Leases (Tables)

6 Months Ended

Jun. 30, 2026

Leases [Abstract]

Summary of Leases

Leases included in the condensed consolidated statement of financial condition as of June 30, 2026 and December 31, 2025 were as follows:

	Classification	June 30, 2026		December 31, 2025
		(in thousands)
Operating Leases
Operating lease right-of-use assets	Right-of-use assets	$	449,197	$	448,177
Operating lease liabilities	Lease liabilities	512,711		511,308
Finance Leases
Property and equipment, gross	Right-of-use assets	20,570		21,070
Amortization of right-of-use assets	Right-of-use assets	(10,867)		(14,259)
Property and equipment, net		9,703		6,811
Finance lease liabilities	Lease liabilities	10,073		7,270

Summary 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 June 30, 2026 and June 30, 2025 were as follows:

		Three Months Ended June 30,				Six Months Ended June 30,
	Classification	2026		2025		2026		2025
		(in thousands)
Operating lease cost	General and administrative	$	17,229	$	16,226	$	34,309	$	32,238
Financing lease cost:
Amortization of right-of-use assets	General and administrative	1,390		1,502		2,599		2,641
Interest on lease liabilities	Interest expense	118		139		205		208
Total finance lease cost		1,508		1,641		2,804		2,849
Variable lease cost (1)	General and administrative	3,772		2,491		7,560		5,777
Sublease income	General 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.

Lease term and discount rate:
Weighted average remaining lease term (years):
Operating leases	13.13
Finance leases	2.99
Weighted average discount rate:
Operating leases	4.65	%
Finance leases	4.81	%

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

	Six Months Ended June 30,
	2026	2025
	(in thousands)
Right-of-use assets obtained in exchange for lease obligations(1):
Operating leases	—	78
Finance leases	4,434	1,552

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

Summary of 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 six months ended June 30, 2026)	$	28,529	$	2,330	$	30,859
2027	65,266		3,730		68,996
2028	59,904		2,409		62,313
2029	57,051		1,539		58,590
2030	56,037		733		56,770
Thereafter	444,154		—		444,154
Total lease payments	710,941		10,741		721,682
Less interest	(198,230)		(668)
Present value of lease liabilities	$	512,711	$	10,073

Summary of 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 six months ended June 30, 2026)	$	28,529	$	2,330	$	30,859
2027	65,266		3,730		68,996
2028	59,904		2,409		62,313
2029	57,051		1,539		58,590
2030	56,037		733		56,770
Thereafter	444,154		—		444,154
Total lease payments	710,941		10,741		721,682
Less interest	(198,230)		(668)
Present value of lease liabilities	$	512,711	$	10,073