In September 2019, the Company’s sublease agreement for a 25,212 square foot office in its corporate headquarters in New York, NY commenced and is scheduled to expire in May 2029. Pursuant to the sublease, the Company is obligated to pay the base rent of approximately $1.3 million per annum through the end of the fifth lease year and approximately $1.4 million per annum thereafter through the expiration date.

In February 2023, the Company's lease agreement for the additional 24,099 square foot office in its corporate offices (entered into in February 2022) commenced in New York, NY and expires in April 2036. Pursuant to the lease, the Company is obligated to pay the base rent of approximately $1.4 million per annum through the end of the fifth lease year and approximately $1.5 million per annum thereafter through the expiration date.

In March 2025, the Company's lease agreement for the additional 21,262 square foot office in its corporate offices (entered into in February 2022) commenced in New York, NY and expires in April 2036. In accordance with ASC 842, the Company recorded a right-of-use asset and a lease liability of $10.1 million and $10.0 million, respectively. Pursuant to the lease, the Company is obligated to pay the base rent of approximately $1.3 million per annum through the end of the fifth lease year and approximately $1.4 million per annum thereafter through the expiration date.

The Company recognizes lease expense on a straight-line basis over the lease term. Lease expense for the Company's operating lease for the three months ended June 30, 2026 and 2025 was $1.1 million and $1.0 million, respectively. For the six months ended June 30, 2026 and 2025, lease expense was $2.1 million and $1.8 million, respectively.

Cash outflows from operating activities attributable to the operating leases for the six months ended June 30, 2026 and 2025 was $1.4 million and $1.5 million, respectively.


	Balance Sheet Location	June 30, 2026		December 31, 2025
Operating Leases
Right-of-use assets	Operating lease right-of-use assets	$	23,577	$	24,990
Short-term lease liabilities	Accounts payable and Accrued expenses and other current liabilities	$	4,475	$	3,726
Long-term lease liabilities	Operating lease noncurrent liabilities	$	22,495	$	24,000

Other information
Weighted average remaining lease term, operating lease		8.6 years		9.0 years
Weighted average discount rate, operating lease		4.91%		4.89%


Year Ending December 31:	Operating Lease Payments as of June 30, 2026
2026	$	2,511
2027	4,341
2028	4,346
2029	3,560
2030	2,824
Thereafter	15,606
Total undiscounted lease payments	$	33,188
Less: imputed interest	6,218
Present value of lease liabilities	$	26,970
Less: current portion of operating lease liabilities	4,475
Operating lease noncurrent liabilities	$	22,495

As noted above, the Company commenced its lease for the 24,099 square foot and 21,262 square foot offices in its corporate offices in New York, NY in February 2023 and March 2025, respectively, pursuant to a lease agreement entered into by the Company in February 2022. The lease agreement also provides for continued occupancy of the 25,212 square foot office after the expiration of the current sublease. For the current 25,212 square foot office, the Company is obligated to pay the base rent of approximately $1.6 million per year beginning in June 2029, which is the lease commencement, through April 2036, the expiration date.