The components of lease expense were as follows:
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, |
|
|
|
2026 |
|
|
2025 |
|
Operating Lease Cost |
|
$ |
11,723 |
|
|
$ |
10,587 |
|
Variable Lease Cost |
|
|
1,950 |
|
|
|
1,424 |
|
Sublease Income |
|
|
(356 |
) |
|
|
(203 |
) |
Total Lease Cost |
|
$ |
13,317 |
|
|
$ |
11,808 |
|
Supplemental information related to the Company’s operating leases was as follows:
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
|
2026 |
|
|
2025 |
|
Cash Paid for Amounts Included in Measurement of Lease Liabilities |
|
|
|
|
|
|
Operating Cash Flows from Operating Leases, Net |
|
$ |
5,658 |
|
|
$ |
277 |
|
Right-of-Use Assets Obtained in Exchange for Operating Lease Liabilities |
|
$ |
11,739 |
|
|
$ |
36,687 |
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
|
2026 |
|
|
2025 |
|
Weighted-Average Remaining Lease Term (in years) |
|
|
13.5 |
|
|
|
14.4 |
|
Weighted-Average Discount Rate |
|
|
6.9 |
% |
|
|
6.9 |
% |
The following is a maturity analysis of the annual undiscounted cash flows of the Company’s operating lease liabilities as of March 31, 2026:
|
|
|
|
|
Year Ending December 31, |
|
|
|
2026 (April 1 through December 31) |
|
$ |
25,065 |
|
2027 |
|
|
43,592 |
|
2028 |
|
|
51,566 |
|
2029 |
|
|
51,291 |
|
2030 |
|
|
47,324 |
|
Thereafter |
|
|
454,588 |
|
Total Lease Payments |
|
|
673,426 |
|
Less: Tenant Improvement Allowances |
|
|
17,218 |
|
Less: Imputed Interest |
|
|
234,709 |
|
Total |
|
$ |
421,499 |
|
|