The main drivers of the expense increase for the first half of the year were the same as the first quarter, higher occupancy costs and depreciation expense relating to the expansion of our global office footprint, higher travel and business related expenses, and higher professional fees.

Jul 28, 2026 / CFO / receipt, needs a key / Helen Meates, CFO | earnings call 2026-07-28 | transcript 06575245-e91c-420c-bcdb-6aecd7f6c2ed | chars 5761-6049 | segment 5

We now expect our non-cop expense growth for the year to be slightly higher than previous guidance and closer to 14% year-over-year. The increase primarily reflects the expectation of elevated business-related expense year-over-year, particularly travel and related and professional fees, as well as higher expenses associated with continued investments in AI and technology infrastructure.

Jul 28, 2026 / CFO / receipt, needs a key / Helen Meates, CFO | earnings call 2026-07-28 | transcript 06575245-e91c-420c-bcdb-6aecd7f6c2ed | chars 6050-6440 | segment 6