Item 2. PROPERTIES

W. R. Berkley Corporation and its subsidiaries own or lease office buildings or office space suitable to conduct their operations. At December 31, 2025, the Company had aggregate office space of 4,068,719 square feet, of which 1,093,057 were owned and 2,975,662 were leased.

Rental expense for the Company's operations was approximately $54,261,000, $45,718,000 and $44,256,000 for 2025, 2024 and 2023, respectively. Future minimum lease payments, without provision for sublease income, are $54,475,000 in 2026, $47,249,000 in 2027 and $220,860,000 thereafter.