v3.26.3
Leases (Tables)
 9 Months Ended
Sep. 30, 2026
Leases [Abstract]  
Summary of Leases
Leases included in the condensed consolidated statement of financial condition as of September 30, 2026 and December 31, 2025 were as follows:
ClassificationSeptember 30, 2026December 31, 2025
(in thousands)
Operating Leases
Operating lease right-of-use assetsRight-of-use assets$439,680 $448,177 
Operating lease liabilitiesLease liabilities503,570 511,308 
Finance Leases
Property and equipment, grossRight-of-use assets28,686 21,070 
Amortization of right-of-use assetsRight-of-use assets(11,161)(14,259)
Property and equipment, net17,525 6,811 
Finance lease liabilities Lease liabilities17,983 7,270 
Summary of Components of Lease Expense and Supplemental Cash Flow Information
The components of lease expense included in the condensed consolidated statement of income as of September 30, 2026 and September 30, 2025 were as follows:
Three Months Ended September 30,Nine Months Ended September 30,
Classification2026202520262025
(in thousands)
Operating lease costGeneral and administrative$17,149 $16,673 $51,458 $48,911 
Financing lease cost:
Amortization of right-of-use assetsGeneral and administrative1,613 1,230 4,212 3,871 
Interest on lease liabilitiesInterest expense202 90 407 298 
Total finance lease cost1,815 1,320 4,619 4,169 
Variable lease (income) cost (1)
General and administrative(3,569)3,738 3,991 9,515 
Sublease incomeGeneral and administrative(1,092)(716)(3,280)(1,981)
Net lease cost$14,303 $21,015 $56,788 $60,614 
(1) Variable lease expense includes operating expenses, real estate taxes and employee parking.
Lease term and discount rate:
Weighted average remaining lease term (years):
Operating leases12.99
Finance leases3.80
Weighted average discount rate:
Operating leases4.66 %
Finance leases4.39 %
Supplemental non-cash activity related to leases was as follows:
Nine Months Ended September 30,
20262025
(in thousands)
Right-of-use assets obtained in exchange for lease obligations(1):
Operating leases132 29,984 
Finance leases13,870 1,661 
(1) Represents non-cash activity and, accordingly, is not reflected in the condensed consolidated statement of cash flows.
Summary of Maturities of Finance Lease Liabilities
Maturities of lease liabilities were as follows:
Operating LeasesFinancing LeasesTotal
Year ending December 31,(in thousands)
2026 (excluding the nine months ended September 30, 2026)
$12,344 $1,646 $13,990 
202766,184 5,818 72,002 
202860,517 4,497 65,014 
202957,052 3,627 60,679 
203056,037 2,821 58,858 
Thereafter444,154 1,045 445,199 
Total lease payments696,288 19,454 715,742 
Less interest(192,718)(1,471)
Present value of lease liabilities$503,570 $17,983 
Summary of Maturities of Operating Lease Liabilities
Maturities of lease liabilities were as follows:
Operating LeasesFinancing LeasesTotal
Year ending December 31,(in thousands)
2026 (excluding the nine months ended September 30, 2026)
$12,344 $1,646 $13,990 
202766,184 5,818 72,002 
202860,517 4,497 65,014 
202957,052 3,627 60,679 
203056,037 2,821 58,858 
Thereafter444,154 1,045 445,199 
Total lease payments696,288 19,454 715,742 
Less interest(192,718)(1,471)
Present value of lease liabilities$503,570 $17,983