Leases (Tables)

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

Schedule of Operating Lease Right-of-Use Assets and Liabilities

The following table presents the components of PSCM’s right-of-use assets and liabilities related to leases:


		March 31, 2026			December 31, 2025
Component of Lease Balances	Statements of Financial Condition Line Item
Operating lease assets	Lease right-of-use assets	$	8,030,946		$	28,440,786
Operating lease liabilities	Operating lease liabilities		21,607,859			42,672,771

Schedule of Components of Lease Cost

The following table presents the components of PSCM’s lease cost and the classification of such costs:


		Three months ended March 31,
		2026			2025
Component of Lease Cost	Statements of Operations Line Item
Operating lease cost	General and administrative expense	$	699,287		$	1,229,262
Variable lease cost	General and administrative expense		172,758			137,028
Sublease income	Other income (expense)		(723,866	)		(1,263,805	)
Total lease expense		$	148,179		$	102,485

The following table includes additional information related to PSCM’s operating leases:


	Three months ended March 31,
	2026			2025
Cash paid for amounts included in the measurement of operating lease liabilities	$	1,354,359		$	1,603,989
Right-of-use asset balance changes due to new / remeasured operating lease liabilities		(20,123,750	)		—
Weighted-average remaining lease term – Operating leases	7.8 years			8.8 years
Weighted-average discount rate – Operating leases		5.69	%		5.93	%

Schedule of Future Maturities of Operating Lease Payments

The following table includes the future maturities of operating lease payments for subsequent periods:


For the Years Ended December 31,	Operating Lease
2026 (Remaining)	$	2,546,335
2027		3,385,264
2028		3,190,340
2029		3,472,954
2030		3,507,973
Thereafter		10,632,285
Total future minimum lease payments	$	26,735,151
Less: liability accretion		(5,127,292	)
Total lease liabilities	$	21,607,859