Company: LAZ
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001628280-25-021162
Chunk: 19

Company: Lazard, Inc.
Filing Date: 2025-05-01
Form: 10-Q
Item: Part I, Item 2
Chunk 19
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, 2024AUMBeginningBalanceInflows Outflows NetFlowsMarket ValueAppreciation/(Depreciation)ForeignExchangeAppreciation/(Depreciation)AUMEndingBalance($ in millions)Equity$190,138 $4,027 $(10,485)$(6,458)$14,182 $(2,609)$195,253 Fixed Income48,107 1,782 (1,571)211 (199)(899)47,220 Other8,406 275 (658)(383)(12)(52)7,959 Total$246,651 $6,084 $(12,714)$(6,630)$13,971 $(3,560)$250,432 

Average AUM for the three month periods ended March 31, 2025 and 2024 for each significant asset class is set forth below. Average AUM generally represents the average of the monthly ending AUM balances for the period.

Three Months EndedMarch 31,20252024($ in millions)Average AUM by Asset Class:Equity$178,144 $191,619 Fixed Income44,093 47,312 Alternative Investments3,047 3,150 Private Wealth Alternative Investments3,108 2,722 Private Equity1,505 1,519 Cash Management890 628 Total Average AUM$230,787 $246,950 

53

The following table summarizes the adjusted operating results attributable to the Asset Management segment:

Three Months EndedMarch 31,20252024($ in thousands)Net revenue - U.S. GAAP basis$288,100 $295,476 Adjustments:Revenue related to noncontrolling interests and similar arrangements(6,850)(4,097)Distribution fees and other(16,762)(15,448)Interest expense6 3 Total adjustments (a)(23,606)(19,542)Adjusted net revenue (b)264,494 275,934 Adjusted compensation and benefits expense142,827 150,698 Adjusted non-compensation expense59,211 55,575 Adjusted operating income (b)$62,456 $69,661 Adjusted operating income, as a % of adjusted net revenue (b)23.6 %25.2 %_______________________________________

(a)Total adjustments equal the “other segment items” in Note 20 of Notes to Condensed Consolidated Financial