Investments (Tables)

3 Months Ended

Mar. 31, 2023

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, 2023 and December 31, 2022:

	March 31,		December 31,
	2023		2022
Debt	$	4,116	$	-
Equities		52,088		43,889
Funds:
Alternative investments (a)		70,233		56,947
Debt (a)		205,701		178,556
Equity (a)		358,202		350,282
Private equity		51,528		53,822
		685,664		639,607
Investments, at fair value		741,868		683,496
Equity method investments		-		15,481
Total investments	$	741,868	$	698,977
Securities sold, not yet purchased, at fair value (included in “other liabilities”)	$	4,106	$	4,651

(a)

Interests in alternative investment funds, debt funds and equity funds include investments, including those held by LFI Consolidated Funds (see Note 19), with fair values of $27,038, $176,210 and $294,278, respectively, at March 31, 2023 and $24,137, $142,632 and $266,528, respectively, at December 31, 2022, held in order 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 actual or notional interests in a number of Lazard-managed funds, subject to service-based vesting conditions (see Notes 6 and 12).

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

During the three month periods ended March 31, 2023 and 2022, 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,
	2023		2022
Net unrealized investment gains (losses)	$	24,787	$	(40,867	)