In the normal course of business, the Company enters into agreements that include indemnities in favor of third parties, such as engagement letters with advisers and consultants. In certain cases, the Company may have recourse against third parties with respect to these indemnities. The Company maintains insurance policies that may provide coverage against certain claims under these indemnities. The Company has had no claims or payments pursuant to these agreements, and it believes the likelihood of a claim being made is remote. Utilizing the methodology in the Guarantees Topic of the FASB ASC, the Company’s estimate of the value of such guarantees is de minimis, and, therefore, no accrual has been made in the consolidated financial statements.

During the year ended December 31, 2015, the Company moved to its new corporate headquarters. The new office space is leased under a non-cancellable operating lease agreement that expires on December 31, 2025. The Company reflects minimum lease expense for its headquarters on a straight-line basis over the lease term. The Company entered into a four-year sublease agreement commencing on October 1, 2016, which terminated on January 31, 2019. The Company entered into a new sublease agreement commencing on February 1, 2019, that expires on December 31, 2025. During October of 2020, the Company executed an amendment to the sublease agreement. The sublease agreement is cancelable by either the Company or sublessee upon at least six months prior written notice. For the years ended December 31, 2021 and 2020, sublease income decreased annual lease expense by approximately $0.3 million and $0.4 million, respectively, per year.

During December 2018, the Company signed a non-cancellable amendment to the corporate headquarters lease to obtain additional space that expires on December 31, 2025. In accordance with ASC 842, Leases, the lease term commenced on February 1, 2019 and the Company recorded a Right-of-use Asset and Lease Liability on the consolidated statements of financial condition associated with the new lease.

During June 2019, the Company signed a non-cancellable lease to the business development and client service office in London lease to obtain additional space that expires on October 31, 2021. In accordance with ASC 842, Leases, the lease term commenced on November 1, 2019 and the Company recorded a Right-of-use Asset and Lease Liability on the consolidated statements of financial condition associated with the new lease. During July 2021, the Company signed an extension of the non-cancellable lease to the business development and client service office in London which commences on November 1, 2021 and expires on October 31, 2023.

During September 2021, the Company signed a non-cancellable lease for the business development and client service office in Ireland to obtain office space that expires on August 31, 2023. In accordance with ASC 842, Leases, the lease term commenced on September 1, 2021 and the Company recorded a Right-of-use Asset and Lease Liability on the consolidated statements of financial condition associated with the new lease.

Lease expenses were $3.0 million and $2.9 million, respectively, for the years ended December 31, 2021, and 2020, and are included in general and administrative expense. Lease expense for each of the years ended December 31, 2021 and 2020, was net of $0.3 million and $0.4 million, respectively, in sublease income.

The following table presents the components of operating lease expense, as well as supplemental cash flow information, related to the Company’s leases:


	For the Years Ended December 31,
	2021		2020
	(in thousands)
Operating lease expense	$	2,503	$	2,282
Supplemental cash flow information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	2,521	$	2,330
Right-of-use assets obtained in exchange for lease obligations	$	939	$	—

The following table presents information regarding the Company’s operating leases:


	As of
	December 31, 2021
	(in thousands)
Operating lease right-of-use assets	$	10,014
Operating lease liabilities	$	10,323
Weighted-average remaining lease term (in years)		3.8
Weighted-average discount rate		4.3	%

Future minimum lease payments are as follows:


Year Ending December 31,	Minimum Payments
	(in thousands)
2022		3,026
2023		2,981
2024		2,607
2025		2,607
2026		-
2027 and thereafter		-
Total undiscounted lease payments		11,221
Less discount		(898	)
Total lease liabilities	$	10,323