Leases

12 Months Ended

Dec. 31, 2025

The Company and its subsidiaries lease office space under various operating lease agreements with the following lease expiration dates as summarized below:


Location						Lease expiration dates
New York City, New York (headquarters)						February 2029
San Francisco, California						November 2026
Amsterdam, Netherlands						April 2032
Tel Aviv, Israel						December 2030

Operating Leases

Lease Extensions

In 2024 and 2025, the Company extended its office space lease for certain locations. The lease extensions were accounted for as lease modifications, and the lease classification continued to be classified as operating leases. These office lease extensions included a renewal option provision to further extend each of the lease term, in which the Company is not reasonably certain to exercise. The related RoU assets and lease liabilities were remeasured as a result of the lease modification which resulted in an increase in RoU asset as presented in “Other Assets” and lease liability as presented in “Other Liabilities and Accrued Expenses” in the consolidated balance sheets. The following are the details of the office lease extensions and impact of the lease modification ($ amount in millions):


			Impact of Lease Modification
Location	Lease Extension Effective Date	Lease Expiration Date	RoU Asset		Lease Liability
New York (1)	November 2024	February 2029	$	4.5	$	4.3
Amsterdam	November 2025	April 2032	$	3.3	$	3.4
Tel Aviv	December 2025	December 2030	$	12.0	$	12.1

(1) lease extension for two floors through February 2029 and lease for the remaining floors expired on November 2025.

Early Lease Termination

The Company opted to early terminate its office space in San Francisco, California and will continue to lease the office space through November 2026 ("early termination effective date"). This office space is currently under a sublease with a third party which is expected to continue through the early termination effective date. Upon modifying the lease agreement for the early termination, the Company recognized a gain of $2.3 million for the year ended December 31, 2025, which is presented under "General and Administrative expense" in the consolidated statements of operations and comprehensive income (loss). RoU assets in the amount of $3.1 million were derecognized due to the modified lease liability.

Other Leases

Office lease agreements for Tempe, Arizona and Scottsdale, Arizona expired in October 2024 and November 2024, respectively, and were not renewed by the Company.

Operating lease cost under ASC 842 for leased facilities is presented below ($ in millions):


	December 31,
	2025		2024
Operating lease cost	$	7.0	$	7.9
Short term lease expense	0.1		0.1
Variable lease costs	0.9		0.4
	$	8.0	$	8.4

Operating lease cost is included within continuing operations in the consolidated statements of operations and comprehensive income (loss).

Supplemental cash flow information related to operating leases is as follows ($ in millions):


	December 31,
	2025		2024
Operating cash outflow from operating leases	$	8.6	$	9.9
Operating cash inflow from operating subleases	$	3.5	$	2.6
RoU assets obtained in exchange for modification of operating lease liabilities	$	15.3	$	4.5

Weighted-average remaining lease term and discount rate are as follows:


	December 31,
	2025		2024
Weighted-average remaining lease term (in years)	4.8		3.9
Weighted-average discount rate	6.50	%	6.14	%

Maturities of operating lease liabilities as of December 31, 2025 is as follows ($ in millions):


2026	$	7.2
2027	4.9
2028	5.1
2029	3.8
2030	3.6
thereafter	1.0
Total undiscounted lease payments	$	25.6
Present value discount	1.6
Lease liabilities	$	24.0

Sublease

New York

The Company subleased two floors of its New York office space beginning September 2023 through November 2025, which are classified as operating leases. As a result of the sublease, the Company evaluated RoU asset associated with the original lease for impairment, using the undiscounted cash flows from the sublease. There was no impairment charge recognized related to the New York office sublease as of December 31, 2023.

The Company also entered into a sublease agreement for a portion of its office space in New York which commenced in June 2024 through November 2025, which is classified as an operating lease. The Company recorded an impairment charge related to the sublease of $0.3 million which reduced the carrying value of RoU assets and the related furniture and equipment and leasehold improvements as of December 31, 2024.

The Company recognized sublease income from the above sublease agreements of $2.0 million, $1.9 million and $0.4 million, respectively, for the years ended December 31, 2025, 2024 and 2023, respectively.

San Francisco

The Company subleased its San Francisco office space beginning November 2023 through November 2026, and is classified as an operating lease. The Company recorded an impairment charge related to the sublease of $3.7 million which reduced the carrying value of RoU assets and the related leasehold improvements as of December 31, 2023.

The Company recognized sublease income of $1.1 million, $1.1 million and $0.2 million for the years ended December 31, 2025, 2024 and 2023, respectively. Sublease income is presented under “Commission and other income” in the consolidated statements of operations and comprehensive income (loss).

The impairment charge related to the sublease is presented under “General and administrative expenses” in the consolidated statements of operations and comprehensive income (loss). The Company estimated the fair value of the RoU asset based on the net present value of the sublease rental income during the sublease term.