Leases (Tables)

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

Schedule of Supplemental Information Related to Operating Leases

Supplemental information related to the Company’s operating and financing leases are as follows (in thousands):

	Classification in Unaudited Condensed Consolidated Statements of Financial Condition	March 31, 2023		December 31, 2022
Assets
Operating lease ROU assets	Other assets	$	126,394	$	129,786
Finance lease ROU assets	Fixed assets, net	$	5,383	$	5,685
Liabilities
Operating lease liabilities	Accounts payable, accrued and other liabilities	$	152,477	$	156,105
Finance lease liabilities	Accounts payable, accrued and other liabilities	$	5,569	$	6,039

Schedule of Weighted-Average Remaining Lease Term and Discount Rate

	March 31, 2023		December 31, 2022
Weighted-average remaining lease term
Operating leases (years)	7.7		7.7
Finance leases (years)	4.1		4.1
Weighted-average discount rate
Operating leases	4.9	%	4.5	%
Finance leases	4.3	%	4.3	%

Schedule of Components of Lease Expense

The components of lease expense are as follows (in thousands):

	Classification in Unaudited Condensed Consolidated Statements of Operations	Three Months Ended March 31,
		2023		2022
Operating lease cost1	Occupancy and equipment	$	8,853	$	7,323
Finance lease cost
Amortization on ROU assets	Occupancy and equipment	$	326	$	152
Interest on lease liabilities	Interest expense	$	60	$	22

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1Short-term lease expense was not material for the three months ended March 31, 2023 and 2022.

Schedule of Maturity Analysis of Operating Lease Liabilities

The following table shows the Company’s maturity analysis of its operating lease liabilities (in thousands):

	March 31, 2023
	Operating leases		Finance leases
2023 (excluding the three months ended March 31, 2023)	$	27,019	$	1,272
2024	31,268		1,448
2025	26,756		1,448
2026	21,253		1,290
2027	18,672		627
Thereafter	110,977		—
Total	$	235,945	$	6,085
Interest	(83,468)		(516)
Total	$	152,477	$	5,569

Schedule of Maturity Analysis of Finance Lease Liabilities

The following table shows the Company’s maturity analysis of its operating lease liabilities (in thousands):

	March 31, 2023
	Operating leases		Finance leases
2023 (excluding the three months ended March 31, 2023)	$	27,019	$	1,272
2024	31,268		1,448
2025	26,756		1,448
2026	21,253		1,290
2027	18,672		627
Thereafter	110,977		—
Total	$	235,945	$	6,085
Interest	(83,468)		(516)
Total	$	152,477	$	5,569

Schedule of Cash Flow Information Related to Lease Liabilities

The following table shows cash flow information related to lease liabilities (in thousands):

	Three Months Ended March 31,
Cash paid for amounts included in the measurement of lease liabilities	2023		2022
Operating cash flows from operating lease liabilities	$	9,604	$	7,917
Operating cash flows from finance lease liabilities	$	60	$	22
Financing cash flows from finance lease liabilities	$	302	$	142