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LEASING ARRANGEMENTS
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
LEASING ARRANGEMENTS LEASING ARRANGEMENTS
Operating Leases
The Company’s operating lease assets primarily represent the lease of office space and facilities where the Company conducts its operations. Additional information related to operating leases is presented in the tables below:
December 31, 2025December 31, 2024
Weighted average lease term in years3.74.2
Longest operating lease term in years6.47.4
Weighted average discount rate6.61 %6.67 %
Year Ended
December 31, 2025December 31, 2024
Operating lease expense (1)
$17,443 $22,330 
Operating lease expense attributable to variable lease expense (1)
$1,995 $2,455 
Sublease income (1)
$(2,662)$(2,299)
Short-term lease expense (1)
$4,459 $333 
Cash payments against operating lease liabilities (2)
$21,793 $24,171 
Non-cash lease expense transactions (2)
$2,000 $6,057 
(1) Operating lease expense is included in selling, general and administrative expenses in the consolidated statements of operations.
(2) Cash flows from operating leases are classified as net cash flows from operating activities in the accompanying consolidated statements of cash flows.
As of December 31, 2025, maturities of operating lease liabilities were as follows:
Operating
Leases
Year ending December 31:
2026$15,404 
202711,221 
20289,431 
20295,522 
20302,777 
Thereafter1,612 
Total lease payments45,967 
Less: imputed interest(5,065)
Total lease liability$40,902 
Finance Leases
The Company’s financing lease assets primarily represent the lease of vehicles for the Company’s subsidiary bebe. As of December 31, 2025 and 2024, finance lease assets of $4,254 and $3,538 are included in prepaid expenses and other assets with the related liabilities of $4,559 and $3,723 included in accrued expenses and other liabilities in the accompanying consolidated balance sheets, respectively.
As of December 31, 2025, the Company had additional executed office leases that had not commenced yet with minimum lease payments of $5,839. These leases are expected to commence in the first quarter of 2026 with lease terms of two to eight years. The table above excludes these payments as the Company does not recognize the right-of-use assets and lease liabilities until such assets become available to the Company upon lease commencement.
As of December 31, 2024, the Company did not have any significant leases executed but not yet commenced.