Leases (Tables)

3 Months Ended

Mar. 31, 2022

Schedule of Operating Lease Expense and Other Information Related to Leases

Operating lease expense was as follows:


		For the Three Months Ended March 31,
Lease Type	Classification	2022		2021
Parking leases	Compensation and benefits	$	131	$	127
Office leases	Occupancy	4,597		3,546
Variable lease cost (1)	Occupancy	42		(78)
Short-term lease cost (1)	Occupancy	178		81
Sublease income	Occupancy	(100)		—
Office equipment leases	Communication and technology	38		67
Total operating lease expense		$	4,886	$	3,743
(1) Variable and short-term lease costs are excluded from the measurement of operating lease liabilities.

As of March 31, 2022, none of the options to extend lease terms were reasonably certain of being exercised. Other information related to leases was as follows:


	For the Three Months Ended March 31,
	2022			2021
Weighted average discount rate	4.2		%	4.6		%
Weighted average remaining lease term	9.2 years			6.7 years
Operating cash flows for operating leases	$	4,432		$	4,149

Schedule of Maturity of Operating Lease Liabilities

The table below presents the maturity of operating lease liabilities:


	As of March 31, 2022
2022 (excluding the three months ended March 31, 2022)	$	11,865
2023	17,077
2024	16,491
2025	16,378
2026	15,651
Thereafter	58,413
Total undiscounted lease payments (1)	$	135,875
Adjustment to discount to present value	(22,941)
Operating lease liabilities	$	112,934
(1) Total undiscounted lease payments excludes $13.2 million of operating lease payments associated with leases that have been signed but have not yet commenced as of March 31, 2022. Leases that have been signed but have not yet commenced are also excluded from operating lease assets and operating lease liabilities within the unaudited condensed consolidated statements of financial condition.