Company: LAZ
Filing Date: 2025-10-27
Form Type: 10-Q
Source: 0001311370-25-000052
Chunk: 62

Company: Lazard, Inc.
Filing Date: 2025-10-27
Form: 10-Q
Item: Part I, Item 1
Chunk 62
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 period provision of expected credit losses and is included in “operating expenses-other” on the condensed consolidated statements of operations.The allowance for credit losses is substantially all related to Financial Advisory fee receivables and other receivables.

16

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

5.    INVESTMENTS

The Company’s investments consist of the following at September 30, 2025 and December 31, 2024:September 30,2025December 31,2024Debt$1,704 $– Equity58,530 58,623 Funds:Alternative investments (a)50,001 59,230 Debt (a)116,531 147,173 Equity (a)330,496 289,610 Private equity47,818 43,412 Total funds544,846 539,425 Investments, at fair value605,080 598,048 Equity method investments18,631 16,899 Total investments$623,711 $614,947 ___________________________________(a)Interests in alternative investment funds, debt funds and equity funds include investments (fair values shown below), including those held by LFI Consolidated Funds (see Note 21), held to satisfy the Company’s obligation upon vesting of previously granted Lazard Fund Interests (“LFI”) and other similar deferred compensation arrangements. LFI represent grants by the Company to eligible employees of interests in a number of Lazard-managed funds, subject to service-based vesting conditions (see Notes 7 and 13).          September 30,2025December 31,2024Investments related to LFI and other similar    deferred compensation arrangements:   Alternative investments$21,407 $23,865    Debt97,822 126,407    Equity162,668 223,729 Total $281,897 $374,001 Debt securities primarily consist of investments in debt securities held within separately managed accounts in order to seed strategies in our Asset Management business.Equity securities primarily consist of investments in marketable equity securities of large-, mid- and small-cap domestic, international and global companies held within separately managed accounts in order to seed strategies in our Asset Management business.Alternative investment funds primarily