The table below summarizes the Company’s right-of-use (“ROU”) assets and corresponding liabilities for operating and finance leases:


	March 31,		December 31,
	2025		2024
Operating leases:
ROU assets	$	1,124	$	1,182
Liabilities	$	1,131	$	1,185

The following table summarizes the Company’s operating and finance leases in which the Company is a lessee:


		Renewal	Other Terms and
Class of Assets	Initial Term	Option	Conditions
Operating lease:
Office equipment	36 to 63 months	Yes	(a)
Office space	5 to 9 years	Yes	(a), (b)

(a)

There are no variable lease payments.

(b)

Rent escalation provisions exist.

As of March 31, 2025, maturities of operating lease liabilities were as follows:


Due in 12 months following March 31,
2025	$	294
2026		303
2027		313
2028		157
2029		115
Thereafter		99
Total lease payments		1,281
Less: interest		150
Total lease obligations	$	1,131

The following table provides quantitative information with regard to the Company’s operating and finance leases:


	Three Months Ended
	March 31,
	2025			2024
Lease costs:
Operating lease costs*	$	76		$	68
Short-term lease costs*		80			92
Total lease costs	$	156		$	160
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows – operating leases	$	72		$	70
Financing cash flows – finance leases	$	—		$	1

	March 31,
	2025
Weighted-average remaining lease term:
Operating leases (in years)		4.4
Weighted-average discount rate:
Operating leases (%)		6.0	%

* Included in other operating expenses on the consolidated statements of income.

The following table summarizes the Company’s operating leases in which the Company is a lessor:


		Renewal	Other Terms and
Class of Assets	Initial Term	Option	Conditions
Operating lease:
Office space	1 to 3 years	Yes	(c)
Retail space	3 to 20 years	Yes	(c)
Boat docks/wet slips	1 to 12 months	Yes	(c)

(c)

There are no purchase options.

In March 2025, the Company entered into an operating lease agreement with tenant Government Employees Insurance Company (“GEICO”) for its 189,147-square-foot commercial real estate investment property located in Tampa, Florida. The lease term is 128 months, includes two options to renew for additional 60-month terms, and is expected to commence in the third quarter of 2025. GEICO also has the option to terminate, either partially or wholly, the lease agreement at the end of the seventh year after commencement of the lease. Under the office lease, the Company will waive rent for all three buildings during the first eight months of the lease term, rent for the first building during months 9 - 12, and fifty percent of rent for the first building during months 13 - 18. The Company will own all building improvements performed by the tenant. The total consideration in the lease agreement is allocated between the lease and non-lease components based on their relative standalone prices, with the lease component representing the right to use office space and the non-lease component comprising various property maintenance and administrative services provided by the Company. The lease agreement does not include any residual value guarantees.