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Leases
 3 Months Ended
Mar. 31, 2025
Leases [Abstract]  
Leases Leases
We lease office space, furniture and office equipment 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 condensed consolidated statement of financial condition as of March 31, 2025 and December 31, 2024 were as follows:
ClassificationMarch 31, 2025December 31, 2024
(in thousands)
Operating Leases
Operating lease right-of-use assetsRight-of-use assets$437,026 $441,662 
Operating lease liabilitiesLease liabilities499,473 504,171 
Finance Leases
Property and equipment, grossRight-of-use assets19,570 19,548 
Amortization of right-of-use assetsRight-of-use assets(12,434)(11,333)
Property and equipment, net7,136 8,215 
Finance lease liabilities Lease liabilities7,504 8,444 
The components of lease expense included in the condensed consolidated statement of income as of March 31, 2025 and March 31, 2024 were as follows:
Three Months Ended March 31,
Classification20252024
(in thousands)
Operating lease costGeneral and administrative$16,012 $27,936 
Financing lease cost:
Amortization of right-of-use assetsGeneral and administrative1,139 1,052 
Interest on lease liabilitiesInterest expense69 84 
Total finance lease cost1,208 1,136 
Variable lease cost (1)
General and administrative3,286 9,610 
Sublease incomeGeneral and administrative(527)(7,723)
Net lease cost$19,979 $30,959 
(1) Variable lease expense includes operating expenses, real estate taxes and employee parking.
The sub-lease 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 were as follows:
Operating LeasesFinancing LeasesTotal
Year ending December 31,(in thousands)
2025 (excluding the three months ended March 31, 2025)
$44,842 $3,335 $48,177 
202663,389 2,976 66,365 
202760,001 1,218 61,219 
202852,975 298 53,273 
202949,460 — 49,460 
Thereafter415,804 — 415,804 
Total lease payments686,471 7,827 694,298 
Less interest(186,998)(323)
Present value of lease liabilities$499,473 $7,504 
Lease term and discount rate:
Weighted average remaining lease term (years):
Operating leases13.42
Finance leases2.12
Weighted average discount rate:
Operating leases4.42 %
Finance leases3.80 %
Supplemental non-cash activity related to leases was as follows:
Three Months Ended March 31,
20252024
(in thousands)
Right-of-use assets obtained in exchange for lease obligations(1):
Operating leases77 204,729 
(1) Represents non-cash activity and, accordingly, is not reflected in the condensed consolidated statement of cash flows.
Leases Leases
We lease office space, furniture and office equipment 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 condensed consolidated statement of financial condition as of March 31, 2025 and December 31, 2024 were as follows:
ClassificationMarch 31, 2025December 31, 2024
(in thousands)
Operating Leases
Operating lease right-of-use assetsRight-of-use assets$437,026 $441,662 
Operating lease liabilitiesLease liabilities499,473 504,171 
Finance Leases
Property and equipment, grossRight-of-use assets19,570 19,548 
Amortization of right-of-use assetsRight-of-use assets(12,434)(11,333)
Property and equipment, net7,136 8,215 
Finance lease liabilities Lease liabilities7,504 8,444 
The components of lease expense included in the condensed consolidated statement of income as of March 31, 2025 and March 31, 2024 were as follows:
Three Months Ended March 31,
Classification20252024
(in thousands)
Operating lease costGeneral and administrative$16,012 $27,936 
Financing lease cost:
Amortization of right-of-use assetsGeneral and administrative1,139 1,052 
Interest on lease liabilitiesInterest expense69 84 
Total finance lease cost1,208 1,136 
Variable lease cost (1)
General and administrative3,286 9,610 
Sublease incomeGeneral and administrative(527)(7,723)
Net lease cost$19,979 $30,959 
(1) Variable lease expense includes operating expenses, real estate taxes and employee parking.
The sub-lease 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 were as follows:
Operating LeasesFinancing LeasesTotal
Year ending December 31,(in thousands)
2025 (excluding the three months ended March 31, 2025)
$44,842 $3,335 $48,177 
202663,389 2,976 66,365 
202760,001 1,218 61,219 
202852,975 298 53,273 
202949,460 — 49,460 
Thereafter415,804 — 415,804 
Total lease payments686,471 7,827 694,298 
Less interest(186,998)(323)
Present value of lease liabilities$499,473 $7,504 
Lease term and discount rate:
Weighted average remaining lease term (years):
Operating leases13.42
Finance leases2.12
Weighted average discount rate:
Operating leases4.42 %
Finance leases3.80 %
Supplemental non-cash activity related to leases was as follows:
Three Months Ended March 31,
20252024
(in thousands)
Right-of-use assets obtained in exchange for lease obligations(1):
Operating leases77 204,729 
(1) Represents non-cash activity and, accordingly, is not reflected in the condensed consolidated statement of cash flows.