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Leases (Tables)
9 Months Ended
Sep. 30, 2024
Leases [Abstract]  
Lease, Cost
Lease expense is included in office and technology expenses in the unaudited Consolidated Statements of Operations. Information regarding the Company’s leases follows:
Three Months Ended
September 30,
Nine Months Ended
September 30,
(in thousands)2024202320242023
Operating leases$650 $663 $2,015 $2,139 
Finance leases:
Amortization of lease assets64 74 196 182 
Lease expense$714 $737 $2,211 $2,321 
Sub-lease income(51)— (172)— 
Lease cost$663 $737 $2,039 $2,321 
Lessee, Lease Liability, Current and Non-current
Components of the lease liability presented on the unaudited Consolidated Balance Sheets are as follows:
(in thousands)As of
September 30, 2024
As of
December 31, 2023
Current:
Operating lease liabilities$2,265 $2,201 
Finance lease liabilities224 170 
Non-current:
Operating lease liabilities3,171 3,792 
Finance lease liabilities428 286 
Total lease liabilities$6,088 $6,449 
Lessee, Lease Liability, Maturity
The future minimum lease payments for leases that have initial or remaining noncancelable lease terms in excess of one year as of September 30, 2024, are summarized as follows:
Year Ended (in thousands)Operating
Leases
Finance
Leases
Total
2024$2,430 $247 $2,677 
20251,613 215 1,828 
2026840 156 996 
2027297 80 377 
2028264  264 
Thereafter366  366 
Total undiscounted payments$5,810 $698 $6,508 
Less: present value adjustment(374)(46)(420)
Lease liabilities$5,436 $652 $6,088 
Lease Other Information
Supplemental lease information is as follows:
As of
September 30, 2024
As of
December 31, 2023
Weighted average remaining lease term (years)
Operating leases3.333.07
Finance leases3.032.93
Weighted average discount rate
Operating leases4.0 %3.8 %
Finance leases4.4 %3.7 %