Borrowings (Tables)

12 Months Ended

Dec. 31, 2020

Debt Instrument [Line Items]

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.

	December 31, 2020
(in thousands)	Borrowing Outstanding		Deferred Debt Issuance Cost		Short-term Borrowings, net
Broker-dealer credit facilities	$	36,400	$	(387)	$	36,013
Short-term bank loans	28,673		—		28,673
	$	65,073	$	(387)	$	64,686

	December 31, 2019
(in thousands)	Borrowing Outstanding		Deferred Debt Issuance Cost		Short-term Borrowings, net
Broker-dealer credit facilities	$	30,000	$	(2,100)	$	27,900
Short-term bank loans	45,586		—		45,586
	$	75,586	$	(2,100)	$	73,486

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 Consolidated Statements of Financial Condition.

	At December 31, 2020
(in thousands)	Interest Rate	Financing Available		Borrowing Outstanding		Deferred Debt Issuance Cost		Outstanding Borrowings, net
Broker-dealer credit facilities:
Uncommitted facility	1.25%	$	400,000	$	36,400	$	(387)	$	36,013
Committed facility	1.40%	600,000		—		—		—
		$	1,000,000	$	36,400	$	(387)	$	36,013

	At December 31, 2019
(in thousands)	Interest Rate	Financing Available		Borrowing Outstanding		Deferred Debt Issuance Cost		Outstanding Borrowings, net
Broker-dealer credit facilities:
Uncommitted facility	2.55%	$	200,000	$	30,000	$	(2,100)	$	27,900
Committed facility	3.01%	600,000		—		—		—
		$	800,000	$	30,000	$	(2,100)	$	27,900

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 Consolidated Statements of Comprehensive Income.

	Years Ended December 31,
(in thousands)	2020		2019		2018
Broker-dealer credit facilities:
Uncommitted facility	$	1,337	$	1,591	$	1,794
Committed facility	447		454		306
Demand Loan	211		—		—
	$	1,995	$	2,045	$	2,100

Schedule of aggregate future required principal payments based on terms of loan

As of December 31, 2020, aggregate future required minimum principal payments based on the terms of the long-term borrowings were as follows:

(in thousands)	December 31, 2020
2021	$	—
2022	—
2023	33,898
2024	—
2025	1,636,512
Thereafter	—
Total principal of long-term borrowings	$	1,670,410

Short-Term Credit Facilities

Debt Instrument [Line Items]

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 December 31, 2020
(in thousands)	Weighted Average Interest Rate	Financing Available		Borrowing Outstanding
Prime Brokerage Credit Facilities:
Prime brokerage credit facilities (1)	2.77%	$	616,000	$	134,664
		$	616,000	$	134,664

	At December 31, 2019
(in thousands)	Weighted Average Interest Rate	Financing Available		Borrowing Outstanding
Prime Brokerage Credit Facilities:
Prime brokerage credit facilities (1)	4.22%	$	586,000	$	134,331
		$	586,000	$	134,331

(1)   Outstanding borrowings are included with Receivables from/ Payables to broker-dealers and clearing organizations within the Consolidated Statements of Financial Condition.

Senior Secured Credit Facility

Debt Instrument [Line Items]

Schedule of reconciliation of the senior secured credit facility

The following summarizes the Company’s long-term borrowings, net of unamortized discount and debt issuance costs, where applicable:

		At December 31, 2020
(in thousands)	Maturity Date	Interest Rate	Outstanding Principal		Discount		Deferred Debt Issuance Cost		Outstanding Borrowings, net
Long-term borrowings:
First Lien Term Loan Facility	March 2026	3.15%	$	1,636,512	$	(4,723)	$	(26,367)	$	1,605,422
SBI bonds	January 2023	5.00%	33,898		—		(40)		33,858
			$	1,670,410	$	(4,723)	$	(26,407)	$	1,639,280

		At December 31, 2019
(in thousands)	Maturity Date	Interest Rate	Outstanding Principal		Discount		Deferred Debt Issuance Cost		Outstanding Borrowings, net
Long-term borrowings:
First Lien Term Loan Facility	March 2026	5.20%	$	1,925,000	$	(6,795)	$	(32,513)	$	1,885,692
SBI bonds	January 2023	5.00%	32,225		—		(51)		32,174
			$	1,957,225	$	(6,795)	$	(32,564)	$	1,917,866