FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following tables present, as of June 30, 2024 and December 31, 2023, 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:

	June 30, 2024
	Level 1		Level 2		Level 3		NAV		Total
Assets:
Cash and cash equivalents (a)	$	69,495	$	–	$	–	$	–	$	69,495
Deposits with banks and short-term    investments (a)	24,488		–		–		–		24,488
Investments:
Debt (a)	98,350		904		–		–		99,254
Equity	53,831		–		611		–		54,442
Funds:
Alternative investments	10,540		–		–		47,139		57,679
Debt	130,409		14,739		–		3		145,151
Equity	282,733		–		–		49		282,782
Private equity	–		–		264		47,935		48,199
Derivatives	–		4,879		–		–		4,879
Total	$	669,846	$	20,522	$	875	$	95,126	$	786,369
Liabilities:
Securities sold, not yet purchased	$	5,235	$	–	$	–	$	–	$	5,235
Contingent consideration liability	–		–		4,389		–		4,389
Derivatives	–		274,033		–		–		274,033
Total	$	5,235	$	274,033	$	4,389	$	–	$	283,657

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(a)Level 1 represents U.S. Treasury securities.

	December 31, 2023
	Level 1		Level 2		Level 3		NAV		Total
Assets:
Investments:
Debt	$	4,285	$	–	$	–	$	–	$	4,285
Equity	54,224		–		493		–		54,717
Funds:
Alternative investments	15,676		–		–		46,004		61,680
Debt	180,907		10,413		–		5		191,325
Equity	343,094		–		–		45		343,139
Private equity	–		–		273		46,545		46,818
Derivatives	–		2,789		–		–		2,789
Total	$	598,186	$	13,202	$	766	$	92,599	$	704,753
Liabilities:
Securities sold, not yet purchased	$	4,809	$	–	$	–	$	–	$	4,809
Contingent consideration liability	–		–		6,583		–		6,583
Derivatives	–		368,673		–		–		368,673
Total	$	4,809	$	368,673	$	6,583	$	–	$	380,065

Schedule 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 six month periods ended June 30, 2024 and 2023:

	Three Months Ended June 30, 2024
	Beginning Balance		Net Unrealized/ Realized Gains/Losses Included In Earnings (a)		Purchases/ Issuances		Sales/ Settlements		Foreign Currency Translation Adjustments		Ending Balance
Assets:
Investments:
Equity	$	475	$	37	$	109	$	–	$	(10)	$	611
Private equity funds	267		–		–		–		(3)		264
Total Level 3 assets	$	742	$	37	$	109	$	–	$	(13)	$	875
Liabilities:
Contingent consideration    liability	$	4,336	$	53	$	–	$	–	$	–	$	4,389
Total Level 3 liabilities	$	4,336	$	53	$	–	$	–	$	–	$	4,389

	Six Months Ended June 30, 2024
	Beginning Balance		Net Unrealized/ Realized Gains/Losses Included In Earnings (a)		Purchases/ Issuances		Sales/ Settlements		Foreign Currency Translation Adjustments		Ending Balance
Assets:
Investments:
Equity	$	493	$	37	$	109	$	–	$	(28)	$	611
Private equity funds	273		–		–		–		(9)		264
Total Level 3 assets	$	766	$	37	$	109	$	–	$	(37)	$	875
Liabilities:
Contingent consideration    liability (b)	$	6,583	$	106	$	–	$	(2,300)	$	–	$	4,389
Total Level 3 liabilities	$	6,583	$	106	$	–	$	(2,300)	$	–	$	4,389

