Company: LAZ
Filing Date: 2025-07-25
Form Type: 10-Q
Source: 0001311370-25-000022
Chunk: 31

Company: Lazard, Inc.
Filing Date: 2025-07-25
Form: 10-Q
Item: Part I, Item 2
Chunk 31
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ated Financial Statements for additional information regarding senior debt.

As permitted under Rule 13-01 of Regulation S-X, Lazard, Inc. has excluded summarized financial information for Lazard Group because the combined assets, liabilities and results of operations of Lazard, Inc. and Lazard Group for the period were not materially different than the corresponding amounts in Lazard, Inc.’s condensed consolidated financial statements presented herein and management believes such summarized financial information would be repetitive and would not provide incremental value to investors.

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Stockholders’ Equity

At June 30, 2025, total stockholders’ equity was $786 million, as compared to $685 million at December 31, 2024, including $742 million and $636 million attributable to Lazard, Inc. on the respective dates. The net activity in stockholders’ equity during the six month period ended June 30, 2025 is reflected in the table below (in millions of dollars):

Stockholders’ Equity - January 1, 2025$685 Increase (decrease) due to:Net income (a)118 Other comprehensive income58 Amortization of share-based incentive compensation184 Purchase of common stock(40)Settlement of share-based incentive compensation (b)(114)Common stock dividends(92)Other - net(13)Stockholders’ Equity - June 30, 2025$786 ________________________________________

(a)Excludes net income associated with redeemable noncontrolling interests of $5 million in 2025.

(b)The tax withholding portion of share-based compensation is settled in cash, not shares.

See the Consolidated Financial Statements—Condensed Consolidated Statements of Changes in Stockholders’ Equity and Redeemable Noncontrolling Interests for further detail.

The Board of Directors of Lazard has issued a series of authorizations to repurchase common stock, which help offset the dilutive effect of our share-based incentive compensation plans. The Company aims to repurchase shares to offset dilution from the shares it expects to issue pursuant to such compensation plans in respect of year-end incentive compensation over time. The rate at which the Company purchases shares in connection with this annual objective may vary from period to period due to a variety of factors. Purchases with respect to such program are set forth in the table below:

Six Months Ended June 30:Number ofShares PurchasedAveragePrice PerShare20241,055,913$38.66 2025859,849$46.44 

As of June