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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________________________
FORM 10-Q
____________________________________
(Mark One)
xQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2024
OR
oTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ________to ________
001-32492
(Commission File Number)
____________________________________
LAZARD, INC.
(Exact name of registrant as specified in its charter)
Delaware98-0437848
(State or Other Jurisdiction of Incorporation
or Organization)
(I.R.S. Employer Identification No.)
30 Rockefeller Plaza
New York, NY 10112
(Address of principal executive offices)
Registrant’s telephone number: (212) 632-6000
____________________________________
Securities Registered Pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common StockLAZNew York Stock Exchange
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes x No o
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerxAccelerated filero
Non-accelerated fileroSmaller reporting companyo
Emerging growth companyo
If the Registrant is an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x
As of April 19, 2024, there were 112,766,091 shares of the Registrant’s common stock outstanding (including 22,561,568 shares held by subsidiaries).



TABLE OF CONTENTS
On January 1, 2024, we completed our conversion (the “Conversion”) from an exempted company incorporated under the laws of Bermuda named Lazard Ltd to a U.S. C-Corporation named Lazard, Inc., a company incorporated under the laws of the state of Delaware. Pursuant to the Conversion, each share of Lazard Ltd common stock was converted into one share of Lazard, Inc. common stock. This report includes the results of Lazard, Inc. following the Conversion and Lazard Ltd prior to the Conversion.
When we use the terms “Lazard”, “we”, “us”, “our” and “the Company”, we mean (i) Lazard, Inc. and its subsidiaries following the Conversion and (ii) Lazard Ltd and its subsidiaries prior to the Conversion. Lazard’s subsidiaries include Lazard Group LLC, a Delaware limited liability company (“Lazard Group”), that is the current holding company for our businesses. Lazard’s primary operating asset is its indirect ownership as of March 31, 2024 of all of the common membership interests in Lazard Group and its controlling interest in Lazard Group.
All references to common stock, or shares or per share amounts, prior to the Conversion refer to Class A common stock of Lazard Ltd. Unless otherwise noted, all references to common stock, or shares or per share amounts, following the Conversion refer to common stock of Lazard, Inc.
Page
i


PART I. FINANCIAL INFORMATION
Item 1.     Financial Statements (Unaudited)

1


LAZARD, INC.
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
MARCH 31, 2024 AND DECEMBER 31, 2023
(UNAUDITED)
(dollars in thousands, except for per share data)
March 31,
2024
December 31,
2023
ASSETS
Cash and cash equivalents$923,247 $971,316 
Deposits with banks and short-term investments247,847 219,576 
Restricted cash33,558 34,091 
Receivables (net of allowance for credit losses of $30,086 and $28,503
   at March 31, 2024 and December 31, 2023, respectively):
Fees459,703 560,552 
Customers and other290,780 201,767 
750,483 762,319 
Investments620,615 701,964 
Property (net of accumulated amortization and depreciation of $419,680 and $414,547 at March 31, 2024 and December 31, 2023, respectively, including $71,343 and $72,921 of property held for sale at March 31, 2024 and December 31, 2023, respectively)
227,539 232,516 
Operating lease right-of-use assets389,884 407,213 
Goodwill and other intangible assets (net of accumulated amortization
    of $67,696 and $67,681 at March 31, 2024 and December 31, 2023, respectively)
394,113 394,928 
Deferred tax assets506,171 497,340 
Other assets493,513 414,518 
Total Assets$4,586,970 $4,635,781 








See notes to condensed consolidated financial statements.
2


LAZARD, INC.
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
MARCH 31, 2024 AND DECEMBER 31, 2023
(UNAUDITED)
(dollars in thousands, except for per share data)
March 31,
2024
December 31,
2023
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND
   STOCKHOLDERS’ EQUITY
Liabilities:
Deposits and other customer payables$536,343 $443,262 
Accrued compensation and benefits495,923 781,375 
Operating lease liabilities467,351 485,191 
Tax receivable agreement obligation115,001 115,087 
Senior debt1,851,444 1,690,200 
Deferred tax liabilities2,177 3,857 
Other liabilities581,725 546,947 
Total Liabilities4,049,964 4,065,919 
Commitments and contingencies
Redeemable noncontrolling interests88,475 87,675 
STOCKHOLDERS’ EQUITY
Preferred stock, par value $.01 per share; 15,000,000 shares authorized:
Series A - no shares issued and outstanding
  
Series B - no shares issued and outstanding
  
Common stock:
Par value $0.01 per share (500,000,000 shares authorized; 112,766,091 shares issued at March 31, 2024 and December 31, 2023, including shares held by subsidiaries)
1,128 1,128 
Additional paid-in-capital134,573 247,204 
Retained earnings1,384,829 1,402,636 
Accumulated other comprehensive loss, net of tax(303,995)(289,950)
1,216,535 1,361,018 
Common stock held by subsidiaries, at cost (22,248,005 and 25,340,287
   shares at March 31, 2024 and December 31, 2023, respectively)
(823,821)(937,259)
Total Lazard Stockholders’ Equity392,714 423,759 
Noncontrolling interests55,817 58,428 
Total Stockholders’ Equity448,531 482,187 
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity$4,586,970 $4,635,781 












