Leases
The Company leases office space under operating leases expiring at various dates through 2039. For the years ended December 31, 2025, 2024 and 2023, the Company incurred operating lease costs of $8.3 million, $7.3 million, and $2.5 million, respectively. For operating leases, the weighted-average remaining term is 8.5, 10.4, and 12.3 years with weighted-average discount rates of approximately 10%, 10%, and 10% for the years ended December 31, 2025, 2024, and 2023, respectively.
Maturities of lease liabilities as of December 31, 2025 were as follows (in thousands):
| | | | | |
| 2026 | $ | 9,389 | |
| 2027 | 9,332 | |
| 2028 | 9,105 | |
| 2029 | 8,645 | |
| 2030 | 8,179 | |
| Thereafter | 24,950 | |
| Total lease payments | 69,600 | |
| Less imputed interest | (22,596) | |
| Total | $ | 47,004 | |
The following amounts relate to operating leases that were recorded on the Company's Consolidated Balance Sheets at December 31, 2025 and 2024 (in thousands):
| | | | | | | | | | | |
| 2025 | | 2024 |
| Operating lease right of use assets: | | | |
| Other assets | $ | 46,405 | | | $ | 41,354 | |
| Operating lease liabilities: | | | |
| Accrued other liabilities | 5,232 | | | 3,790 | |
| Other long-term liabilities | 41,772 | | | 37,296 | |
The Company recorded right of use assets, in exchange for new lease liabilities, of $9.8 million, $25.9 million, and $15.3 million during the years ended December 31, 2025, 2024, and 2023, respectively.