Leases

12 Months Ended

Dec. 31, 2025

All of the Company's leases qualify as operating leases and consist primarily of leases for office facilities, which have remaining initial lease terms ranging from 0.7 to 12.6 years and a weighted average remaining lease term of 10.5 years. The Company has options to renew certain of its leases for periods ranging from 5.0 to 10.0 years, depending on the lease. None of the Company's renewal options were considered reasonably assured of being exercised and, therefore, were excluded from the initial lease term used to determine the Company's right-of-use asset and lease liability. The Company's right-of-use asset and lease liability on the Consolidated Balance Sheets at December 31, 2025 were $75.2 million and $93.2 million, respectively. The weighted average discount rate used to measure the Company's lease liability was 7.0% at December 31, 2025.

Lease expense totaled $17.3 million, $15.1 million and $14.7 million for fiscal years 2025, 2024 and 2023,

respectively. Cash payments relating to operating leases during 2025 were $12.7 million.

Lease liability maturities as of December 31, 2025 were as follows:


Fiscal Year	Amount (in thousands)
2026	$	12,827
2027	13,156
2028	10,986
2029	12,894
2030	12,717
Thereafter	73,990
Total lease payments	136,570
Less: Imputed interest	43,345
Present value of lease liabilities	$	93,225