Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2021

Commitments and Contingencies Disclosure [Abstract]

For the three and nine months ended September 30, 2021 and 2020, quantitative information regarding the Company's operating lease obligations reflected in the accompanying condensed consolidated statements of operations were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
	(dollars in thousands)
Lease cost
Operating lease cost	$	6,074	$	5,687	$	17,677	$	17,044
Short-term lease cost	62		52		127		155
Variable lease cost	920		829		2,690		2,431
Sublease income	(132)		(190)		(448)		(623)
Total lease costs	$	6,924	$	6,378	$	20,046	$	19,007

The following table summarizes the supplemental cash flow information and certain other information related to operating leases for the nine months ended September 30, 2021 and 2020:


	Nine Months Ended September 30,
	2021			2020
	(dollars in thousands)
Other information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	20,555		$	20,228

Weighted average remaining lease term - operating leases (in years)	5.33			4.78
Weighted average discount rate - operating leases	4.10		%	3.69		%

Future Minimum Annual Lease and Service Payments

As of September 30, 2021, maturities of the outstanding operating lease liabilities for the Company were as follows:


	Equipment Leases (operating)		Real Estate and Other Facility Rental (a) (b)
	(dollars in thousands)
2021	$	66	$	4,646
2022	150		25,076
2023	11		22,807
2024	—		20,006
2025	—		9,461
Thereafter	—		24,368
Total operating leases	227		106,364
Less discount	6		12,183
Less short-term leases	—		19

Total lease liability	$	221	$	94,162

(a)The Company has entered into various agreements to sublease certain of its premises.

(b)During the nine months ended September 30, 2021, the Company recognized an increase of $30.1 million of operating right-of-use assets and leases liabilities related to facility leases.

As of September 30, 2021, future minimum annual service payments for the Company were as follows:


	Service Payments
	(dollars in thousands)
2021	$	7,796
2022	22,331
2023	10,069
2024	5,254
2025	3,366
Thereafter	10,594
Total service payment commitments	$	59,410

Other Commitments

The following table summarizes unfunded commitments as of September 30, 2021:


Entity	Unfunded Commitments		Commitment Term
	(dollars in thousands)
HealthCare Royalty Partners funds (a)	$	6,093	3.30 years
Eclipse Ventures Fund I, L.P.	$	28	3.30 years
Eclipse Fund II, L.P.	$	33	4.30 years
Eclipse Continuity Fund I, L.P.	$	34	5.30 years
Cowen Healthcare Investments III LP	$	3,207	5.30 years
Cowen Healthcare Investments IV LP	$	6,868	6.30 years
Cowen Sustainable Investments I LP	$	15,715	8.30 years

(a) The Company is a limited partner of the HealthCare Royalty Partners funds (which are managed by Healthcare Royalty Management) and is a member of HealthCare Royalty Partners General Partners. The Company will make its pro-rata investment in the HealthCare Royalty Partners funds along with the other limited partners.