Lazard Inc (LAZ)

Marvell Technology and Flex Set to Join S&P 500; Others to Join S&P MidCap 400 and S&P SmallCap 600June 5, 2026 7:25 PM
PR Newswire (US) NEW YORK, June 5, 2026 /PRNewswire/ -- S&P Dow Jones Indices will make the following changes to the S&P 500, S&P MidCap 400, and S&P SmallCap 600 indices effective prior to the open of trading on Monday, June 22, 2026, to coincide with the quarterly rebalance. The changes ensure that each index is more representative of its market capitalization range. The companies being removed from S&P MidCap 400 and S&P SmallCap 600 are no longer representative of the mid-cap and small-cap market space, respectively. Following is a summary of the changes that will take place prior to the open of trading on the effective date:Effective DateIndex Name       ActionCompany NameTickerGICS SectorJune 22, 2026S&P 500AdditionMarvell TechnologyMRVLInformation TechnologyJune 22, 2026S&P 500DeletionPool CorpPOOLConsumer DiscretionaryJune 22, 2026S&P 500AdditionFlexFLEXInformation TechnologyJune 22, 2026S&P 500DeletionThe Campbell's CompanyCPBConsumer StaplesJune 22, 2026S&P MidCap 400AdditionRokuROKUCommunication ServicesJune 22, 2026S&P MidCap 400DeletionFlex FLEXInformation TechnologyJune 22, 2026S&P MidCap 400AdditionCoeur MiningCDEMaterialsJune 22, 2026S&P MidCap 400DeletionBellRing Brands BRBRConsumer StaplesJune 22, 2026S&P MidCap 400AdditionSemtechSMTCInformation TechnologyJune 22, 2026S&P MidCap 400DeletionCotyCOTYConsumer StaplesJune 22, 2026S&P MidCap 400AdditionSanminaSANMInformation TechnologyJune 22, 2026S&P MidCap 400DeletionConcentrix CNXCIndustrialsJune 22, 2026S&P MidCap 400AdditionViavi Solutions VIAVInformation TechnologyJune 22, 2026S&P MidCap 400DeletionBlackbaud BLKBInformation TechnologyJune 22, 2026S&P SmallCap 600AdditionPoolPOOLConsumer DiscretionaryJune 22, 2026S&P SmallCap 600DeletionEmbecta EMBCHealth CareJune 22, 2026S&P SmallCap 600AdditionThe Campbell's CompanyCPBConsumer StaplesJune 22, 2026S&P SmallCap 600DeletionUniversal Health Realty Trust UHTReal EstateJune 22, 2026S&P SmallCap 600AdditionCotyCOTYConsumer StaplesJune 22, 2026S&P SmallCap 600DeletionSemtechSMTCInformation TechnologyJune 22, 2026S&P SmallCap 600AdditionConcentrix CNXCIndustrialsJune 22, 2026S&P SmallCap 600DeletionSanmina SANMInformation TechnologyJune 22, 2026S&P SmallCap 600AdditionBlackbaudBLKBInformation TechnologyJune 22, 2026S&P SmallCap 600DeletionViavi SolutionsVIAVInformation TechnologyJune 22, 2026S&P SmallCap 600AdditionCredit Acceptance CACCFinancialsJune 22, 2026S&P SmallCap 600DeletionOxford IndustriesOXMConsumer DiscretionaryJune 22, 2026S&P SmallCap 600AdditionLazardLAZFinancialsJune 22, 2026S&P SmallCap 600DeletionGogoGOGOCommunication ServicesJune 22, 2026S&P SmallCap 600AdditionEastern BanksharesEBCFinancialsJune 22, 2026S&P SmallCap 600DeletionPRA GroupPRAAFinancialsJune 22, 2026S&P SmallCap 600AdditionWesbancoWSBCFinancialsJune 22, 2026S&P SmallCap 600DeletionInsteel IndustriesIIINIndustrialsJune 22, 2026S&P SmallCap 600AdditionWarby ParkerWRBYConsumer DiscretionaryJune 22, 2026S&P SmallCap 600DeletionEthan Allen InteriorsETDConsumer DiscretionaryJune 22, 2026S&P SmallCap 600AdditionNicolet BanksharesNICFinancialsJune 22, 2026S&P SmallCap 600DeletionCytek BiosciencesCTKBHealth CareJune 22, 2026S&P SmallCap 600AdditionLiquidia LQDAHealth CareJune 22, 2026S&P SmallCap 600DeletionMonroMNROConsumer DiscretionaryJune 22, 2026S&P SmallCap 600AdditionRush Street InteractiveRSIConsumer DiscretionaryJune 22, 2026S&P SmallCap 600DeletionVital FarmsVITLConsumer StaplesJune 22, 2026S&P SmallCap 600AdditionUnited States Lime & MineralsUSLMMaterialsJune 22, 2026S&P SmallCap 600DeletionCable OneCABOCommunication ServicesJune 22, 2026S&P SmallCap 600AdditionInvenTrust PropertiesIVTReal EstateJune 22, 2026S&P SmallCap 600DeletionForward AirFWRDIndustrialsABOUT S&P DOW JONES INDICESS&P Dow Jones Indices is the largest global resource for essential index-based concepts, data and research, and home to iconic financial market indicators, such as the S&P 500® and the Dow Jones Industrial Average®. More assets are invested in products based on our indices than products based on indices from any other provider in the world. Since Charles Dow invented the first index in 1884, S&P DJI has been innovating and developing indices across the spectrum of asset classes helping to define the way investors measure and trade the markets.S&P Dow Jones Indices is a division of S&P Global (NYSE: SPGI), which provides essential intelligence for individuals, companies, and governments to make decisions with confidence. For more information, visit www.spglobal.com/spdji/en/.FOR MORE INFORMATION:S&P Dow Jones Indices
index_services@spglobal.comMedia Inquiries
spdji.comms@spglobal.com View original content:https://www.prnewswire.com/news-releases/marvell-technology-and-flex-set-to-join-sp-500-others-to-join-sp-midcap-400-and-sp-smallcap-600-302793159.htmlSOURCE S&P Dow Jones Indices Original: Marvell Technology and Flex Set to Join S&P 500; Others to Join S&P MidCap 400 and S&P SmallCap 600

Lazard Global Total Return and Income Fund Declares Monthly Distribution and Issues Estimated Sources of the Distribution Announced in AprilMay 22, 2026 4:15 PM
PR Newswire (US) NEW YORK, May 22, 2026 /PRNewswire/ -- Lazard Global Total Return and Income Fund, Inc. (the "Fund") (NYSE:LGI) is confirming today, pursuant to its Managed Distribution Policy, as previously authorized by its Board of Directors, a monthly distribution of $0.15340 per share on the Fund's outstanding common stock. The distribution is payable on June 23, 2026, to shareholders of record on June 10, 2026. The ex-dividend date is June 10, 2026. The Fund will pay a previously declared distribution today, May 22, 2026. The following table sets forth the estimated amounts of the current distribution and the cumulative distributions paid, including today's distribution, from the following sources: net investment income, net realized capital gains (short-term and long-term), and return of capital. All amounts are expressed per share of common stock and are based on accounting principles generally accepted in the US, which may differ from federal income tax regulations.
Current Distribution% of the Current DistributionTotal Cumulative Distributions for the Fiscal Year to Date% of the Total Cumulative Distributions for the Fiscal Year to DateNet Income$0.0583538 %$0.0861411 %Net Realized Short-Term Capital Gains$0.004733 %$0.013042 %Net Realized Long-Term Capital Gains$0.0581238 %$0.1658722 %Return of Capital$0.0322021 %$0.5019565 %Total$0.15340100 %$0.76700100 %

Average annual total return (in relation to NAV) for the 5-year period ending on April 30, 20265.76 %Annualized current distribution rate expressed as a percentage of NAV as of April 30, 202610.30 %Cumulative total return (in relation to NAV) for the fiscal year through April 30, 20260.64 %Cumulative fiscal year distributions as a percentage of NAV as of April 30, 20263.43 %You should not draw any conclusions about the Fund's investment performance from the amount of this distribution or from the terms of the Fund's Managed Distribution Policy.The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of your distribution may be return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with "yield" or "income".The amounts and sources of distributions reported above are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund provides financial intermediary firms the information necessary to produce the Form 1099-DIV, and then the relevant financial intermediary firm will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes. If you have any questions, or need additional information, please call us at 1-800-823-6300.Portfolio data as of April 30, 2026, including performance, asset allocation, top 10 holdings, sector weightings, regional exposure, and other Fund characteristics have been posted on Lazard Asset Management's ("LAM") website, www.LazardAssetManagement.com.The Fund's investment objective is total return, consisting of capital appreciation and current income. The Fund's net assets are invested in a portfolio of approximately 60 to 80 US and non-US equity securities, including American Depository Receipts, generally of companies with market capitalizations greater than $2 billion, and may include investments in emerging markets. The Fund also invests in emerging market currencies (primarily by entry into forward currency contracts), or instruments whose value is derived from the performance of an underlying emerging market currency, and also may invest in debt obligations, including government, government agency and corporate obligations and structured notes denominated in emerging market currencies.An indirect subsidiary of Lazard, Inc. (NYSE: LAZ), LAM, the Fund's investment manager, offers a range of equity, fixed-income, and alternative investment products worldwide. As of April 30, 2026, LAM and affiliated asset management companies in the Lazard Group managed $275.4 billion worth of client assets. For more information about LAM, please go to www.LazardAssetManagement.com.Media contact: Investor contact: Felicia Finney, +1 212 632 6710 Ben Wulfsohn, +1 800 823 6300felicia.finney@lazard.com ben.wulfsohn@lazard.com View original content to download multimedia:https://www.prnewswire.com/news-releases/lazard-global-total-return-and-income-fund-declares-monthly-distribution-and-issues-estimated-sources-of-the-distribution-announced-in-april-302780450.htmlSOURCE Lazard Global Total Return and Income Fund, Inc. Original: Lazard Global Total Return and Income Fund Declares Monthly Distribution and Issues Estimated Sources of the Distribution Announced in April

Lazard CEO and Chairman Peter R. Orszag to Speak at the 2026 Morgan Stanley U.S. Financials ConferenceMay 22, 2026 8:00 AM
PR Newswire (US) NEW YORK, May 22, 2026 /PRNewswire/ -- Lazard, Inc. (NYSE: LAZ) today announced Peter R. Orszag, CEO and Chairman, is scheduled to participate in a fireside discussion at the Morgan Stanley U.S. Financials Conference on Wednesday, June 10, at 9:45 a.m. E.T. A live audio webcast will be available via the Lazard Investor Relations website at www.lazard.com. A replay will be available on the same website, shortly after the conference.About Lazard Founded in 1848, Lazard is the preeminent financial advisory and asset management firm, with operations in North and South America, Europe, the Middle East, Asia, and Australia. Lazard provides advice on mergers and acquisitions, capital markets and capital solutions, restructuring and liability management, geopolitics, and other strategic matters, as well as asset management and investment solutions to institutions, corporations, governments, partnerships, family offices, and high net worth individuals. Lazard is listed on the New York Stock Exchange as Lazard, Inc. under the ticker LAZ. For more information, please visit Lazard.com and follow Lazard on LinkedIn.Media RelationsInvestor Relations
Shannon Houston, +1 212-632-6880 William Murdock, +1 212-632-1564shannon.houston@lazard.com William.Murdock@lazard.com
Jessica Francisco, +1 212-632-6571
jessica.francisco@lazard.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/lazard-ceo-and-chairman-peter-r-orszag-to-speak-at-the-2026-morgan-stanley-us-financials-conference-302779213.htmlSOURCE Lazard Original: Lazard CEO and Chairman Peter R. Orszag to Speak at the 2026 Morgan Stanley U.S. Financials Conference

Lazard Reports April 2026 Assets Under ManagementMay 12, 2026 6:45 AM
PR Newswire (US) NEW YORK, May 12, 2026 /PRNewswire/ -- Lazard, Inc. (NYSE: LAZ) reported today that its preliminary assets under management ("AUM") as of April 30, 2026 totaled approximately $275.4 billion. The month's AUM included market appreciation of $13.2 billion, FX appreciation of $2.9 billion and net inflows of $0.1 billion. LAZARD, INC.ASSETS UNDER MANAGEMENT ("AUM")(unaudited)($ in millions)


As of:

 April 30,  March 31,

 20261 2026Equity
$206,196$193,049Fixed Income
35,58734,423Multi Asset
24,24523,113Alternatives
9,3428,602Total AUM
$275,370$259,187          (1) Preliminary – subject to adjustment About LazardFounded in 1848, Lazard is the preeminent financial advisory and asset management firm, with operations in North and South America, Europe, the Middle East, Asia, and Australia. Lazard provides advice on mergers and acquisitions, capital markets and capital solutions, restructuring and liability management, geopolitics, and other strategic matters, as well as asset management and investment solutions to institutions, corporations, governments, partnerships, family offices, and high net worth individuals. Lazard is listed on the New York Stock Exchange as Lazard, Inc. under the ticker LAZ. For more information, please visit Lazard.com and follow Lazard on LinkedIn.Cautionary Note Regarding Forward-Looking Statements:
This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, forward-looking statements can be identified by the use of forward-looking terminology such as "may," "might," "will," "should," "could," "would," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential," "target," "goal," "pipeline," or "continue," and the negative of these terms and other comparable terminology. These forward-looking statements, which are subject to known and unknown risks, uncertainties and assumptions about us, may include projections of our future financial performance based on our growth strategies, business plans and initiatives and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements.These factors include, but are not limited to, those discussed in our Annual Report on Form 10-K under Item 1A "Risk Factors," and also discussed from time to time in our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, including the following:Adverse general economic conditions or adverse conditions in global or regional financial markets;Changes in international trade policies and practices including the implementation of tariffs, proposed further tariffs, and responses from other jurisdictions, and the economic impacts, volatility and uncertainty resulting therefrom;A decline in our revenues, for example due to a decline in overall mergers and acquisitions (M&A) activity, our share of the M&A market or our assets under management (AUM);Losses caused by financial or other problems experienced by third parties;Losses due to unidentified or unanticipated risks;A lack of liquidity, i.e., ready access to funds, for use in our businesses; Competitive pressure on our businesses and on our ability to retain and attract employees at current compensation levels and;Changes in relevant tax laws, regulations or treaties or an adverse interpretation of those items.These risks and uncertainties are not exhaustive. Our SEC reports describe additional factors that could adversely affect our business and financial performance. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for our management to predict all risks and uncertainties, nor can management assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.As a result, there can be no assurance that the forward-looking statements included in this release will prove to be accurate or correct. Although we believe the statements reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance, achievements or events. Moreover, neither we nor any other person assumes responsibility for the accuracy or completeness of any of these forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. We are under no duty to update any of these forward-looking statements after the date of this release to conform our prior statements to actual results or revised expectations and we do not intend to do so.Lazard, Inc. is committed to providing timely and accurate information to the investing public, consistent with our legal and regulatory obligations. To that end, Lazard and its operating companies use their websites, and other social media sites to convey information about their businesses, including the anticipated release of quarterly financial results, quarterly financial, statistical and business-related information, and the posting of updates of assets under management in various mutual funds, hedge funds and other investment products managed by Lazard Asset Management LLC and Lazard Frères Gestion SAS. Investors can link to Lazard and its operating company websites through www.lazard.com.Investor Contact:
Alexandra Deignan +1 212 632 6886
alexandra.deignan@lazard.comMedia Contacts:
Zoe Butt +44 20 7448 2802
zoe.butt@lazard.comAziz Nayani +1 212 632 6042
aziz.nayani@lazard.com View original content to download multimedia:https://www.prnewswire.com/news-releases/lazard-reports-april-2026-assets-under-management-302769067.htmlSOURCE Lazard Original: Lazard Reports April 2026 Assets Under Management

Lazard Hires Michael Ure To Power Energy & Infrastructure Group as Senior AdvisorMay 4, 2026 7:45 AM
PR Newswire (US)

NEW YORK, May 4, 2026 /PRNewswire/ -- Lazard, Inc. (NYSE: LAZ) announced today that Michael Ure has joined the firm as a Senior Advisor in the Power, Energy & Infrastructure Group, based in Houston.







