Leases (Tables)

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Schedule of Leases

Leases included in the condensed consolidated statement of financial condition as of March 31, 2024 and December 31, 2023 were as follows:

	Classification	March 31, 2024		December 31, 2023
		(in thousands)
Operating Leases
Operating lease right-of-use assets	Right-of-use assets	$	495,166	$	312,588
Operating lease liabilities	Lease liabilities	560,218		357,623
Finance Leases
Property and equipment, gross	Right-of-use assets	18,969		18,975
Amortization of right-of-use assets	Right-of-use assets	(8,847)		(7,797)
Property and equipment, net		10,122		11,178
Finance lease liabilities	Lease liabilities	9,945		11,394

Schedule of Components of Lease Expense and Supplemental Cash Flow Information

The components of lease expense included in the condensed consolidated statement of income as of March 31, 2024 and March 31, 2023 were as follows:

		Three Months Ended March 31,
	Classification	2024		2023
		(in thousands)
Operating lease cost	General and administrative	$	27,936	$	23,164
Financing lease cost:
Amortization of right-of-use assets	General and administrative	1,052		1,076
Interest on lease liabilities	Interest expense	84		65
Total finance lease cost		1,136		1,141
Variable lease cost (1)	General and administrative	9,610		8,867
Sublease income	General and administrative	(7,723)		(8,260)
Net lease cost		$	30,959	$	24,912

(1) Variable lease expense includes operating expenses, real estate taxes and employee parking.

Lease term and discount rate:
Weighted average remaining lease term (years):
Operating leases	12.74
Finance leases	2.80
Weighted average discount rate:
Operating leases	4.2	%
Finance leases	3.3	%

Supplemental non-cash activity related to leases was as follows:

	Three Months Ended March 31,
	2024	2023
	(in thousands)
Right-of-use assets obtained in exchange for lease obligations(1):
Operating leases	204,729	3,390
Finance leases	—	585

(1) Represents non-cash activity and, accordingly, is not reflected in the condensed consolidated statement of cash flows.

Schedule of Maturities of Finance Lease Liabilities

Maturities of lease liabilities were as follows:

	Operating Leases		Financing Leases		Total
Year ending December 31,	(in thousands)
2024 (excluding the three months ended March 31, 2024)	$	79,030	$	2,884	$	81,914
2025	61,398		3,984		65,382
2026	58,966		2,553		61,519
2027	56,376		881		57,257
2028	50,227		137		50,364
Thereafter	458,710		—		458,710
Total lease payments	764,707		10,439		775,146
Less interest	(204,489)		(494)
Present value of lease liabilities	$	560,218	$	9,945

Schedule of Maturities of Operating Lease Liabilities

Maturities of lease liabilities were as follows:

	Operating Leases		Financing Leases		Total
Year ending December 31,	(in thousands)
2024 (excluding the three months ended March 31, 2024)	$	79,030	$	2,884	$	81,914
2025	61,398		3,984		65,382
2026	58,966		2,553		61,519
2027	56,376		881		57,257
2028	50,227		137		50,364
Thereafter	458,710		—		458,710
Total lease payments	764,707		10,439		775,146
Less interest	(204,489)		(494)
Present value of lease liabilities	$	560,218	$	9,945