SENIOR DEBT

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

SENIOR DEBT

SENIOR DEBT

Senior debt is comprised of the following as of March 31, 2025 and December 31, 2024:

							Outstanding as of
							March 31, 2025						December 31, 2024
	Initial Principal Amount	Maturity Date	Annual Interest Rate		Effective Interest Rate		Principal		Unamortized Debt Costs		Carrying Value		Principal		Unamortized Debt Costs		Carrying Value
Lazard Group    2027 Senior    Notes	300,000	3/1/27	3.625	%	3.81	%	$	300,000	$	1,073	$	298,927	$	300,000	$	1,213	$	298,787
Lazard Group    2028 Senior    Notes	500,000	9/19/28	4.50	%	4.70	%	500,000		3,528		496,472		500,000		3,783		496,217
Lazard Group    2029 Senior    Notes	500,000	3/11/29	4.375	%	4.56	%	500,000		3,645		496,355		500,000		3,875		496,125
Lazard Group    2031 Senior    Notes	400,000	3/15/31	6.00	%	6.16	%	400,000		3,913		396,087		400,000		4,077		395,923
Total							$	1,700,000	$	12,159	$	1,687,841	$	1,700,000	$	12,948	$	1,687,052

Lazard, Inc. has provided an unconditional and irrevocable guarantee for the repayment of the Lazard Group 2027 Notes, 2028 Notes, 2029 Notes and 2031 Notes (collectively, the “Lazard Group Senior Notes”). The guarantee covers both the principal and interest payments on the senior debt and will remain in effect until all the Lazard Group Senior Notes are repaid. As of March 31, 2025, the maximum future payments that Lazard, Inc. could be required to make under this guarantee is the same as the carrying amount on the condensed consolidated statements of financial condition plus accrued interest. In conjunction with the Lazard, Inc. guarantee of the Lazard Group Senior Notes, Lazard, Inc. provided an unconditional and irrevocable guarantee for the obligations of Lazard Group LLC under the Second Amended and Restated Credit Agreement (see below).

The Company’s senior debt is unsecured and is carried at its principal amount outstanding, net of unamortized debt costs. At March 31, 2025 and December 31, 2024, the fair value of such senior debt was approximately $1,697,000 and $1,682,000, respectively. The fair value of the Company’s senior debt is based on market quotations. The Company’s senior debt would be categorized within Level 2 of the hierarchy of fair value measurements if carried at fair value.

Lazard Group LLC has a Second Amended and Restated Credit Agreement with a group of lenders for a five-year, $200,000 senior revolving credit facility expiring in June 2028 (the “Second Amended and Restated Credit Agreement”). Borrowings under the Second Amended and Restated Credit Agreement generally will bear interest at adjusted term SOFR plus an applicable margin for specific interest periods determined based on Lazard Group LLC’s highest credit rating from an internationally recognized credit agency. The Second Amended and Restated Credit Agreement contains certain covenants, events of default and other customary provisions, including customary benchmark-replacement mechanics. In conjunction with the Lazard, Inc. guarantee of the Lazard Group Senior Notes, on December 23, 2024, the Company and Lazard Group LLC entered into the First Amendment to Second Amended and Restated Credit Agreement (the “First Amendment”).

As of March 31, 2025, the Company had approximately $209,200 in unused lines of credit available to it, including the credit facility provided under the Second Amended and Restated Credit Agreement.

The Second Amended and Restated Credit Agreement, the indenture and the supplemental indentures relating to Lazard Group’s senior notes contain certain covenants, events of default and other customary provisions, including a customary make-whole provision in the event of early redemption, where applicable.