Investments (Tables)

3 Months Ended

Mar. 31, 2021

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, 2021 and December 31, 2020:

	March 31,		December 31,
	2021		2020
Debt	$	99,994	$	99,987
Equities		48,184		37,365
Funds:
Alternative investments (a)		39,371		34,264
Debt (a)		140,053		123,554
Equity (a)		415,056		325,795
Private equity		39,693		37,567
		634,173		521,180
Investments, at fair value	$	782,351	$	658,532
Securities sold, not yet purchased, at fair value (included in “other liabilities”)	$	3,221	$	1,176

(a)

Interests in alternative investment funds, debt funds and equity funds include investments with fair values of $15,254, $107,207 and $351,548, respectively, at March 31, 2021 and $11,128, $90,758 and $277,725, respectively, at December 31, 2020, 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 13).

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

During the three month periods ended March 31, 2021 and 2020, 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,
	2021		2020
Net unrealized investment gains (losses)	$	1,054	$	(44,432	)