LEASES

9 Months Ended

Sep. 30, 2019

LEASES

Leases

NOTE 12—LEASES

In the normal course of business, the Company enters into lease arrangements for all of its office space. All such lease arrangements are accounted for as operating leases. The associated right-of-use (“ROU”) assets and liabilities are recorded under Other assets and Accounts payable and other liabilities, respectively, in the Condensed Consolidated Balance Sheet as of September 30, 2019. These operating leases do not provide an implicit discount rate; therefore, the Company uses the incremental borrowing rate of its note payable at lease commencement to calculate lease liabilities as the terms on this debt most closely resemble the terms on the Company’s largest leases. The Company’s lease agreements often include options to extend or terminate the lease. Single lease cost related to these lease agreements is recognized on the straight-line basis over the term of the lease, which includes options to extend when it is reasonably certain that such options will be exercised and the Company knows what the lease payments will be during the optional periods. Single lease cost for the three and nine months ended September 30, 2019 was $2.0 million and $5.6 million, respectively, while rent expense for the three and nine months ended September 30, 2018 was $1.7 million and $4.9 million, respectively. As of September 30, 2019, ROU assets and lease liabilities were $22.7 million and $28.9 million, respectively. As of September 30, 2019, the weighted-average remaining lease term and the weighted-average discount rate of the Company’s leases were 4.1 years and 4.74%, respectively.

Maturities of lease liabilities as of September 30, 2019 follow (in thousands):

Three Months Ending December 31,
2019	$	2,128
Year Ending December 31,
2020		8,357
2021		8,043
2022		7,339
2023		5,741
Thereafter		302
Total lease payments	$	31,910
Less imputed interest		(3,031)
Total	$	28,879

Minimum cash basis operating lease commitments as of December 31, 2018 follow (in thousands):

Year Ending December 31,
2019	$	7,700
2020		7,789
2021		7,450
2022		6,738
2023		5,200
Thereafter		90
Total	$	34,967