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LEASES | 12 Months Ended
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Dec. 31, 2024
LEASES |
LEASES | 13.LEASES The Company has obligations as a lessee for office space with initial noncancelable terms in excess of one year. The Company classifies these leases as operating leases. These leases generally contain renewal options for periods ranging from 2 to 10 years. Because the Company is not reasonably certain to exercise these renewal options, the optional periods are not included in determining the lease term, and associated payments under these renewal options are excluded from lease payments used to determine the lease liability. The Company’s leases do not include termination options for either party to the lease or restrictive financial or other covenants. Payments due under the lease contracts include fixed payments plus, for many of the Company’s leases, variable payments. The Company’s office space leases require it to make variable payments for the Company’s proportionate share of the building’s property taxes, insurance, and common area maintenance. These variable lease payments are not included in lease payments used to determine lease liability and are recognized as variable costs when incurred. The components of lease cost for the years ended December 31, 2024 and 2023 are as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023
Operating lease cost | ​ | $ | 1,112 | ​ | $ | 1,141
Variable lease cost | ​ |  | 38 | ​ |  | 48
Total lease cost | ​ | $ | 1,150 | ​ | $ | 1,189
​ Total lease cost is included rent and occupancy on the consolidated statements of operations. 13.LEASES (continued) Amounts reported in the consolidated statements of financial condition as of December 31, 2024 and 2023 were as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023
Operating lease ROU assets | ​ | $ | 3,730 | ​ | $ | 4,332
Operating lease liabilities | ​ | $ | 3,820 | ​ | $ | 4,381
​ Other supplemental information related to leases as of December 31, 2024 and 2023 was as follows: Cash paid for amounts included in the measurement of lease liabilities for the years ended December 31, 2024 and 2023 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023
Operating leases | ​ | $ | 464 | ​ | $ | 466
​ ROU assets obtained in exchange for lease liabilities for the year ended December 31, 2024 and 2023 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023
Operating leases | ​ | $ | — | ​ | $ | 320
​ ​ Weighted-average remaining lease term as of December 31, 2024 and 2023:
​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023
Operating leases |  | 5.7 years |  | 6.7 years
​ Weighted-average discount rate as of December 31, 2024 and 2023:
​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023 |
Operating leases |  | 5.5 | % | 5.6 | %
​ Amounts disclosed for ROU assets obtained in exchange for lease liabilities and reductions to ROU assets resulting from reductions to lease liabilities include amounts added to or reduced from the carrying amount of ROU assets resulting from new leases, lease modifications or reassessments. Maturities of lease liabilities as of December 31, 2024 were as follows (in thousands):
​ | ​ | ​ | ​
2025 |  | $ | 777
2026 | ​ |  | 767
2027 | ​ |  | 731
2028 | ​ |  | 731
2029 | ​ |  | 731
Thereafter | ​ |  | 670
​ | ​ |  | 4,405
Less: Imputed interest | ​ |  | (585)
Lease liability | ​ | $ | 3,820
​

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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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