Company: LAZ
Filing Date: 2025-10-27
Form Type: 10-Q
Source: 0001311370-25-000052
Chunk: 121

Company: Lazard, Inc.
Filing Date: 2025-10-27
Form: 10-Q
Item: Part I, Item 1
Chunk 121
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885 $729 $247,657 

Average AUM for the three month and nine month periods ended September 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 EndedSeptember 30,Nine Months EndedSeptember 30,2025202420252024($ in millions)Average AUM by Asset Class:Equity$201,242 $190,688 $187,608 $190,973 Fixed Income47,170 46,832 45,714 46,905 Alternative Investments3,578 2,952 3,351 3,079 Private Wealth Alternative Investments3,137 3,029 3,116 2,869 Private Equity1,493 1,505 1,500 1,508 Cash Management738 952 853 736 Total Average AUM$257,358 $245,958 $242,142 $246,070 

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

Three Months EndedSeptember 30,Nine Months EndedSeptember 30,2025202420252024($ in thousands)Net revenue - U.S. GAAP basis$327,029 $293,878 $907,607 $874,841 Adjustments:Revenue related to noncontrolling interests and similar arrangements(12,765)(5,170)(24,840)(13,321)Distribution fees and other(20,083)(17,199)(55,610)(48,863)Interest expense8 1 17 6 Total adjustments (a)$(32,840)$(22,368)$(80,433)$(62,178)Adjusted net revenue (b)294,189 271,510 827,174 812,663 Adjusted compensation and benefits expense155,920 145,695 438,402 430,711 Adjusted non-compensation expense64,513 58,058 187,321 169,320 Adjusted operating income (b)$73,756 $67,757 $201,451 $212,632 Adjusted operating income, as a % of adjusted net revenue (b)25.1 %25.0 %24.4 %26.2 %_______________________________________

(a)Total adjustments equal the “other