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Leases (Tables) | 9 Months Ended
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Sep. 30, 2025
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 is as follows:
| Three Months Ended September 30, | Nine Months Ended September 30,
(in thousands) | 2025 | 2024 | 2025 | 2024
Operating leases | $ | 475 |  | $ | 650 |  | $ | 1,633 |  | $ | 2,015 |
Finance leases: |  |  |  |
Amortization of lease assets | 45 |  | 64 |  | 155 |  | 196 |
Interest on lease liabilities | 5 |  | — |  | 16 |  | — |
Lease expense | $ | 525 |  | $ | 714 |  | $ | 1,804 |  | $ | 2,211 |
Sub-lease income | (22) |  | (51) |  | (87) |  | (172) |
Lease cost | $ | 503 |  | $ | 663 |  | $ | 1,717 |  | $ | 2,039 |
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, 2025 | As of December 31, 2024
Current: |  |
Operating lease liabilities | $ | 1,424 |  | $ | 2,026 |
Finance lease liabilities | 172 |  | 226 |
Non-current: |  |
Operating lease liabilities | 5,774 |  | 3,728 |
Finance lease liabilities | 254 |  | 376 |
Total lease liabilities | $ | 7,624 |  | $ | 6,356 |
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, 2025, are summarized as follows:
Year Ended (in thousands) | Operating Leases | Finance Leases | Total
2025 | $ | 274 |  | $ | 49 |  | $ | 323 |
2026 | 1,790 |  | 176 |  | 1,966 |
2027 | 1,296 |  | 129 |  | 1,425 |
2028 | 964 |  | 73 |  | 1,037 |
2029 | 947 |  | 17 |  | 964 |
Thereafter | 2,933 |  | 9 |  | 2,942 |
Total undiscounted payments | $ | 8,204 |  | $ | 453 |  | $ | 8,657 |
Less: present value adjustment | (1,006) |  | (27) |  | (1,033) |
Lease liabilities | $ | 7,198 |  | $ | 426 |  | $ | 7,624 |
Lease Other Information | Supplemental lease information is as follows:
| As of September 30, 2025 | As of December 31, 2024
Weighted average remaining lease term (years) |  |
Operating leases | 6.37 | 3.88
Finance leases | 2.80 | 2.84
Weighted average discount rate |  |
Operating leases | 4.1 | % | 4.0 | %
Finance leases | 4.5 | % | 4.4 | %

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- Definition Lease Other Information + References No definition available. + Details
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- Definition Lessee, lease liability, current and noncurrent + References No definition available. + Details
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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating and finance lease liabilities. Includes, but is not limited to, reconciliation of undiscounted cash flows to the lease liability recognized in statement of financial position. + References No definition available. + Details
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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-4 + Details
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- References No definition available. + Details
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