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Leases

6 Months Ended

Jun. 30, 2026

9. Leases

The Company has entered into non-cancelable lease agreements for its offices with lease periods expiring at various dates through 2036.

Components of operating lease expense were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(in thousands)
Operating lease cost	$	2,123	$	2,278	$	4,346	$	4,512
Short-term lease cost		240		243		476		491
Variable lease cost		450		303		856		602
Total operating lease cost	$	2,813	$	2,824	$	5,678	$	5,605

Supplementary cash flow information related to operating leases was as follows:


	Six Months Ended June 30,
	2026		2025
	(in thousands)
Cash paid for operating leases	$	4,572	$	4,581
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	$	6,163	$	3,774

As of June 30, 2026, the weighted-average discount rate is 4.8% and the weighted-average remaining term is 3.9 years. Maturities of the Company’s operating lease liabilities as of June 30, 2026 were as follows:


	June 30, 2026
	(in thousands)
Year Ending December 31,
2026 (Remainder)	$	2,303
2027		4,254
2028		3,889
2029		2,856
2030		2,942
Thereafter		1,003
Total operating lease payments		17,247
Less: imputed interest		(2,678	)
Total operating lease liabilities	$	14,569

As of June 30, 2026, the Company had an additional commitment of $122.2 million under an operating lease for office space that the Company occupied beginning in July 2026 and has a lease term of 10 years.