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Leases (Notes) | 12 Months Ended
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Dec. 31, 2024
Lessor, Operating Leases | 18. LEASES Ambac is the lessee and lessor under certain lease agreements further described below. Lessee information Ambac is the lessee in operating leases for corporate offices. Leases in effect at December 31, 2024, have remaining lease terms ranging from under 2 years to 8 years. Certain of these leases include early termination provisions which Ambac does not include in the determination of its lease liabilities and right-of-use assets unless exercise is considered reasonably certain. Lease costs are included in operating expenses on the Consolidated Statement of Total Comprehensive Income (Loss). The components of lease costs, net of sub-lessor income, is as follows:
Year Ended December 31, |  |  |  | 2024 |  | 2023 |  | 2022
Operating lease cost |  |  |  | $ | 4,247 |  |  | $ | 3,904 |  |  | $ | 3,848 |
Short-term lease cost |  |  |  | — |  |  | 52 |  |  | 18 |
Variable lease cost |  |  |  | 437 |  |  | 404 |  |  | 317 |
Sublease income |  |  |  | (1,086) |  |  | (1,124) |  |  | (1,132) |
Total lease cost |  |  |  | $ | 3,598 |  |  | $ | 3,236 |  |  | $ | 3,051 |
Ambac is required to make variable lease payments under certain leases which primarily relates to variable costs of the lessor, such as taxes, insurance, maintenance and electricity. Supplemental information related to leases is as follows:
Year Ended December 31, |  | 2024 |  | 2023 |  | 2022
Cash paid for amounts included in the measurement of operating lease liabilities |  | $ | 4,432 |  |  | $ | 4,155 |  |  | $ | 4,123 |
Right-of-use assets obtained in exchange for operating lease liabilities (non-cash) |  | 2,256 |  |  | 714 |  |  | — |
Supplemental balance sheet information related to leases is as follows:
December 31, |  | 2024 |  | 2023
Operating leases: |  |  |  |
Operating lease right of use assets |  | $ | 18,107 |  |  | $ | 18,421 |
Operating lease liabilities |  | 21,543 |  |  | 22,041 |
Weighted average remaining lease term: |  |  |  |
Operating leases |  | 5.1 years |  | 6.1 years
Weighted average discount rate: |  |  |  |
Operating leases |  | 7.8 | % |  | 7.9 | %
Operating lease right of use assets and operating lease liabilities are included in Other assets and Other liabilities, respectively, on the consolidated balance sheet. Future undiscounted lease payments, gross of sublease receipts, to be made are as follows:
As of December 31, 2024 |  | Operating Leases
2025 |  | $ | 5,008 |
2026 |  | 5,135 |
2027 |  | 5,140 |
2028 |  | 5,016 |
2029 |  | 4,960 |
Thereafter |  | 827 |
Total lease payments |  | 26,086 |
Less: imputed interest |  | (4,543) |
Total |  | $ | 21,543 |
Lessor information Ambac is the lessor in one operating sublease of corporate office space which has a remaining term of 5.0 years. There are no extension or termination provisions. Future undiscounted lease payments to be received are as follows:
As of December 31, 2024 |  | Operating Leases
2025 |  | $ | 1,184 |
2026 |  | 1,286 |
2027 |  | 1,302 |
2028 |  | 1,318 |
2029 |  | 1,331 |
Thereafter |  | — |
Total lease receipts |  | 6,421 |
Lessee, Operating Leases | 18. LEASES Ambac is the lessee and lessor under certain lease agreements further described below. Lessee information Ambac is the lessee in operating leases for corporate offices. Leases in effect at December 31, 2024, have remaining lease terms ranging from under 2 years to 8 years. Certain of these leases include early termination provisions which Ambac does not include in the determination of its lease liabilities and right-of-use assets unless exercise is considered reasonably certain. Lease costs are included in operating expenses on the Consolidated Statement of Total Comprehensive Income (Loss). The components of lease costs, net of sub-lessor income, is as follows:
Year Ended December 31, |  |  |  | 2024 |  | 2023 |  | 2022
Operating lease cost |  |  |  | $ | 4,247 |  |  | $ | 3,904 |  |  | $ | 3,848 |
Short-term lease cost |  |  |  | — |  |  | 52 |  |  | 18 |
Variable lease cost |  |  |  | 437 |  |  | 404 |  |  | 317 |
Sublease income |  |  |  | (1,086) |  |  | (1,124) |  |  | (1,132) |
Total lease cost |  |  |  | $ | 3,598 |  |  | $ | 3,236 |  |  | $ | 3,051 |
Ambac is required to make variable lease payments under certain leases which primarily relates to variable costs of the lessor, such as taxes, insurance, maintenance and electricity. Supplemental information related to leases is as follows:
Year Ended December 31, |  | 2024 |  | 2023 |  | 2022
Cash paid for amounts included in the measurement of operating lease liabilities |  | $ | 4,432 |  |  | $ | 4,155 |  |  | $ | 4,123 |
Right-of-use assets obtained in exchange for operating lease liabilities (non-cash) |  | 2,256 |  |  | 714 |  |  | — |
Supplemental balance sheet information related to leases is as follows:
December 31, |  | 2024 |  | 2023
Operating leases: |  |  |  |
Operating lease right of use assets |  | $ | 18,107 |  |  | $ | 18,421 |
Operating lease liabilities |  | 21,543 |  |  | 22,041 |
Weighted average remaining lease term: |  |  |  |
Operating leases |  | 5.1 years |  | 6.1 years
Weighted average discount rate: |  |  |  |
Operating leases |  | 7.8 | % |  | 7.9 | %
Operating lease right of use assets and operating lease liabilities are included in Other assets and Other liabilities, respectively, on the consolidated balance sheet. Future undiscounted lease payments, gross of sublease receipts, to be made are as follows:
As of December 31, 2024 |  | Operating Leases
2025 |  | $ | 5,008 |
2026 |  | 5,135 |
2027 |  | 5,140 |
2028 |  | 5,016 |
2029 |  | 4,960 |
Thereafter |  | 827 |
Total lease payments |  | 26,086 |
Less: imputed interest |  | (4,543) |
Total |  | $ | 21,543 |
Lessor information Ambac is the lessor in one operating sublease of corporate office space which has a remaining term of 5.0 years. There are no extension or termination provisions. Future undiscounted lease payments to be received are as follows:
As of December 31, 2024 |  | Operating Leases
2025 |  | $ | 1,184 |
2026 |  | 1,286 |
2027 |  | 1,302 |
2028 |  | 1,318 |
2029 |  | 1,331 |
Thereafter |  | — |
Total lease receipts |  | 6,421 |

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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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