Leases

12 Months Ended

Dec. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Note 16. Leases

Operating lease expense was as follows:


		For the Years Ended December 31,
Lease Type	Classification	2024		2023		2022
Parking leases	Compensation and benefits	$	393	$	393	$	398
Office leases (1)	Occupancy	18,804		18,046		18,979
Variable lease cost (2)	Occupancy	865		935		351
Short-term lease cost (2)	Occupancy	705		469		710
Sublease income	Occupancy	—		—		(133)
Office equipment leases	Communication and technology	67		67		134
Total operating lease expense		$	20,834	$	19,910	$	20,439
(1) Office lease expense includes impairment charge of $1.0 million and $1.4 million for the years ended December 31, 2024 and December 31, 2022, respectively, related to the abandonment of leased office space.
(2) Variable and short-term lease costs are excluded from the measurement of operating lease liabilities.

During the years ended December 31, 2024 and December 31, 2022, the Company recognized asset impairment loss of $1.0 million and $1.4 million, respectively, related to the abandonment of a leased office location. The loss is recorded in occupancy expense based on the present value of expected future cash flows.

The table below presents the maturity of operating lease liabilities:


	As of December 31, 2024
2025	$	20,754
2026	20,027
2027	17,565
2028	16,396
2029	8,199
Thereafter	34,134
Total undiscounted lease payments	117,075
Adjustment to discount to present value	(15,798)
Operating lease liabilities	$	101,277

As of December 31, 2024, none of the options to extend lease terms were reasonably certain of being exercised. Other information related to leases was as follows:


	For the Years Ended December 31,
	2024		2023		2022
Weighted average discount rate	4.1	%	4.1	%	4.1	%
Weighted average remaining lease term	7.6 years		8.4 years		9.0 years
Operating cash flows for operating leases	19,846		19,668		16,393