Leases

3 Months Ended

Mar. 31, 2026

9.Leases

The Company enters into leases as a lessee for data centers, office space, and technology equipment. Lease expense associated with these arrangements are included in other selling, general and administrative expenses in the Company’s combined and condensed consolidated statements of operations.

The components of lease expense for the three months ended March 31, 2026 and 2025, are presented as follows (in thousands):


	For the Three Months Ended March 31,
	2026			2025
Operating lease costs	$	289		$	537
Total lease costs	$	289		$	537

The following table provides supplemental combined and condensed consolidated balance sheet information related to leases as of March 31, 2026, and December 31, 2025 (in thousands, except lease term and discount rate):


			As of March 31,			As of December 31,
	Classification		2026			2025
Assets
Operating lease right-of-use assets	Other assets		$	3,458		$	3,658
Total lease right-of-use assets			$	3,458		$	3,658

Liabilities
Operating lease liabilities	Other liabilities		$	3,891		$	4,179
Total lease liabilities			$	3,891		$	4,179

Weighted-average remaining lease term (in years)				4.7			4.8
Weighted-average discount rate				7.3	%		7.6	%

Minimum future payments on non-cancellable operating leases as of March 31, 2026, are summarized as follows (in thousands):


	Operating Leases
2026	$	889
2027		1,129
2028		763
2029		570
2030		541
Thereafter		796
Total undiscounted lease payments		4,688
Less: imputed interest		(797)
Lease obligations under operating leases	$	3,891