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Leases | 12 Months Ended
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Dec. 31, 2024
Leases [Abstract] |
Leases | Leases The Company adopted ASC 842 as of January 1, 2022, on a modified retrospective basis with no cumulative adjustment to equity as of the adoption date. The Company has presented financial results and applied its accounting policies for the period beginning January 1, 2022 under ASC 842. The Company elected to take the practical expedient to not separate lease and non-lease components as part of the adoption. Lease agreements entered into after the adoption of ASC 842 that include lease and non-lease components are accounted for as a single lease component. Since January 1, 2022, the Company’s operating leases, excluding those with terms less than 12 months, have been discounted and recorded as assets and liabilities on the Company’s Consolidated Statement of Financial Position. The Company primarily has non-cancellable operating leases for office spaces across various countries. We categorize leases as either operating or finance leases at the commencement date of the respective lease. The components of lease costs are as follows:
|  |  | For the Year Ended
(Dollars in Thousands) |  |  |  |  | December 31, 2024 |  | December 31, 2023 |  | December 31, 2022 (Predecessor)
Operating lease expense |  |  |  |  | $ | 12,680 |  |  | $ | 8,782 |  |  | $ | 2,974 |
Variable lease expense |  |  |  |  | 2,709 |  |  | 3,165 |  |  | 1,353 |
Short-term lease expense |  |  |  |  | 256 |  |  | 750 |  |  | 144 |
Total lease expense |  |  |  |  | $ | 15,645 |  |  | $ | 12,697 |  |  | $ | 4,471 |
Supplemental cash flow information and non-cash activity related to our operating leases are as follows:
| For the Year Ended
(Dollars in Thousands) | December 31, 2024 |  | December 31, 2023 |  | December 31, 2022 (Predecessor)
Operating cash flow information: |  |  |  |  |
Operating cash flow from operating leases | $ | 8,027 |  |  | $ | 7,131 |  |  | $ | 2,930 |
Non-cash activity: |  |  |  |  |
Right-of-use assets obtained in exchange for lease obligations | $ | 6,239 |  |  | $ | 35,629 |  |  | $ | 2,621 |
Weighted-average remaining lease term and discount rate for our operating leases are as follows:
| As of December 31, 2024 |  | As of December 31, 2023
Weighted-average remaining lease term | 11.46 |  | 11.94
Weighted-average discount rate | 5.99 | % |  | 6.22 | %
Future minimum lease payments for the Company’s operating leases as of December 31, 2024, are as follows:
| Future Minimum Rental Operating Leases
(Dollars in Thousands) |
2025 | $ | 8,849 |
2026 | 8,391 |
2027 | 7,763 |
2028 | 7,183 |
2029 | 6,352 |
2030 and beyond | 58,476 |
Total lease payments | 97,014 |
Less: Imputed interest | 33,959 |
Present value of lease liabilities | $ | 63,055 |

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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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