INVESTMENTS (Tables)

9 Months Ended

Sep. 30, 2025

Investments, Debt and Equity Securities [Abstract]

Schedule of Investments

The Company’s investments consist of the following at September 30, 2025 and December 31, 2024:

	September 30, 2025		December 31, 2024
Debt	$	1,704	$	–
Equity	58,530		58,623
Funds:
Alternative investments (a)	50,001		59,230
Debt (a)	116,531		147,173
Equity (a)	330,496		289,610
Private equity	47,818		43,412
Total funds	544,846		539,425
Investments, at fair value	605,080		598,048
Equity method investments	18,631		16,899
Total investments	$	623,711	$	614,947

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(a)Interests in alternative investment funds, debt funds and equity funds include investments (fair values shown below), including those held by LFI Consolidated Funds (see Note 21), held to satisfy the Company’s obligation upon vesting of previously granted Lazard Fund Interests (“LFI”) and other similar deferred compensation arrangements. LFI represent grants by the Company to eligible employees of interests in a number of Lazard-managed funds, subject to service-based vesting conditions (see Notes 7 and 13).

	September 30, 2025		December 31, 2024
Investments related to LFI and other similar    deferred compensation arrangements:
Alternative investments	$	21,407	$	23,865
Debt	97,822		126,407
Equity	162,668		223,729
Total	$	281,897	$	374,001

Schedule of Equity Securities and Trading Debt Securities Net Unrealized Investment Gains and Losses

During the three month and nine month periods ended September 30, 2025 and 2024, the Company reported in “revenue-other” on its condensed consolidated statements of operations net unrealized investment gains and losses pertaining to equity securities and trading debt securities still held as of the reporting date as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Net unrealized investment gains	$	12,663	$	23,050	$	51,904	$	23,803