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Leases
 9 Months Ended
Sep. 30, 2025
Leases [Abstract]  
Leases Leases
The Company, acting as a lessee, has operating leases and finance leases primarily relating to office space, data centers and office equipment. The leases have remaining lease terms of 0.1 years to 18.4 years, some of which include options to extend the leases in 1 to 5 year increments for up to 5 years. Renewal periods are included in the lease term only when renewal is reasonably certain, which is a high threshold and requires management to apply judgment to determine the appropriate lease term. Certain leases also include periods covered by an option to terminate the lease if the Company is reasonably certain not to exercise the termination option. The Company measures its lease payments by including fixed rental payments and, where relevant, variable rental payments tied to an index, such as the Consumer Price Index. Payments for leases in place before the date of adoption of ASC 842, Leases, were determined based on previous lease guidance. The Company recognizes lease expense for its operating leases on a straight-line basis over the lease term and variable lease expense not included in the lease payment measurement is recognized as incurred. Interest expense on finance leases is recognized using the effective interest method over the lease term.
Pursuant to the accounting policy election, leases with an initial term of twelve months or less are not recognized on the balance sheet. The short-term lease expense over the period reasonably reflects the Company’s short-term lease commitments.
ASC 842 requires the Company to make certain assumptions and judgments in applying the guidance, including determining whether an arrangement includes a lease, determining the term of a lease when the contract has renewal or cancellation provisions, and determining the discount rate.
The Company determines whether an arrangement is a lease or includes a lease at the contract inception by evaluating whether the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. If the Company has the right to obtain substantially all of the economic benefits from, and can direct the use of, the identified asset for a period of time, the Company accounts for the identified asset as a lease. The Company has elected the practical expedient to not separate lease and non-lease components for all leases other than real estate leases. The primary non-lease component that is combined with a lease component represents operating expenses, such as utilities, maintenance or management fees.
As the rate implicit in the lease is not usually available, the Company used an incremental borrowing rate based on the information available at the adoption of ASC 842 in determining the present value of lease payments for existing leases. The Company has elected to use a portfolio approach for the incremental borrowing rate, applying corporate bond rates to the leases. The Company calculated the appropriate rates with reference to the lease term and lease currency. The Company uses information available at the lease commencement date to determine the incremental borrowing rate for any new leases.
The Company subleases certain real estate to its affiliates and to third parties. The value of these commitments is not material to the Company’s unaudited Condensed Consolidated Financial Statements.
As of September 30, 2025, the Company did not have any leases that have not yet commenced but that create significant rights and obligations.
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, 2025December 31, 2024
Assets
Operating lease ROU assetsOther assets$161,744 $114,456 
Finance lease ROU assetsFixed assets, net$1,990 $2,959 
Liabilities
Operating lease liabilities
Accounts payable, accrued and other liabilities
$191,390 $135,825 
Finance lease liabilitiesAccounts payable, accrued and other liabilities$2,254 $3,249 
 September 30, 2025December 31, 2024
Weighted-average remaining lease term
 Operating leases (years)8.86.8
Finance leases (years)1.72.4
Weighted-average discount rate
 Operating leases6.0 %5.5 %
Finance leases4.5 %4.4 %
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,
2025202420252024
Operating lease cost1
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 liabilitiesInterest expense$67 $40 $226 $131 
__________________________
1Short-term lease expense was not material for the three and nine months ended September 30, 2025 and 2024.
The following table shows the Company’s maturity analysis of its lease liabilities as of September 30, 2025 (in thousands):
September 30, 2025
Operating leasesFinance leases
2025 (excluding the nine months ended September 30, 2025)$7,902 $433 
202631,278 1,290 
202728,492 627 
202825,743 — 
202920,980 — 
Thereafter120,917 — 
Total$235,312 $2,350 
Interest(43,922)(96)
Total$191,390 $2,254 
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 liabilities2025202420252024
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 
Leases Leases
The Company, acting as a lessee, has operating leases and finance leases primarily relating to office space, data centers and office equipment. The leases have remaining lease terms of 0.1 years to 18.4 years, some of which include options to extend the leases in 1 to 5 year increments for up to 5 years. Renewal periods are included in the lease term only when renewal is reasonably certain, which is a high threshold and requires management to apply judgment to determine the appropriate lease term. Certain leases also include periods covered by an option to terminate the lease if the Company is reasonably certain not to exercise the termination option. The Company measures its lease payments by including fixed rental payments and, where relevant, variable rental payments tied to an index, such as the Consumer Price Index. Payments for leases in place before the date of adoption of ASC 842, Leases, were determined based on previous lease guidance. The Company recognizes lease expense for its operating leases on a straight-line basis over the lease term and variable lease expense not included in the lease payment measurement is recognized as incurred. Interest expense on finance leases is recognized using the effective interest method over the lease term.
Pursuant to the accounting policy election, leases with an initial term of twelve months or less are not recognized on the balance sheet. The short-term lease expense over the period reasonably reflects the Company’s short-term lease commitments.
ASC 842 requires the Company to make certain assumptions and judgments in applying the guidance, including determining whether an arrangement includes a lease, determining the term of a lease when the contract has renewal or cancellation provisions, and determining the discount rate.
The Company determines whether an arrangement is a lease or includes a lease at the contract inception by evaluating whether the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. If the Company has the right to obtain substantially all of the economic benefits from, and can direct the use of, the identified asset for a period of time, the Company accounts for the identified asset as a lease. The Company has elected the practical expedient to not separate lease and non-lease components for all leases other than real estate leases. The primary non-lease component that is combined with a lease component represents operating expenses, such as utilities, maintenance or management fees.
As the rate implicit in the lease is not usually available, the Company used an incremental borrowing rate based on the information available at the adoption of ASC 842 in determining the present value of lease payments for existing leases. The Company has elected to use a portfolio approach for the incremental borrowing rate, applying corporate bond rates to the leases. The Company calculated the appropriate rates with reference to the lease term and lease currency. The Company uses information available at the lease commencement date to determine the incremental borrowing rate for any new leases.
The Company subleases certain real estate to its affiliates and to third parties. The value of these commitments is not material to the Company’s unaudited Condensed Consolidated Financial Statements.
As of September 30, 2025, the Company did not have any leases that have not yet commenced but that create significant rights and obligations.
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, 2025December 31, 2024
Assets
Operating lease ROU assetsOther assets$161,744 $114,456 
Finance lease ROU assetsFixed assets, net$1,990 $2,959 
Liabilities
Operating lease liabilities
Accounts payable, accrued and other liabilities
$191,390 $135,825 
Finance lease liabilitiesAccounts payable, accrued and other liabilities$2,254 $3,249 
 September 30, 2025December 31, 2024
Weighted-average remaining lease term
 Operating leases (years)8.86.8
Finance leases (years)1.72.4
Weighted-average discount rate
 Operating leases6.0 %5.5 %
Finance leases4.5 %4.4 %
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,
2025202420252024
Operating lease cost1
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 liabilitiesInterest expense$67 $40 $226 $131 
__________________________
1Short-term lease expense was not material for the three and nine months ended September 30, 2025 and 2024.
The following table shows the Company’s maturity analysis of its lease liabilities as of September 30, 2025 (in thousands):
September 30, 2025
Operating leasesFinance leases
2025 (excluding the nine months ended September 30, 2025)$7,902 $433 
202631,278 1,290 
202728,492 627 
202825,743 — 
202920,980 — 
Thereafter120,917 — 
Total$235,312 $2,350 
Interest(43,922)(96)
Total$191,390 $2,254 
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 liabilities2025202420252024
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