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Commitments and Contingencies | 12 Months Ended
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Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract] |
Commitments and Contingencies | Commitments and Contingencies Legal Matters The Company is subject, from time to time, to various types of third-party legal claims or litigation that arise in the ordinary course of business, including, but not limited to, property loss claims, personal injury or other damages resulting from contact with the Company's properties. These claims and lawsuits and any resulting damages are generally covered by the Company's insurance policies. The Company accrues for legal costs associated with loss contingencies when these costs are probable and reasonably estimable. While the resolution of these matters cannot be predicted with certainty, based on currently available information, management does not expect that the final outcome of any pending claims or legal proceedings will have a material adverse effect on the financial condition, results of operations or cash flows of the Company. Captive Insurance Company In April 2023, the Company formed a wholly-owned captive insurance company (the "Captive") which provides insurance coverage for all losses below the deductibles of the Company’s third party liability insurance policies relating to wind, flood, named windstorm, earthquake, fire, and other property-related perils. The Company formed the Captive as part of its overall risk management program and to stabilize insurance costs, manage exposures, and recoup expenses through the function of the captive program. The Captive is capitalized in accordance with the applicable regulatory requirements. As of December 31, 2023, the Captive had no outstanding or unpaid claims. Operating Lease Commitments The Company is the lessee under various operating leases for corporate office space for which the Company recognizes right-of-use (“ROU”) assets and related lease liabilities. The following table summarizes the Company's operating lease arrangements as of December 31, 2023 and 2022:
|  |  | As of
| Balance Sheet Caption |  | December 31, 2023 |  | December 31, 2022
Operating lease ROU assets | Deferred costs and other assets, net |  | $ | 3,220 |  |  | $ | 3,220 |
Operating lease ROU accumulated amortization | Deferred costs and other assets, net |  | $ | (967) |  |  | $ | (570) |
Operating lease liabilities | Other liabilities |  | $ | 3,023 |  |  | $ | 3,265 |
Weighted-average remaining lease term |  | 6.0 years |  | 6.7 years
Weighted-average discount rate |  | 4.47 | % |  | 4.35 | %
The following table summarizes the Company's operating lease arrangements for the years ended December 31, 2023 and 2022:
| Statement of Operations and Comprehensive Income (Loss) Caption |  | Year ended December 31,
|  | 2023 |  | 2022
Minimum lease payments | General and administrative |  | $ | 570 |  |  | $ | 528 |
Variable lease payments | General and administrative |  | 298 |  |  | 343 |
Short-term lease payments | General and administrative |  | 114 |  |  | 97 |
Total lease cost |  |  | $ | 982 |  |  | $ | 968 |
The following table summarizes the Company's future minimum operating lease obligations as of December 31, 2023:
Scheduled minimum payments by year: | Future Minimum Lease Payments
2024 | $ | 628 |
2025 | 511 |
2026 | 517 |
2027 | 529 |
2028 | 522 |
Thereafter | 786 |
Total expected minimum lease obligation | 3,493 |
Less: Amount representing interest (a) | (470) |
Present value of net minimum lease payments | $ | 3,023 |
(a)Interest includes the amount necessary to reduce the total expected minimum lease obligations to present value calculated at the Company's incremental borrowing rate.

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