Investments (Tables)

12 Months Ended

Dec. 31, 2019

Company's Investments and Securities Sold, Not Yet Purchased

The Company’s investments and securities sold, not yet purchased, consist of the following at December 31, 2019 and 2018:

	December 31,
	2019		2018
Interest-bearing deposits	$	517	$	510
Debt		100,000		202,874
Equities		48,521		32,261
Funds:
Alternative investments (a)		16,581		17,752
Debt (a)		113,579		90,320
Equity (a)		218,435		175,088
Private equity		34,362		56,343
		382,957		339,503
Total investments		531,995		575,148
Less:
Interest-bearing deposits		517		510
Investments, at fair value	$	531,478	$	574,638
Securities sold, not yet purchased, at fair value (included in “other liabilities”)	$	12,894	$	3,929

(a)

Interests in alternative investment funds, debt funds and equity funds include investments with fair values of $9,881, $78,360 and $170,897, respectively, at December 31, 2019 and $9,741, $60,081 and $132,038, respectively, at December 31, 2018, held in order to satisfy the Company’s liability upon vesting of previously granted 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 8 and 16).

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

During the years ended December 31, 2019, 2018 and 2017, the Company reported in “revenue-other” on its 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:

	Year Ended December 31,
	2019		2018			2017
Net unrealized investment gains (losses)	$	36,610	$	(43,009	)	$	27,192