Borrowings (Tables)

9 Months Ended

Sep. 30, 2017

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

	At September 30, 2017				At December 31, 2016
		Financing		Borrowing		Financing		Borrowing
(in thousands)		Available		Outstanding		Available		Outstanding
Broker-dealer credit facilities:
Uncommitted facility	$	125,000	$	15,000	$	125,000	$	25,000
Committed facility		—		—		75,000		—
	$	125,000	$	15,000	$	200,000	$	25,000
Short-Term Credit Facilities:
Short-term credit facilities (1)	$	543,000	$	159,128	$	493,000	$	309,086
	$	543,000	$	159,128	$	493,000	$	309,086

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

		At September 30, 2017				At December 31, 2016
	Maturity		Unused Available		Borrowing		Unused Available		Borrowing
(in thousands)	Date		Capacity		Outstanding		Capacity		Outstanding
Long-term borrowings:
Senior secured credit facility	December 2021	$	n/a	$	928,089	$	n/a	$	535,104
Senior secured Second Lien Notes	June 2022		n/a		475,485		n/a		n/a
Revolving credit facility	April 2018		—		—		100,000		—
SBI bonds	January 2020		n/a		31,055		n/a		29,853
		$	0	$	1,434,629	$	100,000	$	564,957

Schedule of redemption prices of notes

On or after June 15, 2019, the Company 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
2019	103.375%
2020	101.688%
2021 and thereafter	100.000%

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

(in thousands)
2017	$	—
2018		—
2019		—
2020 and thereafter		1,481,108
Total principal of long-term borrowings	$	1,481,108

Senior Secured Credit Facility

Schedule of reconciliation of the senior secured credit facility

		At September 30,		At December 31,
(in thousands)	2017		2016
Senior secured first lien term loan outstanding principal	$	950,000	$	540,000
Senior secured second lien notes outstanding principal		500,000		—
SBI Bonds outstanding principal		31,108		29,925
Net deferred financing fees		(45,237)		(4,012)
Net discount on senior secured credit facility		(1,242)		(956)
Long-term borrowings	$	1,434,629	$	564,957