Borrowings (Tables)

12 Months Ended

Dec. 31, 2017

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

	At December 31, 2017
			Financing		Outstanding		Deferred Debt		Outstanding
(in thousands)	Interest Rate		Available		Principal		Issuance Cost		Borrowings, net
Broker-dealer credit facilities:
Uncommitted facility	2.42%	$	150,000	$	25,000	$	—	$	25,000
Revolving credit facility	2.81%		500,000		7,000		(4,117)		2,883
		$	650,000	$	32,000	$	(4,117)	$	27,883

	At December 31, 2016
			Financing		Borrowing		Deferred Debt		Outstanding
(in thousands)	Interest Rate		Available		Outstanding		Issuance Cost		Borrowings, net
Broker-dealer credit facilities:
Uncommitted facility	1.66%	$	125,000	$	25,000	$	—	$	25,000
Committed facility (1)	n/a		75,000		—		—		—
		$	200,000	$	25,000	$	—	$	25,000

Schedule of interest expense on debt

	For the Years Ended December 31,
(in thousands)		2017		2016		2015
Broker-dealer credit facilities:
Uncommitted facility	$	1,667	$	1,191	$	903
Committed facility (1)		33		41		15
Revolving credit facility		19		—		—
	$	1,719	$	1,232	$	918

(1) Facility was terminated in July 2017.

Senior Secured Credit Facility

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

(in thousands)
2018	$	—
2019		—
2020		31,059
2021 and thereafter		1,400,000
Total principal of long-term borrowings	$	1,431,059

Schedule of reconciliation of the senior secured credit facility

		At December, 2017
	Maturity	Interest		Outstanding				Deferred Debt		Outstanding
(in thousands)	Date	Rate		Principal		Discount		Issuance Cost		Borrowings, net
Long-term borrowings:
Fourth Amended and Restate Credit Agreement	December 2021	5.13%	$	900,000	$	(999)	$	(18,504)	$	880,497
Senior secured Second Lien Notes	June 2022	6.75%		500,000		—		(22,961)		477,039
SBI bonds	January 2020	5.00%		31,059		—		(47)		31,012
			$	1,431,059	$	(999)	$	(41,512)	$	1,388,548

		At December 31, 2016
	Maturity	Interest		Outstanding				Deferred Debt		Outstanding
(in thousands)	Date	Rate		Principal		Discount		Issuance Cost		Borrowings, net
Long-term borrowings:
Senior secured credit facility	December 2021	4.25%	$	540,000	$	(956)	$	(3,941)	$	535,103
Revolving credit facility	(3)	5.50%		—		—		—		—
SBI bonds	January 2020	5.00%		29,925		—		(71)		29,854
			$	569,925	$	(956)	$	(4,012)	$	564,957

(3)   Prior to the Fourth Amended Restated Credit Agreement described below, the Company entered into a revolving credit facility with the lenders for an aggregated commitment of $100.0 million. This facility was terminated in July 2017 as a result of refinancing.

Short-Term Credit Facilities

Schedule of reconciliation of the senior secured credit facility

	At December 31, 2017
	Weighted Average		Financing		Borrowing
	Interest Rate		Available		Outstanding
Short-Term Credit Facilities:
Short-term credit facilities (2)	3.86%	$	543,000	$	205,677
		$	543,000	$	205,677

	At December 31, 2016
	Weighted Average		Financing		Borrowing
	Interest Rate		Available		Outstanding
Short-Term Credit Facilities:
Short-term credit facilities (2)	3.12%	$	493,000	$	309,086
		$	493,000	$	309,086

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