Ariel Investments Reports Sole Voting Power Over 5.2M LAZ Shares

Rhea-AI Filing Summary

Ariel Investments, LLC reports beneficial ownership of 5,753,997 shares of Lazard Inc common stock, representing 5.1% of the class. The filing discloses that Ariel has sole voting power over 5,207,803 shares and sole dispositive power over 5,753,997 shares, with no shared voting or dispositive power reported.

The document identifies Ariel as an investment adviser (IA) and states that its adviser clients have the right to receive dividends or proceeds from these securities, while noting no individual client holds an economic interest exceeding 5%. The filing certifies the holdings are held in the ordinary course of business and not to change control of the issuer.

Positive

• Beneficial ownership of 5,753,997 shares, representing 5.1% of Lazard's common stock
• Sole voting power over 5,207,803 shares and sole dispositive power over 5,753,997 shares, showing consolidated control of the reported position
• Filed by an investment adviser (IA), with a certification that holdings are in the ordinary course of business and not held to change control

Negative

• None.

Insights

Financial Analyst

TL;DR: Ariel reports a material, passive stake of 5.1% in Lazard with clear sole voting and dispositive positions.

The Schedule 13G discloses a meaningful beneficial stake that crosses the 5% threshold, which is material due to reporting requirements and investor visibility. The split between voting power (5,207,803 shares) and dispositive power (5,753,997 shares) indicates Ariel controls both vote direction for most shares it reports and disposition decisions for the entire position. The filing's certification that the position is held in the ordinary course and not for changing control signals a passive intent, limiting immediate governance implications. Investors should view this as increased institutional ownership rather than an active control effort.

Corporate Governance Expert

TL;DR: Filing indicates passive IA ownership with sole control over voting and disposition for the reported shares; no group or control claims.

The report classifies Ariel as an investment adviser and uses the Schedule 13G framework, which typically denotes passive investment activity. The statement that adviser clients may receive dividends or proceeds clarifies beneficial interests are held on behalf of clients rather than as a coordinated activist campaign. Absence of shared voting power and explicit certification against control-seeking behavior reduces immediate governance risk, though a >5% stake elevates Ariel to a visible investor for corporate engagement and disclosure purposes.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Lazard Inc

(Name of Issuer)

Common Stock SH

(Title of Class of Securities)

52110M109

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 52110M109

1

Names of Reporting Persons

Ariel Investments, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 5,207,803.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 5,753,997.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,753,997.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.1 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Lazard Inc
(b)	Address of issuer's principal executive offices: 30 Rockefeller Plaza, New York, US-NY, 10112, US
Item 2.
(a)	Name of person filing: Ariel Investments, LLC
(b)	Address or principal business office or, if none, residence: 200 E. Randolph Street, Suite 2900, Chicago, 60601, United States
(c)	Citizenship: DELAWARE LIMITED LIABILITY COMPANY
(d)	Title of class of securities: Common Stock SH
(e)	CUSIP No.: 52110M109
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 5,753,997
(b)	Percent of class: 5.1 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 5,207,803
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 5,753,997
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. Ariel Investments, LLC's adviser clients have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, all securities reported upon this Schedule. None of Ariel Investments, LLC's clients have an economic interest in more than 5% of the subject securities reported upon this Schedule.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Ariel Investments, LLC

Signature:	James Prescott
Name/Title:	Vice President, Compliance
Date:	08/13/2025

FAQ

What stake does Ariel Investments report in Lazard (LAZ)?

Ariel Investments, LLC reports beneficial ownership of 5,753,997 shares, representing 5.1% of Lazard common stock.

How much voting and dispositive power does Ariel have over LAZ shares?

Sole voting power: 5,207,803 shares; Shared voting power: 0; Sole dispositive power: 5,753,997 shares; Shared dispositive power: 0.

Is Ariel investing in LAZ as a passive holder or seeking control?

The Schedule 13G includes a certification that the securities are held in the ordinary course of business and were not acquired to change or influence control, indicating a passive holding.

Does any Ariel client have more than a 5% economic interest in LAZ?

The filing states that none of Ariel Investments' clients have an economic interest in more than 5% of the securities reported on this Schedule.

Who signed the Schedule 13G on behalf of Ariel Investments?

The filing is signed on behalf of Ariel Investments, LLC by James Prescott, Vice President, Compliance.