Leases

12 Months Ended

Dec. 31, 2023

12.

LEASES

The components of lease expense were as follows:


	Year Ended December 31,
	2023			2022			2021
Operating Lease Cost	$	29,318		$	27,672		$	27,519
Variable Lease Cost		4,423			3,606			3,090
Short-Term Lease Cost		—			—			102
Sublease Income		(778	)		(529	)		(909	)
Total Lease Cost	$	32,963		$	30,749		$	29,802

Supplemental information related to the Company’s operating leases was as follows:


	Year Ended December 31,
	2023		2022		2021
Cash Paid for Amounts Included in Measurement of Lease Liabilities
Operating Cash Flows from Operating Leases	$	25,035	$	22,488	$	21,397
Right-of-Use Assets Obtained in Exchange for Operating Lease Liabilities	$	200,958	$	6,261	$	6,765


	Year Ended December 31,
	2023			2022
Weighted-Average Remaining Lease Term (in years)		15.5			6.8
Weighted-Average Discount Rate		6.8	%		4.6	%

The following is a maturity analysis of the annual undiscounted cash flows of the Company’s operating lease liabilities as of December 31, 2023:


Year Ending December 31,
2024	$	29,140
2025		25,856
2026		29,995
2027		30,918
2028		38,919
Thereafter		415,346
Total Lease Payments		570,174
Less: Tenant Improvement Allowances		17,161
Less: Imputed Interest		222,413
Total	$	330,600

In December 2023, the Company entered into a lease amendment to its New York office lease. The amendment extended the term of certain floor space to 2041, which resulted in an increase to Operating Lease Right of Use Assets and a corresponding increase to Operating Lease Liabilities of $199.1 million. Additionally, the amendment provides for lease of additional floor space. Such lease has not been included in Operating Lease Right

of Use Assets and Operating Lease Liabilities as of December 31, 2023 on the Consolidated Statement of Financial Condition as the Company does not yet have the right to use the premises. Commencement is currently anticipated to occur in the first quarter of 2025 with a term that expires in 2041.