Leases (Tables)
|
6 Months Ended |
Jun. 30, 2026 |
|---|
| Leases [Abstract] |
|
| 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 | | June 30, 2026 | | December 31, 2025 | | Assets | | | | | | | Operating lease ROU assets | Other assets | | $ | 180,987 | | | $ | 159,882 | | | Finance lease ROU assets | Fixed assets, net | | $ | 1,177 | | | $ | 1,711 | | | Liabilities | | | | | | | Operating lease liabilities | Accounts payable, accrued and other liabilities | | $ | 224,137 | | | $ | 195,093 | | | Finance lease liabilities | Accounts payable, accrued and other liabilities | | $ | 1,318 | | | $ | 1,944 | |
|
| Schedule of Weighted-Average Remaining Lease Term and Discount Rate |
| | | | | | | | | | | | | June 30, 2026 | | December 31, 2025 | | Weighted-average remaining lease term | | | | | Operating leases (years) | 11.2 | | 6.9 | | Finance leases (years) | 1.1 | | 1.5 | | Weighted-average discount rate | | | | | Operating leases | 5.9 | % | | 4.6 | % | | Finance leases | 4.8 | % | | 4.6 | % |
|
| 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 June 30, | | Six Months Ended June 30, | | | 2026 | | 2025 | | 2026 | | 2025 | | Operating lease cost | Occupancy and equipment | | $ | 9,957 | | | $ | 9,875 | | | $ | 19,659 | | | $ | 18,093 | | | Finance lease cost | | | | | | | | | | | Amortization on ROU assets | Occupancy and equipment | | $ | 317 | | | $ | 326 | | | $ | 593 | | | $ | 653 | | | Interest on lease liabilities | Interest expense | | $ | 18 | | | $ | 30 | | | $ | 38 | | | $ | 64 | |
_________________________
|
| 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 June 30, 2026 (in thousands): | | | | | | | | | | | | | June 30, 2026 | | Operating leases | | Finance leases | | 2026 (excluding the six months ended June 30, 2026) | $ | 17,586 | | | $ | 733 | | | 2027 | 36,883 | | | 627 | | | 2028 | 32,825 | | | — | | | 2029 | 28,588 | | | — | | | 2030 | 20,567 | | | — | | | 2031 and thereafter | 177,385 | | | — | | | Total | $ | 313,834 | | | $ | 1,360 | | | Interest | (89,697) | | | (42) | | | Total | $ | 224,137 | | | $ | 1,318 | |
|
| 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 June 30, 2026 (in thousands): | | | | | | | | | | | | | June 30, 2026 | | Operating leases | | Finance leases | | 2026 (excluding the six months ended June 30, 2026) | $ | 17,586 | | | $ | 733 | | | 2027 | 36,883 | | | 627 | | | 2028 | 32,825 | | | — | | | 2029 | 28,588 | | | — | | | 2030 | 20,567 | | | — | | | 2031 and thereafter | 177,385 | | | — | | | Total | $ | 313,834 | | | $ | 1,360 | | | Interest | (89,697) | | | (42) | | | Total | $ | 224,137 | | | $ | 1,318 | |
|
| 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 June 30, | | Six Months Ended June 30, | | Cash paid for amounts included in the measurement of lease liabilities | 2026 | | 2025 | | 2026 | | 2025 | | Operating cash flows from operating lease liabilities | $ | 12,406 | | | $ | 9,253 | | | $ | 21,285 | | | $ | 20,158 | | | Operating cash flows from finance lease liabilities | $ | 18 | | | $ | 30 | | | $ | 38 | | | $ | 64 | | | Financing cash flows from finance lease liabilities | $ | 334 | | | $ | 326 | | | $ | 622 | | | $ | 653 | |
|