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Leases

12 Months Ended

Dec. 31, 2025

(10)

Leases

The Company leases office space, towers and office equipment. Discount rates are based on the Company’s incremental borrowing rate due to the rate implicit in the leases being not readily determinable. The Company used the current borrowing rate on its credit facility, adjusted for the effects of collateralization, to determine the various rates it would pay to finance similar transactions over similar time periods.

The following table summarizes lease information:


	Year ended December 31,
	2024		2025
Lease cost
Operating lease cost	$	11,452,668	$	11,250,941
Short-term lease cost		20,760		—
Total lease cost	$	11,473,428	$	11,250,941

Other information
Operating cash flows from operating leases	$	12,015,198	$	12,027,376
Right-of-use assets obtained in exchange for new operating lease liabilities		6,685,102		3,982,997


	December 31,
	2025
Weighted-average remaining lease term – operating leases	6.3
Weighted-average discount rate – operating leases		9.3	%

As of December 31, 2025, future minimum payments for operating leases for the next five years and thereafter are summarized as follows:


2026	$	11,736,001
2027		10,129,167
2028		8,640,392
2029		7,329,624
2030		5,205,295
Thereafter		15,044,028
Total lease payments		58,084,507
Less imputed interest		(25,476,362	)
Present value of operating lease liabilities		32,608,145
Operating lease liabilities - current		(6,972,790	)
Operating lease liabilities - long-term	$	25,635,355