Company: LAZ
Filing Date: 2025-10-27
Form Type: 10-Q
Source: 0001311370-25-000052
Chunk: 5

Company: Lazard, Inc.
Filing Date: 2025-10-27
Form: 10-Q
Item: Part I, Item 2
Chunk 5
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412 (9)%Deals Greater than $500 million:Value$866 $546 59 %$2,225 $1,644 35 %Number303 280 8 %905 805 12 %Announced M&A Transactions:All deals:Value$1,276 $898 42 %$3,439 $2,595 33 %Number9,037 10,550 (14)%29,899 31,447 (5)%Deals Greater than $500 million:Value$1,055 $680 55 %$2,791 $1,971 42 %Number379 351 8 %1,084 926 17 %Completed Restructuring    Transactions:All deals:Value$49 $97 (49)%$211 $342 (38)%Number44 94 (53)%238 340 (30)%____________________________________

Source: Dealogic as of October 2, 2025.

Another measure of global restructuring activity is the number of corporate defaults, which decreased during the first nine months of 2025 as compared to the first nine months of 2024. The number of defaulting issuers was 91 in the first nine months of 2025, according to Moody’s Investors Service, Inc., as compared to 108 in the first nine months of 2024.

Net revenue trends in Financial Advisory are generally correlated to the level of completed industry-wide M&A transactions and restructuring transactions occurring subsequent to corporate debt defaults. However, deviations from this relationship can occur in any given year for a number of reasons. For instance, our results can diverge from industry-wide activity where there are material variances from the level of industry-wide M&A activity in a particular market where Lazard has greater or lesser relative market share, or regarding the relative number of our advisory engagements with respect to larger-sized transactions, and where we are involved in non-public or sovereign advisory assignments. 

49

Asset Management

The percentage change in major equity market indices at September 30, 2025, as compared to such indices at June 30, 2025, December 31, 2024 and at September 30, 2024 is shown in the table below:

Percentage Changes September 30, 2025 vs. June 30, 2025December 31, 2024September 30, 2024