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Property, Office Facilities, and Equipment, Net
 12 Months Ended
Dec. 31, 2024
Property, Office Facilities, and Equipment, Net [Abstract]  
Property, Office Facilities, and Equipment, Net

9. Property, Office Facilities, and Equipment, Net

 

Property, office facilities, and equipment consisted of the following as of the periods indicated:

 

   As of December 31, 
   2024   2023 
Property  $6,815,000   $6,815,000 
Office facilities   4,165,000    2,475,000 
Equipment   945,000    726,000 
Total Property, office facilities, and equipment   11,925,000    10,016,000 
Less accumulated depreciation   (1,680,000)   (612,000)
Total Property, office facilities, and equipment, net  $10,245,000   $9,404,000 

 

Total depreciation expense for property, office facilities, and equipment was $814,000 and $589,000 for the years ended December 31, 2024 and 2023, respectively.

 

On July 7, 2023, the Company entered into a new lease agreement for office space in the World Financial Center in New York City. For the years ended December 31, 2024 and 2023, the Company invested $828,000 and $129,000 to build out the New York office space, respectively. Depreciation expense commenced in March 2024, when the New York office space was placed into service.

 

In the second quarter of 2024, the Company completed the construction of its office in Omaha, Nebraska, investing $211,000 during the year ended December 31, 2024.

 

Miami Office Building

 

On December 30, 2021, the Company purchased the Miami office building located at 653 Collins Ave, Miami Beach, FL (“Miami office building”). The Miami office building contains approximately 12,000 square feet of office space and serves as the headquarters of the Company.

 

Depreciation expense commenced in April 2023 when the Miami office building was completed and placed in service. The Company invested $393,000 and $1,313,000 in the years ended December 31, 2024 and 2023, respectively, to build out the Miami office building.