Company: LAZ
Filing Date: 2025-07-25
Form Type: 10-Q
Source: 0001311370-25-000022
Chunk: 258

Company: Lazard, Inc.
Filing Date: 2025-07-25
Form: 10-Q
Item: Part II, Item 8
Chunk 258
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1,700.0 $13.0 $1,687.0 

The indenture and supplemental indentures relating to Lazard Group LLC’s senior notes contain certain covenants (none of which relate to financial condition), events of default and other customary provisions. At June 30, 2025, the Company was in compliance with all of these provisions. We may, to the extent required and subject to restrictions contained in our financing arrangements, use other financing sources, which may cause us to be subject to additional restrictions or covenants.

Guarantor Information

Lazard, Inc. has provided an unconditional and irrevocable guarantee for the repayment of the Lazard Group 2027 Notes, 2028 Notes, 2029 Notes and 2031 Notes (collectively, the “Lazard Group Senior Notes”), and has amended the Second Amended and Restated Credit Agreement, to provide an unconditional and irrevocable guarantee for Lazard Group's obligations under the Second Amended and Restated Credit Agreement.  See Note 10 of Notes to Condensed Consolidated Financial Statements for additional information regarding senior debt.

As permitted under Rule 13-01 of Regulation S-X, Lazard, Inc. has excluded summarized financial information for Lazard Group because the combined assets, liabilities and results of operations of Lazard, Inc. and Lazard Group for the period were not materially different than the corresponding amounts in Lazard, Inc.’s condensed consolidated financial statements presented herein and management believes such summarized financial information would be repetitive and would not provide incremental value to investors.

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Stockholders’ Equity

At June 30, 2025, total stockholders’ equity was $786 million, as compared to $685 million at December 31, 2024, including $742 million and $636 million attributable to Lazard, Inc. on the respective dates. The net activity in stockholders’ equity during the six month period ended June 30, 2025 is reflected in the table below (in millions of dollars):

Stockholders’ Equity - January 1, 2025$685 Increase (decrease) due to:Net income (a)118 Other comprehensive income58 Amortization of share-based incentive compensation184 Purchase of common stock(40)Settlement of share-based incentive compensation (b)(114)Common stock dividends(92)Other - net(13)Stockholders’ Equity - June 30, 2025$786 ________________________________________