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LEASES | 12 Months Ended
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Dec. 31, 2024
Leases [Abstract] |
LEASES | LEASES The Company’s lessee arrangements consist of agreements to lease certain office facilities and equipment and the Company’s lessor arrangements consist of leases of portions of land to third parties for agriculture or other miscellaneous uses. The Company’s agricultural land lease agreements are generally short-term in nature. As of December 31, 2024, all leasing arrangements are classified as operating leases and do not contain residual value guarantees or material restrictions. The Company’s office leases have remaining lease terms of approximately four years to five years, one of which includes a Company option to extend the lease for up to five years and one of which includes a landlord option to terminate the lease 18 months subsequent to written notice to the Company. The Company only includes renewal options in the lease term when it is reasonably certain that it will exercise such options. The components of lease costs were as follows for the years ended December 31, 2024, 2023 and 2022 (in thousands):
|  | 2024 |  | 2023 |  | 2022
Operating lease cost |  | $ | 702 |  |  | $ | 1,276 |  |  | $ | 1,957 |
Related party operating lease cost |  | 2,892 |  |  | 3,154 |  |  | 3,154 |
Short-term lease cost |  | 736 |  |  | 472 |  |  | 410 |
Supplemental balance sheet information related to leases as of December 31, 2024 and 2023 were as follows (in thousands, except lease term in years and discount rate):
|  | 2024 |  | 2023
Operating lease right-of-use assets ($0 and $14,040 related party, respectively) |  | $ | 12,973 |  | $ | 16,002
Operating lease liabilities ($0 and $10,974 related party, respectively) |  | $ | 10,980 |  | $ | 12,755
Weighted average remaining lease term (operating lease) |  | 4.1 |  | 5.1
Weighted average discount rate (operating lease) |  | 6.7 | % |  | 6.7 | %
Operating lease right-of-use assets are included in other assets or related party assets and operating lease liabilities are included in accounts payable and other liabilities or related party liabilities on the consolidated balance sheets. The table below reconciles the undiscounted cash flows to operating lease liabilities recorded on the consolidated balance sheet as of December 31, 2024 (in thousands):
Years Ending December 31, |  | Rental Payments
2025 |  | $ | 2,882 |
2026 |  | 3,010 |
2027 |  | 3,102 |
2028 |  | 3,193 |
2029 |  | 480 |
Thereafter |  | — |
Total lease payments |  | $ | 12,667 |
Discount |  | $ | 1,687 |
Total operating lease liabilities |  | $ | 10,980 |
LEASES | LEASES The Company’s lessee arrangements consist of agreements to lease certain office facilities and equipment and the Company’s lessor arrangements consist of leases of portions of land to third parties for agriculture or other miscellaneous uses. The Company’s agricultural land lease agreements are generally short-term in nature. As of December 31, 2024, all leasing arrangements are classified as operating leases and do not contain residual value guarantees or material restrictions. The Company’s office leases have remaining lease terms of approximately four years to five years, one of which includes a Company option to extend the lease for up to five years and one of which includes a landlord option to terminate the lease 18 months subsequent to written notice to the Company. The Company only includes renewal options in the lease term when it is reasonably certain that it will exercise such options. The components of lease costs were as follows for the years ended December 31, 2024, 2023 and 2022 (in thousands):
|  | 2024 |  | 2023 |  | 2022
Operating lease cost |  | $ | 702 |  |  | $ | 1,276 |  |  | $ | 1,957 |
Related party operating lease cost |  | 2,892 |  |  | 3,154 |  |  | 3,154 |
Short-term lease cost |  | 736 |  |  | 472 |  |  | 410 |
Supplemental balance sheet information related to leases as of December 31, 2024 and 2023 were as follows (in thousands, except lease term in years and discount rate):
|  | 2024 |  | 2023
Operating lease right-of-use assets ($0 and $14,040 related party, respectively) |  | $ | 12,973 |  | $ | 16,002
Operating lease liabilities ($0 and $10,974 related party, respectively) |  | $ | 10,980 |  | $ | 12,755
Weighted average remaining lease term (operating lease) |  | 4.1 |  | 5.1
Weighted average discount rate (operating lease) |  | 6.7 | % |  | 6.7 | %
Operating lease right-of-use assets are included in other assets or related party assets and operating lease liabilities are included in accounts payable and other liabilities or related party liabilities on the consolidated balance sheets. The table below reconciles the undiscounted cash flows to operating lease liabilities recorded on the consolidated balance sheet as of December 31, 2024 (in thousands):
Years Ending December 31, |  | Rental Payments
2025 |  | $ | 2,882 |
2026 |  | 3,010 |
2027 |  | 3,102 |
2028 |  | 3,193 |
2029 |  | 480 |
Thereafter |  | — |
Total lease payments |  | $ | 12,667 |
Discount |  | $ | 1,687 |
Total operating lease liabilities |  | $ | 10,980 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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- Definition The entire disclosure for lessor's operating leases. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-30/tableOfContent + Details
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