Leases (Tables)

6 Months Ended

Jun. 30, 2022

Schedule of Operating Lease Expense and Other Information Related to Leases

Operating lease expense was as follows:


		For the Three Months Ended June 30,				For the Six Months Ended June 30,
Lease Type	Classification	2022		2021		2022		2021
Parking leases	Compensation and benefits	$	131	$	128	$	262	$	255
Office leases	Occupancy	4,502		3,671		9,099		7,217
Variable lease cost (1)	Occupancy	34		86		76		8
Short-term lease cost (1)	Occupancy	253		82		431		163
Sublease income	Occupancy	(33)		(67)		(133)		(67)
Office equipment leases	Communication and technology	62		64		100		131
Total operating lease expense		$	4,949	$	3,964	$	9,835	$	7,707
(1) Variable and short-term lease costs are excluded from the measurement of operating lease liabilities.

As of June 30, 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 Six Months Ended June 30,
	2022			2021
Weighted average discount rate	4.1		%	4.6		%
Weighted average remaining lease term	9.3 years			6.6 years
Operating cash flows for operating leases	$	8,717		$	8,506

Schedule of Maturity of Operating Lease Liabilities

The table below presents the maturity of operating lease liabilities:


	As of June 30, 2022
2022 (excluding the six months ended June 30, 2022)	$	7,479
2023	17,838
2024	17,481
2025	17,388
2026	16,681
Thereafter	65,233
Total undiscounted lease payments (1)	$	142,100
Adjustment to discount to present value	(23,550)
Operating lease liabilities	$	118,550
(1) Total undiscounted lease payments excludes $7.2 million of operating lease payments associated with leases that have been signed but have not yet commenced as of June 30, 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.