Leases (Tables)

6 Months Ended

Jun. 30, 2020

Leases [Abstract]

Lease, Cost

Lease expense is included in office and technology expenses in the Consolidated Statements of Operations. Information regarding the Company’s operating leases follows:

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2020		2019		2020		2019
Operating leases	$	321	$	315	$	641	$	629
Short-term leases (b)	36		42		66		76
Lease expense	$	357	$	357	$	707	$	705
Sub-lease income	—		—		—		—
Lease cost	$	357	$	357	$	707	$	705

(b) Leases with an initial term of twelve months or less are not recorded on the Consolidated Balance Sheets.

Lessee, Operating Lease Liability, Current and Non-current

Components of the operating lease liability presented on the Consolidated Balance Sheets are as follows:

(in thousands)	As of June 30, 2020		As of December 31, 2019
Current:
Operating lease liabilities	$	1,092	$	1,048
Non-current:
Operating lease liabilities	3,001		3,454
Total operating lease liabilities	$	4,093	$	4,502

Lessee, Operating Lease, Liability, Maturity

The future minimum lease payments under operating leases that have initial or remaining noncancelable lease terms in excess of one year as of June 30, 2020, are summarized as follows:

Year Ended (in thousands)
2020	$	640
2021	1,175
2022	955
2023	666
2024	495
Thereafter	596
Total undiscounted payments	$	4,527
Less: present value adjustment	(434)
Operating lease liabilities	$	4,093

Operating Lease Other Information

Supplemental lease information is as follows:

	As of June 30, 2020		As of December 31, 2019
Weighted average remaining lease term (years)	4.48		4.84
Weighted average discount rate	4.6	%	4.6	%