Our operating leases primarily relate to office space and office equipment with remaining lease terms of 1 to 15 years. At September 30, 2021 and December 31, 2020, operating lease right-of-use assets were $756.9 million and $793.2 million, respectively, and lease liabilities were $804.4 million and $839.8 million, respectively, included in accounts payable and accrued expenses in the consolidated statements of financial condition.

The table below summarizes our net lease cost for the three and nine months ended September 30, 2021 and 2020 (in thousands):

	Three Months Ended September 30,
	2021			2020
Operating lease cost	$	25,802		$	25,251
Short-term lease cost		110			590
Variable lease cost		265			20
Sublease income		(643	)		(997	)
Net lease cost	$	25,534		$	24,864

	Nine Months Ended September 30,
	2021			2020
Operating lease cost	$	76,292		$	73,172
Short-term lease cost		343			2,892
Variable lease cost		606			62
Sublease income		(1,951	)		(2,901	)
Net lease cost	$	75,290		$	73,225

Operating lease costs are included in occupancy and equipment rental in the consolidated statements of operations.

The table below summarizes other information related to our operating leases as of and for the nine months ended September 30, 2021 (in thousands):

Operating lease cash flows	$	73,589
Right-of-use assets obtained in exchange for new operating lease liabilities	$	32,189
Weighted-average remaining lease term	11.8 years
Weighted-average discount rate		4.14	%

The weighted average discount rate represents our company’s incremental borrowing rate at the lease inception date.

The table below presents information about operating lease liabilities as of September 30, 2021, (in thousands, except percentages).

Remainder of 2021	$	25,387
2022		100,075
2023		98,372
2024		96,377
2025		94,537
Thereafter		617,407
Total undiscounted lease payments		1,032,155
Imputed interest		(227,778	)
Total operating lease liabilities	$	804,377