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LEASES
 3 Months Ended
Mar. 31, 2025
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)Three Months Ended March 31,
Lease Cost20252024
Operating lease cost$10,746 $10,759 
Short term lease cost699 37 
Net Lease Cost$11,445 $10,796 
(dollars in thousands)Three Months Ended March 31,
Supplemental Lease Cash Flow Information20252024
Cash paid (received) for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases(1)
$9,177 $(9,065)
Right-of-use assets obtained in exchange for lease obligations:
Operating leases$25,086 $5,495 
(1)The amount presented above for the three months ended March 31, 2024, includes $14.7 million of tenant improvement allowances received from the lessor.
Lease Term and Discount RateMarch 31
2025		December 31, 2024
Weighted-average remaining lease term:
Operating leases12.8 years13.1 years
Weighted-average discount rate:
Operating leases5.6 %5.6 %
(dollars in thousands)
Future Maturity of Operating Lease Payments
Operating Leases
April 1, 2025 to December 31, 2025$24,048 
202649,435 
202748,138 
202848,151 
202944,597 
Thereafter377,571 
Total Lease Payments591,940 
Imputed interest(182,688)
Total Lease Liabilities$409,252 

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 $245.1 million related to leases that have not commenced that were entered into as of March 31, 2025. Such lease payments are not included in the table above or the Company’s consolidated statements of financial condition as operating lease assets and operating lease liabilities. These operating lease payments are anticipated to commence in the second quarter of 2025 and continue for approximately 15 years.