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Leases (Tables)

12 Months Ended

Dec. 31, 2025

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


	Classification	December 31, 2025			December 31, 2024
	(in thousands)
Operating Leases
Operating lease right-of-use assets	Right-of-use assets		$	448,177		$	441,662
Operating lease liabilities	Lease liabilities		511,308			504,171
Finance Leases
Property and equipment, gross	Right-of-use assets		21,070			19,548
Amortization of right-of-use assets	Right-of-use assets		(14,259)			(11,333)
Property and equipment, net			6,811			8,215
Finance lease liabilities	Lease liabilities		7,270			8,444

Summary of 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, 2025 and 2024 were as follows:


		Years Ended December 31
	Classification	2025			2024
		(in thousands)
Operating lease cost	General and administrative		$	66,124		$	109,580

Financing lease cost:
Amortization of right-of-use assets	General and administrative		5,122			4,361
Interest on lease liabilities	Interest expense		383			325
Total finance lease cost			5,505			4,686
Variable lease cost (1)	General and administrative		13,372			38,814
Sublease income	General 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.


Lease term and discount rate:
Weighted average remaining lease term (years):
Operating leases	13.25
Finance leases	2.19
Weighted average discount rate:
Operating leases	4.57	%
Finance leases	4.50	%

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


	Years Ended December 31
	2025			2024
	(in thousands)




Right-of-use assets obtained in exchange for lease obligations(1):
Operating leases		$	34,740		$	217,318
Finance leases		3,646			1,097

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

Summary of Maturities of Finance Lease Liabilities

Maturities of lease liabilities are as follows:


	Operating Leases			Financing Leases			Total
Year ending December 31,	(in thousands)
2026		$	63,653		$	4,224		$	67,877
2027		65,642			2,172			67,814
2028		58,065			851			58,916
2029		54,077			326			54,403
2030		52,886			73			52,959
Thereafter		414,292			—			414,292
Total lease payments		708,615			7,646			$	716,261
Less interest		(197,307)			(376)
Present value of lease liabilities		$	511,308		$	7,270

Schedule of Maturities of Operating Lease Liabilities

Maturities of lease liabilities are as follows:


	Operating Leases			Financing Leases			Total
Year ending December 31,	(in thousands)
2026		$	63,653		$	4,224		$	67,877
2027		65,642			2,172			67,814
2028		58,065			851			58,916
2029		54,077			326			54,403
2030		52,886			73			52,959
Thereafter		414,292			—			414,292
Total lease payments		708,615			7,646			$	716,261
Less interest		(197,307)			(376)
Present value of lease liabilities		$	511,308		$	7,270

The future minimum payments under non-cancelable leases, sublease commitments and related payments we are obligated to make, net of sublease commitments of third party lessees to make payments to us, as of December 31, 2025, are as follows:


	Payments			Sublease Receipts			Net Payments
	(in millions)
2026		$	70.2		$	(3.1)		$	67.1
2027		67.3			(4.4)			62.9
2028		58.8			(4.4)			54.4
2029		54.4			(4.4)			50.0
2030		53.0			(4.5)			48.5
2031 and thereafter		414.3			(11.4)			402.9
Total future minimum payments		$	718.0		$	(32.2)		$	685.8