Credit Agreements	9 Months Ended
Sep. 30, 2020
Debt Disclosure [Abstract]
Credit Agreements	11. Credit Agreements Revolving Credit Agreement The Company is party to an amended and restated credit agreement (the “Credit Agreement”) that provides for revolving loans and letters of credit up to an aggregate of $450.0 million. In August 2020, the Credit Agreement was amended to increase the aggregate commitments from $100.0 million to $450.0 million and to permit investments and loans of up to $500.0 million in a broker-dealer subsidiary of the Company. The Credit Agreement was further amended in October 2020 to extend the maturity date from October 2020 until the earlier to occur of (i) the date that the Company enters into a new credit facility with JPMorgan Chase Bank, N.A. that is intended to replace the Credit Agreement, and (ii) November 16, 2020. As of September 30, 2020, the Company had $1.0 million in letters of credit outstanding and $449.0 million in available borrowing capacity under the Credit Agreement. Borrowings under the Credit Agreement will bear interest at a rate per annum equal to the base rate or adjusted LIBOR plus an applicable margin that varies with the Company’s consolidated total leverage ratio. The Company incurred $0.8 million of interest expense on borrowings under the Credit Agreement for the three months ended September 30, 2020. The Credit Agreement requires that the Company satisfy certain covenants, which include leverage ratios and minimum earnings before interest, tax, depreciation and amortization (“EBITDA”) requirements. The Company was in compliance with all applicable covenants at September 30, 2020 and December 31, 2019. Collateralized Agreement In connection with its self-clearing operations, one of the Company’s broker-dealer subsidiaries has entered into an agreement (the “Collateralized Agreement”) with its settlement bank to provide loans to the subsidiary in amounts up to an aggregate of $200.0 million. Borrowings under the Collateralized Agreement are collateralized by securities pledged by the Company’s broker-dealer subsidiary to the settlement bank, subject to applicable haircuts and concentration limits. Borrowings under the Collateralized Agreement will bear interest at a rate per annum equal to the Federal Funds Rate plus 1.00%. The Company incurred $0.1 million of interest expense on borrowings under the Collateralized Agreement during the three months ended September 30, 2020. As of September 30, 2020, the Company had no borrowings outstanding and $200.0 million in available borrowing capacity under the Collateralized Agreement.

Credit Agreements

9 Months Ended

Sep. 30, 2020

11. Credit Agreements

Revolving Credit Agreement

The Company is party to an amended and restated credit agreement (the “Credit Agreement”) that provides for revolving loans and letters of credit up to an aggregate of $450.0 million. In August 2020, the Credit Agreement was amended to increase the aggregate commitments from $100.0 million to $450.0 million and to permit investments and loans of up to $500.0 million in a broker-dealer subsidiary of the Company. The Credit Agreement was further amended in October 2020 to extend the maturity date from October 2020 until the earlier to occur of (i) the date that the Company enters into a new credit facility with JPMorgan Chase Bank, N.A. that is intended to replace the Credit Agreement, and (ii) November 16, 2020. As of September 30, 2020, the Company had $1.0 million in letters of credit outstanding and $449.0 million in available borrowing capacity under the Credit Agreement.

Borrowings under the Credit Agreement will bear interest at a rate per annum equal to the base rate or adjusted LIBOR plus an applicable margin that varies with the Company’s consolidated total leverage ratio. The Company incurred $0.8 million of interest expense on borrowings under the Credit Agreement for the three months ended September 30, 2020. The Credit Agreement requires that the Company satisfy certain covenants, which include leverage ratios and minimum earnings before interest, tax, depreciation and amortization (“EBITDA”) requirements. The Company was in compliance with all applicable covenants at September 30, 2020 and December 31, 2019.

Collateralized Agreement

In connection with its self-clearing operations, one of the Company’s broker-dealer subsidiaries has entered into an agreement (the “Collateralized Agreement”) with its settlement bank to provide loans to the subsidiary in amounts up to an aggregate of $200.0 million. Borrowings under the Collateralized Agreement are collateralized by securities pledged by the Company’s broker-dealer subsidiary to the settlement bank, subject to applicable haircuts and concentration limits. Borrowings under the Collateralized Agreement will bear interest at a rate per annum equal to the Federal Funds Rate plus 1.00%. The Company incurred $0.1 million of interest expense on borrowings under the Collateralized Agreement during the three months ended September 30, 2020. As of September 30, 2020, the Company had no borrowings outstanding and $200.0 million in available borrowing capacity under the Collateralized Agreement.