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Leases | 6 Months Ended
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Jun. 30, 2025
Leases [Abstract] |
Leases |
Note 11. | Leases
The Company has two operating lease agreements, each for the use of office space in the ordinary course of business. The original term of the first lease was to automatically renew on an annual basis and was amended on December 26, 2024, when the Company and its subsidiary, Bankers Fidelity Life Insurance Company, entered into a Second Amendment to the Lease Agreement (the “Second Amendment”) with 4370 Peachtree LLC. The Second Amendment amends the Lease Agreement, dated November 1, 2007, by and among the same parties (as previously amended, the “Lease Agreement”), pursuant to which the Company leases space for its principal offices and for some of its insurance operations in an office building located in Atlanta, Georgia. Pursuant to the Second Amendment, the Lease Agreement was modified to increase the base rent payable by the Company, beginning January 1, 2025. The Second Amendment also provides for rent adjustment on January 1, 2027, January 1, 2030 and each five years thereafter. The original term of the second lease was ten years and amended in January 2017 to provide for an additional seven years, with a termination date on September 30, 2026. The rate used in determining the present value of lease payments is based upon an estimate of the Company’s incremental secured borrowing rate commensurate with the term of the underlying lease. These leases are accounted for as operating leases, whereby lease expense is recognized on a straight-line basis over the term of the lease. Lease expense reported for the six months ended June 30, 2025 and June 30, 2024 was $569 and $507, respectively. Additional information regarding the Company’s real estate operating leases is as follows:
|  | Six Months Ended June 30, |
|  | 2025 |  |  | 2024 |
Cash payments included in the measurement of lease liabilities reported in operating cash flows |  | $ | 600 |  |  | $ | 529 |
Right-of-use assets included in other assets on the condensed consolidated balance sheet |  |  | 4,880 |  |  |  | 2,196 |
Weighted average discount rate |  |  | 7.9 | % |  |  | 6.8 | %
Weighted average remaining lease term in years |  | 7.4 years |  |  | 2.4 years |
The following table presents maturities and present value of the Company’s lease liabilities:
|  | Lease Liability |
Remainder of 2025 |  | $ | 607 |
2026 |  |  | 1,066 |
2027 |  |  | 645 |
2028 |  |  | 645 |
2029 |  |  | 645 |
Thereafter |  |  | 3,595 |
Total undiscounted lease payments |  |  | 7,203 |
Less: present value adjustment |  |  | 2,220 |
Operating lease liability included in accounts payable and accrued expenses on the condensed consolidated balance sheet |  | $ | 4,983 |
As of June 30, 2025, the Company has no operating leases that have not yet commenced.

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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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