Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Lease cost

The components of lease expense were as follows during the periods presented (in thousands):

	Year Ended December 31,
	2023		2022		2021
Operating lease costs(1)	$	15,102	$	18,403	$	17,272
Finance lease costs
Amortization of ROU assets	2,804		4,296		3,848
Interest on lease liabilities	168		312		419
Total lease costs	$	18,074	$	23,011	$	21,539

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(1)Operating lease expenses are included in general and administrative expenses in the Company’s consolidated statements of operations. Costs include short-term and variable lease components which were not material for the periods presented.

Supplemental balance sheet information

The following table provides supplemental consolidated statement of financial condition information related to leases as of the dates presented (in thousands):

	Classification	December 31, 2023		December 31, 2022
Assets
Operating lease ROU assets	Other assets	$	67,019	$	70,074
Finance lease ROU assets	Property and equipment, net	18,571		18,337
Total lease ROU assets		$	85,590	$	88,411
Liabilities
Operating lease liabilities	Other liabilities	$	81,467	$	83,598
Finance lease liabilities	Borrowings	2,818		5,675
Total lease liabilities		$	84,285	$	89,273

Lease term and discount rate were as follows:

	December 31, 2023		December 31, 2022		December 31, 2021
Weighted-average remaining lease term (in years)
Operating leases	5.7		5.9		6.2
Finance leases	1.6		2.1		2.0
Weighted-average discount rate
Operating leases	5.4	%	5.2	%	5.2	%
Finance leases	4.1	%	3.9	%	4.6	%

Supplemental lease information

Supplemental lease information is summarized below (in thousands):

	Year Ended December 31,
	2023		2022		2021
ROU assets obtained in exchange for new operating lease obligations	$	12,772	$	22,582	$	13,426
ROU assets obtained in exchange for new finance lease obligations	234		3,273		2,664
Cash paid for amounts included in the measurement of lease liabilities
Operating leases - operating cash flows	17,195		19,227		20,048
Finance leases - operating cash flows	165		312		419
Finance leases - financing cash flows	3,032		4,622		3,950

Lease maturities

Maturities of lease liabilities under non-cancelable leases as of December 31, 2023 are summarized as follows (in thousands):

	Finance Leases		Operating Leases		Total
2024	$	2,013	$	17,941	$	19,954
2025	783		17,010		17,793
2026	84		16,173		16,257
2027	42		13,502		13,544
2028	—		11,423		11,423
Thereafter	—		19,417		19,417
Total undiscounted lease payments	2,922		95,466		98,388
Less: imputed interest	(104)		(13,999)		(14,103)
Total lease liabilities	$	2,818	$	81,467	$	84,285

Lease maturities

Maturities of lease liabilities under non-cancelable leases as of December 31, 2023 are summarized as follows (in thousands):

	Finance Leases		Operating Leases		Total
2024	$	2,013	$	17,941	$	19,954
2025	783		17,010		17,793
2026	84		16,173		16,257
2027	42		13,502		13,544
2028	—		11,423		11,423
Thereafter	—		19,417		19,417
Total undiscounted lease payments	2,922		95,466		98,388
Less: imputed interest	(104)		(13,999)		(14,103)
Total lease liabilities	$	2,818	$	81,467	$	84,285