Leases

9 Months Ended

Sep. 30, 2022

12. Leases

The Company has entered into operating leases for its corporate headquarters and office facilities, financial data terminals and equipment. The Company has no finance leases.

The following table provides additional information regarding the Company’s leases:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Lease cost:
Operating lease cost	$	316	$	520	$	648	$	1,860
Short-term lease cost		296		242		856		797

Total lease cost	$	612	$	762	$	1,504	$	2,657


Other information:
Cash paid for amounts included in the measurement of operating liabilities (operating leases)	$	296	$	13,804	$	644	$	15,462

Right-of-use assets obtained in exchange for new operating lease liabilities		n/a		n/a		n/a		n/a

Weighted-average remaining lease term (in years)—operating leases		1.5		1.8		1.5		1.8

Weighted-average discount rate—operating leases		6.3%		4.4%		6.3%		4.4%

None of the Company’s leases include variable payments, residual value guarantees or any restrictions or covenants relating to the Company’s ability to pay dividends or incur additional financing obligations.

During the three and nine months ended September 30, 2021, the Company recognized an impairment charge of $9,277 and $9,580, respectively, resulting from the derecognition of

right-of-use

assets upon exiting its New York and London offices in September 2021 and February 2021, respectively, as well as costs incurred to restore the office spaces to their original condition. These losses are included in impairments in the Company’s Consolidated Statements of Operations (Note 23).

The following table discloses future minimum lease payments at September 30, 2022 with respect to the Company’s operating lease liabilities:



Remainder of 2022	$	317
2023		1,110
2024		397
2025		—
2026		—
2027 and thereafter		—

Total future minimum lease payments (undiscounted)	$	1,824

The following table reconciles the future minimum lease payments (disclosed above) at September 30, 2022 to the operating lease liabilities recognized in the Consolidated Balance Sheets:



Amounts recognized in the Consolidated Balance Sheets
Lease liability—short term	$	1,186
Lease liability—long term		554

Subtotal		1,740
Difference between undiscounted and discounted cash flows		84

Total future minimum lease payments (undiscounted)	$	1,824