Commitments and Contingencies

12 Months Ended

Dec. 31, 2019

Commitments and Contingencies Disclosure [Abstract]

Commitments

The Company has non-cancellable operating leases for office space, which expire at various times through 2031. The non-cancellable office lease agreements provide for monthly lease payments, which increase during the term of each lease agreement.

In the first quarter of 2018, the Company signed a lease for office space in Chicago, Illinois. In the fourth quarter of 2018, the Company signed an amendment to this lease to occupy new space and relocated to this new space in March 2019.

Future minimum lease payments under operating leases at December 31, 2019 are as follows (in thousands):



2020	$	1,575
2021	2,208
2022	2,263
2023	1,745
2024	1,278
Thereafter	8,476
Total minimum lease payments	$	17,545

Total rent expense under these operating leases was approximately $2.2 million and $1.3 million for the years ended December 31, 2019 and 2018, respectively.

As of December 31, 2019, we had unused letters of credit of $1,083,000 which were issued primarily to secure leases.

Litigation

From time to time, the Company may become involved in various legal actions arising in the ordinary course of business. As of December 31, 2019 management was not aware of any existing, pending or threatened legal actions that would have a material impact on the financial position or results of operations of the Company.