Leases (Tables)

6 Months Ended

Jun. 30, 2019

Schedule of Supplemental Balance Sheet Information Related to Leases

The Company elected not to include short-term leases (i.e., leases with initial terms of twelve months or less), or equipment leases (deemed immaterial) on the condensed consolidated statements of financial condition.

	As of June 30, 2019 (unaudited)			As of December 31, 2018
Assets
Lease right-of-use assets		$	2,589,000		—
Liabilities
Lease liabilities		$	2,895,000		—

Schedule of Additional Information Related to Leases

The Company determined a discount rate of 5.0% would approximate the Company’s cost to obtain financing given its size, growth, and risk profile.

Lease Term and Discount Rate
Weighted average remaining lease term – operating leases (in years)	3.7
Weighted average discount rate – operating leases	5.0	%

Schedule of Lease Costs and Other Lease Information

The following table represents lease costs and other lease information. The Company elected to separate lease and non-lease components, and as such, the variable lease cost primarily represents variable payments such as common area maintenance and utilities.

	Three Months Ended June 30, 2019		Six Months Ended June 30, 2019
Operating lease cost	$	182,000	$	330,000
Short-term lease cost		120,000		240,000
Variable lease cost		18,000		45,000
Sublease income		—		—
Total lease cost	$	320,000	$	615,000

Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	207,000	$	357,000

Lease right-of-use assets obtained in exchange for new lease liabilities
Operating leases	$	535,000	$	2,215,000

Schedule of Maturities of Lease Liabilities

Future annual minimum payments for operating leases with initial terms of greater than one year as of June 30, 2019 were as follows:

Year	Amount
2019	$	501,000
2020		942,000
2021		729,000
2022		489,000
2023		468,000
2024		39,000
Thereafter		—
Remaining balance of lease payments		3,168,000
Difference between undiscounted cash flows and discounted cash flows		273,000
Lease liabilities	$	2,895,000