Company: LAZ
Filing Date: 2025-10-27
Form Type: 10-Q
Source: 0001311370-25-000052
Chunk: 129

Company: Lazard, Inc.
Filing Date: 2025-10-27
Form: 10-Q
Item: Part I, Item 1
Chunk 129
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 covenants (none of which relate to financial condition), events of default and other customary provisions. At September 30, 2025, the Company was in compliance with all of these provisions. We may, to the extent required and subject to restrictions contained in our financing arrangements, use other financing sources, which may cause us to be subject to additional restrictions or covenants.

Guarantor Information

Lazard, Inc. has provided an unconditional and irrevocable guarantee for the repayment of all the senior notes listed in the table above, and has amended the Second Amended and Restated Credit Agreement, to provide an unconditional and irrevocable guarantee for Lazard Group's obligations under the Second Amended and Restated Credit Agreement. See Note 10 of Notes to Condensed Consolidated Financial Statements for additional information regarding senior debt.

As permitted under Rule 13-01 of Regulation S-X, Lazard, Inc. has excluded summarized financial information for Lazard Group because the combined assets, liabilities and results of operations of Lazard, Inc. and Lazard Group for the period were not materially different than the corresponding amounts in Lazard, Inc.’s condensed consolidated financial statements presented herein and management believes such summarized financial information would be repetitive and would not provide incremental value to investors.

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Stockholders’ Equity

At September 30, 2025, total stockholders’ equity was $879 million, as compared to $685 million at December 31, 2024, including $842 million and $636 million attributable to Lazard, Inc. on the respective dates. The net activity in stockholders’ equity during the nine month period ended September 30, 2025 is reflected in the table below (in millions of dollars):

Stockholders’ Equity - January 1, 2025$685 Increase (decrease) due to:Net income (a)189 Other comprehensive income54 Amortization of share-based incentive compensation280 Purchase of common stock(41)Settlement of share-based incentive compensation (b)(128)Common stock dividends(139)Other - net(21)Stockholders’ Equity - September 30, 2025$879 ________________________________________

(a)Excludes net income associated with redeemable noncontrolling interests of $8 million.

(b)The tax withholding portion of share-based compensation is settled in cash, not shares.

See the Consolidated Financial Statements—Condensed Consolidated Statements of Changes in Stockholders’ Equity and Redeemable Noncontrolling