LEASES

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

LEASES

5. LEASES

The Company primarily has non-cancelable operating leases for its headquarters in New York and various other offices. The operating lease for the Company’s headquarters does not include any renewal options; however, certain of the Company’s other leases contain renewal and early termination options that the Company has determined are not reasonably certain of being exercised.

(dollars in thousands)	Year Ended December 31,
Lease Cost	2022		2021
Operating lease cost	$	19,168	$	7,930
Short term lease cost	1,524		286
Net Lease Cost	$	20,692	$	8,216

(dollars in thousands)	Year Ended December 31,
Supplemental Lease Cash Flow Information	2022		2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	7,709	$	5,956
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	156,778	$	78,677

Lease Term and Discount Rate	December 31, 2022		December 31, 2021
Weighted-average remaining lease term:
Operating leases	13.0 years		10.2 years
Weighted-average discount rate:
Operating leases	4.0	%	3.1	%

(dollars in thousands)
Future Maturity of Operating Lease Payments	Operating Leases
2023	$	11,406
2024	5,864
2025	24,504
2026	26,841
2027	27,043
Thereafter	230,571
Total Lease Payments	326,229
Imputed interest	(86,385)
Total Lease Liabilities	$	239,844

Amounts presented in the table above are presented net of tenant improvement allowances and reflect the impacts of rent holiday periods.

The Company has future operating lease payments of approximately $84.5 million related to leases that have not commenced that were entered into as of December 31, 2022. Such lease payments are not included in the table above or the Company’s consolidated and combined statements of financial condition as operating lease assets and operating lease liabilities. These operating lease payments are anticipated to commence in the second half of 2024 and continue for approximately 15 years.