

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

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, 2024 and 2023:

Pension Plans

Three Months Ended September 30,

Components of Net Periodic Benefit Cost:

Service cost $ 170 $ 74

Interest cost 5,345 5,322

Expected return on plan assets ( 6,721 ) ( 6,068 )

Amortization of:

Prior service cost 138 28

Net actuarial loss 2,295 1,926

Settlement loss – 791

Net periodic benefit cost $ 1,227 $ 2,073

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

Pension Plans

Nine Months Ended September 30,

Three Months Ended March 31,

Components of Net Periodic Benefit Cost:

5 unchanged sentences

Net actuarial loss 1,808 1,724

Settlement loss – 2,333

Net periodic benefit cost $ 1,719 $ 621

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 and for the three month and nine month periods ended September 30, 2023 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

Three Months Ended September 30, 2023

Financial Advisory Asset Management Corporate Total

Severance and other employee

termination expenses (included

in "compensation and benefits"

expense) $ ( 21 ) $ 4,190 $ 4,772 $ 8,941

Technology asset impairments

(included in "technology and

information services") 56 515 – 571

Foreign exchange related losses associated with closing of certain offices (included in "revenue other") 2,164 – 2,483 4,647

Other 1,478 28 42 1,548

Total $ 3,677 $ 4,733 $ 7,297 $ 15,707

Nine Months Ended September 30, 2023

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

Three Months Ended March 31, 2024

Financial Advisory Asset Management Corporate Total

3 unchanged sentences

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

Technology asset impairments

(included in "technology and

information services") 144 7,812 – 7,956

Foreign exchange related losses

associated with closing

of certain offices (included in

"revenue-other") 2,164 – 2,483 4,647

Other 708 14 1,397 2,119

2 unchanged sentences

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

Activity related to the obligations pursuant to the cost-saving initiatives during the nine month period ended September 30, 2024 was as follows:

Accrued Compensation and Benefits Other Total

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

Accrued Compensation and Benefits

Balance, January 1, 2025 $ 6,268

Total expenses 46,610 2,119 48,729

Noncash expenses (a) 9,249 3,018 12,267

Foreign currency translation and other adjustments ( 11 )

Payments and settlements 4,418

Balance, September 30, 2024 $ 8,910 $ – $ 8,910

___________________________________

(a) Noncash expenses reflected in “accrued compensation and benefits” activity principally represents accelerated amortization of deferred incentive compensation awards.

Noncash expenses reflected in “other” activity principally relates to impairments of certain operating lease right-of-use assets and certain foreign exchange related losses.

Following the Conversion on January 1, 2024, Lazard, Inc.

Balance, March 31, 2025 $ 1,861

is subject to U.S.

federal income taxes on all its operating income and, through its subsidiaries, is also subject to state and local taxes on its income apportioned to various state and local jurisdictions.

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

federal income taxes on all its income and, through its subsidiaries, is also subject to state and local taxes on its income apportioned to various state and local jurisdictions.

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

that are subject to local income taxes in foreign jurisdictions.

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

The Company recorded income tax provisions of $ 45,052 and $ 70,976 for the three month and nine month periods ended September 30, 2024, respectively, and income tax benefits of $ 11,631 and $ 23,053 for the three month and nine month periods ended September 30, 2023, respectively, representing effective tax rates of 28.0 %, 25.4 %, 239.5 % and 15.2 %, 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 an income tax benefit of $ 7,354 and an income tax provision of $ 14,337 for the three month periods ended March 31, 2025 and 2024, respectively, representing effective tax rates of ( 13.5 )% and 26.3 % respectively.

The 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, changes in judgment relating to uncertain tax positions and other discrete items, (ii) foreign source income (loss) not subject to U.S.

income taxes, (iii) 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) certain foreign source income (loss) not taxable in the U.S., (iii) taxes payable to foreign jurisdictions that are not offset against U.S.

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

2 unchanged sentences

federal statutory tax rate.

