Notes to Consolidated Financial Statements — (Continued) (Amounts in Millions, Except Per Share Amounts) Future minimum lease commitments for office premises and equipment under non-cancelable leases, along with minimum sublease rental income to be received under non-cancelable subleases, are as follows:
## Table 0 ##
Guarantees We have certain contingent obligations under guarantees of certain of our subsidiaries (“parent company guarantees”) relating principally to credit facilities, guarantees of certain media payables and operating leases.
The amount of such parent company guarantees was $327.1 and $327.9 as of December 31, 2007 and 2006, respectively.
In the event of non-payment by the applicable subsidiary of the obligations covered by a guarantee, we would be obligated to pay the amounts covered by that guarantee.
As of December 31, 2007, there are no material assets pledged as security for such parent company guarantees.
Contingent Acquisition Obligations We have structured certain acquisitions with additional contingent purchase price obligations in order to reduce the potential risk associated with negative future performance of the acquired entity.
In addition, we have entered into agreements that may require us to purchase additional equity interests in certain consolidated and unconsolidated subsidiaries.
The amounts relating to these transactions are based on estimates of the future financial performance of the acquired entity, the timing of the exercise of these rights, changes in foreign currency exchange rates and other factors.
We have not recorded a liability for these items since the definitive amounts payable are not determinable or distributable.
When the contingent acquisition obligations have been met and consideration is determinable and distributable, we record the fair value of this consideration as an additional cost of the acquired entity.
However, we recognize deferred payments and purchases of additional interests after the effective date of purchase that are contingent upon the future employment of owners as compensation expense.
Compensation expense is determined based on the terms and conditions of the respective acquisition agreements and employment terms of the former owners of the acquired businesses.
This future expense will not be allocated to the assets and liabilities acquired and is amortized over the required employment terms of the former owners.
The following table details the estimated liability with respect to our contingent acquisition obligations and the estimated amount that would be paid under the options, in the event of exercise at the earliest exercise date.
All payments are contingent upon achieving projected operating performance targets and satisfying other
Noncontrolling interests represent the impact of consolidating certain low-income housing tax credit funds and impact Other Revenue, Interest Expense, and Other Expenses in this segment (See Note 9 of the Notes to Consolidated Financial Statements for further details).
Year ended September 30, 2009 Compared with the Year ended September 30, 2008 – Capital Markets Capital Markets net revenues increased 10% compared to the prior year due to record trading profits, which increased $45 million from the prior year’s $3.5 million loss.
These profits were almost entirely generated on domestic fixed income products, 76% on municipal and 37% on taxable products.
In addition, fixed income institutional sales commissions were 61% higher, as the volatile fixed income markets led many institutions to seek expertise on mortgage-backed products, and many increased their overall weighting in fixed income products.
At the same time, institutions decreased their weighting in equities and equity institutional sales commissions declined 14%.
This decline was magnified by a lack of new issue activity.
The steep equity market decline early in the year led to lower investment banking fee revenue.
Equity underwriting fees were $5.3 million and $10.4 million below the prior year in the U. S.  and Canada, respectively.
This was attributable to the lack of underwritings due to the declining equity markets during the first two quarters.
Capital markets activity increased during the third quarter, with 82% of our deals occurring in the last two quarters of the fiscal year, actually generating nine more deals than in the prior year.
However, the deals were smaller and we were generally allotted a smaller portion of the deals than in the prior year, resulting in lower revenues.
Merger and acquisition fees, which are included in investment banking revenue, were $40.6 million, up 6% from the prior year.
Gross revenues were up 5% from the prior year and net revenues were up 10%.
Coupled with a 5% increase in noninterest expense, pre-tax earnings were up 68% from the prior year as the impact of increased trading profits is significant to our pre-tax profits.
Commission expense increased with a greater percentage (17%) than commission revenues (10%) due to the big increase in fixed income institutional sales commissions which have a higher payout than equity institutional sales commissions.
The other compensation expenses, communications and information processing and business development expenses decreased slightly as a result of expense control.
Occupancy expense increased 7% due to growth.
We have taken advantage of the opportunities to add quality Capital Markets teams.
Equity Capital Markets acquired the investment banking firm of Lane Berry International, Inc.
The acquisition added 21 investment banking professionals and new offices in Boston and Denver.
In total, Investment Banking added a net 26 professionals as compared to the prior year.
Fixed Income has taken advantage of market conditions in the taxable fixed income institutional sales area to recruit 23 additional professionals, representing a 21% increase in its producing professionals.
Results of Operations - Asset Management The following table presents consolidated financial information for the Asset Management segment for the years indicated:
## Table 1 ##
Index 147 The significant assumptions used in the cash flow analysis of non-agency CMOs are as follows:
## Table 2 ##
(1) Represents the expected activity for the next twelve months.
At September 30, 2016, 11 of the 13 non-agency CMOs were in a continuous unrealized loss position.
Ten of these securities were in that position for 12 months or more and one was in a continuous unrealized loss position for less than 12 months.
Based on the expected cash flows derived from the model utilized in our analysis, we expect to recover all unrealized losses not already recorded in earnings on our non-agency CMOs.
However, it is possible that the underlying loan collateral of these securities will perform worse than current expectations, which may lead to adverse changes in the cash flows expected to be collected on these securities and potential future OTTI losses.
As residential mortgage loans are the underlying collateral of these securities, the unrealized losses at September 30, 2016 reflect the uncertainty in the markets for these instruments.
