Bank Lines of Credit — The Company renewed its $65,000 revolving credit facility which extended the maturity date to June 30, 2023. Unless the lender issues a notice of termination at least 60 days prior to such maturity date, this facility will automatically extend to June 28, 2024. Borrowings on the facility bear interest at the greater of a fixed rate of 3.50% per annum or at the borrower’s option of (i) Secured

Overnight Financing Rate ("SOFR") plus 1.10% or (ii) Prime minus 1.50%. As of June 30, 2022 and December 31, 2021, the Company had no borrowings under the credit facility.

As of June 30, 2022, the Company’s available credit under this facility was $64,223 as a result of the issuance of an aggregate amount of $777 of various standby letters of credit, which were required in connection with certain office leases and other agreements. The Company incurs a 1% per annum fee on the outstanding balance of issued letters of credit.

U.S. Broker Dealer renewed its $30,000 revolving credit facility agreement pre-approved by FINRA which extended the credit period to May 24, 2023 and the maturity date to May 24, 2024. Borrowings on the facility bear interest equal to the Prime rate, payable quarterly in arrears on the last day of March, June, September and December of each calendar year. The Company had no borrowings under this credit facility and the available balance was $30,000 as of June 30, 2022.

Leases —The Company maintains operating leases for corporate offices and an aircraft with various expiration dates, some of which extend through 2036. Some leases include options to terminate or to extend the lease terms. The Company records lease liabilities measured at the present value of anticipated lease payments over the lease term, including options to extend or terminate the lease when it is reasonably certain such options will be exercised. The implicit discount rates used to determine the present value of the Company’s leases are not readily determinable, thus the Company uses its secured borrowing rate, which was determined with reference to our available credit line. See below for additional information about the Company’s leases.


	Three Months Ended							Six Months Ended
	June 30,							June 30,
($ in thousands)	2022			2021				2022				2021
Supplemental Income Statement Information:
Operating lease cost	$	5,627		$	6,337			$	11,224			$	13,491

Supplemental Cash Flow Information:
Cash paid for amounts included in the measurement of lease liabilities:
Net operating cash inflows/(outflows) for operating leases	$	5,636		$	(2,280	)		$	(131	)		$	(8,260	)
Right-of-use assets obtained in exchange for lease obligations (e.g. new leases and amendments commenced during the period)	$	1,951		$	57			$	1,951			$	378

Other Information
Weighted-average remaining lease term - operating leases		13.09	years		13.62		years		13.09		years		13.62		years
Weighted-average discount rate - operating leases		3.51	%		3.52		%		3.51		%		3.52		%

During each of the three and six months ended June 30, 2022 and 2021, the Company received $12,181 and $2,404 of tenant improvement allowances related to the Company's lease at 399 Park Avenue in New York, New York. These cash receipts are included within net operating cash inflows/(outflows) for operating leases in the supplemental cash flow information above.

As of June 30, 2022, the future sublease income and maturities of our operating lease liabilities are as follows:


Fiscal year ended	Sublease Income		Operating Leases
Remainder of 2022	$	(405)	$	10,674
2023		(810)		22,116
2024		(810)		20,265
2025		(405)		17,744
2026		—		16,727
Thereafter		—		162,838
Total Payments	$	(2,430)	$	250,364

Less: Tenant improvement allowances				(2,122)
Less: Present value adjustment				(51,871)
Total			$	196,371

Contractual Arrangements —In the normal course of business, the Company enters into contracts that contain a variety of representations and warranties and which provide indemnification for specified losses, including certain indemnification of certain officers, directors and employees.

Legal —In the ordinary course of business, from time to time the Company and its affiliates are involved in judicial or regulatory proceedings, arbitration or mediation concerning matters arising in connection with the conduct of its businesses, including contractual and employment matters. In addition, government agencies and self-regulatory organizations conduct periodic examinations and initiate administrative proceedings regarding the Company’s business, including, among other matters, compliance, accounting and operational matters, that can result in censure, fine, the issuance of cease-and-desist orders or the suspension or expulsion of a broker-dealer, investment advisor, or its directors, officers or employees. In view of the inherent difficulty of determining whether any loss in connection with such matters is probable and whether the amount of such loss can be reasonably estimated, particularly in cases where claimants seek substantial or indeterminate damages or where investigations and proceedings are in the early stages, the Company cannot estimate the amount of such loss or range of loss, if any, related to such matters, how or if such matters will be resolved, when they will ultimately be resolved, or what the eventual settlement, fine, penalty or other relief, if any, might be. Subject to the foregoing, the Company believes, based on current knowledge and after consultation with counsel, that it is not currently party to any material pending proceedings, individually or in the aggregate, the resolution of which would have a material effect on the Company.