Leases (Tables)

6 Months Ended

Jun. 30, 2023

Leases [Abstract]

Schedule of Lease Cost

Lease costs for the three and six month periods ended June 30, 2023 and 2022 were as follows:

(in thousands)	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
Lease cost
Operating lease cost	$	4,112	$	4,368	$	8,618	$	8,730
Short-term lease cost	—		22		—		44
Variable lease cost	555		443		1,087		890
Sublease income (1)	(860)		(866)		(1,725)		(1,637)
Total lease cost, net	$	3,807	$	3,967	$	7,980	$	8,027

_______________

(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 and six month periods ended June 30, 2023 and 2022:

	Three Months Ended June 30,				Six Months Ended Ended June 30,
	2023		2022		2023		2022
(in thousands, except weighted average data)
Cash paid for amounts included in the measurement of operating lease liabilities	3,564		3,672		7,641		7,312
Weighted average remaining lease term for operating leases	17.4 years		18.7 years		17.4 years		18.7 years
Weighted average discount rate for operating leases	9.78	%	5.92	%	9.78	%	5.92	%

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 June 30, 2023 for the remaining 6 months of 2023 and thereafter:

(in thousands)
For the remaining six months of 2023	$	7,026
2024	14,219
2025	14,285
2026	14,515
2027	14,814
Thereafter	198,287
Total minimum payments required	263,146
Less: implied interest	(139,885)
Total lease obligations	$	123,261