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 dependent on the executed contract. For the three months ended March 31, 2026 and 2025, lease payments received totaled $0.2 million and $0.1 million, respectively. Lease income was less than $0.1 million and less than $0.1 million for the three months ended March 31, 2026 and 2025, respectively.

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Lease receivable maturities including residual values are as follows:

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