Lazard Inc. reported net income attributable to the company of $71 million for the three months ended September 30, 2025, compared to $108 million in the same period in 2024. Net revenue for the quarter was $748.078 million, down from $784.866 million in the prior year period, a decrease of $37 million or 5%. For the nine months ended September 30, 2025, net revenue totaled $2.192 billion, compared to $2.234 billion for the same period in 2024. Corporate net revenue decreased by $126 million compared to the third quarter of 2024, mainly due to a $114 million gain on the sale of an office building in the prior year period and lower gains from investments. Adjusted compensation and benefits expense rose by $3 million, or 8%, and adjusted non-compensation expense increased by $1 million, or 4%, compared to the third quarter of 2024. Management noted that annual results are considered the most meaningful basis for comparison due to the potential for significant quarterly fluctuations.