Leases

9 Months Ended

Sep. 30, 2022

The Company leases its office facilities under a non-cancelable operating lease agreement with an unrelated party through September 2030. Operating leases are included in "Operating lease right of use asset" and "Operating lease liability" in the consolidated balance sheets.

Operating lease cost, which is included in occupancy expense in the consolidated statements of operations, totaled $1.1 million and $3.2 million, of which $0.5 million and $1.5 million was related to variable lease payments, for the three and nine months ended September 30, 2022, respectively. Cash paid for amounts included in the measurement of lease liabilities totaled $0.6 million and $1.7 million for the three and nine months ended September 30, 2022, respectively.

Future minimum lease payments as of September 30, 2022 are as follows (in thousands):


Year	Amount
Remainder of 2022	$	579
2023	2,339
2024	2,410
2025	2,482
2026	2,557
2027	2,633
Thereafter	7,650
Total lease payments	20,650
Less: imputed interest	(3,720)
Operating lease liability	$	16,930

The weighted average remaining lease term and discount rate as of September 30, 2022 are as follows:


Weighted average remaining lease term (in years)	8.0
Weighted average discount rate	5	%

Supplemental cash flow information related to the lease for the three and nine months ended September 30, 2022 are as follows (in thousands):


	Three Months Ended September 30, 2022		Nine Months Ended September 30, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Cash paid for operating leases included in operating activities	$	568	$	1,692

Disclosures under ASC 840, Leases

Rent expense, which is included in occupancy expense in the consolidated statements of operations, totaled $1.0 million and $2.7 million for the three and nine months ended September 30, 2021, respectively.

Future minimum lease payments as of December 31, 2021 were as follows (in thousands):


Year	Amount
2022	$	2,271
2023	2,339
2024	2,410
2025	2,482
2026	2,557
Thereafter	10,283
Total	$	22,342