Leases

9 Months Ended

Sep. 30, 2026

Leases [Abstract]

4. Leases

Operating Leases – Lessee

Operating lease balances were as follows (in thousands):


		Balance Sheet location		September 30, 2026			December 31, 2025
Operating leases
Right-of-use assets		Other long-term assets		$	1,128,432		$	1,089,709
Current operating lease liabilities		Accrued expenses and other liabilities			34,192			32,064
Non-current operating lease liabilities		Other long-term liabilities			906,131			897,899

Operating Leases – Lessor

In March 2026, we executed a long-term lease for Seven Seas Navigator. The lease will commence in December 2027 and has a term of nine years unless a purchase option is exercised prior to the end of the term. There are multiple purchase options through the end of the lease term, which decline in value annually. The lease is expected to be an operating lease. The aggregate undiscounted lease payments to be received throughout the terms of the agreements, including variable payments, are expected to be approximately $100 million excluding the impact of the purchase options.

In September 2026, a bareboat charter for Norwegian Sky commenced. The bareboat charter has a term of 10 years and has fixed payments of $15.3 million for the first two years and $13.3 million each year thereafter.