Commitments and Contingencies

12 Months Ended

Dec. 31, 2014

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 13 — 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 2025.

As of December 31, 2014, the approximate aggregate minimum future rental payments required were as follows (in thousands):

2015	$	14,189
2016	13,270
2017	13,738
2018	12,176
2019	10,634
Thereafter	16,942
Total	$	80,949

The Company has also entered into various operating leases for office equipment.

Rent expense for leased office space, net of sublease reimbursements, for the years ended December 31, 2014, 2013 and 2012 was approximately $14.6 million, $14.0 million and $14.3 million, respectively.

During the years ended December 31, 2013 and 2012, the Company subleased approximately 15,000 square feet of space in our New York office to GCP Capital. The Company earned rental reimbursements related to the sublease of $1.1 million and $1.2 million for the years ended December 31, 2013 and 2012, respectively. The sublease was terminated in December 2013.

Diversified financial institutions issued six letters of credit on behalf of the Company to secure office space leases, which totaled $5.7 million and $4.2 million at December 31, 2014 and 2013, respectively. These letters of credit were secured by cash held on deposit. At December 31, 2014 and 2013, no amounts had been drawn under any of the letters of credit. See "Note 3 — Cash and Cash Equivalents".

At December 31, 2014, the Company had capital commitments of $0.3 million remaining. 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.