The Company has operating leases for corporate offices and certain equipment. The following tables provide information regarding the Company’s operating leases for which it is the lessee (in thousands):
| | | | | | | | | | | |
| December 31, |
| 2024 | | 2023 |
| ROU asset: | | | |
| Other assets, net | $ | 8,783 | | | $ | 13,411 | |
| Lease liabilities: | | | |
| Accounts payable and accrued expenses | $ | 2,460 | | | $ | 2,846 | |
| Other liabilities | 6,599 | | | 10,905 | |
| Total operating lease liabilities | $ | 9,059 | | | $ | 13,751 | |
| | | | | | | | | | | | | | | | | |
| Year Ended December 31, |
| 2024 | | 2023 | | 2022 |
| Operating lease costs | $ | 3,108 | | | $ | 3,529 | | | $ | 4,572 | |
| Short-term lease costs | 512 | | | 232 | | | — | |
| Variable lease costs | 1,405 | | | 1,078 | | | 643 | |
| Total lease costs | $ | 5,025 | | | $ | 4,839 | | | $ | 5,215 | |
| | | | | | | | | | | | | | | | | | | | |
| | Year Ended December 31, |
| Supplemental Cash Flow Information | | 2024 | | 2023 | | 2022 |
| Cash paid for amounts included in the measurement of lease liability: | | | | | | |
| Operating cash flows from operating leases | | $ | 4,992 | | | $ | 5,181 | | | $ | 4,189 | |
| ROU asset obtained in exchange for new lease liability: | | | | | | |
| Operating leases | | $ | 372 | | | $ | 2,953 | | | $ | 6,990 | |
| | | | | | | | | | | | | | |
| | December 31, |
| Weighted Average Lease Term and Discount Rate | | 2024 | | 2023 |
| Weighted average remaining lease term (years): | | | | |
| Operating leases | | 5 | | 6 |
| Weighted average discount rate: | | | | |
| Operating leases | | 5.47 | % | | 6.15 | % |
The following table summarizes future minimum lease obligations under non-cancelable operating leases as of December 31, 2024 (in thousands):
| | | | | | | | |
| Year | | Amount |
| 2025 | | $ | 2,606 | |
| 2026 | | 2,204 | |
| 2027 | | 1,338 | |
| 2028 | | 1,193 | |
| 2029 | | 1,068 | |
| Thereafter | | 2,039 | |
| Undiscounted minimum lease payments payable | | 10,448 | |
| Less: imputed interest | | (1,389) | |
| Present value of lease liability | | $ | 9,059 | |
About Leases Disclosures
Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.
Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.