Company: LAZ
Filing Date: 2025-07-25
Form Type: 10-Q
Source: 0001311370-25-000022
Chunk: 192

Company: Lazard, Inc.
Filing Date: 2025-07-25
Form: 10-Q
Item: Part II, Item 8
Chunk 192
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 respectively, that was included in the deferred revenue balance as of December 31, 2024 of $136,536.

4.    RECEIVABLES AND ALLOWANCE FOR CREDIT LOSSES

The Company’s receivables represent fee receivables, amounts due from customers and other receivables. Where applicable, receivables are stated net of an estimated allowance for credit losses determined in accordance with the current expected credit losses (“CECL”) model.Of the Company’s fee receivables at June 30, 2025 and December 31, 2024, $108,982 and $130,682, respectively, represented financing receivables for our Private Capital Advisory fees. At June 30, 2025 and December 31, 2024, customers and other receivables included $117,358 and $82,985, respectively, of customer loans provided by LFB to high net worth individuals and families, which are fully collateralized and monitored for counterparty creditworthiness, with such collateral having a fair value in excess of the carrying amount of the loans as of both June 30, 2025 and December 31, 2024. The aggregate carrying amount of other fees and customers and other receivables was $528,455 and $539,956 at June 30, 2025 and December 31, 2024, respectively.Activity in the allowance for credit losses for the three month and six month periods ended June 30, 2025 and 2024 was as follows:Three Months EndedJune 30,Six Months EndedJune 30,2025202420252024Beginning Balance$26,340 $30,086 $32,033 $28,503 Provision for credit losses, net of reversals2,491 (75)(2,931)4,923 Charge-offs(2,877)(260)(3,530)(3,483)Foreign currency translation and other adjustments591 (65)973 (257)Ending Balance$26,545 $29,686 $26,545 $29,686 The provision for credit losses, net of reversals represents the current period provision of expected credit losses and is included in “operating expenses-other” on the condensed consolidated statements of operations.The allowance for credit losses is substantially all related to Financial Advisory fee receivables and other receivables.

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LAZARD, INC.NOTES TO CONDENSED CONS