Company: LAZ
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001628280-25-007441
Chunk: 37

Company: Lazard, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 37
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 2Level 3Financial Assets:Cash and cash equivalents$971,316 $971,316 $971,316 $– $– Deposits with banks and short-term investments219,576 219,576 219,576 – – Restricted cash34,091 34,091 34,091 – – Financing receivables113,929 113,694 – – 113,694 Customer loans86,412 86,412 – – 86,412 Other fees and customers and other receivables561,978 561,978 561,978 – – Financial Liabilities:Deposits and other customer payables$443,262 $443,262 $443,262 $– $– Senior debt1,690,200 1,651,726 – 1,651,726 – Cash and cash equivalents are carried at either cost or amortized cost that approximates fair value due to their short-term maturities.The carrying value of deposits with banks and short-term investments, and restricted cash, approximates fair value because of the relatively short period of time between their origination and expected maturity.Fair values of financing receivables were generally determined by discounting both principal and interest cash flows expected to be collected, using a discount rate approximating current market interest rates for comparable financial instruments and based on unobservable inputs.

96

LAZARD, INC.NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)(dollars in thousands, except for per share data, unless otherwise noted)

The carrying value of customer loans approximates fair value as such loans are fully collateralized and bear interest at rates that regularly reset in accordance with market reference rates.The carrying value of other fees and customers and other receivables and deposits and other customer payables approximates fair value due to their short-term nature.The Company’s senior debt is carried at its principal amount outstanding, net of unamortized debt costs. The fair value of the Company’s senior debt is based on market quotations.The following tables present, at December 31, 2024 and 2023, certain investments that are valued using NAV or its equivalent as a practical expedient in determining fair value:December 31, 2024Investments RedeemableNAVUnfundedCommitments% ofNAVNotRedeemableRedemptionFrequencyRedemptionNotice PeriodAlternative investment