The Company’s operating lease arrangements consist of its corporate headquarters in Tempe, Arizona, and field office facilities in most of the metropolitan markets in which the Company operates in the United States. These leases typically have original lease terms of 1 year to 10 years, and some leases contain multiyear renewal options. The Company does not have any finance lease arrangements.

The Company’s operating lease costs are included in operating expenses in the accompanying condensed consolidated statements of operations. During the three months ended June 30, 2025 and 2024, operating lease costs were $0.7 million and $0.9 million, respectively, and variable and short-term lease costs were less than $0.1 million during each of the respective periods. During the six months ended June 30, 2025 and 2024, operating lease costs were $1.4 million and $1.8 million, respectively, and variable and short-term lease costs were less than $0.1 million during each of the respective periods.

Cash payments for amounts included in the measurement of operating lease liabilities were $0.9 million and $0.6 million during the three months ended June 30, 2025 and 2024, respectively and $1.0 million and $0.9 million during the six months ended June 30, 2025 and 2024, respectively. During the six months ended June 30, 2025, the Company utilized tenant incentive allowances of $0.8 million. There were no right-of-use assets obtained in exchange for new or acquired operating lease liabilities during the three and six months ended June 30, 2025. There were no right-of-use assets obtained in exchange for new or acquired operating lease liabilities during three months ended June 30, 2024. Right-of-use assets obtained in exchange for new or acquired operating lease liabilities were $7.9 million during the six months ended June 30, 2024.

As of June 30, 2025 and December 31, 2024, the Company’s operating leases had a weighted-average remaining lease term of 9.6 years and 9.7 years, respectively, and the weighted-average discount rate was 7.5% and 7.4% during the respective periods.

The Company’s operating lease liability maturities as of June 30, 2025 are as follows:


($ in thousands)
Remainder of 2025	$	1,046
2026		2,089
2027		1,949
2028		1,922
2029		1,974
2030		2,029
Thereafter		9,834
Total future lease payments		20,843
Less: Imputed interest		(6,109	)
Total lease liabilities	$	14,734

The Company’s operating lease right-of-use assets and operating lease liabilities, and the associated financial statement line items, are as follows as of the respective period ends:


		June 30,		December 31,
($ in thousands)	Financial Statement Line Items	2025		2024
Right-of-use assets	Other non-current assets	$	7,697	$	8,580
Lease liabilities:
Current liabilities	Accrued and other current liabilities		1,060		963
Non-current liabilities	Other long-term liabilities		13,674		14,204
Total lease liabilities		$	14,734	$	15,167