Company: LAZ
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001628280-25-021162
Chunk: 55

Company: Lazard, Inc.
Filing Date: 2025-05-01
Form: 10-Q
Item: Part I, Item 1
Chunk 55
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 to settlement date; the fair value of total return swaps is based on the change in fair value of the related underlying equity security, financial instrument or index and a specified notional holding; the fair value of interest rate swaps is based on the interest rate yield curve; and the fair value of derivative liabilities related to LFI and other similar deferred compensation arrangements is based on the value of the underlying investments, adjusted for forfeitures. See Note 7.Investments Measured at Net Asset Value (“NAV”)—As a practical expedient, the Company uses NAV or its equivalent to measure the fair value of certain investments. NAV is primarily determined based on information provided by external fund administrators. The Company’s investments valued at NAV as a practical expedient in (i) alternative investment funds, debt funds and equity funds are redeemable in the near term, and (ii) private equity funds are not redeemable in the near term as a result of redemption restrictions.The following tables present, as of March 31, 2025 and December 31, 2024, the classification of (i) investments and certain other assets and liabilities measured at fair value on a recurring basis within the fair value hierarchy and (ii) investments measured at NAV or its equivalent as a practical expedient:March 31, 2025Level 1Level 2Level 3NAVTotalAssets:Cash and cash equivalents (a)$398 $– $– $– $398 Deposits with banks and short-term    investments (a)24,482 – – – 24,482 Investments:Debt3,381 378 – – 3,759 Equity48,797 – 599 – 49,396 Funds:Alternative investments7,290 – – 43,050 50,340 Debt94,954 16,794 – 3 111,751 Equity227,028 303 – 53 227,384 Private equity– – 267 46,020 46,287 Derivatives– 1,361 – – 1,361 Total$406,330 $18,836 $866 $89,126 $515,158 Liabilities:Securities sold, not yet purchased$3,476 $– $– $– $3,476 Contingent consideration liability– –