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Leases | 12 Months Ended
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Dec. 31, 2024
Leases [Abstract] |
Leases | 11. Leases As of December 31, 2024, all of the Company’s leases are classified as operating and primarily consist of office space leases expiring in 2025 through 2029. 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) in the consolidated 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 in the consolidated 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 in the consolidated statements of financial condition and the below tables display further detail on the Company’s leases. On July 7, 2023, the Company entered into a new lease agreement expiring in December 2028 for office space in the World Financial Center in New York City. This office replaced the New Jersey office as one of the Company’s key operating centers and the total commitment of the lease is approximately $2.1 million. In October 2024, the Company transitioned its branch office in Omaha, Nebraska from a month-to-month agreement to a fixed-term commitment of five years expiring in September 2029. In November 2024, the Company entered into a new lease agreement expiring in February 2027 for office space in Chicago. This office is intended to support the expansion of our retail business and will be utilized upon commencement of operations. The total commitment of both leases is approximately 0.5 million.
Lease Term and Discount Rate |  | As of December 31, 2024 |  |  | As of December 31, 2023 |
Weighted average remaining lease term – operating leases (in years) |  |  | 3.3 |  |  |  | 3.9 |
Weighted average discount rate – operating leases |  |  | 7.3 | % |  |  | 6.9 | %
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |
Operating lease cost |  | $ | 1,019,000 |  |  | $ | 1,326,000 |
Short-term lease cost |  |  | 369,000 |  |  |  | 392,000 |
Variable lease cost |  |  | 243,000 |  |  |  | 155,000 |
Total Rent and occupancy |  | $ | 1,631,000 |  |  | $ | 1,873,000 |
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases |  | $ | 985,000 |  |  | $ | 1,256,000 |
Lease right-of-use assets obtained in exchange for new lease liabilities
Operating leases |  | $ | 493,000 |  |  | $ | 1,693,000 |
Lease Commitments Future annual minimum payments for operating leases with initial terms of greater than one year as of December 31, 2024 were as follows:
Year |  | Amount |
2025 |  | $ | 1,048,000 |
2026 |  |  | 836,000 |
2027 |  |  | 594,000 |
2028 |  |  | 503,000 |
2029 |  |  | 45,000 |
Remaining balance of lease payments |  |  | 3,026,000 |
Less: difference between undiscounted cash flows and discounted cash flows |  |  | 353,000 |
Lease liabilities |  | $ | 2,673,000 |

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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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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