v3.25.2
Borrowings (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Short-term debt
The following summarizes the Company’s short-term borrowing balances outstanding, net of related debt issuance costs, with each described in further detail below.
June 30, 2025
(in thousands)Borrowing OutstandingDeferred Debt Issuance CostShort-term Borrowings, net
Broker-dealer credit facilities$185,000 $(3,546)$181,454 
Short-term bank loans70,300 — 70,300 
$255,300 $(3,546)$251,754 
December 31, 2024
(in thousands)Borrowing OutstandingDeferred Debt Issuance CostShort-term Borrowings, net
Broker-dealer credit facilities$10,000 $— $10,000 
Short-term bank loans28,541 — 28,541 
$38,541 $— $38,541 
Schedule of Outstanding Borrowings and Financing Capacity or Unused Available Capacity Under the Company’s Borrowing Arrangements
The following summarizes the Company’s broker-dealer credit facilities’ carrying values, net of unamortized debt issuance costs, where applicable. These balances are included within Short-term borrowings on the Condensed Consolidated Statements of Financial Condition.

 At June 30, 2025
(in thousands)Interest RateFinancing AvailableBorrowing OutstandingDeferred Debt Issuance CostOutstanding Borrowings, net
Broker-dealer credit facilities:     
Uncommitted facility5.50%$400,000 $100,000 $— $100,000 
Committed facility (1)5.75%650,000 75,000 (3,546)71,454 
Overdraft facility7.95%10,000 10,000 — 10,000 
 $1,060,000 $185,000 $(3,546)$181,454 
(1) Interest rate for Borrowing Base A Loan and Borrowing Base B Loan under the Committed Facility was 5.75% and 7.00%, respectively. There was no balance outstanding under Borrowing Base B Loan as of June 30, 2025
 At December 31, 2024
(in thousands)Interest RateFinancing AvailableBorrowing OutstandingDeferred Debt Issuance CostOutstanding Borrowings, net
Broker-dealer credit facilities:     
Uncommitted facility (1)5.50%$400,000 $— $— $— 
Committed facility (2)5.75%650,000 — — — 
Overdraft facility7.99%10,000 10,000 — 10,000 
 $1,060,000 $10,000 $— $10,000 
(1) $0.3 million of deferred debt issuance costs are included within Other assets on the Consolidated Statement of Financial Condition.
(2) Interest rate for Borrowing Base A Loan and Borrowing Base B Loan under the Committed Facility was 5.75% and 7.00%, respectively. There was no balance outstanding under Borrowing Base B Loan as of December 31, 2024.
Schedule of Interest Expense on Debt
The following summarizes interest expense for the broker-dealer facilities. Interest expense is included within Interest and dividends expense in the accompanying Condensed Consolidated Statements of Comprehensive Income.

 Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2025202420252024
Broker-dealer credit facilities:
Uncommitted facility$1,175 $1,009 $2,319 $1,610 
Committed facility898 916 1,707 1,793 
Overdraft facility$162 65 348 178 
 $2,235 $1,990 $4,374 $3,581 
Schedule of Reconciliation of the Senior Secured Credit Facility The proceeds of these facilities are used to meet margin requirements associated with the products traded by the Company in the ordinary course, and amounts borrowed are collateralized by the Company’s trading accounts with the applicable financial institution.
 At June 30, 2025
(in thousands)Weighted Average
Interest Rate		Financing
Available		Borrowing
Outstanding
Prime Brokerage Credit Facilities:   
Prime brokerage credit facilities (1)6.52%$633,601 $174,386 
 $633,601 $174,386 
 At December 31, 2024
(in thousands)Weighted Average
Interest Rate		Financing
Available		Borrowing
Outstanding
Prime Brokerage Credit Facilities:   
Prime brokerage credit facilities (1)6.69%$623,168 $122,953 
 $623,168 $122,953 
(1)   Outstanding borrowings are included with Receivables from/Payables to broker-dealers and clearing organizations within the Condensed Consolidated Statements of Financial Condition.
The following summarizes the Company’s long-term borrowings, net of unamortized discount and debt issuance costs, where applicable:

  At June 30, 2025
(in thousands)Maturity
Date		Interest
Rate		Outstanding PrincipalDiscountDeferred Debt Issuance CostOutstanding Borrowings, net
Long-term borrowings:      
  First Lien Term B-2 Loan FacilityJune 20316.83%$1,245,000 $(2,656)$(15,469)$1,226,875 
  Senior Secured First Lien NotesJune 20317.50%500,000 — (8,004)491,996 
  SBI bondsJanuary 20265.00%24,300 — — 24,300 
 $1,769,300 $(2,656)$(23,473)$1,743,171 
  At December 31, 2024
(in thousands)Maturity
Date		Interest
Rate		Outstanding PrincipalDiscountDeferred Debt Issuance CostOutstanding Borrowings, net
Long-term borrowings:      
First Lien Term B-1 Loan FacilityJune 20317.11%$1,245,000 $(2,876)$(15,242)$1,226,882 
Senior Secured First Lien NotesJune 20317.50%500,000 — (8,680)491,320 
SBI bondsJanuary 20265.00%22,265 — — 22,265 
$1,767,265 $(2,876)$(23,922)$1,740,467 
Schedule of Redemption Prices
On or after June 15, 2027, we may redeem some or all of the Notes, at the following redemption prices (expressed as percentages of principal amount), plus accrued and unpaid interest to (but not including) the date of redemption, if redeemed during the 12-month period beginning on June 15 of the years indicated below:

PeriodPercentage
2027103.750%
2028101.875%
2029 and thereafter
100.000%
Schedule of Aggregate Future Required Principal Payments Based on Terms of Loan
As of June 30, 2025, aggregate future required minimum principal payments based on the terms of the long-term borrowings were as follows:

(in thousands)
Remainder of 2025$— 
202636,750 
202712,450 
202812,450 
202912,450 
203012,450 
Thereafter1,682,750 
Total principal of long-term borrowings$1,769,300