Company: LAZ
Filing Date: 2025-10-27
Form Type: 10-Q
Source: 0001311370-25-000052
Chunk: 26

Company: Lazard, Inc.
Filing Date: 2025-10-27
Form: 10-Q
Item: Part I, Item 2
Chunk 26
---
 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)$124,395 Adjustments:   Revenue related to noncontrolling interests       and similar arrangements(3,327)(5,943)(9,263)(9,815)   Gains related to LFI and other       similar arrangements(4,823)(16,732)(20,575)(24,904)   Interest expense22,621 22,472 64,668 65,676    Gain on sale of property– (114,271)– (114,271)Total adjustments (a)14,471 (114,474)34,830 (83,314)Adjusted net revenue (b)8,185 5,597 27,349 41,081 Adjusted compensation and benefits expense45,513 42,248 131,576 124,425 Adjusted non-compensation expense32,054 30,848 109,512 103,514 Adjusted operating loss (b)$(69,382)$(67,499)$(213,739)$(186,858)_________________________________

(a)Total adjustments equal the “other segment items” in Note 20 of Notes to Condensed Consolidated Financial Statements. See “Consolidated Results of Operations” above for further information on the adjustments. 

(b)Adjusted net revenue and adjusted operating loss are non-GAAP measures.