The Company has operating leases primarily for vehicles. Prior to the Corporate Reorganization, the Predecessor subleased a portion of a corporate office, for which the Predecessor received monthly payments, which have been netted with lease costs in the unaudited condensed consolidated statements of operations and related disclosures. Sublease income recorded within the unaudited condensed consolidated statements of operations for the three and six months ended June 30, 2026 and 2025 totaled less than $0.1 million. The operating lease liabilities are included in Short-term lease liability and Long-term lease liability in the unaudited condensed consolidated balance sheets. Lease costs and other information related to operating leases are as follows:


	Six Months Ended June 30,				Three Months Ended June 30,
(in thousands)	2026		2025		2026		2025
Lease Cost
General & administrative expense	$	304	$	235	$	188	$	113

Total lease cost	$	304	$	235	$	188	$	113

Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used in operating leases	$	307	$	347	$	143	$	172

Lease terms and discount rates are as follows:


	June 30, 2026			December 31, 2025
Weighted-average remaining lease term (in years):
Operating leases	6.6 years			2.9 years
Weighted-average discount rate:
Operating leases		5.9	%		9.1	%

As of June 30, 2026, the future minimum payments under the lease are as follows:


(in thousands)
Year Ending December 31,	Operating Leases
Remainder of 2026	$	(168	)
2027		342
2028		322
2029		276
2030		269
Thereafter		836
Total future minimum lease payments	$	1,877
Less: Interest		(391	)
Present value of lease liabilities	$	1,486

Corporate Office Lease

In June 2026, the Company entered into a 7.5-year operating lease for approximately 6,251 square feet of corporate office space in Houston, Texas, commencing upon delivery of the premises in June 2026 and expiring December 31, 2033. The premises are being built out as the Company’s permanent corporate office and are expected to be available for occupancy in January 2027, with rent payments beginning January 2027. The lease contains a five-year renewal option that the Company is not reasonably certain to exercise and provides a tenant improvement allowance of approximately $0.3 million. At commencement, the Company recognized an operating lease right-of-use asset of approximately $1.2 million and an operating lease liability of approximately $1.2 million, using an incremental borrowing rate of 5.75% derived from the Company’s senior secured revolving credit facility. The tenant improvement allowance is accounted for as a reduction of lease payments in measuring the operating lease liability. Fixed lease cost is recognized on a straight-line basis over the lease term; the Company’s pro rata share of building operating costs is recognized as variable lease cost as incurred.

In 2025, the Company entered into a commercial real estate surface lease agreement with a third-party commercial real estate development company for approximately 6.86 acres of land for the development of a commercial convenience store. The agreement has a total term of up to 60 years, including two extension options. Payments under the lease commenced in the second quarter of 2026. Upon completion of construction during the first quarter of 2026, management determined the lease met the criteria to be classified as a sales-type lease because the present value of fixed and determinable future payments exceeded the fair value of the associated land. As such, the Company derecognized the land and recognized a net investment in the lease, resulting in a $3.3 million gain on net investment in sales-type lease within the unaudited condensed consolidated statements of operations for the six months ended June 30, 2026.