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LEASES

9 Months Ended

Sep. 30, 2025

NOTE 11—LEASES

The Company recognizes lease payments in the Consolidated Statements of Income and Comprehensive Income on a straight-line basis over the lease term. As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of the lease payments.

The Company leases its office space and office equipment under long-term operating lease agreements that expire at various dates through November 2036, some of which include options to extend the leases for up to 5 years, and some of which included options to terminate the leases within one year. Under the operating leases, the Company pays certain operating expenses relating to the office equipment and leased property.

In April 2025, the Company entered into a new operating eleven-year lease for approximately 17,500 square feet of office space in Stamford, Connecticut and includes annual base rent of $0.9 million, subject to annual escalation of 2% with an option to terminate the lease effective on the seventh anniversary of the rent commencement date. The lease commencement date was September 29, 2025, and the rent commencement date is expected to be December 2026.

The following table summarizes the balance sheet amounts related to the new lease as of September 30, 2025:


(In thousands, except lease term and discount rate)	September 30,
	2025
Operating lease
Operating lease right-of-use asset	$	6,975

Current operating lease liability	$	354
Non-current operating lease liability		6,547
Total operating lease liability	$	6,901

Remaining lease term (in years)
Operating lease		11.2
Discount rate
Operating lease		6.7%