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Borrowings (Tables) | 3 Months Ended
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Mar. 31, 2018
Debt Instrument [Line Items] |
Outstanding borrowings and financing capacity or unused available capacity under the Company’s borrowing arrangements | The following summarizes the Company’s broker-dealer credit facilities carrying value, net of unamortized debt issuance costs, where applicable:
|  | At March 31, 2018
(in thousands) |  | Interest Rate |  | Financing Available |  | Borrowing Outstanding |  | Deferred Debt Issuance Cost |  | Outstanding Borrowings, net
Broker-dealer credit facilities: |  |  |  |  |  |  |  |  |  |
Uncommitted facility |  | 2.68% |  | $ | 350,000 |  |  | $ | 17,500 |  |  | $ | (1,580 | ) |  | $ | 15,920 |
Revolving credit facility |  | 3.13% |  | 500,000 |  |  | 7,000 |  |  | (1,976 | ) |  | 5,024 |
|  |  |  | $ | 850,000 |  |  | $ | 24,500 |  |  | $ | (3,556 | ) |  | $ | 20,944 |
|  | At December 31, 2017
(in thousands) |  | Interest Rate |  | Financing Available |  | Borrowing Outstanding |  | Deferred Debt Issuance Cost |  | Outstanding 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 |
Schedule of interest expense on debt | The following summarizes interest expense for the broker-dealer facilities. Interest expense is included within interest and dividends expense in the accompanying condensed consolidated statements of comprehensive income.
|  | Three Months Ended March 31,
(in thousands) |  | 2018 |  | 2017
Broker-dealer credit facilities: |  |  |  |
Uncommitted facility |  | $ | 446 |  |  | $ | 415 |
Committed facility (1) |  | — |  |  | 7 |
Revolving credit facility |  | 98 |  |  | — |
|  | $ | 544 |  |  | $ | 422 |
(1) Facility was terminated in July 2017.
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, 2018 were as follows:
(in thousands) |  |
2018 |  | $ | — |
2019 |  | — |
2020 |  | 32,932 |
2021 and thereafter |  | 1,124,000 |
Total principal of long-term borrowings |  | $ | 1,156,932 |
Short-Term Credit Facilities |
Debt Instrument [Line Items] |
Schedule of reconciliation of the senior secured credit facility |
|  | At March 31, 2018
|  | Weighted Average Interest Rate |  | Financing Available |  | Borrowing Outstanding
Short-Term Credit Facilities: |  |  |  |  |  |
Short-term credit facilities (2) |  | 4.04% |  | $ | 535,000 |  |  | $ | 131,382 |
|  |  |  | $ | 535,000 |  |  | $ | 131,382 |
|  | At December 31, 2017
|  | Weighted Average Interest Rate |  | Financing Available |  | Borrowing Outstanding
Short-Term Credit Facilities: |  |  |  |  |  |
Short-term credit facilities (2) |  | 3.86% |  | $ | 543,000 |  |  | $ | 205,677 |
|  |  |  | $ | 543,000 |  |  | $ | 205,677 |
(2) Outstanding borrowings were included with receivable from/ payable to broker-dealers and clearing organization within the condensed consolidated statements of financial condition.
Senior Secured Credit Facility |
Debt Instrument [Line Items] |
Schedule of reconciliation of the senior secured credit facility | The following summarizes the Company’s long-term borrowings, net of unamortized discount and debt issuance costs, where applicable:
|  |  |  | At March 31, 2018
(in thousands) |  | Maturity Date |  | Interest Rate |  | Outstanding Principal |  | Discount |  | Deferred Debt Issuance Cost |  | Outstanding Borrowings, net
Long-term borrowings: |  |  |  |  |  |  |  |  |  |  |  |
Fourth Amended and Restated Credit Agreement |  | December 2021 |  | 4.94% |  | $ | 624,000 |  |  | $ | (650 | ) |  | $ | (13,101 | ) |  | $ | 610,249 |
Senior secured Second Lien Notes |  | June 2022 |  | 6.75% |  | 500,000 |  |  | — |  |  | (21,673 | ) |  | 478,327 |
SBI bonds |  | January 2020 |  | 5.00% |  | 32,932 |  |  | — |  |  | (44 | ) |  | 32,888 |
|  |  |  |  |  | $ | 1,156,932 |  |  | $ | (650 | ) |  | $ | (34,818 | ) |  | $ | 1,121,464 |
|  |  |  | At December 31, 2017
(in thousands) |  | Maturity Date |  | Interest Rate |  | Outstanding Principal |  | Discount |  | Deferred Debt Issuance Cost |  | Outstanding 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 |

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