Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Operating Lease, Lease Income

For the three months ended March 31, 2022 and 2021, quantitative information regarding the Company's operating lease obligations reflected in the accompanying condensed consolidated statements of operations were as follows:

	Three Months Ended March 31,
	2022		2021
	(dollars in thousands)
Lease cost
Operating lease cost	$	6,614	$	5,770
Short-term lease cost	141		33
Variable lease cost	837		906
Sublease income	(155)		(160)
Total lease costs	$	7,437	$	6,549

The following table summarizes the supplemental cash flow information and certain other information related to operating leases for the three months ended March 31, 2022 and 2021:

	Three Months Ended March 31,
	2022			2021
	(dollars in thousands)
Other information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	9,814		$	6,748
Weighted average remaining lease term - operating leases (in years)	5.54			4.56
Weighted average discount rate - operating leases	4.13		%	4.10		%

Future Minimum Annual Lease and Service Payments

As of March 31, 2022, 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)
2022	$	366	$	16,813
2023	381		25,476
2024	370		22,965
2025	370		12,312
2026	278		8,881
Thereafter	—		24,969
Total operating leases	1,765		111,416
Less discount	105		13,218
Less short-term leases	—		58
Total lease liability	$	1,660	$	98,140

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

(b)During the three months ended March 31, 2022, the Company recognized an increase of $8.3 million of operating right-of-use assets and leases liabilities related to facility leases.

As of March 31, 2022, future minimum annual service payments for the Company were as follows:

	Service Payments
	(dollars in thousands)
2022	$	22,196
2023	17,544
2024	8,214
2025	3,889
2026	3,253
Thereafter	7,357
Total service payment commitments	$	62,453

Other Commitments

The following table summarizes unfunded commitments as of March 31, 2022:

Entity	Unfunded Commitments		Commitment Term
	(dollars in thousands)
HealthCare Royalty Partners funds (a)	$	6,451	2.8 years
Eclipse Ventures Fund I, L.P.	$	28	2.8 years
Eclipse Fund II, L.P.	$	18	3.8 years
Eclipse Continuity Fund I, L.P.	$	16	4.8 years
Cowen Healthcare Investments III LP	$	2,165	4.8 years
Cowen Healthcare Investments IV LP	$	5,784	5.8 years
Cowen Sustainable Investments I LP	$	14,643	7.8 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.