Leases

9 Months Ended

Sep. 30, 2023

Leases [Abstract]

Leases

21. Leases  

Right-of-use assets are included in the other assets line item and lease liabilities are included in the accounts payable and other accrued expenses line item of the consolidated balance sheets. We determine if a contract contains a lease at inception and recognize operating lease right-of-use assets and operating lease liabilities based on the present value of the future minimum lease payments at the commencement date. Since our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of future payments. Lease agreements have lease and non-lease components, which are accounted for as a single lease component. Lease expense is recognized on a straight-line basis over the lease term.

The Company’s operating lease obligations predominately pertain to office leases utilized in the operation of our business. Our leases have remaining terms of one to 11 years, some of which include options to extend the leases. The components of lease expense and related cash information as of and during the three month and nine month periods ended September 30, 2023 and 2022 were as follows (in thousands):

	Three Months Ended				Nine Months Ended
		September 30,			September 30,
	2023		2022		2023		2022
Operating lease cost	$	505	$	706	$	1,582	$	2,086
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	400	$	602	$	1,257	$	1,747
Right-of-use assets obtained in exchange for new operating lease liabilities	$	—	$	—	$	—	$	—

Other lease information as of September 30, 2023 and December 31, 2022 are as follows (in thousands):

		September 30,		December 31,
	2023		2022
Operating lease right-of-use assets	$	10,479	$	12,481
Operating lease liabilities	$	12,803	$	14,759
Weighted-average remaining lease term - operating leases		10.3		10.5
Weighted-average discount rate - operating leases		6.25%		6.23%

No short-term lease payments were excluded in our lease liability during the nine months ended September 30, 2023.

Future minimum lease payments under non-cancellable leases as of September 30, 2023 and December 31, 2022 were as follows (in thousands):

	September 30,			December 31,
	2023		2022
2023	$	465	$	2,224
2024		1,873		2,421
2025		2,097		2,537
2026		2,134		2,497
2027		2,171		2,171
Thereafter		13,597		13,597
Total future minimum lease payments	$	22,337	$	25,447
Less imputed interest	$	(9,534)	$	(10,688)
Total operating lease liability	$	12,803	$	14,759