9. LEASES

The Company is party to operating leases for all of its offices. Many leases contain options to renew and extend lease terms and options to terminate leases early. Reflected in the right-of-use asset and lease liability on the consolidated balance sheets are the periods provided by renewal and extension options that the Company is reasonably certain to exercise, as well as the periods provided by termination options that the Company is reasonably certain not to exercise. All long-term leases identified by the Company are classified as operating leases. Lease expenses related to long-term leases were $1,315 and $1,092 for the three months ended September 30, 2024 and 2023, respectively, and $3,702 and $2,673 for the nine months ended September 30, 2024 and 2023, respectively. Short-term lease expense and variable lease expense were not material for the three and nine months ended September 30, 2024 and 2023. Net rental income from subleases of $174 and $506 was recorded in other income for the three and nine months ended September 30, 2024 and was not material for the three and nine months ended September 30, 2023.