The Company primarily has non-cancellable operating leases for office spaces across various countries. We categorize leases as either operating or finance leases at the commencement date of the respective lease.


	For the Three Months Ended
(Dollars in Thousands)	March 31, 2026		March 31, 2025
Operating lease expense	$	2,389	$	3,212
Variable lease expense	501		620
Short-term lease expense	22		45
Total lease expense (1)	$	2,912	$	3,877

(1) These amounts include $0.1 million and $0.1 million for the three months ended March 31, 2026 and March 31, 2025, respectively, in operating lease expense from related parties. See Note 17 (Related Party Transactions) for further details.

Supplemental cash flow information and non-cash activity related to our operating leases are as follows:


	For the Three Months Ended
(Dollars in Thousands)	March 31, 2026		March 31, 2025
Operating cash flow information:
Cash outflows - operating leases (1)	$	2,399	$	1,879
Non-cash activity:
Right-of-use assets obtained in exchange for lease obligations	$	702	$	680

(1) These amounts include $0.1 million and $0.1 million, for the three months ended March 31, 2026 and March 31, 2025, respectively, in cash outflows related to operating leases from related parties. See Note 17 (Related Party Transactions) for further details.

Weighted-average remaining lease term and discount rate for our operating leases are as follows:


	As of March 31, 2026		As of December 31, 2025
Weighted-average remaining lease term	11.26		11.38
Weighted-average discount rate	6.33	%	6.31	%

Future minimum lease payments for the Company’s operating leases as of March 31, 2026, are as follows:


	Future Minimum Rental Operating Leases
(Dollars in Thousands)
2026	$	6,353
2027	9,028
2028	8,484
2029	7,204
2030	6,442
2031 and beyond	49,603
Total lease payments	87,114
Less: Imputed interest	26,333
Present value of lease liabilities	$	60,781