9. 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 three months ended March 31, 2026 and 2025 amounted to $1,812 and $1,712, respectively. The Company received sublease income from sub-tenants during the three months ended March 31, 2026 and 2025 of $0 and $30, respectively. Therefore, for the three months ended March 31, 2026 and 2025, net rent expense amounted to $1,812 and $1,682, respectively, and is included in general and administrative expenses in the Condensed Consolidated Statements 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 March 31, 2026 and December 31, 2025. Furthermore, the Company maintains an $80 letter of credit in favor of its Boston landlord. Both are 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 under this extension is $420.

In February 2025, the Company entered into a lease agreement for office space in Singapore. The lease commenced on May 16, 2025 and has an expiration date of May 15, 2031. The lease is subject to escalation clauses. Monthly rent expense is S$34 ($26). The Company paid a refundable security deposit of S$94 ($74).

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

The aggregate principal balance of finance leases was $332 and $330 as of March 31, 2026 and December 31, 2025, respectively.

Depreciation expense relating to finance lease assets was $36 and $32 for the three months ended March 31, 2026 and 2025, respectively.