Cash Collateral Pledged

9 Months Ended

Sep. 30, 2021

Cash and Cash Equivalents [Abstract]

As of September 30, 2021 and December 31, 2020, the Company pledged cash collateral in the amount of $3.4 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 $45.6 million, as of September 30, 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 September 30, 2021 and March 31, 2024 (see Notes 15 and 19).

As of September 30, 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	$	208	April 2022
New York	$	1,325	October 2022
New York	$	1,253	November 2021
Boston	$	194	March 2028
San Francisco	$	459	October 2025
	$	3,439

To the extent any letter of credit is drawn upon, interest will be assessed at the prime commercial lending rate. As of September 30, 2021 and December 31, 2020 there were no amounts due related to these letters of credit.