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LEASES
 6 Months Ended
Jun. 30, 2026
Leases [Abstract]  
LEASES
5. LEASES
The Company primarily has non-cancelable operating leases for its headquarters in New York and various other offices. The operating lease for the Company’s headquarters does not include any renewal options; however, certain of the Company’s other leases contain renewal and early termination options that the Company has determined are not reasonably certain of being exercised.
(dollars in thousands)Three Months Ended
June 30,		Six Months Ended
June 30,
Lease Cost2026202520262025
Operating lease cost$15,618 $11,003 $31,183 $21,749 
Short term lease cost132 687 304 1,386 
Net Lease Cost$15,750 $11,690 $31,487 $23,135 
(dollars in thousands)Three Months Ended
June 30,		Six Months Ended
June 30,
Supplemental Lease Cash Flow Information2026202520262025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases(1)
$14,239 $8,766 $29,197 $17,943 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases(2)
$9,765 $(2,241)$10,977 $22,845 
The amount presented above includes tenant improvement allowances received from the lessor of $0.9 million for the three and six months ended June 30, 2026.The amount presented above includes a reduction related to the shortening of a lease term and rent abatements on existing leases of $2.6 million for the three and six months ended June 30, 2025.
Lease Term and Discount RateJune 30,
2026		December 31,
2025
Weighted-average remaining lease term:
Operating leases12.4 years12.9 years
Weighted-average discount rate:
Operating leases5.7%5.7%
(dollars in thousands)
Future Maturity of Operating Lease Payments
Operating Leases
July 1, 2026 to December 31, 2026$31,000 
202764,427 
202851,108 
202947,526 
203066,256 
Thereafter508,392 
Total Lease Payments768,709 
Imputed interest(236,394)
Total Lease Liabilities$532,315 
Amounts presented in the table above are presented net of tenant improvement allowances and reflect the impacts of rent holiday periods.
The Company has future operating lease payments of approximately $26.7 million related to leases that have not commenced that were entered into as of June 30, 2026. Such lease payments are not included in the table above or within operating lease assets and operating lease liabilities in the Company’s consolidated statements of financial condition. These operating lease payments are anticipated to commence in the third quarter of 2026 and continue for approximately 6 years.