Company: LAZ
Filing Date: 2025-10-27
Form Type: 10-Q
Source: 0001311370-25-000052
Chunk: 96

Company: Lazard, Inc.
Filing Date: 2025-10-27
Form: 10-Q
Item: Part I, Item 1
Chunk 96
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 114,271 Expenses associated with sale of property (f)– (20,121)– (20,121)Benefit pursuant to tax receivable obligation ("TRA") (g)20,146 – 20,146 – Operating Income - U.S. GAAP Basis$94,930 $161,187 $242,646 $279,388 _____________________(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 expenses associated with the upcoming departure of an executive officer. (d)Represents the reclassification of currency translation adjustments to earnings from accumulated other comprehensive loss in the nine month period ended September 30, 2024.(e)Represents gain on the sale of an owned office building.(f)Represents estimated statutory profit sharing expenses associated with the sale of an owned office building.(g)Represents the effect of the periodic valuation of the TRA liability.

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

21.    CONSOLIDATED VIEs

LFI Consolidated Funds The Company’s consolidated VIEs as of September 30, 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 $33,350 and $68,452 of LFI owned by Lazard Group as of September 30, 2025 and December 31, 2024, 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