v3.26.1
Leases
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Leases LEASES
The Company has entered into operating agreements with lease periods expiring between 2026 and 2032. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term.
Components of lease expense are as follows, all recorded within operating expenses in the Consolidated Statements of Operations:
Twelve months ended Dec. 31,
(in thousands)202520242023
Operating lease cost$7,036 $8,113 $7,952 
Short-term lease cost (1)
3 63 57 
Variable lease cost (2)
306 697 852 
Sublease income(2,896)(2,591)(1,577)
Total net lease expense$4,449 $6,282 $7,284 
(1)Includes costs related to leases, which at the commencement date, have a lease term of twelve months or less.
(2)Includes costs incurred by the Company for the right to use an underlying asset that vary because of changes in facts or circumstances occurring after the commencement date, other than the passage of time.

As of December 31, 2025, future minimum lease payments for operating leases consisted of the following:
(in thousands)Operating Leases
20269,997 
20277,942 
20286,969 
20295,948 
20305,755 
Thereafter8,738 
Total lease payments$45,349 
Less: Imputed interest(9,495)
Present value of lease liabilities$35,854 
Supplemental cash flow information related to leases are as follows:
Dec. 31,
(in thousands)202520242023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases
$6,364 $9,826 $12,383 
Non-cash activity:
Operating lease assets obtained in exchange for new lease obligations (1)
$— $1,361 $6,735 
(1)For the twelve months ended December 31, 2024, the Company recognized operating lease assets arising from operating leases of an acquiree. For the twelve months ended December 31, 2023, the Company entered into a lease agreement for its corporate headquarters in Chicago, Illinois, which commenced on July 5, 2023.
The weighted average remaining operating lease term and discount rate are as follows:
Dec. 31,
202520242023
Weighted average remaining lease term (in years)5.8 years6.4 years7.1 years
Weighted average discount rate9.3 %9.2 %9.0 %
Leases LEASES
The Company has entered into operating agreements with lease periods expiring between 2026 and 2032. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term.
Components of lease expense are as follows, all recorded within operating expenses in the Consolidated Statements of Operations:
Twelve months ended Dec. 31,
(in thousands)202520242023
Operating lease cost$7,036 $8,113 $7,952 
Short-term lease cost (1)
3 63 57 
Variable lease cost (2)
306 697 852 
Sublease income(2,896)(2,591)(1,577)
Total net lease expense$4,449 $6,282 $7,284 
(1)Includes costs related to leases, which at the commencement date, have a lease term of twelve months or less.
(2)Includes costs incurred by the Company for the right to use an underlying asset that vary because of changes in facts or circumstances occurring after the commencement date, other than the passage of time.

As of December 31, 2025, future minimum lease payments for operating leases consisted of the following:
(in thousands)Operating Leases
20269,997 
20277,942 
20286,969 
20295,948 
20305,755 
Thereafter8,738 
Total lease payments$45,349 
Less: Imputed interest(9,495)
Present value of lease liabilities$35,854 
Supplemental cash flow information related to leases are as follows:
Dec. 31,
(in thousands)202520242023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases
$6,364 $9,826 $12,383 
Non-cash activity:
Operating lease assets obtained in exchange for new lease obligations (1)
$— $1,361 $6,735 
(1)For the twelve months ended December 31, 2024, the Company recognized operating lease assets arising from operating leases of an acquiree. For the twelve months ended December 31, 2023, the Company entered into a lease agreement for its corporate headquarters in Chicago, Illinois, which commenced on July 5, 2023.
The weighted average remaining operating lease term and discount rate are as follows:
Dec. 31,
202520242023
Weighted average remaining lease term (in years)5.8 years6.4 years7.1 years
Weighted average discount rate9.3 %9.2 %9.0 %