Our operating leases primarily relate to office space and office equipment with remaining lease terms of 1 to 15 years. At June 30, 2021 and December 31, 2020, operating lease right-of-use assets were $763.8 million and $793.2 million, respectively, and lease liabilities were $808.7 million and $839.8 million, respectively, included in accounts payable and accrued expenses in the consolidated statements of financial condition.

The table below summarizes our net lease cost for the three and six months ended June 30, 2021 and 2020 (in thousands):

	Three Months Ended June 30,
	2021			2020
Operating lease cost	$	25,367		$	23,526
Short-term lease cost		78			1,826
Variable lease cost		233			27
Sublease income		(649	)		(996	)
Net lease cost	$	25,029		$	24,383

	Six Months Ended June 30,
	2021			2020
Operating lease cost	$	50,490		$	47,921
Short-term lease cost		233			2,302
Variable lease cost		341			42
Sublease income		(1,308	)		(1,904	)
Net lease cost	$	49,756		$	48,361

Operating lease costs are included in occupancy and equipment rental in the consolidated statements of operations.

The table below summarizes other information related to our operating leases as of and for the six months ended June 30, 2021 (in thousands):

Operating lease cash flows	$	47,647
Right-of-use assets obtained in exchange for new operating lease liabilities	$	19,687
Weighted-average remaining lease term	12.0 years
Weighted-average discount rate		4.15	%

The weighted average discount rate represents our company’s incremental borrowing rate at the lease inception date.

The table below presents information about operating lease liabilities as of June 30, 2021, (in thousands, except percentages).

Remainder of 2021	$	50,364
2022		98,831
2023		97,180
2024		95,191
2025		93,343
Thereafter		608,116
Total undiscounted lease payments		1,043,025
Imputed interest		(234,298	)
Total operating lease liabilities	$	808,727