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Leases (Tables)
9 Months Ended
Sep. 30, 2022
Leases [Abstract]  
Lease, Cost
Lease expense is included in office and technology expenses in the unaudited Consolidated Statements of Operations. Information regarding the Company’s operating leases follows:
Three Months Ended
September 30,
Nine Months Ended
September 30,
(in thousands)2022202120222021
Operating leases$697 $350 $1,876 $1,002 
Short-term leases (b)64 93 177 249 
Lease expense$761 $443 $2,053 $1,251 
Sub-lease income —  — 
Lease cost$761 $443 $2,053 $1,251 
(b)Leases with an initial term of twelve months or less are not recorded on the unaudited Consolidated Balance Sheets.
Lessee, Operating Lease Liability, Current and Non-current
Components of the operating lease liability presented on the unaudited Consolidated Balance Sheets are as follows:
(in thousands)As of
September 30, 2022
As of
December 31, 2021
Current:
Operating lease liabilities$2,083 $1,547 
Non-current:
Operating lease liabilities4,306 3,782 
Total operating lease liabilities$6,389 $5,329 
Lessee, Operating Lease, Liability, Maturity
The future minimum lease payments under operating leases that have initial or remaining noncancelable lease terms in excess of one year as of September 30, 2022, are summarized as follows:
Year Ended (in thousands)
2022$544 
20232,168 
20241,729 
20251,194 
2026893 
Thereafter316 
Total undiscounted payments$6,844 
Less: present value adjustment(455)
Operating lease liabilities$6,389 
Operating Lease Other Information
Supplemental lease information is as follows:
As of
September 30, 2022
As of
December 31, 2021
Weighted average remaining lease term (years)3.624.13
Weighted average discount rate3.9 %4.2 %