Fixed Assets

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

The following table summarizes our fixed assets by category as of December 31:


(in thousands)	2025		2024
Software	$	412,789	$	351,814
Land, buildings, and building improvements	235,915		233,647
Equipment	57,968		52,122
Furniture and fixtures	22,944		22,944
Leasehold improvements	1,654		1,378
Construction in progress	78,148		46,302
Projects in progress	77,955		81,616
Total fixed assets, gross	887,373		789,823
Less: Accumulated depreciation and amortization	(315,897)		(276,329)
Fixed assets, net	$	571,476	$	513,494

Software increased primarily due to internal-use software projects that were completed and placed in service as well as the renewal of mainframe software licenses.

Construction in progress includes ongoing renovations to office buildings that are part of our principal headquarters and not yet subject to depreciation. The renovations are expected to be completed in phases with full completion expected in 2027.

Projects in progress include certain computer software and software development costs for internal use that are not yet subject to amortization.

Depreciation and amortization expense totaled $69.5 million, $56.5 million and $47.4 million for the years ended December 31, 2025, 2024 and 2023, respectively, and is primarily included in total operating expenses. The Exchange and its insurance subsidiaries reimbursed us for approximately 31%, 28% and 27% in 2025, 2024 and 2023, respectively, for annual depreciation and amortization expense on assets supporting administrative services.