Leases

3 Months Ended

Mar. 31, 2022

The Company leases office space for its operations around the globe. All of the Company’s leases are operating leases and have remaining lease terms ranging from less than 1 year to 14 years.

The undiscounted aggregate minimum future rental payments are as follows:


	As of
	March 31,		December 31,
	2022		2021
	(in thousands)
	(unaudited)
2022 (remainder)	$	10,555	$	13,583
2023	12,229		11,755
2024	11,156		10,976
2025	12,420		12,414
2026	10,917		11,016
Thereafter	87,572		88,121
Total lease payments	$	144,849	$	147,865
Less: minimum future rental payments for which the lease has not commenced(1)	(25,770)		(26,542)
Total lease payments for which the Company has a right-of-use-asset and corresponding liability	119,079		121,323
Plus: tenant incentive allowance utilized to finance leasehold improvements	10,375		10,560
Less: Interest	(37,931)		(39,192)
Present value of operating lease liabilities	$	91,523	$	92,691

______________________

(1) In December 2021, the Company entered into a new office lease in London for a 10 year term commencing with its right to use the premises expected to occur in May 2022. As such the lease is not included in operating lease right of use assets and operating lease obligations on the condensed consolidated statement of financial condition as of March 31, 2022.

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


	As of
	March 31,		December 31,
	2022		2021
	(unaudited)
Weighted average remaining lease term in years	11.3		11.5
Weighted average discount rate	6.8	%	6.8	%