v3.26.3
Operating Leases (Tables)
 9 Months Ended
Sep. 30, 2026
Leases [Abstract]  
Schedule of Components of Lease Expense and Supplemental Consolidated Statement of Cash Flow Information
The components of lease expense were as follows (in thousands):

Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Lease cost(a):
Operating lease cost$26,043 $22,368 $76,626 $67,292 
Short-term lease costs144 245 443 829 
Variable lease cost3,184 2,894 9,934 8,550 
Sublease income(604)(610)(1,807)(1,787)
Total lease cost$28,767 $24,897 $85,196 $74,884 
Weighted-average remaining lease term12.412.2
Weighted-average discount rate5.60 %5.60 %
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(a)Office rent expense for the three and nine months ended September 30, 2026 was $25.9 million and $76.2 million, respectively. Office rent expense for the three and nine months ended September 30, 2025 was $22.0 million and $67.1 million, respectively.
Supplemental Condensed Consolidated Statements of Cash Flows information related to leases were as follows (in thousands):
Nine Months Ended September 30,
20262025
Cash paid for amounts included in the measurement of lease liabilities$16,021 $42,241 
Right-of-use assets obtained in exchange for new operating lease liabilities75,108 398,931 
Other non-cash changes in right-of-use assets and operating lease liabilities(28,189)1,091 
Schedule of Undiscounted Cash Flows of Operating Leases on an Annual Basis
The following table shows the undiscounted cash flows on an annual basis for operating lease liabilities as of September 30, 2026 (in thousands):
Year Due
Lease Amount(a)
Remainder of 2026$(676)
202782,995 
202883,241 
202980,886 
203075,916 
Thereafter641,208 
Total future undiscounted operating lease payments
963,570 
Less: imputed interest(303,770)
Present value of operating lease liabilities
$659,800 
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(a)Net of tenant improvement allowances.