INVESTMENTS (Tables)

3 Months Ended

Mar. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Schedule of Investments

The Company’s investments consist of the following at March 31, 2025 and December 31, 2024:

	March 31, 2025		December 31, 2024
Debt	$	3,759	$	–
Equity	49,396		58,623
Funds:
Alternative investments (a)	50,340		59,230
Debt (a)	111,751		147,173
Equity (a)	227,384		289,610
Private equity	46,287		43,412
Total funds	435,762		539,425
Investments, at fair value	488,917		598,048
Equity method investments	17,580		16,899
Total investments	$	506,497	$	614,947

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(a)Interests in alternative investment funds, debt funds and equity funds include investments, including those held by LFI Consolidated Funds (see Note 21), with fair values of $20,937, $90,688 and $166,160, respectively, at March 31, 2025 and $23,865, $126,407 and $223,729, respectively, at December 31, 2024, 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 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, 2025 and 2024, 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,
	2025		2024
Net unrealized investment gains (losses)	$	(8,984)	$	11,001