Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Schedule of Classification of Investments and Certain Other Assets and Liabilities Measured at Fair Value on Recurring Basis and Investments Measured at NAV

The following tables present, as of September 30, 2022 and December 31, 2021, the classification of (i) investments and certain other assets and liabilities measured at fair value on a recurring basis within the fair value hierarchy and (ii) investments measured at NAV or its equivalent as a practical expedient:

	September 30, 2022
	Level 1		Level 2		Level 3		NAV		Total
Assets:
Investments:
Equities	$	39,218	$	-	$	529	$	-	$	39,747
Funds:
Alternative investments		25,937		-		-		28,264		54,201
Debt		167,759		-		-		4		167,763
Equity		319,669		-		-		38		319,707
Private equity		-		-		240		41,564		41,804
Derivatives		-		18,502		-		-		18,502
Total	$	552,583	$	18,502	$	769	$	69,870	$	641,724
Liabilities:
Securities sold, not yet purchased	$	4,301	$	-	$	-	$	-	$	4,301
Derivatives		575		310,570		-		-		311,145
Total	$	4,876	$	310,570	$	-	$	-	$	315,446

	December 31, 2021
	Level 1		Level 2		Level 3		NAV		Total
Assets:
Investments:
Debt	$	299,990	$	-	$	-	$	-	$	299,990
Equities		53,462		-		578		-		54,040
Funds:
Alternative investments		24,972		-		-		24,785		49,757
Debt		164,947		-		-		5		164,952
Equity		375,712		-		-		49		375,761
Private equity		-		-		293		46,296		46,589
Derivatives		-		922		-		-		922
Total	$	919,083	$	922	$	871	$	71,135	$	992,011
Liabilities:
Securities sold, not yet purchased	$	6,828	$	-	$	-	$	-	$	6,828
Derivatives		10,005		362,240		-		-		372,245
Total	$	16,833	$	362,240	$	-	$	-	$	379,073

Summary of Changes in Fair Value of Company's Level 3 Assets and Liabilities

The following tables provide a summary of changes in fair value of the Company’s Level 3 assets and liabilities for the three month and nine month periods ended September 30, 2022 and 2021:

	Three Months Ended September 30, 2022
	Beginning Balance		Net Unrealized/ Realized Gains/Losses Included In Earnings (a)		Purchases/ Acquisitions/ Issuances		Sales/ Dispositions/ Settlements		Foreign Currency Translation Adjustments			Ending Balance
Assets:
Investments:
Equities	$	542	$	28	$	-	$	-	$	(41	)	$	529
Private equity funds		256		-		-		-		(16	)		240
Total Level 3 assets	$	798	$	28	$	-	$	-	$	(57	)	$	769

	Nine Months Ended September 30, 2022
	Beginning Balance		Net Unrealized/ Realized Gains/Losses Included In Earnings (a)		Purchases/ Acquisitions/ Issuances		Sales/ Dispositions/ Settlements			Foreign Currency Translation Adjustments			Ending Balance
Assets:
Investments:
Equities	$	578	$	35	$	-	$	-		$	(84	)	$	529
Private equity funds		293		-		-		(13	)		(40	)		240
Total Level 3 assets	$	871	$	35	$	-	$	(13	)	$	(124	)	$	769

	Three Months Ended September 30, 2021
	Beginning Balance		Net Unrealized/ Realized Gains/Losses Included In Earnings (a)			Purchases/ Acquisitions/ Issuances		Sales/ Dispositions/ Settlements			Foreign Currency Translation Adjustments			Ending Balance
Assets:
Investments:
Equities	$	1,646	$	(836	)	$	-	$	-		$	(28	)	$	782
Private equity funds		2,628		4,593			-		(16	)		(7	)		7,198
Total Level 3 assets	$	4,274	$	3,757		$	-	$	(16	)	$	(35	)	$	7,980

	Nine Months Ended September 30, 2021
	Beginning Balance		Net Unrealized/ Realized Gains/Losses Included In Earnings (a)			Purchases/ Acquisitions		Sales/ Dispositions/ Settlements/ Transfers (b)			Foreign Currency Translation Adjustments			Ending Balance
Assets:
Investments:
Equities	$	1,671	$	(835	)	$	-	$	-		$	(54	)	$	782
Private equity funds		1,486		5,745			-		(16	)		(17	)		7,198
Total Level 3 assets	$	3,157	$	4,910		$	-	$	(16	)	$	(71	)	$	7,980
Liabilities:
Derivatives	$	-	$	-		$	11,500	$	(11,500	)	$	-		$	-
Total Level 3 liabilities	$	-	$	-		$	11,500	$	(11,500	)	$	-		$	-

(a) Earnings recorded in “other revenue” for investments in Level 3 assets for the three month and nine month periods ended September 30, 2022 and 2021 include net unrealized gains of $28, $35, $3,757 and $4,910, respectively.

(b) Transfers out of Level 3 derivatives during the nine month period ended September 30, 2021 reflected transfers of derivative liabilities for LGAC Warrants to Level 1 principally due to a change in the inputs used to value these derivatives.

Fair Value of Certain Investments Based on NAV

The following tables present, at September 30, 2022 and December 31, 2021, certain investments that are valued using NAV or its equivalent as a practical expedient in determining fair value:

	September 30, 2022
								Investments Redeemable
	Fair Value		Unfunded Commitments			% of Fair Value Not Redeemable		Redemption Frequency	Redemption Notice Period
Alternative investment funds:
Hedge funds	$	27,668	$	-		NA		(a)	30-60 days
Other		596		-		NA		(b)	<30-30 days
Debt funds		4		-		NA		(c)	<30 days
Equity funds		38		-		NA		(d)	<30-60 days
Private equity funds:
Equity growth		41,564		5,520	(e)	100%	(f)	NA	NA
Total	$	69,870	$	5,520

(a) monthly (67%) and quarterly (33%)

(b) daily (6%) and monthly (94%)

(c) daily (100%)

(d) monthly (32%) and annually (68%)

(e) Unfunded commitments to private equity investments consolidated but not owned by Lazard of $8,032 are excluded. Such commitments are required to be funded by capital contributions from noncontrolling interest holders.

(f) Distributions from each fund will be received as the underlying investments of the funds are liquidated.

	December 31, 2021
										Investments Redeemable
	Fair Value		Unfunded Commitments			% of Fair Value Not Redeemable				Redemption Frequency	Redemption Notice Period
Alternative investment funds:
Hedge funds	$	24,162	$	-		NA				(a)	30-60 days
Other		623		-		NA				(b)	<30-30 days
Debt funds		5		-		NA				(c)	<30 days
Equity funds		49		-		NA				(d)	<30-60 days
Private equity funds:
Equity growth		46,296		5,597	(e)		100	%	(f)	NA	NA
Total	$	71,135	$	5,597

(a) monthly (79%) and quarterly (21%)   

(b) daily (8%) and monthly (92%)

(c) daily (100%)

(d) monthly (36%) and annually (64%)

(e) Unfunded commitments to private equity investments consolidated but not owned by Lazard of $9,128 are excluded. Such commitments are required to be funded by capital contributions from noncontrolling interest holders.

(f) Distributions from each fund will be received as the underlying investments of the funds are liquidated.