Leases

3 Months Ended

Mar. 31, 2026

9. Leases

We have non-cancelable lease agreements for certain of our offices with original lease terms expiring between 2026 and 2042. Total operating lease costs were $28.6 million and $25.8 million for the three months ended March 31, 2026 and 2025, respectively.

The weighted-average remaining lease term (in years) and discount rate related to our operating leases were as follows:


	As of March 31,
	2026		2025
Weighted-average remaining lease term	8.8		9.1
Weighted-average discount rate	6.2	%	6.1	%

The maturities of our operating lease liabilities as of March 31, 2026 were as follows:


	Operating Leases
	(in thousands)
Remainder of 2026	$	55,993
2027	97,906
2028	103,884
2029	100,180
2030	99,340
Thereafter	438,977
Total lease payments	896,280
Less: imputed interest	(230,436)
Present value of lease liabilities	$	665,844

As of March 31, 2026, we had additional operating leases that have not yet commenced for facilities with lease obligations of $21.0 million. These operating leases will commence between 2026 and 2027 with lease terms of approximately five years to ten years.

Cash payments included in the measurement of our operating lease liabilities, net of lease incentives received, were $23.4 million and $26.8 million for the three months ended March 31, 2026 and 2025, respectively.

Lease liabilities arising from obtaining operating lease right-of-use assets were $73.7 million and $11.1 million for the three months ended March 31, 2026 and 2025, respectively.