See notes to condensed consolidated financial statements.
3


LAZARD, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE MONTH PERIODS ENDED MARCH 31, 2024 AND 2023
(UNAUDITED)
(dollars in thousands, except for per share data)
Three Months Ended
March 31,
20242023
REVENUE
Investment banking and other advisory fees$453,027 $277,408 
Asset management fees276,849 261,479 
Interest income11,471 12,607 
Other44,134 10,417 
Total revenue785,481 561,911 
Interest expense20,728 19,475 
Net revenue764,753 542,436 
OPERATING EXPENSES
Compensation and benefits550,824 449,967 
Occupancy and equipment32,857 31,773 
Marketing and business development23,599 22,762 
Technology and information services44,917 44,040 
Professional services19,880 24,326 
Fund administration and outsourced services26,140 26,576 
Amortization and other acquisition-related costs68 48 
Benefit pursuant to tax receivable agreement (40,435)
Other11,907 20,303 
Total operating expenses710,192 579,360 
OPERATING INCOME (LOSS)54,561 (36,924)
Provision (benefit) for income taxes14,337 (21,725)
NET INCOME (LOSS)40,224 (15,199)
LESS - NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS4,469 6,973 
NET INCOME (LOSS) ATTRIBUTABLE TO LAZARD$35,755 $(22,172)
ATTRIBUTABLE TO LAZARD COMMON STOCKHOLDERS:
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING:
Basic91,260,46587,591,852
Diluted99,351,76987,591,852
NET INCOME (LOSS) PER SHARE OF COMMON STOCK:
Basic$0.38 $(0.27)
Diluted$0.35 $(0.27)









See notes to condensed consolidated financial statements.
4


LAZARD, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
FOR THE THREE MONTH PERIODS ENDED MARCH 31, 2024 AND 2023
(UNAUDITED)
(dollars in thousands)
Three Months Ended
March 31,
20242023
NET INCOME (LOSS)$40,224 $(15,199)
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:
Currency translation adjustments(16,262)14,539 
Employee benefit plans:
Actuarial gain (loss) (net of tax expense (benefit) of
   $288 and $(595) for the three months ended
   March 31, 2024 and 2023, respectively)
815 (2,801)
Adjustment for items reclassified to earnings (net of
   tax expense of $455 and $376 for the three months
   ended March 31, 2024 and 2023, respectively)
1,402 1,160 
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX(14,045)12,898 
COMPREHENSIVE INCOME (LOSS)26,179 (2,301)
LESS - COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS4,469 6,974 
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO LAZARD$21,710 $(9,275)









See notes to condensed consolidated financial statements.
5


LAZARD, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTH PERIODS ENDED MARCH 31, 2024 AND 2023
(UNAUDITED)
(dollars in thousands)
Three Months Ended
March 31,
20242023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)$40,224 $(15,199)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization of property9,134 11,144 
Noncash lease expense16,278 15,155 
Amortization of deferred expenses and share-based incentive compensation121,410 108,254 
Amortization and other acquisition-related costs68 48 
Deferred tax provision (benefit)(12,836)40,235 
Benefit pursuant to tax receivable agreement (40,435)
Impairment of equity method investments and other receivables 22,981 
Loss on LGAC liquidation 17,929 
(Increase) decrease in operating assets and increase (decrease) in operating liabilities:
Receivables-net6,694 (43,689)
Investments62,208 (160,276)
Other assets(88,231)(7,717)
Accrued compensation and benefits and other liabilities(244,935)(359,848)
Net cash used in operating activities(89,986)(411,418)
CASH FLOWS FROM INVESTING ACTIVITIES:
 Additions to property(6,619)(4,612)
 Disposals of property12 2 
 Acquisition of business, net of cash acquired (10,516)
Net cash used in investing activities(6,607)(15,126)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from:
Issuance of senior debt, net of expenses396,000  
Customer deposits, net90,815  
Contributions from noncontrolling interests181 50 
Payments for:
Extinguishment of senior debt(233,073) 
Customer deposits, net (239,051)
Distributions to noncontrolling interests(1,189)(2,042)
Tax receivable agreement (32,191)
Distribution to redeemable noncontrolling interests in connection with LGAC redemption (585,891)
Purchase of common stock(22,005)(98,925)
Common stock dividends(43,715)(42,524)
Settlement of share-based incentive compensation in satisfaction of tax withholding requirements(55,632)(45,165)
LFI Consolidated Funds redemptions(26,217)(21,566)
Other financing activities(6,678)(5,110)
Net cash provided by (used in) financing activities98,487 (1,072,415)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS AND RESTRICTED CASH(22,225)15,705 
NET DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH(20,331)(1,483,254)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH— January 11,224,983 2,639,400 
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH—March 31$1,204,652 $1,156,146 








See notes to condensed consolidated financial statements.
6


RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH WITHIN
   THE CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION:
March 31,
2024
December 31,
2023
Cash and cash equivalents$923,247 $971,316 
Deposits with banks and short-term investments247,847 219,576 
Restricted cash33,558 34,091 
TOTAL CASH AND CASH EQUIVALENTS AND RESTRICTED CASH$1,204,652 $1,224,983 










See notes to condensed consolidated financial statements.
7



LAZARD, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS
FOR THE THREE MONTH PERIOD ENDED MARCH 31, 2024
(UNAUDITED)
(dollars in thousands)

Common StockAdditional
Paid-In-
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss),
Net of Tax
Common Stock
Held By Subsidiaries
Total
Lazard
Stockholders’
Equity
Noncontrolling
Interests
Total
Stockholders’
Equity
Redeemable
Noncontrolling
Interests
Shares$Shares$
Balance - January 1, 2024112,766,091$1,128 $247,204 $1,402,636 $(289,950)25,340,287$(937,259)$423,759 $58,428 $482,187 $87,675 
Comprehensive income (loss):
Net income 35,75535,7551,85237,6072,617
Other comprehensive loss - net of tax(14,045)(14,045)(14,045)
Amortization of share-based incentive compensation69,77369,77342570,198
Dividend equivalents9,441(9,847)(406)(5,121)(5,527)
Common stock dividends ($0.50 per share)
(43,715)(43,715)(43,715)
Purchase of common stock564,692(22,005)(22,005)(22,005)
Delivery of common stock in connection with share-based incentive compensation and related tax expense of $764
(193,080)(3,656,974)135,443(57,637)1,241(56,396)
Business acquisitions and related equity transactions:
Common stock issuable1,2351,2351,235
Distributions to noncontrolling interests, net(1,008)(1,008)
LFI Consolidated Funds(1,817)
Balance - March 31, 2024112,766,091$1,128 $134,573 $1,384,829 $(303,995)22,248,005$(823,821)$392,714 $55,817 $448,531 $88,475 
















