Company: LAZ
Filing Date: 2025-10-27
Form Type: 10-Q
Source: 0001311370-25-000052
Chunk: 123

Company: Lazard, Inc.
Filing Date: 2025-10-27
Form: 10-Q
Item: Part I, Item 1
Chunk 123
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, was 25.1%, as compared to 25.0% in the 2024 period.

Nine Months Ended September 30, 2025 versus September 30, 2024

Asset Management net revenue increased $33 million, or 4%, as compared to the 2024 period. Asset Management adjusted net revenue increased $15 million, or 2%, as compared to the 2024 period. Management fees and other revenue, on an adjusted basis, was $806 million, an increase of $7 million, or 1%, as compared to $799 million in the 2024 period. Incentive fees, on an adjusted basis, were $21 million, an increase of $8 million as compared to $13 million in the 2024 period. 

Adjusted compensation and benefits expense increased $8 million, or 2%, as compared to the 2024 period primarily driven by increased adjusted net revenue. 

Adjusted non-compensation expense increased $18 million, or 11%, as compared to the 2024 period primarily due to continued investments in technology and increased marketing and business development expenses.

Asset Management adjusted operating income was $201 million, a decrease of $11 million, or 5%, as compared to adjusted operating income of $213 million in the 2024 period, and, as a percentage of net revenue, was 24.4%, as compared to 26.2% in the 2024 period.

63

Corporate

The following table summarizes the reported adjusted operating results attributable to the Corporate segment:

Three Months EndedSeptember 30,Nine Months EndedSeptember 30,2025202420252024($ in thousands)Net revenue (loss) - U.S. GAAP basis$(6,286)$120,071 $(7,481)$124,395 Adjustments:   Revenue related to noncontrolling interests       and similar arrangements(3,327)(5,943)(9,263)(9,815)   Gains related to LFI and other       similar arrangements(4,823)(16,732)(20,575)(24,904)   Interest expense22,621 22,472 64,668 65,676    Gain on sale of property– (114,271)– (114,271)Total adjustments (a)14,471 (114,474)34,830 (83,314)Adjusted net revenue (b)8,185 5,597 27,