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Borrowings (Tables)
 3 Months Ended
Mar. 31, 2019
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 values, net of unamortized debt issuance costs, where applicable:
 
 
At March 31, 2019
(in thousands)
 
Interest Rate
 
Financing Available
 
Borrowing Outstanding
 
Deferred Debt Issuance Cost
 
Outstanding Borrowings, net
Broker-dealer credit facilities:
 
 
 
 
 
 
 
 
 
 
  Uncommitted facility
 
3.40%
 
$
200,000

 
$
10,000

 
$
(708
)
 
$
9,292

  Committed facility
 
3.74%
 
600,000

 
7,000

 
(930
)
 
6,070

 
 
 
 
$
800,000

 
$
17,000

 
$
(1,638
)
 
$
15,362

 
 
At December 31, 2018
(in thousands)
 
Interest Rate
 
Financing Available
 
Borrowing Outstanding
 
Deferred Debt Issuance Cost
 
Outstanding Borrowings, net
Broker-dealer credit facilities:
 
 
 
 
 
 
 
 
 
 
  Uncommitted facility
 
3.40%
 
$
200,000

 
$
10,000

 
$
(832
)
 
$
9,168

  Committed facility
 
3.75%
 
500,000

 
7,000

 
(1,040
)
 
5,960

 
 
 
 
$
700,000

 
$
17,000

 
$
(1,872
)
 
$
15,128
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)
 
2019
 
2018
Broker-dealer credit facilities:
 
 
 
 
  Uncommitted facility
 
$
184

 
$
446

  Committed facility
 
73

 
98

 
 
$
257

 
$
544
Schedule of aggregate future required principal payments based on terms of loan
ggregate future required minimum principal payments based on the terms of the long-term borrowings were as follows:
(in thousands)
 
March 31, 2019
2019
 
$
—

2020
 
46,571

2021
 
15,000

2022
 
515,000

2023 and thereafter
 
1,455,000

Total principal of long-term borrowings
 
$
2,031,571
Short-Term Credit Facilities  
Debt Instrument [Line Items]  
Schedule of reconciliation of the senior secured credit facility
 
 
At March 31, 2019
 
 
Weighted Average
Interest Rate
 
Financing
Available
 
Borrowing
Outstanding
Short-Term Credit Facilities:
 
 
 
 
 
 
  Short-term credit facilities (1)
 
5.03%
 
$
566,000

 
$
136,104

 
 
 
 
$
566,000

 
$
136,104

 
 
At December 31, 2018
 
 
Weighted Average
Interest Rate
 
Financing
Available
 
Borrowing
Outstanding
Short-Term Credit Facilities:
 
 
 
 
 
 
  Short-term credit facilities (1)
 
5.03%
 
$
566,000

 
$
184,608

 
 
 
 
$
566,000

 
$
184,608

 
(1)   Outstanding borrowings are included with Receivables from/ Payables to broker-dealers and clearing organizations 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, 2019
(in thousands)
 
Maturity
Date
 
Interest
Rate
 
Outstanding Principal
 
Discount
 
Deferred Debt Issuance Cost
 
Outstanding Borrowings, net
Long-term borrowings:
 
 
 
 
 
 
 
 
 
 
 
 
  First Lien Term Loan Facility
 
March 2026
 
6.13%
 
$
1,500,000

 
$
(7,409
)
 
$
(29,904
)
 
$
1,462,687

  Senior Secured Second Lien Notes
 
June 2022
 
6.75%
 
500,000

 
—

 
(16,524
)
 
483,476

  SBI bonds
 
January 2020
 
5.00%
 
31,571

 
—

 
(18
)
 
31,553

 
 
 
 
 
 
$
2,031,571

 
$
(7,409
)
 
$
(46,446
)
 
$
1,977,716

 
 
 
 
At December 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 Facility
 
December 2021
 
5.55%
 
$
400,000

 
$
(332
)
 
$
(6,704
)
 
$
392,964

  Senior Secured Second Lien Notes
 
June 2022
 
6.75%
 
500,000

 
—

 
(17,811
)
 
482,189

  SBI bonds
 
January 2020
 
5.00%
 
31,908

 
—

 
(24
)
 
31,884

 
 
 
 
 
 
$
931,908

 
$
(332
)
 
$
(24,539
)
 
$
907,037