NET INCOME PER SHARE OF COMMON STOCK

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

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

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

NET INCOME (LOSS) PER SHARE OF COMMON STOCK

The Company’s basic and diluted net income (loss) per share calculations using the “two-class” method for the three month and nine month periods ended September 30, 2024 and 2023 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, 2025 and 2024 are presented below:

Three Months Ended

September 30, Nine Months Ended

September 30,

2024 2023 2024 2023

Net income (loss) attributable to Lazard $ 107,938 $ 7,139 $ 193,602 $ ( 139,046 )

Net income attributable to Lazard $ 60,375 $ 35,755

Adjustment for earnings attributable to participating securities ( 1,810 ) ( 1,279 )

Net income (loss) attributable to Lazard - basic 105,359 6,110 188,870 ( 141,963 )

Net income attributable to Lazard - basic 58,565 34,476

Adjustment for earnings attributable to participating securities – 195

Net income (loss) attributable to Lazard - diluted $ 105,822 $ 6,110 $ 189,734 $ ( 141,963 )

Net income attributable to Lazard - diluted $ 58,565 $ 34,671

Weighted average number of shares of common stock outstanding 91,311,188 88,547,757

3 unchanged sentences

Weighted average number of shares of common stock outstanding - diluted 104,828,753 99,351,769

Net income (loss) attributable to Lazard per share of common stock:

Net income attributable to Lazard per share of common stock:

Basic $ 0.61 $ 0.38

1 unchanged sentence

__________________________________

(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, 2024 of 1,229,021 and 1,541,854 , respectively, and from RSUs, PRSUs and PIPRs for the nine month period ended September 30, 2023 of 4,785,903 , that could be potentially dilutive in future periods, have been excluded from the computation of diluted net income (loss) 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, 2025 and 2024 of 2,814,720 and 2,167,520 that could be potentially dilutive in future periods, have been excluded from the computation of diluted net income per share as the effect would be antidilutive in the respective periods.

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 $ 140,025 and $ 407,875 for the three month and nine month periods ended September 30, 2024, respectively, and $ 135,899 and $ 405,269 for the three month and nine month periods ended September 30, 2023, respectively, and are included in “asset management fees” on the condensed consolidated statements of operations.

Of such amounts, $ 52,589 and $ 67,598 remained as receivables at September 30, 2024 and December 31, 2023, 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)

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

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

Tax Receivable Agreement

3 unchanged sentences

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

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

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

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

1 unchanged sentence

The amount of the TRA liability is an undiscounted amount based upon current tax laws, the current structure of the Company and various assumptions regarding potential future operating profitability.

The assumptions reflected in the estimate involve significant judgment and if our structure or actual income are different than our assumptions, we could be required to accelerate payments under the TRA.

As such, the actual amount and timing of payments under the TRA could differ materially from our estimates.

The assumptions reflected in the estimate involve significant judgment, and as such, the actual amount and timing of payments under the TRA could differ materially from our estimates.

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

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

Pursuant to the periodic revaluation of the TRA liability and the assumptions reflected in the estimate, the revaluation had the effect in the nine months ended September 30, 2023 of reducing the estimated liability under the TRA.

As a result, the Company recorded a “benefit pursuant to tax receivable agreement” of $ 40,435 on the condensed consolidated statements of operations.

The cumulative liability relating to our obligations under the TRA as of September 30, 2024 and December 31, 2023 was $ 84,137 and $ 115,087 , respectively, and is recorded in “tax receivable agreement obligation” on the condensed consolidated statements of financial condition.

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

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, 2024, LFNY’s regulatory net capital was $ 126,504 , which exceeded the minimum requirement by $ 119,918 .

LFNY’s aggregate indebtedness to net capital ratio was 0.78 :1 as of September 30, 2024.

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

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

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 September 30, 2024, the aggregate regulatory net capital of the U.K.

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

Subsidiaries was $ 102,581 , which exceeded the minimum requirement by $ 29,520 .

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 June 30, 2024, the consolidated regulatory net capital of CFLF was $ 160,273 , which exceeded the minimum requirement set for regulatory capital levels by $ 68,870 .

