Lease commitments

At the inception of a contract, the Company determines whether the contract is or contains a lease based on the facts and circumstances present. Operating leases with terms greater than

one

year are recognized on the consolidated balance sheets as Operating lease right-of-use assets, Current portion of operating lease liability, and Operating lease liability, net. Financing leases with terms greater than

one

year are recognized on the consolidated balance sheets as Property and equipment, net, Accrued expenses and other current liabilities, and Other non-current liabilities. The Company has elected

not

to recognize leases with terms of

one

year or less on the consolidated balance sheets.

Lease obligations and their corresponding assets are recorded based on the present value of lease payments over the expected lease term. As the interest rate implicit in lease contracts is typically

not

readily determinable, the Company utilizes an appropriate incremental borrowing rate, which is the rate incurred to borrow an amount equal to the applicable lease payments on a collateralized basis, over a similar term, and in a similar economic environment. Certain adjustments to the right-of-use asset

may

be required for items such as initial direct costs paid or incentives received. The components of a lease are split into

three

categories: lease components, non-lease components and non-components; however, the Company has elected to combine lease and non-lease components into a single component. Rent expense associated with operating leases is recognized over the expected term on a straight-line basis. In connection with financing leases, depreciation of the underlying asset is recognized over the expected term on a straight-line basis and interest expense is recognized as incurred.

The Company is party to a number of noncancelable operating and financing lease agreements for certain offices and furniture, fixtures and office equipment. These leases have original lease periods expiring between

2021

and

2025.

Although certain leases include options to renew, the Company does

not

assume renewals in the determination of the lease term unless the renewals are deemed to be reasonably assured at lease commencement. The Company's lease agreements do

not

contain any material residual value guarantees or material restrictive covenants.

For the

three

and

nine

months ended

September 30, 2019

, the components of lease costs are as follows:

	Three Months Ended September 30, 2019		Nine Months Ended September 30, 2019
Operating leases:
Rent expense	$	542	$	1,533
Financing lease:
Leased furniture, fixtures and office equipment depreciation expense		73		170
Interest expense		10		32
Short-term leases:
Rent expense		85		342
Total lease costs	$	710	$	2,077

As of

September 30, 2019

, the weighted average lease-term and discount rate of the Company's leases are as follows:

	September 30, 2019
	Operating Leases			Financing Lease
Weighted average remaining lease-term (in years)		6.0			6.2
Weighted average discount rate		5.0	%		5.0	%

As of

September 30, 2019

, scheduled future maturities of the Company's lease liabilities are as follows:

	September 30, 2019
Year	Operating Leases			Financing Lease
Remainder of 2019	$	585		$	37
2020		2,344			157
2021		2,297			157
2022		2,153			158
2023		2,222			169
Thereafter		4,110			312
Total undiscounted cash flows		13,711			990
Less: imputed interest		(1,862	)		(138	)
Present value of lease liabilities	$	11,849		$	852

For the

three

and

nine

months ended

September 30, 2019

, supplemental cash flow information related to leases are as follows:

	Three Months Ended September 30, 2019		Nine Months Ended September 30, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used for operating leases (1)	$	585	$	288
Operating cash flows used for financing lease	$	15	$	39
Lease liabilities related to the acquisition of right-of-use assets:
Operating leases	$	451	$	568

(

)

For the

nine

months ended

September 30, 2019,

the Company received a cash reimbursement of

$640

for tenant improvements made to its New York City corporate headquarters.