Leases (Tables)

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

Summary of Leases

Leases included in the condensed consolidated statement of financial condition as of March 31, 2026 and December 31, 2025 were as follows:

	Classification	March 31, 2026		December 31, 2025
		(in thousands)
Operating Leases
Operating lease right-of-use assets	Right-of-use assets	$	458,452	$	448,177
Operating lease liabilities	Lease liabilities	521,373		511,308
Finance Leases
Property and equipment, gross	Right-of-use assets	19,979		21,070
Amortization of right-of-use assets	Right-of-use assets	(12,703)		(14,259)
Property and equipment, net		7,276		6,811
Finance lease liabilities	Lease liabilities	7,294		7,270

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, 2026 and March 31, 2025 were as follows:

		Three Months Ended March 31,
	Classification	2026		2025
		(in thousands)
Operating lease cost	General and administrative	$	17,080	$	16,012
Financing lease cost:
Amortization of right-of-use assets	General and administrative	1,209		1,139
Interest on lease liabilities	Interest expense	87		69
Total finance lease cost		1,296		1,208
Variable lease cost (1)	General and administrative	3,788		3,286
Sublease income	General and administrative	(1,096)		(527)
Net lease cost		$	21,068	$	19,979

(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	13.20
Finance leases	2.31
Weighted average discount rate:
Operating leases	4.64	%
Finance leases	4.70	%

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

	Three Months Ended March 31,
	2026	2025
	(in thousands)
Right-of-use assets obtained in exchange for lease obligations(1):
Operating leases	—	77
Finance leases	623	—

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

Maturities of Finance Lease Liabilities

Maturities of lease liabilities were as follows:

	Operating Leases		Financing Leases		Total
Year ending December 31,	(in thousands)
2026 (excluding the three months ended March 31, 2026)	$	44,802	$	2,962	$	47,764
2027	65,543		2,685		68,228
2028	59,966		1,365		61,331
2029	56,839		495		57,334
2030	55,736		211		55,947
Thereafter	440,663		—		440,663
Total lease payments	723,549		7,718		731,267
Less interest	(202,176)		(424)
Present value of lease liabilities	$	521,373	$	7,294

Maturities of Operating Lease Liabilities

Maturities of lease liabilities were as follows:

	Operating Leases		Financing Leases		Total
Year ending December 31,	(in thousands)
2026 (excluding the three months ended March 31, 2026)	$	44,802	$	2,962	$	47,764
2027	65,543		2,685		68,228
2028	59,966		1,365		61,331
2029	56,839		495		57,334
2030	55,736		211		55,947
Thereafter	440,663		—		440,663
Total lease payments	723,549		7,718		731,267
Less interest	(202,176)		(424)
Present value of lease liabilities	$	521,373	$	7,294