14. LEASES

Operating lease right-of-use assets and operating lease liabilities are recognized in the consolidated balance sheets. We determine if a contract contains a lease at inception and recognize operating lease right-of-use assets and operating lease liabilities based on the present value of the future minimum lease payments at the commencement date. As our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of future payments. Lease agreements that have lease and non-lease components, are accounted for as a single lease component. Lease expense is recognized on a straight-line basis over the lease term.

The Company has two operating lease obligations namely for the Company’s office facilities located at Suite 201, 42 Edward Street Grand Cayman, Cayman Islands and residential space at Turnberry Villas in Grand Cayman, Cayman Islands. At December 31, 2025, the office lease has a remaining lease term of approximately fourteen (14) months. The residential lease term ended on December 31, 2025 and was renewed for a period of one (1) year.

OXBRIDGE RE HOLDINGS LIMITED AND SUBSIDIARIES

Notes to Consolidated Financial Statements, Continued

14. LEASES (continued)

The components of lease expense and other lease information as of and during the years ended December 31, 2025 and 2024 are as follows:

SCHEDULE OF OPERATING LEASE COST

SCHEDULE OF OTHER LEASE INFORMATION

Future minimum lease payments under non-cancellable leases as of December 31, 2025 and 2024, reconciled to our discounted operating lease liability presented on the consolidated balance sheets are as follows:

SCHEDULE OF FUTURE MINIMUM LEASE PAYMENT

OXBRIDGE RE HOLDINGS LIMITED AND SUBSIDIARIES

Notes to Consolidated Financial Statements, Continued