See notes to condensed consolidated financial statements.
8



LAZARD, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS
FOR THE THREE MONTH PERIOD ENDED MARCH 31, 2023
(UNAUDITED)
(dollars in thousands)

Common StockAdditional
Paid-In-
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss),
Net of Tax
Common Stock
Held By Subsidiaries
Total
Lazard
Stockholders’
Equity
Noncontrolling
Interests
Total
Stockholders’
Equity
Redeemable
Noncontrolling
Interests
Shares$Shares$
Balance - January 1, 2023112,766,091$1,128 $167,890 $1,676,713 $(295,854)26,814,213$(993,414)$556,463 $118,936 $675,399 $583,471 
Comprehensive income (loss):
Net income (loss)(22,172)(22,172)776(21,396)6,197
Other comprehensive income - net of tax12,89712,897112,898
Amortization of share-based incentive compensation68,51168,5112,02370,534
Dividend equivalents7,119(7,367)(248)(4,839)(5,087)
Common stock dividends ($0.50 per share)
(42,524)(42,524)(42,524)
Purchase of common stock2,692,161(98,925)(98,925)(98,925)
Delivery of common stock in connection with share-based incentive compensation and related tax expense of $392
(176,320)(3,364,092)125,099(51,221)5,664(45,557)
Business acquisitions and related equity transactions:
Common stock issuable1,7751,7751,775
Delivery of common stock(1,533)(41,384)1,533
Distributions to noncontrolling interests, net(1,992)(1,992)
LFI Consolidated Funds(74,164)(74,164)85,106
Change in redemption value of redeemable noncontrolling interests(412)(412)(177)(589)589
LGAC liquidation:
Distribution to redeemable noncontrolling interests(585,891)
Reversal to net loss of amounts previously charged to additional paid-in-capital and noncontrolling interests13,19513,1954,73417,929
Reversal of deferred offering cost liability 14,08714,0876,03820,125
Other (17)(17)
Balance - March 31, 2023112,766,091$1,128 $94,312 $1,604,650 $(282,957)26,100,898$(965,707)$451,426 $56,983 $508,409 $89,472 












See notes to condensed consolidated financial statements.
9

LAZARD, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(dollars in thousands, except for per share data, unless otherwise noted)

1.    ORGANIZATION AND BASIS OF PRESENTATION
Organization
Lazard, Inc. is one of the world’s preeminent financial advisory and asset management firms, incorporated in Delaware, that specializes in crafting solutions to the complex financial and strategic challenges of our clients. We serve a diverse set of clients around the world, including corporations, governments, institutions, partnerships, family offices and individuals.
On January 1, 2024, Lazard completed its conversion (the “Conversion”) from an exempted company incorporated under the laws of Bermuda named Lazard Ltd to a U.S. C-Corporation named Lazard, Inc. Pursuant to the Conversion, each share of Lazard Ltd common stock was converted into one share of Lazard, Inc. common stock. References to “Lazard” or the “Company” refer to (i) Lazard, Inc. and its subsidiaries following the Conversion and (ii) Lazard Ltd and its subsidiaries prior to the Conversion. As the Conversion became effective on January 1, 2024, the accompanying financial statements and related notes as of December 31, 2023 and for the three months ended March 31, 2023 reflect Lazard as an exempted company incorporated under the laws of Bermuda named Lazard Ltd.
Lazard, Inc. indirectly held 100% of all outstanding common membership interests of Lazard Group LLC, a Delaware limited liability company (collectively referred to, together with its subsidiaries, as “Lazard Group”) as of March 31, 2024 and December 31, 2023. Lazard, Inc., through its control of the managing members of Lazard Group, controls Lazard Group, which is governed by an Amended and Restated Operating Agreement that is effective as of January 1, 2023 (the “Operating Agreement”).
Lazard, Inc.’s primary operating asset is its indirect ownership of the common membership interests of, and managing member interests in, Lazard Group, whose principal operating activities are included in two business segments:
Financial Advisory, which offers corporate, partnership, institutional, government, sovereign and individual clients across the globe a wide array of financial advisory services regarding strategic and mergers and acquisitions (“M&A”) advisory, capital markets advisory, shareholder advisory, restructuring and liability management, sovereign advisory, geopolitical advisory and other strategic advisory matters and capital raising and placement, and
Asset Management, which offers a broad range of global investment solutions and investment and wealth management services in equity and fixed income strategies, asset allocation strategies, alternative investments and private equity funds to corporations, public funds, sovereign entities, endowments and foundations, labor funds, financial intermediaries and private clients.
In addition, we record selected other activities in our Corporate segment, including management of cash, investments, deferred tax assets, outstanding indebtedness and certain contingent obligations.
Basis of Presentation
The accompanying condensed consolidated financial statements of Lazard have been prepared pursuant to the rules and regulations of the United States Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States of America (“U.S. GAAP”) for complete financial statements and should be read in conjunction with the audited consolidated financial statements and notes thereto included in Lazard, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2023. The accompanying December 31, 2023 unaudited condensed consolidated statement of financial condition data was derived from audited consolidated financial statements, but does not include all disclosures required by U.S. GAAP for annual financial statement purposes. The accompanying condensed consolidated financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the financial position, results of operations and cash flows for the interim periods presented.
Preparing financial statements requires management to make estimates and assumptions that affect the amounts that are reported in the condensed consolidated financial statements and the accompanying disclosures. For example,
10

