Commitments and Contingencies

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

17. Commitments and Contingencies

Litigation

The Company may be involved in litigation and other proceedings that arise in the ordinary course of business. As of December 31, 2025, the Company is not involved in any legal proceedings that are expected to have a material adverse effect on the Company’s results of operations, financial position or liquidity.

Leases

As lessee, the Company's leasing arrangements are generally limited to operating leases for its corporate offices.

The weighted average remaining lease term based upon outstanding lease liability balances at December 31, 2025 was 4.7 years for operating leases on corporate offices.

The following table summarizes total lease cost for operating leases on corporate offices, which are included in administrative expense.

	December 31,
(In thousands)	2025		2024		2023
Fixed lease expense	$	7,557	$	9,028	$	8,678
Variable lease expense	1,838		2,172		1,713
Total operating lease cost	$	9,395	$	11,200	$	10,391

Lease Commitments

Operating lease liabilities take into consideration renewal or termination options when such options are deemed reasonably certain to be exercised by the Company and exclude variable lease payments which are expensed as incurred. The Company makes variable lease payments for: (i) leases with rental payments that are adjusted periodically for inflation, and/or (ii) nonlease services, such as common area maintenance.

The table below presents the Company's future lease commitments for operating leases on corporate offices at December 31, 2025, determined using a weighted average discount rate of 6.0%.

Year Ending December 31,	(In thousands)
2026	$	9,861
2027	9,259
2028	6,733
2029	2,997
2030	2,984
2031 and thereafter	5,543
Total lease payments	37,377
Present value discount	(5,215)
Operating lease liability on corporate offices	$	32,162

The Company has sub-leased a portion of certain of its existing office space over the remaining term of the respective leases that expire between 2028 and 2030, with fixed sub-lease payments expected to be received over the remaining life of the sub-lease contracts totaling $3.7 million.

Commitments on Future Leases

At December 31, 2025, the Company has operating lease commitments on an office space that is expected to commence in 2026 with a 10.8 year lease term and fixed lease payments (undiscounted) totaling $57.9 million. The Company expects to sub-lease a portion of this new office space in 2026, which will reduce its future lease obligation.