Leases (Tables)

12 Months Ended

Dec. 31, 2025

The following is a summary of lease right-of-use assets and lease liabilities related to operating leases as of December 31, 2025 and 2024:


	December 31,
	2025		2024

	(dollars in thousands)
Operating lease right-of-use assets	$	123,065	$	33,550
Operating lease liabilities	$	139,168	$	35,748

Activity related to the Company’s leases for the years ended December 31, 2025, 2024 and 2023 is as follows:


	Year Ended
	December 31,
	2025		2024		2023

	(dollars in thousands)
Operating lease expense included as a component of occupancy expense on the accompanying consolidated statements of income	$	17,411	$	13,941	$	11,768
Cash paid for amounts included in the measurement of operating lease liability	$	14,211	$	14,145	$	12,548

At December 31, 2025 and 2024, the weighted average borrowing rate and weighted average remaining lease term are as follows:


	December 31,
	2025		2024

Weighted average borrowing rate	5.3	%	4.9	%
Weighted average remaining lease term (years)	12.4		3.5

The following table presents the future minimum lease payments and the maturity of lease liabilities as of December 31, 2025:

Tradeweb Markets Inc. 10-K