LAZARD, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)
(UNAUDITED)
(dollars in thousands, except for per share data, unless otherwise noted)
discretionary compensation and benefits expense for interim periods is accrued based on the year-to-date amount of revenue earned, and an estimated annual ratio of compensation and benefits expense to revenue, with the applicable amounts adjusted for certain items. Although these estimates are based on management’s knowledge of current events and actions that Lazard may undertake in the future, actual results may differ materially from the estimates.
The condensed consolidated results of operations for the three month period ended March 31, 2024 are not indicative of the results to be expected for any future interim or annual period.
The condensed consolidated financial statements include Lazard, Inc. and its subsidiaries including Lazard Group and Lazard Group’s principal operating subsidiaries: Lazard Frères & Co. LLC (“LFNY”), a New York limited liability company, along with its subsidiaries, including Lazard Asset Management LLC and its subsidiaries (collectively referred to as “LAM”); the French limited liability companies Compagnie Financière Lazard Frères SAS (“CFLF”), along with its subsidiaries, Lazard Frères Banque SA (“LFB”) and Lazard Frères Gestion SAS (“LFG”), and Maison Lazard SAS and its subsidiaries; and Lazard & Co., Limited (“LCL”), through Lazard & Co., Holdings Limited (“LCH”), an English private limited company, together with their jointly owned affiliates and subsidiaries.
The Company’s policy is to consolidate entities in which it has a controlling financial interest. The Company consolidates:
Voting interest entities (“VOEs”) where the Company holds a majority of the voting interest in such VOEs and
Variable interest entities (“VIEs”) where the Company is the primary beneficiary having the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and the obligation to absorb losses of, or receive benefits from, the VIE that could be potentially significant to the VIE (see Note 21).
When the Company does not have a controlling interest in an entity, but exerts significant influence over such entity’s operating and financial decisions, the Company either (i) applies the equity method of accounting in which it records a proportionate share of the entity’s net earnings or losses or (ii) elects the option to measure its investment at fair value.
Intercompany transactions and balances have been eliminated.
Lazard Growth Acquisition Corp. I
In February 2021, Lazard Growth Acquisition Corp. I (“LGAC”) consummated its $575,000 initial public offering (the “LGAC IPO”). LGAC was a special purpose acquisition company, that was incorporated as a Cayman Islands exempted company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses (a “Business Combination”). LGACo 1 LLC, a Delaware series limited liability company and the Company’s subsidiary, was the sponsor of LGAC. LGAC was considered to be a VIE. The Company held a controlling financial interest in LGAC through the sponsor’s ownership of Class B founder shares of LGAC. As a result, both LGAC and the sponsor were consolidated in the Company’s financial statements.
“Redeemable noncontrolling interests” of $583,471 associated with the publicly held LGAC Class A ordinary shares were recorded on the Company’s consolidated statements of financial condition as of December 31, 2022 at redemption value and classified as temporary equity. Changes in redemption value were recognized immediately as they occurred and adjusted the carrying value of redeemable noncontrolling interests to equal the redemption value at the end of each reporting period. Increases or decreases in the carrying amount of redeemable noncontrolling interests were affected by credits or charges to additional paid-in-capital and noncontrolling interests attributable to certain members of LGACo 1 LLC based on pro rata ownership.
On February 23, 2023, LGAC redeemed all of its outstanding publicly held Class A ordinary shares as a result of LGAC not consummating a Business Combination within the time period required by its amended and restated memorandum and articles of association resulting in the distribution of $585,891 of the cash held in the trust account to the LGAC shareholders. The Company recognized $17,929 of losses on the liquidation of LGAC in “revenue-other” on the
11

LAZARD, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)
(UNAUDITED)
(dollars in thousands, except for per share data, unless otherwise noted)
condensed consolidated statement of operations for the three month period ended March 31, 2023. In addition, the $20,125 of non-cash deferred underwriting fees was no longer probable of being incurred and therefore was reversed from other liabilities to additional paid-in-capital. There were no redemption rights or liquidating distributions with respect to the LGAC warrants.
2.    RECENT ACCOUNTING DEVELOPMENTS
Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures—In November 2023, the Financial Accounting Standards Board (“FASB”) issued an accounting standard update to improve the disclosures about a public entity’s reportable segments and address requests from investors for additional, more detailed information about each reportable segment’s expenses. The amendments include new annual and interim disclosure requirements primarily related to significant segment expenses, reportable segments’ profit or loss, and information on the chief operating decision maker. The new guidance is effective for annual periods beginning after December 15, 2023, and interim periods beginning after December 15, 2024. The amendments shall be applied retrospectively to all prior periods presented in the consolidated financial statements. The Company is currently evaluating the new guidance.
Income Taxes (Topic 740): Improvements to Income Tax Disclosures —In December 2023, the FASB issued an accounting standard update to enhance the transparency and decision usefulness of income tax disclosures. The amendments include new annual disclosure requirements related to the rate reconciliation, information about income taxes paid, and disaggregated information on pre-tax income or loss and income tax expense from continuing operations. The amendments also eliminated certain disclosure requirements. The new guidance is effective for annual periods beginning after December 15, 2024, and shall be applied on a prospective basis. The Company is currently evaluating the new guidance.
Compensation – Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards — In March 2024, the FASB issued an accounting standard update that provides guidance in determining whether profits interest and similar awards should be accounted for as share-based arrangements within the scope of Topic 718. The amendments are effective for annual periods beginning after December 15, 2024, and shall be applied either retrospectively or prospectively. The Company is currently evaluating the new guidance.
3.    REVENUE RECOGNITION
The Company disaggregates revenue based on its business segment results and believes that the following information provides a reasonable representation of how performance obligations relate to the nature, amount, timing and uncertainty of revenue and cash flows:
Three Months Ended
March 31,
20242023
Net Revenue:
Financial Advisory (a)$453,507 $277,574 
Asset Management:
Management fees and other (b)$286,540 $278,598 
Incentive fees (c)8,936 5,446 
Total Asset Management$295,476 $284,044 
___________________________________

