v3.25.2
Leases (Tables)
 6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
Lessee, Balance Sheet and Income Statement Effect
The following table summarizes the impact of the Company's leases in its financial statements (in thousands):

Balance SheetFinancial statement captionJune 30, 2025December 31, 2024
Right-of-use asset - operatingOther assets$10,014 $10,645 
Lease liability - operatingAccounts payable and other accrued expenses$13,573 $14,331 
Three Months Ended June 30,Six Months Ended June 30,
Income StatementFinancial statement caption2025202420252024
Operating lease cost(1)
Administrative expenses$789 $732 $1,546 $1,468 
Schedule of Weighted-Average Operating Lease
The following table includes supplemental information related to the Company's operating leases:

June 30, 2025
Weighted-Average Remaining Lease Term
8.2 years
Weighted-Average Discount Rate5.66 %
Schedule of deferred revenue
As of June 30, 2025, the Company has deferred revenue balances related to upfront payments received in return for reduced lease rates during the lease term. These amounts will be amortized into revenue as follows (in thousands):

Years ending December 31,
2025 (Remaining 6 months)$28,308 
202642,580 
202716,753 
202815,392 
202913,837 
2030 and thereafter29,382 
Total$146,252 
Schedule of components of the net investment in finance leases
The following table summarizes the components of the net investment in finance leases (in thousands):
June 30, 2025December 31, 2024
Future minimum lease payment receivable(1)
$1,878,600 $1,989,859 
Estimated residual receivable(2)
269,214 269,090 
Gross finance lease receivables(3)
2,147,814 2,258,949 
Unearned income(4)
(621,303)(673,137)
Net investment in finance leases(5)
$1,526,511 $1,585,812 
(1)     There were no executory costs included in gross finance lease receivables as of June 30, 2025 and December 31, 2024.
(2)    The Company's finance leases generally include a purchase option at nominal amounts that is reasonably certain to be exercised, and therefore, the Company has immaterial residual value risk for assets.
(3)    The gross finance lease receivable is reduced as billed to customers and reclassified to accounts receivable until paid by customers.
(4)     There were no unamortized initial direct costs as of June 30, 2025 and December 31, 2024.
(5)    One major customer represented 94% and 93% of the Company's finance lease portfolio as of June 30, 2025 and December 31, 2024, respectively. No other customer represented more than 10% of the Company's finance lease portfolio in each of those periods.