LEASES

3 Months Ended

Mar. 31, 2025

Lessee Disclosure [Abstract]

Leases

Note 5–Leases

The Company leases certain facilities from a related party, which is a company affiliated with it through common ownership.

As of March 31, 2025, there were no additional significant operating leases that have not yet commenced. Refer to the following table for quantitative information related to the Company’s leases for the three months ended March 31, 2025 and 2024 (dollars in thousands):

	Three Months Ended March 31, 2025						Three Months Ended March 31, 2024
	Related Parties		Others		Total		Related Parties		Others		Total
Lease Cost
Capitalized operating lease cost	$	—	$	461	$	461	$	—	$	459	$	459
Short-term lease cost		420		148		568		420		141		561
Total lease cost	$	420	$	609	$	1,029	$	420	$	600	$	1,020
Other Information
Cash paid for amounts included in the measurement of lease liabilities and capitalized operating leases:
Operating cash flows	$	—	$	513	$	513	$	—	$	445	$	445
Weighted-average remaining lease term (in years):
Capitalized operating leases		—		1.81		1.81		—		2.67		2.67
Weighted-average discount rate:
Capitalized operating leases		0.00%		4.31%		4.31%		3.92%		4.12%		4.07%

As of March 31, 2025, future lease payments over the remaining term of capitalized operating leases were as follows (in thousands):

For the Years Ended December 31,
2025, excluding the three months ended March 31, 2025	$	1,549
2026		1,205
2027		237
2028		161
2029		—
Thereafter		—
	$	3,152
Imputed interest	$	(117)
Lease liability balance at March 31, 2025	$	3,035

As of March 31, 2025, the right-of-use, or ROU, asset had a balance of $2,808. The long-term lease liability was $1,066 and the short-term lease liability, which is included in accrued expenses and other liabilities on the condensed consolidated balance sheets, was $1,969. As of December 31, 2024, the ROU asset had a balance of $3,077. The long-term lease liability was $1,552 and the short-term lease liability, which is included in accrued expenses and other liabilities on the condensed consolidated balance sheets, was $1,805.