Cash Collateral Pledged

3 Months Ended

Mar. 31, 2021

Cash and Cash Equivalents [Abstract]

As of March 31, 2021 and December 31, 2020, the Company pledged cash collateral in the amount of $3.5 million and $4.0 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 $106.8 million, as of March 31, 2021, and $106.8 million, as of December 31, 2020, which are expected to be released periodically as per the terms of the reinsurance policy between June 30, 2021 and March 31, 2024 (see Notes 14 and 18).

As of March 31, 2021, 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	$	215	April 2022
New York	$	1,424	October 2022
New York	$	1,252	November 2021
Boston	$	194	March 2028
San Francisco	$	458	October 2025
	$	3,543

To the extent any letter of credit is drawn upon, interest will be assessed at the prime commercial lending rate. As of March 31, 2021 and December 31, 2020 there were no amounts due related to these letters of credit.