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v3.26.1

Leases | 3 Months Ended
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Mar. 31, 2026
Leases [Abstract] |
Leases | Note 4—Leases The Company leases office space and equipment under operating lease agreements. On April 1, 2025, the Company entered into a seven-year agreement to sublease a portion of its New York office. The sublease term commenced in September 2025 and continues through August 2032. Sublease income is presented net within Rent and occupancy on the Condensed Consolidated Statements of Operations. Variable lease payments for the subtenant’s portion of occupancy costs will be recognized as incurred. Other information as it relates to the Company’s operating leases is as follows:
| March 31, 2026 |  | December 31, 2025
Weighted-average discount rate – operating leases | 5.3% |  | 5.0%
Weighted-average remaining lease term – operating leases | 12.3 years |  | 12.5 years
|  |  | Three Months Ended March 31,
|  |  |  |  | 2026 |  | 2025
Operating lease cost |  |  |  |  | $ | 4,664 |  |  | $ | 4,692 |
Variable lease cost |  |  |  |  | 929 |  |  | 1,012 |
Sublease income – operating leases |  |  |  |  | (935) |  |  | — |
Total net lease cost |  |  |  |  | $ | 4,658 |  |  | $ | 5,704 |
Net cash outflows on operating leases |  |  |  |  | $ | 5,745 |  |  | $ | 4,936 |
Cash inflows on sublease |  |  |  |  | $ | 346 |  |  | $ | — |
As of March 31, 2026, the maturities of undiscounted cash payments and cash receipts for operating leases are as follows:
Years Ending: | Operating Lease Payments |  | Sublease Receipts |  | Net Payments
Remainder of 2026 | $ | 12,668 |  |  | $ | 3,115 |  |  | $ | 9,553 |
2027 | 20,640 |  |  | 4,153 |  |  | 16,487 |
2028 | 20,092 |  |  | 4,153 |  |  | 15,939 |
2029 | 20,918 |  |  | 4,153 |  |  | 16,765 |
2030 | 20,414 |  |  | 4,153 |  |  | 16,261 |
Thereafter | 152,943 |  |  | 7,379 |  |  | 145,564 |
Total lease payments | 247,675 |  |  | $ | 27,106 |  |  | $ | 220,569 |
Less: Imputed interest | (65,618) |  |  |  |  |
Total lease liabilities | $ | 182,057 |  |  |  |  |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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