The Company determines if a contract contains a lease at inception and recognizes a right-of-use asset, within other assets, and lease liability, within accounts payable and accrued liabilities, based on the present value of future lease payments. In cases where its leases do not provide an implicit interest rate, the Company uses its incremental borrowing rate based on the information available on the inception date to determine the lease liability.

The Company’s leases are primarily for office facilities which have been classified as operating leases. Its leases have remaining lease terms ranging from less than 1 year to 6 years, some of which include options to extend the leases. Lease expense for the years ended December 31, 2024, 2023, and 2022 was $2.1 million, $2.8 million and $2.6 million, respectively.

The following table provides information regarding the Company’s leases as of December 31, 2024 and 2023:



(in thousands)	2024			2023
Operating lease right-of-use assets	$	3,135		$	4,905
Operating lease liabilities	3,213			5,228
Operating lease weighted-average remaining lease term	4.39 years			4.55 years
Operating lease weighted-average discount rate	5.01		%	3.95		%

The following table presents the Company’s lease expenses for the years ended December 31, 2024, 2023 and 2022:



(in thousands)	2024		2023		2022
Operating lease expense	$	1,714	$	2,583	$	2,414
Short-term lease expense	421		184		220
Total lease expense	$	2,135	$	2,767	$	2,634
Operating cash outflows from operating leases	$	2,082	$	2,636	$	2,382

The following table sets forth the future minimum lease payment obligations of the Company’s operating leases at December 31, 2024:


(in thousands)	2024
2025	$	968
2026	779
2027	686
2028	651
2029	415
Thereafter	133
Total future minimum operating lease payments	$	3,632
Less imputed interest	(419)
Total operating lease liability	$	3,213