10. COMMITMENTS AND CONTINGENCIES

Lease Commitments

The Company leases office space pursuant to operating leases that are subject to specific escalation clauses. Rent expense charged to operations for the years ended December 31, 2025, 2024 and 2023 amounted to $6,973, $6,808 and $6,568, respectively. The Company received sub-lease income from subtenants during the years ended December 31, 2025, 2024 and 2023 of $40, $126, and $155, respectively. Therefore, for the years ended December 31, 2025, 2024 and 2023, net rent expense amounted to $6,933, $6,682 and $6,413, respectively, and is included in general and administrative expenses in the Consolidated Statement of Operations.

As security for performance under the leases, the Company is required to maintain letters of credit in favor of the landlord totaling $506 as of December 31, 2025 and 2024. The letter of credit was collateralized by the Company’s revolving credit facility with City National Bank in 2022 and 2021. Furthermore, the Company maintains an $80 letter of credit in favor of its Boston landlord that is collateralized by the Company’s revolving credit facility with City National Bank.

In December 2015, the Company extended its lease related to its New York City office space. The amended lease commenced on October 1, 2017 and expires on September 30, 2028. The lease is subject to escalation clauses, and provides for a rent-free period of twelve months and for tenant improvements of up to $2,080. Monthly rent expense under this extension is $420.

In March 2014, the Company entered into a lease agreement for additional office space in Richmond, VA. The lease commenced on May 1, 2014 and had an original expiration date of July 31, 2019. The lease is subject to escalation clauses and provides for a rent-free period of three months. Monthly rent expense was $5. The Company paid a refundable security deposit of $3. In September 2016, the Company entered into Lease Amendment Number One (“Amendment Number One”) to expand its space and extend its lease. This expansion was to occur on or about October 1, 2017, and the lease was extended to November 30, 2024. This was further amended on January 16, 2018 (“Amendment Number Two”) to update the expansion date to January 12, 2018 and to extend the term of the lease to November 30, 2028. The amended lease provides for a rent credit of $40. Monthly rent expense under the amended lease is $11.

In April 2022, the Company extended its lease agreement for office space in Charlottesville, VA. The new term began on July 1, 2022 and expired on December 31, 2023. In November 2024, the Company extended this lease, with the new term beginning on January 1, 2025 and expiring on December 31, 2025. In December 2025, the Company extended the lease, with the new term beginning on January 1, 2026 and expiring on December 31, 2026. Monthly rent expense is $3.

In connection with the acquisition of Jamison Eaton & Wood, Inc. (the “Jamison Acquisition”), the Company assumed the lease agreement for office space in Bedminster, NJ. The amended Bedminster lease commenced on April 1, 2022 and expires on July 31, 2027. Monthly rent expense is $11. The Bedminster lease is subject to escalation clauses and provides for a rent-fee period of four months.

In February 2023, the Company extended its lease related to its Boston, MA office space. The amended lease commenced on May 1, 2023 and expires on August 31, 2028. The agreement is subject to escalation clauses and provides for a rent-free period of four months and tenant improvements of $195. Monthly rent expense under this extension is $23.

In November 2019, the Company entered into a lease agreement for office space in San Diego, CA. The lease commenced on February 1, 2020 and expired on June 30, 2025. The lease was subject to escalation clauses and provided for a rent-free period of four months and for tenant improvements of up to $27. Monthly rent expense under this lease was $12. On January 24, 2025, the Company extended this lease, with the new term beginning on July 1, 2025 and expiring on November 30, 2030. The lease is subject to escalation clauses and provides for a rent-free period of five months and for tenant improvements of up to $15. Monthly rent expense under this lease is $15.

In November 2022, the Company entered into a lease agreement for office space in Milwaukee, WI. The lease commenced on June 1, 2023 and expires on May 31, 2034. The lease agreement provides for a reduced rent period of 24 months. Monthly rent expense under this lease is $22.

In February 2025, the Company entered into a lease agreement for office space in Singapore. The lease commenced on May 16, 2025 and expires on May 15, 2031. Monthly rent expense under this lease is S$34.

In August 2025, the Company entered into a lease agreement for office space in Atlanta, GA with a targeted commencement of January 1, 2026 and expiration of May 31, 2033. The lease agreement provides for a reduced rent period of 12 months. Monthly rent expense under this lease is $17.

As of December 31, 2025, the Company has finance leases for the following office equipment: (i) a five-year lease agreement for four copiers totaling $94 with minimum monthly lease payments of $2, which began on February 1, 2021 and continues through January 31, 2026, (ii) a four-year lease for a copier totaling $31 with minimum monthly payments of $1, which began on May 1, 2022 and continues through April 30, 2026, (iii) a three-year lease for a copier totaling $30 with minimum monthly lease payments of $1, which began on September 1, 2022 and continued through August 31, 2025, (iv) a 39-month lease for a copier totaling $11 with minimum monthly lease payments of $0.3, which began on September 1, 2022 and continued through November 30, 2025, (v) a five-year lease for office equipment totaling $210 with minimum monthly payments of $4, which began on October 1, 2022 and continues through September 30, 2027, (vi) a three-year lease for office equipment totaling $28, with minimum monthly payments of $1, which began on October 1, 2023 and continues through September 30, 2026, (vii) a three-year lease for office equipment totaling $87, with minimum monthly payments of $2, which began on October 1, 2023 and continues through September 30, 2026, (viii) a three-year lease for office equipment totaling $50, with minimum monthly payments of $1, which began on January 1, 2025 and continues through December 31, 2027, (ix) a three-year lease for office equipment totaling $12, with minimum monthly payments of $0.5, which began on September 1, 2025 and continues through August 31, 2028, (x) a five-year lease for office equipment totaling $208, with minimum monthly payments of $4, which began on November 1, 2025 and continues through October 31, 2030, (xi) a 39-month lease for office equipment totaling $10, with minimum monthly payments of $0.5, which began on November 1, 2025 and continues through January 31, 2029, and (xii) a three-year lease for office equipment totaling $10, with minimum monthly payments of $0.5, which begins on January 1, 2026 and continues through December 31, 2028 . The aggregate principal balance of finance leases was $330 and $262 as of December 31, 2025 and 2024, respectively.

Depreciation expense relating to finance lease assets was $133, $122 and $121 for the years ended December 31, 2025, 2024 and 2023, respectively.

During 2025, the Company wrote off assets with a cost of $8 and accumulated depreciation of $8. During 2024, the Company wrote off assets with a cost of $236 and accumulated depreciation of $236.