Company: LAZ
Filing Date: 2025-07-29
Form Type: 424B5
Source: 0001311370-25-000033
Chunk: 14

Company: Lazard, Inc.
Filing Date: 2025-07-29
Form: 424B5
Chunk 14
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, quarterly, and other reports and documents it files with the SEC which are incorporated by reference in this prospectus supplement and the accompanying prospectus. The following risk factors and the risk factors incorporated by reference in this prospectus supplement and accompanying prospectus describe material risks of which we are aware. If any of the events or developments described below actually occurred, our business, financial condition, results of operations, or prospects would likely suffer .

#### There are limited covenants in the indenture.
The indenture governing the notes will not contain any limitations on the amount of additional indebtedness that we may incur. The amount of such indebtedness could be substantial, and such indebtedness may be indebtedness of our subsidiaries, in which case such indebtedness would be structurally senior to the notes. In addition, there are no financial covenants in the indenture.

Holders of the notes will be structurally subordinated to all indebtedness and other liabilities and preferred equity of Lazard Group’s and Lazard, Inc.’s subsidiaries (other than Lazard Group).

The notes and the guarantees of the notes are unsecured general obligations of Lazard Group and Lazard, Inc., respectively, and not of Lazard Group’s and Lazard, Inc.’s other subsidiaries. Except to the extent Lazard, Inc. is a creditor with recognized claims against its subsidiaries, all claims of third-party creditors (including trade creditors) and holders of preferred equity, if any, of Lazard, Inc.’s subsidiaries will have priority with respect to the assets of such subsidiaries over the claims of Lazard, Inc.’s creditors, including holders of the notes. Consequently, the notes and Lazard, Inc.’s guarantee of the notes will be structurally subordinated in right of payment to all indebtedness and other liabilities and preferred equity of Lazard Group’s and Lazard, Inc.’s subsidiaries (other than Lazard Group) and any subsidiaries that Lazard Group or Lazard, Inc. may in the future acquire or establish. The total balance sheet liabilities of Lazard, Inc.’s subsidiaries (other than Lazard Group) as of June 30, 2025, excluding unused commitments made by lenders, totaled approximately $0.1 billion.

Lazard, Inc. has no material assets other than its indirect ownership of all of the common membership interests in Lazard Group and its controlling interest in Lazard Group.

The notes will be fully and unconditionally guaranteed by Lazard, Inc. However, other than its indirect ownership of all of