Leases

6 Months Ended

Jun. 30, 2026

12. Leases

The Company has operating leases for corporate offices with initial lease terms ranging from one year to 15 years. Certain leases contain options to extend the initial term at the Company’s discretion. The Company accounts for the option to extend when it is reasonably certain of being exercised. The Company’s lease agreements do not contain any material residual value guarantees, restrictions or covenants. The Company also has operating leases for equipment with initial lease terms ranging from one year to five years.

The following table presents the components of operating lease expense for the three and six months ended June 30, 2026 and 2025:


		Three Months Ended June 30,				Six Months Ended June 30,
Lease cost:	Classification	2026		2025		2026		2025
		(In thousands)
Operating lease cost - office space	Occupancy	$	2,882	$	2,826	$	5,734	$	5,577
Operating lease cost - equipment	Technology and communications		49		98		146		195
Variable lease costs	Occupancy		979		847		1,863		1,632
Total operating lease cost		$	3,910	$	3,771	$	7,743	$	7,404

The Company determines whether an arrangement is, or includes, a lease at contract inception. Lease right-of-use assets and liabilities are recognized at commencement date and are initially measured based on the present value of lease payments over the defined lease term. As the Company’s leases do not provide an implicit rate, the Company used its incremental borrowing rate based on the information available at the lease inception date in determining the present value of lease payments.

The weighted average remaining lease term and weighted average discount rate are as follows:


	As of
Lease Term and Discount Rate	June 30, 2026			December 31, 2025
Weighted average remaining lease term (in years) - operating leases		7.6			8.1
Weighted average discount rate - operating leases		6.0	%		6.1	%

The following table presents the maturity of lease liabilities as of June 30, 2026:


	Operating Leases
	(In thousands)
2026	$	6,469
2027		10,451
2028		9,671
2029		9,342
2030		9,338
2031 and thereafter		33,386
Total lease payments		78,657
Less: imputed interest		15,658
Present value of lease liabilities	$	62,999