Company: LAZ
Filing Date: 2025-10-27
Form Type: 10-Q
Source: 0001311370-25-000052
Chunk: 61

Company: Lazard, Inc.
Filing Date: 2025-10-27
Form: 10-Q
Item: Part I, Item 1
Chunk 61
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 Company recognized $6,511 and $23,018 in revenue, respectively, that was included in the deferred revenue balance as of December 31, 2024 of $136,536.

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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)

4.    RECEIVABLES AND ALLOWANCE FOR CREDIT LOSSES

The Company’s receivables represent fee receivables, amounts due from customers and other 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 September 30, 2025 and December 31, 2024, $129,437 and $130,682, respectively, represented financing receivables for our Private Capital Advisory fees. At September 30, 2025 and December 31, 2024, customers and other receivables included $129,685 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 September 30, 2025 and December 31, 2024. The aggregate carrying amount of other fees and customers and other receivables was $515,560 and $539,956 at September 30, 2025 and December 31, 2024, respectively.Activity in the allowance for credit losses for the three month and nine month periods ended September 30, 2025 and 2024 was as follows:Three Months EndedSeptember 30,Nine Months EndedSeptember 30,2025202420252024Beginning Balance$26,545 $29,686 $32,033 $28,503 Provision for credit losses, net of reversals1,602 (1,472)(1,329)3,451 Charge-offs(231)(1,375)(3,761)(4,858)Foreign currency translation and other adjustments(23)400 950 143 Ending Balance$27,893 $27,239 $27,893 $27,239 The provision for credit losses, net of reversals represents the current