The Company’s operating lease arrangements consist of its corporate headquarters in Tempe, Arizona, and field office facilities in certain 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 multi-year 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 March 31, 2026 and 2025, operating lease costs were $0.4 million and $0.7 million, respectively. Variable and short-term lease costs were less than $0.1 million during each of the three months ended March 31, 2026 and 2025.

Supplemental information related to leases was as follows:


	Three Months Ended March 31,
($ in thousands)	2026		2025
Cash payments for amounts included in the measurement of operating lease liabilities	$	516	$	122
Tenant incentive allowances	$	-	$	763


	As of
	March 31,			December 31,
	2026			2025
Weighted-average remaining lease term (in years)		9.1			9.3
Weighted-average discount rate		7.5	%		7.5	%

There were no right-of-use assets obtained in exchange for new or acquired operating lease liabilities during each of the three months ended March 31, 2026 and 2025.

The Company’s operating lease liability maturities as of March 31, 2026 are as follows:


($ in thousands)
Remainder of 2026	$	1,573
2027		1,949
2028		1,922
2029		1,974
2030		2,029
2031		2,085
Thereafter		7,749
Total future lease payments		19,281
Less: Imputed interest		(5,339	)
Total lease liabilities	$	13,942

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:


		March 31,		December 31,
($ in thousands)	Financial Statement Line Items	2026		2025
Right-of-use assets	Other non-current assets	$	7,266	$	7,408
Lease liabilities:
Current liabilities	Accrued and other current liabilities	$	1,138	$	1,105
Non-current liabilities	Other long-term liabilities		12,804		13,100
Total lease liabilities		$	13,942	$	14,205