LEASES

12 Months Ended

Dec. 31, 2025

We have operating and finance leases covering certain land locations and various office facilities and equipment in our two reportable business segments. Our leases have remaining lease terms of one year to ten years, some of which include options to extend the leases for up to 10 years, and some of which include options to terminate the leases within 90 days. In addition, we do not recognize right-of-use assets or lease liabilities for leases with terms shorter than twelve months.

The components of lease expense were $4.5 million, $4.2 million and $4.2 million under operating leases for the years ended December 31, 2025, 2024 and 2023, respectively. The components of lease expense were $0.9 million, $0.5 million and $0.2 million under finance leases for the years ended December 31, 2025, 2024 and 2023, respectively. The components of short-term lease expense were $1.5 million, $1.8 million and $1.8 million for the years ended December 31, 2025, 2024 and 2023, respectively. Included in the measurement of lease liabilities, we paid $4.8 million and $0.8 million in cash related to operating leases and finance leases during the year ended December 31, 2025, respectively. Right-of-use assets obtained in exchange for new operating and finance lease obligations during the year ended December 31, 2025 were $9.2 million.

Supplemental balance sheet information related to leases were as follows (in thousands):


	December 31, 2025			December 31, 2024
Operating leases
Operating lease right-of-use assets	$	14,485		$	9,401

Other current liabilities	$	3,631		$	3,061
Operating lease liabilities	11,142			6,655
Total operating lease liabilities	$	14,773		$	9,716

Finance leases
Other noncurrent assets	$	3,089		$	2,675

Other current liabilities	$	839		$	580
Other noncurrent liabilities	2,382			2,155
Total finance lease liabilities	$	3,221		$	2,735

Weighted average remaining lease term
Operating leases	4.8 years			3.4 years
Finance leases	3.7 years			4.3 years
Weighted average discount rate
Operating leases	6.5		%	5.7		%
Finance leases	6.8		%	6.8		%

Maturities of lease liabilities at December 31, 2025, were as follows (in thousands):


Year Ending December 31,	Operating Leases		Finance Leases		Total
2026	$	4,494	$	1,037	$	5,531
2027	4,258		1,020		5,278
2028	2,734		882		3,616
2029	1,881		553		2,434
2030	1,891		151		2,042
Thereafter	2,022		—		2,022
Total lease payments	17,280		3,643		20,923
Less imputed interest	2,507		422		2,929
Total	$	14,773	$	3,221	$	17,994

LEASES

Supplemental balance sheet information related to leases were as follows (in thousands):


	December 31, 2025			December 31, 2024
Operating leases
Operating lease right-of-use assets	$	14,485		$	9,401

Other current liabilities	$	3,631		$	3,061
Operating lease liabilities	11,142			6,655
Total operating lease liabilities	$	14,773		$	9,716

Finance leases
Other noncurrent assets	$	3,089		$	2,675

Other current liabilities	$	839		$	580
Other noncurrent liabilities	2,382			2,155
Total finance lease liabilities	$	3,221		$	2,735

Weighted average remaining lease term
Operating leases	4.8 years			3.4 years
Finance leases	3.7 years			4.3 years
Weighted average discount rate
Operating leases	6.5		%	5.7		%
Finance leases	6.8		%	6.8		%

Maturities of lease liabilities at December 31, 2025, were as follows (in thousands):


Year Ending December 31,	Operating Leases		Finance Leases		Total
2026	$	4,494	$	1,037	$	5,531
2027	4,258		1,020		5,278
2028	2,734		882		3,616
2029	1,881		553		2,434
2030	1,891		151		2,042
Thereafter	2,022		—		2,022
Total lease payments	17,280		3,643		20,923
Less imputed interest	2,507		422		2,929
Total	$	14,773	$	3,221	$	17,994