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Leases
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Leases Leases
The Company is the lessee for substantially all of its leasing activity, which includes operating and finance leases. As of December 31, 2025, the Company has two operating leases for office space with remaining terms between 6 and 9 years with neither lease containing options to renew. The Company currently leases 44 finance leases for vehicles with remaining terms between 8 and 45 months with an option to renew. The Company also has 3 finance leases for office equipment with remaining terms between 1 and 4 years, all of which have one-year options to renew. Renewal options are not reasonably certain and are not included in in lease assets and liabilities.
In the third quarter of 2025, the Company remeasured one of its operating leases for office space as a result of extending the termination date from April 30, 2027 to April 30, 2032. The lease remeasurement resulted in an increase in the lease liability and ROU asset of approximately $2.1 million on the Consolidated Balance Sheets. The lease remeasurement did not materially impact the Consolidated Statements of Operations.
Information regarding ROU lease assets and liabilities were as follows:
(in thousands)December 31, 2025December 31, 2024
Lease assets
Finance leases$1,282 $1,141 
Operating leases2,708 1,016 
Total lease assets$3,990 $2,157 
Lease liabilities
Current
Finance leases$452 $377 
Operating leases398 494 
Noncurrent
Finance leases727 759 
Operating leases3014 691 
Total lease liabilities$4,591 $2,321 
December 31, 2025December 31, 2024
Weighted average remaining lease term (years)
Finance leases2.83.1
Operating leases2.63.1
Weighted average discount rate
Finance leases5.3 %4.5 %
Operating leases6.5 %4.0 %
(in thousands)December 31, 2025December 31, 2024
Lease Costs
Finance lease cost
Amortization of ROU assets$355 $198 
Interest on lease liabilities59 44 
Total finance lease cost414 242 
Operating leases490 377 
Total lease cost$904 $619 
Years Ended
December 31,
(in thousands)20252024
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows used for finance leases$59 $44 
Operating cash flows used for operating leases405 264 
Financing cash flows used for finance leases401 273 
Right-of-use assets obtained in exchange for lease obligations
Finance leases443 818 
Operating leases— 136 
Other
Operating lease remeasurement2,095 — 
On the Consolidated Statements of Operations, amortization of ROU assets is included in Depreciation, amortization and accretion, interest on finance lease liabilities is included in Interest expense and operating leases are included in both Operations and maintenance and General and administrative expenses, depending on the primary use of the leased asset.
The maturity analysis of lease liabilities as of December 31, 2025 was as follows:
(in thousands)Finance Lease ObligationsOperating Lease Obligations
2026$506 $609 
2027410 607 
2028271 618 
202997 636 
2030— 656 
Thereafter— 1,129 
Subtotal1,284 4,255 
Less: amount representing interest105 843 
Total$1,179 $3,412 
Leases Leases
The Company is the lessee for substantially all of its leasing activity, which includes operating and finance leases. As of December 31, 2025, the Company has two operating leases for office space with remaining terms between 6 and 9 years with neither lease containing options to renew. The Company currently leases 44 finance leases for vehicles with remaining terms between 8 and 45 months with an option to renew. The Company also has 3 finance leases for office equipment with remaining terms between 1 and 4 years, all of which have one-year options to renew. Renewal options are not reasonably certain and are not included in in lease assets and liabilities.
In the third quarter of 2025, the Company remeasured one of its operating leases for office space as a result of extending the termination date from April 30, 2027 to April 30, 2032. The lease remeasurement resulted in an increase in the lease liability and ROU asset of approximately $2.1 million on the Consolidated Balance Sheets. The lease remeasurement did not materially impact the Consolidated Statements of Operations.
Information regarding ROU lease assets and liabilities were as follows:
(in thousands)December 31, 2025December 31, 2024
Lease assets
Finance leases$1,282 $1,141 
Operating leases2,708 1,016 
Total lease assets$3,990 $2,157 
Lease liabilities
Current
Finance leases$452 $377 
Operating leases398 494 
Noncurrent
Finance leases727 759 
Operating leases3014 691 
Total lease liabilities$4,591 $2,321 
December 31, 2025December 31, 2024
Weighted average remaining lease term (years)
Finance leases2.83.1
Operating leases2.63.1
Weighted average discount rate
Finance leases5.3 %4.5 %
Operating leases6.5 %4.0 %
(in thousands)December 31, 2025December 31, 2024
Lease Costs
Finance lease cost
Amortization of ROU assets$355 $198 
Interest on lease liabilities59 44 
Total finance lease cost414 242 
Operating leases490 377 
Total lease cost$904 $619 
Years Ended
December 31,
(in thousands)20252024
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows used for finance leases$59 $44 
Operating cash flows used for operating leases405 264 
Financing cash flows used for finance leases401 273 
Right-of-use assets obtained in exchange for lease obligations
Finance leases443 818 
Operating leases— 136 
Other
Operating lease remeasurement2,095 — 
On the Consolidated Statements of Operations, amortization of ROU assets is included in Depreciation, amortization and accretion, interest on finance lease liabilities is included in Interest expense and operating leases are included in both Operations and maintenance and General and administrative expenses, depending on the primary use of the leased asset.
The maturity analysis of lease liabilities as of December 31, 2025 was as follows:
(in thousands)Finance Lease ObligationsOperating Lease Obligations
2026$506 $609 
2027410 607 
2028271 618 
202997 636 
2030— 656 
Thereafter— 1,129 
Subtotal1,284 4,255 
Less: amount representing interest105 843 
Total$1,179 $3,412