| Leases |
The components of lease expense were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30, |
|
|
Six Months Ended
June 30, |
|
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
Operating Lease Cost |
|
$ |
11,973 |
|
|
$ |
11,575 |
|
|
$ |
23,696 |
|
|
$ |
22,162 |
|
Variable Lease Cost |
|
|
1,652 |
|
|
|
1,422 |
|
|
|
3,602 |
|
|
|
2,846 |
|
Sublease Income |
|
|
(357 |
) |
|
|
(239 |
) |
|
|
(713 |
) |
|
|
(442 |
) |
Total Lease Cost |
|
$ |
13,268 |
|
|
$ |
12,758 |
|
|
$ |
26,585 |
|
|
$ |
24,566 |
|
Supplemental information related to the Company’s operating leases was as follows:
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, |
|
|
|
2026 |
|
|
2025 |
|
Cash Paid for Amounts Included in Measurement of Lease Liabilities |
|
|
|
|
|
|
Operating Cash Flows from Operating Leases, Net |
|
$ |
12,524 |
|
|
$ |
301 |
|
Right-of-Use Assets Obtained in Exchange for Operating Lease Liabilities |
|
$ |
13,121 |
|
|
$ |
36,687 |
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
2026 |
|
|
December 31,
2025 |
|
Weighted-Average Remaining Lease Term (in years) |
|
|
13.3 |
|
|
|
13.7 |
|
Weighted-Average Discount Rate |
|
|
6.9 |
% |
|
|
6.9 |
% |
The following is a maturity analysis of the annual undiscounted cash flows of the Company’s operating lease liabilities as of June 30, 2026:
|
|
|
|
|
Year Ending December 31, |
|
|
|
2026 (July 1 through December 31) |
|
$ |
14,478 |
|
2027 |
|
|
43,648 |
|
2028 |
|
|
51,631 |
|
2029 |
|
|
51,357 |
|
2030 |
|
|
47,468 |
|
Thereafter |
|
|
454,141 |
|
Total Lease Payments |
|
|
662,723 |
|
Less: Tenant Improvement Allowances |
|
|
13,398 |
|
Less: Imputed Interest |
|
|
229,975 |
|
Total |
|
$ |
419,350 |
|
|