v3.26.1
BALANCE SHEET COMPONENTS
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
BALANCE SHEET COMPONENTS BALANCE SHEET COMPONENTS
Property, equipment and software, net
Property, equipment and software, net, consist of the following as of December 31, 2025 and 2024 (in thousands):
 
December 31,December 31,
20252024
Internal-use software $101,945 $85,808 
Computer and software6,860 5,406 
Furniture and equipment938 878 
Leasehold improvements1,112 1,080 
Property, equipment and software, gross110,855 93,172 
Less: accumulated depreciation and amortization(80,634)(55,198)
Property, equipment and software, net$30,221 $37,974 
The Company capitalized $16.1 million, $24.3 million and $28.1 million, of internally developed costs during the year ended December 31, 2025, 2024 and 2023, respectively. As of December 31, 2025 and December 31, 2024, internally developed software costs balances, included in property, equipment and software, net, are $27.8 million and $36.1 million, respectively.
Depreciation and amortization expense was $30.1 million, $28.8 million and $19.1 million for the year ended December 31, 2025, 2024 and 2023, respectively.
During each of the year ended December 31, 2025, 2024 and 2023, the Company wrote off certain internally developed software, and reported $0.5 million, $3.2 million, $2.5 million, respectively, of impairment loss in the consolidated statements of operations. No impairment losses related to property, equipment and software were recorded during the year ended December 31, 2025, 2024 and 2023.

Intangible Assets

Acquired intangible assets subject to amortization consist of investment management agreements, license, developed technology and trade name are recorded net of amortization and included within intangible assets on the consolidated balance sheets. The gross and net carrying values and accumulated amortization are as follows (in thousands):

December 31, 2025December 31, 2024
Gross Carrying ValueAccumulated AmortizationNet Carrying ValueGross Carrying ValueAccumulated AmortizationNet Carrying Value
Investment management agreements$6,200 $(3,014)$3,186 $6,200 $(387)$5,813 
License5,500 (2,292)3,208 5,500 (458)5,042 
Developed technology5,500 (4,413)1,087 5,500 (3,813)1,687 
Trade name1,700 (1,520)180 1,700 (1,421)279 
Total intangible assets$18,900 $(11,239)$7,661 $18,900 $(6,079)$12,821 
Amortization expense was and $5.2 million, $3.5 million and $2.6 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Expected future amortization expense for intangible assets is as follows (in thousands):
December 31, 2025
2026$5,719 
20271,942 
  Total$7,661 

Other assets
Other assets, consist of the following as of December 31, 2025 and 2024 (in thousands):

December 31,December 31,
20252024
Prepaid expenses$6,930 $7,557 
Related party assets (1)42,558 14,637 
Other assets4,677 4,171 
Total other assets$54,165 $26,365 
(1) Related party assets include $13.0 million of contract assets as of December 31, 2025. No such contract assets existed as of December 31, 2024.

Accrued expenses and other liabilities
Accrued expenses and other liabilities consist of the following as of December 31, 2025 and 2024 (in thousands):

December 31,December 31,
20252024
Employee payables$17,381 $16,327 
Related party payables (1)10,610 2,969 
Interest payables22,896 7,171 
Contingent consideration from the Theorem acquisition183 6,090 
Other liabilities23,565 12,805 
Total accrued expenses and other liabilities$74,635 $45,362 
(1) Related party payables include $8.0 million of contract liabilities as of December 31, 2025. No such contract liabilities existed as of December 31, 2024.