Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Operating Lease, Lease Income

For the year ended December 31, 2021, 2020 and 2019, quantitative information regarding the Company's operating lease obligations reflected in the accompanying consolidated statements of operations were as follows:

	Year Ended December 31,
	2021		2020		2019
	(dollars in thousands)
Lease cost
Operating lease cost	$	25,268	$	22,759	$	23,540
Short-term lease cost	150		207		253
Variable lease cost	3,526		3,550		3,580
Sublease income	(583)		(781)		(953)
Total lease costs	$	28,361	$	25,735	$	26,420

The following table summarizes the supplemental cash flow information and certain other information related to operating leases for the years ended December 31, 2021 and 2020:

	Year Ended December 31,
	2021			2020
	(dollars in thousands)
Other information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	27,429		$	25,012
Weighted average remaining lease term - operating leases (in years)	5.27			4.58
Weighted average discount rate - operating leases	4.06		%	3.66		%

Future Minimum Annual Lease and Service Payments

As of December 31, 2021, maturities of the outstanding operating lease liabilities for the Company were as follows:

	Equipment Leases (operating) (d)		Real Estate and Other Facility Rental (a) (b) (c)
	(dollars in thousands)
2022	$	520	$	24,697
2023	381		24,687
2024	370		21,852
2025	370		11,137
2026	278		7,593
Thereafter	—		19,463
Total operating leases	1,919		109,429
Less discount	124		12,232
Less short-term leases	—		109
Total lease liability	$	1,795	$	97,088

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

(b)During the year ended December 31, 2021, the Company recognized an increase of $37.7 million of operating right-of-use assets and leases liabilities related to facility leases.

(c)During the fourth quarter of 2021, the Company completely vacated leased office space in New York and New Jersey which resulted in an acceleration of expense of approximately $0.9 million within occupancy and equipment expense in the accompanying consolidated statements of operations during the year ended December 31, 2021.

(d)During the year ended December 31, 2021, the Company recognized an increase of $1.7 million of operating right-of-use assets and leases liabilities related to equipment leases.

As of December 31, 2021, future minimum annual service payments for the Company were as follows:

	Service Payments
	(dollars in thousands)
2022	$	25,085
2023	12,511
2024	5,254
2025	3,366
2026	3,237
Thereafter	7,357
Total service payment commitments	$	56,810

Other Commitments

The following table summarizes unfunded commitments as of December 31, 2021:

Entity	Unfunded Commitments		Commitment Term
	(dollars in thousands)
HealthCare Royalty Partners funds (a)	$	3,886	3 years
Eclipse Ventures Fund I, L.P.	$	28	3 years
Eclipse Fund II, L.P.	$	23	4 years
Eclipse Continuity Fund I, L.P.	$	20	5 years
Cowen Healthcare Investments III LP	$	2,632	5 years
Cowen Healthcare Investments IV LP	$	6,399	6 years
Cowen Sustainable Investments I LP	$	14,643	8 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.