v3.26.1
Operating Leases
 6 Months Ended
Jun. 30, 2026
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,
2026202520262025
Lease cost(a):
Operating lease cost$26,496$22,378$50,583 $44,924 
Short-term lease costs(31)371299 583 
Variable lease cost2,1622,5756,750 5,656 
Sublease income(598)(595)(1,203)(1,176)
Total lease cost$28,029$24,729$56,429 $49,987 
Weighted-average remaining lease term12.512.5
Weighted-average discount rate5.57 %5.60 %
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(a)Office rent expense for the three and six months ended June 30, 2026 was $26.4 million and $50.3 million, respectively. Office rent expense for the three and six months ended June 30, 2025 was $22.4 million and $45.0 million, respectively.
Supplemental Condensed Consolidated Statements of Cash Flows information related to leases were as follows (in thousands):
Six Months Ended June 30,
20262025
Cash paid for amounts included in the measurement of lease liabilities$21,782 $28,739 
Right-of-use assets obtained in exchange for new operating lease liabilities75,108 393,699 
Other non-cash changes in right-of-use assets and operating lease liabilities(27,989)(3,604)
The following table shows the undiscounted cash flows on an annual basis for operating lease liabilities as of June 30, 2026 (in thousands):
Year Due
Lease Amount(a)
Remainder of 2026$(9,623)
202785,972 
202883,378 
202980,865 
203075,932 
Thereafter641,283 
Total future undiscounted operating lease payments
957,807 
Less: imputed interest(312,860)
Present value of operating lease liabilities
$644,947 
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(a)Net of tenant improvement allowances