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LEASES
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
LEASES LEASES
Operating Leases:
The Company has operating leases for office and warehouse space and certain equipment. In certain of the Company’s lease agreements, the rental payments are adjusted periodically based on defined terms within the lease. The Company did not have any finance leases for the years ended December 31, 2025 and 2024.
Our leases relating to office and warehouse space have lease terms of 65 months to 102 months. Our leases relating to equipment have lease terms of 36 months, with certain of them having clauses relating to automatic renewal clauses.
The Company’s warehouse agreements also contain non-lease components, in the form of payments towards variable logistics services and labor charges, which the Company is obligated to pay based on the services consumed by it. Such amounts are not included in the measurement of the lease liability but will be recognized as expense when they are incurred.
The operating lease expense was $4.9 million, $4.9 million and $5.1 million for the years ended December 31, 2025, 2024 and 2023, respectively.
Supplemental cash flow information related to the Company’s operating leases were as follows (in thousands):
202520242023
Cash paid for amounts included in the measurements of lease liabilities
Operating cash flow used in operating leases$6,462$6,312$6,333
Right-of-use assets obtained in exchange for lease obligations
Operating leases$701$—$1,785
As of December 31, 2025, the weighted average remaining lease term was 3 years and the weighted average discount rate was 2.3%.
The following table presents the maturity of the Company’s operating lease liabilities as of December 31, 2025 (in thousands):
20264,783
20272,789
20282,895
2029525
203049
Thereafter—
Total lease payments$11,041
Less: imputed interest(347)
Total $10,694
During the three months ended September 30, 2025, the Company entered into a lease agreement for new headquarters office space in 1501 South Clinton Street, Baltimore, Maryland 21224, with a lease term of 8 years and 7 months. The lease is expected to commence in March 2026, at which time the Company will record a right-of-use asset and corresponding lease liability. The Company will not renew its office space lease in 100 International Drive, Baltimore, Maryland 201202, when it expires in February 2026. As of December 31, 2025, the future minimum lease commitments related to this lease are not included in the tables above as the lease has not yet commenced.