On April 1, 2025, the Company entered into a seven-year agreement to sublease a portion of its New York office. The sublease term commenced in September 2025 and continues through August 2032. Sublease income is presented net within Rent and occupancy on the Condensed Consolidated Statements of Operations. Variable lease payments for the subtenant’s portion of occupancy costs will be recognized as incurred.

Other information as it relates to the Company’s operating leases is as follows:


	June 30, 2026	December 31, 2025
Weighted-average discount rate – operating leases	5.3%	5.0%
Weighted-average remaining lease term – operating leases	12.1 years	12.5 years


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Operating lease cost	$	5,017	$	4,752	$	10,027	$	9,444
Variable lease cost	889		1,003		1,818		2,015
Sublease income – operating leases	(935)		—		(1,870)		—
Total net lease cost	$	4,971	$	5,755	$	9,975	$	11,459

Net cash outflows on operating leases	$	5,684	$	4,582	$	11,429	$	9,518
Cash inflows on sublease	$	1,038	$	—	$	1,384	$	—

As of June 30, 2026, the maturities of undiscounted cash payments and cash receipts for operating leases are as follows:


Years Ending:	Operating Lease Payments		Sublease Receipts		Net Payments
Remainder of 2026	$	9,577	$	2,076	$	7,501
2027	18,393		4,153		14,240
2028	20,064		4,153		15,911
2029	21,011		4,153		16,858
2030	20,513		4,153		16,360
Thereafter	153,045		7,379		145,666
Total lease payments	242,603		$	26,067	$	216,536
Less: Imputed interest	(63,324)
Total lease liabilities	$	179,279