v3.25.4
Leases
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Leases LEASES
Lease Right-of-Use Assets and Liabilities
The Company has operating and finance lease arrangements related to its facilities, furniture and fixtures, and information technology equipment. A substantial portion of the Company’s lease arrangements are with related party entities. See Note 17 - Related Party Transactions for further information.
The Company’s operating lease agreements have remaining terms ranging from approximately one year to twelve years. Certain lease agreements have renewal options. The components of operating lease expense are as follows (in thousands):
Year ended December 31,
202520242023
Operating Lease Cost:
Related party lease expense
$12,560 $12,175 $11,834 
Variable lease expense
5,827 9,158 10,795 
Third party lease expense
533 446 446 
Total lease expense
$18,920 $21,779 $23,075 
The Company’s financing lease agreements have remaining terms ranging from approximately three years to ten years. The components of finance lease expense are as follows (in thousands):
Year ended December 31,
202520242023
Financing Lease Cost:
Total interest expense
$858 $998 $1,319 
Related party interest expense
843 905 959 
Total amortization expense
2,538 5,918 13,107 
Related party amortization expense
2,065 2,065 2,065 
    Supplemental cash flow information related to leases is as follows (in thousands):
 December 31,
2025		December 31,
2024		December 31,
2023
Cash paid for amounts included in the measurement of operating lease liabilities – operating cash flows$13,457 $12,873 $12,873 
Cash paid for amounts included in the measurement of finance lease liabilities – financing and operating cash flows
3,075 6,581 14,146 
Operating lease right-of-use assets obtained in exchange for operating leases liabilities
6,722 — — 
Financing lease right-of-use assets obtained in exchange for finance lease liabilities592 — — 
There were no right-of-use assets obtained in exchange for operating or financing lease liabilities during the years ended December 31, 2024 and 2023.
Supplemental balance sheet information related to leases is as follows:
 December 31,
2025		December 31,
2024
Operating Leases:
Weighted average lease term
10.7 years11.7 years
Weighted average discount rate
7.4 %7.4 %
Finance Leases:
Weighted average lease term
9.8 years10.7 years
Weighted average discount rate
3.6 %3.6 %
The maturities of the Company's operating and finance lease liabilities as of December 31, 2025 are summarized below (in thousands):
As of December 31, 2025
Operating Lease Liabilities
Financing Lease Liabilities
2026$13,991 $2,878 
202713,857 2,880 
202813,148 2,862 
202913,148 2,667 
203013,295 2,667 
Thereafter77,549 13,938 
Total lease payments144,988 27,892 
Less imputed interest(44,392)(4,424)
Total$100,596 $23,468 
Leases LEASES
Lease Right-of-Use Assets and Liabilities
The Company has operating and finance lease arrangements related to its facilities, furniture and fixtures, and information technology equipment. A substantial portion of the Company’s lease arrangements are with related party entities. See Note 17 - Related Party Transactions for further information.
The Company’s operating lease agreements have remaining terms ranging from approximately one year to twelve years. Certain lease agreements have renewal options. The components of operating lease expense are as follows (in thousands):
Year ended December 31,
202520242023
Operating Lease Cost:
Related party lease expense
$12,560 $12,175 $11,834 
Variable lease expense
5,827 9,158 10,795 
Third party lease expense
533 446 446 
Total lease expense
$18,920 $21,779 $23,075 
The Company’s financing lease agreements have remaining terms ranging from approximately three years to ten years. The components of finance lease expense are as follows (in thousands):
Year ended December 31,
202520242023
Financing Lease Cost:
Total interest expense
$858 $998 $1,319 
Related party interest expense
843 905 959 
Total amortization expense
2,538 5,918 13,107 
Related party amortization expense
2,065 2,065 2,065 
    Supplemental cash flow information related to leases is as follows (in thousands):
 December 31,
2025		December 31,
2024		December 31,
2023
Cash paid for amounts included in the measurement of operating lease liabilities – operating cash flows$13,457 $12,873 $12,873 
Cash paid for amounts included in the measurement of finance lease liabilities – financing and operating cash flows
3,075 6,581 14,146 
Operating lease right-of-use assets obtained in exchange for operating leases liabilities
6,722 — — 
Financing lease right-of-use assets obtained in exchange for finance lease liabilities592 — — 
There were no right-of-use assets obtained in exchange for operating or financing lease liabilities during the years ended December 31, 2024 and 2023.
Supplemental balance sheet information related to leases is as follows:
 December 31,
2025		December 31,
2024
Operating Leases:
Weighted average lease term
10.7 years11.7 years
Weighted average discount rate
7.4 %7.4 %
Finance Leases:
Weighted average lease term
9.8 years10.7 years
Weighted average discount rate
3.6 %3.6 %
The maturities of the Company's operating and finance lease liabilities as of December 31, 2025 are summarized below (in thousands):
As of December 31, 2025
Operating Lease Liabilities
Financing Lease Liabilities
2026$13,991 $2,878 
202713,857 2,880 
202813,148 2,862 
202913,148 2,667 
203013,295 2,667 
Thereafter77,549 13,938 
Total lease payments144,988 27,892 
Less imputed interest(44,392)(4,424)
Total$100,596 $23,468