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Leases | 12 Months Ended
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Dec. 31, 2025
Leases [Abstract] |
Leases | Note 7. Leases Leases. The Company is obligated as a lessee under certain non-cancelable operating leases for office space, and is also obligated to pay insurance, maintenance and other executory costs associated with these leases. In May 2016, the Company entered into a lease of office space in Chicago, Illinois. In November 2024, the Company amended this lease, which resulted in a reduction of its office space by 67%, extension of the lease term from June 2031 to June 2036 for the remaining office space, and paid a termination penalty of $10.5 million. This was accounted for as a lease modification. Monthly rental payments under the lease escalate by 2.5% each year through June 2031, then by 1.5% each year through the remainder of the lease. As a result of this lease modification, and the commencement of a separate lease, the Company recognized $4.7 million of right of use assets obtained in exchange for lease obligations during the year ended December 31, 2024. As of December 31, 2025, the Company’s scheduled future minimum lease payments under operating leases having initial noncancelable lease terms of more than one year, is as follows (in thousands):
2026 |  | $ | 3,919 |
2027 |  |  | 2,040 |
2028 |  |  | 2,093 |
2029 |  |  | 2,001 |
2030 |  |  | 1,925 |
Thereafter |  |  | 10,442 |
Total minimum lease payments |  |  | 22,420 |
Less: Imputed interest (1) |  |  | (5,463 | )
Present value of the minimum lease payments |  |  | 16,957 |
Less: Current maturities of lease obligations |  |  | (2,973 | )
Long-term lease obligations |  | $ | 13,984 |
(1) The Company’s lease agreements do not provide a readily determinable implicit rate nor is it available from the Company’s lessors. Therefore, in order to discount lease payments to present value, the Company has estimated its incremental borrowing rate based on information available at the lease commencement, modification or acquisition date. As of December 31, 2025 and 2024, the Company's operating lease balance sheet information is as follows (in thousands):
|  | December 31, |
Balance sheet information: |  | 2025 |  |  | 2024 |
Investments and other assets, net |  | $ | 15,854 |  |  | $ | 16,810 |
Other accrued liabilities |  |  | 2,973 |  |  |  | 4,085 |
Other noncurrent liabilities |  |  | 13,984 |  |  |  | 16,545 |
The difference between the operating lease assets and the operating lease liabilities is primarily due to a lease incentive received related to the lease in Chicago, Illinois. Other information related to the Company’s operating leases for the years ended December 31, 2025, 2024 and 2023 is as follows (in thousands, except months and percentages):
|  | Year Ended December 31, |
Income statement information: |  | 2025 |  |  | 2024 |  |  | 2023 |
Operating lease cost |  | $ | 2,149 |  |  | $ | 2,986 |  |  | $ | 3,035 |
Short-term lease cost |  |  | 72 |  |  |  | 66 |  |  |  | 79 |
Variable lease cost |  |  | 213 |  |  |  | 4,443 |  |  |  | 3,461 |
Total lease cost |  | $ | 2,434 |  |  | $ | 7,495 |  |  | $ | 6,575 |
Other information: |  |  |  |  |  |  |  |  |
Cash paid for amounts included in the measurement of operating lease liabilities (1) |  | $ | 4,986 |  |  | $ | 14,790 |  |  | $ | 3,672 |
Weighted-average remaining lease term (in months) |  |  | 120 |  |  |  | 130 |  |  |  | 89 |
Weighted-average discount rate |  |  | 6.4 | % |  |  | 6.4 | % |  |  | 7.5 | %
(1) The year ended December 31, 2024 includes a termination penalty of $10.5 million related to the lease amendment.

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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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