Leases (Tables)

9 Months Ended

Sep. 30, 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	September 30, 2023		December 31, 2022
Assets
Operating lease ROU assets	Other assets	$	131,554	$	129,786
Finance lease ROU assets	Fixed assets, net	$	4,648	$	5,685
Liabilities
Operating lease liabilities	Accounts payable, accrued and other liabilities	$	157,029	$	156,105
Finance lease liabilities	Accounts payable, accrued and other liabilities	$	5,048	$	6,039

Schedule of Weighted-Average Remaining Lease Term and Discount Rate

	September 30, 2023		December 31, 2022
Weighted-average remaining lease term
Operating leases (years)	7.3		7.7
Finance leases (years)	3.6		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 September 30,				Nine Months Ended September 30,
		2023		2022		2023		2022
Operating lease cost1	Occupancy and equipment	$	9,348	$	10,634	$	26,194	$	27,094
Finance lease cost
Amortization on ROU assets	Occupancy and equipment	$	326	$	181	$	979	$	485
Interest on lease liabilities	Interest expense	$	53	$	27	$	169	$	70

__________________________

1Short-term lease expense was not material for the three and nine months ended September 30, 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):

	September 30, 2023
	Operating leases		Finance leases
2023 (excluding the nine months ended September 30, 2023)	$	9,058	$	641
2024	33,187		1,448
2025	28,356		1,448
2026	22,291		1,290
2027	20,271		627
Thereafter	90,925		—
Total	$	204,088	$	5,454
Interest	(47,059)		(406)
Total	$	157,029	$	5,048

Schedule of Maturity Analysis of Finance Lease Liabilities

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

	September 30, 2023
	Operating leases		Finance leases
2023 (excluding the nine months ended September 30, 2023)	$	9,058	$	641
2024	33,187		1,448
2025	28,356		1,448
2026	22,291		1,290
2027	20,271		627
Thereafter	90,925		—
Total	$	204,088	$	5,454
Interest	(47,059)		(406)
Total	$	157,029	$	5,048

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 September 30,				Nine Months Ended September 30,
Cash paid for amounts included in the measurement of lease liabilities	2023		2022		2023		2022
Operating cash flows from operating lease liabilities	$	9,683	$	10,766	$	27,772	$	28,330
Operating cash flows from finance lease liabilities	$	53	$	27	$	169	$	70
Financing cash flows from finance lease liabilities	$	309	$	170	$	916	$	455