| LEASES The Company leases office space throughout the U.S. and in a limited number of foreign countries where its international operations reside. Aggregate minimum lease payments on an undiscounted basis for the Company's operating leases and a reconciliation to accrued lease liabilities included on the consolidated statements of financial condition as of September 30, 2026 were as follows: | | | | | | | (Amounts in thousands) | | | Remainder of 2026 | $ | 7,444 | | | 2027 | 29,158 | | | 2028 | 28,112 | | | 2029 | 26,234 | | | 2030 | 23,854 | | | Thereafter | 197,476 | | Total operating lease payments | 312,278 | | Less: Tenant improvement allowances | (24,099) | | Less: Present value discount | (124,476) | | Total accrued lease liabilities | $ | 163,703 | |
The following table summarizes the Company's operating lease costs: | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | September 30, | | September 30, | | (Amounts in millions) | 2026 | | 2025 | | 2026 | | 2025 | | | | Operating lease costs | $ | 7.9 | | | $ | 6.0 | | | $ | 19.5 | | | $ | 18.5 | | | | | | | | | | | | | | | | | | | | | | | |
Other information related to the Company's operating leases is as follows: | | | | | | | | | | | | | Nine Months Ended | | September 30, | | (Amounts in millions) | 2026 | | 2025 | Cash paid for lease liabilities | $ | 19.6 | | | $ | 20.5 | | ROU lease assets obtained in exchange for lease liabilities (i.e., new leases and amendments commenced during the period) | 114.1 | | | 35.2 | |
| | | | | | | | | | | | | September 30, | | December 31, | | 2026 | | 2025 | Weighted average remaining lease term (in years) | 11.1 | | 7.9 | Weighted average discount rate | 6.6 | % | | 5.9 | % |
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