Bank Lines of Credit— The Company maintains a $65,000 revolving credit facility which has a maturity date of 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 1.1% or (ii) Prime minus 1.50%. As of December 31, 2022 and 2021, the Company had no borrowings under the credit facility.

As of December 31, 2022, the Company’s available credit under this facility was $64,236 as a result of the issuance of an aggregate amount of $764 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 maintains a $30,000 revolving credit facility agreement pre-approved by FINRA which has a credit period ending May 24, 2023 and a maturity date of May 24, 2024. Borrowings on the facility bear interest equal to the Prime rate, payable quarterly in arrears of 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 December 31, 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.


	Year Ended
	December 31,
($ in thousands)	2022			2021			2020
Supplemental Income Statement Information:
Operating lease cost	$	22,215		$	24,550		$	26,669

Supplemental Cash Flow Information:
Cash paid for amounts included in the measurement of lease liabilities:
Net operating cash inflows/(outflows) for operating leases	$	(9,800)		$	(16,278)		$	(17,957)
Right-of-use assets obtained in exchange for lease obligations (e.g. new leases and amendments commenced during the period)	$	4,806		$	4,731		$	7,062

Other Information:
Weighted-average remaining lease term - operating leases		12.70	years		13.28	years		13.72	years
Weighted-average discount rate - operating leases		3.51	%		3.52	%		3.52	%

During the years ended December 31, 2022, 2021 and 2020, the Company received $14,495, $4,163 and $5,688, respectively, of tenant improvement allowances primarily 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 December 31, 2022, the future sublease income and maturities of our operating lease liabilities are as follows:


Fiscal year ended	Sublease Income		Operating Leases
2023	$	(809)	$	22,460
2024		(809)		20,736
2025		(405)		18,120
2026		—		17,052
2027		—		16,236
Thereafter		—		146,790
Total Payments	$	(2,023)	$	241,394

Less: Tenant improvement allowances				(24)
Less: Present value adjustment				(48,608)
Total			$	192,762

During the fourth quarter of 2022, the Company entered into a lease agreement for a new office space in Los Angeles to replace its existing space, which expires during 2023. The new lease has an initial term that expires in 2034. Commencement of the lease is anticipated to occur during the first half of 2023.

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, investigations and initiate administrative proceedings regarding the Company’s business, including, among other matters, compliance, accounting, recordkeeping 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.