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Leases (Notes)
 12 Months Ended
Dec. 31, 2024
Lessor, Operating Leases
18.    LEASES
Ambac is the lessee and lessor under certain lease agreements further described below.
Lessee information
Ambac is the lessee in operating leases for corporate offices. Leases in effect at December 31, 2024, have remaining lease terms ranging from under 2 years to 8 years. Certain of these leases include early termination provisions which Ambac does not include in the determination of its lease liabilities and right-of-use assets unless exercise is considered reasonably certain.
Lease costs are included in operating expenses on the Consolidated Statement of Total Comprehensive Income (Loss). The components of lease costs, net of sub-lessor income, is as follows:
Year Ended December 31,202420232022
Operating lease cost$4,247 $3,904 $3,848 
Short-term lease cost— 52 18 
Variable lease cost437 404 317 
Sublease income(1,086)(1,124)(1,132)
Total lease cost$3,598 $3,236 $3,051 
Ambac is required to make variable lease payments under certain leases which primarily relates to variable costs of the lessor, such as taxes, insurance, maintenance and electricity.
Supplemental information related to leases is as follows:
Year Ended December 31,202420232022
Cash paid for amounts included in the measurement of operating lease liabilities$4,432 $4,155 $4,123 
Right-of-use assets obtained in exchange for operating lease liabilities (non-cash)2,256 714 — 
Supplemental balance sheet information related to leases is as follows:
December 31,20242023
Operating leases:
Operating lease right of use assets$18,107 $18,421 
Operating lease liabilities21,543 22,041 
Weighted average remaining lease term:
Operating leases5.1 years6.1 years
Weighted average discount rate:
Operating leases7.8 %7.9 %
Operating lease right of use assets and operating lease liabilities are included in Other assets and Other liabilities, respectively, on the consolidated balance sheet.
Future undiscounted lease payments, gross of sublease receipts, to be made are as follows:
As of December 31, 2024Operating
Leases
2025$5,008 
20265,135 
20275,140 
20285,016 
20294,960 
Thereafter827 
Total lease payments26,086 
Less: imputed interest(4,543)
Total$21,543 
Lessor information
Ambac is the lessor in one operating sublease of corporate office space which has a remaining term of 5.0 years. There are no extension or termination provisions.
Future undiscounted lease payments to be received are as follows:
As of December 31, 2024Operating
 Leases
2025$1,184 
20261,286 
20271,302 
20281,318 
20291,331 
Thereafter— 
Total lease receipts6,421 
Lessee, Operating Leases
18.    LEASES
Ambac is the lessee and lessor under certain lease agreements further described below.
Lessee information
Ambac is the lessee in operating leases for corporate offices. Leases in effect at December 31, 2024, have remaining lease terms ranging from under 2 years to 8 years. Certain of these leases include early termination provisions which Ambac does not include in the determination of its lease liabilities and right-of-use assets unless exercise is considered reasonably certain.
Lease costs are included in operating expenses on the Consolidated Statement of Total Comprehensive Income (Loss). The components of lease costs, net of sub-lessor income, is as follows:
Year Ended December 31,202420232022
Operating lease cost$4,247 $3,904 $3,848 
Short-term lease cost— 52 18 
Variable lease cost437 404 317 
Sublease income(1,086)(1,124)(1,132)
Total lease cost$3,598 $3,236 $3,051 
Ambac is required to make variable lease payments under certain leases which primarily relates to variable costs of the lessor, such as taxes, insurance, maintenance and electricity.
Supplemental information related to leases is as follows:
Year Ended December 31,202420232022
Cash paid for amounts included in the measurement of operating lease liabilities$4,432 $4,155 $4,123 
Right-of-use assets obtained in exchange for operating lease liabilities (non-cash)2,256 714 — 
Supplemental balance sheet information related to leases is as follows:
December 31,20242023
Operating leases:
Operating lease right of use assets$18,107 $18,421 
Operating lease liabilities21,543 22,041 
Weighted average remaining lease term:
Operating leases5.1 years6.1 years
Weighted average discount rate:
Operating leases7.8 %7.9 %
Operating lease right of use assets and operating lease liabilities are included in Other assets and Other liabilities, respectively, on the consolidated balance sheet.
Future undiscounted lease payments, gross of sublease receipts, to be made are as follows:
As of December 31, 2024Operating
Leases
2025$5,008 
20265,135 
20275,140 
20285,016 
20294,960 
Thereafter827 
Total lease payments26,086 
Less: imputed interest(4,543)
Total$21,543 
Lessor information
Ambac is the lessor in one operating sublease of corporate office space which has a remaining term of 5.0 years. There are no extension or termination provisions.
Future undiscounted lease payments to be received are as follows:
As of December 31, 2024Operating
 Leases
2025$1,184 
20261,286 
20271,302 
20281,318 
20291,331 
Thereafter— 
Total lease receipts6,421