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Leases (Tables)
9 Months Ended
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)2025202420252024
Operating leases$475 $650 $1,633 $2,015 
Finance leases:
Amortization of lease assets45 64 155 196 
    Interest on lease liabilities5 — 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 liabilities172 226 
Non-current:
Operating lease liabilities5,774 3,728 
Finance lease liabilities254 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 
20261,790 176 1,966 
20271,296 129 1,425 
2028964 73 1,037 
2029947 17 964 
Thereafter2,933 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 leases6.373.88
Finance leases2.802.84
Weighted average discount rate
Operating leases4.1 %4.0 %
Finance leases4.5 %4.4 %