Company: LAZ
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001628280-25-021162
Chunk: 243

Company: Lazard, Inc.
Filing Date: 2025-05-01
Form: 10-Q
Item: Part II, Item 8
Chunk 243
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See Note 6 of Notes to Condensed Consolidated Financial Statements for additional information on the measurement of the fair value of investments.

Lazard is subject to market and other risks on investments held. As such, gains and losses on investment positions held, which arise from sales or changes in the fair value of the investments, are not predictable and can cause periodic fluctuations in net income. 

Data relating to investments is set forth below:March 31, 2025December 31, 2024($ in thousands)Seed investments by asset class:Debt$3,759 $– Equity (a)109,535 123,457 Fixed income21,048 20,751 Alternative investments28,141 34,161 Private equity 16,584 16,785 Total seed investments179,067 195,154 Other investments owned:Private equity 7,368 7,570 Fixed income and other 2,362 2,266 Total other investments owned9,730 9,836 Subtotal188,797 204,990 Private equity consolidated, not owned 22,335 19,057 Equity method17,580 16,899 LFI 277,785 374,001 Total investments$506,497 $614,947 

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(a)At March 31, 2025 and December 31, 2024, seed investments in directly owned equity securities were invested as follows:

March 31, 2025December 31, 2024Percentage invested in:Financials18 %16 %Consumer30 31 Industrial13 14 Technology20 22 Other19 17 Total100 %100 %

The Company makes investments primarily to seed strategies in our Asset Management business or to reduce exposure arising from LFI and other similar deferred compensation arrangements. The Company manages its net economic exposure to market and other risks arising from seed investments and other investments owned. The Company does not hedge investments associated with LFI and other similar deferred compensation arrangements, or investments in funds owned entirely by the noncontrolling interest holders as there is no net economic exposure.

The market risk associated with investments held in connection with LFI and other similar deferred compensation arrangements is equally offset by the market risk associated with the derivative liability with respect to awards expected to vest. The Company is subject to market risk associated with any portion of such investments that employees may forfeit. See “