Operating Leases – The Company leases office space under non-cancelable lease agreements, which expire on various dates through 2035. The Company reflects lease expense over the lease terms on a straight-line basis, which include options to extend the lease when it is reasonably certain that the Company will exercise that option. Occupancy lease agreements, in addition to base rentals, generally are subject to escalation provisions based on certain costs incurred by the landlord. The Company does not have any leases with variable lease payments. Occupancy and Equipment Rental on the Unaudited Condensed Consolidated Statements of Operations includes operating lease cost for office space of $19,077 and $39,598 for the three and six months ended June 30, 2026, respectively, and $18,039 and $35,392 for the three and six months ended June 30, 2025, respectively, and variable lease cost, which principally include costs for real estate taxes, common area maintenance and other operating expenses of $2,110 and $3,490 for the three and six months ended June 30, 2026, respectively, and $2,051 and $3,706 for the three and six months ended June 30, 2025, respectively.

In conjunction with the lease of office space, the Company has entered into letters of credit in the amount of $6,129 and $6,037 as of June 30, 2026 and December 31, 2025, respectively, which are secured by cash that is included in Other Assets on the Unaudited Condensed Consolidated Statements of Financial Condition.

The Company has entered into various operating leases for the use of office equipment (primarily computers, printers, copiers and other information technology related equipment). Occupancy and Equipment Rental on the Unaudited Condensed Consolidated Statements of Operations includes operating lease cost for office equipment of $1,341 and $2,861 for the three and six months ended June 30, 2026, respectively, and $1,836 and $3,386 for the three and six months ended June 30, 2025, respectively.

The Company uses its secured incremental borrowing rate to determine the present value of its right-of-use assets and lease liabilities. The determination of an appropriate incremental borrowing rate requires significant assumptions and judgment. The Company's incremental borrowing rate was calculated based on the Company's recent debt issuances and current market conditions. The Company scales the rates appropriately depending on the life of the leases.

The Company incurred net operating cash outflows of $42,570 and $36,763 for the six months ended June 30, 2026 and 2025, respectively, related to its operating leases, which was net of cash received from lease incentives of $4,054 for the six months ended June 30, 2025.


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2026		2025		2026			2025
New Right-of-Use Assets obtained in exchange for new operating lease liabilities	$	9,863	$	5,754	$	15,295		$	24,228


					June 30, 2026			June 30, 2025
Weighted-average remaining lease term - operating leases					8.8 years			9.7 years
Weighted-average discount rate - operating leases					4.88		%	4.80		%


2026 (July 1 through December 31)	$	44,272
2027	91,023
2028	75,714
2029	63,574
2030	73,512
Thereafter	350,986
Total lease payments	699,081
Less: Tenant Improvement Allowances	(16,929)
Less: Imputed Interest	(128,989)
Present value of lease liabilities	553,163
Less: Current lease liabilities	(65,251)
Long-term lease liabilities	$	487,912

The Company has entered into certain lease agreements, primarily for office space, which have not yet commenced and thus are not yet included on the Company's Unaudited Condensed Consolidated Statements of Financial Condition as right-of-use assets and lease liabilities. The Company anticipates that these leases will commence in 2026 and 2027 and will have lease terms of 3 to 9 years once they have commenced. The additional future payments under these arrangements are $30,735 as of June 30, 2026.

In September 2024, the Company entered into a binding agreement affirming its intent to lease office space in London, United Kingdom. The Company anticipates signing the lease in 2026, following construction of the building, and anticipates that it will take possession of this space by the end of 2026. The lease term is expected to end in 2041. The expected approximate additional annual expense under this lease agreement, net of certain lease incentives, is £12,000, and the aggregate expected additional future payments under this arrangement are £175,000.