(a)Financial Advisory is comprised of a wide array of financial advisory services regarding M&A advisory, capital markets advisory, shareholder advisory, restructuring and liability management, sovereign advisory, geopolitical advisory and other strategic advisory and capital raising and placement work for clients. The benefits of these advisory services are generally transferred to the Company’s clients over time, and consideration for these advisory services typically includes transaction completion, transaction announcement and retainer fees. Retainer fees are generally fixed and recognized over the period in which the advisory services are performed. However, transaction
12

LAZARD, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)
(UNAUDITED)
(dollars in thousands, except for per share data, unless otherwise noted)
announcement and transaction completion fees are variable and subject to constraints, and they are typically not recognized until there is an announcement date or a completion date, respectively, due to the uncertainty associated with those events. Therefore, in any given period, advisory fees recognized for certain transactions may relate to services performed in prior periods. The advisory fees that may be unrecognized as of the end of a reporting period, primarily comprised of fees associated with transaction announcements and transaction completions, generally remain unrecognized due to the uncertainty associated with those events.
(b)Management fees and other is primarily comprised of management services. The benefits of these management services are transferred to the Company’s clients over time. Consideration for these management services generally includes management fees, which are based on assets under management and recognized over the period in which the management services are performed. The selling or distribution of fund interests is a separate performance obligation within management fees and other, and the benefits of such services are transferred to the Company’s clients at the point in time that such fund interests are sold or distributed.
(c)Incentive fees is primarily comprised of management services. The benefits of these management services are transferred to the Company’s clients over time. Consideration for these management services is generally variable and includes performance or incentive fees. The fees allocated to these management services that are unrecognized as of the end of the reporting period are generally amounts that are subject to constraints due to the uncertainty associated with performance targets and clawbacks.
In addition to the above, contracts with clients include trade-based commission income, which is recognized at the point in time of execution and presented within other revenue. Such income may be earned by providing trade facilitation, execution, clearance and settlement, custody, and trade administration services to clients.
With regard to the disclosure requirement for remaining performance obligations, the Company elected the practical expedients permitted in the guidance to (i) exclude contracts with a duration of one year or less; and (ii) exclude variable consideration, such as transaction completion and transaction announcement fees, that is allocated entirely to unsatisfied performance obligations. Excluded variable consideration typically relates to contracts with a duration of one year or less, and is generally constrained due to uncertainties.
At March 31, 2024, the Company had deferred revenue of $136,272 included in “other liabilities” on the condensed consolidated statements of financial condition. During the three months ended March 31, 2024, the Company recognized $5,676 in revenue that was included in the deferred revenue balance as of December 31, 2023 of $140,417.
4.    RECEIVABLES AND ALLOWANCE FOR CREDIT LOSSES
The Company’s receivables represent fee receivables, amounts due from customers and other receivables. Where applicable, receivables are stated net of an estimated allowance for credit losses determined in accordance with the CECL model.
Of the Company’s fee receivables at March 31, 2024 and December 31, 2023, $98,834 and $113,929, respectively, represented financing receivables for our Private Capital Advisory fees.
At March 31, 2024 and December 31, 2023, customers and other receivables included $81,911 and $86,412, respectively, of customer loans provided by LFB to high net worth individuals and families, which are fully collateralized and monitored for counterparty creditworthiness, with such collateral having a fair value in excess of the carrying amount of the loans as of both March 31, 2024 and December 31, 2023.
The aggregate carrying amount of other fees and customers and other receivables was $569,738 and $561,978 at March 31, 2024 and December 31, 2023, respectively.
13

LAZARD, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)
(UNAUDITED)
(dollars in thousands, except for per share data, unless otherwise noted)
Activity in the allowance for credit losses for the three month periods ended March 31, 2024 and 2023 was as follows:
Three Months Ended
March 31,
20242023
Beginning Balance$28,503 $17,738 
Bad debt expense, net of reversals4,998 7,825 
Charge-offs(3,223)(843)
Foreign currency translation and other adjustments(192)209 
Ending Balance$30,086 $24,929 
Bad debt expense, net of reversals represents the current period provision of expected credit losses and is included in “operating expenses-other” on the condensed consolidated statements of operations.
The allowance for credit losses is substantially all related to Financial Advisory fee receivables and other receivables.
5.    INVESTMENTS
The Company’s investments consist of the following at March 31, 2024 and December 31, 2023:
March 31,
2024
December 31,
2023
Debt$546 $4,285 
Equity59,148 54,717 
Funds:
Alternative investments (a)59,418 61,680 
Debt (a)156,269 191,325 
Equity (a)297,877 343,139 
Private equity47,357 46,818 
Total funds560,921 642,962 
Investments, at fair value$620,615 $701,964 
___________________________________

(a)Interests in alternative investment funds, debt funds and equity funds include investments, including those held by LFI Consolidated Funds (see Note 21), with fair values of $23,912, $140,132 and $235,299, respectively, at March 31, 2024 and $27,454, $175,449 and $284,099, respectively, at December 31, 2023, held in order to satisfy the Company’s obligation upon vesting of previously granted Lazard Fund Interests (“LFI”) and other similar deferred compensation arrangements. LFI represent grants by the Company to eligible employees of interests in a number of Lazard-managed funds, subject to service-based vesting conditions (see Notes 7 and 13).

