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Borrowings (Tables) | 3 Months Ended
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Mar. 31, 2017
Outstanding borrowings and financing capacity or unused available capacity under the Company’s borrowing arrangements | Outstanding borrowings and financing capacity or unused available capacity under the Company’s borrowing arrangements were as follows:
|  |  | At March 31, 2017 |  | At December 31, 2016 |
|  |  |  | Financing |  |  | Borrowing |  |  | Financing |  |  | Borrowing |
| (in thousands) |  |  | Available |  |  | Outstanding |  |  | Available |  |  | Outstanding |
| Broker-dealer credit facilities: |  |  |  |  |  |  |  |  |  |  |  |  |
| Uncommitted facility |  | $ | 125,000 |  | $ | 22,000 |  | $ | 125,000 |  | $ | 25,000 |
| Committed facility |  |  | 75,000 |  |  | — |  |  | 75,000 |  |  | — |
|  |  | $ | 200,000 |  | $ | 22,000 |  | $ | 200,000 |  | $ | 25,000 |
| Short-Term Credit Facilities: |  |  |  |  |  |  |  |  |  |  |  |  |
| Short-term credit facilities (1) |  | $ | 493,000 |  | $ | 241,324 |  | $ | 493,000 |  | $ | 309,086 |
|  |  | $ | 493,000 |  | $ | 241,324 |  | $ | 493,000 |  | $ | 309,086 |
_______________________________________
| (1) |  | Outstanding borrowings were included with receivable from broker-dealers and clearing organization within the consolidated statements of financial condition.
|  |  |  |  | At March 31, 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 |  | October 2022 |  | $ | n/a |  | $ | 533,961 |  | $ | n/a |  | $ | 535,104 |
| Revolving credit facility |  | April 2018 |  |  | 100,000 |  |  | — |  |  | 100,000 |  |  | — |
| SBI bonds |  | January 2020 |  |  | n/a |  |  | 31,356 |  |  | n/a |  |  | 29,853 |
|  |  |  |  | $ | 100,000 |  | $ | 565,317 |  | $ | 100,000 |  | $ | 564,957 |
Senior Secured Credit Facility |
Schedule of aggregate future required principal payments based on terms of loan | Aggregate future required minimum principal payments based on the terms of the long-term borrowings at March 31, 2017 were as follows:
(in thousands) |  |  |  |
2017 |  | $ | 4,050 |
2018 |  |  | 5,400 |
2019 |  |  | 5,400 |
2020 and thereafter |  |  | 555,221 |
Total principal of long-term borrowings |  | $ | 570,071 |
Schedule of reconciliation of the senior secured credit facility |
|  |  | At March 31, |  |  | At December 31, |
(in thousands) |  | 2017 |  | 2016 |
Senior secured credit facility outstanding principal |  | $ | 538,650 |  | $ | 540,000 |
SBI Bonds outstanding principal |  |  | 31,421 |  |  | 29,925 |
Net deferred financing fees |  |  | (3,839) |  |  | (4,012) |
Net discount on senior secured credit facility |  |  | (915) |  |  | (956) |
Long-term borrowings |  | $ | 565,317 |  | $ | 564,957 |

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