Restructuring Activities

On February 5, 2026, the Company announced its plan to wind down operations in the United Kingdom, European Union, other European jurisdictions, and Australia, including a reduction in force of approximately 200 employees and the related exit or early termination of certain office leases in London, Malta, and San Francisco. On February 17, 2026, the Company separately announced the departure of three executives. The wind-down, workforce reduction, lease-related actions, and executive departures are collectively referred to herein as the "Restructuring." In connection with the Restructuring, the Company recorded approximately $7.9 million of charges in the three months ended March 31, 2026, consisting primarily of severance and personnel costs, operating lease right-of-use (“ROU”) asset impairment charges, and lease termination fees. These charges are included within Salaries and compensation and General and administrative expenses on the condensed consolidated statements of operations and comprehensive loss. These actions were undertaken as part of a strategic initiative to streamline the Company’s operations.

A summary of the restructuring charges for the three months ended March 31, 2026 by major activity type is as follows (in thousands):


	Facilities Consolidation(1)		Severance and Other Personnel Costs		Total
Salaries and compensation - cash	—		6,484		6,484
General and administrative	1,382		—		1,382
Total	$	1,382	$	6,484	$	7,866
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(1) Facilities consolidation includes lease termination costs and impairment charges and accelerated expenses related to certain operating lease ROU assets and non-recoverable furniture and fixtures.

In connection with the Restructuring, the Company recognized a net benefit of approximately $7.1 million related to stock-based compensation. This net benefit was primarily driven by $8.8 million of forfeitures of unvested awards associated with terminated employees, partially offset by incremental expense of $1.7 million recognized from the acceleration of vesting for certain awards. This net benefit is recorded within Salaries and compensation

expense on the condensed consolidated statements of operations and comprehensive loss, consistent with the Company's accounting policy for stock-based compensation, and is excluded from restructuring charges above.

The following table is a summary of the changes in the severance and other personnel obligations, included within Accrued expenses and Other current liabilities on the condensed consolidated balance sheets, related to the Restructuring (in thousands):


Balance as of January 1, 2026	$	—
Severance and other personnel costs	6,484
Cash payments during the period	(5,311)
Balance as of March 31, 2026	$	1,173

The Company expects substantially all remaining severance and termination-related obligations to be settled in cash by the end of the second quarter of 2026.