Leases (Tables)

9 Months Ended

Sep. 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 September 30,				Nine Months Ended September 30,
(in thousands)	2020		2019		2020		2019
Operating leases	$	327	$	312	$	968	$	944
Short-term leases (b)	44		30		110		103
Lease expense	$	371	$	342	$	1,078	$	1,047
Sub-lease income	—		—		—		—
Lease cost	$	371	$	342	$	1,078	$	1,047

(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 September 30, 2020		As of December 31, 2019
Current:
Operating lease liabilities	$	1,097	$	1,048
Non-current:
Operating lease liabilities	2,840		3,454
Total operating lease liabilities	$	3,937	$	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 September 30, 2020, are summarized as follows:

Year Ended (in thousands)
2020	$	324
2021	1,195
2022	975
2023	685
2024	515
Thereafter	649
Total undiscounted payments	$	4,343
Less: present value adjustment	(406)
Operating lease liabilities	$	3,937

Operating Lease Other Information

Supplemental lease information is as follows:

	As of September 30, 2020		As of December 31, 2019
Weighted average remaining lease term (years)	4.40		4.84
Weighted average discount rate	4.6	%	4.6	%