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Operating Leases | 6 Months Ended
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Jun. 30, 2025
Leases [Abstract] |
Operating Leases | 11. 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 June 30, |  | Six Months Ended June 30, |  |
|  | 2025 |  | 2024 |  | 2025 |  | 2024 |  |
Lease cost(a): |  |  |  |  |  |  |  |  |  |
Operating lease cost |  | $ | 22,378 |  |  | $ | 11,828 |  |  | $ | 44,924 |  |  | $ | 23,939 |  |  |
Short-term lease costs |  | 371 |  |  | 274 |  |  | 583 |  |  | 489 |  |  |
Variable lease cost |  | 2,575 |  |  | 2,596 |  |  | 5,656 |  |  | 5,570 |  |  |
Sublease income |  | (595) |  |  | (364) |  |  | (1,176) |  |  | (1,292) |  |  |
Total lease cost |  | $ | 24,729 |  |  | $ | 14,334 |  |  | $ | 49,987 |  |  | $ | 28,706 |  |  |
Weighted-average remaining lease term |  |  |  |  |  | 12.5 |  | 6.3 |  |
Weighted-average discount rate |  |  |  |  |  | 5.60 | % |  | 5.11 | % |  |
_______________ (a)Office rent expense for the three and six months ended June 30, 2025 was $22.4 million and $45.0 million, respectively. Office rent expense for the three and six months ended June 30, 2024 was $12.0 million and $24.2 million, respectively. Supplemental Condensed Consolidated Statements of Cash Flows information related to leases were as follows (in thousands):
|  | Six Months Ended June 30, |  |
|  | 2025 |  | 2024 |  |
Cash paid for amounts included in the measurement of lease liabilities |  | $ | 28,739 |  |  | $ | 18,170 |  |  |
Right-of-use assets obtained in exchange for new operating lease liabilities |  | 393,699 |  |  | — |  |  |
Other non-cash changes in right-of-use assets and operating lease liabilities |  | (3,604) |  |  | 528 |  |  |
The following table shows the undiscounted cash flows on an annual basis for operating lease liabilities as of June 30, 2025 (in thousands):
Year Due |  | Lease Amount(a)
Remainder of 2025 |  | $ | 27,901 |
2026 |  | (766) |
2027 |  | 82,555 |
2028 |  | 87,388 |
2029 |  | 85,085 |
Thereafter |  | 630,729 |
Total future undiscounted operating lease payments |  | 912,892 |
Less: imputed interest |  | (310,042) |
Present value of operating lease liabilities |  | $ | 602,850 |
_______________ (a)Net of tenant improvement allowances

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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