Debt securities primarily consists of investments in government securities held within separately managed accounts in order to seed strategies in our Asset Management business.
Equity securities primarily consist of investments in marketable equity securities of large-, mid- and small-cap domestic, international and global companies held within separately managed accounts in order to seed strategies in our Asset Management business.
Alternative investment funds primarily consist of interests in various Lazard-managed hedge funds, funds of funds and mutual funds. Such amounts primarily consist of investments in funds in order to seed strategies in our Asset Management business, and amounts related to LFI discussed above.
14

LAZARD, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)
(UNAUDITED)
(dollars in thousands, except for per share data, unless otherwise noted)
Debt funds primarily consist of investments in debt securities in order to seed strategies in our Asset Management business, amounts related to LFI discussed above and an investment in a Lazard-managed debt fund.
Equity funds primarily consist of investments in equity securities in order to seed strategies in our Asset Management business, and amounts related to LFI discussed above.
Private equity investments include those owned by Lazard and those consolidated but not owned by Lazard. Private equity investments owned by Lazard are primarily comprised of investments in private equity funds. Such investments primarily include (i) Edgewater Growth Capital Partners III, L.P. (“EGCP III”), a fund primarily making equity and buyout investments in middle market companies, (ii) a fund targeting significant noncontrolling-stake investments in established private companies and (iii) a seed investment in a fund that invests in sustainable private infrastructure opportunities.
Private equity investments consolidated but not owned by Lazard relate to the economic interests that are owned by the management team and other investors in the Edgewater Funds (“Edgewater”).
During the three month periods ended March 31, 2024 and 2023, the Company reported in “revenue-other” on its condensed consolidated statements of operations net unrealized investment gains and losses pertaining to equity securities and trading debt securities still held as of the reporting date as follows:
Three Months Ended
March 31,
20242023
Net unrealized investment gains $11,001 $24,787 
6.    FAIR VALUE MEASUREMENTS
Fair Value Hierarchy of Investments and Certain Other Assets and Liabilities—Lazard categorizes its investments and certain other assets and liabilities recorded at fair value into a three-level fair value hierarchy as follows:
Level 1.    Assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market that Lazard has the ability to access.
Level 2.    Assets and liabilities whose values are based on (i) quoted prices for similar assets or liabilities in an active market, or quoted prices for identical or similar assets or liabilities in non-active markets, or (ii) inputs other than quoted prices that are directly observable or derived principally from, or corroborated by, market data.
Level 3.    Assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs reflect our own assumptions about the assumptions a market participant would use in pricing the asset or liability. Items included in Level 3 include securities or other financial assets whose trading volume and level of activity have significantly decreased when compared with normal market activity and there is no longer sufficient frequency or volume to provide pricing information on an ongoing basis.
The fair value of debt securities, including instruments reported as either cash and cash equivalents or investments, is classified as Level 1 when the fair values are based on unadjusted quoted prices in active markets.
The fair value of equity securities is classified as Level 1 or Level 3 as follows: marketable equity securities are classified as Level 1 and are valued based on the last trade price on the primary exchange for that security as provided by external pricing services; equity interests in private companies are generally classified as Level 3.
The fair value of investments in alternative investment funds, debt funds and equity funds is classified as Level 1 when the fair values are based on the publicly reported closing price for the fund, or Level 2 when based on one or more quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.
15

LAZARD, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)
(UNAUDITED)
(dollars in thousands, except for per share data, unless otherwise noted)
The fair value of investments in certain private equity funds is classified as Level 3 for (i) certain investments that are valued based on the potential transaction value and (ii) when the acquisition price is considered the best measure of fair value.
The fair value of securities sold, not yet purchased, is classified as Level 1 when the fair values are based on unadjusted quoted prices in active markets.
The fair value of the contingent consideration liability is classified as Level 3. The contingent consideration liability is initially recorded at fair value on the acquisition date and is included in “other liabilities” on the condensed consolidated statements of financial condition. The fair value of the contingent consideration liability is remeasured at each reporting period. The inputs used to derive the fair value of the contingent consideration include the application of probabilities when assessing certain performance thresholds for the relevant periods. Any change in the fair value is recognized in “amortization and other acquisition-related costs” in the condensed consolidated statements of operations. Our business acquisitions may involve the potential payment of contingent consideration upon the achievement of certain performance thresholds.
The fair value of derivatives classified as Level 2 is based on the values of the related underlying assets, indices or reference rates as follows: the fair value of forward foreign currency exchange rate contracts is a function of the spot rate and the interest rate differential of the two currencies from the trade date to settlement date; the fair value of total return swaps is based on the change in fair value of the related underlying equity security, financial instrument or index and a specified notional holding; the fair value of interest rate swaps is based on the interest rate yield curve; and the fair value of derivative liabilities related to LFI and other similar deferred compensation arrangements is based on the value of the underlying investments, adjusted for forfeitures. See Note 7.
Investments Measured at Net Asset Value (“NAV”)—As a practical expedient, the Company uses NAV or its equivalent to measure the fair value of certain investments. NAV is primarily determined based on information provided by external fund administrators. The Company’s investments valued at NAV as a practical expedient in (i) alternative investment funds, debt funds and equity funds are redeemable in the near term, and (ii) private equity funds are not redeemable in the near term as a result of redemption restrictions.
16

