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LEASES | 12 Months Ended
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Dec. 31, 2025
Leases [Abstract] |
LEASES | LEASES Our leases primarily consist of operating leases for real estate throughout the world with lease expirations between 2026 and 2028. These arrangements typically do not transfer ownership of the underlying asset as we do not assume, nor do we intend to assume, the risks and rewards of ownership. In November 2023, we signed a lease for our new headquarters that continues to be located in Chicago, Illinois. We gained access to the facility effective December 2023 and the lease was originally set to expire on December 15, 2025. In October 2024, we amended the lease to extend the term through December 15, 2027. The Company’s lease for its former headquarters at 600 West Chicago was terminated effective January 31, 2024, in accordance with the early termination option previously exercised. All related obligations, including the required termination payment of $9.6 million, were fully settled as of the lease expiration. As of December 31, 2025, the Company has no ongoing obligations related to the 600 West Chicago lease. We subleased a portion of 600 West Chicago to Uptake, Inc., a Lightbank LLC portfolio company as a related party transaction. The sublease was a market rate transaction on terms that we believe are no less favorable than would have been reached with an unrelated party. As part of our reassessment of 600 West Chicago lease and early termination option noted above, we modified the sublease term to expire on January 30, 2024, as well. In the first quarter of 2023, we initiated a lawsuit against Uptake for breach of the lease agreement and settled that lawsuit in the fourth quarter of 2023. See Note 10, Commitments and Contingencies, for additional information. The following summarizes right-of-use assets as of December 31, 2025 and 2024 (in thousands):
| December 31,
| 2025 |  | 2024
Right-of-use assets - operating leases | $ | 12,387 |  |  | $ | 10,555 |
Less: accumulated depreciation and amortization | (6,071) |  |  | (4,514) |
Right-of-use assets - operating leases, net | $ | 6,316 |  |  | $ | 6,041 |
The following table summarizes our lease costs and sublease income for the years ended December 31, 2025, 2024 and 2023 (in thousands):
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
Operating lease cost | 3,866 |  |  | 2,809 |  |  | 10,962 |
Variable lease cost | 741 |  |  | 1,379 |  |  | 6,332 |
Short-term lease cost | 110 |  |  | 334 |  |  | 58 |
Sublease income, gross (1) | — |  |  | (47) |  |  | (6,039) |
Total lease cost | $ | 4,717 |  |  | $ | 4,475 |  |  | $ | 11,313 |
(1)Sublease income, gross is primarily presented as Restructuring and related charges (credits) in the Consolidated Statement of Operations for the year ended December 31, 2023. Additionally, for the year ended December 31, 2023, subl ease income, gross includes the settlement related to Uptake. See Note 10, Commitments and Contingencies, for additional information. As of December 31, 2025, the future payments under operating leases for each of the next five years and thereafter are as follows (in thousands):
| Operating Leases
2026 | $ | 3,864 |
2027 | 2,593 |
2028 | 725 |
2029 | — |
2030 | — |
Thereafter | — |
Total minimum lease payments | 7,181 |
Less: Amount representing interest | (428) |
Present value of net minimum lease payments | 6,753 |
Less: Current portion of lease obligations | (3,547) |
Total long-term lease obligations | $ | 3,206 |
As of December 31, 2025, we do not have any material non-cancelable operating lease commitments that have not yet commenced. As of December 31, 2025 and 2024, the weighted-average remaining lease term and weighted-average discount rate for our operating leases were as follows:
| December 31,
| 2025 |  | 2024
Weighted-average lease term | 2 years |  | 2 years
Weighted-average discount rate | 6.3 | % |  | 6.4 | %
LEASES | LEASES Our leases primarily consist of operating leases for real estate throughout the world with lease expirations between 2026 and 2028. These arrangements typically do not transfer ownership of the underlying asset as we do not assume, nor do we intend to assume, the risks and rewards of ownership. In November 2023, we signed a lease for our new headquarters that continues to be located in Chicago, Illinois. We gained access to the facility effective December 2023 and the lease was originally set to expire on December 15, 2025. In October 2024, we amended the lease to extend the term through December 15, 2027. The Company’s lease for its former headquarters at 600 West Chicago was terminated effective January 31, 2024, in accordance with the early termination option previously exercised. All related obligations, including the required termination payment of $9.6 million, were fully settled as of the lease expiration. As of December 31, 2025, the Company has no ongoing obligations related to the 600 West Chicago lease. We subleased a portion of 600 West Chicago to Uptake, Inc., a Lightbank LLC portfolio company as a related party transaction. The sublease was a market rate transaction on terms that we believe are no less favorable than would have been reached with an unrelated party. As part of our reassessment of 600 West Chicago lease and early termination option noted above, we modified the sublease term to expire on January 30, 2024, as well. In the first quarter of 2023, we initiated a lawsuit against Uptake for breach of the lease agreement and settled that lawsuit in the fourth quarter of 2023. See Note 10, Commitments and Contingencies, for additional information. The following summarizes right-of-use assets as of December 31, 2025 and 2024 (in thousands):
| December 31,
| 2025 |  | 2024