	Three Months Ended June 30, 2023
	Beginning Balance		Net Unrealized/ Realized Gains/Losses Included In Earnings (a)		Purchases/ Issuances		Sales/ Settlements/ Transfers (c)		Foreign Currency Translation Adjustments		Ending Balance
Assets:
Investments:
Equity	$	634	$	13	$	–	$	–	$	(5)	$	642
Private equity funds	19,139		–		–		(18,508)		(363)		268
Total Level 3 assets	$	19,773	$	13	$	–	$	(18,508)	$	(368)	$	910
Liabilities:
Contingent consideration    liability	$	6,342	$	80	$	–	$	–	$	–	$	6,422
Total Level 3 liabilities	$	6,342	$	80	$	–	$	–	$	–	$	6,422

	Six Months Ended June 30, 2023
	Beginning Balance		Net Unrealized/ Realized Gains/Losses Included In Earnings (a)		Purchases/Acquisitions/ Issuances		Sales/ Settlements/ Transfers (c)		Foreign Currency Translation Adjustments		Ending Balance
Assets:
Investments:
Equities	$	646	$	14	$	–	$	–	$	(18)	$	642
Private equity funds	18,772		–		–		(18,508)		4		268
Total Level 3 assets	$	19,418	$	14	$	–	$	(18,508)	$	(14)	$	910
Liabilities:
Contingent consideration    liability (b)	$	–	$	113	$	7,754	$	(1,445)	$	–	$	6,422
Total Level 3 liabilities	$	–	$	113	$	7,754	$	(1,445)	$	–	$	6,422

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(a)Earnings recorded in “other revenue” for investments in Level 3 assets for the three month and six month periods ended June 30, 2024 and 2023 include net unrealized gains of $37, $37, $13 and $14, respectively. Unrealized losses of $53, $106, $80 and $113 were recorded in “amortization and other acquisition-related costs” for the contingent consideration liability for the three month and six month periods ended June 30, 2024 and 2023, respectively.

(b)For the six month period ended June 30, 2023, acquisitions represent the initial recognition of the contingent consideration liability (noncash transaction). Settlements for the six month periods ended June 30, 2024 and 2023 represent aggregate cash and noncash settlement of contingent consideration after the acquisition date.

(c)Transfers out of Level 3 private equity funds in the three month and six month periods ended June 30, 2023 reflect investments valued at NAV as of June 30, 2023 that were previously valued based on the acquisition price.

Schedule of Fair Value of Certain Investments Based on NAV

The following tables present, at June 30, 2024 and December 31, 2023, certain investments that are valued using NAV or its equivalent as a practical expedient in determining fair value:

	June 30, 2024
									Investments Redeemable
	NAV		Unfunded Commitments			% of NAV Not Redeemable			Redemption Frequency	Redemption Notice Period
Alternative investment funds:
Hedge funds	$	46,468	$	–		NA			(a)	30-60 days
Other	671		–			NA			(b)	<30-30 days
Debt funds	3		–			NA			(c)	<30 days
Equity funds	49		–			NA			(d)	<30-60 days
Private equity funds:
Equity growth	47,935		5,487		(e)	100	%	(f)	NA	NA
Total	$	95,126	$	5,487

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(a)monthly (74%) and quarterly (26%)

(b)daily (4%) and monthly (96%)

(c)daily (100%)

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

(e)Unfunded commitments to private equity investments consolidated but not owned by Lazard of $9,352 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, 2023
									Investments Redeemable
	NAV		Unfunded Commitments			% of NAV Not Redeemable			Redemption Frequency	Redemption Notice Period
Alternative investment funds:
Hedge funds	$	45,324	$	–		NA			(a)	30-60 days
Other	680		–			NA			(b)	<30-30 days
Debt funds	5		–			NA			(c)	<30 days
Equity funds	45		–			NA			(d)	<30-60 days
Private equity funds:
Equity growth	46,545		5,505		(e)	100	%	(f)	NA	NA
Total	$	92,599	$	5,505

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(a)monthly (74%) and quarterly (26%)

(b)daily (4%) and monthly (96%)

(c)daily (100%)

(d)monthly (34%) and annually (66%)

(e)Unfunded commitments to private equity investments consolidated but not owned by Lazard of $9,605 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.