Leases

12 Months Ended

Dec. 31, 2022

The Company’s operating lease arrangements are principally for office space in its New York City headquarters. As of December 31, 2022, the Company had $22.0 million of operating lease right-of-use assets, $2.8 million and $21.7 million of current and non-current operating lease liabilities, respectively, and no finance leases on its consolidated balance sheet. These operating lease arrangements included in the measurement of lease liabilities had a weighted-average remaining lease term of 7.0 years, a weighted-average discount rate of 5.9%, and do not reflect options to extend or terminate, as management does not consider the exercise of these options to be reasonably certain. During the year ended December 31, 2022, the Company paid $4.2 million, for amounts included in the measurement of lease liabilities. The Company did not enter into any new lease arrangements during the year ended December 31, 2022.

During the year ended December 31, 2022, the Company recognized $5.2 million of lease expense. During the year ended December 31, 2021, rent expense, including associated common area maintenance charges, was $4.1 million.


	December 31,
(in thousands)	2022
Operating lease expense	$	3,988
Short-term lease expense	111
Variable lease expense	1,058
Total lease expense	$	5,157

As of December 31, 2022, the total remaining operating lease payments included in the measurement of lease liabilities was as follows (in thousands):


Fiscal Year Ending December 31,	Operating Lease Payments

2023	$	4,079
2024	4,114
2025	4,292
2026	4,292
2027	4,292
Thereafter	8,583
Total operating lease payments	29,652
Less: imputed interest	(5,204)
Total lease liabilities	$	24,448