Michael brings more than 20 years of experience in executive and investment roles. He most recently served as the President, Chief Executive Officer and Director of Western Midstream Partners as well as interim Chief Financial Officer. During his time at Western Midstream, the firm transitioned into a standalone midstream business operating independently. Prior to his tenure at Western Midstream Partners, he held leadership positions at Occidental Petroleum and Shell Upstream Americas."We are thrilled to welcome Michael to Lazard," said George Bilicic, Global Head of Power, Energy & Infrastructure at Lazard. "Michael brings the rare perspective of a senior operator who has led a major midstream business through significant strategic and organizational change. As CEO of Western Midstream, he oversaw the company's transition to a standalone enterprise while navigating complex capital allocation and transaction decisions. That firsthand leadership experience, combined with his deep background in M&A, gives him a practical understanding of the challenges our clients face and will further strengthen the strategic advice we provide across the global energy landscape.""Michael's appointment as Senior Advisor reflects the deliberate, long-term investment we are making in Lazard's financial advisory talent and capabilities as we build toward our future," said Peter Orszag, CEO and Chairman of Lazard. "Our 2030 strategy is grounded in what we call contextual alpha — the combination of deep expertise, real-world leadership experience, and the global perspective our people bring to every client situation. Leaders like Michael bring a unique understanding of how critical decisions are made, and that perspective strengthens the differentiated advice Lazard delivers to clients.""Lazard's deep expertise and thought leadership in the power and energy sector make it the ideal platform to provide strategic counsel as the industry undergoes historic transformation," said Michael Ure. "I'm excited to join this world-class team and work with clients to navigate this dynamic landscape and achieve long-term success."Michael earned his MBA from the University of Chicago, and his B.S. from Westminster University. He also currently serves on the Board of Phoenix Service Partners, L.P. and previously served on the boards of Western Midstream Partners and The American Petroleum Institute (API).About Lazard Founded in 1848, Lazard is the preeminent financial advisory and asset management firm, with operations in North and South America, Europe, the Middle East, Asia, and Australia. Lazard provides advice on mergers and acquisitions, capital markets and capital solutions, restructuring and liability management, geopolitics, and other strategic matters, as well as asset management and investment solutions to institutions, corporations, governments, partnerships, family offices, and high net worth individuals. Lazard is listed on the New York Stock Exchange as Lazard, Inc. under the ticker LAZ. For more information, please visit Lazard.com and follow Lazard on LinkedIn.Media RelationsInvestor RelationsJessica Francisco, +1 212-632-6571Alexandra Deignan, +1 212-632-6886jessica.francisco@lazard.comalexandra.deignan@lazard.comShannon Houston, +1 212-632-6880
shannon.houston@lazard.com











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Original: Lazard Hires Michael Ure To Power Energy & Infrastructure Group as Senior Advisor

Lazard Reports First Quarter 2026 ResultsMay 1, 2026 6:30 AM
PR Newswire (US)

Campbell Lutyens acquisition will establish the leading global primary and secondary advisory business, with approximately $500 million in anticipated combined 2027 revenueFinancial Advisory exceeded Lazard 2030 growth goal for 2025 with 28 net Managing Director additionsAsset Management adjusted net revenue increased 17% year-over-year with positive flows of $9 billionNEW YORK, May 1, 2026 /PRNewswire/ -- Lazard, Inc. (NYSE: LAZ) today reported net revenue of $757 million and adjusted net revenue1 of $673 million for the quarter ended March 31, 2026.







On a U.S. GAAP basis, Lazard reported first-quarter 2026 net income of $101 million or $0.91 per share, diluted. On an adjusted basis1, Lazard reported first-quarter 2026 net income of $47 million or $0.42 per share, diluted."The acquisition of Campbell Lutyens is a meaningful step in Lazard's long-term strategy to build a more productive, resilient, and growth-oriented firm," said Peter R. Orszag, CEO and Chairman of Lazard. "Asset Management delivered strong results, reflecting early progress in positioning the business to meet client demand. While M&A revenue was affected by the timing of transactions, our outlook is optimistic, and the 28 new Managing Directors added to our Financial Advisory platform over the past year position us well for the future. Across the firm, engagement is strong as clients seek the independent, differentiated advice and investment solutions grounded in contextual alpha that Lazard uniquely provides."(Selected results, $ in millions,Three Months Endedexcept per share data and AUM)March 31,U.S. GAAP Financial Measures2026
2025
% ChangeNet Revenue$757
$648
17 %Financial Advisory$360
$367
(2 %)Asset Management$410
$288
42 %





Net Income$101
$60
67 %Per share, diluted$0.91
$0.56
63 %





Adjusted Financial Measures1




Net Revenue$673
$643
5 %Financial Advisory$356
$370
(4 %)Asset Management$309
$264
17 %





Net Income$47
$60
(23 %)Per share, diluted$0.42
$0.56
(25 %)





Assets Under Management (AUM)($ in billions)




Ending AUM$259
$227
14 %Average AUM$266
$231
15 %

Note:On April 30, 2026, Lazard announced that it had entered into a definitive agreement to acquire Campbell Lutyens ("the Transaction").
You can read the full press release and investor presentation on Lazard.com.
Reconciliations of U.S. GAAP to Adjusted results are shown on pages 10-12. Endnotes are on page 4 of this release.NET REVENUEFinancial AdvisoryFor the first quarter of 2026, Financial Advisory reported net revenue and adjusted net revenue1 of $360 million and $356 million, respectively, 2% and 4% lower than the first quarter of 2025, respectively.Lazard is one of the world's leading independent financial advisors, serving as a trusted partner to clients on significant and complex M&A transactions. During and since the first quarter of 2026, selected highlights include (clients are in italics):Keurig Dr. Pepper's $23 billion acquisition of JDE Peet's and planned subsequent separation into two independent companiesPrincipal Shareholder Group Trustee Companies on the £9.9 billion acquisition of Schroders by NuveenZurich Insurance Group on its £8.2 billion recommended cash offer for BeazleyBiogen's $5.6 billion acquisition of Apellis PharmaceuticalsLone Star Funds' $3.0 billion acquisition of Lonza's Capsules and Health Ingredients businessPortland General Electric Company's $1.9 billion acquisition of assets from PacifiCorpeBay's $1.2 billion acquisition of Depop from EtsyLazard provides tailored advice, expertise and access to a broad universe of capital providers through our Private Capital Advisory and Capital Solutions practices. Private Capital Advisory assignments include advising Falfurrias Capital Partners, Fremman Capital, Parthenon Capital and advising on the closing of Black Bay Partners Third Fund and NOVA Infrastructure on the raise of Infrastructure Fund II. In addition, Lazard advised on raising $1.3 billion in debt financing for B-Flexion in connection with the combination of Paratek Pharmaceuticals with Radius Health.Lazard's preeminent restructuring and liability management practice has been engaged in a broad range of mandates including debtor roles involving First Brands Group, Pine Gate Renewables, Videndum, and Xerox Holdings, and creditor roles involving Anthology, Dish, Gigaclear, Netceed, QVC and Saks Global. In addition, our sovereign advisory practice continues to be active in advising governments and sovereign entities across developed and emerging markets.For a list of publicly announced transactions please visit our website or follow Lazard on LinkedIn. Asset ManagementFor the first quarter of 2026, Asset Management reported net revenue and adjusted net revenue1 of $410 million and $309 million, respectively, 42% and 17% higher than the first quarter of 2025, respectively. On a U.S. GAAP basis, net revenue included a non-cash gain on the sale and deconsolidation of the Edgewater management vehicles.Management fees on an adjusted basis1 were $296 million for the first quarter of 2026, 25% higher than the first quarter of 2025, and 3% higher than the fourth quarter of 2025.Incentive fees on an adjusted basis1 were $11 million for the first quarter of 2026, compared to $9 million for the first quarter of 2025.Other revenue2 on an adjusted basis1 was $1 million for the first quarter of 2026, compared to $18 million for the first quarter of 2025.Average assets under management (AUM) was $266 billion for the first quarter of 2026, 15% higher than the first quarter of 2025, and 2% higher than the fourth quarter of 2025.AUM as of March 31, 2026 was $259 billion, 14% higher than March 31, 2025, and 2% higher than December 31, 2025. The sequential change from December 31, 2025 was driven by net inflows of $9 billion, market appreciation of $0.4 billion, foreign exchange depreciation of $3 billion, and divestitures of $1.5 billion.OPERATING EXPENSESCompensation and Benefits ExpenseFor the first quarter of 2026, compensation and benefits expense on a U.S. GAAP and an adjusted basis1 was $492 million and $471 million, respectively, compared to $430 million and $421 million, respectively, for the first quarter of 2025. The adjusted compensation ratio3 for the first quarter of 2026 was 69.9%, compared to the first-quarter 2025 ratio of 65.5%.We focus on the adjusted compensation ratio3 to manage costs, balancing a view of current conditions in the market for talent alongside our objective to drive long-term shareholder value. As part of our Lazard 2030 vision and long-term growth strategy, we aim to deliver an adjusted compensation ratio3 of 60% or below, with timing dependent on market conditions.Non-Compensation ExpensesFor the first quarter of 2026, non-compensation expenses on a U.S. GAAP basis were $175 million, 7% higher than the first quarter of 2025. On an adjusted basis1, non-compensation expenses were $149 million, 1% higher than the first quarter of 2025.The adjusted non-compensation ratio4 was 22.1% for the first quarter of 2026, compared to 23.0% for the first quarter of 2025.As part of our Lazard 2030 vision and long-term growth strategy, we aim to deliver an adjusted non-compensation ratio4 between 16% to 20%, with timing dependent on market conditions.TAXESThe benefit for income taxes on a U.S. GAAP and an adjusted basis1 was $11 million and $16 million, respectively, for the first quarter of 2026, which equates to an effective tax rate of (12.3%) on a U.S. GAAP basis and (50.4%) on an adjusted basis1. First quarter 2026 income tax includes the impact of discrete tax benefits related to share-based compensation awards that vested in the first quarter.CAPITAL MANAGEMENT AND BALANCE SHEETIn the first quarter of 2026, Lazard returned $174 million to shareholders, which primarily included: $47 million in dividends and $125 million in satisfaction of employee tax obligations in lieu of share issuances upon vesting of equity grants. As of March 31, 2026, our total outstanding share repurchase authorization was approximately $107 million.On April 30, 2026, Lazard declared a quarterly dividend of $0.50 per share on its outstanding common stock. The dividend is payable on May 22, 2026, to stockholders of record on May 11, 2026.Lazard's financial position remains strong. As of March 31, 2026, our cash and cash equivalents were $1,021 million.ENDNOTES1 A non-GAAP measure. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for the corresponding U.S. GAAP measures and should be read only in conjunction with our consolidated financial statements prepared in accordance with U.S. GAAP. See attached financial schedules and related notes for a detailed explanation of adjustments to corresponding U.S. GAAP results. We believe that presenting our results on an adjusted basis, in addition to the U.S. GAAP results, is a meaningful and useful way to compare our operating results across periods.
2  Beginning in the first quarter of 2026, the Company presents Other revenue separately from Management fees in order to improve the analysis of average annual fee rates. Prior period results have been recast to conform to this change.
3 A non-GAAP measure which represents adjusted compensation and benefits expense as a percentage of adjusted net revenue.
4  A non-GAAP measure which represents adjusted non-compensation expenses as a percentage of adjusted net revenue.CONFERENCE CALL
Lazard will host a conference call at 8:00 a.m. ET on May 1, 2026, to discuss the company's financial results for the first quarter of 2026. The conference call can be accessed via a live audio webcast available through Lazard's Investor Relations website at www.lazard.com, or by dialing +1 800-445-7795 (toll-free, U.S. and Canada) or +1 785-424-1699 (outside of the U.S. and Canada), 15 minutes prior to the start of the call. Conference ID: LAZQ126.A replay of the conference call will be available by 10:00 a.m. ET, May 1, 2026, via the Lazard Investor Relations website at www.lazard.com, or by dialing +1 800-839-5241 (toll-free, U.S. and Canada) or +1 402-220-2698 (outside of the U.S. and Canada).ABOUT LAZARD
Founded in 1848, Lazard is the preeminent financial advisory and asset management firm, with operations in North and South America, Europe, the Middle East, Asia, and Australia. Lazard provides advice on mergers and acquisitions, capital markets and capital solutions, restructuring and liability management, geopolitics, and other strategic matters, as well as asset management and investment solutions to institutions, corporations, governments, partnerships, family offices, and high net worth individuals. Lazard is listed on the New York Stock Exchange as Lazard, Inc. under the ticker LAZ. For more information, please visit Lazard.com and Lazard on LinkedIn.Lazard's Announced Agreement to Acquire Campbell Lutyens
On April 30, 2026, Lazard announced that it had entered into a definitive agreement to acquire Campbell Lutyens. The transaction is expected to close in the second half of 2026, subject to regulatory approvals and other customary closing conditions. Additional information is available on our website, including Lazard's Form 8-K and investor relations presentation filed with the Securities and Exchange Commission on April 30, 2026.No Offer or Solicitation
This communication is not intended to and shall not constitute an offer to buy or sell or the solicitation of an offer to buy or sell any securities, or a solicitation of any vote or approval, nor shall there be any offer, solicitation or sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made in the United States absent registration under the U.S. Securities Act of 1933, as amended, or pursuant to an exemption from, or in a transaction not subject to, such registration requirements.Cautionary Note Regarding Forward-Looking Statements:This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, forward-looking statements can be identified by the use of forward-looking terminology such as "may," "might," "will," "should," "could," "would," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential," "target," "goal," "pipeline," or "continue," and the negative of these terms and other comparable terminology. These forward-looking statements, which are subject to known and unknown risks, uncertainties and assumptions about us, may include statements regarding the proposed acquisition of Campbell Lutyens (the "Transaction"), the expected timing of closing of the Transaction, the anticipated benefits of the Transaction, as well as projections of our future financial performance based on our growth strategies, business plans and initiatives and anticipated trends in our business. These forward-looking statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements.These factors include, but are not limited to, those discussed in our Annual Report on Form 10-K under Item 1A "Risk Factors," and also discussed from time to time in our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, including the following:Adverse general economic conditions or adverse conditions in global or regional financial markets;Changes in international trade policies and practices including the implementation of tariffs, proposed further tariffs, and responses from other jurisdictions, the risk of potential government shutdowns, and the economic impacts, volatility and uncertainty resulting therefrom; A decline in our revenues, for example due to a decline in overall mergers and acquisitions (M&A) activity, our share of the M&A market or our assets under management (AUM);Losses caused by financial or other problems experienced by third parties;Losses due to unidentified or unanticipated risks;A lack of liquidity, i.e., ready access to funds, for use in our businesses; Competitive pressure on our businesses and on our ability to retain and attract employees at current compensation levels; andChanges in relevant tax laws, regulations or treaties or an adverse interpretation of those itemsThese risks and uncertainties are not exhaustive. Our SEC reports describe additional factors that could adversely affect our business and financial performance. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for our management to predict all risks and uncertainties, nor can management assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.As a result, there can be no assurance that the forward-looking statements included in this release will prove to be accurate or correct. Although we believe the statements reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance, achievements or events. Moreover, neither we nor any other person assumes responsibility for the accuracy or completeness of any of these forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. We are under no duty to update any of these forward-looking statements after the date of this release to conform our prior statements to actual results or revised expectations and we do not intend to do so.Lazard, Inc. is committed to providing timely and accurate information to the investing public, consistent with our legal and regulatory obligations. To that end, Lazard and its operating companies use their websites, and other social media sites to convey information about their businesses, including the anticipated release of quarterly financial results, quarterly financial, statistical and business-related information, and the posting of updates of assets under management in various mutual funds, hedge funds and other investment products managed by Lazard Asset Management LLC and Lazard Frères Gestion SAS. Investors can link to Lazard and its operating company websites through www.lazard.com. CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS(U.S. GAAP - unaudited)

Three Months Ended
% Change From
March 31,
December 31,
March 31,
December 31,
March 31,($ in thousands, except per share data)2026
2025
2025
2025
2025









REVENUE








Total revenue$779,399
$929,378
$669,164
(16 %)
16 %Interest expense(22,817)
(22,657)
(21,113)



Net revenue756,582
906,721
648,051
(17 %)
17 %









OPERATING EXPENSES








Compensation and benefits491,894
637,694
430,270
(23 %)
14 %









Occupancy and equipment31,420
31,579
35,413



Marketing and business development28,662
35,077
27,731



Technology and information services48,275
48,845
46,216



Professional services20,678
23,708
18,837



Fund administration and outsourced services33,516
33,077
26,545



Other12,563
10,418
8,404



Non-compensation expenses175,114
182,704
163,146
(4 %)
7 %Provision pursuant to tax receivable agreement–
1,371
–



Operating expenses667,008
821,769
593,416
(19 %)
12 %









Operating income89,574
84,952
54,635
5 %
64 %









Provision (benefit) for income taxes(10,989)
30,738
(7,354)
NM
49 %Net income100,563
54,214
61,989
85 %
62 %Net income (loss) attributable to noncontrolling interests(353)
4,351
1,614



Net income attributable to Lazard, Inc.$100,916
$49,863
$60,375
102 %
67 %









Attributable to Lazard, Inc. Common Stockholders:








Weighted average shares outstanding:








         Basic99,460,256
99,014,231
95,255,423
– %
4 %         Diluted106,787,975
107,610,166
104,828,753
(1 %)
2 %









Net income per share:








         Basic$0.98
$0.49
$0.61
100 %
61 %         Diluted$0.91
$0.45
$0.56
102 %
63 % CONDENSED CONSOLIDATEDSTATEMENT OF FINANCIAL CONDITION(U.S. GAAP - unaudited)

As of
March 31,
December 31,($ in thousands)2026
2025



ASSETS



Cash and cash equivalents$1,020,666
$1,469,416Deposits with banks and short-term investments207,207
167,134Restricted cash6,590
34,021Receivables773,785
897,786Investments516,555
625,846Property160,103
168,005Operating lease right-of-use assets402,500
412,584Goodwill and other intangible assets394,591
395,262Deferred tax assets463,527
449,531Other assets295,124
316,687



Total Assets$4,240,648
$4,936,272



LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS & STOCKHOLDERS' EQUITY



Liabilities






Deposits and other customer payables$357,714
$330,852Accrued compensation and benefits214,084
794,754Operating lease liabilities472,576
485,149Senior debt1,688,808
1,688,086Other liabilities553,585
652,763Total liabilities3,286,767
3,951,604



