Investments (Tables)

3 Months Ended

Mar. 31, 2019

Company's Investments and Securities Sold, Not Yet Purchased

The Company’s investments and securities sold, not yet purchased, consist of the following at March 31, 2019 and December 31, 2018:

	March 31,		December 31,
	2019		2018
Interest-bearing deposits	$	516	$	510
Debt		248,632		202,874
Equities		36,670		32,261
Funds:
Alternative investments (a)		38,944		17,752
Debt (a)		74,206		90,320
Equity (a)		161,262		175,088
Private equity		55,551		56,343
		329,963		339,503
Total investments		615,781		575,148
Less:
Interest-bearing deposits		516		510
Investments, at fair value	$	615,265	$	574,638
Securities sold, not yet purchased, at fair value (included in “other liabilities”)	$	1,844	$	3,929

(a)

Interests in alternative investment funds, debt funds and equity funds include investments with fair values of $6,592, $43,264 and $112,030, respectively, at March 31, 2019 and $9,741, $60,081 and $132,038, respectively, at December 31, 2018, held in order to satisfy the Company’s liability 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 actual or notional interests in a number of Lazard-managed funds, subject to service-based vesting conditions (see Notes 7 and 14).

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

During the three month periods ended March 31, 2019 and 2018, 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
	March 31,
	2019		2018
Net unrealized investment gains (losses)	$	19,923	$	(9,291	)