The following tables summarize the Company’s lease cost, cash flows, and other supplemental information related to its operating leases.



	Year Ended December 31,
		2025			2024			2023
Lease cost(a):
Operating lease cost		$	90,121		$	47,966		$	29,878
Short-term lease costs		1,058			730			587
Variable lease cost		11,833			11,254			8,089
Sublease income		(2,391)			(2,482)			(3,400)
Total lease cost		$	100,621		$	57,468		$	35,154
Weighted-average remaining lease term		12.1			5.9			6.7
Weighted-average discount rate		5.62		%	5.03		%	5.09		%

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(a)Office rent expense for the years ended December 31, 2025, 2024 and 2023, was $90.0 million, $48.2 million and $29.7 million, respectively.

Supplemental Consolidated Statements of Cash Flows information related to leases were as follows (in thousands):


	Year Ended December 31,
	2025		2024		2023
Cash paid for amounts included in the measurement of lease liabilities	$	54,046	$	42,272	$	34,492
Right-of-use assets obtained in the acquisition of Angelo Gordon	—		—		107,716
Right-of-use assets obtained in exchange for new operating lease liabilities	400,339		19,502		13,057
Other non-cash changes in right-of-use assets and operating lease liabilities	(114)		(2,038)		(743)

The following table shows the undiscounted cash flows on an annual basis for operating lease liabilities as of December 31, 2025 (in thousands):


Year Due	Lease Amount(a)
2026	$	6,020
2027	85,898
2028	88,345
2029	85,749
2030	80,286
Thereafter	551,877
Total future undiscounted operating lease payments	898,175
Less: imputed interest	(293,582)
Present value of operating lease liabilities	$	604,593