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Leases (Tables)
 6 Months Ended
Jun. 30, 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		June 30, 2025December 31, 2024
Assets
Operating lease ROU assetsOther assets$147,434 $114,456 
Finance lease ROU assetsFixed assets, net$2,306 $2,959 
Liabilities
Operating lease liabilities
Accounts payable, accrued and other liabilities
$167,714 $135,825 
Finance lease liabilitiesAccounts payable, accrued and other liabilities$2,700 $3,249 
Schedule of Weighted-Average Remaining Lease Term and Discount Rate
 June 30, 2025December 31, 2024
Weighted-average remaining lease term
Operating leases (years)6.86.8
Finance leases (years)1.92.4
Weighted-average discount rate
Operating leases5.8 %5.5 %
Finance leases4.4 %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 June 30,Six Months Ended June 30,
2025202420252024
Operating lease cost1
Occupancy and
equipment
$9,875 $8,153 $18,093 $16,598 
Finance lease cost
Amortization on ROU assets
Occupancy and
equipment
$326 $326 $653 $653 
Interest on lease liabilitiesInterest expense$30 $44 $64 $91 
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1Short-term lease expense was not material for the three and six months ended June 30, 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 June 30, 2025 (in thousands):
June 30, 2025
Operating leasesFinance leases
2025 (excluding the six months ended June 30, 2025)
$18,275 $916 
202633,538 1,290 
202728,838 627 
202821,521 — 
202916,716 — 
Thereafter86,753 — 
Total$205,641 $2,833 
Interest(37,927)(133)
Total$167,714 $2,700 
Schedule of Maturity Analysis of Finance Lease Liabilities
The following table shows the Company’s maturity analysis of its lease liabilities as of June 30, 2025 (in thousands):
June 30, 2025
Operating leasesFinance leases
2025 (excluding the six months ended June 30, 2025)
$18,275 $916 
202633,538 1,290 
202728,838 627 
202821,521 — 
202916,716 — 
Thereafter86,753 — 
Total$205,641 $2,833 
Interest(37,927)(133)
Total$167,714 $2,700 
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 June 30,Six Months Ended June 30,
Cash paid for amounts included in the measurement of lease liabilities2025202420252024
Operating cash flows from operating lease liabilities$9,253 $9,581 $20,158 $18,944 
Operating cash flows from finance lease liabilities$30 $44 $64 $91 
Financing cash flows from finance lease liabilities$326 $318 $653 $633