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Borrowings (Tables)
 3 Months Ended
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