Leases

9 Months Ended

Sep. 30, 2025

The Company adopted ASC 842 as of January 1, 2022, on a modified retrospective basis with no cumulative adjustment to equity as of the adoption date. The Company has presented financial results and applied its accounting policies for the period beginning January 1, 2022 under ASC 842. The Company elected to take the practical expedient to not separate lease and non-lease components as part of the adoption. Lease agreements entered into after the adoption of ASC 842 that include lease and non-lease components are accounted for as a single lease component. Since January 1, 2022, the Company’s operating leases, excluding those with terms less than 12 months, have been discounted and recorded as assets and liabilities on the Company’s Condensed Consolidated Statement of Financial Position. The Company primarily has non-cancellable operating leases for

office spaces across various countries. We categorize leases as either operating or finance leases at the commencement date of the respective lease.

The components of lease costs are as follows:


	For the Three Months Ended				For the Nine Months Ended
(Dollars in Thousands)	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Operating lease expense	$	2,699	$	3,814	$	8,865	$	9,357
Variable lease expense	632		800		1,921		1,962
Short-term lease expense	75		61		198		187
Total lease expense (1)	$	3,406	$	4,675	$	10,984	$	11,506

(1) These amounts include $0.1 million and $0.1 million for the three months ended September 30, 2025 and September 30, 2024, respectively, and $0.4 million and $0.4 million for the nine months ended September 30, 2025 and September 30, 2024, respectively, in operating lease expense from related parties. See Note 17 (Related Party Transactions) for further details.

Supplemental cash flow information and non-cash activity related to our operating leases are as follows:


	For the Nine Months Ended
(Dollars in Thousands)	September 30, 2025		September 30, 2024
Operating cash flow information:
Operating cash flow from operating leases (1)	$	6,271	$	6,276
Non-cash activity:
Right-of-use assets obtained in exchange for lease obligations	$	3,977	$	6,442

(1) These amounts include $0.4 million and $0.4 million for the nine months ended September 30, 2025 and 2024, respectively, in operating cash flow from operating leases from related parties. See Note 17 (Related Party Transactions) for further details.

Weighted-average remaining lease term and discount rate for our operating leases are as follows:


	As of September 30, 2025		As of December 31, 2024
Weighted-average remaining lease term	11.29		11.46
Weighted-average discount rate	6.29	%	5.99	%

Future minimum lease payments for the Company’s operating leases as of September 30, 2025, are as follows:


	Future Minimum Rental Operating Leases
(Dollars in Thousands)
Rest of 2025	$	3,200
2026	9,425
2027	8,719
2028	8,210
2029	6,973
2030 and beyond	54,964
Total lease payments	91,491
Less: Imputed interest	27,769
Present value of lease liabilities	$	63,722