Commitments and contingencies






Redeemable noncontrolling interests81,426
78,379



Stockholders' equity






Preferred stock, par value $.01 per share–
–Common stock, par value $.01 per share1,117
1,117Additional paid-in capital106,494
306,425Retained earnings1,559,269
1,517,571Accumulated other comprehensive loss, net of tax(276,678)
(271,509)Subtotal1,390,202
1,553,604Common stock held in treasury, at cost(508,906)
(684,411)Total Lazard, Inc. stockholders' equity881,296
869,193Noncontrolling interests(8,841)
37,096Total stockholders' equity872,455
906,289



Total liabilities, redeemable noncontrolling interests and stockholders' equity$4,240,648
$4,936,272
Note: In the first quarter of 2026, the Company changed its accounting principle for recognizing compensation expense for share-based incentive compensation awards and certain deferred compensation arrangements with only a service condition. As a result, the cumulative effect of applying the change to the prior period is reflected on the Company's Condensed Consolidated Statement of Financial Condition as of December 31, 2025. SELECTED SUMMARY FINANCIAL INFORMATION(Adjusted Basis - Non-GAAP - unaudited)

Three Months Ended
% Change From
March 31,
December 31,
March 31,
December 31,
March 31,($ in thousands, except per share data)2026
2025
2025
2025
2025









Net Revenue:


















Financial Advisory$356,169
$541,628
$369,543
(34 %)
(4 %)Asset Management308,838
338,589
264,494
(9 %)
17 %Corporate 7,976
11,892
9,148
(33 %)
(13 %)









Adjusted net revenue$672,983
$892,109
$643,185
(25 %)
5 %









Expenses:


















Adjusted compensation and benefits expense$470,584
$584,659
$421,286
(20 %)
12 %Adjusted compensation ratio (a)69.9 %
65.5 %
65.5 %













Adjusted non-compensation expenses$148,675
$158,890
$147,882
(6 %)
1 %Adjusted non-compensation ratio (b) 22.1 %
17.8 %
23.0 %













Earnings:


















Adjusted operating income$53,724
$148,560
$74,017
(64 %)
(27 %)Adjusted operating margin (c)8.0 %
16.7 %
11.5 %













Adjusted net income$46,618
$88,771
$60,375
(47 %)
(23 %)









Adjusted diluted net income per share$0.42
$0.80
$0.56
(48 %)
(25 %)









Adjusted diluted weighted average shares (d)110,364,000
111,064,073
107,676,233
(1 %)
2 %









Adjusted effective tax rate (e)(50.4 %)
29.5 %
(13.9 %)




This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for the corresponding U.S. GAAP measures and should be read only in conjunction with our consolidated financial statements prepared in accordance with U.S. GAAP. For a detailed explanation of the adjustments made to the corresponding U.S. GAAP measures, see Reconciliation of U.S. GAAP to Adjusted Results and Notes to Financial Schedules.
See Notes to Financial Schedules ASSETS UNDER MANAGEMENT(unaudited)

As of
% Change From
March 31,
December 31,
March 31,
December 31,
March 31,($ in millions)2026
2025
2025
2025
2025









AUM by Asset Class:








Equity:








Emerging Markets$43,786
$41,146
$28,839
6.4 %
51.8 %Global / International124,432
117,746
95,777
5.7 %
29.9 %U.S.24,831
25,580
38,714
(2.9 %)
(35.9 %)Total Equity193,049
184,472
163,330
4.6 %
18.2 %Fixed Income34,423
35,065
32,287
(1.8 %)
6.6 %Multi Asset23,113
24,783
22,991
(6.7 %)
0.5 %Alternative Investments8,602
9,980
8,819
(13.8 %)
(2.5 %)Total AUM$259,187
$254,300
$227,427
1.9 %
14.0 %




















Three Months Ended


March 31,
December 31,
March 31,




2026
2025
2025













AUM - Beginning of Period$254,300
$264,537
$226,321



Net Flows9,005
(19,713)
(3,659)



Market Value Appreciation / (Depreciation)354
10,245
825



Foreign Exchange Appreciation / (Depreciation)(2,980)
(769)
3,940



Acquisitions / (Divestitures)(1,492)
–
–



AUM - End of Period$259,187
$254,300
$227,427













Average AUM$265,520
$261,075
$230,787













% Change in Average AUM– %
1.7 %
15.0 %




Note: Average AUM generally represents the average of the monthly ending AUM balances for the period. In 2026, AUM Asset Classes have been expanded to include a multi asset classification. The comparable prior period information has been recast to reflect the current presentation. RECONCILIATION OF U.S. GAAP TO ADJUSTED RESULTS(unaudited)


Three Months Ended

March 31,
December 31,
March 31,($ in thousands)2026
2025
2025






Net RevenueFinancial Advisory net revenue - U.S. GAAP$359,568
$542,303
$367,359Adjustments:





Reimbursable deal costs, (provision) benefit for credit losses and other (f)(3,399)
(601)
2,181
Interest expense (credit) (g)–
(74)
3Adjusted Financial Advisory net revenue$356,169
$541,628
$369,543






Asset Management net revenue - U.S. GAAP$409,763
$367,119
$288,100Adjustments:





Noncontrolling interests and similar arrangements (h)(3,446)
(7,432)
(6,850)
Distribution fees and other (f)(19,530)
(21,102)
(16,762)
Interest expense (g)41
4
6
Gain on sale and deconsolidation of Edgewater (i)(77,990)
–
–Adjusted Asset Management net revenue$308,838
$338,589
$264,494






Corporate net revenue - U.S. GAAP($12,749)
($2,701)
($7,408)Adjustments:





Noncontrolling interests and similar arrangements (h)(180)
(4,312)
839
Gains related to Lazard Fund Interests ("LFI") and similar arrangements (j)(1,782)
(3,749)
(5,243)
Interest expense (g)22,687
22,654
20,960Adjusted Corporate net revenue$7,976
$11,892
$9,148






Net revenue - U.S. GAAP$756,582
$906,721
$648,051Adjustments:





Noncontrolling interests and similar arrangements (h)(3,626)
(11,744)
(6,011)
Gains related to Lazard Fund Interests ("LFI") and similar arrangements (j)(1,782)
(3,749)
(5,243)
Distribution fees, reimbursable deal costs, provision for credit losses and other (f)(22,929)
(21,703)
(14,581)
Interest expense (g)22,728
22,584
20,969
Gain on sale and deconsolidation of Edgewater (i)(77,990)
–
–Adjusted net revenue$672,983
$892,109
$643,185
This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for the corresponding U.S. GAAP measures and should be read only in conjunction with our consolidated financial statements prepared in accordance with U.S. GAAP. For a detailed explanation of the adjustments made to the corresponding U.S. GAAP measures, see Notes to Financial Schedules.
See Notes to Financial Schedules RECONCILIATION OF U.S. GAAP TO ADJUSTED RESULTS(unaudited)


Three Months Ended

March 31,
December 31,
March 31,($ in thousands, except per share data)2026
2025
2025






Compensation and Benefits Expense  Compensation and benefits expense - U.S. GAAP$491,894
$637,694
$430,270Adjustments: 





Noncontrolling interests and similar arrangements (h)(2,870)
(5,310)
(3,741)
Charges pertaining to LFI and similar arrangements (k)(1,782)
(3,749)
(5,243)
Expenses associated with senior management transition (l)(16,658)
(43,976)
–Adjusted compensation and benefits expense$470,584
$584,659
$421,286






Non-Compensation ExpensesNon-compensation expenses - U.S. GAAP$175,114
$182,704
$163,146Adjustments:





Noncontrolling interests and similar arrangements (h)(1,110)
(2,085)
(657)
Distribution fees, reimbursable deal costs, provision for credit losses and other (f)(22,929)
(21,703)
(14,581)
Expenses related to the Transaction (m)(2,400)
–
–
Amortization and other acquisition-related costs–
(26)
(26)Adjusted non-compensation expenses$148,675
$158,890
$147,882






Operating IncomeOperating income - U.S. GAAP$89,574
$84,952
$54,635Adjustments:





Noncontrolling interests and similar arrangements (h)354
(4,349)
(1,613)
Interest expense (g)22,728
22,584
20,969
Amortization and other acquisition-related costs–
26
26
Gain on sale and deconsolidation of Edgewater (i)(77,990)
–
–
Expenses associated with senior management transition (l)16,658
43,976
–
Expenses related to the Transaction (m)2,400
–
–
Provision pursuant to tax receivable agreement obligation ("TRA") (n)–
1,371
–Adjusted operating income$53,724
$148,560
$74,017






Provision (Benefit) for Income TaxesProvision (benefit) for income taxes - U.S. GAAP($10,989)
$30,738
($7,354)Adjustment:





Tax effect of adjustments(4,634)
6,439
–Adjusted provision (benefit) for income taxes($15,623)
$37,177
($7,354)






Net Income attributable to Lazard, Inc.Net income attributable to Lazard, Inc. - U.S. GAAP$100,916
$49,863
$60,375Adjustments:





Gain on sale and deconsolidation of Edgewater (i)(77,990)
–
–
Expenses associated with senior management transition (l)16,658
43,976
–
Expenses related to the Transaction (m)2,400
–
–
Provision pursuant to tax receivable agreement obligation ("TRA") (n)–
1,371
–
Tax effect of adjustments4,634
(6,439)
–Adjusted net income$46,618
$88,771
$60,375






Diluted Weighted Average Shares OutstandingDiluted weighted average shares outstanding - U.S. GAAP106,787,975
107,610,166
104,828,753Adjustment:





Participating securities including profits interest participation rights and other3,576,025
3,453,907
2,847,480Adjusted diluted weighted average shares outstanding (d)110,364,000
111,064,073
107,676,233






Diluted Net Income per ShareDiluted net income per share - U.S. GAAP$0.91
$0.45
$0.56Diluted net income effect of adjustments(0.49)
0.35
–Adjusted net income per share$0.42
$0.80
$0.56
This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for the corresponding U.S. GAAP measures and should be read only in conjunction with our consolidated financial statements prepared in accordance with U.S. GAAP. For a detailed explanation of the adjustments made to the corresponding U.S. GAAP measures, see Notes to Financial Schedules.
See Notes to Financial Schedules RECONCILIATION OF NON-COMPENSATION EXPENSES U.S. GAAP TO ADJUSTED(unaudited)

Three Months Ended
March 31,
December 31,
March 31,($ in thousands)2026
2025
2025





Non-compensation expenses - U.S. GAAP:




Occupancy and equipment $31,420
$31,579
$35,413Marketing and business development28,662
35,077
27,731Technology and information services48,275
48,845
46,216Professional services20,678
23,708
18,837Fund administration and outsourced services33,516
33,077
26,545Other12,563
10,418
8,404Non-compensation expenses - U.S. GAAP$175,114
$182,704
$163,146





Non-compensation expenses - Adjustments:




Occupancy and equipment (h)($96)
($99)
($95)Marketing and business development (f) (h)(3,925)
(5,885)
(2,657)Technology and information services (f) (h)(55)
(52)
(28)Professional services (f) (h) (m)(3,851)
(1,310)
(1,736)Fund administration and outsourced services (f) (h)(18,340)
(19,121)
(15,843)Other (f) (h)(172)
2,653
5,095Non-compensation expenses - Adjustments($26,439)
($23,814)
($15,264)





Adjusted non-compensation expenses:




Occupancy and equipment $31,324
$31,480
$35,318Marketing and business development24,737
29,192
25,074Technology and information services48,220
48,793
46,188Professional services16,827
22,398
17,101Fund administration and outsourced services15,176
13,956
10,702Other12,391
13,071
13,499Adjusted non-compensation expenses$148,675
$158,890
$147,882
This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for the corresponding U.S. GAAP measures and should be read only in conjunction with our consolidated financial statements prepared in accordance with U.S. GAAP. For a detailed explanation of the adjustments made to the corresponding U.S. GAAP measures, see Notes to Financial Schedules.
See Notes to Financial Schedules Notes to Financial Schedules
(a)A non-GAAP measure which represents adjusted compensation and benefits expense as a percentage of adjusted net revenue.










(b)A non-GAAP measure which represents adjusted non-compensation expenses as a percentage of adjusted net revenue.










(c)A non-GAAP measure which represents adjusted operating income as a percentage of adjusted net revenue.










(d)A non-GAAP measure which includes units of the long-term incentive compensation program consisting of profits interest participation rights,
which are equity incentive awards that, subject to certain conditions, may be exchanged for shares of our common stock. Certain profits interest
participation rights may be excluded from the computations to U.S. GAAP net income per share. In addition, this measure includes the dilutive
effect of the weighted average number of shares of common stock issuable from share-based compensation programs.










(e)A non-GAAP measure which represents the adjusted provision (benefit) for income taxes as a percentage of adjusted operating income less
interest expense, amortization and other acquisition-related costs.












Three Months Ended


($ in thousands)March 31,
December 31,
March 31,





2026
2025
2025




Adjusted provision (benefit) for income taxes($15,623)
$37,177
($7,354)




Adjusted operating income less interest expense,
amortization and other acquisition-related costs$30,996
$125,950
$53,022




Adjusted effective tax rate(50.4 %)
29.5 %
(13.9 %)














(f)Represents certain distribution, introducer and management fees paid to third parties, reimbursable deal costs, and (provision) benefit for credit
losses relating to fees and other receivables that are deemed uncollectible, for which an equal amount is excluded for purposes of determining
adjusted non-compensation expenses and included for purposes of determining adjusted net revenue.










(g)Interest expense (credit), excluding interest expense incurred by Lazard Frères Banque SA ("LFB"), is added back in determining adjusted net
revenue because such expense relates to corporate financing activities and is not considered to be a cost directly related to the revenue of our
business.










(h)(Revenue) loss and expenses related to the consolidation of noncontrolling interests and similar arrangements are excluded because the
Company has no economic interest in such amounts.










(i)Represents a non-cash gain on the sale and deconsolidation of the Edgewater management vehicles.










(j)Represents changes in the fair value of investments held in connection with LFI and other similar deferred compensation arrangements, for which
a corresponding equal amount is excluded from compensation and benefits expense.










(k)Represents changes in the fair value of the compensation liability recorded in connection with LFI and other similar deferred incentive
compensation awards, for which a corresponding equal amount is excluded from adjusted net revenue.










(l)Represents expenses associated with the departure of certain executive officers.










(m)Represents expenses related to the Transaction.










(n)Represents the effect of the periodic revaluation of the TRA liability.










NMNot meaningful Media Contact:Shannon Houston+1 212 632 6880shannon.houston@lazard.comInvestor Contact:Alexandra Deignan+1 212 632 6886alexandra.deignan@lazard.com 



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Original: Lazard Reports First Quarter 2026 Results

Lazard Declares Quarterly Dividend Of $0.50 Per ShareApril 30, 2026 4:15 PM
PR Newswire (US)

NEW YORK, April 30, 2026 /PRNewswire/ -- Lazard, Inc. (NYSE: LAZ) today announced that its Board of Directors has voted to declare a quarterly dividend of $0.50 per share on its outstanding common stock. The dividend is payable on May 22, 2026, to stockholders of record on May 11, 2026.







About Lazard Founded in 1848, Lazard is the preeminent financial advisory and asset management firm, with operations in North and South America, Europe, the Middle East, Asia, and Australia. Lazard provides advice on mergers and acquisitions, capital markets and capital solutions, restructuring and liability management, geopolitics, and other strategic matters, as well as asset management and investment solutions to institutions, corporations, governments, partnerships, family offices, and high net worth individuals. Lazard is listed on the New York Stock Exchange as Lazard, Inc. under the ticker LAZ. For more information, please visit Lazard.com and follow Lazard on LinkedIn.Media Relations                                Investor Relations                  Shannon Houston, +1 212-632-6880Alexandra Deignan, +1 212-632-6886shannon.houston@lazard.com            alexandra.deignan@lazard.com
Jessica Francisco, +1 212-632-6571
jessica.francisco@lazard.com




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Original: Lazard Declares Quarterly Dividend Of $0.50 Per Share

Lazard to Acquire Campbell Lutyens, Creating the Global Leader in Private Capital AdvisoryApril 30, 2026 12:30 AM
PR Newswire (US)

Establishes Lazard CL as Lazard's third global business with Holcombe Green and Gordon Bajnai appointed Co-CEOsNEW YORK and LONDON, April 30, 2026 /PRNewswire/ -- Lazard, Inc. (NYSE: LAZ) today announced that it has entered into a definitive agreement to acquire Campbell Lutyens, a premier global private markets advisor focused on fund placement, secondary advisory, and GP capital advisory services. Building on the success of Lazard's existing private capital advisory group, the combined businesses will form a new unit, Lazard CL—creating the leading private capital advisory platform globally, working in close cooperation with Lazard's world-class M&A and broader advisory practices.







