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Leases
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Leases Leases
In September 2019, the Company’s sublease agreement for a 25,212 square foot office in its corporate headquarters in New York, NY commenced and is scheduled to expire in May 2029. Pursuant to the sublease, the Company is obligated to pay the base rent of approximately $1.3 million per annum through the end of the fifth lease year and approximately $1.4 million per annum thereafter through the expiration date.
In February 2023, the Company's lease agreement for the additional 24,099 square foot office in its corporate offices (entered into in February 2022) commenced in New York, NY and expires in April 2036. Pursuant to the lease, the Company is obligated to pay the base rent of approximately $1.4 million per annum through the end of the fifth lease year and approximately $1.5 million per annum thereafter through the expiration date.
In March 2025, the Company's lease agreement for the additional 21,262 square foot office in its corporate offices (entered into in February 2022) commenced in New York, NY and expires in April 2036. In accordance with ASC 842, the Company recorded a right-of-use asset and a lease liability of $10.1 million and $10.0 million, respectively. Pursuant to the lease, the Company is obligated to pay the base rent of approximately $1.3 million per annum through the end of the fifth lease year and approximately $1.4 million per annum thereafter through the expiration date.
The Company recognizes lease expense on a straight-line basis over the lease term. Lease expense for the Company’s operating leases was $3.9 million for the year ended December 31, 2025. For the years ended December 31, 2024 and 2023, lease expense was $2.7 million and $2.4 million, respectively.
Cash outflows from operating activities attributable to the operating leases for the years ended December 31, 2025 was $3.1 million. For the years ended December 31, 2024 and 2023, cash outflows toward operating leases were $2.3 million and $1.3 million, respectively.
Information related to the Company’s leases is as follows (in thousands):
Balance Sheet LocationDecember 31, 2025
Operating Leases
Right-of-use assetsOperating lease right-of-use assets$24,990
Short-term lease liabilitiesAccrued expenses and other current liabilities$3,726
Long-term lease liabilitiesOperating lease noncurrent liabilities$24,000
Other information
Weighted average remaining lease term, operating lease9.0 years
Weighted average discount rate, operating lease4.89%
Future minimum facility lease payments as of December 31, 2025, are as follows (in thousands):
Year Ending December 31:
Operating Lease Payments as of December 31, 2025
2026$3,909 
20274,349
20284,354
20293,566
20302,824
Thereafter15,604
Total undiscounted lease payments$34,606 
Less: imputed interest6,880
Present value of lease liabilities$27,726 
Less: current portion of operating lease liabilities 3,726
Operating lease noncurrent liabilities$24,000 
February 2022 Lease Agreement
As noted above, the Company commenced its lease for the 24,099 square foot and 21,262 square foot offices in its corporate offices in New York, NY in February 2023 and March 2025, respectively, pursuant to a lease agreement entered into by the Company in February 2022. The lease agreement also provides for continued occupancy of the 25,212 square foot office after the expiration of the current sublease. For the current 25,212 square foot office, the Company is obligated to pay the base rent of approximately $1.6 million per year beginning in June 2029, which is the lease commencement, through April 2036, the expiration date.