Company: LAZ
Filing Date: 2025-10-27
Form Type: 10-Q
Source: 0001311370-25-000052
Chunk: 91

Company: Lazard, Inc.
Filing Date: 2025-10-27
Form: 10-Q
Item: Part I, Item 1
Chunk 91
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 of operations for the three month and nine month periods ended September 30, 2025.  The cumulative liability relating to our obligations under the TRA as of September 30, 2025 and December 31, 2024 was $55,680 and $75,899, respectively, and is recorded in “tax receivable agreement obligation” on the condensed consolidated statements of financial condition. OtherSee Note 12 for information regarding related party transactions pertaining to shares repurchased from certain of our executive officers.

19.    REGULATORY AUTHORITIES

LFNY is a U.S. registered broker-dealer and is subject to the net capital requirements of Rule 15c3-1 under the Exchange Act. Under the basic method permitted by this rule, the minimum required net capital, as defined, is a specified fixed percentage (6 2/3%) of total aggregate indebtedness recorded in LFNY’s Financial and Operational Combined Uniform Single (“FOCUS”) report filed with the Financial Industry Regulatory Authority (“FINRA”), or $5, whichever is greater. In addition, the ratio of aggregate indebtedness (as defined) to net capital may not exceed 15:1. At September 30, 2025, LFNY’s regulatory net capital was $103,208, which exceeded the minimum requirement by $96,881. LFNY’s aggregate indebtedness to net capital ratio was 0.92:1 as of September 30, 2025.Certain U.K. subsidiaries of the Company, including LCL, Lazard Fund Managers Limited and Lazard Asset Management Limited (collectively, the “U.K. Subsidiaries”) are regulated by the Financial Conduct Authority. At 

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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)

September 30, 2025, the aggregate regulatory net capital of the U.K. Subsidiaries was $113,537, which exceeded the minimum requirement by $38,431.CFLF, under which asset management and commercial banking activities are carried out in France, is subject to regulation by the Autorité de Contrôle Prudentiel et de Résolution (“ACPR”) for its banking activities conducted through its subsidiary, LFB. LFB, as a registered bank, is engaged primarily in commercial and private banking services for clients and funds managed by LFG (asset management)