The Company’s lease receivables consist of the following:

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The leases are direct financing leases of drilling equipment.  The lease terms are three to five years with a residual payment at the end of the term.  The lease terms include provisions for prepayment after a certain period. For the years ended December 31, 2025 and 2024, lease payments received totaled $0.7 million and $0.2 million, respectively, and lease income was $0.2 million and less than $0.1 million, respectively, and is recorded in other income (loss) in the consolidated statements of operations and comprehensive loss.

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Lease receivable maturities including residual values as of December 31, 2025 are as follows:

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