Company: LAZ
Filing Date: 2025-10-27
Form Type: 10-Q
Source: 0001311370-25-000052
Chunk: 102

Company: Lazard, Inc.
Filing Date: 2025-10-27
Form: 10-Q
Item: Part I, Item 1
Chunk 102
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 with respect to our Financial Advisory and Asset Management businesses is included below. 

Financial Advisory

The following table sets forth global M&A and restructuring industry statistics for completed and announced M&A transactions and completed restructuring transactions. 

Three Months EndedSeptember 30,Nine Months EndedSeptember 30,20252024%Incr / (Decr)20252024%Incr / (Decr)($ in billions)Completed M&A Transactions:All deals:Value$1,028 $734 40 %$2,761 $2,202 25 %Number7,663 9,640 (21)%26,774 29,412 (9)%Deals Greater than $500 million:Value$866 $546 59 %$2,225 $1,644 35 %Number303 280 8 %905 805 12 %Announced M&A Transactions:All deals:Value$1,276 $898 42 %$3,439 $2,595 33 %Number9,037 10,550 (14)%29,899 31,447 (5)%Deals Greater than $500 million:Value$1,055 $680 55 %$2,791 $1,971 42 %Number379 351 8 %1,084 926 17 %Completed Restructuring    Transactions:All deals:Value$49 $97 (49)%$211 $342 (38)%Number44 94 (53)%238 340 (30)%____________________________________

Source: Dealogic as of October 2, 2025.

Another measure of global restructuring activity is the number of corporate defaults, which decreased during the first nine months of 2025 as compared to the first nine months of 2024. The number of defaulting issuers was 91 in the first nine months of 2025, according to Moody’s Investors Service, Inc., as compared to 108 in the first nine months of 2024.

Net revenue trends in Financial Advisory are generally correlated to the level of completed industry-wide M&A transactions and restructuring transactions occurring subsequent to corporate debt defaults. However, deviations from this relationship can occur in any given year for a number of reasons. For instance, our results can diverge from industry-wide activity where there are material variances from the level of industry-wide M&A activity in a