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Leases
 12 Months Ended
Dec. 31, 2025
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, 2025 and 2024 were as follows:
ClassificationDecember 31, 2025December 31, 2024
(in thousands)
Operating Leases
Operating lease right-of-use assetsRight-of-use assets$448,177 $441,662 
Operating lease liabilitiesLease liabilities511,308 504,171 
Finance Leases
Property and equipment, grossRight-of-use assets21,070 19,548 
Amortization of right-of-use assetsRight-of-use assets(14,259)(11,333)
Property and equipment, net6,811 8,215 
Finance lease liabilities Lease liabilities7,270 8,444 
The components of lease expense included in the consolidated statements of income for the years ended December 31, 2025 and 2024 were as follows:
Years Ended December 31
Classification20252024
(in thousands)
Operating lease costGeneral and administrative$66,124 $109,580 
Financing lease cost:
Amortization of right-of-use assetsGeneral and administrative5,122 4,361 
Interest on lease liabilitiesInterest expense383 325 
Total finance lease cost5,505 4,686 
Variable lease cost (1)
General and administrative13,372 38,814 
Sublease incomeGeneral and administrative(2,970)(33,068)
Net lease cost$82,031 $120,012 
(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)
2026$63,653 $4,224 $67,877 
202765,642 2,172 67,814 
202858,065 851 58,916 
202954,077 326 54,403 
203052,886 73 52,959 
Thereafter414,292 — 414,292 
Total lease payments708,615 7,646 $716,261 
Less interest(197,307)(376)
Present value of lease liabilities$511,308 $7,270 
We signed a lease that commenced during the first quarter of 2024, related to approximately 166,000 square feet of space in New York City.
Lease term and discount rate:
Weighted average remaining lease term (years):
Operating leases13.25
Finance leases2.19
Weighted average discount rate:
Operating leases4.57%
Finance leases4.50%
Supplemental non-cash activity related to leases are as follows:
Years Ended December 31
20252024
(in thousands)
Right-of-use assets obtained in exchange for lease obligations(1):
Operating leases$34,740 $217,318 
Finance leases3,646 1,097 
(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, 2025 and 2024 were as follows:
ClassificationDecember 31, 2025December 31, 2024
(in thousands)
Operating Leases
Operating lease right-of-use assetsRight-of-use assets$448,177 $441,662 
Operating lease liabilitiesLease liabilities511,308 504,171 
Finance Leases
Property and equipment, grossRight-of-use assets21,070 19,548 
Amortization of right-of-use assetsRight-of-use assets(14,259)(11,333)
Property and equipment, net6,811 8,215 
Finance lease liabilities Lease liabilities7,270 8,444 
The components of lease expense included in the consolidated statements of income for the years ended December 31, 2025 and 2024 were as follows:
Years Ended December 31
Classification20252024
(in thousands)
Operating lease costGeneral and administrative$66,124 $109,580 
Financing lease cost:
Amortization of right-of-use assetsGeneral and administrative5,122 4,361 
Interest on lease liabilitiesInterest expense383 325 
Total finance lease cost5,505 4,686 
Variable lease cost (1)
General and administrative13,372 38,814 
Sublease incomeGeneral and administrative(2,970)(33,068)
Net lease cost$82,031 $120,012 
(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)
2026$63,653 $4,224 $67,877 
202765,642 2,172 67,814 
202858,065 851 58,916 
202954,077 326 54,403 
203052,886 73 52,959 
Thereafter414,292 — 414,292 
Total lease payments708,615 7,646 $716,261 
Less interest(197,307)(376)
Present value of lease liabilities$511,308 $7,270 
We signed a lease that commenced during the first quarter of 2024, related to approximately 166,000 square feet of space in New York City.
Lease term and discount rate:
Weighted average remaining lease term (years):
Operating leases13.25
Finance leases2.19
Weighted average discount rate:
Operating leases4.57%
Finance leases4.50%
Supplemental non-cash activity related to leases are as follows:
Years Ended December 31
20252024
(in thousands)
Right-of-use assets obtained in exchange for lease obligations(1):
Operating leases$34,740 $217,318 
Finance leases3,646 1,097 
(1)Represents non-cash activity and, accordingly, is not reflected in the consolidated statements of cash flows.