LEASES (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Information Regarding Operating Leases

The following tables present information regarding operating leases recorded on the Condensed Consolidated Balance Sheets where the Company is the lessee for the periods indicated.


(Dollars in thousands)	As of March 31, 2026		As of December 31, 2025
Carrying values by asset category
ROU Asset:
Geothermal land leases	$	48,071	$	45,609
Equipment	36,612		6,188
Office space	6,180		6,635
Vehicles	249		281
Total	$	91,112	$	58,713
Lease Liability(1):
Geothermal land leases	$	67,053	$	62,744
Equipment	36,140		6,300
Office space	8,249		8,144
Vehicles	242		273
Total	$	111,684	$	77,461


By asset category	As of March 31, 2026		As of December 31, 2025

Weighted average remaining term
Geothermal land leases	14 years		14 years
Equipment	4 years		9 years
Office space	3 years		3 years
Vehicles	2 years		2 years

Weighted average discount rate(2):
Geothermal land leases	11.4	%	11.4	%
Equipment	8.3	%	12.0	%
Office space	8.1	%	8.7	%
Vehicles	9.6	%	9.6	%

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(1) The short-term and long-term lease liability totals $25.3 million and $86.3 million as of March 31, 2026, respectively, and $4.8 million and $72.6 million as of December 31, 2025.

(2) The discount rate for each category of assets represents the Company’s incremental borrowing rate (“IBR”) for leases.

Schedule of Future Minimum Lease Payments Associated with Operating Leases

The following is a schedule showing the Company’s future minimum lease payments associated with the operating leases together with the present value of the net minimum lease payments for the periods indicated.


(Dollars in thousands)	As of March 31, 2026

2026	$	23,897
2027	17,827
2028	7,132
2029	13,419
2030	12,921
Thereafter	139,632
Total minimum lease payments	$	214,828
Less: Amount representing interest	103,144
Total lease obligation	$	111,684
Less: Current lease obligation	25,335
Long-term lease obligation	$	86,349