LAZARD, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)
(UNAUDITED)
(dollars in thousands, except for per share data, unless otherwise noted)
The following tables present, as of March 31, 2024 and December 31, 2023, the classification of (i) investments and certain other assets and liabilities measured at fair value on a recurring basis within the fair value hierarchy and (ii) investments measured at NAV or its equivalent as a practical expedient:
March 31, 2024
Level 1Level 2Level 3NAVTotal
Assets:
Cash and cash equivalents:
U.S. treasury securities$164,589 $– $– $– $164,589 
Investments:
Debt  546 – – 546 
Equity58,673 – 475 – 59,148 
Funds:
Alternative investments12,263 – – 47,155 59,418 
Debt140,310 15,954 – 5 156,269 
Equity263,067 34,761 – 49 297,877 
Private equity– – 267 47,090 47,357 
Derivatives– 3,257 – – 3,257 
Total$638,902 $54,518 $742 $94,299 $788,461 
Liabilities:
Securities sold, not yet purchased$6,166 $– $– $– $6,166 
Contingent consideration liability– – 4,336 – 4,336 
Derivatives– 286,036 – – 286,036 
Total$6,166 $286,036 $4,336 $– $296,538 
December 31, 2023
Level 1Level 2Level 3NAVTotal
Assets:
Investments:
Debt$4,285 $– $– $– $4,285 
Equity54,224 – 493 – 54,717 
Funds:
Alternative investments15,676 – – 46,004 61,680 
Debt180,907 10,413 – 5 191,325 
Equity343,094 – – 45 343,139 
Private equity– – 273 46,545 46,818 
Derivatives– 2,789 – – 2,789 
Total$598,186 $13,202 $766 $92,599 $704,753 
Liabilities:
Securities sold, not yet purchased$4,809 $– $– $– $4,809 
Contingent consideration liability– – 6,583 – 6,583 
Derivatives– 368,673 – – 368,673 
Total$4,809 $368,673 $6,583 $– $380,065 
17

LAZARD, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)
(UNAUDITED)
(dollars in thousands, except for per share data, unless otherwise noted)
The following tables provide a summary of changes in fair value of the Company’s Level 3 assets and liabilities for the three month periods ended March 31, 2024 and 2023:
Three Months Ended March 31, 2024
Beginning
Balance
Net Unrealized/
Realized
Gains/Losses
Included In
Earnings (a)
Purchases/
Issuances
Sales/
Settlements
Foreign
Currency
Translation
Adjustments
Ending
Balance
Assets:
Investments:
Equity$493 $ $ $ $(18)$475 
Private equity funds273    (6)267 
Total Level 3 assets$766 $ $ $ $(24)$742 
Liabilities:
Contingent consideration
   liability (b)
$6,583 $53 $ $(2,300)$ $4,336 
Total Level 3 liabilities$6,583 $53 $ $(2,300)$ $4,336 

Three Months Ended March 31, 2023
Beginning
Balance
Net Unrealized/
Realized
Gains/Losses
Included In
Earnings (a)
Purchases/Acquisitions/
Issuances
Sales/
Settlements
Foreign
Currency
Translation
Adjustments
Ending
Balance
Assets:
Investments:
Equity$646 $1 $ $ $(13)$634 
Private equity funds18,772    367 19,139 
Total Level 3 assets$19,418 $1 $ $ $354 $19,773 
Liabilities:
Contingent consideration
   liability (b)
$ $33 $7,754 $(1,445)$ $6,342 
Total Level 3 liabilities$ $33 $7,754 $(1,445)$ $6,342 
__________________________________

(a)Unrealized losses of $53 and $33 were recorded in “amortization and other acquisition-related costs” for the contingent consideration liability for the three month periods ended March 31, 2024 and 2023, respectively.
(b)For the three month period ended March 31, 2023, acquisitions represent the initial recognition of the contingent consideration liability (noncash transaction). Settlements for the three month periods ended March 31, 2024 and 2023 represent aggregate cash and noncash settlement of contingent consideration after the acquisition date.
There were no transfers into or out of Level 3 within the fair value hierarchy during the three month periods ended March 31, 2024 and 2023.
18

LAZARD, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)
(UNAUDITED)
(dollars in thousands, except for per share data, unless otherwise noted)
The following tables present, at March 31, 2024 and December 31, 2023, certain investments that are valued using NAV or its equivalent as a practical expedient in determining fair value:
March 31, 2024
Investments Redeemable
NAV
Unfunded
Commitments
% of
NAV
Not
Redeemable
Redemption
Frequency
Redemption
Notice Period
Alternative investment funds:
Hedge funds$46,475 $– NA(a)
30-60 days
Other680 – NA(b)
<30-30 days
Debt funds5 – NA(c)
<30 days
Equity funds49 – NA(d)
<30-60 days
Private equity funds:
Equity growth47,090 5,487 (e)100%(f)NANA
Total$94,299 $5,487 
___________________________________

(a)monthly (75%) and quarterly (25%)
(b)daily (4%) and monthly (96%)
(c)daily (100%)
(d)monthly (31%) and annually (69%)
(e)Unfunded commitments to private equity investments consolidated but not owned by Lazard of $9,356 are excluded. Such commitments are required to be funded by capital contributions from noncontrolling interest holders.
(f)Distributions from each fund will be received as the underlying investments of the funds are liquidated.
December 31, 2023
Investments Redeemable
NAVUnfunded
Commitments
% of
NAV
Not
Redeemable
Redemption
Frequency
Redemption
Notice Period
Alternative investment funds:
Hedge funds$45,324 $– NA(a)
30-60 days
Other680 – NA(b)
<30-30 days
Debt funds5 – NA(c)
<30 days
Equity funds45 – NA(d)
<30-60 days
Private equity funds:
Equity growth46,545 5,505 (e)100%(f)NANA
Total$92,599 $5,505 
___________________________________

