Company: LAZ
Filing Date: 2025-10-27
Form Type: 10-Q
Source: 0001311370-25-000052
Chunk: 136

Company: Lazard, Inc.
Filing Date: 2025-10-27
Form: 10-Q
Item: Part I, Item 1
Chunk 136
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 Financial Statements for additional information on the measurement of the fair value of investments.

Lazard is subject to market and other risks on investments held. As such, gains and losses on investment positions held, which arise from sales or changes in the fair value of the investments, are not predictable and can cause periodic fluctuations in net income. 

Data relating to investments is set forth below:September 30, 2025December 31, 2024($ in thousands)Seed investments by asset class:Debt$1,704 $– Equity (a)225,255 123,457 Fixed income18,693 20,751 Alternative investments27,991 34,161 Private equity 21,100 16,785 Total seed investments294,743 195,154 Other investments owned:Private equity 7,270 7,570 Other 1,722 2,266 Total other investments owned8,992 9,836 Subtotal303,735 204,990 Private equity consolidated, not owned 19,448 19,057 Equity method18,631 16,899 LFI 281,897 374,001 Total investments$623,711 $614,947 _______________________

(a)At September 30, 2025 and December 31, 2024, seed investments in directly owned equity securities were invested as follows:

September 30, 2025December 31, 2024Percentage invested in:Financials17 %16 %Consumer29 31 Industrial14 14 Technology22 22 Other18 17 Total100 %100 %

72

The Company makes investments primarily to seed strategies in our Asset Management business or to reduce exposure arising from LFI and other similar deferred compensation arrangements. The Company manages its net economic exposure to market and other risks arising from seed investments and other investments owned. The Company does not hedge investments associated with LFI and other similar deferred compensation arrangements, or investments in funds owned entirely by the noncontrolling interest holders as there is no net economic exposure.

The market risk associated with investments held in connection with LFI and other similar deferred compensation arrangements is equally offset by the market risk associated with the derivative liability with respect to awards expected to vest. The Company is subject to market risk associated with any portion of such investments that employees may forfeit. See “—Risk Management—Risks Related to Derivatives” for risk management information