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Leases | 6 Months Ended
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Jun. 30, 2025
Leases [Abstract] |
Leases | 8. Leases As of June 30, 2025, 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) 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 June 30, 2025 |  |  | As of December 31, 2024 |
Weighted average remaining lease term – operating leases (in years) |  |  | 3.0 |  |  |  | 3.3 |
Weighted average discount rate – operating leases |  |  | 7.5 | % |  |  | 7.3 | %
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Operating lease cost |  | $ | 268,000 |  |  | $ | 251,000 |  |  | $ | 538,000 |  |  | $ | 534,000 |
Short-term lease cost |  |  | 96,000 |  |  |  | 61,000 |  |  |  | 196,000 |  |  |  | 221,000 |
Variable lease cost |  |  | 78,000 |  |  |  | 66,000 |  |  |  | 175,000 |  |  |  | 120,000 |
Total Rent and occupancy |  | $ | 442,000 |  |  | $ | 378,000 |  |  | $ | 909,000 |  |  | $ | 875,000 |
Operating cash flows from operating leases |  | $ | 290,000 |  |  | $ | 267,000 |  |  | $ | 557,000 |  |  | $ | 536,000 |
Lease Commitments Future annual minimum payments for operating leases with initial terms of greater than one year as of June 30, 2025 were as follows:
Year |  | Amount |
2025 |  | $ | 503,000 |
2026 |  |  | 864,000 |
2027 |  |  | 613,000 |
2028 |  |  | 522,000 |
2029 |  |  | 58,000 |
Remaining balance of lease payments |  |  | 2,560,000 |
Less: difference between undiscounted cash flows and discounted cash flows |  |  | 277,000 |
Lease liabilities |  | $ | 2,283,000 |

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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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