Gemini Space Station, Inc. Leases Disclosure
The Company has operating leases for office facilities with remaining terms of less than a year to 9 years. Many leases include one or more options to renew, but renewals are not assumed in the determination of the lease term as the Company is not reasonably certain to exercise the renewals. These leases primarily relate to office space in the United States and the United Kingdom and generally require fixed monthly payments, some of which include rent-free periods and contractual rent escalations.
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Operating lease expense | $ | 4,966 | $ | 4,140 | $ | 4,598 | |||||||||||
| Short-term lease expense | 398 | 285 | 1,005 | ||||||||||||||
| Total lease expense | $ | 5,364 | $ | 4,425 | $ | 5,603 | |||||||||||
| December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| Weighted-average remaining lease term (in years) | 4.1 | 5.0 | |||||||||
| Weighted-average discount rate | 6.2 | % | 6.0 | % | |||||||
| 2026 | $ | 8,277 | |||
| 2027 | 8,339 | ||||
| 2028 | 7,735 | ||||
| 2029 | 3,657 | ||||
| 2030 | 1,216 | ||||
| Thereafter | 1,760 | ||||
| Total undiscounted lease payments | 30,984 | ||||
| Less: imputed interest | (3,607) | ||||
| Total lease liabilities | $ | 27,377 | |||
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.