Leases (Tables)

3 Months Ended

Mar. 31, 2025

Leases [Abstract]

Schedule of Supplemental Information Related to Operating Leases

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

	Classification in Unaudited Condensed Consolidated Statements of Financial Condition	March 31, 2025		December 31, 2024
Assets
Operating lease ROU assets	Other assets	$	107,206	$	114,456
Finance lease ROU assets	Fixed assets, net	$	2,632	$	2,959
Liabilities
Operating lease liabilities	Accounts payable, accrued and other liabilities	$	126,102	$	135,825
Finance lease liabilities	Accounts payable, accrued and other liabilities	$	3,032	$	3,249

Schedule of Weighted-Average Remaining Lease Term and Discount Rate

	March 31, 2025		December 31, 2024
Weighted-average remaining lease term
Operating leases (years)	6.6		6.8
Finance leases (years)	2.2		2.4
Weighted-average discount rate
Operating leases	5.5	%	5.5	%
Finance leases	4.4	%	4.4	%

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,
		2025		2024
Operating lease cost1	Occupancy and equipment	$	8,218	$	8,445
Finance lease cost
Amortization on ROU assets	Occupancy and equipment	$	326	$	326
Interest on lease liabilities	Interest expense	$	34	$	47

__________________________

1Short-term lease expense was not material for the three months ended March 31, 2025 and 2024.

Schedule of Maturity Analysis of Operating Lease Liabilities

The following table shows the Company’s maturity analysis of its lease liabilities as of March 31, 2025 (in thousands):

	March 31, 2025
	Operating leases		Finance leases
2025 (excluding the three months ended March 31, 2025)	$	22,019	$	1,269
2026	25,977		1,290
2027	21,267		627
2028	14,994		—
2029	10,963		—
Thereafter	66,925		—
Total	$	162,145	$	3,186
Interest	(36,043)		(154)
Total	$	126,102	$	3,032

Schedule of Maturity Analysis of Finance Lease Liabilities

The following table shows the Company’s maturity analysis of its lease liabilities as of March 31, 2025 (in thousands):

	March 31, 2025
	Operating leases		Finance leases
2025 (excluding the three months ended March 31, 2025)	$	22,019	$	1,269
2026	25,977		1,290
2027	21,267		627
2028	14,994		—
2029	10,963		—
Thereafter	66,925		—
Total	$	162,145	$	3,186
Interest	(36,043)		(154)
Total	$	126,102	$	3,032

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	2025		2024
Operating cash flows from operating lease liabilities	$	11,060	$	9,363
Operating cash flows from finance lease liabilities	$	34	$	47
Financing cash flows from finance lease liabilities	$	328	$	211