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v3.25.4

Borrowings (Tables) | 12 Months Ended
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Dec. 31, 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.
|  | December 31, 2025
(in thousands) |  | Borrowing Outstanding |  | Deferred Debt Issuance Cost |  | Short-term Borrowings, net
Broker-dealer credit facilities |  | $ | 10,000 |  |  | $ | — |  |  | $ | 10,000 |
Short-term bank loans |  | 2,382 |  |  | — |  |  | 2,382 |
|  | $ | 12,382 |  |  | $ | — |  |  | $ | 12,382 |
|  | December 31, 2024
(in thousands) |  | Borrowing Outstanding |  | Deferred Debt Issuance Cost |  | Short-term Borrowings, net
Broker-dealer credit facilities |  | $ | 10,000 |  |  | $ | — |  |  | $ | 10,000 |
Short-term bank loans |  | 28,541 |  |  | — |  |  | 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 Consolidated Statements of Financial Condition.
|  | At December 31, 2025 |  |  |  |
(in thousands) |  | Interest Rate |  | Financing Available |  | Borrowing Outstanding |  | Deferred Debt Issuance Cost |  | Outstanding Borrowings, net |  |  |  |
Broker-dealer credit facilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Uncommitted facility |  | 4.81% |  | $ | 400,000 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |  |  |
Committed facility (1) |  | 5.09% |  | 650,000 |  |  | — |  |  | — |  |  | — |  |  |  |  |
Overdraft facility |  | 7.37% |  | 10,000 |  |  | 10,000 |  |  | — |  |  | 10,000 |  |  |  |  |
|  |  |  | $ | 1,060,000 |  |  | $ | 10,000 |  |  | $ | — |  |  | $ | 10,000 |  |  |  |  |
(1) $2.5 million of deferred debt issuance costs are included within Other assets on the Consolidated Statements of Financial Condition. Interest rate for Borrowing Base A Loan and Borrowing Base B Loan under the Committed Facility was 5.09% and 6.58%, respectively. There was no balance outstanding under Borrowing Base B Loan as of December 31, 2025. |  |  |  |
|  | At December 31, 2024
(in thousands) |  | Interest Rate |  | Financing Available |  | Borrowing Outstanding |  | Deferred Debt Issuance Cost |  | Outstanding Borrowings, net
Broker-dealer credit facilities: |  |  |  |  |  |  |  |  |  |
Uncommitted facility (1) |  | 5.50% |  | $ | 400,000 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Committed facility (2) |  | 5.75% |  | 650,000 |  |  | — |  |  | — |  |  | — |
Overdraft facility |  | 7.99% |  | 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 Statements 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 Consolidated Statements of Comprehensive Income.
|  |  |  | Years Ended December 31,
(in thousands) |  |  |  |  |  | 2025 |  | 2024 |  | 2023
Broker-dealer credit facilities: |  |  |  |  |  |  |  |  |  |
Uncommitted facility |  |  |  |  |  | $ | 4,399 |  |  | $ | 3,823 |  |  | $ | 5,431 |
Committed facility |  |  |  |  |  | 3,357 |  |  | 3,614 |  |  | 533 |
Overdraft facility |  |  |  |  |  | 671 |  |  | 472 |  |  | 274 |
|  |  |  |  |  | $ | 8,427 |  |  | $ | 7,909 |  |  | $ | 6,238 |
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, 2025
(in thousands) |  | Weighted Average Interest Rate |  | Financing Available |  | Borrowing Outstanding
Prime Brokerage Credit Facilities: |  |  |  |  |  |
Prime brokerage credit facilities (1) |  | 5.71% |  | $ | 645,622 |  |  | $ | 203,816 |
|  |  |  | $ | 645,622 |  |  | $ | 203,816 |
|  | 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 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 December 31, 2025
(in thousands) |  | Maturity Date |  | Interest Rate |  | Outstanding Principal |  | Discount |  | Deferred Debt Issuance Cost |  | Outstanding Borrowings, net
Long-term borrowings: |  |  |  |  |  |  |  |  |  |  |  |
First Lien Term B-2 Loan Facility |  | June 2031 |  | 6.22% |  | $ | 1,545,000 |  |  | $ | (2,432) |  |  | $ | (18,102) |  |  | $ | 1,524,466 |
Senior Secured First Lien Notes |  | June 2031 |  | 7.50% |  | 500,000 |  |  | — |  |  | (7,337) |  |  | 492,663 |
SBI bonds |  | January 2029 |  | 5.00% |  | 22,334 |  |  | — |  |  | — |  |  | 22,334 |
|  |  |  |  |  | $ | 2,067,334 |  |  | $ | (2,432) |  |  | $ | (25,439) |  |  | $ | 2,039,463 |
|  |  |  | At December 31, 2024
(in thousands) |  | Maturity Date |  | Interest Rate |  | Outstanding Principal |  | Discount |  | Deferred Debt Issuance Cost |  | Outstanding Borrowings, net
Long-term borrowings: |  |  |  |  |  |  |  |  |  |  |  |
First Lien Term B-1 Loan Facility |  | June 2031 |  | 7.11% |  | $ | 1,245,000 |  |  | $ | (2,876) |  |  | $ | (15,242) |  |  | $ | 1,226,882 |
Senior Secured First Lien Notes |  | June 2031 |  | 7.50% |  | 500,000 |  |  | — |  |  | (8,680) |  |  | 491,320 |
SBI bonds |  | January 2026 |  | 5.00% |  | 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:
Period |  | Percentage
2027 |  | 103.750%
2028 |  | 101.875%
2029 and thereafter |  | 100.000%
Schedule of Aggregate Future Required Principal Payments Based on Terms of Loan | As of December 31, 2025, aggregate future required minimum principal payments based on the terms of the long-term borrowings were as follows:
(in thousands) |  |
2026 |  | $ | 15,450 |
2027 |  | 15,450 |
2028 |  | 15,450 |
2029 |  | 37,784 |
2030 |  | 15,450 |
Thereafter |  | 1,967,750 |
Total principal of long-term borrowings |  | $ | 2,067,334 |

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