Leases

9 Months Ended

Sep. 30, 2021

Note 14. Leases

Operating lease expense was as follows:


		For the Three Months Ended September 30,				For the Nine Months Ended September 30,
Lease Type	Classification	2021		2020		2021		2020
Parking leases	Compensation and benefits	$	130	$	130	$	388	$	389
Office leases (1)	Occupancy	3,664		4,312		10,862		11,337
Variable lease cost (2)	Occupancy	14		193		44		233
Short-term lease cost (2)	Occupancy	97		109		257		286
Sublease income	Occupancy	(100)		—		(167)		(286)
Office equipment leases	Communication and technology	59		67		190		212
Total operating lease expense		$	3,864	$	4,811	$	11,574	$	12,171
(1) Office lease expense includes an impairment charge of $0.9 million for the three and nine months ended September 30, 2020, related to the abandonment of a leased office space, as discussed below. No impairment charges were recorded for the three and nine months ended September 30, 2021.
(2) Variable and short-term lease costs are excluded from the measurement of operating lease liabilities.

The table below presents the maturity of operating lease liabilities:


	As of September 30, 2021
2021 (excluding the nine months ended September 30, 2021)	$	4,435
2022	16,305
2023	14,738
2024	13,567
2025	13,448
Thereafter	37,124
Total undiscounted lease payments (1)	$	99,617
Adjustment to discount to present value	(14,242)
Total operating lease liabilities	$	85,375
(1) Total undiscounted lease payments excludes $41.2 million of operating lease payments associated with leases that have been signed but have not yet commenced as of September 30, 2021. Leases that have been signed but have not yet commenced are also excluded from operating lease assets and operating lease liabilities within the Unaudited Condensed Consolidated Statements of Financial Condition.

As of September 30, 2021, none of the options to extend lease terms were reasonably certain of being exercised. Other information related to leases was as follows:


	For the Nine Months Ended September 30,
	2021			2020
Weighted average discount rate	4.6		%	4.6		%
Weighted average remaining lease term	6.7 years			7.3 years
Operating cash flows for operating leases	$	12,779		$	12,396