Cash Collateral Pledged

12 Months Ended

Dec. 31, 2021

Cash and Cash Equivalents [Abstract]

As of December 31, 2021 and 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 $44.1 million, as of December 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 September 30, 2021 and March 31, 2024 (see Notes 16 and 22).

As of December 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	$	209	April 2023
New York	$	1,325	October 2022
New York	$	1,226	August 2022
Boston	$	194	March 2023
San Francisco	$	459	October 2025
	$	3,413

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