v3.25.4
Operating Leases (Tables)
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Schedule of Components of Lease Expense and Supplemental Consolidated Statement of Cash Flow Information
The components of lease expense were as follows (in thousands):

Year Ended December 31,
202520242023
Lease cost(a):
Operating lease cost$90,121 $47,966 $29,878 
Short-term lease costs1,058 730 587 
Variable lease cost11,833 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 term12.15.96.7
Weighted-average discount rate5.62 %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,
202520242023
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 liabilities400,339 19,502 13,057 
Other non-cash changes in right-of-use assets and operating lease liabilities(114)(2,038)(743)
Schedule of Undiscounted Cash Flows of Operating Leases on an Annual Basis
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 
202785,898 
202888,345 
202985,749 
203080,286 
Thereafter551,877 
Total future undiscounted operating lease payments
898,175 
Less: imputed interest(293,582)
Present value of operating lease liabilities
$604,593 
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(a)Net of tenant improvement allowances