v3.26.1
Leases (Tables)
 3 Months Ended
Mar. 31, 2026
Leases [Abstract]  
Schedule of Components of Operating Lease Expense

The following table presents the components of operating lease expense for the three months ended March 31, 2026 and 2025:

 

 

 

 

Three Months Ended March 31,

 

Lease cost:

 

Classification

 

2026

 

 

2025

 

 

 

 

 

(In thousands)

 

Operating lease cost - office space

 

Occupancy

 

$

2,852

 

 

$

2,751

 

Operating lease cost - equipment

 

Technology and communications

 

 

98

 

 

 

98

 

Variable lease costs

 

Occupancy

 

 

884

 

 

 

785

 

Total operating lease cost

 

 

 

$

3,834

 

 

$

3,634

 

 

 

 

 

 

 

 

 

 

 
Summary of Weighted Average Remaining Lease Term and Discount Rate

The weighted average remaining lease term and weighted average discount rate are as follows:

 

 

As of

 

Lease Term and Discount Rate

 

March 31, 2026

 

 

December 31, 2025

 

Weighted average remaining lease term (in years) - operating leases

 

 

7.8

 

 

 

8.1

 

Weighted average discount rate - operating leases

 

 

6.0

%

 

 

6.1

%
Schedule of Maturity of Lease Liabilities

The following table presents the maturity of lease liabilities as of March 31, 2026:

 

 

Operating Leases

 

 

 

(In thousands)

 

2026

 

$

9,703

 

2027

 

 

9,996

 

2028

 

 

9,162

 

2029

 

 

9,046

 

2030

 

 

9,039

 

2031 and thereafter

 

 

33,153

 

Total lease payments

 

 

80,099

 

Less: imputed interest

 

 

16,388

 

Present value of lease liabilities

 

$

63,711