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Leases (Tables)
6 Months Ended
Jun. 30, 2026
Leases [Abstract]  
Schedule of Components of Operating Lease Expense

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Summary of Weighted Average Remaining Lease Term and Discount Rate

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

%

Schedule of Maturity of Lease Liabilities

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