Property, Equipment, and Capitalized Software, Net

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Property, Equipment, and Capitalized Software, Net

NOTE 5. Property, Equipment, and Capitalized Software, Net

The following table summarizes the Company’s property and equipment (in thousands):

	December 31,
	2025		2024
Computer equipment	$	2,655	$	3,545
Furniture and fixtures	1,185		1,774
Leasehold improvements	991		1,977
Less: accumulated depreciation	(3,299)		(4,688)
Property and equipment, net	1,532		2,608
Capitalized software	56,129		45,549
Less: accumulated depreciation	(32,244)		(19,988)
Capitalized software, net	23,885		25,561
Property, equipment, and capitalized software, net	$	25,417	$	28,169

For the years ended December 31, 2025, 2024, and 2023, the Company recognized $1.5 million, $1.7 million, and $1.8 million, respectively, in depreciation expense related to property and equipment, which is included in depreciation and amortization expense in the consolidated statements of operations. For the years ended December 31, 2025, 2024, and 2023, the Company recognized $13.7 million, $10.5 million, and $6.2 million, respectively, in amortization expense related

to capitalized software, which is included in depreciation and amortization expense in the consolidated statements of operations.