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Property, Office Facilities, and Equipment, Net
 3 Months Ended
Mar. 31, 2025
Property, Office Facilities, and Equipment, Net [Abstract]  
Property, Office Facilities, and Equipment, Net

5. Property, Office Facilities, and Equipment, Net

 

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

 

  

As of

March 31,
2025

  

As of

December 31,
2024

 
Property  $6,815,000   $6,815,000 
Office facilities   4,333,000    4,165,000 
Equipment   984,000    945,000 
Total Property, office facilities, and equipment   12,132,000    11,925,000 
Less accumulated depreciation   (1,921,000)   (1,680,000)
Total Property, office facilities, and equipment, net  $10,211,000   $10,245,000 

 

Total depreciation expense for property, office facilities, and equipment was $242,000 and $146,000 for the three months ended March 31, 2025 and 2024, respectively.

 

The Company invested $99,000 to build out its office in Omaha, Nebraska, for the three months ended March 31, 2024. The Company invested $23,000 and $664,000 to build out the New York office space in the World Financial Center for the three months ended March 31, 2025 and 2024, respectively. Depreciation expense commenced in March 2024, when the New York office space was placed into service.

 

Miami Office Building

 

On December 30, 2021, the Company purchased an 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.

 

The Company invested $120,000 and $58,000 in the three months ended March 31, 2025 and 2024, respectively, to build out the Miami office building. Depreciation expense commenced in April 2023 when the Miami office building was completed and placed in service.