Together, Lazard and Campbell Lutyens represent leading global positions in primary fundraising and secondary advisory, supported by world-class professionals and a track record of execution. Combining two highly complementary advisory platforms, Lazard CL will include dedicated fundraising, secondary advisory, and GP capital advisory businesses in infrastructure, private credit, private equity, and real estate across the U.S., Europe, the Middle East, and Asia Pacific.The combined businesses represent:Approximately $500 million in estimated combined 2027 revenueMore than 280 advisory professionals across 18 offices globallyA dedicated institutional distribution team of over 60 professionalsAdvisory roles on over 230 fee-paying mandates over the past two yearsOver $100 billion in GP and LP secondary transaction volume over the past two yearsOver $190 billion of capital raised for clients over the past two yearsIn close coordination with Lazard's preeminent M&A, capital markets advisory, and restructuring and liability management teams, Lazard CL will offer financial sponsor and institutional investor clients comprehensive and integrated advisory services across the full capital life cycle—from formation to liquidity to strategic alternatives—for both their firms and portfolio companies. By pairing the combined proprietary datasets of these two businesses with Lazard's AI capabilities, this acquisition enables deeper insights for clients, while advancing the company's goal of becoming the leading, AI-enabled independent financial firm.With this transaction, the firm will establish Lazard CL as its third global business. Reporting to Lazard CEO and Chairman Peter Orszag, Lazard Global Head of Private Capital Advisory Holcombe Green has been appointed Co-CEO of Lazard CL with Gordon Bajnai, the current CEO of Campbell Lutyens. The enhanced global platform and expanded leadership will further accelerate progress on revenue growth and the share of revenue coming from private capital, both of which are core strategic components of the firm's Lazard 2030 vision to build a more productive, resilient, and growth-oriented firm.Peter Orszag, CEO and Chairman of Lazard: "This transaction marks another defining strategic step on the path toward Lazard 2030 and an exciting avenue for future growth. Private capital advisory has been expanding rapidly, and the future will belong to those who can combine global insight and deep expertise with the scale to deliver innovative solutions across the full private markets spectrum. With this transaction, Lazard and Campbell Lutyens will set a new benchmark for a comprehensive global model—tightly integrated with Lazard's world class M&A and broader advisory capabilities. Campbell Lutyens is an exceptional firm, and I am delighted to welcome its team to Lazard, while also congratulating Holcombe and Gordon on their expanded roles as Co-CEOs of Lazard CL."Gordon Bajnai, CEO of Campbell Lutyens and appointed Co-CEO of Lazard CL: "Over the last 38 years we have grown to be a leading global independent private capital advisor, built on a culture of entrepreneurship, innovation, and a client-first mentality. Our stated aspiration is to be the premier global provider of capital formation and advisory services to private markets, and in Lazard we have found a highly complementary partner with a shared ambition for the future. Lazard's strength in M&A and broader advisory platform will be a significant benefit to our combined entity. Together, we will expand investor access as one of the industry's largest integrated distribution networks, creating an unparalleled global platform for private capital advisory and unlocking new opportunities for clients worldwide. I look forward to working with Holcombe to bring our teams together with a unified purpose and culture."Holcombe Green, Global Head of Private Capital Advisory at Lazard and appointed Co-CEO of Lazard CL: "Over the last five years, Lazard PCA has more than doubled its revenue, expanding its global footprint and strengthening its position as a leading private capital advisory platform. Campbell Lutyens has built a formidable business, and this transaction brings together two highly respected franchises with deeply complementary strengths. By enabling us to provide end-to-end solutions that span capital formation, liquidity, and strategic advisory, we are better positioned to support clients across private markets and create growth opportunities for our world-class bankers. I am excited to partner with Gordon and our exceptional senior leadership group and teams to build a global platform that sets the standard for excellence in private capital advisory."Senior leadership from Lazard and Campbell Lutyens remains in place. Andrew Sealey, Chairman of Campbell Lutyens, will serve as Lazard CL's non-executive Chairman. Across the combined group's activities in fundraising, GP capital advisory, and secondary advisory, senior leadership also includes Kevan Comstock, James Jacobs, Nick Miles, and Stephen Salyer from Lazard and Gerald Cooper, Thomas Liaudet, Immanuel Rubin, Sarah Sandstrom, Richard von Gusovius, and Marc Dumbell from Campbell Lutyens.The transaction total consideration of approximately $575 million is payable in part at closing and in part two years following closing. Both tranches include portions of the consideration that are subject to additional lock-up arrangements. There is also potential additional consideration of up to $85 million to be paid based on defined performance criteria over a multi-year period.The transaction is expected to be accretive to 2027 earnings and thereafter, with closing anticipated in calendar year 2026 subject to regulatory approvals. Please visit Lazard.com for additional information, including a slide presentation.About Campbell LutyensFounded in 1988 by John Campbell, Richard Lutyens, and Bill Dacombe, Campbell Lutyens is one of the world's leading independent private capital advisors. The firm provides a tailored combination of private capital capabilities, with services spanning private equity, private credit and infrastructure, and specialist expertise in primary fundraising, secondary transactions, and GP capital solutions. The company utilizes a data-led advisory approach, combining unique market insights with long-standing global relationships to access to deep pools of capital and the world's leading private market sponsors.Operating across 15 locations and three continents, Campbell Lutyens delivers global reach with local insight. The firm has raised over $713 billion of capital across its 35+ year track record, advising General Partners and Limited Partners at every stage of the capital life cycle. For more information, please visit Campbell-Lutyens.com and LinkedIn.About Lazard Founded in 1848, Lazard is the preeminent financial advisory and asset management firm, with operations in North and South America, Europe, the Middle East, Asia, and Australia. Lazard provides advice on mergers and acquisitions, capital markets and capital solutions, restructuring and liability management, geopolitics, and other strategic matters, as well as asset management and investment solutions to institutions, corporations, governments, partnerships, family offices, and high net worth individuals. Lazard is listed on the New York Stock Exchange as Lazard, Inc. under the ticker LAZ. For more information, please visit Lazard.com and follow Lazard on LinkedIn.LazardCampbell LutyensMedia ContactMedia Contact  Shannon Houston, +1 212-632-6880Rowan Brown, +447785 804570shannon.houston@lazard.comrbrown@campbell-lutyens.com

Investor Contact
Alexandra Deignan, +1 212-632-6886
alexandra.deignan@lazard.com
No Offer or Solicitation
This communication is not intended to and shall not constitute an offer to buy or sell or the solicitation of an offer to buy or sell any securities, or a solicitation of any vote or approval, nor shall there be any offer, solicitation or sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made in the United States absent registration under the U.S. Securities Act of 1933, as amended, or pursuant to an exemption from, or in a transaction not subject to, such registration requirements.Cautionary Note Regarding Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, forward-looking statements can be identified by the use of forward-looking terminology such as "may," "might," "will," "should," "could," "would," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential," "target," "goal," "pipeline," or "continue," and the negative of these terms and other comparable terminology. These forward-looking statements, which are subject to known and unknown risks, uncertainties and assumptions about us, may include statements regarding the proposed acquisition of Campbell Lutyens (the "Transaction"), the expected timing of closing of the Transaction, the anticipated benefits of the Transaction, as well as projections of our future financial performance based on our growth strategies, business plans and initiatives. These forward-looking statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements.These factors include, but are not limited to, those discussed in our Annual Report on Form 10-K under Item 1A "Risk Factors," and also discussed from time to time in our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, including the following:Adverse general economic conditions or adverse conditions in global or regional financial markets;Changes in international trade policies and practices including the implementation of tariffs, proposed further tariffs, and responses from other jurisdictions, the risk of potential government shutdowns, and the economic impacts, volatility and uncertainty resulting therefrom;A decline in our revenues, for example due to a decline in overall mergers and acquisitions (M&A) activity, our share of the M&A market or our assets under management (AUM);Losses caused by financial or other problems experienced by third parties;Losses due to unidentified or unanticipated risks;A lack of liquidity, i.e., ready access to funds, for use in our businesses;Competitive pressure on our businesses and on our ability to retain and attract employees at current compensation levels; andChanges in relevant tax laws, regulations or treaties or an adverse interpretation of those itemsThese risks and uncertainties are not exhaustive. Our SEC reports describe additional factors that could adversely affect our business and financial performance. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for our management to predict all risks and uncertainties, nor can management assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.As a result, there can be no assurance that the forward-looking statements included in this release will prove to be accurate or correct. Although we believe the statements reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance, achievements or events. Moreover, neither we nor any other person assumes responsibility for the accuracy or completeness of any of these forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. We are under no duty to update any of these forward-looking statements after the date of this release to conform our prior statements to actual results or revised expectations and we do not intend to do so.Lazard, Inc. is committed to providing timely and accurate information to the investing public, consistent with our legal and regulatory obligations. To that end, Lazard and its operating companies use their websites, and other social media sites to convey information about their businesses, including the anticipated release of quarterly financial results, quarterly financial, statistical and business-related information, and the posting of updates of assets under management in various mutual funds, hedge funds and other investment products managed by Lazard Asset Management LLC and Lazard Frères Gestion SAS. Investors can link to Lazard and its operating company websites through www.lazard.com.Non-GAAP and Other Financial Information
This presentation includes certain combined, illustrative, estimated or projected financial and operating information and other transaction-related data, and other metrics. Such information is presented for informational and illustrative purposes only. It has not been prepared in accordance with Article 11 of Regulation S-X and does not purport to project the future results of Lazard, Campbell Lutyens or the combined business.Certain financial information and data contained in this presentation relating to Campbell Lutyens and the combined business may also have been prepared on bases that are not consistent or comparable with Lazard's historical financial statements or operating metrics. No independent registered public accounting firm has audited, reviewed, compiled or performed any procedures with respect to the financial information or other data of Campbell Lutyens or any combined or pro forma information for the purpose of inclusion in this presentation and, accordingly, no such firm expresses an opinion or provides any other form of assurance with respect thereto for the purpose of this presentation. 



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Original: Lazard to Acquire Campbell Lutyens, Creating the Global Leader in Private Capital Advisory

Lazard Global Total Return and Income Fund Declares Monthly Distribution and Issues Estimated Sources of the Distribution Announced in MarchApril 22, 2026 4:15 PM
PR Newswire (US)

NEW YORK, April 22, 2026 /PRNewswire/ -- Lazard Global Total Return and Income Fund, Inc. (the "Fund") (NYSE:LGI) is confirming today, pursuant to its Managed Distribution Policy, as previously authorized by its Board of Directors, a monthly distribution of $0.15340 per share on the Fund's outstanding common stock. The distribution is payable on May 22, 2026, to shareholders of record on May 11, 2026. The ex-dividend date is May 11, 2026.







The Fund will pay a previously declared distribution today, April 22, 2026. The following table sets forth the estimated amounts of the current distribution and the cumulative distributions paid, including today's distribution, from the following sources: net investment income, net realized capital gains (short-term and long-term), and return of capital. All amounts are expressed per share of common stock and are based on accounting principles generally accepted in the US, which may differ from federal income tax regulations.
Current Distribution% of the Current DistributionTotal Cumulative Distributions for the Fiscal Year to Date% of the Total Cumulative Distributions for the Fiscal Year to DateNet Income$0.004623 %$0.027795 %Net Realized Short-Term Capital Gains$0.008315 %$0.008311 %Net Realized Long-Term Capital Gains$0.0331822 %$0.1077517 %Return of Capital$0.1072970 %$0.4697577 %Total$0.15340100 %$0.61360100 %

Average annual total return (in relation to NAV) for the 5-year period ending on March 31, 2026        5.19 %Annualized current distribution rate expressed as a percentage of NAV as of March 31, 2026              11.03 %Cumulative total return (in relation to NAV) for the fiscal year through March 31, 2026                      -6.86 %Cumulative fiscal year distributions as a percentage of NAV as of March 31, 2026                                2.76 %You should not draw any conclusions about the Fund's investment performance from the amount of this distribution or from the terms of the Fund's Managed Distribution Policy.The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of your distribution may be return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with "yield" or "income".The amounts and sources of distributions reported above are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund provides financial intermediary firms the information necessary to produce the Form 1099-DIV, and then the relevant financial intermediary firm will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes. If you have any questions, or need additional information, please call us at 1-800-823-6300.Portfolio data as of March 31, 2026, including performance, asset allocation, top 10 holdings, sector weightings, regional exposure, and other Fund characteristics have been posted on Lazard Asset Management's ("LAM") website, www.LazardAssetManagement.com.The Fund's investment objective is total return, consisting of capital appreciation and current income. The Fund's net assets are invested in a portfolio of approximately 60 to 80 US and non-US equity securities, including American Depository Receipts, generally of companies with market capitalizations greater than $2 billion, and may include investments in emerging markets. The Fund also invests in emerging market currencies (primarily by entry into forward currency contracts), or instruments whose value is derived from the performance of an underlying emerging market currency, and also may invest in debt obligations, including government, government agency and corporate obligations and structured notes denominated in emerging market currencies.An indirect subsidiary of Lazard, Inc. (NYSE: LAZ), LAM, the Fund's investment manager, offers a range of equity, fixed-income, and alternative investment products worldwide. As of March 31, 2026, LAM and affiliated asset management companies in the Lazard Group managed $259.2 billion worth of client assets. For more information about LAM, please go to www.LazardAssetManagement.com.Media contact:                                                                       Investor contact:                    Felicia Finney, +1 212 632 6710                                                 Ben Wulfsohn, +1 800 823 6300felicia.finney@lazard.com                                ben.wulfsohn@lazard.com 



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Original: Lazard Global Total Return and Income Fund Declares Monthly Distribution and Issues Estimated Sources of the Distribution Announced in March

Lazard Reports March 2026 Assets Under ManagementApril 13, 2026 6:45 AM
PR Newswire (US)

NEW YORK, April 13, 2026 /PRNewswire/ -- Lazard, Inc. (NYSE: LAZ) reported today that its preliminary assets under management ("AUM") as of March 31, 2026 totaled approximately $259.2 billion. The month's AUM included market depreciation of $16.1 billion, FX depreciation of $4.3 billion and net inflows of $1.8 billion. Preliminary average AUM for the quarter ended March 31, 2026 was $265.5 billion.







LAZARD, INC.
ASSETS UNDER MANAGEMENT ("AUM")
(unaudited)
($ in millions)

As of:

March 31,
20261 February 28,
2026 Equity
$193,049$207,093Fixed Income
34,42336,467Multi Asset
23,11325,462Alternatives
8,6028,716Total AUM
$259,187$277,738
(1) Preliminary – subject to adjustment About LazardFounded in 1848, Lazard is the preeminent financial advisory and asset management firm, with operations in North and South America, Europe, the Middle East, Asia, and Australia. Lazard provides advice on mergers and acquisitions, capital markets and capital solutions, restructuring and liability management, geopolitics, and other strategic matters, as well as asset management and investment solutions to institutions, corporations, governments, partnerships, family offices, and high net worth individuals. Lazard is listed on the New York Stock Exchange as Lazard, Inc. under the ticker LAZ. For more information, please visit Lazard.com and follow Lazard on LinkedIn.Cautionary Note Regarding Forward-Looking Statements:
This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, forward-looking statements can be identified by the use of forward-looking terminology such as "may," "might," "will," "should," "could," "would," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential," "target," "goal," "pipeline," or "continue," and the negative of these terms and other comparable terminology. These forward-looking statements, which are subject to known and unknown risks, uncertainties and assumptions about us, may include projections of our future financial performance based on our growth strategies, business plans and initiatives and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements.These factors include, but are not limited to, those discussed in our Annual Report on Form 10-K under Item 1A "Risk Factors," and also discussed from time to time in our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, including the following:Adverse general economic conditions or adverse conditions in global or regional financial markets;Changes in international trade policies and practices including the implementation of tariffs, proposed further tariffs, and responses from other jurisdictions, and the economic impacts, volatility and uncertainty resulting therefrom;A decline in our revenues, for example due to a decline in overall mergers and acquisitions (M&A) activity, our share of the M&A market or our assets under management (AUM);Losses caused by financial or other problems experienced by third parties;Losses due to unidentified or unanticipated risks;A lack of liquidity, i.e., ready access to funds, for use in our businesses; Competitive pressure on our businesses and on our ability to retain and attract employees at current compensation levels and;Changes in relevant tax laws, regulations or treaties or an adverse interpretation of those items.These risks and uncertainties are not exhaustive. Our SEC reports describe additional factors that could adversely affect our business and financial performance. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for our management to predict all risks and uncertainties, nor can management assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.As a result, there can be no assurance that the forward-looking statements included in this release will prove to be accurate or correct. Although we believe the statements reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance, achievements or events. Moreover, neither we nor any other person assumes responsibility for the accuracy or completeness of any of these forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. We are under no duty to update any of these forward-looking statements after the date of this release to conform our prior statements to actual results or revised expectations and we do not intend to do so.Lazard, Inc. is committed to providing timely and accurate information to the investing public, consistent with our legal and regulatory obligations. To that end, Lazard and its operating companies use their websites, and other social media sites to convey information about their businesses, including the anticipated release of quarterly financial results, quarterly financial, statistical and business-related information, and the posting of updates of assets under management in various mutual funds, hedge funds and other investment products managed by Lazard Asset Management LLC and Lazard Frères Gestion SAS. Investors can link to Lazard and its operating company websites through www.lazard.com.Investor Contact:
Alexandra Deignan +1 212 632 6886
alexandra.deignan@lazard.comMedia Contacts:
Zoe Butt +44 20 7448 2802
zoe.butt@lazard.comAziz Nayani +1 212 632 6042
aziz.nayani@lazard.com



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Original: Lazard Reports March 2026 Assets Under Management

Lazard Global Total Return and Income Fund Declares Monthly Distribution and Issues Estimated Sources of the Distribution Announced in FebruaryMarch 23, 2026 4:15 PM
PR Newswire (US)

NEW YORK, March 23, 2026 /PRNewswire/ -- Lazard Global Total Return and Income Fund, Inc. (the "Fund") (NYSE: LGI) is confirming today, pursuant to its Managed Distribution Policy, as previously authorized by its Board of Directors, a monthly distribution of $0.15340 per share on the Fund's outstanding common stock. The distribution is payable on April 22, 2026, to shareholders of record on April 10, 2026. The ex-dividend date is April 10, 2026.







