Leases

12 Months Ended

Dec. 31, 2024

8. Leases

The Company’s leases primarily relate to office space and equipment, with remaining lease terms of generally less than 1 year to 6 years. Certain lease arrangements contain extension options, which typically range from 2 to 7 years, at the then fair market rental rates. As of December 31, 2024 and 2023, operating lease ROU assets were $44 and $72, respectively, and corresponding lease liabilities were $57 and $91, respectively, which were included in “other assets,” and “payables and other liabilities,” respectively, on the consolidated balance sheets. The Company does not currently have any significant finance leases in which it is the lessee.

Effective October 31, 2024, the Company early terminated an office lease agreement but continued using the office space until December 31, 2024. The Company applied the lease modification guidance to account for the transaction and remeasured the related ROU asset and lease liability as of the modification date. In addition, the ROU asset was amortized over the shortened term of the lease, resulting in the recognition of $18 within “expenses - general and administrative” in the consolidated statements of operations in 2024.

The table below summarizes the Company’s net lease cost:


	Year Ended December 31,
Net Lease Cost	2024		2023
Operating lease cost	$	37	$	21
Sublease income	(2)		(3)
Total net lease cost	$	35	$	18

The table below summarizes other information related to the Company’s operating leases:


	Year Ended December 31,
Operating Leases - Other Information	2024			2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	41		$	19
Leased assets obtained in exchange for new operating lease liabilities	6			8
Weighted average remaining lease term - operating leases, in years	4.4			5.0
Weighted average discount rate - operating leases	4.6		%	4.6		%

Maturities of operating lease liabilities as of December 31, 2024 are as follows:


Year Ending December 31,	Operating Leases
2025	$	16
2026	15
2027	13
2028	9
2029	8
Thereafter	2
Total future minimum lease payments	63
Less: imputed interest	6
Total operating lease liabilities	$	57