Leases

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Note 16. Leases

Operating lease expense was as follows:


		For the Years Ended December 31,
Lease Type	Classification	2023		2022		2021
Parking leases	Compensation and benefits	$	393	$	398	$	518
Office leases (1)	Occupancy	18,046		18,979		14,463
Variable lease cost (2)	Occupancy	935		351		110
Short-term lease cost (2)	Occupancy	469		710		455
Sublease income	Occupancy	—		(133)		(267)
Office equipment leases	Communication and technology	67		134		247
Total operating lease expense		$	19,910	$	20,439	$	15,526
(1) Office lease expense includes an impairment charge of $1.4 million for the year ended December 31, 2022 related to the abandonment of leased office space.
(2) Variable and short-term lease costs are excluded from the measurement of operating lease liabilities.

During the year ended December 31, 2022, the Company recognized asset impairment loss of $1.4 million related to the abandonment of a leased office location. The loss is recorded in occupancy expense based on the present value of expected future cash flows.

The table below presents the maturity of operating lease liabilities:


	As of December 31, 2023
2024	$	18,995
2025	19,342
2026	18,896
2027	17,468
2028	16,410
Thereafter	42,378
Total undiscounted lease payments	133,489
Adjustment to discount to present value	(20,098)
Operating lease liabilities	$	113,391

As of December 31, 2023, none of the options to extend lease terms were reasonably certain of being exercised. Other information related to leases was as follows:


	For the Years Ended December 31,
	2023		2022		2021
Weighted average discount rate	4.1	%	4.1	%	4.4	%
Weighted average remaining lease term	8.4 years		9.0 years		8.3 years
Operating cash flows for operating leases	19,668		16,393		16,821