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

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, 2024, the regulatory net capital of the combined European regulated group was $ 182,588 , which exceeded the minimum requirement set for regulatory capital levels by $ 83,794 .

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

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, 2024, for those subsidiaries with regulatory capital requirements, their aggregate net capital was $ 108,953 , which exceeded the minimum required capital by $ 84,860 .

At September 30, 2024, each of these subsidiaries individually was in compliance with its regulatory capital requirements.

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

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

SEGMENT INFORMATION

The Company’s reportable segments offer different products and services and are managed separately, as different levels and types of expertise are required to effectively manage the segments’ transactions.

Each segment is reviewed to determine the allocation of resources and to assess its performance.

The Company’s principal operating activities are included in its Financial Advisory and Asset Management business segments as described in Note 1.

In addition, as described in Note 1, the Company records selected other activities in its Corporate segment.

The Company’s segment information for the three month and nine month periods ended September 30, 2024 and 2023 is prepared using the following methodology:

• Revenue and expenses directly associated with each segment are included in determining operating income.

• Expenses not directly associated with specific segments are allocated based on the most relevant measures applicable, including revenue, headcount, square footage and other factors.

• Segment assets are based on those directly associated with each segment, and include an allocation of certain assets relating to various segments, based on the most relevant measures applicable, including headcount, square footage and other factors.

The Company records other revenue, interest income and interest expense among the various segments based on the segment in which the underlying asset or liability is reported.

Each segment’s operating expenses include (i) compensation and benefits expenses incurred directly in support of the businesses and (ii) other operating expenses, which include directly incurred expenses for occupancy and equipment, marketing and business development, technology and information services, professional services, fund administration and outsourced services and indirect support costs (including compensation and other operating expenses related thereto) for administrative services.

Such administrative services include, but are not limited to, accounting, tax, human resources, legal, information technology, facilities management and senior management activities.

Each segment is reviewed by the Chief Operating Decision Maker (the “CODM”) to determine the allocation of resources and to assess its performance.

The Company’s reportable segments are Financial Advisory, Asset Management, and Corporate, which are described in Note 1.

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.

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

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

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

Adjusted non-compensation expense includes expenses for occupancy and equipment, marketing and business development, technology and information services, professional services, fund administration and outsourced services.

Other segment items include certain adjustments to calculate adjusted operating income (loss), including:

• Noncontrolling interests;

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

• Provision for credit losses;

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

• 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.

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.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

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

Management evaluates segment results based on net revenue and operating income (loss) and believes that the following information provides a reasonable representation of each segment’s contribution with respect to net revenue, operating income (loss) and total assets:

Three Months Ended March 31, 2025

Financial Advisory Asset Management Corporate Total

Net Revenue (Loss) - U.S.

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

Adjusted Compensation and Benefits Expense 239,968 142,827 38,491 421,286

Adjusted Non-compensation Expense 52,561 59,211 36,110 147,882

Other Segment Items 2,184 ( 23,606 ) 16,556 ( 4,866 )

Adjusted Operating Income (Loss) $ 77,014 $ 62,456 $ ( 65,453 ) $ 74,017

Other Segment Disclosures:

Interest income (included in net revenue) $ 1,197 $ 2,447 $ 8,018 $ 11,662

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

$ 2,010 $ 1,381 $ 5,040 $ 8,431

Three Months Ended March 31, 2024

Financial Advisory Asset Management Corporate Total

Net Revenue - U.S.

GAAP Basis $ 453,507 $ 295,476 $ 15,770 $ 764,753

Adjusted Compensation and Benefits Expense 302,080 150,698 39,955 492,733

Adjusted Non-compensation Expense 47,865 55,575 30,853 134,293

Other Segment Items ( 6,873 ) ( 19,542 ) 8,227 ( 18,188 )

Adjusted Operating Income (Loss) $ 96,689 $ 69,661 $ ( 46,811 ) $ 119,539

Other Segment Disclosures:

Interest income (included in net revenue) $ 966 $ 3,711 $ 6,794 $ 11,471

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

$ 2,249 $ 1,289 $ 5,551 $ 9,089

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

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

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

GAAP operating income.

