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Leases | 6 Months Ended
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Jun. 30, 2024
Leases [Abstract] |
Leases | Leases Operating Leases – The Company leases office space under non-cancelable lease agreements, which expire on various dates through 2035. The Company reflects lease expense over the lease terms on a straight-line basis. The lease terms include options to extend the lease when it is reasonably certain that the Company will exercise that option. Occupancy lease agreements, in addition to base rentals, generally are subject to escalation provisions based on certain costs incurred by the landlord. The Company does not have any leases with variable lease payments. Occupancy and Equipment Rental on the Unaudited Condensed Consolidated Statements of Operations includes operating lease cost for office space of $14,436 and $28,839 for the three and six months ended June 30, 2024, respectively, and $14,069 and $27,497 for the three and six months ended June 30, 2023, respectively, and variable lease cost, which principally include costs for real estate taxes, common area maintenance and other operating expenses of $1,376 and $2,904 for the three and six months ended June 30, 2024, respectively, and $1,703 and $2,889 for the three and six months ended June 30, 2023, respectively. In conjunction with its lease agreements at 55 East 52nd St., New York, New York, the Company had an option to take on an additional three floors, which it exercised during 2023. The Company entered into a lease agreement for this space in January 2024 and anticipates that it will take possession of this space in 2025. The lease term will end on December 31, 2035. The expected additional annual expense under this lease agreement, net of certain lease incentives, is $9,862. In conjunction with the lease of office space, the Company has entered into letters of credit in the amount of $5,823 and $5,757 as of June 30, 2024 and December 31, 2023, respectively, which are secured by cash that is included in Other Assets on the Unaudited Condensed Consolidated Statements of Financial Condition. The Company has entered into various operating leases for the use of office equipment (primarily computers, printers, copiers and other information technology related equipment). Occupancy and Equipment Rental on the Unaudited Condensed Consolidated Statements of Operations includes operating lease cost for office equipment of $1,568 and $3,042 for the three and six months ended June 30, 2024, respectively, and $1,335 and $2,785 for the three and six months ended June 30, 2023, respectively. The Company uses its secured incremental borrowing rate to determine the present value of its right-of-use assets and lease liabilities. The determination of an appropriate incremental borrowing rate requires significant assumptions and judgment. The Company's incremental borrowing rate was calculated based on the Company's recent debt issuances and current market conditions. The Company scales the rates appropriately depending on the life of the leases. The Company incurred net operating cash outflows of $21,632 and $27,953 for the six months ended June 30, 2024 and 2023, respectively, related to its operating leases, which was net of cash received from lease incentives of $1,684 and $621 for the six months ended June 30, 2024 and 2023, respectively. Other information as it relates to the Company's operating leases is as follows:
| For the Three Months Ended June 30, |  | For the Six Months Ended June 30, |  |
| 2024 |  | 2023 |  | 2024 |  | 2023 |  |
New Right-of-Use Assets obtained in exchange for new operating lease liabilities | $ | 1,073 |  |  | $ | 137,722 |  |  | $ | 1,944 |  |  | $ | 157,629 |  |  |
|  |  |  |  | June 30, 2024 |  | June 30, 2023 |  |
Weighted-average remaining lease term - operating leases |  |  |  |  | 10.4 years |  | 11.0 years |  |
Weighted-average discount rate - operating leases |  |  |  |  | 4.59 | % |  | 4.44 | % |  |
As of June 30, 2024, the maturities of the undiscounted operating lease liabilities for which the Company has commenced use are as follows:
2024 (July 1 through December 31) | $ | 24,460 |
2025 | 67,226 |
2026 | 64,505 |
2027 | 50,409 |
2028 | 48,647 |
Thereafter | 337,862 |
Total lease payments | 593,109 |
Less: Tenant Improvement Allowances | (6,414) |
Less: Imputed Interest | (125,453) |
Present value of lease liabilities | 461,242 |
Less: Current lease liabilities | (38,065) |
Long-term lease liabilities | $ | 423,177 |
In conjunction with the lease agreement to expand its headquarters at 55 East 52nd St., New York, New York and lease agreements at certain other locations, the Company has entered into certain lease agreements, primarily for office space, which have not yet commenced and thus are not yet included on the Company's Unaudited Condensed Consolidated Statements of Financial Condition as right-of-use assets and lease liabilities. The Company anticipates that these leases will commence by the end of 2025 and will have lease terms of 3 to 11 years once they have commenced. The additional future payments under these arrangements are $141,824 as of June 30, 2024.

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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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