Company: LAZ
Filing Date: 2025-10-27
Form Type: 10-Q
Source: 0001311370-25-000052
Chunk: 233

Company: Lazard, Inc.
Filing Date: 2025-10-27
Form: 10-Q
Item: Part II, Item 8
Chunk 233
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)(dollars in thousands, except for per share data, unless otherwise noted)

•Certain distribution, introducer and management fees paid to third parties and reimbursable deal costs;•Provision for credit losses;•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; and •The gain on sale of an owned office building.Inter-segment revenues are not material for all periods presented.The CODM does not regularly receive asset information by segment and does not use segment asset information to assess performance or allocate resources.Three Months Ended September 30, 2025Financial AdvisoryAsset ManagementCorporateTotalNet Revenue (Loss) - U.S. GAAP Basis$427,335 $327,029 $(6,286)$748,078 Adjusted Compensation and Benefits Expense273,214 155,920 45,513 474,647 Adjusted Non-compensation Expense52,098 64,513 32,054 148,665 Other Segment Items(5,056)(32,840)14,471 (23,425)Adjusted Operating Income (Loss)$96,967 $73,756 $(69,382)$101,341 Other Segment Disclosures: Interest income (included in net revenue) $618 $2,161 $4,881 $7,660  Depreciation and amortization of property    (included in adjusted non-compensation    expense)$1,805 $1,564 $5,096 $8,465 Nine Months Ended September 30, 2025Financial AdvisoryAsset ManagementCorporateTotalNet Revenue (Loss) - U.S. GAAP Basis$1,292,000 $907,607 $(7,481)$2,192,126 Adjusted Compensation and Benefits Expense830,218 438,402 131,576 1,400,196 Adjusted Non-compensation Expense157,085 187,321 109,512 453,918 Other Segment Items(8,819)(80,433)34,830 (54,422)Adjusted Operating Income (Loss)$295,878 $201,451 $(213,739)$283,590 Other Segment Disclosures: