Cash, Cash Equivalents and Restricted Cash

3 Months Ended

Mar. 31, 2024

Cash, Cash Equivalents and Restricted Cash [Abstract]

Cash, Cash Equivalents and Restricted Cash

3. Cash, Cash Equivalents and Restricted Cash

Of the total cash, cash equivalents and restricted cash of $116,926 and $129,305 at March 31, 2024 and December 31, 2023, respectively, $107,956 and $116,895 were held at three financial institutions. At March 31, 2024 and December 31, 2023, cash equivalents were approximately $13,795 and $50,226, respectively.

Certain of the Company’s subsidiaries are required to maintain a minimum level of regulatory capital, generally satisfied by cash on hand, which was $42,058 and $29,156 at March 31, 2024 and December 31, 2023, respectively. Of these amounts, $13,083 and $0, at March 31, 2024 and December 31, 2023, respectively, was restricted cash, which is required to be maintained in a separate account with withdrawal and usage restrictions in compliance with regulatory obligations.