ARS Our cost basis in the ARS we hold is the fair value of the securities in the period in which we acquired them.
The par value of the ARS we hold as of September 30, 2016 is $152.9 million.
Only those ARS whose amortized cost basis we do not expect to recover in full are considered to be other-than-temporarily impaired as we have the ability and intent to hold these securities to maturity.
All of our ARS securities are evaluated for OTTI on a quarterly basis.
As of September 30, 2016, there were 37 ARS preferred securities with a fair value less than their cost basis, indicating potential impairment.
We analyzed the credit ratings associated with each of these securities as an indicator of potential credit impairment, and including subsequent rating changes, determined that all of these securities maintained investment grade ratings by at least one rating agency.
We have the ability and intent to hold these securities to maturity and expect to recover their entire cost basis and therefore concluded that none of the potential impairment within our ARS preferred securities portfolio is related to potential credit loss.
Within our municipal ARS holdings as of September 30, 2016, there were nine municipal ARS with a fair value less than their cost basis, indicating potential impairment.
We analyzed the credit ratings associated with these securities as an indicator of potential credit impairment, and including subsequent ratings changes, determined that all of these securities maintained investment grade ratings by at least one rating agency.
We have the ability and intent to hold these securities to maturity and expect to recover their entire cost basis and therefore concluded that none of the potential impairment within our municipal ARS portfolio is related to potential credit loss.
Other-than-temporarily impaired securities Although there is no intent to sell either our ARS or our non-agency CMOs and it is not more likely than not that we will be required to sell these securities, as of September 30, 2016 we do not expect to recover the entire amortized cost basis of certain securities within the non-agency CMO available for sale security portfolio.
Changes in the amount of OTTI related to credit losses recognized in other revenues on available for sale securities are as follows:

<table><tr><td>Period</td><td>Rent Obligations</td><td>Sublease Rental Income</td><td>Net Rent</td></tr><tr><td>2008</td><td>$323.9</td><td>$-40.9</td><td>$283.0</td></tr><tr><td>2009</td><td>300.9</td><td>-37.5</td><td>263.4</td></tr><tr><td>2010</td><td>267.7</td><td>-31.0</td><td>236.7</td></tr><tr><td>2011</td><td>233.7</td><td>-25.7</td><td>208.0</td></tr><tr><td>2012</td><td>197.9</td><td>-20.2</td><td>177.7</td></tr><tr><td>2013 and thereafter</td><td>871.0</td><td>-33.1</td><td>837.9</td></tr><tr><td>Total</td><td>$2,195.1</td><td>$-188.4</td><td>$2,006.7</td></tr></table>
<table><tr><td></td><td colspan="5">Year Ended September 30,</td></tr><tr><td></td><td>2010</td><td>% Change</td><td>2009</td><td>% Change</td><td>2008</td></tr><tr><td></td><td colspan="5">($ in 000's)</td></tr><tr><td>Revenues:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Investment Advisory Fees</td><td>$156,266</td><td>16%</td><td>$135,223</td><td>-30%</td><td>$193,370</td></tr><tr><td>Other</td><td>40,551</td><td>-4%</td><td>42,136</td><td>-16%</td><td>50,239</td></tr><tr><td>Total Revenues</td><td>196,817</td><td>11%</td><td>177,359</td><td>-27%</td><td>243,609</td></tr><tr><td>Expenses:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Admin & Incentive Comp and Benefit Costs</td><td>69,931</td><td>13%</td><td>61,907</td><td>-8%</td><td>67,389</td></tr><tr><td>Communications and Information Processing</td><td>18,116</td><td>-9%</td><td>19,890</td><td>5%</td><td>18,902</td></tr><tr><td>Occupancy and Equipment</td><td>3,904</td><td>-1%</td><td>3,929</td><td>-7%</td><td>4,228</td></tr><tr><td>Business Development</td><td>6,254</td><td>6%</td><td>5,893</td><td>-34%</td><td>8,898</td></tr><tr><td>Investment Advisory Fees</td><td>24,701</td><td>16%</td><td>21,314</td><td>-33%</td><td>31,940</td></tr><tr><td>Other</td><td>25,840</td><td>-24%</td><td>33,891</td><td>-33%</td><td>50,331</td></tr><tr><td>Total Expenses</td><td>148,746</td><td>1%</td><td>146,824</td><td>-19%</td><td>181,688</td></tr><tr><td>Income Before Taxes And Including Noncontrolling Interests</td><td>48,071</td><td>57%</td><td>30,535</td><td>-51%</td><td>61,921</td></tr><tr><td>Noncontrolling Interests</td><td>1,090</td><td></td><td>124</td><td></td><td>420</td></tr><tr><td>Pre-tax Income Excluding Noncontrolling Interests</td><td>$46,981</td><td>54%</td><td>$30,411</td><td>-51%</td><td>$61,501</td></tr></table>
<table><tr><td></td><td colspan="2">September 30, 2016</td></tr><tr><td></td><td>Range</td><td>Weighted-average<sup>-1</sup></td></tr><tr><td>Default rate</td><td>0% - 8.2%</td><td>3.07%</td></tr><tr><td>Loss severity</td><td>0% - 53.8%</td><td>32.09%</td></tr><tr><td>Prepayment rate</td><td>6.5% - 19.6%</td><td>12.22%</td></tr></table>

Question: What's the 10% of total expenses in 2010? (in thousand)
Answer: 14874.6