Leases (Tables)

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

Schedule of Lease Cost

Lease costs for the three month periods ended March 31, 2023 and 2022 were as follows:

(in thousands)	Three months ended March 31,
	2023		2022
Lease cost
Operating lease cost	$	4,506	$	4,362
Short-term lease cost	—		22
Variable lease cost	532		447
Sublease income (1)	(865)		(771)
Total lease cost, net	$	4,173	$	4,060

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(1)Primarily in connection with the subleasing of portions of the Company’s headquarters building and, to a lesser extent, the sublease of the New York office space.

The following table provides supplemental information to leases as of and for the three months ended March 31, 2023 and 2022:

	Three Months Ended for March 31,
	2023		2022
(in thousands, except weighted average data)
Cash paid for amounts included in the measurement of operating lease liabilities	4,077		3,640
Weighted average remaining lease term for operating leases	17.7 years		19.0 years
Weighted average discount rate for operating leases	9.71	%	5.93	%

Schedule of Lessee, Operating Lease, Liability, Maturity

The following table presents a maturity analysis and reconciliation of the undiscounted cash flows to the total operating lease liabilities as of March 31, 2023 for the remaining 9 months of 2023 and thereafter:

(in thousands)
For the remaining nine months of 2023	$	10,532
2024	14,206
2025	14,297
2026	14,515
2027	14,814
Thereafter	201,086
Total minimum payments required	269,450
Less: implied interest	(144,029)
Total lease obligations	$	125,421