Cash Collateral Pledged

6 Months Ended

Jun. 30, 2020

Cash and Cash Equivalents [Abstract]

As of June 30, 2020 and December 31, 2019, the Company pledged cash collateral in the amount of $4.5 million and $4.6 million respectively, which relates to letters of credit issued to the landlords of the Company's premises in New York City, Boston and San Francisco. The Company also has pledged cash collateral for reinsurance agreements which amounted to $3.0 million, as of June 30, 2020, and $2.0 million, as of December 31, 2019, which are expected to be released periodically as per the terms of the reinsurance policy between December 31, 2020 and March 31, 2024 (see Note 18).

As of June 30, 2020, the Company has the following six irrevocable letters of credit, related to leased office space, for which there is cash collateral pledged, which the Company pays a fee on the stated amount of the letter of credit.


Location	Amount		Maturity
	(dollars in thousands)
New York	$	358	April 2021
New York	$	1,424	October 2020
New York	$	1,636	November 2020
Boston	$	385	March 2021
San Francisco	$	712	October 2025
	$	4,515

To the extent any letter of credit is drawn upon, interest will be assessed at the prime commercial lending rate. As of June 30, 2020 and December 31, 2019 there were no amounts due related to these letters of credit.