Leases

6 Months Ended

Jun. 30, 2026

The Company leases office space and computer and other equipment under operating lease agreements expiring at various dates. Under the lease agreements, in addition to base rent, the Company is generally responsible for operating and maintenance costs and related fees. Several of these agreements include tenant improvement allowances, rent holidays or rent escalation clauses. When such items are included in a lease agreement, we record such items in right-of-use assets and operating lease liabilities on our consolidated balance sheets equal to the difference between rent expense and future minimum lease payments due. The rent expense related to these items is recognized on a straight-line basis over the terms of the leases.

The following table summarizes our primary office leases as of June 30, 2026 (in thousands, other than term):


Location	Lease Termination Term (in years)	Future Minimum Lease Commitments		Letter of Credit Amount Required
Arlington, VA	4.5	$	2,468	$	—
Edison, NJ (1)	0.0	—		222
Makati City, Philippines	1.9	462		—

Pune, India	4.9	800		—
Brea, CA	0.9	910		—

————————

(1)Subsequent to June 30, 2026, the Company’s lease in Edison, NJ expired and the Company was no longer party to an irrevocable standby letter of credit.

Loss on Lease Termination

During the year ended December 31, 2024, the Company terminated its Chicago, IL lease effective October 31, 2024. The Company paid $6.4 million of lease termination payments on both January 1, 2026 and April 1, 2026, respectively, and has no further obligations under its Chicago lease.

The following table summarizes the components of our lease expense (in thousands):


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2026		2025		2026		2025
Operating lease cost, net of sublease income	$	250	$	(684)	$	792	$	(150)


Variable lease cost	211		1,583		440		1,922
Total lease cost	$	461	$	899	$	1,232	$	1,772

Maturity of lease liabilities including future lease termination payments (in thousands) is as follows:


	Operating Lease Expense
2026	$	952
2027	1,321
2028	798
2029	716
2030	739
Thereafter	114
Total lease payments	4,640
Less:
Interest	673
Present value of lease liabilities	$	3,967

Our weighted-average discount rate and our weighted remaining lease terms (in years) are as follows:


	June 30, 2026		December 31, 2025


Weighted average discount rate	8.42	%	8.89	%
Weighted average remaining lease term (in years)	3.5		3.0