MARA Holdings, Inc. Leases Disclosure
(in thousands) | December 31, 2025 | December 31, 2024 | |||||||||||||||
Assets | Balance Sheet Classification | ||||||||||||||||
Operating lease ROU assets | Operating lease right-of-use assets | $ | 32,324 | $ | 16,874 | ||||||||||||
Finance lease ROU assets | 2,847 | 2,877 | |||||||||||||||
Total ROU assets | $ | 35,171 | $ | 19,751 | |||||||||||||
Liabilities | |||||||||||||||||
Current portion: | |||||||||||||||||
Operating lease liabilities | Operating lease liabilities, current portion | $ | 1,722 | $ | 239 | ||||||||||||
Finance lease liability | Finance lease liability, current portion | 173 | 168 | ||||||||||||||
Long-term portion: | |||||||||||||||||
| Operating lease liabilities | Operating lease liabilities, net of current portion | 39,714 | 22,977 | ||||||||||||||
| Finance lease liability | Finance lease liability, net of current portion | 3,817 | 3,709 | ||||||||||||||
| Total lease liabilities | $ | 45,426 | $ | 27,093 | |||||||||||||
Year Ended December 31, | ||||||||||||||||||||
| (in thousands) | 2025 | 2024 | 2023 | |||||||||||||||||
| Lease costs: | ||||||||||||||||||||
| Operating lease cost | $ | 5,322 | $ | 838 | $ | 315 | ||||||||||||||
| Finance lease cost: | ||||||||||||||||||||
Amortization of ROU asset (1) | 30 | 22 | — | |||||||||||||||||
| Interest on lease liabilities | 280 | — | — | |||||||||||||||||
| Short-term lease rent expense | 390 | 59 | 36 | |||||||||||||||||
| Variable lease cost | 104,802 | 107,420 | 80,108 | |||||||||||||||||
| Total rent expense | $ | 110,824 | $ | 108,339 | $ | 80,459 | ||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
| 2025 | 2024 | 2023 | ||||||||||||||||||
| Operating cash flows from operating leases | $ | 2,769 | $ | 629 | $ | (32) | ||||||||||||||
| Operating cash flows from finance lease | 280 | — | — | |||||||||||||||||
| Financing cash flows from finance lease | 168 | 163 | $ | — | ||||||||||||||||
| Weighted-average remaining lease term (in years): | ||||||||||||||||||||
| Operating leases | 19.4 | 9.1 | 3.2 | |||||||||||||||||
| Finance lease | 95.3 | 96.3 | — | |||||||||||||||||
| Weighted-average discount rate: | ||||||||||||||||||||
| Operating leases | 7.2 | % | 7.0 | % | 5.0 | % | ||||||||||||||
| Finance lease | 7.2 | % | 7.2 | % | — | % | ||||||||||||||
| (in thousands) | ||||||||||||||
| Year | Operating Leases | Finance Lease | ||||||||||||
| 2026 | $ | 4,525 | $ | 173 | ||||||||||
| 2027 | 6,170 | 178 | ||||||||||||
| 2028 | 5,948 | 183 | ||||||||||||
| 2029 | 5,810 | 189 | ||||||||||||
| 2030 | 5,765 | 194 | ||||||||||||
| Thereafter | 46,866 | 88,714 | ||||||||||||
| Total | 75,084 | 89,631 | ||||||||||||
| Less: Imputed interest | (33,648) | (85,641) | ||||||||||||
Present value of lease liability | $ | 41,436 | $ | 3,990 | ||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 2, 2026 | Showing above |
| 2024 | Mar 3, 2025 | |
| 2023 | Feb 28, 2024 | |
| 2022 | Mar 16, 2023 | |
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.