Company: LAZ
Filing Date: 2025-07-25
Form Type: 10-Q
Source: 0001311370-25-000022
Chunk: 119

Company: Lazard, Inc.
Filing Date: 2025-07-25
Form: 10-Q
Item: Part I, Item 1
Chunk 119
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 as compared to $3 million in the 2024 period. 

Adjusted compensation and benefits expense increased $5 million, or 4%, as compared to the 2024 period.  

Adjusted non-compensation expense increased $8 million, or 14%, as compared to the 2024 period primarily due to increased technology and information services and marketing and business development expenses.

Asset Management adjusted operating income was $65 million, a decrease of $10 million, or 13%, as compared to adjusted operating income of $75 million in the 2024 period, and, as a percentage of adjusted net revenue, was 24.3%, as compared to 28.4% in the 2024 period.

Six Months Ended June 30, 2025 versus June 30, 2024

Asset Management net revenue remained substantially the same as compared to the 2024 period. Asset Management adjusted net revenue decreased $8 million, or 2%, as compared to the 2024 period. Management fees and other revenue, on an adjusted basis, was $520 million, a decrease of $10 million, or 2%, as compared to $531 million in the 2024 period. Incentive fees, on an adjusted basis, were $13 million, an increase of $2 million as compared to $10 million in the 2024 period. 

Adjusted compensation and benefits expense decreased $3 million, or 1%, as compared to the 2024 period. 

Adjusted non-compensation expense increased $12 million, or 10%, as compared to the 2024 period primarily due to increased technology and information services and marketing and business development expenses.

Asset Management adjusted operating income was $128 million, a decrease of $17 million, or 12%, as compared to adjusted operating income of $145 million in the 2024 period, and, as a percentage of net revenue, was 24.0%, as compared to 26.8% in the 2024 period.

60

Corporate

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

Three Months EndedJune 30,Six Months EndedJune 30,2025202420252024($ in thousands)Net revenue (loss) - U.S. GAAP basis$6,213 $(11,446)$(1,195)$4,324 Adjustments:   Revenue related to noncontrolling interests       and similar arrangements(6,775)(866)(5,936)(3,