Leases

6 Months Ended

Jun. 30, 2026

9. Leases

We have non-cancelable lease agreements for certain of our offices with original lease terms expiring between 2026 and 2042. Total operating lease costs were $29.2 million and $57.8 million for the three and six months ended June 30, 2026, respectively, and $26.5 million and $52.3 million for the three and six months ended June 30, 2025, respectively.

The weighted-average remaining lease term (in years) and discount rate related to our operating leases were as follows:


	As of June 30,
	2026		2025
Weighted-average remaining lease term	8.5		8.9
Weighted-average discount rate	6.2	%	6.1	%

The maturities of our operating lease liabilities as of June 30, 2026 were as follows:


	Operating Leases
	(in thousands)
Remainder of 2026	$	42,868
2027	104,711
2028	113,157
2029	108,341
2030	104,259
Thereafter	443,529
Total lease payments	916,865
Less: imputed interest	(225,725)
Present value of lease liabilities	$	691,140

As of June 30, 2026, we had additional operating leases that have not yet commenced for facilities with lease obligations of $16.1 million. These operating leases will commence between 2026 and 2027 with lease terms of approximately five years to nine years.

Cash payments included in the measurement of our operating lease liabilities, net of lease incentives received, were $19.5 million and $42.9 million for the three and six months ended June 30, 2026, respectively, and $28.2 million and $55.0 million for the three and six months ended June 30, 2025, respectively.

Lease liabilities arising from obtaining operating lease right-of-use assets were $33.9 million and $107.6 million for the three and six months ended June 30, 2026, respectively, and $17.7 million and $28.8 million for the three and six months ended June 30, 2025, respectively.