Leases

9 Months Ended

Sep. 30, 2025

4. Leases

The Company has operating leases for office space and equipment expiring at various dates through 2035. The Company leases its corporate headquarters at 85 Broad Street, New York, New York, which houses its executive management team and many administrative functions for the Company as well as its research, trading, investment banking, and asset management divisions and an office in Troy, Michigan, which among other things, houses its payroll and human resources departments. In addition, the Company has 88 retail branch offices in the United States as well as offices in London, England, St. Helier, Isle of Jersey, Tel Aviv, Israel, Hong Kong, China, and Geneva, Switzerland.

The Company is constantly assessing its needs for office space and, on a rolling basis, has many leases that expire in any given year. Substantially all of the leases are held by the Company's subsidiary, Viner Finance Inc., which is a wholly-owned subsidiary of the Company. Leases with an initial term of 12 months or less are not recorded on the balance sheet; the Company recognizes lease expense for these leases on a straight-line basis over the lease term. Most leases include an option to renew and the exercise of lease renewal options is at the Company's sole discretion. The Company did not include the renewal options as part of the right of use assets and liabilities. The depreciable life of assets and leasehold improvements is limited by the expected lease term. The Company's lease agreements do not contain any material residual value guarantees or material restrictive covenants.

As of September 30, 2025, the Company had right-of-use operating lease assets of $121.7 million (net of accumulated amortization of $132.9 million) which are comprised of real estate leases of $118.8 million (net of accumulated amortization of $130.7 million) and equipment leases of $2.9 million (net of accumulated amortization of $2.3 million). As of September 30, 2025, the Company had operating lease liabilities of $158.8 million which are comprised of real estate lease liabilities of $155.9 million and equipment lease liabilities of $2.9 million. The Company had no finance leases as of September 30, 2025.

As most of the Company's leases do not provide an implicit rate, the Company uses the incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments.

The following table presents the weighted average lease term and weighted average discount rate for the Company's operating leases as of September 30, 2025 and December 31, 2024, respectively:


	As of
	September 30, 2025	December 31, 2024

Weighted average remaining lease term (in years)	5.69	6.08
Weighted average discount rate	7.40%	7.50%

The following table presents operating lease costs recognized for the three and nine months ended September 30, 2025 and September 30, 2024, respectively, which are included in occupancy and equipment costs on the condensed consolidated income statements:


(Expressed in thousands)
	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2025		2024		2025		2024
Operating lease costs:
Real estate leases - Right-of-use lease asset amortization	$	6,169	$	6,165	$	18,220	$	18,242
Real estate leases - Interest expense	2,902		3,139		9,050		9,690
Equipment leases - Right-of-use lease asset amortization	421		424		1,270		1,287
Equipment leases - Interest expense	53		45		146		135

The maturities of lease liabilities as of September 30, 2025 and December 31, 2024 are as follows:


(Expressed in thousands)
	As of
	September 30, 2025		December 31, 2024
2025	$	10,937	$	42,466
2026	42,875		40,596
2027	40,108		38,151
2028	26,027		24,794
2029	19,594		18,816
After 2030	56,142		52,472
Total lease payments	$	195,683	$	217,295
Less interest	(36,856)		(43,975)
Present value of lease liabilities	$	158,827	$	173,320

As of September 30, 2025, the Company had $3.1 million of additional real estate operating leases that have not yet commenced ($6.9 million as of December 31, 2024).