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Leases | 9 Months Ended
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Sep. 30, 2021
Lessee Disclosure [Abstract] |
Leases | 13. Leases The Company has entered into operating leases for office facilities, financial data terminals and equipment. The Company has no finance leases. The following table provides additional information regarding the Company’s leases:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Lease cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating lease cost |  | $ | 520 |  |  | $ | 796 |  |  | $ | 1,860 |  |  | $ | 2,384 |
Short-term lease cost |  |  | 242 |  |  |  | 299 |  |  |  | 797 |  |  |  | 941 |
Total lease cost |  | $ | 762 |  |  | $ | 1,095 |  |  | $ | 2,657 |  |  | $ | 3,325 |
Other information: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash paid for amounts included in the measurement of operating lease liabilities |  | $ | 13,804 |  |  | $ | 933 |  |  | $ | 15,462 |  |  | $ | 2,778 |
Right-of-use assets obtained in exchange for new operating lease liabilities |  |  | n/a |  |  |  | n/a |  |  |  | n/a |  |  |  | n/a |
Weighted-average remaining lease term (in years) – operating leases |  |  | 1.8 |  |  |  | 8.9 |  |  |  | 1.8 |  |  |  | 8.9 |
Weighted-average discount rate – operating leases |  |  | 4.4 | % |  |  | 6.3 | % |  |  | 4.4 | % |  |  | 6.3 | %
None of the Company’s leases include variable payments, residual value guarantees or any restrictions or covenants relating to the Company’s ability to pay dividends or incur additional financing obligations. On September 9, 2021, the Company entered into a Surrender Agreement to terminate the lease for its principal executive office at 245 Park Avenue, New York, New York effective immediately. In consideration for the landlord’s agreement to enter into the Surrender Agreement and accelerate the expiration date of the term of the lease from August 31, 2029, the Company paid a termination fee of $12,725. As a result, the Company recognized a loss on the termination of a lease of $9,277 during the three months ended September 30, 2021, which was inclusive of the write-off of the right-of-use asset, broker fees and a reduction in operating lease liabilities. This loss is included in impairments in the Company’s Consolidated Statements of Operations (Note 24). The following table provides additional information regarding lease impairment charges recognized by the Company:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Impairment charges – Leases: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
New York office |  | $ | 9,277 |  |  | $ | — |  |  | $ | 9,277 |  |  | $ | — |
London office |  |  | — |  |  |  | — |  |  |  | 303 |  |  |  | — |
Total impairment charges – Leases: |  | $ | 9,277 |  |  | $ | — |  |  | $ | 9,580 |  |  | $ | — |
The Company’s leases also included extension, automatic renewal and termination provisions. These provisions were also not reasonably certain of being exercised and were therefore not recognized as part of the right-of-use asset and lease liability. The following table discloses future minimum lease payments at September 30, 2021 with respect to the Company’s operating lease liabilities:
Remainder of 2021 |  | $ | 98 |
2022 |  |  | 358 |
2023 |  |  | 195 |
2024 |  |  | — |
2025 |  |  | — |
2026 and thereafter |  |  | — |
Total future minimum lease payments (undiscounted) |  | $ | 651 |
The following table reconciles the future minimum lease payments (disclosed above) at September 30, 2021 to the operating lease liabilities recognized in the Company’s Consolidated Balance Sheets:
Amounts recognized in the Company’s Consolidated Balance Sheets |  |  |  |
Lease liability – short term |  | $ | 361 |
Lease liability – long term |  |  | 327 |
Subtotal |  |  | 688 |
Difference between undiscounted and discounted cash flows |  |  | (37 | )
Total future minimum lease payments (undiscounted) |  | $ | 651 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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