Moelis & Co Commitments Disclosure
Bank Lines of Credit— The Company renewed its revolving credit facilities during the second quarter of 2025 and maintains aggregate base credit commitments of $50,000 across the following two facilities:
Corporate Facility - The Company maintains a corporate revolving credit facility with a base credit commitment of $5,000. The Company has the option to request a temporary increase of up to $45,000, not to exceed the capacity available under the FINRA credit line discussed below. This option may be exercised up to two times per year during the twelve-month term of the credit line. Upon lender approval, this facility can be extended to June 30, 2027. The Company incurs a 0.25% per annum fee on the amount of the unused commitment. 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 1.3% or (ii) Prime minus 1.50%.
As of December 31, 2025 and 2024, the Company had no borrowings under the credit facility. As of December 31, 2025, the Company’s available committed credit under this facility, net of the FINRA credit line capacity, was $4,386 as a result of the issuance of an aggregate amount of $614 of various standby letters of credit, which were required in connection with certain office leases and other agreements.
U.S. Broker Dealer Facility - The U.S. Broker Dealer maintains a $45,000 revolving credit facility agreement pre-approved by FINRA with a credit period ending May 24, 2026 and a maturity date of May 24, 2027. The Company incurs a 0.25% per annum fee on the amount of the unused commitment. 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 committed credit was $45,000 as of December 31, 2025.
Leases— The Company maintains operating leases for corporate offices and an aircraft with various expiration dates, some of which extend through 2040. Some leases include options to terminate or to extend the lease terms. The Company records lease liabilities measured at the present value of anticipated lease payments over the lease term, including options to extend or terminate the lease when it is reasonably certain such options will be exercised. The implicit discount rates used to determine the present value of the Company’s leases are not readily determinable, thus the Company uses its secured borrowing rate, which was determined with reference to our available credit line. See below for additional information about the Company’s leases.
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Year Ended December 31, |
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($ in thousands) |
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2025 |
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2024 |
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2023 |
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Supplemental Income Statement Information: |
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Operating lease cost |
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$ |
30,233 |
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$ |
26,227 |
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$ |
24,714 |
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Supplemental Cash Flow Information: |
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Cash paid for amounts included in the measurement of lease liabilities: |
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Net operating cash inflows/(outflows) for operating leases |
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$ |
(22,552) |
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$ |
(26,613) |
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$ |
(22,211) |
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Other Information: |
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Right-of-use assets obtained in exchange for lease obligations (e.g. new leases and amendments commenced during the period) |
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$ |
55,632 |
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$ |
27,761 |
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38,113 |
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Weighted-average remaining lease term - operating leases (in years) |
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10.98 |
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10.88 |
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11.96 |
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Weighted-average discount rate - operating leases |
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4.63 |
% |
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4.21 |
% |
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3.99 |
% |
During the years ended December 31, 2025, 2024 and 2023, the Company received $3,797, $482, and $2,110 of tenant improvement allowances, respectively. These cash receipts are included within net operating cash inflows/(outflows) for operating leases in the supplemental cash flow information above.
In October 2023, the Company vacated a leased space in San Francisco with the intent to sublease the space for the remainder of the lease term. The Company determined that the carrying value of assets associated with this space may not be recoverable, and recorded an impairment of $1,149 associated with right-of-use assets within occupancy expense, and $558 associated with leasehold improvements within other income and expenses on the Company's consolidated statement of operations, respectively. This lease terminated in October 2025.
As of December 31, 2025, the future maturities of our operating lease liabilities are as follows:
Fiscal year ended |
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Operating Leases |
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2026 |
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$ |
28,886 |
2027 |
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31,027 |
2028 |
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31,915 |
2029 |
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33,541 |
2030 |
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30,180 |
Thereafter |
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190,307 |
Total Payments |
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$ |
345,856 |
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Less: Tenant improvement allowances |
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(1,197) |
Less: Present value adjustment |
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(77,504) |
Total |
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$ |
267,155 |
In September 2025, a lease commenced for office space that will replace the Company's existing space in London during 2026. Upon commencement, $53,880 in right-of-use assets and operating lease liabilities were capitalized.
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 often 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. For matters where the Company can reasonably estimate the amount of a probable loss, or range of loss, the Company will accrue a loss for such matters in accordance with U.S. GAAP for the aggregate of the estimated amount or the minimum amount of the range, if no amount within the range is a better estimate. 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.
During 2023, West Palm Beach Firefighters’ Pension Fund, a putative Class A stockholder of the Company, filed a class action lawsuit, on behalf of itself and other similarly-situated Class A stockholders, in the Delaware Court of Chancery against the Company seeking declaratory judgment that certain provisions of the Stockholders Agreement between the Company and Partner Holdings are invalid and unenforceable as a matter of Delaware law. On March 4, 2024, the Court of Chancery issued an interlocutory order, presently in effect, that certain provisions of the Stockholders Agreement, including the provisions relating to approval rights and director vacancies, are facially invalid, void, and unenforceable under Delaware law. On July 18, 2024, the Court of Chancery issued an order awarding plaintiff’s counsel $6,000 in fees and expenses, to be paid by the Company. The Company filed an appeal of these orders and, on January 20, 2026, the Delaware Supreme Court, reversed the Court of Chancery’s interlocutory order and the fees and expenses awarded to plaintiff’s counsel.
Historical Timeline
| Fiscal Year | Filed | |
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| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2023 | Feb 22, 2024 | |
| 2022 | Feb 23, 2023 | |
| 2021 | Feb 23, 2022 | |
| 2020 | Feb 24, 2021 | |
| 2019 | Feb 27, 2020 | |
| 2018 | Feb 27, 2019 | |
| 2017 | Feb 28, 2018 | |
| 2016 | Feb 28, 2017 | |
| 2015 | Mar 14, 2016 | |
About Commitments Disclosures
Commitments and contingencies disclosures catalog a company's off-balance-sheet obligations and legal exposures — purchase commitments, guarantee arrangements, pending litigation, and regulatory proceedings. These items represent potential future cash outflows that may not appear as liabilities on the balance sheet until they become probable and estimable.
Key signals: litigation reserves and disclosed loss ranges quantify management's estimate of legal exposure, but unquantified "reasonably possible" losses often represent the larger risk. Watch for changes in language around pending cases — shifts from "remote" to "reasonably possible" or increases in estimated loss ranges signal deteriorating outcomes. Unconditional purchase obligations and take-or-pay contracts create fixed cost structures that reduce operational flexibility. Guarantee arrangements for subsidiaries or joint ventures can create cascading obligations. Compare the total commitment schedule against projected free cash flow to assess whether the company can meet its obligations without additional financing.