Right-of-use assets - operating leases | $ | 12,387 |  |  | $ | 10,555 |
Less: accumulated depreciation and amortization | (6,071) |  |  | (4,514) |
Right-of-use assets - operating leases, net | $ | 6,316 |  |  | $ | 6,041 |
The following table summarizes our lease costs and sublease income for the years ended December 31, 2025, 2024 and 2023 (in thousands):
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
Operating lease cost | 3,866 |  |  | 2,809 |  |  | 10,962 |
Variable lease cost | 741 |  |  | 1,379 |  |  | 6,332 |
Short-term lease cost | 110 |  |  | 334 |  |  | 58 |
Sublease income, gross (1) | — |  |  | (47) |  |  | (6,039) |
Total lease cost | $ | 4,717 |  |  | $ | 4,475 |  |  | $ | 11,313 |
(1)Sublease income, gross is primarily presented as Restructuring and related charges (credits) in the Consolidated Statement of Operations for the year ended December 31, 2023. Additionally, for the year ended December 31, 2023, subl ease income, gross includes the settlement related to Uptake. See Note 10, Commitments and Contingencies, for additional information. As of December 31, 2025, the future payments under operating leases for each of the next five years and thereafter are as follows (in thousands):
| Operating Leases
2026 | $ | 3,864 |
2027 | 2,593 |
2028 | 725 |
2029 | — |
2030 | — |
Thereafter | — |
Total minimum lease payments | 7,181 |
Less: Amount representing interest | (428) |
Present value of net minimum lease payments | 6,753 |
Less: Current portion of lease obligations | (3,547) |
Total long-term lease obligations | $ | 3,206 |
As of December 31, 2025, we do not have any material non-cancelable operating lease commitments that have not yet commenced. As of December 31, 2025 and 2024, the weighted-average remaining lease term and weighted-average discount rate for our operating leases were as follows:
| December 31,
| 2025 |  | 2024
Weighted-average lease term | 2 years |  | 2 years
Weighted-average discount rate | 6.3 | % |  | 6.4 | %
LEASES | LEASES Our leases primarily consist of operating leases for real estate throughout the world with lease expirations between 2026 and 2028. These arrangements typically do not transfer ownership of the underlying asset as we do not assume, nor do we intend to assume, the risks and rewards of ownership. In November 2023, we signed a lease for our new headquarters that continues to be located in Chicago, Illinois. We gained access to the facility effective December 2023 and the lease was originally set to expire on December 15, 2025. In October 2024, we amended the lease to extend the term through December 15, 2027. The Company’s lease for its former headquarters at 600 West Chicago was terminated effective January 31, 2024, in accordance with the early termination option previously exercised. All related obligations, including the required termination payment of $9.6 million, were fully settled as of the lease expiration. As of December 31, 2025, the Company has no ongoing obligations related to the 600 West Chicago lease. We subleased a portion of 600 West Chicago to Uptake, Inc., a Lightbank LLC portfolio company as a related party transaction. The sublease was a market rate transaction on terms that we believe are no less favorable than would have been reached with an unrelated party. As part of our reassessment of 600 West Chicago lease and early termination option noted above, we modified the sublease term to expire on January 30, 2024, as well. In the first quarter of 2023, we initiated a lawsuit against Uptake for breach of the lease agreement and settled that lawsuit in the fourth quarter of 2023. See Note 10, Commitments and Contingencies, for additional information. The following summarizes right-of-use assets as of December 31, 2025 and 2024 (in thousands):
| December 31,
| 2025 |  | 2024
Right-of-use assets - operating leases | $ | 12,387 |  |  | $ | 10,555 |
Less: accumulated depreciation and amortization | (6,071) |  |  | (4,514) |
Right-of-use assets - operating leases, net | $ | 6,316 |  |  | $ | 6,041 |
The following table summarizes our lease costs and sublease income for the years ended December 31, 2025, 2024 and 2023 (in thousands):
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
Operating lease cost | 3,866 |  |  | 2,809 |  |  | 10,962 |
Variable lease cost | 741 |  |  | 1,379 |  |  | 6,332 |
Short-term lease cost | 110 |  |  | 334 |  |  | 58 |
Sublease income, gross (1) | — |  |  | (47) |  |  | (6,039) |
Total lease cost | $ | 4,717 |  |  | $ | 4,475 |  |  | $ | 11,313 |
(1)Sublease income, gross is primarily presented as Restructuring and related charges (credits) in the Consolidated Statement of Operations for the year ended December 31, 2023. Additionally, for the year ended December 31, 2023, subl ease income, gross includes the settlement related to Uptake. See Note 10, Commitments and Contingencies, for additional information. As of December 31, 2025, the future payments under operating leases for each of the next five years and thereafter are as follows (in thousands):
| Operating Leases
2026 | $ | 3,864 |
2027 | 2,593 |
2028 | 725 |
2029 | — |
2030 | — |
Thereafter | — |
Total minimum lease payments | 7,181 |
Less: Amount representing interest | (428) |
Present value of net minimum lease payments | 6,753 |
Less: Current portion of lease obligations | (3,547) |
Total long-term lease obligations | $ | 3,206 |
As of December 31, 2025, we do not have any material non-cancelable operating lease commitments that have not yet commenced. As of December 31, 2025 and 2024, the weighted-average remaining lease term and weighted-average discount rate for our operating leases were as follows:
| December 31,
| 2025 |  | 2024
Weighted-average lease term | 2 years |  | 2 years
Weighted-average discount rate | 6.3 | % |  | 6.4 | %

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