The Fund will pay a previously declared distribution today, March 23, 2026. The following table sets forth the estimated amounts of the current distribution and the cumulative distributions paid, including today's distribution, from the following sources: net investment income, net realized capital gains (short-term and long-term), and return of capital. All amounts are expressed per share of common stock and are based on accounting principles generally accepted in the US, which may differ from federal income tax regulations.
Current Distribution% of the Current
DistributionTotal Cumulative
Distributions for the
Fiscal Year to Date% of the Total Cumulative
Distributions for the Fiscal
Year to DateNet Income$0.0179612 %$0.023175 %Net Realized Short-
Term Capital Gains$0.000000 %$0.000000 %Net Realized Long-
Term Capital Gains$0.0248616 %$0.0745716 %Return of Capital$0.1105872 %$0.3624679 %Total$0.15340100 %$0.46020100 %

Average annual total return (in relation to NAV) for the 5-year period ending on February 28, 20268.12 %Annualized current distribution rate expressed as a percentage of NAV as of February 28, 2026     9.85 %Cumulative total return (in relation to NAV) for the fiscal year through February 28, 2026  3.36 %Cumulative fiscal year distributions as a percentage of NAV as of February 28, 2026  1.64 %You should not draw any conclusions about the Fund's investment performance from the amount of this distribution or from the terms of the Fund's Managed Distribution Policy.The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of your distribution may be return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with "yield" or "income".The amounts and sources of distributions reported above are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund provides financial intermediary firms the information necessary to produce the Form 1099-DIV, and then the relevant financial intermediary firm will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes. If you have any questions, or need additional information, please call us at 1-800-823-6300.Portfolio data as of February 28, 2026, including performance, asset allocation, top 10 holdings, sector weightings, regional exposure, and other Fund characteristics have been posted on Lazard Asset Management's ("LAM") website, www.LazardAssetManagement.com.The Fund's investment objective is total return, consisting of capital appreciation and current income. The Fund's net assets are invested in a portfolio of approximately 60 to 80 US and non-US equity securities, including American Depository Receipts, generally of companies with market capitalizations greater than $2 billion, and may include investments in emerging markets. The Fund also invests in emerging market currencies (primarily by entry into forward currency contracts), or instruments whose value is derived from the performance of an underlying emerging market currency, and also may invest in debt obligations, including government, government agency and corporate obligations and structured notes denominated in emerging market currencies.An indirect subsidiary of Lazard, Inc. (NYSE: LAZ), LAM, the Fund's investment manager, offers a range of equity, fixed-income, and alternative investment products worldwide. As of February 28, 2026, LAM and affiliated asset management companies in the Lazard Group managed $277.7 billion worth of client assets. For more information about LAM, please go to www.LazardAssetManagement.com.Media contact:   Investor contact:Felicia Finney, +1 212 632 6710                                                            Ben Wulfsohn, +1 800 823 6300felicia.finney@lazard.comben.wulfsohn@lazard.com



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Original: Lazard Global Total Return and Income Fund Declares Monthly Distribution and Issues Estimated Sources of the Distribution Announced in February

Lazard Reports February 2026 Assets Under ManagementMarch 10, 2026 6:45 AM
PR Newswire (US)

NEW YORK, March 10, 2026 /PRNewswire/ -- Lazard, Inc. (NYSE: LAZ) reported today that its preliminary assets under management ("AUM") as of February 28, 2026 totaled approximately $277.7 billion. The month's AUM included market appreciation of $8.9 billion, net inflows of $4.2 billion, FX depreciation of $0.8 billion and a decrease of $1.5 billion related to the sale of our stake in the Edgewater Funds management vehicles.







LAZARD, INC.
ASSETS UNDER MANAGEMENT ("AUM")
(unaudited)
($ in millions)

As of:

 February 28,  January 31,

 20261 2026Equity
$207,093$195,775Fixed Income
36,46735,758Multi Asset
25,46225,267Alternatives
8,71610,153Total AUM
$277,738$266,9531 Preliminary – subject to adjustment    About LazardFounded in 1848, Lazard is the preeminent financial advisory and asset management firm, with operations in North and South America, Europe, the Middle East, Asia, and Australia. Lazard provides advice on mergers and acquisitions, capital markets and capital solutions, restructuring and liability management, geopolitics, and other strategic matters, as well as asset management and investment solutions to institutions, corporations, governments, partnerships, family offices, and high net worth individuals. Lazard is listed on the New York Stock Exchange as Lazard, Inc. under the ticker LAZ. For more information, please visit Lazard.com and follow Lazard on LinkedIn.Cautionary Note Regarding Forward-Looking Statements:
This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, forward-looking statements can be identified by the use of forward-looking terminology such as "may," "might," "will," "should," "could," "would," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential," "target," "goal," "pipeline," or "continue," and the negative of these terms and other comparable terminology. These forward-looking statements, which are subject to known and unknown risks, uncertainties and assumptions about us, may include projections of our future financial performance based on our growth strategies, business plans and initiatives and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements.These factors include, but are not limited to, those discussed in our Annual Report on Form 10-K under Item 1A "Risk Factors," and also discussed from time to time in our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, including the following:Adverse general economic conditions or adverse conditions in global or regional financial markets;Changes in international trade policies and practices including the implementation of tariffs, proposed further tariffs, and responses from other jurisdictions, and the economic impacts, volatility and uncertainty resulting therefrom;A decline in our revenues, for example due to a decline in overall mergers and acquisitions (M&A) activity, our share of the M&A market or our assets under management (AUM);Losses caused by financial or other problems experienced by third parties;Losses due to unidentified or unanticipated risks;A lack of liquidity, i.e., ready access to funds, for use in our businesses; Competitive pressure on our businesses and on our ability to retain and attract employees at current compensation levels and;Changes in relevant tax laws, regulations or treaties or an adverse interpretation of those items.These risks and uncertainties are not exhaustive. Our SEC reports describe additional factors that could adversely affect our business and financial performance. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for our management to predict all risks and uncertainties, nor can management assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.As a result, there can be no assurance that the forward-looking statements included in this release will prove to be accurate or correct. Although we believe the statements reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance, achievements or events. Moreover, neither we nor any other person assumes responsibility for the accuracy or completeness of any of these forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. We are under no duty to update any of these forward-looking statements after the date of this release to conform our prior statements to actual results or revised expectations and we do not intend to do so.Lazard, Inc. is committed to providing timely and accurate information to the investing public, consistent with our legal and regulatory obligations. To that end, Lazard and its operating companies use their websites, and other social media sites to convey information about their businesses, including the anticipated release of quarterly financial results, quarterly financial, statistical and business-related information, and the posting of updates of assets under management in various mutual funds, hedge funds and other investment products managed by Lazard Asset Management LLC and Lazard Frères Gestion SAS. Investors can link to Lazard and its operating company websites through www.lazard.com.Investor Contact:
Alexandra Deignan +1 212 632 6886
alexandra.deignan@lazard.comMedia Contacts:
Zoe Butt +44 20 7448 2802
zoe.butt@lazard.comAziz Nayani +1 212 632 6042
aziz.nayani@lazard.com 



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Original: Lazard Reports February 2026 Assets Under Management

Lazard Global Total Return and Income Fund Declares Monthly Distribution and Issues Estimated Sources of the Distribution Announced in JanuaryFebruary 23, 2026 5:07 PM
PR Newswire (US)

NEW YORK, Feb. 23, 2026 /PRNewswire/ -- Lazard Global Total Return and Income Fund, Inc. (the "Fund") (NYSE:LGI) is confirming today, pursuant to its Managed Distribution Policy, as previously authorized by its Board of Directors, a monthly distribution of $0.15340 per share on the Fund's outstanding common stock. The distribution is payable on March 23, 2026, to shareholders of record on March 10, 2026. The ex-dividend date is March 10, 2026.







The Fund will pay a previously declared distribution today, February 23, 2026. The following table sets forth the estimated amounts of the current distribution and the cumulative distributions paid, including today's distribution, from the following sources: net investment income, net realized capital gains (short-term and long-term), and return of capital. All amounts are expressed per share of common stock and are based on accounting principles generally accepted in the US, which may differ from federal income tax regulations.
Current Distribution% of the Current DistributionTotal Cumulative Distributions for the Fiscal Year to Date% of the Total Cumulative Distributions for the Fiscal Year to DateNet Income$0.004433 %$0.005212 %Net Realized Short-Term Capital Gains$0.000000 %$0.000000 %Net Realized Long-Term Capital Gains$0.0497132 %$0.0497116 %Return of Capital$0.0992665 %$0.2518882 %Total$0.15340100 %$0.30680100 % Average annual total return (in relation to NAV) for the 5-year period ending on January 31, 20268.46 %Annualized current distribution rate expressed as a percentage of NAV as of January 31, 2026     9.76 %Cumulative total return (in relation to NAV) for the fiscal year through January 31, 2026                 3.44 %Cumulative fiscal year distributions as a percentage of NAV as of January 31, 2026                       0.81 %You should not draw any conclusions about the Fund's investment performance from the amount of this distribution or from the terms of the Fund's Managed Distribution Policy.The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of your distribution may be return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with "yield" or "income".The amounts and sources of distributions reported above are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund provides financial intermediary firms the information necessary to produce the Form 1099-DIV, and then the relevant financial intermediary firm will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes. If you have any questions, or need additional information, please call us at 1-800-823-6300.Portfolio data as of January 31, 2026, including performance, asset allocation, top 10 holdings, sector weightings, regional exposure, and other Fund characteristics have been posted on Lazard Asset Management's ("LAM") website, www.LazardAssetManagement.com.The Fund's investment objective is total return, consisting of capital appreciation and current income. The Fund's net assets are invested in a portfolio of approximately 60 to 80 US and non-US equity securities, including American Depository Receipts, generally of companies with market capitalizations greater than $2 billion, and may include investments in emerging markets. The Fund also invests in emerging market currencies (primarily by entry into forward currency contracts), or instruments whose value is derived from the performance of an underlying emerging market currency, and also may invest in debt obligations, including government, government agency and corporate obligations and structured notes denominated in emerging market currencies.An indirect subsidiary of Lazard, Inc. (NYSE: LAZ), LAM, the Fund's investment manager, offers a range of equity, fixed-income, and alternative investment products worldwide. As of January 31, 2026, LAM and affiliated asset management companies in the Lazard Group managed $267.0 billion worth of client assets. For more information about LAM, please go to www.LazardAssetManagement.com.Media contact:Investor contact:Felicia Finney, +1 212 632 6710Ben Wulfsohn, +1 800 823 6300felicia.finney@lazard.comben.wulfsohn@lazard.com



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Original: Lazard Global Total Return and Income Fund Declares Monthly Distribution and Issues Estimated Sources of the Distribution Announced in January

LAZARD EXPANDS ITS HEALTHCARE SERVICES TEAM WITH ADDITION OF JOHN KOSKI AND ROBERT LOWEFebruary 18, 2026 7:30 AM
PR Newswire (US)

NEW YORK, Feb. 18, 2026 /PRNewswire/ -- Lazard, Inc. (NYSE: LAZ) today announced that John Koski and Rob Lowe joined the firm in New York as Managing Directors in the Healthcare Group, advising on transactions across the healthcare services sector. These appointments underscore Lazard's continued investment in its Healthcare Group and focus on providing thoughtful, high-quality strategic advice to executives, boards, and investors across the healthcare sector. This announcement also reflects the ongoing momentum behind Lazard's long-term growth strategy, as exceptional bankers are increasingly drawn to the firm's entrepreneurial culture, renowned brand, and global platform. 







"John and Rob are exceptional advisors with deep sector expertise, a proven track record as thoughtful strategic advisors, and trusted client relationships," said David Gluckman, Global Head of Healthcare at Lazard. "Across the rapidly evolving healthcare services ecosystem, leadership teams, boards and investors face increasing complexity from evolving healthcare policy, dynamic macroeconomic and capital markets conditions, innovative payment models and technological transformation. The addition of John and Rob to our team will further enhance our ability to deliver high-impact, strategic and financial advice, helping our clients to seize opportunities and navigate this changing competitive landscape." Prior to joining Lazard, John served as Managing Director at Allen & Co. where he advised healthcare companies across the healthcare services sector, including payors, providers, distributors, and companies at the intersection of healthcare and technology. Earlier in his career, he was a Resident in Orthopedic Surgery at the Hospital for Special Surgery. John holds an MBA from Harvard Business School, an MD from the Yale School of Medicine, and a BA in Biology from Harvard University. "I am excited to join Lazard's Healthcare team, a platform known for its deep sector expertise and commitment to delivering thoughtful, high-impact advice. The firm's entrepreneurial culture and global reach create a compelling opportunity to support clients as they navigate a rapidly evolving healthcare landscape," said John Koski.  Rob also joins Lazard from Allen & Co., where he was a Managing Director, advising on transactions across healthcare, including payors, providers, distributors, and companies at the intersection of healthcare and technology. Previously, Rob served as a Director in Healthcare at Citi as part of the Global Healthcare Investment Banking Group. He earned his MBA from NYU Stern and his bachelor's degree from Colgate University. "Lazard's Healthcare franchise offers a unique combination of strategic insight, client focus, and a highly collaborative environment. I am thrilled to join this team and help build on its strong momentum, partnering with clients to capitalize on growth opportunities and address today's dynamic healthcare ecosystem," said Rob Lowe.  About Lazard  Founded in 1848, Lazard is the preeminent financial advisory and asset management firm, with operations in North and South America, Europe, the Middle East, Asia, and Australia. Lazard provides advice on mergers and acquisitions, capital markets and capital solutions, restructuring and liability management, geopolitics, and other strategic matters, as well as asset management and investment solutions to institutions, corporations, governments, partnerships, family offices, and high net worth individuals. Lazard is listed on the New York Stock Exchange as Lazard, Inc. under the ticker LAZ. For more information, please visit Lazard.com and follow Lazard on LinkedIn. Investor Relations
 Alexandra Deignan
+1 212-632-6886
alexandra.deignan@lazard.comMedia Relations
Jessica Francisco
+1 212-632-6571
jessica.francisco@lazard.com                                     Shannon Houston
+1 212-632-6880
shannon.houston@lazard.com                                     



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Original: LAZARD EXPANDS ITS HEALTHCARE SERVICES TEAM WITH ADDITION OF JOHN KOSKI AND ROBERT LOWE

LAZARD REPORTS JANUARY 2026 ASSETS UNDER MANAGEMENTFebruary 10, 2026 6:45 AM
PR Newswire (US)

NEW YORK, Feb. 10, 2026 /PRNewswire/ -- Lazard, Inc. (NYSE: LAZ) reported today that its preliminary assets under management ("AUM") as of January 31, 2026 totaled approximately $267.0 billion. The month's AUM included market appreciation of $7.6 billion, net inflows of $2.9 billion and FX appreciation of $2.1 billion.







LAZARD, INC.ASSETS UNDER MANAGEMENT ("AUM")(unaudited)($ in millions)


As of:

 January 31,  December 31,

 20261 2025Equity
$195,775$184,472Fixed Income
35,75835,065Multi Asset
25,26724,783Alternatives
10,1539,980Total AUM
$266,953$254,300
(1) Preliminary – subject to adjustment
Note: In 2026 assets under management reporting has been expanded to include a multi asset classification. The comparable prior period has been recast to reflect the new presentation.About LazardFounded in 1848, Lazard is the preeminent financial advisory and asset management firm, with operations in North and South America, Europe, the Middle East, Asia, and Australia. Lazard provides advice on mergers and acquisitions, capital markets and capital solutions, restructuring and liability management, geopolitics, and other strategic matters, as well as asset management and investment solutions to institutions, corporations, governments, partnerships, family offices, and high net worth individuals. Lazard is listed on the New York Stock Exchange as Lazard, Inc. under the ticker LAZ. For more information, please visit Lazard.com and follow Lazard on LinkedIn.Cautionary Note Regarding Forward-Looking Statements:
This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, forward-looking statements can be identified by the use of forward-looking terminology such as "may," "might," "will," "should," "could," "would," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential," "target," "goal," "pipeline," or "continue," and the negative of these terms and other comparable terminology. These forward-looking statements, which are subject to known and unknown risks, uncertainties and assumptions about us, may include projections of our future financial performance based on our growth strategies, business plans and initiatives and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements.These factors include, but are not limited to, those discussed in our Annual Report on Form 10-K under Item 1A "Risk Factors," and also discussed from time to time in our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, including the following:Adverse general economic conditions or adverse conditions in global or regional financial markets;Changes in international trade policies and practices including the implementation of tariffs, proposed further tariffs, and responses from other jurisdictions, and the economic impacts, volatility and uncertainty resulting therefrom;A decline in our revenues, for example due to a decline in overall mergers and acquisitions (M&A) activity, our share of the M&A market or our assets under management (AUM);Losses caused by financial or other problems experienced by third parties;Losses due to unidentified or unanticipated risks;A lack of liquidity, i.e., ready access to funds, for use in our businesses; Competitive pressure on our businesses and on our ability to retain and attract employees at current compensation levels and;Changes in relevant tax laws, regulations or treaties or an adverse interpretation of those items.These risks and uncertainties are not exhaustive. Our SEC reports describe additional factors that could adversely affect our business and financial performance. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for our management to predict all risks and uncertainties, nor can management assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.As a result, there can be no assurance that the forward-looking statements included in this release will prove to be accurate or correct. Although we believe the statements reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance, achievements or events. Moreover, neither we nor any other person assumes responsibility for the accuracy or completeness of any of these forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. We are under no duty to update any of these forward-looking statements after the date of this release to conform our prior statements to actual results or revised expectations and we do not intend to do so.Lazard, Inc. is committed to providing timely and accurate information to the investing public, consistent with our legal and regulatory obligations. To that end, Lazard and its operating companies use their websites, and other social media sites to convey information about their businesses, including the anticipated release of quarterly financial results, quarterly financial, statistical and business-related information, and the posting of updates of assets under management in various mutual funds, hedge funds and other investment products managed by Lazard Asset Management LLC and Lazard Frères Gestion SAS. Investors can link to Lazard and its operating company websites through www.lazard.com.###Investor Contact:
Alexandra Deignan +1 212 632 6886
alexandra.deignan@lazard.comMedia Contacts:
Zoe Butt +44 20 7448 2802
zoe.butt@lazard.comAziz Nayani +1 212 632 6042
aziz.nayani@lazard.com



