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Leases (Tables)
 9 Months Ended
Sep. 30, 2025
Leases [Abstract]  
Schedule of Quantitative Information and Other Information Related to Leases

Quantitative information related to leases is presented in the following table (dollars in thousands):

 

 

For the Quarter Ended September 30, 2025

 

For the Quarter Ended September 30, 2024

 

Lease expenses (1)

 

 

 

 

Operating fixed lease expenses

$

2,557

 

$

1,104

 

Finance lease and failed sale leaseback amortization expense

 

1,573

 

 

-

 

Finance lease and failed sale leaseback interest expense

 

1,542

 

 

-

 

Variable lease expenses

 

1,076

 

 

207

 

Sublease income (2)

 

(109

)

 

-

 

Total lease expenses

$

6,639

 

$

1,311

 

 

 

 

 

 

Other information

 

 

 

 

Gross operating cash flows for operating leases (3)

$

(2,898

)

$

(2,031

)

Gross operating cash flows for finance leases and failed sale leasebacks

 

(1,432

)

 

-

 

Gross financing cash flows for finance leases

 

(1,249

)

 

-

 

Operating cash flows from subleases (3)

 

109

 

 

-

 

 

 

 

 

 

 

For the Year to Date Ended September 30, 2025

 

For the Year to Date Ended September 30, 2024

 

Lease expenses (1)

 

 

 

 

Operating fixed lease expenses

$

7,764

 

$

3,670

 

Finance lease and failed sale leaseback amortization expense

 

4,719

 

 

-

 

Finance lease and failed sale leaseback interest expense

 

4,671

 

 

-

 

Variable lease expenses

 

3,294

 

 

544

 

Sublease income (2)

 

(277

)

 

-

 

Total lease expenses

$

20,171

 

$

4,214

 

 

 

 

 

 

Other information

 

 

 

 

Gross operating cash flows for operating leases (3)

$

(9,617

)

$

(6,513

)

Gross operating cash flows for finance leases and failed sale leasebacks

 

(4,298

)

 

-

 

Gross financing cash flows for finance leases

 

(3,681

)

 

-

 

Gross financing cash flows for failed sale leaseback

 

(489

)

 

-

 

Operating cash flows from subleases (3)

 

277

 

 

-

 

 

As of September 30, 2025

 

As of September 30, 2024

 

Weighted average remaining lease term (in months) – operating leases

 

87

 

 

68

 

Weighted average remaining lease term (in months) – finance leases

 

28

 

 

-

 

 

 

 

 

 

Weighted average discount rate – operating leases

 

6.2

%

 

5.2

%

Weighted average discount rate– finance leases

 

5.9

%

 

-

 

 

 

 

 

__________________

(1)
Lease expense and sublease income represent the amount recorded within our unaudited condensed consolidated statements of income. Variable lease amounts represent expenses recognized as incurred which are not included in the lease liability.
(2)
For certain of our leased locations, we have vacated the facility and have fully or partially subleased the space.
(3)
Cash flows are presented on a consolidated basis and represent cash payments for fixed and variable lease costs.
Schedule of Future Minimum Lease Payments for Failed Sale Leaseback Transactions

Future minimum lease payments for failed sale-leaseback financing transactions as of September 30, 2025 are as follows:

 

 

 

Sale Leaseback
Payments

 

 

 

 

 

 

 

 

 

2025 (1)

 

$

1,236

 

2026

 

 

5,043

 

2027

 

 

5,143

 

2028

 

 

5,246

 

2029

 

 

5,351

 

2030 and thereafter

 

 

133,284

 

Total minimum lease payments

 

$

155,303

 

 

 

 

 

Less – Amount representing interest

 

 

(112,207

)

Present value of minimum lease payments

 

 

43,096

 

Plus - liability remaining at term end representing residual value of asset

 

 

13,782

 

Failed sale leaseback liability

 

 

56,878

 

__________________

(1)
Liabilities remaining for the year ending December 31, 2025.