(a)monthly (74%) and quarterly (26%)
(b)daily (4%) and monthly (96%)
(c)daily (100%)
(d)monthly (34%) and annually (66%)
(e)Unfunded commitments to private equity investments consolidated but not owned by Lazard of $9,605 are excluded. Such commitments are required to be funded by capital contributions from noncontrolling interest holders.
(f)Distributions from each fund will be received as the underlying investments of the funds are liquidated.
19

LAZARD, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)
(UNAUDITED)
(dollars in thousands, except for per share data, unless otherwise noted)
7.    DERIVATIVES
The tables below present the fair value of the Company’s derivative instruments reported within “other assets” and “other liabilities” and the fair value of the Company’s derivative liabilities relating to its obligations pertaining to LFI and other similar deferred compensation arrangements reported within “accrued compensation and benefits” (see Note 13) on the accompanying condensed consolidated statements of financial condition as of March 31, 2024 and December 31, 2023. Notional amounts provide an indication of the volume of the Company's derivative activity.
Derivative assets and liabilities, as well as the related cash collateral from the same counterparty, have been netted on the condensed consolidated statements of financial condition where the Company has a right to set off under an enforceable master netting agreement.
In addition to the cash collateral received and transferred that is presented on a net basis with derivative assets and liabilities, the Company receives and transfers additional securities and cash collateral. These amounts mitigate counterparty credit risk associated with the Company’s derivative instruments, but are not eligible for net presentation on the condensed consolidated statements of financial condition.
March 31, 2024
Derivative AssetsDerivative Liabilities
Fair ValueNotionalFair ValueNotional
Forward foreign currency exchange rate contracts$3,370 $157,982 $2,320 $185,038 
Total return swaps and other115 1,574 9,966 132,962 
LFI and other similar deferred compensation arrangements  282,148 273,820 
Total gross derivatives3,485 $159,556 294,434 $591,820 
Counterparty and cash collateral netting:
Forward foreign currency exchange rate contracts(113)(114)
Total return swaps and other(115)(8,284)
Net derivatives in "other assets" and "other liabilities"3,257 286,036 
Amounts not netted on the statement of financial
   condition (a):
Cash collateral (811)
Securities collateral  
$3,257 $285,225 
20

LAZARD, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)
(UNAUDITED)
(dollars in thousands, except for per share data, unless otherwise noted)
December 31, 2023
Derivative AssetsDerivative Liabilities
Fair ValueNotionalFair ValueNotional
Forward foreign currency exchange rate contracts$3,400 $283,635 $1,847 $170,704 
Total return swaps and other133 4,478 12,290 117,139 
LFI and other similar deferred compensation arrangements  365,420 352,891 
Total gross derivatives3,533 $288,113 379,557 $640,734 
Counterparty and cash collateral netting:
Forward foreign currency exchange rate contracts(604)(603)
Total return swaps and other(140)(10,281)
Net derivatives in "other assets" and "other liabilities"2,789 368,673 
Amounts not netted on the statement of financial
   condition (a):
Cash collateral (243)
Securities collateral  
$2,789 $368,430 
___________________________________

(a)Amounts are subject to master netting arrangements but do not meet the criteria for netting on the condensed consolidated statements of financial condition under U.S. GAAP. For some counterparties, the amounts of securities and cash collateral pledged may exceed the derivative assets and derivative liabilities balances. Where this is the case, the amount of collateral offset within net derivatives is limited to the net derivative assets and net derivative liabilities balances with that counterparty.
Net gains (losses) with respect to derivative instruments (included in “revenue-other”) and the Company’s derivative liabilities relating to its obligations pertaining to LFI and other similar deferred compensation arrangements (included in “compensation and benefits” expense) as reflected on the accompanying condensed consolidated statements of operations for the three month periods ended March 31, 2024 and 2023, were as follows:
Three Months Ended
March 31,
20242023
Forward foreign currency exchange rate contracts$1,331 $94 
LFI and other similar deferred compensation arrangements(9,373)(16,453)
LGAC Warrants 115 
Total return swaps and other(6,364)(6,410)
Total$(14,406)$(22,654)
21

LAZARD, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)
(UNAUDITED)
(dollars in thousands, except for per share data, unless otherwise noted)
8.    PROPERTY, NET
At March 31, 2024 and December 31, 2023, property consisted of the following:
Estimated
Depreciable
Life in Years
March 31,
2024
December 31,
2023
Buildings (a)33$167,135 $170,830 
Leasehold improvements (a)
3-20
233,243 233,732 
Furniture and equipment
3-10
231,961 230,713 
Construction in progress 14,880 11,788 
Total 647,219 647,063 
Less - Accumulated depreciation and amortization (a) 419,680 414,547 
Property, net $227,539 $232,516 
________________________
(a)The Company classified assets relating to an owned office building as held for sale as of March 31, 2024 and December 31, 2023, the carrying amount of which was $71,343 and $72,921 (net of accumulated depreciation), respectively. The owned office building is available for immediate sale in its present condition and the Company expects the owned office building to be sold during 2024. The property held for sale is reported within the Corporate segment. Effective January 1, 2024, depreciation expense is no longer being recorded on this asset. In addition, a $6,550 receivable (included in “other assets”) related to operating lease income on the owned office building is classified as held for sale as of March 31, 2024 and December 31, 2023.
9.    GOODWILL AND OTHER INTANGIBLE ASSETS