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Original: LAZARD REPORTS JANUARY 2026 ASSETS UNDER MANAGEMENT

Lazard Gains After Q4 Results Come in Ahead of ForecastsJanuary 29, 2026 9:25 AM
IH Market News
Lazard Inc. (NYSE:LAZ) reported stronger-than-expected fourth-quarter earnings and revenue on Thursday, supported by solid contributions from both its advisory and asset management businesses.Shares of the financial advisory and asset management group rose 1.46% in pre-market trading following the release.Adjusted earnings for the quarter reached $0.80 per share, beating the consensus estimate of $0.69. Revenue totaled $907 million, well above analysts’ expectations of $845.34 million. Adjusted net revenue for the quarter increased 10% year on year to $892.1 million.Within the business, Financial Advisory generated adjusted net revenue of $542 million in the fourth quarter, up 7% from a year earlier. Asset Management delivered particularly strong growth, with adjusted net revenue rising 18% to $339 million and assets under management climbing 12% to $254 billion.“2025 demonstrates our ongoing focus on executing our Lazard 2030 long-term growth strategy, with record revenue in Financial Advisory and record gross inflows in Asset Management,” said Peter R. Orszag, CEO and Chairman of Lazard. “Efforts to transform both businesses over the past two years are gaining traction and delivering results.”For the full year, Lazard posted adjusted earnings of $2.44 per share on adjusted net revenue of $3.03 billion, representing increases of 4% and 5%, respectively, compared with 2024.The firm also announced the appointment of Tracy Farr as Chief Financial Officer, effective February 1, 2026.In addition, Lazard declared a quarterly dividend of $0.50 per share, payable on February 20, 2026, to shareholders on record as of February 9, 2026.Lazard stock price

Original: Lazard Gains After Q4 Results Come in Ahead of Forecasts

Lazard Reports Fourth Quarter and Full Year 2025 ResultsJanuary 29, 2026 6:30 AM
PR Newswire (US)

Record full-year Financial Advisory adjusted net revenue of $1.8 billionRecord full-year Asset Management inflows and total AUM up 12% year-over-yearFinancial Advisory ahead of 2030 targets, with revenue per MD of $8.9 million1 and 21 Managing Directors hired during 2025NEW YORK, Jan. 29, 2026 /PRNewswire/ -- Lazard, Inc. (NYSE: LAZ) today reported net revenue of $907 million and adjusted net revenue2 of $892 million for the quarter ended December 31, 2025. For the full year of 2025, Lazard reported net revenue of $3,099 million and adjusted net revenue2 of $3,030 million.







On a U.S. GAAP basis, Lazard reported fourth-quarter 2025 net income of $50 million or $0.45 per share, diluted. For the full year of 2025, net income on a U.S. GAAP basis was $237 million or $2.17 per share, diluted. For the fourth quarter 2025, adjusted net income2 was $89 million or $0.80 per share, diluted. For the full year of 2025, adjusted net income2 was $266 million or $2.44 per share, diluted."2025 demonstrates our ongoing focus on executing our Lazard 2030 long-term growth strategy, with record revenue in Financial Advisory and record gross inflows in Asset Management," said Peter R. Orszag, CEO and Chairman of Lazard. "Efforts to transform both businesses over the past two years are gaining traction and delivering results. With favorable business conditions and strong client demand for contextual alpha—combining business decision-making with broader macroeconomic and geopolitical perspective—Lazard is well positioned for substantial growth opportunities ahead."Today, Lazard also announced that Tracy Farr has been appointed Chief Financial Officer. You can read the full press release on Lazard.com.(Selected results, $ in millions,Three Months Ended
Year Endedexcept per share data and AUM)December 31,
December 31,U.S. GAAP Financial Measures2025
2024
% '25-'24
2025
2024
% '25-'24Net Revenue$907
$817
11 %
$3,099
$3,052
2 %Financial Advisory$542
$520
4 %
$1,834
$1,756
4 %Asset Management$367
$312
18 %
$1,275
$1,187
7 %











Net Income$50
$86
(42 %)
$237
$280
(15 %)Per share, diluted$0.45
$0.80
(44 %)
$2.17
$2.68
(19 %)











Adjusted Financial Measures2










Net Revenue$892
$812
10 %
$3,030
$2,890
5 %Financial Advisory$542
$508
7 %
$1,825
$1,731
5 %Asset Management$339
$287
18 %
$1,166
$1,100
6 %











Net Income$89
$85
5 %
$266
$244
9 %Per share, diluted$0.80
$0.78
3 %
$2.44
$2.34
4 %











Assets Under Management (AUM)($ in billions)










Ending AUM$254
$226
12 %





Average AUM$261
$234
12 %
$247
$243
2 % Note: Reconciliations of U.S. GAAP to Adjusted results are shown on pages 14-16. Endnotes are on page 5 of this release.NET REVENUEFinancial AdvisoryFor the fourth quarter of 2025, Financial Advisory reported both net revenue and adjusted net revenue2 of $542 million, 4% and 7% higher than the fourth quarter of 2024, respectively.For the full year of 2025, Financial Advisory reported net revenue and adjusted net revenue2 of $1,834 million and $1,825 million, 4% and 5% higher than the full year of 2024, respectively.Lazard is one of the world's leading independent financial advisors, serving as a trusted partner to clients on significant and complex M&A transactions. During and since the fourth quarter of 2025, selected highlights include (clients are in italics):Kellanova's $35.9 billion acquisition by MarsConstellation Energy's $26.6 billion acquisition of CalpineAkzoNobel's $25.0 billion combination with AxaltaTPG's €6.7 billion acquisition of Techem by Partners Group and a consortium of minority investors including GIC, TPG Rise Climate and MubadalaInvestindustrial's $2.9 billion acquisition of TreeHouse FoodsAtlas Holding's $1.0 billion acquisition of ODP Corporation (Office Depot)Goodyear Tire & Rubber's $650 million sale of Chemical Business to Gemspring CapitalLocusview's $525 million acquisition by ItronAudi Group's sale of a majority stake in Italdesign to UST GlobalApollo's acquisition of Prosol Group3Cloud's acquisition by CognizantLazard provides tailored advice, expertise and access to a broad universe of capital providers through our Private Capital Advisory and Capital Solutions practices. Private equity assignments include advising CVC Capital Partners on multiple engagements, Odyssey Investment Partners on a continuation fund, and advising on the closing of EIR Partner's Fund III. In addition, capital structure and debt raising assignments include Lighthouse, NeXtwind, and Ørsted.Lazard's preeminent restructuring and liability management practice has been engaged in a broad range of mandates including debtor roles involving Anastasia Beverly Hills, Bourbon, First Brands Group, Pine Gate Renewables, and Superior Industries, and creditor roles involving Modivcare, Saks Global, and SI Group. In addition, our sovereign advisory practice continues to be active in advising governments and sovereign entities across developed and emerging markets.For a list of publicly announced transactions please visit our website or follow Lazard on LinkedIn. Asset ManagementFor the fourth quarter of 2025, Asset Management reported net revenue and adjusted net revenue2 of $367 million and $339 million, respectively, both 18% higher than the fourth quarter of 2024.Management fees and other revenue, on an adjusted basis2, were $301 million for the fourth quarter of 2025, 17% higher than the fourth quarter of 2024, and 6% higher than the third quarter of 2025.Incentive fees on an adjusted basis2 were $37 million for the fourth quarter of 2025, compared to $29 million for the fourth quarter of 2024.Average assets under management (AUM) was $261 billion for the fourth quarter of 2025, 12% higher than the fourth quarter of 2024, and 1% higher than the third quarter of 2025.For the full year of 2025, Asset Management net revenue and adjusted net revenue2 were $1,275 million and $1,166 million, 7% and 6% higher than the full year of 2024, respectively.Management fees and other revenue, on an adjusted basis2, were $1,107 million for the full year of 2025, 5% higher than the full year of 2024.Incentive fees on an adjusted basis2 were $59 million for the full year of 2025, compared to $43 million for the full year of 2024.Average AUM for the full year of 2025 was $247 billion, 2% higher than the full year of 2024. AUM as of December 31, 2025 was $254 billion, 12% higher than December 31, 2024, and 4% lower than September 30, 2025. The change from December 31, 2024 was driven by market appreciation of $35.0 billion, net outflows of $18.1 billion, and foreign exchange appreciation of $11.1 billion. Excluding one large U.S. sub-advised relationship, net inflows were $8.4 billion for the full year 2025.OPERATING EXPENSESCompensation and Benefits ExpenseFor the fourth quarter of 2025, compensation and benefits expense on a U.S. GAAP and an adjusted basis2 was $638 million and $585 million, respectively, compared to $534 million and $533 million, respectively, for the fourth quarter of 2024. The adjusted compensation ratio3 for the fourth quarter of 2025 was 65.5%, compared to the fourth-quarter 2024 ratio of 65.6%.For the full year of 2025, compensation and benefits expense on a U.S. GAAP and an adjusted basis2 was $2,085 million and $1,985 million, respectively, compared to $2,003 million and $1,903 million, respectively, for the full year of 2024. The adjusted compensation ratio3 for the full year of 2025 was 65.5%, compared to 65.9% for the full year of 2024.We focus on the adjusted compensation ratio3 to manage costs, balancing a view of current conditions in the market for talent alongside our objective to drive long-term shareholder value. As part of our Lazard 2030 vision and long-term growth strategy, we aim to deliver an adjusted compensation ratio3 of 60% or below, with timing dependent on market conditions.Non-Compensation ExpensesFor the fourth quarter of 2025, non-compensation expenses on a U.S. GAAP basis were $183 million, in line with the fourth quarter of 2024. On an adjusted basis2, non-compensation expenses were $159 million, 3% higher than the fourth quarter of 2024.The adjusted non-compensation ratio4 was 17.8% for the fourth quarter of 2025, compared to 19.0% for the fourth quarter of 2024.For the full year of 2025, non-compensation expenses on a U.S. GAAP basis were $705 million, 5% higher than the full year of 2024. On an adjusted basis2, non-compensation expenses were $613 million, 7% higher than the full year of 2024.The adjusted non-compensation ratio4 was 20.2% for the full year of 2025, compared to 19.9% for the full year of 2024.As part of our Lazard 2030 vision and long-term growth strategy, we aim to deliver an adjusted non-compensation ratio4 between 16% to 20%, with timing dependent on market conditions.TAXESThe provision for income taxes on a U.S. GAAP and an adjusted basis2 was $31 million and $37 million, respectively, for the fourth quarter of 2025, which equates to an effective tax rate of 36.2% on a U.S. GAAP basis and 29.5% on an adjusted basis2.The provision for income taxes on a U.S. GAAP and an adjusted basis2 was $77 million and $78 million, respectively, for the full year of 2025, which equates to an effective tax rate of 23.4% on a U.S. GAAP basis and 22.7% on an adjusted basis2.CAPITAL MANAGEMENT AND BALANCE SHEETIn the fourth quarter of 2025, Lazard returned $98 million to shareholders, which included: $47 million in dividends; $50 million in repurchases of our common stock; and $0.4 million in satisfaction of employee tax obligations in lieu of share issuances upon vesting of equity grants.In the full year of 2025, Lazard returned $393 million to shareholders, which included: $187 million in dividends; $91 million in repurchases of our common stock; and $115 million in satisfaction of employee tax obligations in lieu of share issuances upon vesting of equity grants.In the fourth quarter of 2025, we repurchased 1.0 million shares at an average price of $49.12. During the full year of 2025, we repurchased 1.9 million shares at an average price of $47.97. As of December 31, 2025, our total outstanding share repurchase authorization was approximately $109 million.On January 28, 2026, Lazard declared a quarterly dividend of $0.50 per share on its outstanding common stock. The dividend is payable on February 20, 2026, to stockholders of record on February 9, 2026.Lazard's financial position remains strong. As of December 31, 2025, our cash and cash equivalents were $1,469 million.ENDNOTES1    Revenue per MD is calculated as Financial Advisory adjusted net revenue divided by the average number of Financial Advisory Managing Directors. 2    A non-GAAP measure. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for the corresponding U.S. GAAP measures and should be read only in conjunction with our consolidated financial statements prepared in accordance with U.S. GAAP. See attached financial schedules and related notes for a detailed explanation of adjustments to corresponding U.S. GAAP results. We believe that presenting our results on an adjusted basis, in addition to the U.S. GAAP results, is a meaningful and useful way to compare our operating results across periods. 3   A non-GAAP measure which represents adjusted compensation and benefits expense as a percentage of adjusted net revenue. 4   A non-GAAP measure which represents adjusted non-compensation expenses as a percentage of adjusted net revenue.CONFERENCE CALLLazard will host a conference call at 8:00 a.m. ET on January 29, 2026, to discuss the company's financial results for the fourth quarter and full year of 2025. The conference call can be accessed via a live audio webcast available through Lazard's Investor Relations website at www.lazard.com, or by dialing +1 800-445-7795 (toll-free, U.S. and Canada) or +1 785-424-1699 (outside of the U.S. and Canada), 15 minutes prior to the start of the call. Conference ID: LAZQ425.A replay of the conference call will be available by 10:00 a.m. ET, January 29, 2026, via the Lazard Investor Relations website at www.lazard.com, or by dialing +1 800-839-5109 (toll-free, U.S. and Canada) or +1 402-220-2688 (outside of the U.S. and Canada).ABOUT LAZARDFounded in 1848, Lazard is the preeminent financial advisory and asset management firm, with operations in North and South America, Europe, the Middle East, Asia, and Australia. Lazard provides advice on mergers and acquisitions, capital markets and capital solutions, restructuring and liability management, geopolitics, and other strategic matters, as well as asset management and investment solutions to institutions, corporations, governments, partnerships, family offices, and high net worth individuals. Lazard is listed on the New York Stock Exchange as Lazard, Inc. under the ticker LAZ. For more information, please visit Lazard.com and Lazard on LinkedIn.Cautionary Note Regarding Forward-Looking Statements:This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, forward-looking statements can be identified by the use of forward-looking terminology such as "may," "might," "will," "should," "could," "would," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential," "target," "goal," "pipeline," or "continue," and the negative of these terms and other comparable terminology. These forward-looking statements, which are subject to known and unknown risks, uncertainties and assumptions about us, may include projections of our future financial performance based on our growth strategies, business plans and initiatives and anticipated trends in our business. These forward-looking statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements.These factors include, but are not limited to, those discussed in our Annual Report on Form 10-K under Item 1A "Risk Factors," and also discussed from time to time in our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, including the following:Adverse general economic conditions or adverse conditions in global or regional financial markets;Changes in international trade policies and practices including the implementation of tariffs, proposed further tariffs, and responses from other jurisdictions, the risk of potential government shutdowns, and the economic impacts, volatility and uncertainty resulting therefrom; A decline in our revenues, for example due to a decline in overall mergers and acquisitions (M&A) activity, our share of the M&A market or our assets under management (AUM);Losses caused by financial or other problems experienced by third parties;Losses due to unidentified or unanticipated risks;A lack of liquidity, i.e., ready access to funds, for use in our businesses; Competitive pressure on our businesses and on our ability to retain and attract employees at current compensation levels; andChanges in relevant tax laws, regulations or treaties or an adverse interpretation of those itemsThese risks and uncertainties are not exhaustive. Our SEC reports describe additional factors that could adversely affect our business and financial performance. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for our management to predict all risks and uncertainties, nor can management assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.As a result, there can be no assurance that the forward-looking statements included in this release will prove to be accurate or correct. Although we believe the statements reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance, achievements or events. Moreover, neither we nor any other person assumes responsibility for the accuracy or completeness of any of these forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. We are under no duty to update any of these forward-looking statements after the date of this release to conform our prior statements to actual results or revised expectations and we do not intend to do so.Lazard, Inc. is committed to providing timely and accurate information to the investing public, consistent with our legal and regulatory obligations. To that end, Lazard and its operating companies use their websites, and other social media sites to convey information about their businesses, including the anticipated release of quarterly financial results, quarterly financial, statistical and business-related information, and the posting of updates of assets under management in various mutual funds, hedge funds and other investment products managed by Lazard Asset Management LLC and Lazard Frères Gestion SAS. Investors can link to Lazard and its operating company websites through www.lazard.com.
 CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS(U.S. GAAP - unaudited) 
Three Months Ended
% Change From
December 31,
September 30,
December 31,
September 30,
December 31,($ in thousands, except per share data)2025
2025
2024
2025
2024









REVENUE








Total revenue$929,378
$770,764
$839,018
21 %
11 %Interest expense(22,657)
(22,686)
(22,149)



