A major part of the Company's lease obligations is for office real estate. The Company may also lease corporate apartments, cars, and office equipment. Payments on some of our leases may depend on index or rate, including Consumer Price Index. Such payments are included in the calculation of lease liability and assets at the commencement dates, all future changes are

accounted as variable payments similar to other variable payments, such as common area maintenance, property and other taxes, utilities and insurance that are based on the lessor’s cost.

The Company’s leases have remaining lease terms ranging from 14 days to 5.5 years. Certain lease agreements may include the option to extend or terminate before the end of the contractual term and are often non-cancelable or cancellable only by the payment of penalties. The Company includes these options in the lease term when it is reasonably certain that they will be exercised.

The Company had no finance leases as of each of December 31, 2025 and 2024. Operating lease expense is recorded on a straight-line basis over the lease term and lease costs were as follows:


	For the years ended December 31,
	2025		2024		2023
	(in thousands)
Operating lease cost	$	6,108	$	5,365	$	3,860
Variable lease cost	627		511		405
Short-term lease cost	1,182		551		343
Total lease cost	$	7,917	$	6,427	$	4,608

Supplemental information related to operating lease transactions is as follows:


	For the years ended December 31,
	2025		2024		2023
	(in thousands)
Lease liability payments	$	5,988	$	5,079	$	3,692
Lease right-of-use assets obtained in exchange for liabilities	$	7,917	$	6,938	$	5,005
Non-cash net increase in lease assets due to lease modifications	$	1,535	$	98	$	553
Non-cash net decrease in lease liability due to lease modifications	$	(1,417)	$	(739)	$	(553)

Weighted average remaining lease term and discount rate as of December 31, 2025 and 2024 were as follows:


	As of December 31,
	2025		2024
Weighted average remaining lease term, in years	3.7		3.0
Weighted average discount rate	7.6	%	8.1	%

As of December 31, 2025, operating lease liabilities will mature as follows:


	Lease Payments
	(in thousands)
2026	6,367
2027	5,421
2028	3,218
2029	2,569
2030	1,881
Thereafter	213
Total lease payments	19,669
Less: imputed interest	(2,633)
Total	$	17,036

The Company does not have material operating or finance lease agreements that had not yet commenced.