Leases (Tables)

9 Months Ended

Sep. 30, 2023

Leases [Abstract]

Schedule of Lease Cost

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

(in thousands)	Three months ended September 30,				Nine months ended September 30,
	2023		2022		2023		2022
Lease cost
Operating lease cost	$	5,248	$	4,278	$	13,866	$	13,008
Short-term lease cost	24		18		24		62
Variable lease cost	588		414		1,675		1,304
Sublease income (1)	(857)		(527)		(2,582)		(2,164)
Total lease cost, net	$	5,003	$	4,183	$	12,983	$	12,210

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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 and nine month periods ended September 30, 2023 and 2022:

	Three Months Ended September 30,				Nine Months Ended Ended September 30,
	2023		2022		2023		2022
(in thousands, except weighted average data)
Cash paid for amounts included in the measurement of operating lease liabilities	4,267		3,499		11,908		10,811
Weighted average remaining lease term for operating leases	17.0 years		18.3 years		17.0 years		18.3 years
Weighted average discount rate for operating leases	9.66	%	5.94	%	9.66	%	5.94	%

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 September 30, 2023 for the remaining 3 months of 2023 and thereafter:

(in thousands)
For the remaining three months of 2023	$	3,585
2024	14,579
2025	14,659
2026	14,905
2027	15,216
Thereafter	199,817
Total minimum payments required	262,761
Less: implied interest	(138,689)
Total lease obligations	$	124,072