Three Months Ended

September 30, Nine Months Ended

September 30,

Adjusted Operating Income $ 74,017 $ 119,539

Operating income related to noncontrolling interests and

similar arrangements (a) 1,613 4,469

Interest expense (b) ( 20,969 ) ( 20,650 )

Amortization and other acquisition-related costs ( 26 ) ( 68 )

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

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

Operating Income - U.S.

GAAP Basis $ 54,635 $ 54,561

_____________________

Financial Advisory Net Revenue $ 370,917 $ 266,048 $ 1,235,732 $ 896,099

Operating Expenses 333,961 295,609 1,132,793 1,063,789

Operating Income (Loss) $ 36,956 $ ( 29,561 ) $ 102,939 $ ( 167,690 )

Asset Management Net Revenue $ 293,878 $ 284,855 $ 874,841 $ 857,212

Operating Expenses 251,981 232,011 749,066 749,281

Operating Income $ 41,897 $ 52,844 $ 125,775 $ 107,931

Corporate Net Revenue (Loss) $ 120,071 $ ( 26,985 ) $ 124,395 $ ( 43,843 )

Operating Expenses 37,737 1,155 73,721 48,252

Operating Income (Loss) $ 82,334 $ ( 28,140 ) $ 50,674 $ ( 92,095 )

Total Net Revenue $ 784,866 $ 523,918 $ 2,234,968 $ 1,709,468

Operating Expenses 623,679 528,775 1,955,580 1,861,322

Operating Income (Loss) $ 161,187 $ ( 4,857 ) $ 279,388 $ ( 151,854 )

September 30, 2024 December 31, 2023

Financial Advisory $ 1,169,828 $ 1,154,483

Asset Management 1,117,161 1,232,364

Corporate 2,533,015 2,248,934

Total $ 4,820,004 $ 4,635,781

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

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

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

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

2 unchanged sentences

LFI Consolidated Funds

The Company’s consolidated VIEs as of September 30, 2024 and December 31, 2023 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, 2025 and December 31, 2024 include certain funds (“LFI Consolidated Funds”) that were established for the benefit of employees participating in the Company’s existing LFI deferred compensation arrangement.

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

The assets of LFI Consolidated Funds, except as it relates to $ 71,964 and $ 113,174 of LFI held by Lazard Group as of September 30, 2024 and December 31, 2023, 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, 2024 and December 31, 2023.

September 30, 2024 December 31, 2023

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

March 31, 2025 December 31, 2024

Cash and cash equivalents $ 135 $ 2,456

6 unchanged sentences

Total liabilities $ 1,302 $ 367

Lazard Growth Acquisition Corp.

In addition, the Company’s consolidated VIEs for the nine month period ended September 30, 2023 included Lazard Growth Acquisition Corp.

I (“LGAC”), a former special purpose acquisition company.

The Company held a controlling financial interest in LGAC through a subsidiary’s ownership of Class B founder shares of LGAC.

As a result, both LGAC and the sponsor were consolidated in the Company’s financial statements.

“Redeemable noncontrolling interests” of $ 583,471 associated with the publicly held LGAC Class A ordinary shares were recorded on the Company’s consolidated statements of financial condition as of December 31, 2022 at redemption value and classified as temporary equity.

On February 23, 2023, LGAC redeemed all of its outstanding publicly held Class A ordinary shares as a result of LGAC not consummating a business combination within the time period required by its amended and restated memorandum and articles of association resulting in the distribution of $ 585,891 of the cash held in the trust account to the LGAC shareholders.

The Company recognized $ 17,929 of losses on the liquidation of LGAC in “revenue-other” on the condensed consolidated statement of operations for the nine month period ended September 30, 2023.

In addition, $ 20,125 of non-cash deferred underwriting fees was no longer probable of being incurred and therefore was reversed from other liabilities to additional paid-in-capital.

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