Borrowings (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of debt obligations

The

Company’s debt obligations consist of the following:

	As of December 31,
	2023		2022
	Borrowing Outstanding	Carrying Value	Borrowing Outstanding	Carrying Value
	(Dollars in millions)
CLO Borrowings (See below)	$431.7	$426.4	$421.7	$418.1
3.500% Senior Notes Due 9/19/2029	425.0	422.5	425.0	422.0
5.625% Senior Notes Due 3/30/2043	600.0	600.6	600.0	600.6
5.650% Senior Notes Due 9/15/2048	350.0	346.4	350.0	346.3
4.625% Subordinated Notes Due 5/15/2061	500.0	485.1	500.0	484.7
Total debt obligations	$2,306.7	$2,281.0	$2,296.7	$2,271.7

For certain of the Company’s CLOs, the Company finances a portion of its investment in the CLOs through the

proceeds received from term loans and other financing arrangements with financial institutions. The Company’s outstanding

CLO borrowings consist of the following (Dollars in millions):

Formation Date	Borrowing Outstanding December 31, 2023	Borrowing Outstanding December 31, 2022	Maturity Date(1)	Interest Rate as of December 31, 2023
February 28, 2017	$39.9	$38.7	September 21, 2029	6.02%	(2)
June 29, 2017	45.6	54.8	July 20, 2030	6.86%	(4)
December 6, 2017	41.1	43.8	January 15, 2031	7.04%	(5)
March 15, 2019	1.8	1.8	March 15, 2032	12.03%	(3)
August 20, 2019	4.0	3.9	August 15, 2032	8.74%	(3)
September 15, 2020	19.7	19.1	April 15, 2033	5.55%	(3)
January 8, 2021	20.6	19.9	January 15, 2034	6.46%	(3)
March 9, 2021	16.8	19.1	August 15, 2030	5.41%	(3)
March 30, 2021	18.6	18.0	March 15, 2032	5.63%	(3)
April 21, 2021	3.6	3.4	April 15, 2033	9.81%	(3)
May 21, 2021	15.5	15.0	November 17, 2031	5.37%	(3)
June 4, 2021	20.7	20.0	January 16, 2034	6.24%	(3)
June 10, 2021	1.3	1.3	November 17, 2031	6.85%	(3)
July 15, 2021	15.5	15.0	July 15, 2034	6.26%	(3)
July 20, 2021	20.6	20.0	July 20, 2031	6.27%	(3)
August 4, 2021	16.7	16.2	August 15, 2032	5.75%	(3)
October 27, 2021	24.0	23.3	October 15, 2035	6.37%	(3)
November 5, 2021	14.3	13.8	January 14, 2034	6.05%	(3)
January 6, 2022	20.7	20.1	February 15, 2035	6.38%	(3)
February 22, 2022	20.8	20.1	November 10, 2035	6.43%	(3)
July 13, 2022	17.5	16.9	January 13, 2035	7.27%	(3)
October 25, 2022	18.1	17.5	October 25, 2035	7.70%	(3)
September 5, 2023	14.3	—	August 28, 2031	5.43%	(3)
	$431.7	$421.7

(1)  Maturity date is earlier of date indicated or the date that the CLO is dissolved.

(2)Incurs interest at EURIBOR plus applicable margins as defined in the agreement.

(3)Incurs interest at the average effective interest rate of each class of purchased securities plus 0.50% spread percentage.

(4)Incurs interest at SOFR plus 1.45%.

(5)Incurs interest at SOFR plus 1.64%.

The following table provides information regarding these senior notes (Dollars in

millions):

	Aggregate Principal Amount			Interest Expense
		Fair Value(1) As of December 31,		For The Years Ended December 31,
		2023	2022	2023	2022	2021
3.875% Senior Notes Due 2/1/2023(2)	$—	$—	$—	$—	$—	$8.9
3.500% Senior Notes Due 9/19/2029(3)	425.0	401.9	364.1	15.3	15.3	15.3
5.625% Senior Notes Due 3/30/2043(4)	600.0	594.6	545.8	33.7	33.7	33.7
5.650% Senior Notes Due 9/15/2048(5)	350.0	336.0	322.2	19.9	19.9	19.9
				$68.9	$68.9	$77.8

(1) Including accrued interest. Fair value is based on indicative quotes and the notes are classified as Level II within the fair value

hierarchy.

(2) Issued in January 2013 at 99.966% of par. In November 2021, the Company completed the redemption of these notes, as discussed

below.

(3) Issued in September 2019 at 99.841% of par.

(4) Issued $400.0 million in aggregate principal at 99.583% of par in March 2013. An additional $200.0 million in aggregate principal

was issued at 104.315% of par in March 2014, and is treated as a single class with the outstanding $400.0 million in senior notes

previously issued.

(5) Issued in September 2018 at 99.914% of par.

Summary of loans payable of consolidated funds

As of December 31, 2023 and 2022, the following borrowings were outstanding (Dollars in millions):

	As of December 31, 2023
	Borrowing Outstanding	Fair Value	Weighted Average Interest Rate		Weighted Average Remaining Maturity in Years
Senior secured notes(1)	$6,171.9	$6,097.9	6.32%		8.99
Subordinated notes(2)	173.5	210.7	N/A	(4)	9.16
Revolving credit facilities(3)	177.9	177.9	6.46%		5.05
Total	$6,523.3	$6,486.5

	As of December 31, 2022
	Borrowing Outstanding	Fair Value	Weighted Average Interest Rate		Weighted Average Remaining Maturity in Years
Senior secured notes(1)	$5,849.2	$5,538.9	4.07%		9.60
Subordinated notes	56.1	188.4	N/A	(4)	9.69
Revolving credit facilities(3)	177.9	177.9	4.85%		4.30
Total	$6,083.2	$5,905.2

(1)Borrowing Outstanding and Fair Value as of December 31, 2023 and 2022 includes $7.8 million and $235.6 million, respectively, of

senior secured notes that are carried at par value.

(2)Borrowing Outstanding and Fair Value as of December 31, 2023 includes $2.2 million of subordinated notes that are carried at par

value.

(3)Fair Value as of December 31, 2023 and 2022 reflects the amortized cost of outstanding revolving credit balances which

approximates fair value.

(4)The subordinated notes do not have contractual interest rates, but instead receive distributions from the excess cash flows of the

CLOs.