Leases (Tables)

9 Months Ended

Sep. 30, 2020

Leases [Abstract]

Lessee, Operating Lease, Liability, Maturity

The undiscounted aggregate minimum future rental payments are as follows:

	As of
	September 30,		December 31,
	2020		2019
	(in thousands)
	(unaudited)
2020 (remainder)	$	2,379	$	15,789
2021	11,251		13,374
2022	11,284		11,795
2023	10,029		10,523
2024	9,219		9,602
Thereafter	85,504		88,757
Total lease payments	$	129,666	$	149,840
Less: minimum future rental payments for which the lease has not commenced (1)	—		(115,870)
Total lease payments for which the Company has a right-of use-asset and corresponding liability	129,666		33,970
Less: Interest	(45,453)		(3,220)
Present value of operating lease liabilities	$	84,213	$	30,750

____________________

(1) On May 16, 2019, the Company entered into a new office lease (the “Lease”) for its new principal executive office in New York, N.Y. Rental payments are scheduled to commence on January 1, 2021 and shall continue for a term of 15 years and 3 months. As of April 1, 2020, the Company obtained the right-to-use the premises for build out purposes and as such, recorded the operating lease right-of-use asset and operating lease obligation on the condensed consolidated statement of financial condition. The Company also began recording straight-line operating lease costs in occupancy and equipment rental in the condensed consolidated statement of operations as of April 1, 2020.

Lease, Cost

The weighted average remaining lease term and weighted average discount rate of our operating leases are as follows:

	As of
	September 30,		December 31,
	2020		2019
	(unaudited)
Weighted average remaining lease term in years, including the lease for which the right to use had not commenced at December 31, 2019	12.7		12.1
Weighted average discount rate	6.8	%	5.8	%