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Operating Leases

3 Months Ended

Mar. 31, 2025

10. Operating Leases

The following tables summarize the Company’s lease cost, cash flows, and other supplemental information related to its operating leases.

The components of lease expense were as follows (in thousands):



	Three Months Ended March 31,
	2025			2024
Lease cost(a):
Operating lease cost	$	22,546		$	12,111
Short-term lease costs	212			215
Variable lease cost	3,081			2,974
Sublease income	(581)			(928)
Total lease cost	$	25,258		$	14,372
Weighted-average remaining lease term	12.7			6.5
Weighted-average discount rate	5.55		%	5.13		%

__________

(a)Office rent expense for the three months ended March 31, 2025 and 2024 was $22.6 million and $12.2 million, respectively.

Supplemental Condensed Consolidated Statements of Cash Flows information related to leases were as follows (in thousands):


	Three Months Ended March 31,
	2025		2024
Cash paid for amounts included in the measurement of lease liabilities	$	11,608	$	7,500

Right-of-use assets obtained in exchange for new operating lease liabilities	391,107		—
Other non-cash changes in right-of-use assets and operating lease liabilities	726		1,881

The following table shows the undiscounted cash flows on an annual basis for operating lease liabilities as of March 31, 2025 (in thousands):


Year Due	Lease Amount
Remainder of 2025	$	30,171
2026	12,470
2027	83,026
2028	87,571
2029	85,611
Thereafter	633,130
Total future undiscounted operating lease payments	931,979
Less: imputed interest	(320,093)
Present value of operating lease liabilities	$	611,886