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Fixed Assets, Net | 9 Months Ended
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Sep. 30, 2025
Property, Plant and Equipment [Abstract] |
Fixed Assets, Net | Fixed Assets, Net Fixed assets, net consisted of the following (in thousands):
| September 30, 2025 |  | December 31, 2024
Computer and communications equipment | $ | 122,549 |  |  | $ | 112,463 |
Software, including software development costs | 432,634 |  |  | 401,040 |
Leasehold improvements and other fixed assets | 124,306 |  |  | 108,303 |
| 679,489 |  |  | 621,806 |
Less: accumulated depreciation and amortization | (486,910) |  |  | (431,794) |
Fixed assets, net | $ | 192,579 |  |  | $ | 190,012 |
Depreciation expense was $6.3 million and $5.7 million for the three months ended September 30, 2025 and 2024, respectively. Depreciation expense was $17.8 million and $16.4 million for the nine months ended September 30, 2025 and 2024, respectively. Depreciation is included as part of “Occupancy and equipment” in the Company’s unaudited Condensed Consolidated Statements of Operations. The Company has $5.1 million and $4.6 million of asset retirement obligations related to certain of its leasehold improvements as of September 30, 2025 and December 31, 2024, respectively. The associated asset retirement cost is capitalized as part of the carrying amount of the long-lived asset. The liability is discounted and accretion expense is recognized using the credit adjusted risk-free interest rate in effect when the liability was initially recognized. For the three months ended September 30, 2025 and 2024, software development costs totaling $13.7 million and $11.0 million, respectively, were capitalized. For the nine months ended September 30, 2025 and 2024, software development costs totaling $32.1 million and $31.4 million, respectively, were capitalized. Amortization of software development costs totaled $10.8 million and $9.6 million for the three months ended September 30, 2025 and 2024, respectively. Amortization of software development costs totaled $32.1 million and $30.2 million for the nine months ended September 30, 2025 and 2024, respectively. Amortization of software development costs is included as part of “Occupancy and equipment” in the Company’s unaudited Condensed Consolidated Statements of Operations. Impairment charges of $0.1 million and $0.2 million were recorded for the three months ended September 30, 2025 and 2024, respectively, related to the evaluation of capitalized software projects for future benefit and for fixed assets no longer in service. Impairment charges of $1.7 million and $0.5 million were recorded for the nine months ended September 30, 2025 and 2024, respectively, related to the evaluation of capitalized software projects for future benefit and for fixed assets no longer in service. Impairment charges related to capitalized software and fixed assets are reflected in “Occupancy and equipment” in the Company’s unaudited Condensed Consolidated Statements of Operations.

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 6 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-6 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 7 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-7 + Details
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