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Leases
 3 Months Ended
Mar. 31, 2022
Leases [Abstract]  
Lessee, Operating Leases Leases
The Company enters into lease agreements that are primarily used for office space. These leases are accounted for as operating leases, with lease expense recognized on a straight-line basis over the term of the lease.

A portion of the Company's current leases include an option to extend or cancel the lease term. The exercise of such an option is solely at the Company's discretion. The operating lease liability recorded in the unaudited Consolidated Balance Sheets includes lease payments related to options to extend or cancel the lease term if the Company determined at the date of adoption that the lease was expected to be renewed or extended. The Company, in determining the present value of lease payments, utilized the average rate over a 10-year term based upon the Moody's seasoned Aaa corporate bond yields, as explicit rates of interest were not readily determinable in the lease contracts. The Company does not carry debt; thus no incremental borrowing rate was available to the Company.

Lease expense is included in office and technology expenses in the unaudited Consolidated Statements of Operations. Information regarding the Company’s operating leases follows:
Three Months Ended
March 31,
(in thousands)20222021
Operating leases$563 $326 
Short-term leases (b)67 64 
Lease expense$630 $390 
Sub-lease income— — 
Lease cost$630 $390 
(b)Leases with an initial term of twelve months or less are not recorded on the unaudited Consolidated Balance Sheets.

Components of the operating lease liability presented on the unaudited Consolidated Balance Sheets are as follows:
(in thousands)As of
March 31, 2022		As of
December 31, 2021
Current:
Operating lease liabilities$2,021 $1,547 
Non-current:
Operating lease liabilities5,432 3,782 
Total operating lease liabilities$7,453 $5,329 
The future minimum lease payments under operating leases that have initial or remaining noncancelable lease terms in excess of one year as of March 31, 2022, are summarized as follows:
Year Ended (in thousands)
2022$2,211 
20231,892 
20241,571 
20251,127 
2026934 
Thereafter284 
Total undiscounted payments$8,019 
Less: present value adjustment(566)
Operating lease liabilities$7,453 

Supplemental lease information is as follows:
As of
March 31, 2022		As of
December 31, 2021
Weighted average remaining lease term (years)4.144.13
Weighted average discount rate4.0 %4.2 %

The Company does not have any material pending operating or financing lease agreements that become effective in future periods.