Net revenue906,721
748,078
816,869
21 %
11 %









OPERATING EXPENSES








Compensation and benefits637,694
498,212
534,423
28 %
19 %









Occupancy and equipment31,579
31,908
33,798



Marketing and business development35,077
26,085
28,572



Technology and information services48,845
48,862
47,573



Professional services23,708
20,951
23,954



Fund administration and outsourced services33,077
32,390
25,923



Other10,418
14,886
23,779



Non-compensation expenses182,704
175,082
183,599
4 %
– %Provision (benefit) pursuant to tax receivable agreement1,371
(20,146)
(8,237)



Operating expenses821,769
653,148
709,785
26 %
16 %









Operating income84,952
94,930
107,084
(11 %)
(21 %)









Provision for income taxes30,738
21,430
28,788
43 %
7 %Net income54,214
73,500
78,296
(26 %)
(31 %)Net income (loss) attributable to noncontrolling interests4,351
2,253
(8,014)



Net income attributable to Lazard, Inc.$49,863
$71,247
$86,310
(30 %)
(42 %)









Attributable to Lazard, Inc. Common Stockholders:








Weighted average shares outstanding:








         Basic99,014,231
98,112,393
94,783,104
1 %
4 %         Diluted107,610,166
108,001,762
106,113,813
– %
1 %









Net income per share:








         Basic$0.49
$0.71
$0.89
(31 %)
(45 %)         Diluted$0.45
$0.65
$0.80
(31 %)
(44 %) CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS(U.S. GAAP - unaudited) 
Year Ended
December 31,
December 31,

($ in thousands, except per share data)2025
2024
% Change





REVENUE




Total revenue$3,186,466
$3,139,904
1 %Interest expense(87,619)
(88,067)

Net revenue3,098,847
3,051,837
2 %





OPERATING EXPENSES




Compensation and benefits2,085,384
2,003,212
4 %





Occupancy and equipment132,603
132,935

Marketing and business development118,486
99,446

Technology and information services193,195
183,524

Professional services88,085
87,109

Fund administration and outsourced services122,066
107,173

Other50,205
60,203

Non-compensation expenses704,640
670,390
5 %Benefit pursuant to tax receivable agreement(18,775)
(8,237)

Operating expenses2,771,249
2,665,365
4 %





Operating income327,598
386,472
(15 %)





Provision for income taxes76,578
99,764
(23 %)Net income251,020
286,708
(12 %)Net income attributable to noncontrolling interests14,189
6,796

Net income attributable to Lazard, Inc.$236,831
$279,912
(15 %)





Attributable to Lazard, Inc. Common Stockholders:




Weighted average shares outstanding:




         Basic97,479,092
93,139,352
5 %         Diluted106,338,079
102,392,171
4 %





Net income per share:




         Basic$2.37
$2.93
(19 %)         Diluted$2.17
$2.68
(19 %) CONDENSED CONSOLIDATEDSTATEMENT OF FINANCIAL CONDITION(U.S. GAAP - unaudited) 
As of
December 31,
December 31,($ in thousands)2025
2024



ASSETS



Cash and cash equivalents$1,469,416
$1,308,218Deposits with banks and short-term investments167,134
268,684Restricted cash34,021
32,466Receivables897,786
753,623Investments625,846
614,947Property168,005
160,402Operating lease right-of-use assets412,584
434,938Goodwill and other intangible assets395,262
393,575Deferred tax assets459,087
479,582Other assets311,593
347,558



Total Assets$4,940,734
$4,793,993



LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS & STOCKHOLDERS' EQUITY



Liabilities






Deposits and other customer payables$330,852
$308,213Accrued compensation and benefits794,754
844,953Operating lease liabilities485,149
505,483Senior debt1,688,086
1,687,052Other liabilities652,763
683,509Total liabilities3,951,604
4,029,210



Commitments and contingencies






Redeemable noncontrolling interests78,379
79,629



Stockholders' equity






Preferred stock, par value $.01 per share–
–Common stock, par value $.01 per share1,117
1,128Additional paid-in capital340,351
327,810Retained earnings1,488,107
1,472,113Accumulated other comprehensive loss, net of tax(271,509)
(326,742)Subtotal1,558,066
1,474,309Common stock held in treasury, at cost(684,411)
(838,069)Total Lazard, Inc. stockholders' equity873,655
636,240Noncontrolling interests37,096
48,914Total stockholders' equity910,751
685,154



Total liabilities, redeemable noncontrolling interests and stockholders' equity$4,940,734
$4,793,993 SELECTED SUMMARY FINANCIAL INFORMATION(Adjusted Basis - Non-GAAP - unaudited) 
Three Months Ended
% Change From
December 31,
September 30,
December 31,
September 30,
December 31,($ in thousands, except per share data)2025
2025
2024
2025
2024









Net Revenue:


















Financial Advisory$541,628
$422,279
$507,672
28 %
7 %Asset Management338,589
294,189
287,211
15 %
18 %Corporate 11,892
8,185
17,550
45 %
(32 %)









Adjusted net revenue$892,109
$724,653
$812,433
23 %
10 %









Expenses:


















Adjusted compensation and benefits expense$584,659
$474,647
$532,563
23 %
10 %Adjusted compensation ratio (a)65.5 %
65.5 %
65.6 %













Adjusted non-compensation expenses$158,890
$148,665
$154,002
7 %
3 %Adjusted non-compensation ratio (b) 17.8 %
20.5 %
19.0 %













Earnings:


















Adjusted operating income$148,560
$101,341
$125,868
47 %
18 %Adjusted operating margin (c)16.7 %
14.0 %
15.5 %













Adjusted net income$88,771
$61,872
$84,929
43 %
5 %









Adjusted diluted net income per share$0.80
$0.56
$0.78
43 %
3 %









Adjusted diluted weighted average shares (d)111,064,073
110,354,682
108,357,556
1 %
2 %









Adjusted effective tax rate (e)29.5 %
21.4 %
18.1 %



This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for the corresponding U.S. GAAP measures and should be read only in conjunction with our consolidated financial statements prepared in accordance with U.S. GAAP. For a detailed explanation of the adjustments made to the corresponding U.S. GAAP measures, see Reconciliation of U.S. GAAP to Adjusted Results and Notes to Financial Schedules.__________________________________________________________________________________________________________See Notes to Financial Schedules SELECTED SUMMARY FINANCIAL INFORMATION(Adjusted Basis - Non-GAAP - unaudited) 
Year Ended
December 31,
December 31,

($ in thousands, except per share data)2025
2024
% Change





Net Revenue:










Financial Advisory$1,824,809
$1,731,049
5 %Asset Management1,165,763
1,099,874
6 %Corporate 39,241
58,631
(33 %)





Adjusted net revenue$3,029,813
$2,889,554
5 %





Expenses:










Adjusted compensation and benefits expense$1,984,855
$1,903,463
4 %Adjusted compensation ratio (a)65.5 %
65.9 %







Adjusted non-compensation expenses$612,808
$575,146
7 %Adjusted non-compensation ratio (b)20.2 %
19.9 %







Earnings:










Adjusted operating income$432,150
$410,945
5 %Adjusted operating margin (c)14.3 %
14.2 %







Adjusted net income$266,364
$244,110
9 %





Adjusted diluted net income per share$2.44
$2.34
4 %





Adjusted diluted weighted average shares (d)108,947,912
104,398,248
4 %





Adjusted effective tax rate (e)22.7 %
24.4 %

This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for the corresponding U.S. GAAP measures and should be read only in conjunction with our consolidated financial statements prepared in accordance with U.S. GAAP. For a detailed explanation of the adjustments made to the corresponding U.S. GAAP measures, see Reconciliation of U.S. GAAP to Adjusted Results and Notes to Financial Schedules.__________________________________________________________________________________________________________See Notes to Financial Schedules COMPENSATION AND BENEFITS EXPENSE - ANALYSIS(Adjusted Basis - Non-GAAP - unaudited) 



Year Ended



December 31,($ in millions)2025
2024
2023
2022
2021
2020
2019
















Base salary$579
$547
$558
$535
$487
$455
$447
















Benefits and other396
345
291
293
287
228
258
















Current cash incentive compensation (f)583
587
365
458
662
435
391
















Total cash compensation, benefits and other 1,558
1,479
1,213
1,286
1,436
1,118
1,096
















Amortization of deferred incentive awards427
424
489
371
400
384
368
















Adjusted compensation and benefits expense$1,985
$1,903
$1,703
$1,657
$1,836
$1,502
$1,464
















Adjusted compensation ratio (a)65.5 %
65.9 %
69.8 %
59.8 %
58.5 %
59.5 %
57.5 %

































Memo:





























Adjusted net revenue$3,030
$2,890
$2,440
$2,769
$3,139
$2,524
$2,546This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for the corresponding U.S. GAAP measures and should be read only in conjunction with our consolidated financial statements prepared in accordance with U.S. GAAP. For a detailed explanation of the adjustments made to the corresponding U.S. GAAP measures, see Reconciliation of U.S. GAAP to Selected Summary Financial Information and Notes to Financial Schedules.__________________________________________________________________________________________________________See Notes to Financial Schedules ASSETS UNDER MANAGEMENT(unaudited) 
As of
% Change From
December 31,
September 30,
December 31,
September 30,
December 31,($ in millions)2025
2025
2024
2025
2024









Equity:








Emerging Markets$41,121
$37,737
$27,926
9.0 %
47.2 %Global69,192
66,695
49,058
3.7 %
41.0 %Local36,973
52,445
49,750
(29.5 %)
(25.7 %)Multi-Regional51,970
51,633
48,204
0.7 %
7.8 %Total Equity199,256
208,510
174,938
(4.4 %)
13.9 %Fixed Income:








Emerging Markets4,856
5,191
6,919
(6.5 %)
(29.8 %)Global12,038
12,625
11,138
(4.6 %)
8.1 %Local5,166
5,268
5,617
(1.9 %)
(8.0 %)Multi-Regional23,582
24,102
19,612
(2.2 %)
20.2 %Total Fixed Income45,642
47,186
43,286
(3.3 %)
5.4 %Alternative Investments3,842
3,616
2,917
6.3 %
31.7 %Private Wealth Alternative Investments3,343
3,163
3,097
5.7 %
7.9 %Private Equity 1,576
1,477
1,514
6.7 %
4.1 %Cash Management641
585
569
9.6 %
12.7 %Total AUM$254,300
$264,537
$226,321
(3.9 %)
12.4 %




















Three Months Ended
Year Ended
December 31,
September 30,
December 31,
December 31,
December 31,
2025
2025
2024
2025
2024









AUM - Beginning of Period$264,537
$248,360
$247,657
$226,321
$246,651









Net Flows(19,713)
4,575
(10,068)
(18,120)
(35,676)Market and foreign exchange








    appreciation (depreciation)9,476
11,602
(11,268)
46,099
15,346









AUM - End of Period$254,300
$264,537
$226,321
$254,300
$226,321









Average AUM$261,075
$257,358
$233,813
$246,851
$243,003









% Change in Average AUM

1.4 %
11.7 %


1.6 %Note: Average AUM generally represents the average of the monthly ending AUM balances for the period. 
 RECONCILIATION OF U.S. GAAP TO ADJUSTED RESULTS(unaudited) 

Three Months Ended
Year Ended

December 31,
September 30,
December 31,
December 31,
December 31,($ in thousands)2025
2025
2024
2025
2024










Net RevenueFinancial Advisory net revenue - U.S. GAAP$542,303
$427,335
$520,451
$1,834,303
$1,756,183Adjustments:









Reimbursable deal costs, provision for credit losses and other (g)(601)
(5,061)
(12,780)
(9,433)
(25,764)
Interest expense (credit) (h)(74)
5
1
(61)
43
Losses associated with cost-saving initiatives (i)–
–
–
–
587Adjusted Financial Advisory net revenue$541,628
$422,279
$507,672
$1,824,809
$1,731,049










Asset Management net revenue - U.S. GAAP$367,119
$327,029
$312,136
$1,274,726
$1,186,977Adjustments:









Noncontrolling interests and similar arrangements (j)(7,432)
(12,765)
(8,893)
(32,272)
(22,214)
Distribution fees and other (g)(21,102)
(20,083)
(16,038)
(76,712)
(64,901)
Interest expense (h)4
8
6
21
12Adjusted Asset Management net revenue$338,589
$294,189
$287,211
$1,165,763
$1,099,874










Corporate net revenue - U.S. GAAP($2,701)
($6,286)
($15,718)
($10,182)
$108,677Adjustments:









Noncontrolling interests and similar arrangements (j)(4,312)
(3,327)
2,476
(13,575)
(7,339)
(Gains) losses related to Lazard Fund Interests ("LFI") and similar arrangements (k)(3,749)
(4,823)
8,728
(24,324)
(16,176)
Interest expense (h)22,654
22,621
22,064
87,322
87,740
Gain on sale of property (l)–
–
–
–
(114,271)Adjusted Corporate net revenue$11,892
$8,185
$17,550
$39,241
$58,631










Net revenue - U.S. GAAP$906,721
$748,078
$816,869
$3,098,847
$3,051,837Adjustments:









Noncontrolling interests and similar arrangements (j)(11,744)
(16,092)
(6,417)
(45,847)
(29,553)
(Gains) losses related to Lazard Fund Interests ("LFI") and similar arrangements (k)(3,749)
(4,823)
8,728
(24,324)
(16,176)
Distribution fees, reimbursable deal costs, provision for credit losses and other (g)(21,703)
(25,144)
(28,818)
(86,145)
(90,665)
Interest expense (h)22,584
22,634
22,071
87,282
87,795
Losses associated with cost-saving initiatives (i)–
–
–
–
587
Gain on sale of property (l)–
–
–
–
(114,271)Adjusted net revenue$892,109
$724,653
$812,433
$3,029,813
$2,889,554This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for the corresponding U.S. GAAP measures and should be read only in conjunction with our consolidated financial statements prepared in accordance with U.S. GAAP. For a detailed explanation of the adjustments made to the corresponding U.S. GAAP measures, see Notes to Financial Schedules.__________________________________________________________________________________________________________See Notes to Financial Schedules 
 RECONCILIATION OF U.S. GAAP TO ADJUSTED RESULTS(unaudited) 

Three Months Ended
Year Ended

December 31,
September 30,
December 31,
December 31,
December 31,($ in thousands, except per share data)2025
2025
2024
2025
2024










Compensation and Benefits Expense  Compensation and benefits expense - U.S. GAAP$637,694
$498,212
$534,423
$2,085,384
$2,003,212Adjustments: 









Noncontrolling interests and similar arrangements (j)(5,310)
(12,594)
(13,707)
(26,081)
(19,961)
(Charges) credits pertaining to LFI and similar arrangements (m)(3,749)
(4,823)
8,728
(24,324)
(16,176)
Expenses associated with senior management transition (n)(43,976)
(6,148)
–
(50,124)
–
Expenses associated with cost-saving initiatives–
–
–
–
(46,610)
Expenses associated with sale of property (o)–
–
3,119
–
(17,002)Adjusted compensation and benefits expense$584,659
$474,647
$532,563
$1,984,855
$1,903,463










Non-Compensation ExpensesNon-compensation expenses - U.S. GAAP$182,704
$175,082
$183,599
$704,640
$670,390Adjustments:









Noncontrolling interests and similar arrangements (j)(2,085)
(1,246)
(726)
(5,582)
(2,805)
Distribution fees, reimbursable deal costs, provision for credit losses and other (g)(21,703)
(25,144)
(28,818)
(86,145)
(90,665)
Amortization and other acquisition-related costs(26)
(27)
(53)
(105)
(242)
Expenses associated with cost-saving initiatives–
–
–
–
(1,532)Adjusted non-compensation expenses$158,890
$148,665
$154,002
$612,808
$575,146










Operating IncomeOperating income - U.S. GAAP$84,952
$94,930
$107,084
$327,598
$386,472Adjustments:









Noncontrolling interests and similar arrangements (j)(4,349)
(2,252)
8,016
(14,184)
(6,787)
Interest expense (h)22,584
22,634
22,071
87,282
87,795
Amortization and other acquisition-related costs26
27
53
105
242
Expenses associated with senior management transition (n)43,976
6,148
–
50,124
–
Losses associated with cost-saving initiatives (i)–
–
–
–
587
Expenses associated with cost-saving initiatives–
–
–
–
48,142
Gain on sale of property (l)–
–
–
–
(114,271)
Expenses associated with sale of property (o)–
–
(3,119)
–
17,002
Provision (benefit) pursuant to tax receivable agreement obligation ("TRA") (p)1,371
(20,146)
(8,237)
(18,775)
(8,237)Adjusted operating income$148,560
$101,341
$125,868
$432,150
$410,945










Provision for Income TaxesProvision for income taxes - U.S. GAAP$30,738
$21,430
$28,788
$76,578
$99,764Adjustment:









Tax effect of adjustments6,439
(4,623)
(9,975)
1,816
(20,972)Adjusted provision for income taxes$37,177
$16,807
$18,813
$78,394
$78,792










Net Income attributable to Lazard, Inc.Net income attributable to Lazard, Inc. - U.S. GAAP$49,863
$71,247
$86,310
$236,831
$279,912Adjustments:









