Our operating leases primarily relate to office space and office equipment with remaining lease terms of 1 to 13 years. At September 30, 2026 and December 31, 2025, operating lease right-of-use assets were $761.6 million and $788.5 million, respectively, and lease liabilities were $830.6 million and $855.9 million, respectively.

The tables below summarize our net lease cost for the three and nine months ended September 30, 2026 and 2025 (in thousands):


	Three Months Ended September 30,
	2026			2025
Operating lease cost	$	28,915		$	29,292
Short-term lease cost		441			571
Variable lease cost		7,461			7,148
Sublease income		(238	)		(241	)
Net lease cost	$	36,579		$	36,770


	Nine Months Ended September 30,
	2026			2025
Operating lease cost	$	85,830		$	85,429
Short-term lease cost		1,171			1,384
Variable lease cost		22,721			21,899
Sublease income		(709	)		(561	)
Net lease cost	$	109,013		$	108,151

Operating lease costs are included in occupancy and equipment rental in the consolidated statements of operations.

The table below summarizes other information related to our operating leases as of and for the nine months ended September 30, 2026 (in thousands):


Operating lease cash flows	$	87,092
Right-of-use assets obtained in exchange for new operating lease liabilities	$	24,254
Weighted-average remaining lease term (years)		11.8
Weighted-average discount rate		5.22	%

The weighted average discount rate represents our company’s incremental borrowing rate at the lease inception date.

The table below presents information about operating lease liabilities as of September 30, 2026, (in thousands, except percentages).


Remainder of 2026	$	27,679
2027		112,773
2028		111,346
2029		108,989
2030		103,600
Thereafter		685,839
Total undiscounted lease payments		1,150,226
Imputed interest		(319,626	)
Present value of operating lease liabilities	$	830,600

As of September 30, 2026, the Company had a total lease portfolio of 3 aircraft engines with a net book value of $12.9 million. The aircraft engines were purchased by the Company, through its subsidiaries, during 2024. See Note 25 for additional information.

During the three and nine months ended September 30, 2026, the Company sold 1 aircraft engine with a net book value of $3.9 million and recognized a loss from the sales of $1.9 million, which is included in principal transactions in the consolidated statements of operations. During the three months ended September 30, 2025, the Company sold 4 aircraft engines with a net book value of $33.0 million and recognized a gain from the sales of $9.9 million, which is included in principal transactions in the consolidated statements of operations. During the nine months ended September 30, 2025, the Company sold 10 aircraft engines with a net book value of $86.0 million and recognized a gain from the sales of $41.9 million, which is included in principal transactions in the consolidated statements of operations.

Lease income, included in other income in the consolidated statements of operations, was $0.5 million and $1.2 million for the three months ended September 30, 2026 and 2025, respectively, and $1.8 million and $7.7 million for the nine months ended September 30, 2026 and 2025, respectively.