Company: LAZ
Filing Date: 2025-10-27
Form Type: 10-Q
Source: 0001311370-25-000052
Chunk: 236

Company: Lazard, Inc.
Filing Date: 2025-10-27
Form: 10-Q
Item: Part II, Item 8
Chunk 236
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 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 the condensed consolidated statements of financial condition consist of the following at September 30, 2025 and December 31, 2024.September 30, 2025December 31, 2024ASSETSCash and cash equivalents$2,370 $2,456 Customers and other receivables702 97 Investments108,897 144,878 Other assets587 1,016 Total assets$112,556 $148,447 LIABILITIESDeposits and other customer payables$285 $72 Other liabilities403 295 Total liabilities$688 $367 

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Item 2.    Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion should be read in conjunction with Lazard’s condensed consolidated financial statements and the related notes included elsewhere in this Quarterly Report on Form 10-Q (the “Form 10-Q”), as well as Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) included in our Annual Report on Form 10-K for