Cash Collateral Pledged

9 Months Ended

Sep. 30, 2020

Cash and Cash Equivalents [Abstract]

As of September 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 $106.1 million, as of September 30, 2020, and $2 million, as of December 31, 2019, which are expected to be released periodically as per the terms of the reinsurance policy between March 31, 2021 and March 31, 2024 (see Notes 14 and 18).

As of September 30, 2020, the Company has the following 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	$	1,637	November 2020
Boston	$	386	March 2021
San Francisco	$	712	October 2025
	$	4,517

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