Company: LAZ
Filing Date: 2025-07-25
Form Type: 10-Q
Source: 0001311370-25-000022
Chunk: 216

Company: Lazard, Inc.
Filing Date: 2025-07-25
Form: 10-Q
Item: Part II, Item 8
Chunk 216
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ATED FINANCIAL STATEMENTS-(Continued)(UNAUDITED)(dollars in thousands, except for per share data, unless otherwise noted)

The following is a summary of activity relating to LFI and other similar deferred compensation arrangements during the six month period ended June 30, 2025:PrepaidCompensationAssetCompensationLiabilityBalance, January 1, 2025$52,055 $270,847 Granted40,478 40,478 Settled– (145,551)Amortization and the impact of forfeitures(38,334)(2,937)Change in fair value of underlying investments– 15,752 Other7 4,033 Balance, June 30, 2025$54,206 $182,622 The amortization of the prepaid compensation asset will generally be recognized over a weighted average period of approximately 1.5 years subsequent to June 30, 2025.The following is a summary of the impact of LFI and other similar deferred compensation arrangements on “compensation and benefits” expense within the accompanying condensed consolidated statements of operations for the three month and six month periods ended June 30, 2025 and 2024:Three Months EndedJune 30,Six Months EndedJune 30,2025202420252024Amortization and the impact of forfeitures$16,916 $22,406 $35,397 $58,105 Change in the fair value of underlying investments10,509 (1,201)15,752 8,172 Total$27,425 $21,205 $51,149 $66,277 Cash Retention AwardsDuring the year ended December 31, 2024, the Company granted and paid cash retention awards that are subject to repayment in full in connection with a termination of employment for cause or resignation without good reason on or prior to the three-year service period.In connection with these awards, the Company recorded a prepaid compensation asset on the grant date based upon the amount paid. The prepaid compensation asset is amortized over the requisite service period beginning on the grant date and is charged to “compensation and benefits” expense in the condensed consolidated statements of operations. Amortization expense for the three month and six month periods ended June 30, 2025 was $4,079 and $7,772, respectively. The remaining prepaid compensation asset was $27,359 as of June 30, 2025.