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Leases | 12 Months Ended
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Dec. 31, 2022
Leases Disclosure [Abstract] |
Leases | 10. Leases As of December 31, 2022, all of the Company’s leases are classified as operating and primarily consist of office space leases expiring in 2023 through 2027. The Company elected not to include short-term leases (i.e., leases with initial terms of less than twelve months), or equipment leases (deemed immaterial) on the statements of financial condition. The Company leases some miscellaneous office equipment, but they are immaterial and therefore the Company records the costs associated with this office equipment on the statements of operations rather than capitalizing them as lease right-of-use assets. The balance of the lease right-of-use assets and lease liabilities are displayed on the statements of financial condition and the below tables display further detail on the Company’s leases.
Lease Term and Discount Rate |  | As of December 31, 2022 |  | As of December 31, 2021
Weighted average remaining lease term – operating leases (in years) |  |  | 2.7 |  |  | 2.9 |
Weighted average discount rate – operating leases |  |  | 5.0 | % |  | 5.0 | %
|  | Year Ended December 31,
|  | 2022 |  |  | 2021
Operating lease cost |  | $ | 1,299,000 |  |  | $ | 1,653,000 |
Short-term lease cost |  |  | 366,000 |  |  |  | 97,000 |
Variable lease cost |  |  | 290,000 |  |  |  | 180,000 |
Total Rent and occupancy |  | $ | 1,955,000 |  |  | $ | 1,930,000 |
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 1,380,000 |  |  | $ | 1,665,000 |
Lease right-of-use assets obtained in exchange for new lease liabilities |  |  |  |  |  |  |  |
Operating leases |  | $ | 888,000 |  |  | $ | 1,966,000 |
Lease Commitments Future annual minimum payments for operating leases with initial terms of greater than one year as of December 31, 2022 were as follows:
Year |  | Amount |
2023 |  | $ | 1,246,000 |
2024 |  |  | 588,000 |
2025 |  |  | 450,000 |
2026 |  |  | 234,000 |
2027 |  |  | 48,000 |
Remaining balance of lease payments |  |  | 2,566,000 |
Less: Difference between undiscounted cash flows and discounted cash flows |  |  | 163,000 |
Lease liabilities |  | $ | 2,403,000 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=77888251 + Details
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