XML 214 R36.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2025

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Minimum Lease Obligations Under Non-cancelable Operating Leases

Lease Commitments—Future minimum lease obligations under non-cancelable operating leases as of September 30, 2025 are as follows ($ in thousands):⁽¹⁾


2025 (remaining three months)		$	1,559
2026			668
2027			764
2028			772
2029			780
Thereafter			7,979
Total undiscounted cash flows⁽¹⁾			12,522
Present value discount⁽²⁾			(5,430)
Lease liabilities		$	7,092

(1)

Includes cash flows that relate to a property that is majority-owned by a third party and is ground leased to the Company. The Company is obligated to pay the owner of the property $0.5 million, subject to adjustment for changes in the CPI, per year through 2044; however, the Company’s Ground Lease tenant at the property pays this expense directly under the terms of a master lease.

(2)

The lease liability equals the present value of the minimum rental payments due under the lease discounted at the rate implicit in the lease or the Company’s incremental secured borrowing rate for similar collateral. For operating leases, lease liabilities were discounted at the Company’s weighted average incremental secured borrowing rate for similar collateral estimated to be 5.6% and the weighted average remaining lease term is 14.0 years. During the three months ended September 30, 2025 and 2024, the Company made payments of $1.4 million and $1.4 million, respectively, related to its operating leases. During the nine months ended September 30, 2025 and 2024, the Company made payments of $4.3 million and $4.3 million, respectively, related to its operating leases.