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Leases (Tables) | 9 Months Ended
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Sep. 30, 2025
Leases [Abstract] |
Schedule of Supplemental Information Related to Operating Leases | Supplemental information related to the Company’s operating and financing leases is as follows (in thousands):
| Classification in Unaudited Condensed Consolidated Statements of Financial Condition |  | September 30, 2025 |  | December 31, 2024
Assets |  |  |  |  |
Operating lease ROU assets | Other assets |  | $ | 161,744 |  |  | $ | 114,456 |
Finance lease ROU assets | Fixed assets, net |  | $ | 1,990 |  |  | $ | 2,959 |
Liabilities |  |  |  |  |
Operating lease liabilities | Accounts payable, accrued and other liabilities |  | $ | 191,390 |  |  | $ | 135,825 |
Finance lease liabilities | Accounts payable, accrued and other liabilities |  | $ | 2,254 |  |  | $ | 3,249 |
Schedule of Weighted-Average Remaining Lease Term and Discount Rate |
| September 30, 2025 |  | December 31, 2024
Weighted-average remaining lease term |  |  |
Operating leases (years) | 8.8 |  | 6.8
Finance leases (years) | 1.7 |  | 2.4
Weighted-average discount rate |  |  |
Operating leases | 6.0 | % |  | 5.5 | %
Finance leases | 4.5 | % |  | 4.4 | %
Schedule of Components of Lease Expense | The components of lease expense are as follows (in thousands):
| Classification in Unaudited Condensed Consolidated Statements of Operations |  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Operating lease cost 1 | Occupancy and equipment |  | $ | 10,684 |  |  | $ | 9,547 |  |  | $ | 29,268 |  |  | $ | 26,145 |
Finance lease cost |  |  |  |  |  |  |  |  |
Amortization on ROU assets | Occupancy and equipment |  | $ | 326 |  |  | $ | 326 |  |  | $ | 979 |  |  | $ | 979 |
Interest on lease liabilities | Interest expense |  | $ | 67 |  |  | $ | 40 |  |  | $ | 226 |  |  | $ | 131 |
__________________________ 1 Short-term lease expense was not material for the three and nine months ended September 30, 2025 and 2024.
Schedule of Maturity Analysis of Operating Lease Liabilities | The following table shows the Company’s maturity analysis of its lease liabilities as of September 30, 2025 (in thousands):
| September 30, 2025
| Operating leases |  | Finance leases
2025 (excluding the nine months ended September 30, 2025) | $ | 7,902 |  |  | $ | 433 |
2026 | 31,278 |  |  | 1,290 |
2027 | 28,492 |  |  | 627 |
2028 | 25,743 |  |  | — |
2029 | 20,980 |  |  | — |
Thereafter | 120,917 |  |  | — |
Total | $ | 235,312 |  |  | $ | 2,350 |
Interest | (43,922) |  |  | (96) |
Total | $ | 191,390 |  |  | $ | 2,254 |
Schedule of Maturity Analysis of Finance Lease Liabilities | The following table shows the Company’s maturity analysis of its lease liabilities as of September 30, 2025 (in thousands):
| September 30, 2025
| Operating leases |  | Finance leases
2025 (excluding the nine months ended September 30, 2025) | $ | 7,902 |  |  | $ | 433 |
2026 | 31,278 |  |  | 1,290 |
2027 | 28,492 |  |  | 627 |
2028 | 25,743 |  |  | — |
2029 | 20,980 |  |  | — |
Thereafter | 120,917 |  |  | — |
Total | $ | 235,312 |  |  | $ | 2,350 |
Interest | (43,922) |  |  | (96) |
Total | $ | 191,390 |  |  | $ | 2,254 |
Schedule of Cash Flow Information Related to Lease Liabilities | The following table shows cash flow information related to lease liabilities (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
Cash paid for amounts included in the measurement of lease liabilities | 2025 |  | 2024 |  | 2025 |  | 2024
Operating cash flows from operating lease liabilities | $ | 11,022 |  |  | $ | 9,305 |  |  | $ | 31,211 |  |  | $ | 27,518 |
Operating cash flows from finance lease liabilities | $ | 27 |  |  | $ | 40 |  |  | $ | 91 |  |  | $ | 131 |
Financing cash flows from finance lease liabilities | $ | 326 |  |  | $ | 322 |  |  | $ | 979 |  |  | $ | 955 |

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- Definition Tabular disclosure of undiscounted cash flows of finance lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to finance lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-6 + Details
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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-6 + Details
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