XML 98 R22.htm IDEA: XBRL DOCUMENT v3.25.0.1
Leases
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Leases Leases
We lease office space, office equipment and technology under various operating and financing leases. Our current leases have initial lease terms of one year to 20 years, some of which include options to extend the leases for up to five years, and some of which include options to terminate the leases within one year.
Leases included in the consolidated statements of financial condition as of December 31, 2024 and 2023 were as follows:
ClassificationDecember 31, 2024December 31, 2023
(in thousands)
Operating Leases
Operating lease right-of-use assetsRight-of-use assets$441,662 $312,588 
Operating lease liabilitiesLease liabilities504,171 357,623 
Finance Leases
Property and equipment, grossRight-of-use assets19,548 18,975 
Amortization of right-of-use assetsRight-of-use assets(11,333)(7,797)
Property and equipment, net8,215 11,178 
Finance lease liabilities Lease liabilities8,444 11,394 
The components of lease expense included in the consolidated statements of income for the years ended December 31, 2024 and 2023 were as follows:
Years Ended December 31
Classification20242023
(in thousands)
Operating lease costGeneral and administrative$109,580 $94,784 
Financing lease cost:
Amortization of right-of-use assetsGeneral and administrative4,361 4,779 
Interest on lease liabilitiesInterest expense325 348 
Total finance lease cost4,686 5,127 
Variable lease cost (1)
General and administrative38,814 35,525 
Sublease incomeGeneral and administrative(33,068)(33,577)
Net lease cost$120,012 $101,859 
(1)Variable lease expense includes operating expenses, real estate taxes and employee parking.
The sublease income represents all revenues received from sub-tenants. It is primarily fixed base rental payments combined with variable reimbursements such as operating expenses, real estate taxes and employee parking. The vast majority of sub-tenant income is derived from our New York metro sub-tenant agreements. Sub-tenant income related to base rent is recorded on a straight-line basis.
Maturities of lease liabilities are as follows:
Operating LeasesFinancing LeasesTotal
Year ending December 31,(in thousands)
2025$59,311 $4,341 $63,652 
202661,279 2,973 64,252 
202758,405 1,216 59,621 
202852,160 297 52,457 
202949,235 — 49,235 
Thereafter415,489 — 415,489 
Total lease payments695,879 8,827 $704,706 
Less interest(191,708)(383)
Present value of lease liabilities$504,171 $8,444 
We signed a lease that commenced during the first quarter of 2024, relating to approximately 166,000 square feet of space in New York City.
Lease term and discount rate:
Weighted average remaining lease term (years):
Operating leases13.65
Finance leases2.30
Weighted average discount rate:
Operating leases4.41 %
Finance leases3.61 %
Supplemental non-cash activity related to leases are as follows:
Years Ended December 31
20242023
(in thousands)
Right-of-use assets obtained in exchange for lease obligations(1):
Operating leases$217,318 $32,407 
Finance leases1,097 4,106 
(1)Represents non-cash activity and, accordingly, is not reflected in the consolidated statements of cash flows.
Leases Leases
We lease office space, office equipment and technology under various operating and financing leases. Our current leases have initial lease terms of one year to 20 years, some of which include options to extend the leases for up to five years, and some of which include options to terminate the leases within one year.
Leases included in the consolidated statements of financial condition as of December 31, 2024 and 2023 were as follows:
ClassificationDecember 31, 2024December 31, 2023
(in thousands)
Operating Leases
Operating lease right-of-use assetsRight-of-use assets$441,662 $312,588 
Operating lease liabilitiesLease liabilities504,171 357,623 
Finance Leases
Property and equipment, grossRight-of-use assets19,548 18,975 
Amortization of right-of-use assetsRight-of-use assets(11,333)(7,797)
Property and equipment, net8,215 11,178 
Finance lease liabilities Lease liabilities8,444 11,394 
The components of lease expense included in the consolidated statements of income for the years ended December 31, 2024 and 2023 were as follows:
Years Ended December 31
Classification20242023
(in thousands)
Operating lease costGeneral and administrative$109,580 $94,784 
Financing lease cost:
Amortization of right-of-use assetsGeneral and administrative4,361 4,779 
Interest on lease liabilitiesInterest expense325 348 
Total finance lease cost4,686 5,127 
Variable lease cost (1)
General and administrative38,814 35,525 
Sublease incomeGeneral and administrative(33,068)(33,577)
Net lease cost$120,012 $101,859 
(1)Variable lease expense includes operating expenses, real estate taxes and employee parking.
The sublease income represents all revenues received from sub-tenants. It is primarily fixed base rental payments combined with variable reimbursements such as operating expenses, real estate taxes and employee parking. The vast majority of sub-tenant income is derived from our New York metro sub-tenant agreements. Sub-tenant income related to base rent is recorded on a straight-line basis.
Maturities of lease liabilities are as follows:
Operating LeasesFinancing LeasesTotal
Year ending December 31,(in thousands)
2025$59,311 $4,341 $63,652 
202661,279 2,973 64,252 
202758,405 1,216 59,621 
202852,160 297 52,457 
202949,235 — 49,235 
Thereafter415,489 — 415,489 
Total lease payments695,879 8,827 $704,706 
Less interest(191,708)(383)
Present value of lease liabilities$504,171 $8,444 
We signed a lease that commenced during the first quarter of 2024, relating to approximately 166,000 square feet of space in New York City.
Lease term and discount rate:
Weighted average remaining lease term (years):
Operating leases13.65
Finance leases2.30
Weighted average discount rate:
Operating leases4.41 %
Finance leases3.61 %
Supplemental non-cash activity related to leases are as follows:
Years Ended December 31
20242023
(in thousands)
Right-of-use assets obtained in exchange for lease obligations(1):
Operating leases$217,318 $32,407 
Finance leases1,097 4,106 
(1)Represents non-cash activity and, accordingly, is not reflected in the consolidated statements of cash flows.