Expenses associated with senior management transition (n)43,976
6,148
–
50,124
–
Losses associated with cost-saving initiatives (i)–
–
–
–
587
Expenses associated with cost-saving initiatives–
–
–
–
48,142
Gain on sale of property (l)–
–
–
–
(114,271)
Expenses associated with sale of property (o)–
–
(3,119)
–
17,002
Provision (benefit) pursuant to tax receivable agreement obligation ("TRA") (p)1,371
(20,146)
(8,237)
(18,775)
(8,237)
Noncontrolling interests effect of adjustments–
–
–
–
3
Tax effect of adjustments(6,439)
4,623
9,975
(1,816)
20,972Adjusted net income$88,771
$61,872
$84,929
$266,364
$244,110










Diluted Weighted Average Shares OutstandingDiluted weighted average shares outstanding - U.S. GAAP107,610,166
108,001,762
106,113,813
106,338,079
102,392,171Adjustment:









Participating securities including profits interest participation rights and other3,453,907
2,352,920
2,243,743
2,609,833
2,006,077Adjusted diluted weighted average shares outstanding (d)111,064,073
110,354,682
108,357,556
108,947,912
104,398,248










Diluted Net Income per ShareDiluted net income per share - U.S. GAAP$0.45
$0.65
$0.80
$2.17
$2.68Diluted net income effect of adjustments0.35
(0.09)
(0.02)
0.27
(0.34)Adjusted net income per share$0.80
$0.56
$0.78
$2.44
$2.34This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for the corresponding U.S. GAAP measures and should be read only in conjunction with our consolidated financial statements prepared in accordance with U.S. GAAP. For a detailed explanation of the adjustments made to the corresponding U.S. GAAP measures, see Notes to Financial Schedules.__________________________________________________________________________________________________________See Notes to Financial Schedules RECONCILIATION OF NON-COMPENSATION EXPENSES U.S. GAAP TO ADJUSTED(unaudited) 
Three Months Ended
Year Ended
December 31,
September 30,
December 31,
December 31,
December 31,($ in thousands)2025
2025
2024
2025
2024









Non-compensation expenses - U.S. GAAP:








Occupancy and equipment $31,579
$31,908
$33,798
$132,603
$132,935Marketing and business development35,077
26,085
28,572
118,486
99,446Technology and information services48,845
48,862
47,573
193,195
183,524Professional services23,708
20,951
23,954
88,085
87,109Fund administration and outsourced services33,077
32,390
25,923
122,066
107,173Other10,418
14,886
23,779
50,205
60,203Non-compensation expenses - U.S. GAAP$182,704
$175,082
$183,599
$704,640
$670,390









Non-compensation expenses - Adjustments:








Occupancy and equipment (j)($99)
($98)
($93)
($387)
($1,849)Marketing and business development (g) (j)(5,885)
(3,989)
(4,501)
(16,563)
(12,588)Technology and information services (g) (j)(52)
(39)
(30)
(154)
(180)Professional services (g) (j)(1,310)
(957)
(1,368)
(4,934)
(4,596)Fund administration and outsourced services (g) (j)(19,121)
(18,814)
(14,942)
(71,522)
(62,226)Other (g) (j)2,653
(2,520)
(8,662)
1,728
(13,805)Non-compensation expenses - Adjustments($23,814)
($26,417)
($29,596)
($91,832)
($95,244)









Adjusted non-compensation expenses:








Occupancy and equipment $31,480
$31,810
$33,705
$132,216
$131,086Marketing and business development29,192
22,096
24,071
101,923
86,858Technology and information services48,793
48,823
47,543
193,041
183,344Professional services22,398
19,994
22,586
83,151
82,513Fund administration and outsourced services13,956
13,576
10,980
50,544
44,947Other13,071
12,366
15,117
51,933
46,398Adjusted non-compensation expenses$158,890
$148,665
$154,002
$612,808
$575,146This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for the corresponding U.S. GAAP measures and should be read only in conjunction with our consolidated financial statements prepared in accordance with U.S. GAAP. For a detailed explanation of the adjustments made to the corresponding U.S. GAAP measures, see Notes to Financial Schedules.__________________________________________________________________________________________________________See Notes to Financial Schedules Notes to Financial Schedules(a)A non-GAAP measure which represents adjusted compensation and benefits expense as a percentage of adjusted net revenue.










(b)A non-GAAP measure which represents adjusted non-compensation expenses as a percentage of adjusted net revenue.










(c)A non-GAAP measure which represents adjusted operating income as a percentage of adjusted net revenue.










(d)A non-GAAP measure which includes units of the long-term incentive compensation program consisting of profits interest participation rights, which are equity incentive awards that, subject to certain conditions, may be exchanged for shares of our common stock. Certain profits interest participation rights may be excluded from the computations to U.S. GAAP net income per share. In addition, this measure includes the dilutive effect of the weighted average number of shares of common stock issuable from share-based compensation programs.










(e)A non-GAAP measure which represents the adjusted provision for income taxes as a percentage of adjusted operating income less interest expense, amortization and other acquisition-related costs.












Three Months Ended
Year Ended
($ in thousands)December 31,
September 30,
December 31,
December 31,
December 31,

2025
2025
2024
2025
2024
Adjusted provision for income taxes$37,177
$16,807
$18,813
$78,394
$78,792
Adjusted operating income less interest expense, amortization and other acquisition-related costs$125,950
$78,680
$103,744
$344,763
$322,908
Adjusted effective tax rate29.5 %
21.4 %
18.1 %
22.7 %
24.4 %










(f)Current cash incentive compensation is composed of cash bonuses for a given year which are paid early in the following year, and for which no future service is required.










(g)Represents certain distribution, introducer and management fees paid to third parties, reimbursable deal costs, and provision for credit losses relating to fees and other receivables that are deemed uncollectible, for which an equal amount is excluded for purposes of determining adjusted non-compensation expenses and included for purposes of determining adjusted net revenue.










(h)Interest expense (credit), excluding interest expense incurred by Lazard Frères Banque SA ("LFB"), is added back in determining adjusted net revenue because such expense relates to corporate financing activities and is not considered to be a cost directly related to the revenue of our business.










(i)Represents losses associated with the closing of certain offices as part of the cost-saving initiatives, primarily consisting of the reclassification of currency translation adjustments to earnings from accumulated other comprehensive loss.










(j)(Revenue) loss and expenses related to the consolidation of noncontrolling interests and similar arrangements are excluded because the Company has no economic interest in such amounts.










(k)Represents changes in the fair value of investments held in connection with LFI and other similar deferred compensation arrangements, for which a corresponding equal amount is excluded from compensation and benefits expense.










(l)Represents gain on the sale of an owned office building.










(m)Represents changes in the fair value of the compensation liability recorded in connection with LFI and other similar deferred incentive compensation awards, for which a corresponding equal amount is excluded from adjusted net revenue.










(n)Represents expenses associated with the departure of certain executive officers.










(o)Represents estimated statutory profit-sharing expenses associated with the sale of an owned office building.










(p)Represents the effect of the periodic revaluation of the TRA liability. Media Contact:Shannon Houston+1 212 632 6880shannon.houston@lazard.com Investor Contact:Alexandra Deignan+1 212 632 6886alexandra.deignan@lazard.com 



View original content to download multimedia:https://www.prnewswire.com/news-releases/lazard-reports-fourth-quarter-and-full-year-2025-results-302673366.htmlSOURCE Lazard

Original: Lazard Reports Fourth Quarter and Full Year 2025 Results

Lazard Managing Director Tracy Farr Appointed Chief Financial OfficerJanuary 29, 2026 6:30 AM
PR Newswire (US)

NEW YORK, Jan. 29, 2026 /PRNewswire/ -- Lazard, Inc. (NYSE: LAZ) today announced that Tracy Farr has been appointed Chief Financial Officer, effective February 1, 2026. Mr. Farr is an accomplished finance professional with 20 years of experience. This includes over a decade at Lazard where he most recently served as a Managing Director in the firm's Capital Structure Advisory group and worked closely with executive management as a senior member of its corporate development and strategy team. Before joining Lazard, he was a Certified Public Accountant and consultant at EY, and a researcher at the Financial Accounting Standards Board. With deep corporate finance expertise and extensive experience advising clients on complex M&A transactions, growth initiatives, and capital structure, Mr. Farr is a proven leader in aligning financial strategy with long-term growth objectives.







Mr. Farr succeeds Mary Ann Betsch, who will serve as a senior advisor to help complete the transition. Ms. Betsch joined Lazard in 2022 and has played a significant leadership role in strengthening the firm's financial foundation and advancing its reporting and planning capabilities. Her collaborative approach to leadership and focus on team building has been instrumental in elevating and integrating our global finance function. As CFO, she guided the firm's transition to a C-corporation and expanded shareholder engagement to help bring new, long-term investors to Lazard."We are excited to announce Tracy as Lazard's Chief Financial Officer," said Peter R. Orszag, Lazard CEO and Chairman. "Tracy brings a rare combination of strategic insight, financial rigor, and deep familiarity with our business. He embodies the best of Lazard—commercial, collegial, and committed to excellence. As CFO, he will lead efforts to improve operational efficiency, helping drive profitable growth and progress toward Lazard 2030 goals, while playing a central role in engaging with the investment community. I share my appreciation for Mary Ann and her contributions in strengthening our global finance function, which provides Tracy with a strong foundation as we advance our vision for the future.""It is an honor to serve as Lazard's Chief Financial Officer and to help achieve the next phase of our long-term strategy," said Mr. Farr. "It has been a privilege to work with Mary Ann and our talented finance professionals over the past few years. I look forward to building on their accomplishments to further align our financial strategy with firmwide priorities.""Our teams at Lazard have done exceptional work as we built the foundation to support Peter's vision and the pursuit of our Lazard 2030 plan," said Ms. Betsch. "I am proud of what we have achieved together and confident the firm is well prepared for the opportunities ahead under Tracy's leadership."Today, Lazard also announced fourth quarter and full year 2025 financial results. You can read the full press release on Lazard.com.About Tracy Farr
Mr. Farr joined Lazard in 2013 and most recently served as a Managing Director in the firm's Capital Structure Advisory group. In that role, he designed deal structures and provided financing solutions while advising Lazard's clients on some of the most notable and complex M&A transactions. In addition, he led the firm's separations practice and served as a member of its valuation and fairness opinion committees. His work has spanned industries and geographies, from large public-company transactions to founder-led private clients. Mr. Farr's background includes roles in consulting, forensic accounting, and internal audit, providing him with a broad and rigorous financial foundation. Before joining Lazard, he was a Certified Public Accountant and consultant at EY, and a researcher at the Financial Accounting Standards Board. He holds Bachelor of Science and Master of Science degrees in Accounting from Brigham Young University's Marriott School of Business, where he also serves on its National Advisory Council.About Lazard
Founded in 1848, Lazard is the preeminent financial advisory and asset management firm, with operations in North and South America, Europe, the Middle East, Asia, and Australia. Lazard provides advice on mergers and acquisitions, capital markets and capital solutions, restructuring and liability management, geopolitics, and other strategic matters, as well as asset management and investment solutions to institutions, corporations, governments, partnerships, family offices, and high net worth individuals. Lazard is listed on the New York Stock Exchange as Lazard, Inc. under the ticker LAZ. For more information, please visit Lazard.com and follow Lazard on LinkedIn.INVESTOR CONTACT
Alexandra Deignan
+1 212 632 6886
alexandra.deignan@lazard.comMedia Contacts
Shannon Houston
+1 212 632 6880
shannon.houston@lazard.comJessica Francisco
+1 212 632 6571
jessica.francisco@lazard.com



View original content to download multimedia:https://www.prnewswire.com/news-releases/lazard-managing-director-tracy-farr-appointed-chief-financial-officer-302673434.htmlSOURCE Lazard

Original: Lazard Managing Director Tracy Farr Appointed Chief Financial Officer

Lazard Declares Quarterly Dividend of $0.50 per ShareJanuary 28, 2026 4:15 PM
PR Newswire (US)

NEW YORK, Jan. 28, 2026 /PRNewswire/ -- Lazard, Inc. (NYSE: LAZ) today announced that its Board of Directors has voted to declare a quarterly dividend of $0.50 per share on its outstanding common stock. The dividend is payable on February 20, 2026, to stockholders of record on February 9, 2026.







About Lazard Founded in 1848, Lazard is the preeminent financial advisory and asset management firm, with operations in North and South America, Europe, the Middle East, Asia, and Australia. Lazard provides advice on mergers and acquisitions, capital markets and capital solutions, restructuring and liability management, geopolitics, and other strategic matters, as well as asset management and investment solutions to institutions, corporations, governments, partnerships, family offices, and high net worth individuals. Lazard is listed on the New York Stock Exchange as Lazard, Inc. under the ticker LAZ. For more information, please visit Lazard.com and follow Lazard on LinkedIn.Media Relations Investor Relations

Shannon Houston, +1 212-632-6880 Alexandra Deignan, +1 212-632-6886shannon.houston@lazard.com alexandra.deignan@lazard.com

Jessica Francisco, +1 212-632-6571
jessica.francisco@lazard.com 




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Original: Lazard Declares Quarterly Dividend of $0.50 per Share

News: $LAZ Lazard Ltd Reports First-Quarter 2019 Results

First quarter operating revenue of $620 million Assets under management of $235 billion; up 9% from year-end Quarterly dividend increased by 7%; share repurchases of $192 million Lazard Ltd (NYSE: LAZ) today reported operating revenue 1 of $620 million for the quarter en...

In case you are interested https://marketwirenews.com/news-releases/lazard-ltd-reports-first-quarter-2019-results-8056080.html

For the third quarter, Lazard's revenues grew 10%, year- over-year, to $489 million, which was higher than the $453 million consensus estimate. Earnings per share (EPS) were $0.45, which beat handily the $0.36 consensus estimate. The firm's financial advisory operating revenue was $234 million for the quarter. It grew 6%, year-over-year.


Hope your still in there. :)

LAZ-bullish techncial analysis
LAZ gained 4.51% on 07/20/11 and a total percentage of 6.11% in the past 2 days
LAZ is trading in the range of $33.13 - $38.11 in the past 30 days.
LAZ formed a Three Outside Up pattern.
Average True Range (Atr) indicates the volatility has increased for LAZ.
Commodity Channel Index (CCI) is bullish for LAZ.
Money Flow Index (MFI) is bullish and moving up for LAZ.
LAZ formed a bullish Price & Exponential Moving Average Crossover signal.
LAZ formed a bullish Price & Simple Moving Average Crossover signal.
The 10-day simple moving average is bearish and moving down for LAZ.
Average volume increase over 10% for LAZ.

PRESS RELEASE: Lazard World Dividend & Income Fund Declares Monthly Distribution

PRESS RELEASE: Lazard World Dividend & Income Fund Declares Monthly Distribution

NEW YORK--(BUSINESS WIRE)--November 15, 2010--

The Board of Directors of Lazard World Dividend & Income Fund, Inc. (the "Fund") (NYSE:LOR) has authorized the Fund to declare today, pursuant to a level distribution policy, a monthly distribution of $0.07063 per share on the Fund´s outstanding common stock. The distribution is payable on December 23, 2010 to shareholders of record on December 13, 2010. The ex-dividend date is December 9, 2010.

Portfolio data as of October 31, 2010, including performance, asset allocation, top 10 holdings, sector weightings, regional exposure, and other Fund characteristics have been posted on Lazard Asset Management LLC´s ("LAM") website, www.LazardNet.com. Additionally, the notice required by Section 19(a) of the Investment Company Act of 1940, as amended, which provides information regarding the respective estimated amounts of each monthly distribution derived from net investment income, net realized capital gains (short- and long-term) and return of capital, will also be available on www.LazardNet.com.

The Fund´s objective is total return, through a combination of dividends income, and capital appreciation. The Fund´s net assets are invested in a portfolio of approximately 60 to 90 world equity securities, consisting primarily of the highest dividend-yielding stocks selected from the current holdings of other accounts managed by LAM. The equity portfolio is broadly diversified in both developed and emerging market countries and across the capitalization spectrum. The Fund seeks enhanced income by investing in short duration (typically below one year) emerging market forward currency contracts and other emerging market debt instruments.

An indirect subsidiary of Lazard Ltd (NYSE: LAZ), LAM, the Fund´s investment manager, offers a range of equity, fixed-income, and alternative investment products worldwide. As of September 30, 2010, LAM and affiliated asset management companies in the Lazard Group managed approximately $144 billion worth of client assets. For more information about LAM, please go to www.LazardNet.com.


CONTACT: Lazard Ltd

Media:

Judi Mackey,

212-632-1428

judi.mackey@lazard.com

or

Investor:

Ben Wulfsohn,

800-823-6300

ben.wulfsohn@lazard.com


SOURCE: Lazard World Dividend & Income Fund, Inc.
Copyright Business Wire 2010


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November 15, 2010 09:36 ET (14:36 GMT)

LAZ is one of the BEST stocks today and further!

LAZ 36.10$ tomorrow earnings release. is expected to beat street.

Earnings Alert: Lazard is Expected to Beat the Street Consensus When It Reports Earnings (LAZ)
Written on Mon, 10/25/2010 - 11:16am
By Chip Brian

Analysts, on average, expect Lazard (NYSE:LAZ) to report earnings of $0.42 per share on sales of $442 million on October 27, 2010.
For the full year, analysts expect the company to post EPS of $1.86. In the year-ago period, the company reported EPS of $0.41 on sales of $438 million.
In the previous quarter, the company reported EPS of $0.39, topping consensus estimates of $0.37.
SmarTrend is bullish on shares of Lazard and our subscribers were alerted to Buy on July 13, 2010 at $29.20. The stock has risen 21.6% since the alert was issued.