COMMITMENTS AND CONTINGENCIES Leases. The Company leases office space and equipment under leases with varying expiration dates through 2023 . Rental expense, net of subleases, was $1.4 million , $1.5 million and $2.3 million for 2013 , 2012 and 2011 , respectively. The Company s office space leases in New York and in Philadelphia contain extension clauses. The Company has the ability to extend the New York lease for an additional five -year term, and one of the Philadelphia leases provides one option to extend for an additional five -year term. In addition, one of the Philadelphia office leases allows the Company to terminate the lease early with a termination payment to the landlord in January 2020. At December 31, 2013 , future minimum rental commitments (net of subleases) under operating and capital leases over the next five years ending December 31, and thereafter, were as follows (in thousands): Operating Capital (1) Total 2014 $ 2,085 $ 203 $ 2,288 2015 2,183 147 2,330 2016 2,107   2,107 2017 1,971   1,971 2018 1,938   1,938 Thereafter 5,103   5,103 Total $ 15,387 $ 350 $ 15,737 (1) Includes $ 14,131 and $ 3,914 in 2014 and 2015, respectively, related to the interest portion of capital lease payments. LEAF lease valuation commitment . In conjunction with the formation of LEAF, the Company and RSO had undertaken a contingent obligation with respect to the value of the equity on the balance sheet of LRF 3. To the extent that the value of the equity on the balance sheet of LRF 3 is less than $18.7 million (the value of the equity of LRF 3 on the date it was contributed to LEAF by RSO), as of the final testing date, which must be within 90 days following December 31, 2013, the Company and RSO would have been jointly and severally obligated to contribute cash to LEAF to make up the deficit. The LRF 3 equity as of December 31, 2013 was in excess of this commitment. Limited loan guarantee. The Company and Lease Equity Appreciation Fund I, L.P. ( LEAF I ), one of its sponsored commercial finance investment partners