Commitments and Contingencies

12 Months Ended

Dec. 31, 2012

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies

The Company has entered into certain leases for office space under non-cancellable operating lease agreements that expire on various dates through 2021.

As of December 31, 2012, the approximate aggregate minimum future rental payments required were as follows (in thousands):

2013	13,510,643
2014	12,305,134
2015	11,348,919
2016	9,962,731
2017	9,926,646
Thereafter	25,850,372
Total(1)	82,904,445

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(1) Minimum future rental payments are recorded at their gross amounts and have not been reduced by sublease rentals of $1.1 million for each year from 2013 to 2015 for approximately 15,000 square feet of space in our New York office, which has been sublet to GCP Capital through December 2015. Under the terms of the sublease, the lease may be terminated earlier than 2015.

In addition, the Company has also entered into various operating leases for office equipment.

Net rent expense for leased office space for the years ended December 31, 2012, 2011 and 2010 was approximately $14.3 million, $14.1 million and $12.0 million, respectively.

Diversified financial institutions issued five letters of credit on behalf of the Company to secure office space leases, which totaled $4.4 million at December 31, 2012 and 2011. These letters of credit were secured by cash held on deposit. At December 31, 2012 and 2011, no amounts had been drawn under any of the letters of credit. See “Note 2 – Summary of Significant Accounting Policies – Cash and Cash Equivalents”.

At December 31, 2012, the Company had unfunded commitments of $3.4 million and $0.1 million to GCP III and Barrow Street III, respectively. See “Note 4 – Investments”.

The Company is from time to time involved in legal proceedings incidental to the ordinary course of its business. The Company does not believe any such proceedings will have a material adverse effect on its results of operations.