9. COMMITMENTS AND CONTINGENCIES

Lease Commitments

The Company leases office space pursuant to operating leases that are subject to specific escalation clauses. Rent expense for the three months ended September 30, 2026 and 2025 amounted to $1,884 and $1,816, respectively. This is included in general and administrative expenses in the Condensed Consolidated Statements of Operations.

Rent expense for the nine months ended September 30, 2026 and 2025 amounted to $5,546 and $5,233, respectively. This is included in general and administrative expenses in the Condensed Consolidated Statements of Operations. The Company received sublease income from sub-tenants during the nine months ended September 30, 2026 and 2025 of $0 and $40, respectively.

As security for performance under the leases, the Company is required to maintain a $506 letter of credit in favor of the current New York City landlord, a $1,732 letter of credit in favor of the landlord of the Company's future space in New York City and an $80 letter of credit in favor of the Boston landlord as of September 30, 2026 and, except for the Company's future space in New York City, December 31, 2025. All 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.

In April 2026, the Company entered into a lease agreement for office space in Dublin. The lease commenced on April 27, 2026 and has an expiration date of April 26, 2036. At lease commencement, the Company recorded a lease liability arising from the recognition of right-of-use asset of €939 ($1,070). The lease is subject to escalation clauses. The lease agreement provides for a rent-free period of 3 months. Monthly rent expense is €11 ($13).

In July 2026, the Company entered into a lease agreement for new office space in New York City. The lease is expected to commence during fiscal year 2028, upon completion of the landlord's buildout, and will have an initial term of 180 months. The lease agreement includes a tenant improvement allowance of up to $6,726. The aggregate minimum lease payments over the initial lease term are $59,291. We will recognize the related right-of-use asset and lease liability, which have not yet been determined, at the lease commencement date.

The aggregate principal balance of finance leases was $290 and $330 as of September 30, 2026 and December 31, 2025, respectively.

Depreciation expense relating to finance lease assets was $37 and $32 for the three months ended September 30, 2026 and 2025, respectively. Depreciation expense relating to finance lease assets was $108 and $97 for the nine months ended September 30, 2026 and 2025, respectively.