General form of registration statement for all companies including face-amount certificate companies

Leases

v3.21.2
Leases
6 Months Ended
Jun. 30, 2021
Leases [Abstract]  
Leases
5. LEASES
The Company primarily has
non-cancelable
operating leases for its headquarters in New York and various other offices. The operating lease for the Company’s headquarters does not include any renewal options (dollars in thousands).
 
Lease Cost
  
Three Months Ended
June 30, 2021
    
Six Months Ended
June 30, 2021
 
Operating lease cost
   $ 1,312      $ 2,628  
Short term lease cost
     49        49  
    
 
 
    
 
 
 
Net Lease Cost
   $ 1,361      $ 2,677  
    
 
 
    
 
 
 

Supplement Lease Cash Flow Information
  
Three Months Ended
June 30, 2021
    
Six Months Ended
June 30, 2021
 
Cash paid for amounts included in the measurement of lease liabilities:
                 
Operating cash flows for operating leases
   $ 1,422      $ 2,794  
Right-of-use
assets obtained in exchange for lease obligations:
                 
Operating leases
   $ 46,068      $ 46,068  
 
Lease Term and Discount Rate
  
June 30, 2021
 
Weighted-average remaining lease term:
        
Operating leases
     10.7 years  
Weighted-average discount rate:
        
Operating leases
     3.07
 
Future Maturity of Operating Lease Payments
  
Operating Leases
 
July 1, 2021 to December 31, 2021
   $ 2,713  
2022
     2,766  
2023
     8,108  
2024
     6,000  
2025
     5,923  
Thereafter
     43,904  
    
 
 
 
Total Lease Payments
  
 
69,414
 
Imputed interest
     (11,410
    
 
 
 
Total Lease Liabilities
  
$
58,004
 
    
 
 
 
 
The Company has future operating lease payments of $26.7 million related to leases that have not commenced that were entered into as of June 30, 2021. Such lease payments are not included in the table above or the Company’s consolidated statements of financial condition as operating lease assets and operating lease liabilities. These operating lease payments are anticipated to commence in the second half of 2022 and continue for 11.4 years.