Leases (Tables)

3 Months Ended

Mar. 31, 2025

Leases [Abstract]

Schedule of Leases

Leases included in the condensed consolidated statement of financial condition as of March 31, 2025 and December 31, 2024 were as follows:

	Classification	March 31, 2025		December 31, 2024
		(in thousands)
Operating Leases
Operating lease right-of-use assets	Right-of-use assets	$	437,026	$	441,662
Operating lease liabilities	Lease liabilities	499,473		504,171
Finance Leases
Property and equipment, gross	Right-of-use assets	19,570		19,548
Amortization of right-of-use assets	Right-of-use assets	(12,434)		(11,333)
Property and equipment, net		7,136		8,215
Finance lease liabilities	Lease liabilities	7,504		8,444

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, 2025 and March 31, 2024 were as follows:

		Three Months Ended March 31,
	Classification	2025		2024
		(in thousands)
Operating lease cost	General and administrative	$	16,012	$	27,936
Financing lease cost:
Amortization of right-of-use assets	General and administrative	1,139		1,052
Interest on lease liabilities	Interest expense	69		84
Total finance lease cost		1,208		1,136
Variable lease cost (1)	General and administrative	3,286		9,610
Sublease income	General 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.

Lease term and discount rate:
Weighted average remaining lease term (years):
Operating leases	13.42
Finance leases	2.12
Weighted average discount rate:
Operating leases	4.42	%
Finance leases	3.80	%

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

	Three Months Ended March 31,
	2025	2024
	(in thousands)
Right-of-use assets obtained in exchange for lease obligations(1):
Operating leases	77	204,729

(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)
2025 (excluding the three months ended March 31, 2025)	$	44,842	$	3,335	$	48,177
2026	63,389		2,976		66,365
2027	60,001		1,218		61,219
2028	52,975		298		53,273
2029	49,460		—		49,460
Thereafter	415,804		—		415,804
Total lease payments	686,471		7,827		694,298
Less interest	(186,998)		(323)
Present value of lease liabilities	$	499,473	$	7,504

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)
2025 (excluding the three months ended March 31, 2025)	$	44,842	$	3,335	$	48,177
2026	63,389		2,976		66,365
2027	60,001		1,218		61,219
2028	52,975		298		53,273
2029	49,460		—		49,460
Thereafter	415,804		—		415,804
Total lease payments	686,471		7,827		694,298
Less interest	(186,998)		(323)
Present value of lease liabilities	$	499,473	$	7,504