Leases

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Leases

Leases

The Company leases office space under operating leases expiring at various dates through 2038. For the three months ended March 31, 2024 and 2023, the Company incurred operating lease costs of $1.3 million and $0.4 million, respectively. For operating leases, the weighted-average remaining term is 9.7 and 7.3 years with a weighted-average discount rate of 10% and 5% for the three months ended March 31, 2024 and 2023, respectively.

Maturities of lease liabilities as of March 31, 2024 were as follows (in thousands):

2024	$	4,749
2025	6,001
2026	5,732
2027	5,414
2028	5,105
Thereafter	22,060
Total lease payments	49,061
Less imputed interest	(17,171)
Total	$	31,890

The following amounts relate to operating leases that were recorded on the Company's Condensed Consolidated Balance Sheets at March 31, 2024 and December 31, 2023 (in thousands):

	March 31, 2024		December 31, 2023
Operating lease right of use assets:
Other assets	$	32,120	$	16,858
Operating lease liabilities:
Accrued other liabilities	3,231		1,647
Other long-term liabilities	28,659		15,034

The Company recorded right of use assets in exchange for new lease liabilities of $14.0 million and $0.0 million during the three months ended March 31, 2024 and 2023, respectively.