The Company adopted the new lease accounting guidance as of January 1, 2019, which is further discussed in Note 2. “Summary of Significant Accounting Policies—Recent Accounting Developments.” The Company determines if an arrangement is, or contains, a lease at inception.

The Company leases office space under non-cancelable lease agreements, which expire at various dates through 2030. The lease arrangements for office space typically contain payments to the lessor for common area maintenance charges and reimbursement for certain other costs that are not fixed. The Company accounts for these costs as variable lease costs and does not include them in the lease component. Such amounts recorded during the three and six months ended June 30, 2019 are included in the table below. The Company has also entered into arrangements to sublease a portion of its office space, which expire at various dates through 2025.

The Company leases certain office equipment pursuant to finance leases, which expire at various dates through 2022. The Company does not elect the practical expedient to include the non-lease component with the lease component as a single lease component.

Right-of-Use Assets (“ROU assets”) represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the commencement date based on the present value of the lease payments over the lease term. The Company’s lease agreements generally do not provide an implicit rate, so the Company estimates the incremental borrowing rate considering the collateral, term and the economic environment of the lease arrangement with reference to the Company’s term loan. Certain leases may include options to extend or terminate; however, the Company only reflects such renewal or termination option in the lease term when it is reasonably certain to exercise the option.

The Company records ROU assets and lease liabilities for operating leases in Operating Lease Right-of-Use Assets and Operating Lease Liabilities, respectively, on the Condensed Consolidated Statements of Financial Condition. The Company records ROU assets and lease liabilities for finance leases in Furniture, Equipment and Leasehold Improvements, Net and Accounts Payable, Accrued Expenses and Other Liabilities, respectively, on the Condensed Consolidated Statements of Financial Condition.

The Company does not record ROU assets or lease liabilities for leases with a term of twelve months or less. Lease expense for such leases is recognized on a straight-line basis.

For the three and six months ended June 30, 2019, the components of lease expense were as follows:

	Three Months Ended			Six Months Ended
	June 30, 2019			June 30, 2019
Operating Lease Cost	$	6,300		$	12,107
Finance Lease Cost
Amortization of Right-of-Use Assets		31			69
Interest on Lease Liabilities		1			3
Total Finance Lease Cost		32			72
Short-Term Lease Cost		109			225
Variable Lease Cost		719			1,293
Sublease Income		(913	)		(1,823	)
Total Lease Cost	$	6,247		$	11,874

	Six Months Ended
	June 30, 2019
Cash Paid for Amounts Included in Measurement of Lease Liabilities
Operating Cash Flows from Operating Leases	$	10,015
Operating Cash Flows from Finance Leases		4
Financing Cash Flows from Finance Leases		70
Right-of-Use Assets Obtained in Exchange for Lease Liabilities
Operating Leases		150,020
Finance Leases		5

	June 30, 2019
Weighted-Average Remaining Lease Term (in years)
Operating Leases		7.9
Finance Leases		1.5
Weighted-Average Discount Rate
Operating Leases		4.9	%
Finance Leases		3.0	%

For the three and six months ended June 30, 2018, rent expense was $6.0 million and $12.3 million, respectively. Rent expense is included in Occupancy and Related in the Condensed Consolidated Statements of Operations. This amount includes escalation payments, which are paid when invoiced.

As of December 31, 2018, the Company maintained an irrevocable standby letter of credit for certain operating leases of $4.7 million.

The following is a maturity analysis of the annual undiscounted cash flows of the finance and operating lease liabilities as of June 30, 2019:

Year Ending December 31,	Finance		Operating
2019 (July 1 through December 31)	$	73	$	12,461
2020		119		22,878
2021		12		24,839
2022		1		24,672
2023		—		24,638
Thereafter		—		79,638
Total Lease Payments		205		189,126
Less: Imputed Interest		4		33,147
Total	$	201	$	155,979

As of December 31, 2018, the aggregate minimum future payments required on non-cancelable leases, under legacy accounting guidance, were as follows:

	Minimum Lease Payments
Year Ending December 31,	Capital		Operating
2019	$	130	$	26,877
2020		104		23,445
2021		9		22,305
2022		2		22,190
2023		—		22,227
Thereafter		—		67,871
Total Minimum Lease Payments		245		184,915
Less: Amount Representing Interest		11
Capital Lease Obligation	$	234
Less: Sublease Proceeds				14,182
Net Minimum Lease Payments			$	170,733