Leases (Tables)
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3 Months Ended |
Mar. 31, 2026 |
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| Leases [Abstract] |
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| Schedule of Supplemental Information Related to Operating Leases |
Supplemental information related to the Company’s operating and financing leases is as follows (in thousands): | | | | | | | | | | | | | | | | | | | Classification in Unaudited Condensed
Consolidated Statements of Financial Condition | | March 31, 2026 | | December 31, 2025 | | Assets | | | | | | | Operating lease ROU assets | Other assets | | $ | 176,760 | | | $ | 159,882 | | | Finance lease ROU assets | Fixed assets, net | | $ | 1,465 | | | $ | 1,711 | | | Liabilities | | | | | | | Operating lease liabilities | Accounts payable, accrued and other liabilities | | $ | 222,312 | | | $ | 195,093 | | | Finance lease liabilities | Accounts payable, accrued and other liabilities | | $ | 1,652 | | | $ | 1,944 | |
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| Schedule of Weighted-Average Remaining Lease Term and Discount Rate |
| | | | | | | | | | | | | | March 31, 2026 | | December 31, 2025 | | Weighted-average remaining lease term | | | | | Operating leases (years) | 11.3 | | 6.9 | | Finance leases (years) | 1.3 | | 1.5 | | Weighted-average discount rate | | | | | Operating leases | 6.0 | % | | 4.6 | % | | Finance leases | 4.6 | % | | 4.6 | % |
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| Schedule of Components of Lease Expense |
The components of lease expense are as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | Classification in Unaudited Condensed Consolidated Statements of Operations | | Three Months Ended March 31, | | | | | 2026 | | 2025 | | | | | Operating lease cost1 | Occupancy and equipment | | $ | 10,373 | | | $ | 8,218 | | | | | | | Finance lease cost | | | | | | | | | | | Amortization on ROU assets | Occupancy and equipment | | $ | 218 | | | $ | 326 | | | | | | | Interest on lease liabilities | Interest expense | | $ | 17 | | | $ | 34 | | | | | |
__________________________ 1Short-term lease expense was not material for the three months ended March 31, 2026 and 2025.
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| Schedule of Maturity Analysis of Operating Lease Liabilities |
The following table shows the Company’s maturity analysis of its lease liabilities, net of payments to be received under a sublease as of March 31, 2026 (in thousands): | | | | | | | | | | | | | March 31, 2026 | | Operating leases | | Finance leases | | 2026 (excluding the three months ended March 31, 2026) | $ | 27,889 | | | $ | 1,081 | | | 2027 | 34,959 | | | 627 | | | 2028 | 31,325 | | | — | | | 2029 | 26,964 | | | — | | | 2030 | 19,101 | | | — | | | 2031 and thereafter | 172,010 | | | — | | | Total | $ | 312,248 | | | $ | 1,708 | | | Interest | (90,781) | | | (56) | | | Total | $ | 221,467 | | | $ | 1,652 | |
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| Schedule of Maturity Analysis of Finance Lease Liabilities |
The following table shows the Company’s maturity analysis of its lease liabilities, net of payments to be received under a sublease as of March 31, 2026 (in thousands): | | | | | | | | | | | | | March 31, 2026 | | Operating leases | | Finance leases | | 2026 (excluding the three months ended March 31, 2026) | $ | 27,889 | | | $ | 1,081 | | | 2027 | 34,959 | | | 627 | | | 2028 | 31,325 | | | — | | | 2029 | 26,964 | | | — | | | 2030 | 19,101 | | | — | | | 2031 and thereafter | 172,010 | | | — | | | Total | $ | 312,248 | | | $ | 1,708 | | | Interest | (90,781) | | | (56) | | | Total | $ | 221,467 | | | $ | 1,652 | |
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| Schedule of Cash Flow Information Related to Lease Liabilities |
The following table shows cash flow information related to lease liabilities (in thousands): | | | | | | | | | | | | | | | | | Three Months Ended March 31, | | | | Cash paid for amounts included in the measurement of lease liabilities | 2026 | | 2025 | | | | | | Operating cash flows from operating lease liabilities | $ | 8,879 | | | $ | 11,060 | | | | | | | Operating cash flows from finance lease liabilities | $ | 17 | | | $ | 34 | | | | | | | Financing cash flows from finance lease liabilities | $ | 258 | | | $ | 328 | | | | | |
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