v3.25.2
Operating Leases
 6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
Operating Leases
11. Operating Leases
The following tables summarize the Company’s lease cost, cash flows, and other supplemental information related to its operating leases.

The components of lease expense were as follows (in thousands):

Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Lease cost(a):
Operating lease cost$22,378 $11,828 $44,924 $23,939 
Short-term lease costs371 274 583 489 
Variable lease cost2,575 2,596 5,656 5,570 
Sublease income(595)(364)(1,176)(1,292)
Total lease cost$24,729 $14,334 $49,987 $28,706 
Weighted-average remaining lease term12.56.3
Weighted-average discount rate5.60 %5.11 %
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(a)Office rent expense for the three and six months ended June 30, 2025 was $22.4 million and $45.0 million, respectively. Office rent expense for the three and six months ended June 30, 2024 was $12.0 million and $24.2 million, respectively.
Supplemental Condensed Consolidated Statements of Cash Flows information related to leases were as follows (in thousands):
Six Months Ended June 30,
20252024
Cash paid for amounts included in the measurement of lease liabilities$28,739 $18,170 
Right-of-use assets obtained in exchange for new operating lease liabilities393,699 — 
Other non-cash changes in right-of-use assets and operating lease liabilities(3,604)528 
The following table shows the undiscounted cash flows on an annual basis for operating lease liabilities as of June 30, 2025 (in thousands):
Year Due
Lease Amount(a)
Remainder of 2025$27,901 
2026(766)
202782,555 
202887,388 
202985,085 
Thereafter630,729 
Total future undiscounted operating lease payments
912,892 
Less: imputed interest(310,042)
Present value of operating lease liabilities
$602,850 
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(a)Net of tenant improvement allowances