Annual report pursuant to Section 13 and 15(d)

COMMITMENTS AND CONTINGENCIES (Tables)

v3.24.0.1
COMMITMENTS AND CONTINGENCIES (Tables)
 12 Months Ended
Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]  
Summary of Lease Cost
The following table summarizes the Company’s leases as of December 31, 2023 and 2022 (dollar amounts in thousands):
December 31,
2023 2022
Right-of-use assets, included in Other assets $ 17,491  $ 15,260 
Lease Liabilities, included in Other liabilities $ 19,557  $ 17,490 
Weighted-average remaining lease term (in years) 5.9 4.2
Weighted-average discount rate 4.82  % 4.24  %
The components of lease expense included in general and administrative expenses in the consolidated and combined statements of operations for the years ended December 31, 2023 and 2022 are as follows (in thousands):
Year Ended December 31,
2023 2022
Operating lease costs $ 4,562  $ 4,310 
Variable lease costs 222  204 
Total lease costs, included in general and administrative expenses $ 4,784  $ 4,514 
Cash paid for amounts included in the measurement of operating lease liabilities $ 4,935  $ 4,410 
Summary of Maturities of Operating Lease Liabilities
As of December 31, 2023, the maturities of operating lease liabilities were as follows (in thousands):
2024 $ 3,819 
2025 4,274 
2026 4,259 
2027 3,813 
2028 1,251 
Thereafter 5,497 
Total lease liabilities 22,913 
Less: Imputed interest (3,356)
Total operating lease liabilities $ 19,557