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Operating Leases (Notes)
 12 Months Ended
Dec. 31, 2020
Leases [Abstract]  
Operating Leases Operating Leases
The Company currently leases office space of approximately 37,829 square feet at one location.
As of December 31, 2020 and December 31, 2019, the carrying value of the right-of-use asset, which is included in property and equipment, net of depreciation on the consolidated balance sheets, was approximately $2.1 million and $2.5 million, respectively. As of December 31, 2020 and December 31, 2019, the carrying value of the lease liability, which is included in accounts payable and accrued expenses on the consolidated balance sheets, was approximately $2.5 million and $3.1 million, respectively.
The following table summarizes the total lease and the related operating expenses for the years ended December 31, 2020, 2019 and 2018:
For the year ended December 31,
202020192018
$947,398 $971,203 $970,143 
Lease expense and the related operating expenses are recorded in general and administrative expenses on the consolidated statements of income.
The approximate future minimum lease payments under the operating lease are as follows:
Future Minimum Lease Payments by Year
Total20212022202320242025Thereafter
$2,652,760 $624,179 $624,179 $624,179 $624,179 $156,044 $— 
In addition to the above lease payments, the Company is also responsible for normal operating expenses of the property. These annual operating expenses were approximately $0.4 million in each of 2020, 2019, and 2018