Leases

9 Months Ended

Sep. 30, 2021

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