Leases (Tables)

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Schedule of Leases

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

	Classification	December 31, 2024			December 31, 2023
	(in thousands)
Operating Leases
Operating lease right-of-use assets	Right-of-use assets		$	441,662		$	312,588
Operating lease liabilities	Lease liabilities		504,171			357,623
Finance Leases
Property and equipment, gross	Right-of-use assets		19,548			18,975
Amortization of right-of-use assets	Right-of-use assets		(11,333)			(7,797)
Property and equipment, net			8,215			11,178
Finance lease liabilities	Lease liabilities		8,444			11,394

Components of Lease Expense and Supplemental Cash Flow Information

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
	Classification	2024			2023
		(in thousands)
Operating lease cost	General and administrative		$	109,580		$	94,784
Financing lease cost:
Amortization of right-of-use assets	General and administrative		4,361			4,779
Interest on lease liabilities	Interest expense		325			348
Total finance lease cost			4,686			5,127
Variable lease cost (1)	General and administrative		38,814			35,525
Sublease income	General 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.

Lease term and discount rate:
Weighted average remaining lease term (years):
Operating leases	13.65
Finance leases	2.30
Weighted average discount rate:
Operating leases	4.41	%
Finance leases	3.61	%

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

	Years Ended December 31
	2024			2023
	(in thousands)
Right-of-use assets obtained in exchange for lease obligations(1):
Operating leases		$	217,318		$	32,407
Finance leases		1,097			4,106

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

Schedule of Maturities of Finance Lease Liabilities

Maturities of lease liabilities are as follows:

	Operating Leases			Financing Leases			Total
Year ending December 31,	(in thousands)
2025		$	59,311		$	4,341		$	63,652
2026		61,279			2,973			64,252
2027		58,405			1,216			59,621
2028		52,160			297			52,457
2029		49,235			—			49,235
Thereafter		415,489			—			415,489
Total lease payments		695,879			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