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Leases

3 Months Ended

Mar. 31, 2026

Note 5–Leases

The Company leases certain facilities from a related party, which is a company affiliated with it through common ownership. The costs for these leases are presented within short-term lease cost in the below table.

During the three months ended March 31, 2026, the Company entered into a lease amendment extending the term of a lease, which increased the right-of-use, or ROU, asset by $6,056.

As of March 31, 2026, there were no additional significant operating leases that have not yet commenced. Refer to the following table for quantitative information related to the Company’s leases for the three months ended March 31, 2026 and 2025 (dollars in thousands):


	Three Months Ended March 31, 2026						Three Months Ended March 31, 2025
	Related Parties		Others		Total		Related Parties		Others		Total
Lease Cost
Capitalized operating lease cost	$	—	$	521	$	521	$	—	$	461	$	461
Short-term lease cost		418		141		559		420		148		568
Total lease cost	$	418	$	662	$	1,080	$	420	$	609	$	1,029

Other Information
Cash paid for amounts included in the measurement of lease liabilities and capitalized operating leases:
Operating cash flows	$	—	$	463	$	463	$	—	$	513	$	513
Right-of-use assets obtained in exchange for lease obligations
Operating leases	$	—	$	6,056	$	6,056	$	—	$	—	$	—

Weighted-average remaining lease term (in years):
Capitalized operating leases		—		6.74		6.74		—		1.81		1.81

Weighted-average discount rate:
Capitalized operating leases		0.00%		4.64%		4.64%		0.00%		4.31%		4.31%

As of March 31, 2026, future lease payments over the remaining term of capitalized operating leases were as follows (in thousands):


For the Years Ended December 31,
2026, excluding the three months ended March 31, 2026	$	637
2027		1,383
2028		1,227
2029		1,103
2030		1,142
Thereafter		3,240
	$	8,732

Imputed interest	$	(1,352)
Lease liability balance at March 31, 2026	$	7,380

As of March 31, 2026, the ROU asset had a balance of $7,173. The long-term lease liability was $6,426 and the short-term lease liability, which is included in accrued expenses and other liabilities on the condensed consolidated balance sheets, was $954. As of December 31, 2025, the ROU asset had a balance of $1,569. The long-term lease liability was $498 and the short-term lease liability, which is included in accrued expenses and other liabilities on the condensed consolidated balance sheets, was $1,290.