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Leases
 3 Months Ended
Mar. 31, 2025
Leases [Abstract]  
Leases Leases
The Company leases certain office space and equipment under various non-cancelable operating leases. These leases have original terms ranging from 2 years to 24 years. Operating lease liabilities and right-of-use (“ROU”) assets are recognized at the lease commencement date based upon the present value of the future minimum lease payments over the lease term. Operating lease liabilities are recorded within other liabilities and ROU assets are recorded within other assets in the Company’s Consolidated Balance Sheets.
As of the dates indicated, the Company had the following related to operating leases:
As of March 31, 2025As of December 31, 2024
(In thousands)
Right-of-use assets$78,296 $68,393 
Lease liabilities91,875 81,901 
The increase in the Company’s right-of-use assets and lease liabilities at March 31, 2025 from December 31, 2024, is primarily due to the addition of a new lease located in Wakefield, MA which amounted to $11.4 million and will house Company offices once certain leasehold improvements are completed.
Finance leases are not material. Finance lease liabilities are recorded within other liabilities and finance ROU assets are recorded within other assets in the Company’s Consolidated Balance Sheets.
The following table is a summary of the Company’s components of net lease cost for the periods indicated:
Three Months Ended March 31,
20252024
(In thousands)
Operating lease cost$3,968 $3,100 
Finance lease cost123 112 
Variable lease cost818 800 
Total lease cost$4,909 $4,012 
During the three months ended March 31, 2025, the Company made $4.0 million and $3.5 million, respectively, in cash payments for operating and finance lease payments.
Supplemental balance sheet information related to operating leases are as follows:
As of March 31, 2025As of December 31, 2024
Weighted-average remaining lease term (in years)8.217.54
Weighted-average discount rate4.38 %4.08 %
The following table sets forth the undiscounted cash flows of base rent related to operating leases outstanding as of March 31, 2025 with payments scheduled over the next five years and thereafter, including a reconciliation to the operating lease liability recognized in other liabilities in the Company’s Consolidated Balance Sheets:
As of March 31, 2025
Year(In thousands)
Remainder of 2025$7,007 
202614,730 
202714,288 
202813,972 
202912,266 
Thereafter51,017 
Total minimum lease payments113,280 
Less: amount representing interest21,405 
Present value of future minimum lease payments$91,875 
Leases Leases
The Company leases certain office space and equipment under various non-cancelable operating leases. These leases have original terms ranging from 2 years to 24 years. Operating lease liabilities and right-of-use (“ROU”) assets are recognized at the lease commencement date based upon the present value of the future minimum lease payments over the lease term. Operating lease liabilities are recorded within other liabilities and ROU assets are recorded within other assets in the Company’s Consolidated Balance Sheets.
As of the dates indicated, the Company had the following related to operating leases:
As of March 31, 2025As of December 31, 2024
(In thousands)
Right-of-use assets$78,296 $68,393 
Lease liabilities91,875 81,901 
The increase in the Company’s right-of-use assets and lease liabilities at March 31, 2025 from December 31, 2024, is primarily due to the addition of a new lease located in Wakefield, MA which amounted to $11.4 million and will house Company offices once certain leasehold improvements are completed.
Finance leases are not material. Finance lease liabilities are recorded within other liabilities and finance ROU assets are recorded within other assets in the Company’s Consolidated Balance Sheets.
The following table is a summary of the Company’s components of net lease cost for the periods indicated:
Three Months Ended March 31,
20252024
(In thousands)
Operating lease cost$3,968 $3,100 
Finance lease cost123 112 
Variable lease cost818 800 
Total lease cost$4,909 $4,012 
During the three months ended March 31, 2025, the Company made $4.0 million and $3.5 million, respectively, in cash payments for operating and finance lease payments.
Supplemental balance sheet information related to operating leases are as follows:
As of March 31, 2025As of December 31, 2024
Weighted-average remaining lease term (in years)8.217.54
Weighted-average discount rate4.38 %4.08 %
The following table sets forth the undiscounted cash flows of base rent related to operating leases outstanding as of March 31, 2025 with payments scheduled over the next five years and thereafter, including a reconciliation to the operating lease liability recognized in other liabilities in the Company’s Consolidated Balance Sheets:
As of March 31, 2025
Year(In thousands)
Remainder of 2025$7,007 
202614,730 
202714,288 
202813,972 
202912,266 
Thereafter51,017 
Total minimum lease payments113,280 
Less: amount representing interest21,405 
Present value of future minimum lease payments$91,875