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Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Schedule of Lease, Cost

Operating lease costs are recorded within general, administrative and other and sublease income is recorded within other income (expense) in the Consolidated Statements of Income (Loss). The lease cost and sublease income components were as follows:

						Years Ended December 31,
						2025						2024						2023
Operating lease cost(1)						$	7,466					$	9,904					$	8,874
Variable lease cost(2)						4,414						3,878						4,458
Less: sublease income						208						215						179
Total lease cost						$	11,672					$	13,567					$	13,153

____________

(1)Includes $0.3 million of short term lease expense for each of the years ended December 31, 2025, 2024, and 2023. For the years ended December 31, 2024 and 2023 includes lease cost for two offices in New York due to the build out of new office space.

(2)Includes common area maintenance charges and other variable costs not included in the measurement of ROU assets and lease liabilities.

The following table summarizes cash flows and other supplemental information related to our operating leases:

			Years Ended December 31,
			2025						2024						2023
Cash paid for amounts included in the measurement of operating lease liabilities(1)			$	7,979					$	5,132					$	8,613
Non-cash ROU assets obtained in exchange for new and extended operating leases			$	2,967					$	9,075					$	34,116
Weighted average remaining lease term in years			12.8 years						13.7 years						13.1 years
Weighted average discount rate			6.3		%				6.3		%				6.1		%

___________

(1)Excludes $6.3 million of cash received during the year ended December 31, 2024 for lease incentives received related to the New York office lease. Also excludes $0.2 million of cash paid during the year ended December 31, 2025 for lease termination payments related to the Chicago office lease.

Schedule of Maturities of Operating Lease Liabilities

As of December 31, 2025 the maturities of operating lease liabilities were as follows:

Year Ended December 31,
2026						$	6,127
2027						7,474
2028						7,371
2029						6,140
2030						6,497
Thereafter						56,391
Total lease payments						$	90,000
Less: tenant improvement allowance						(9,680)
Less: imputed interest						(28,526)
Total operating lease liabilities						$	51,794

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- References

No definition available.

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- Definition

Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478964/842-20-50-4

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- Definition

Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478964/842-20-50-6

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