Bank Line of Credit — In April 2017 the Company renewed its revolving credit facility which extended the maturity date to June 30, 2019. In May 2018, the facility was revised and the commitment amount increased to $65,000.

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) LIBOR plus 1% or (ii) Prime minus 1.50%. As of March 31, 2019 and December 31, 2018, the Company had no borrowings under the credit facility.

As of March 31, 2019, the Company’s available credit under this facility was $60,330 as a result of the issuance of an aggregate amount of $4,670 of various standby letters of credit, which were required in connection with certain office lease and other agreements. The Company incurs a 1% per annum fee on the outstanding balance of issued letters of credit.

Leases —The Company maintains operating leases for corporate offices and an aircraft with expiration dates that extend through 2029. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Some leases do not have any renewal options, while others have options to renew for 5 year terms. The Company records lease liabilities measured at the present value of future lease payments over the lease term. The implicit discount rates used to determine the present value of the Company’s leases are not readily determinable, thus the Company uses an incremental borrowing rate, which was determined with reference to our available credit line.

During the second quarter of 2016, the Company decided to sublet a portion of its growth space in the U.K. which required a sublease loss reserve to be recognized for the estimated net economics of such sublet. See below for additional information about the Company’s leases.

	Three Months Ended
	March 31,
($ in thousands)	2019
Supplemental Income Statement Information:

Operating lease cost	$	4,133
Adjustment to the sublease loss reserve	$	—

Supplemental Cash Flow Information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	4,868

Right-of-use assets obtained in exchange for lease obligations:	$	1,172

Other Information
Weighted-average remaining lease term - operating leases		5.18	years
Weighted-average discount rate - operating leases		4.00	%

The Company incurred expense relating to its operating leases of $3,937 for the three months ended March 31, 2018. The expense related to the aforementioned sublease loss reserve, which is remeasured at each reporting period, was $0 for the three months ended March 31, 2018.

The future minimum rental payments required under the operating leases in place at March 31, 2019, are as follows:

Fiscal year ended	Operating Leases		Sublease Income			Net Minimum Payments
2019	$	14,968	$	(436	)	$	14,532
2020		13,959		(872	)		13,087
2021		8,802		(872	)		7,930
2022		8,591		(872	)		7,719
2023		7,212		(872	)		6,340
Thereafter		12,477		(1,308	)		11,169
Total Payments	$	66,009	$	(5,232	)	$	60,777

Present Value Adjustment	$	6,676
Total	$	59,333

During the first quarter of 2019, the Company entered into a lease agreement related to its headquarters in New York. The new lease expands our current workspace at 399 Park Ave in New York and has an initial term that expires in 2036. Depending on when we gain access to the floor currently occupied by another tenant will drive when we begin recognizing the incremental space and new lease terms. Commencement of the lease is anticipated to occur in late 2019.

In accordance with ASC 840, the future minimum rental payments under the operating leases in place at December 31, 2018 are as follows:

Fiscal year ended	Operating Leases		Sublease Income			Net Minimum Payments
2019	$	19,742	$	(530	)	$	19,212
2020		13,836		(849	)		12,987
2021		8,682		(849	)		7,833
2022		8,471		(849	)		7,622
2023		7,090		(849	)		6,241
Thereafter		12,349		(1,273	)		11,076
Total	$	70,170	$	(5,199	)	$	64,971

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.