Company: LAZ
Filing Date: 2025-07-25
Form Type: 10-Q
Source: 0001311370-25-000022
Chunk: 23

Company: Lazard, Inc.
Filing Date: 2025-07-25
Form: 10-Q
Item: Part I, Item 2
Chunk 23
---
$(13,229)$16,503 $(5,255)$244,670 

58

Average AUM for the three month and six month periods ended June 30, 2025 and 2024 for each significant asset class is set forth below. Average AUM generally represents the average of the monthly ending AUM balances for the period.

Three Months EndedJune 30,Six Months EndedJune 30,2025202420252024($ in millions)Average AUM by Asset Class:Equity$183,550 $190,610 $180,847 $191,114 Fixed Income46,045 46,576 45,019 46,941 Alternative Investments3,431 3,203 3,241 3,076 Private Wealth Alternative Investments3,099 2,789 3,102 2,856 Private Equity1,505 1,492 1,506 1,509 Cash Management922 632 905 630 Total Average AUM$238,552 $245,302 $234,620 $246,126 

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

Three Months EndedJune 30,Six Months EndedJune 30,2025202420252024($ in thousands)Net revenue - U.S. GAAP basis$292,478 $285,487 $580,578 $580,963 Adjustments:Revenue related to noncontrolling interests and similar arrangements(5,225)(4,054)(12,075)(8,151)Distribution fees and other(18,765)(16,216)(35,527)(31,664)Interest expense3 2 9 5 Total adjustments (a)$(23,987)$(20,268)$(47,593)$(39,810)Adjusted net revenue (b)268,491 265,219 532,985 541,153 Adjusted compensation and benefits expense139,655 134,318 282,482 285,016 Adjusted non-compensation expense63,597 55,687 122,808 111,262 Adjusted operating income (b)$65,239 $75,214 $127,695 $144,875 Adjusted operating income, as a % of adjusted net revenue (b)24.3 %28.4 %24.0 %26.8 %________________________________