Our operating leases primarily relate to office space and office equipment with remaining lease terms of 1 to 15 years. At March 31, 2021 and December 31, 2020, operating lease right-of-use assets were $774.8 million and $793.2 million, respectively, and lease liabilities were $822.8 million and $839.8 million, respectively, included in accounts payable and accrued expenses in the consolidated statements of financial condition.

The table below summarizes our net lease cost for the three months ended March 31, 2021 and 2020 (in thousands):

	Three Months Ended March 31,
	2021			2020
Operating lease cost	$	25,123		$	24,395
Short-term lease cost		155			476
Variable lease cost		108			15
Sublease income		(659	)		(908	)
Net lease cost	$	24,727		$	23,978

Operating lease costs are included in occupancy and equipment rental in the consolidated statements of operations.

The table below summarizes other information related to our operating leases as of and for the three months ended March 31, 2021 (in thousands):

Operating lease cash flows	$	22,712
Right-of-use assets obtained in exchange for new operating lease liabilities	$	8,956
Weighted-average remaining lease term	12.1 years
Weighted-average discount rate		4.18	%

The weighted-average discount rate represents our company’s incremental borrowing rate at the lease inception date.

The table below presents information about operating lease liabilities as of March 31, 2021, (in thousands, except percentages).

Remainder of 2021	$	75,086
2022		99,194
2023		97,821
2024		95,917
2025		93,931
Thereafter		600,909
Total undiscounted lease payments		1,062,858
Imputed interest		(240,107	)
Total operating lease liabilities	$	822,751