CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
ASSETS
Cash and cash equivalents	$ 1,171,985	$ 1,308,218
Deposits with banks and short-term investments	217,606	268,684
Restricted cash	33,452	32,466
Receivables (net of allowance for credit losses of $27,893 and $32,033 at September 30, 2025 and December 31, 2024, respectively):
Fees	613,714	640,567
Customers and other	160,968	113,056
Receivables	774,682	753,623
Investments (including $45,226 pledged at September 30, 2025)	623,711	614,947
Property (net of accumulated amortization and depreciation of $327,537 and $332,840 at September 30, 2025 and December 31, 2024, respectively)	173,285	160,402
Operating lease right-of-use assets	437,014	434,938
Goodwill and other intangible assets (net of accumulated amortization of $67,711 at both September 30, 2025 and December 31, 2024)	395,251	393,575
Deferred tax assets	473,879	479,582
Other assets	333,055	347,558
Total Assets	4,633,920	4,793,993
Liabilities:
Deposits and other customer payables	346,899	308,213
Accrued compensation and benefits	505,860	844,953
Operating lease liabilities	510,761	505,483
Tax receivable agreement obligation	55,680	75,899
Senior debt	1,687,281	1,687,052
Deferred tax liabilities	959	1,084
Other liabilities	569,336	606,526
Total Liabilities	3,676,776	4,029,210
Commitments and contingencies
Redeemable noncontrolling interests	78,518	79,629
STOCKHOLDERS’ EQUITY
Preferred stock, par value $0.01 per share; 15,000,000 shares authorized; no shares issued and outstanding at September 30, 2025 and December 31, 2024	0	0
Common stock:
Par value $0.01 per share (500,000,000 shares authorized; 112,746,606 and 112,766,091 shares issued at September 30, 2025 and December 31, 2024, respectively, including shares held by subsidiaries)	1,127	1,128
Additional paid-in-capital	293,012	327,810
Retained earnings	1,493,261	1,472,113
Accumulated other comprehensive loss, net of tax	(272,950)	(326,742)
Stockholders' equity subtotal before common stock held by subsidiaries and Noncontrolling interests, total	1,514,450	1,474,309
Common stock held by subsidiaries, at cost (17,868,792 and 22,467,315 shares at September 30, 2025 and December 31, 2024, respectively)	(672,928)	(838,069)
Total Lazard Stockholders’ Equity	841,522	636,240
Noncontrolling interests	37,104	48,914
Total Stockholders’ Equity	878,626	685,154
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity	$ 4,633,920	$ 4,793,993

Lazard, Inc. 10-Q