v3.25.1
Leases
 3 Months Ended
Mar. 31, 2025
Leases [Abstract]  
Leases Leases
The Company has operating leases for office space leased in various buildings for its own use. The Company's leases typically have terms ranging from 5 to 10 years. The Company's lease agreements do not contain any material residual value guarantees or material restrictive covenants. Lease costs related to the Company's operating leases are primarily reflected in "cost of revenue" in the consolidated statements of operations, as they are a reimbursable cost under the Company's respective asset management agreements. (See Note 12 for additional information).
The following table summarizes operating lease costs, by type (in thousands):
Three Months Ended March 31,
20252024
Operating lease costs
Fixed lease costs$297 $297 
Variable lease costs97 106 
Total operating lease costs$394 $403 
The following table presents supplemental cash flow information related to the Company's operating leases (in thousands):
Three Months Ended March 31,
20252024
Cash paid for lease liabilities:
Operating cash flows from operating leases$396 $398 
As of March 31, 2025, the Company's operating leases had a weighted-average remaining lease term of 5.5 years and a weighted-average discount rate of 4.64%.
The following table summarizes future lease payments (in thousands):
Year Ending December 31, Operating Leases
2025 (9 months)$897 
20261,222 
20271,204 
20281,233 
20291,262 
Thereafter1,073 
Total future lease payments6,891 
Imputed interest(844)
Total lease liabilities$6,047 
The Company does not have any leases which have not yet commenced as of March 31, 2025.