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Leases
 6 Months Ended
Jun. 30, 2026
Leases [Abstract]  
Leases Leases
We lease office space, furniture and office equipment under various operating and financing leases. Our current leases have remaining 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 June 30, 2026 and December 31, 2025 were as follows:
ClassificationJune 30, 2026December 31, 2025
(in thousands)
Operating Leases
Operating lease right-of-use assetsRight-of-use assets$449,197 $448,177 
Operating lease liabilitiesLease liabilities512,711 511,308 
Finance Leases
Property and equipment, grossRight-of-use assets20,570 21,070 
Amortization of right-of-use assetsRight-of-use assets(10,867)(14,259)
Property and equipment, net9,703 6,811 
Finance lease liabilities Lease liabilities10,073 7,270 
The components of lease expense included in the condensed consolidated statement of income as of June 30, 2026 and June 30, 2025 were as follows:
Three Months Ended June 30,Six Months Ended June 30,
Classification2026202520262025
(in thousands)
Operating lease costGeneral and administrative$17,229 $16,226 $34,309 $32,238 
Financing lease cost:
Amortization of right-of-use assetsGeneral and administrative1,390 1,502 2,599 2,641 
Interest on lease liabilitiesInterest expense118 139 205 208 
Total finance lease cost1,508 1,641 2,804 2,849 
Variable lease cost (1)
General and administrative3,772 2,491 7,560 5,777 
Sublease incomeGeneral and administrative(1,092)(738)(2,188)(1,265)
Net lease cost$21,417 $19,620 $42,485 $39,599 
(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)
2026 (excluding the six months ended June 30, 2026)
$28,529 $2,330 $30,859 
202765,266 3,730 68,996 
202859,904 2,409 62,313 
202957,051 1,539 58,590 
203056,037 733 56,770 
Thereafter444,154 — 444,154 
Total lease payments710,941 10,741 721,682 
Less interest(198,230)(668)
Present value of lease liabilities$512,711 $10,073 
Lease term and discount rate:
Weighted average remaining lease term (years):
Operating leases13.13
Finance leases2.99
Weighted average discount rate:
Operating leases4.65 %
Finance leases4.81 %
Supplemental non-cash activity related to leases was as follows:
Six Months Ended June 30,
20262025
(in thousands)
Right-of-use assets obtained in exchange for lease obligations(1):
Operating leases— 78 
Finance leases4,434 1,552 
(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 remaining 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 June 30, 2026 and December 31, 2025 were as follows:
ClassificationJune 30, 2026December 31, 2025
(in thousands)
Operating Leases
Operating lease right-of-use assetsRight-of-use assets$449,197 $448,177 
Operating lease liabilitiesLease liabilities512,711 511,308 
Finance Leases
Property and equipment, grossRight-of-use assets20,570 21,070 
Amortization of right-of-use assetsRight-of-use assets(10,867)(14,259)
Property and equipment, net9,703 6,811 
Finance lease liabilities Lease liabilities10,073 7,270 
The components of lease expense included in the condensed consolidated statement of income as of June 30, 2026 and June 30, 2025 were as follows:
Three Months Ended June 30,Six Months Ended June 30,
Classification2026202520262025
(in thousands)
Operating lease costGeneral and administrative$17,229 $16,226 $34,309 $32,238 
Financing lease cost:
Amortization of right-of-use assetsGeneral and administrative1,390 1,502 2,599 2,641 
Interest on lease liabilitiesInterest expense118 139 205 208 
Total finance lease cost1,508 1,641 2,804 2,849 
Variable lease cost (1)
General and administrative3,772 2,491 7,560 5,777 
Sublease incomeGeneral and administrative(1,092)(738)(2,188)(1,265)
Net lease cost$21,417 $19,620 $42,485 $39,599 
(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)
2026 (excluding the six months ended June 30, 2026)
$28,529 $2,330 $30,859 
202765,266 3,730 68,996 
202859,904 2,409 62,313 
202957,051 1,539 58,590 
203056,037 733 56,770 
Thereafter444,154 — 444,154 
Total lease payments710,941 10,741 721,682 
Less interest(198,230)(668)
Present value of lease liabilities$512,711 $10,073 
Lease term and discount rate:
Weighted average remaining lease term (years):
Operating leases13.13
Finance leases2.99
Weighted average discount rate:
Operating leases4.65 %
Finance leases4.81 %
Supplemental non-cash activity related to leases was as follows:
Six Months Ended June 30,
20262025
(in thousands)
Right-of-use assets obtained in exchange for lease obligations(1):
Operating leases— 78 
Finance leases4,434 1,552 
(1) Represents non-cash activity and, accordingly, is not reflected in the condensed consolidated statement of cash flows.