The Company leases office space under non-cancelable operating leases with various expiration dates through 2031 (assumes the early termination option as discussed below is exercised, otherwise, the expiration date is 2036). The Company accounts for leases under ASU 2016-02, “Leases (Topic 842),” (“ASC 842”) by recording right-of-use assets and liabilities. The right-of-use asset represents the Company’s right to use underlying assets for the lease term and the lease liability represents the Company’s obligation to make lease payments under the lease. The Company determines if an arrangement is, or contains, a lease at contract inception and exercises judgment and applies certain assumptions when determining the discount rate, lease term, and lease payments. ASC 842 requires a lessee to record a lease liability based on the discounted unpaid lease payments using the interest rate implicit in the lease or, if the rate cannot be readily determined, the incremental borrowing rate. Generally, the Company does not have knowledge of the rate implicit in the lease and, therefore, uses its incremental borrowing rate for a lease. The lease term includes the non-cancelable period of the lease and options to extend or terminate the lease when it is reasonably certain the Company will exercise those options. The Company’s lease agreements generally do not contain any material residual value guarantees or material restrictive covenants. Certain of the Company’s lease agreements include escalating lease payments. Additionally, certain lease agreements contain other provisions which require the Company to pay taxes, insurance, or maintenance costs.

The Company subleases certain leased office space to third parties when it determines there is excess leased capacity. In July 2022, the Company entered into a sublease with a third party with respect to substantially all of the Company’s then-existing corporate headquarters. The sublease commenced on August 26, 2022 and expires on May 30, 2026, unless terminated sooner in accordance with the provisions of the sublease. Pursuant to the terms of the sublease, the subtenant is obligated to pay a fixed monthly rent of $0.8 million, subject to periodic increases. In-lieu of a cash security deposit, the Company received a letter of credit from Citibank for approximately $4.5 million.

In March 2025, the Company entered into a 130-month lease agreement for a new corporate headquarters located in New York, New York, which commenced on June 16, 2025 (i.e., the “Commencement Date”). The lease contains one 5-year renewal option and an early termination option after 6 years of the rent commencement date (i.e., December 16, 2025 is the rent commencement date). Upon the Commencement Date, based on various economic and market-based factors, the Company concluded it is reasonably certain to exercise the early termination option, and therefore the lease term was determined to be 6 years, 6 months (i.e., the lease term was determined to be June 16, 2025 through December 15, 2031). The undiscounted lease payments range from approximately $0.2 million to $0.3 million per month throughout the contractual term of the lease (approximately $0.2 million per month throughout the term determined for accounting purposes). Variable lease expenses are not material, and include the Company’s proportionate share of operating expenses, property taxes, and insurance. The Company determined this lease was an operating lease, and recorded a right-of-use asset and a noncurrent lease liability of $11.7 million and $11.5 million, respectively, upon commencement. The lease did not provide an implicit rate, and therefore the Company used its incremental borrowing rate, which was based on the term of

the lease, the economic environment of the lease, and reflects the cost the Company would have had to pay to borrow on a secured basis.

Sublease rent income is recognized as an offset to rent expense on a straight-line basis over the lease term. In addition to sublease rent, other costs such as common-area maintenance, utilities, and real estate taxes are charged to subtenants over the duration of the lease for their proportionate share of these costs.

The following illustrates the lease costs for the years ended December 31, 2025, 2024, and 2023:


	Year Ended December 31,
	2025		2024		2023
Operating lease cost	$	21,634	$	24,282	$	29,511
Sublease income	(16,638)		(17,386)		(15,694)
Total lease cost	$	4,996	$	6,896	$	13,817

All components of total lease cost are recorded within general and administrative expenses within the consolidated statements of operations. The Company does not have material short-term or variable lease costs.

The following amounts were recorded in the Company’s consolidated balance sheets related to operating leases:


	December 31, 2025		December 31, 2024
Assets
Right-of-use assets	$	23,002	$	28,562

Liabilities
Current lease liabilities	12,706		22,084
Noncurrent lease liabilities	14,725		15,138
Total lease liabilities	$	27,431	$	37,222

Other information related to leases was as follows:


	Year Ended December 31,
	2025		2024		2023
Supplemental cash flow information
Cash paid for amounts included in measurement of lease liabilities:
Operating cash flows for operating lease liabilities	$	25,591	$	28,264	$	32,870
Non-cash transactions:
Right-of-use assets obtained in exchange for new operating lease liabilities	$	11,747	$	—	$	—


	December 31, 2025		December 31, 2024
Weighted average remaining lease term (years)	3.4		1.8
Weighted average discount rate	12.7	%	14.0	%

Maturities of lease liabilities as of December 31, 2025 were as follows:


Year	Operating Leases
2026	$	15,010
2027	4,766
2028	3,213
2029	2,958
2030	2,650
Thereafter	5,804
Total lease payments	$	34,401
Less: imputed interest	(6,970)
Total	$	27,431

Sublease receipts to be received in the future under noncancellable subleases as of December 31, 2025 were as follows:


Year	Amount
2026	$	6,300




Thereafter	—
Total	$	6,300