Note 11 — Leases

Lessee — The following table presents certain information related to lease costs for finance and operating leases as of:

As of June 30, 2026 and 2025, the weighted-average discount rate for operating leases was 6.96% and 6.88%, respectively and the weighted-average remaining lease term was 7.9 and 7.3 years, respectively.

The Company's finance leases matured during the quarter ended March 31, 2026. Accordingly, as of June 30, 2026, no finance lease liabilities remained outstanding. As of June 30, 2025, the weighted-average discount rate for finance leases was 12.08%, and the weighted-average remaining lease term was 0.5 years. 

As of June 30, 2026, future maturities of the lease liabilities were as follows: 

Lessor — The Company leases various types of transportation-related equipment to independent third-parties under lease contracts which are generally for a term of one to eight years and contain an option for the lessee to return or purchase the equipment. Depending on the lease agreement, the Company has recorded these as either sales-type leases or operating leases. The Company assesses a third-party’s ability to pay based on the financial capacity and intention to pay, considering all relevant facts and circumstances, including past experiences with that third-party or similar third-parties. For those leases classified as sales-type leases where collectability of lease payments is not probable at lease commencement, the Company does not derecognize the underlying asset, and the payments received for these leases are recorded as deposit liabilities. Deposit liabilities of $9,402,792 and $8,497,950 were reported in accrued liabilities on the condensed consolidated balance sheet as of June 30, 2026 and December 31, 2025, respectively. The determination of collectability is an ongoing assessment, at the time that collectability is determined probable, including in instances where a lease is terminated where collectability is determined probable, the liability and assets will be derecognized with a corresponding earnings recognition.

Lease receivables are carried at the aggregate of lease payments receivable plus the estimated residual value of the leased assets and any initial direct costs incurred to originate these leases, less unearned income, which is accreted to interest income over the lease term using the interest method. Lease receivables of $81,206 and $148,511 are reported as net investment in leases on the condensed consolidated balance sheet as of June 30, 2026, and December 31, 2025, respectively.

For the six and three months ended June 30, 2026 and 2025, the Company recorded sales-type lease revenue of $1,484,914, $1,021,361, $1,146,783 and $456,521, respectively, within operating revenue on the condensed consolidated statement of operations.

For the six and three months ended June 30, 2026 and 2025, the Company recorded interest income of $5,519, $2,180, $20,554 and $8,158, respectively, within interest expense, net on the condensed consolidated statements of operations.

As of June 30, 2026, future minimum lease payments expected to be collected were as follows: