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:


	September 30, 2026	December 31, 2025
Weighted-average discount rate – operating leases	5.3%	5.0%
Weighted-average remaining lease term – operating leases	11.8 years	12.5 years


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Operating lease cost	$	5,037	$	4,800	$	15,064	$	14,244
Variable lease cost	1,165		645		2,983		2,660
Sublease income – operating leases	(935)		(312)		(2,805)		(312)
Total net lease cost	$	5,267	$	5,133	$	15,242	$	16,592

Net cash outflows on operating leases	$	5,939	$	5,189	$	17,368	$	14,707
Cash inflows on sublease	$	1,039	$	—	$	2,423	$	—

As of September 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	$	2,801	$	1,038	$	1,763
2027	22,103		4,153		17,950
2028	20,977		4,153		16,824
2029	20,935		4,153		16,782
2030	20,516		4,153		16,363
Thereafter	153,055		7,379		145,676
Total lease payments	240,387		$	25,029	$	215,358
Less: Imputed interest	(61,376)
Total lease liabilities	$	179,011