Company: LAZ
Filing Date: 2025-10-27
Form Type: 10-Q
Source: 0001311370-25-000052
Chunk: 24

Company: Lazard, Inc.
Filing Date: 2025-10-27
Form: 10-Q
Item: Part I, Item 2
Chunk 24
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 Investments3,578 2,952 3,351 3,079 Private Wealth Alternative Investments3,137 3,029 3,116 2,869 Private Equity1,493 1,505 1,500 1,508 Cash Management738 952 853 736 Total Average AUM$257,358 $245,958 $242,142 $246,070 

The following table summarizes the adjusted operating results attributable to the Asset Management segment:

Three Months EndedSeptember 30,Nine Months EndedSeptember 30,2025202420252024($ in thousands)Net revenue - U.S. GAAP basis$327,029 $293,878 $907,607 $874,841 Adjustments:Revenue related to noncontrolling interests and similar arrangements(12,765)(5,170)(24,840)(13,321)Distribution fees and other(20,083)(17,199)(55,610)(48,863)Interest expense8 1 17 6 Total adjustments (a)$(32,840)$(22,368)$(80,433)$(62,178)Adjusted net revenue (b)294,189 271,510 827,174 812,663 Adjusted compensation and benefits expense155,920 145,695 438,402 430,711 Adjusted non-compensation expense64,513 58,058 187,321 169,320 Adjusted operating income (b)$73,756 $67,757 $201,451 $212,632 Adjusted operating income, as a % of adjusted net revenue (b)25.1 %25.0 %24.4 %26.2 %_______________________________________

(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. 

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(b)Adjusted net revenue, adjusted operating income, and adjusted operating income as a percentage of adjusted net revenue are non-GAAP measures. 

The geographical distribution of Asset Management adjusted net revenue is set forth below in percentage terms, and is based on the Lazard offices that manage and distribute the respective AUM amounts. Such geographical distribution may not be reflective of the geography of the investment products or clients.

Three Months EndedSeptember 30,Nine Months EndedSeptember 30,202520242