
(Dollars in thousands)	December 31, 2025		December 31, 2024
Land	$	12,299	$	22,091
Buildings	64,020		102,514
Leasehold improvements	40,390		40,394
Automobiles and aircraft	11,428		30,076
Furniture, fixtures and equipment	39,238		42,281
	167,375		237,356
Accumulated depreciation	(76,304)		(76,619)
	$	91,071	$	160,737

On December 17, 2025, the Company sold the building in Dallas, Texas originally purchased in March 2024 for the purpose of constructing a future headquarters for Triumph Financial and will not occupy the building in any capacity. The building was sold for $64,000,000 in cash. The gain on sale of $8,744,000 was calculated as follows and allocated to the Corporate and Other category for segment reporting:


(Dollars in thousands)
Sales price	$	64,000

Net book value of disposal assets
Premises and equipment, net	$	54,289
Intangible assets, net	646
Deferred rent	166
	$	55,101
Transaction costs	155
Gain on sale, net of transaction costs	$	8,744

In addition to the gain on sale of the building, the Company recognized gains on sale of other business assets totaling $6,146,000 during the year ended December 31, 2025. These gains were primarily due to an airplane that was sold for cash proceeds of $11,500,000, resulting in a gain on sale of $5,583,000 which was allocated to the Corporate and Other category for segment reporting.

The Company leases certain premises and equipment under operating leases. At December 31, 2025 and 2024, the Company had lease liabilities totaling $25,055,000 and $29,449,000, respectively, and right-of-use assets totaling $22,652,000 and $26,555,000, respectively, related to these leases. Lease liabilities and right-of-use assets are reflected in other liabilities and other assets, respectively. For the years ended December 31, 2025 and 2024, the weighted average remaining lease term for operating leases was 4.93 and 6.09, respectively, and the weighted average discount rate used in the measurement of operating lease liabilities was 3.0% and 3.1%, respectively.


	Year Ended December 31,
(Dollars in thousands)	2025		2024		2023
Operating lease cost	$	5,472	$	5,450	$	5,294
Short-term lease cost	263		598		460
Variable lease cost	38		20		145
Total lease cost	$	5,773	$	6,068	$	5,899

There were no sale and leaseback transactions, leveraged leases, or lease transactions with related parties during the year ended December 31, 2025. At December 31, 2025, the Company did not have any leases that had not yet commenced, but will create significant rights and obligations for the Company.


(Dollars in thousands)	December 31, 2025
Lease payments due:
Within one year	$	6,405
After one but within two years	5,861
After two but within three years	4,937
After three but within four years	4,215
After four but within five years	3,374
After five years	3,003
Total undiscounted cash flows	27,795
Discount on cash flows	(2,740)
Total lease liability	$	25,055

On March 20, 2024, the Company purchased a building in Dallas, TX that was intended to be the future headquarters for Triumph Financial. During the year ended December 31, 2025, the Company sold the building and will not occupy it in any capacity. During the years ended December 31, 2025 and 2024, the Company leased space in the building to tenants under operating leases for which the terms varied, including certain provisions to extend the lease term, options for early terminations subject to specified penalties, and other terms and conditions as negotiated. The Company’s leases were not complex; therefore there were no significant assumptions or judgments made as part of the determination of whether the contracts contained a lease or the allocation of consideration in the contracts between lease and non-lease components.


	Year Ended December 31,
(Dollars in thousands)	2025		2024		2023
Fixed payments	$	1,423	$	2,833	$	—
Variable payments	766		1,222		—
Amortization of intangibles included in lease income	(67)		(75)		—
Total lease income	$	2,122	$	3,980	$	—