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COST OF REVENUE

3 Months Ended

Mar. 31, 2026

Cost of revenue principally includes payroll and employee benefits associated with personnel employed in customer service, operations and technology roles, fees paid to external providers related to the provision of services, reimbursable expenses, technology and telecommunications costs as well as depreciation and amortization of operating assets. The components of cost of revenue were as follows:



	Three months ended March 31,
(in thousands)		2026		2025

Outside fees and services		$	21,059	$	17,021
Compensation and benefits		7,855		7,519
Technology and telecommunications		3,119		2,982
Reimbursable expenses		2,391		2,471
Depreciation and amortization		49		121

Total		$	34,473	$	30,114

Transactions with Related Parties

The Company recognized cost of revenue of $0.3 million and $0.2 million for the three months ended March 31, 2026 and 2025, respectively, relating to services received from Aldridge Pite. As of March 31, 2026, the Company had no amounts payable to Aldridge Pite.