Company: LAZ
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001628280-25-021162
Chunk: 179

Company: Lazard, Inc.
Filing Date: 2025-05-01
Form: 10-Q
Item: Part II, Item 8
Chunk 179
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 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 March 31, 2025 and December 31, 2024, $121,314 and $130,682, respectively, represented financing receivables for our Private Capital Advisory fees. At March 31, 2025 and December 31, 2024, customers and other receivables included $96,382 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 March 31, 2025 and December 31, 2024. The aggregate carrying amount of other fees and customers and other receivables was $465,308 and $539,956 at March 31, 2025 and December 31, 2024, respectively.Activity in the allowance for credit losses for the three month periods ended March 31, 2025 and 2024 was as follows:Three Months EndedMarch 31,20252024Beginning Balance$32,033 $28,503 Provision for credit losses, net of reversals(5,422)4,998 Charge-offs(653)(3,223)Foreign currency translation and other adjustments382 (192)Ending Balance$26,340 $30,086 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 CONSOLIDATED FINANCIAL STATEMENTS-(Continued)(UNAUDITED)(dollars in thousands, except for per share data, unless otherwise noted)

5.    INVESTMENTS

The Company’s investments consist of the following at March 31, 2025 and December 31, 2024:March 31,2025December 31,2024Debt$3,759 $– Equity49,396 58,623 Funds:Alternative investments (a)50,340 59,230 Debt