Company: LAZ
Filing Date: 2025-07-25
Form Type: 10-Q
Source: 0001311370-25-000022
Chunk: 134

Company: Lazard, Inc.
Filing Date: 2025-07-25
Form: 10-Q
Item: Part I, Item 1
Chunk 134
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 that a 10% adverse change in foreign exchange rates versus the U.S. Dollar would result in a net decrease of approximately $2.1 million and $2.0 million in the carrying value of such investments as of June 30, 2025 and December 31, 2024, respectively, including the effect of the hedging transactions.

Private Equity—The Company invests in private equity primarily as a part of its co-investment activities and in connection with certain legacy businesses. At June 30, 2025 and December 31, 2024, the Company’s exposure to changes in fair value of such investments was approximately $27 million and $24 million, respectively. The Company estimates that a hypothetical 10% adverse change in fair value would result in a decrease of approximately $2.7 million and $2.4 million, respectively, in the carrying value of such investments as of June 30, 2025 and December 31, 2024.

For additional information regarding risks associated with our investments, see Item 1A, “Risk Factors—Other Business Risks—Our results of operations may be affected by fluctuations in the fair value of positions held in our investment portfolios” in our Form 10-K.

Risks Related to Receivables

We maintain an allowance for credit losses to provide coverage for expected losses from our receivables. At June 30, 2025, total receivables amounted to $755 million, net of an allowance for credit losses of $27 million. As of that date, Financial Advisory and Asset Management fees, and customers and other receivables comprised 77% and 23% of total receivables, respectively. At December 31, 2024, total receivables amounted to $754 million, net of an allowance for 

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credit losses of $32 million. As of that date, Financial Advisory and Asset Management fees, and customers and other receivables comprised 85% and 15% of total receivables, respectively. See also “Critical Accounting Policies and Estimates—Revenue Recognition” above and Note 4 of Notes to Condensed Consolidated Financial Statements for additional information regarding receivables.

LFG and LFB offer wealth management and banking services to high net worth individuals and families. At June 30, 2025 and December 31, 2024, customers and other receivables included $117 million and $83 million, respectively, of such LFB loans which are fully collateral