Borrowings (Tables)

12 Months Ended

Dec. 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 values, net of unamortized debt issuance costs, where applicable:

	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
Revolving credit facility	3.75%	500,000		7,000		(1,040		)	5,960
		$	700,000	$	17,000	$	(1,872	)	$	15,128

	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 consolidated statements of comprehensive income.

	Years Ended December 31,
(in thousands)	2018		2017		2016
Broker-dealer credit facilities:
Uncommitted facility	$	1,794	$	1,667	$	1,191
Committed facility (1)	—		33		41
Revolving credit facility	306		19		—
	$	2,100	$	1,719	$	1,232

(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 were as follows:

(in thousands)	December 31, 2018
2019	$	—
2020	31,908
2021	400,000
2022 and thereafter	500,000
Total principal of long-term borrowings	$	931,908

Short-Term Credit Facilities

Debt Instrument [Line Items]

Schedule of reconciliation of the senior secured credit facility

	At December 31, 2018
	Weighted Average Interest Rate	Financing Available		Borrowing Outstanding
Short-Term Credit Facilities:
Short-term credit facilities (2)	5.03%	$	566,000	$	184,608
		$	566,000	$	184,608

	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 are included with Receivables from/ Payables to broker-dealers and clearing organizations within the 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 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 Agreement	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

		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 Restated 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