Borrowings (Tables)

12 Months Ended

Dec. 31, 2016

Outstanding borrowings and financing capacity or unused available capacity under the Company’s borrowing arrangements

	At December 31, 2016				At December 31, 2015
		Financing		Borrowing		Financing		Borrowing
(in thousands)		Available		Outstanding		Available		Outstanding
Broker-dealer credit facilities:
Uncommitted facility	$	125,000	$	25,000	$	125,000	$	45,000
Committed facility		75,000		—		75,000		—
	$	200,000	$	25,000	$	200,000	$	45,000
Short-Term Credit Facilities:
Short-term credit facilities (1)	$	493,000	$	309,086	$	478,000	$	219,089
	$	493,000	$	309,086	$	478,000	$	219,089

(1) Outstanding borrowings were included with receivable from broker-dealers and clearing organization within the consolidated statements of financial condition.

		At December 31, 2016				At December 31, 2015
	Maturity		Unused Available		Borrowing		Unused Available		Borrowing
(in thousands)	Date		Capacity		Outstanding		Capacity		Outstanding
Long-term borrowings:
Senior secured credit facility	October 2022	$	n/a	$	535,104	$	n/a	$	493,589
Revolving credit facility	April 2018		100,000		—		100,000		—
SBI bonds	January 2020		n/a		29,853		n/a		—
		$	100,000	$	564,957	$	100,000	$	493,589

Senior Secured Credit Facility

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

(in thousands)
2017	$	5,400
2018		5,400
2019		5,400
2020 and thereafter		553,725
Total principal of long-term borrowings	$	569,925

Schedule of reconciliation of the senior secured credit facility

	December 31,
(in thousands)	2016		2015
Senior secured credit facility outstanding principal	$	540,000	$	499,800
SBI Bonds outstanding principal		29,925		—
Net deferred financing fees		(4,012)		(4,713)
Net discount on senior secured credit facility		(956)		(1,498)
Long-term borrowings	$	564,957	$	493,589