6. Property, Office Facilities, and Equipment, Net

Property, office facilities, and equipment consisted of the following as of the periods indicated:

Total depreciation expense for property, office facilities, and equipment was $247,000 and $213,000 for the three months ended June 30, 2025 and 2024, respectively. Total depreciation expense for property, office facilities, and equipment was $489,000 and $359,000 for the six months ended June 30, 2025 and 2024, respectively.

The Company invested $75,000 and $175,000 to build out its office in Omaha, Nebraska, for the three and six months ended June 30, 2024, respectively. The Company invested $5,000 and $28,000 to build out the New York office space in the World Financial Center for the three and six months ended June 30, 2025, respectively. The Company invested $145,000 and $809,000 in the three and six months ended June 30, 2024 to build out the New York office space. Depreciation expense commenced in March 2024, when the New York office space was placed into service.

Miami Office Building

On December 30, 2021, the Company purchased an office building located at 653 Collins Ave, Miami Beach, FL (“Miami office building”). The Miami office building contains approximately 12,000 square feet of office space and serves as the headquarters of the Company.

The Company invested $68,000 and $40,000 in the three months ended June 30, 2025 and 2024, respectively, to build out the Miami office building. The Company invested $188,000 and $98,000 in the six months ended June 30, 2025 and 2024, respectively, to build out the Miami office building. Depreciation expense commenced in April 2023 when the Miami office building was completed and placed in service.