Investments (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2019 and December 31, 2018:

	September 30,		December 31,
	2019		2018
Interest-bearing deposits	$	495	$	510
Debt		99,535		202,874
Equities		38,114		32,261
Funds:
Alternative investments (a)		27,124		17,752
Debt (a)		112,258		90,320
Equity (a)		215,821		175,088
Private equity		42,501		56,343
		397,704		339,503
Total investments		535,848		575,148
Less:
Interest-bearing deposits		495		510
Investments, at fair value	$	535,353	$	574,638
Securities sold, not yet purchased, at fair value (included in “other liabilities”)	$	1,555	$	3,929

(a)

Interests in alternative investment funds, debt funds and equity funds include investments with fair values of $9,330, $72,790 and $168,553, respectively, at September 30, 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 and nine month periods ended September 30, 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					Nine Months Ended
	September 30,					September 30,
	2019			2018		2019		2018
Net unrealized investment gains (losses)	$	(590	)	$	1,972	$	26,562	$	(13,183	)