v3.26.1
Leases (Tables)
 6 Months Ended
Jun. 30, 2026
Leases [Abstract]  
Lessee, Balance Sheet and Income Statement Effect
The following table summarizes the impact of the Company's leases on its financial statements (in thousands):

Balance SheetFinancial statement captionJune 30, 2026December 31, 2025
Right-of-use asset - operatingOther assets$9,849 $9,935 
Lease liability - operatingAccounts payable and other accrued expenses$13,125 $13,356 
Three Months Ended June 30,Six Months Ended June 30,
Income StatementFinancial statement caption2026202520262025
Operating lease cost(1)
Administrative expenses$809 $789 $1,594 $1,546 
(1)    Includes short-term leases that are immaterial.
Schedule of Weighted-Average Operating Lease
The following table includes supplemental information related to the Company's operating leases:

June 30, 2026
Weighted-Average Remaining Lease Term
7.3 years
Weighted-Average Discount Rate5.48 %
Schedule of deferred revenue
As of June 30, 2026, the Company has deferred revenue balances related to upfront payments received in return for reduced lease rates during the lease term. These amounts will be amortized into revenue as follows (in thousands):

Years ending December 31,
2026 (Remaining 6 months)$15,254 
202717,425 
202815,392 
202913,837 
20308,426 
2031 and thereafter
20,956 
Total$91,290 
Schedule of components of the net investment in finance leases
The following table summarizes the components of the net investment in finance leases (in thousands):
June 30, 2026December 31, 2025
Future minimum lease payment receivable(1)
$1,951,659 $2,053,619 
Estimated residual receivable(2)
290,704 299,919 
Gross finance lease receivables(3)
2,242,363 2,353,538 
Unearned income(4)
(622,810)(672,950)
Net investment in finance leases(5)
$1,619,553 $1,680,588 
(1)     There were no executory costs included in gross finance lease receivables as of June 30, 2026 and December 31, 2025.
(2)    The Company's finance leases generally include a purchase option at nominal amounts that is reasonably certain to be exercised, and therefore, the Company has immaterial residual value risk.
(3)    The gross finance lease receivable is reduced as billed to customers and reclassified to accounts receivable until paid by customers.
(4)     There were no unamortized initial direct costs as of June 30, 2026 and December 31, 2025.
(5)    One major customer represented 93% of the Company's finance lease portfolio as of June 30, 2026 and December 31, 2025, respectively. No other customer represented more than 10% of the Company's finance lease portfolio in each of those periods.