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LEASES | 12 Months Ended
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Dec. 31, 2024
Leases [Abstract] |
LEASES | 15. LEASES The Company maintains certain property and equipment under direct financing and operating leases. As of December 31, 2024, the Company’s operating lease ROU asset and operating lease liability totaled $40.3 million and $43.6 million, respectively. As of December 31, 2023, the Company’s operating lease ROU asset and operating lease liability totaled $12.1 million and $12.9 million, respectively. The increase in the Company's operating lease liability and ROU asset was primarily due to the modification of the existing lease on the main office, which had an operating lease liability balance of $18.6 million and an ROU asset balance of $17.8 million as of December 31, 2024. Additionally, the Company executed a lease for our New York City location, which resulted in an operating lease liability of $14.7 million and an ROU asset of $12.8 million as of December 31, 2024. A weighted average discount rate of 4.40 percent and 2.72 percent was used in the measurement of the ROU asset and lease liability as of December 31, 2024 and 2023, respectively. The Company's leases had remaining lease terms between four months to 12 years, with a weighted average lease term of 9.28 years, at December 31, 2024. The Company's leases had remaining lease terms between four months to 13 years, with a weighted average lease term of 6.75 years, at December 31, 2023. The Company’s lease agreements may include options to extend or terminate the lease. The Company’s decision to exercise renewal options is based on an assessment of its current business needs and market factors at the time of the renewal. Total operating lease costs were $5.7 million and $3.2 million for the years ended December 31, 2024 and 2023, respectively. The variable lease costs were $366,000 and $260,000 for the years ended December 31, 2024 and 2023, respectively. The following is a schedule of the Company's operating lease liabilities by contractual maturity as of December 31, 2024:
(In thousands) |  |  |
2025 |  | $ | 6,159 |
2026 |  |  | 6,156 |
2027 |  |  | 5,807 |
2028 |  |  | 5,611 |
2029 |  |  | 5,283 |
Thereafter |  |  | 24,497 |
Total lease payments |  |  | 53,513 |
Less: imputed interest |  |  | 9,944 |
Total present value of lease payments |  | $ | 43,569 |
The following table shows the supplemental cash flow information related to the Company’s direct finance and operating leases for the years ended December 31:
(In thousands) |  | 2024 |  |  | 2023 |
Right-of-use asset obtained in exchange for lease obligation |  | $ | 32,302 |  |  | $ | 1,926 |
Operating cash flows from operating leases |  |  | 4,607 |  |  |  | 2,902 |
Operating cash flows from direct finance leases |  |  | 89 |  |  |  | 191 |
Financing cash flows from direct finance leases |  |  | 343 |  |  |  | 748 |

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