Borrowings (Tables)

9 Months Ended

Sep. 30, 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. These balances are included within Short-term borrowings on the condensed consolidated statement of financial condition.

	At September 30, 2019
(in thousands)	Interest Rate	Financing Available		Borrowing Outstanding		Deferred Debt Issuance Cost			Outstanding Borrowings, net
Broker-dealer credit facilities:
Uncommitted facility	2.83%	$	200,000	$	30,000	$	(1,256	)	$	28,744
Committed facility	3.27%	600,000		7,000		(2,550		)	4,450
		$	800,000	$	37,000	$	(3,806	)	$	33,194

	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 September 30,				Nine Months Ended September 30,
(in thousands)	2019		2018		2019		2018
Broker-dealer credit facilities:
Uncommitted facility	$	327	$	428	$	688	$	1,458
Committed facility	138		60		393		212
	$	465	$	488	$	1,081	$	1,670

Schedule of aggregate future required principal payments based on terms of loan

As of September 30, 2019, aggregate future required minimum principal payments based on the terms of the long-term borrowings were as follows:

(in thousands)	September 30, 2019
2019	$	—
2020	47,383
2021	15,000
2022	515,000
2023 and thereafter	1,405,000
Total principal of long-term borrowings	$	1,982,383

Short-Term Credit Facilities

Debt Instrument [Line Items]

Schedule of reconciliation of the senior secured credit facility

	At September 30, 2019
	Weighted Average Interest Rate	Financing Available		Borrowing Outstanding
Short-Term Credit Facilities:
Short-term credit facilities (1)	4.66%	$	526,000	$	133,411
		$	526,000	$	133,411

	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 September 30, 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	6.04%	$	1,450,000	$	(6,643	)	$	(27,427	)	$	1,415,930
Senior Secured Second Lien Notes	June 2022	6.75%	500,000		—			(13,949		)	486,051
SBI bonds	January 2020	5.00%	32,383		—			(6		)	32,377
			$	1,982,383	$	(6,643	)	$	(41,382	)	$	1,934,358

		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