Borrowings (Tables)

12 Months Ended

Dec. 31, 2015

The Partnership’s borrowings consist of the following (Dollars in millions):



	As of December 31,
	2015				2014
	Borrowing Outstanding		Carrying Value		Borrowing Outstanding		Carrying Value
Senior Credit Facility Term Loan Due 5/05/2020	$	25.0	$	25.0	$	25.0	$	25.0
CLO Term Loan ⁽¹⁾	13.7		13.7		15.2		15.2
3.875% Senior Notes Due 2/01/2023	500.0		499.9		500.0		499.9
5.625% Senior Notes Due 3/30/2043	600.0		606.5		600.0		606.8
	$	1,138.7	$	1,145.1	$	1,140.2	$	1,146.9


(1)	Due the earlier of September 28, 2018 or the date that the CLO is dissolved.

Outstanding Loans Payable of Consolidated Funds

As of December 31, 2015 and 2014, the following borrowings were outstanding, which includes preferred shares classified as liabilities (Dollars in millions):



	As of December 31, 2015
	Borrowing Outstanding		Fair Value		Weighted Average Interest Rate			Weighted Average Remaining Maturity in Years
Senior secured notes	$	16,301.0	$	15,915.5	1.98	%		9.54
Subordinated notes, preferred shares, and other	993.0		1,112.4		N/A		(a)	8.64
Combination notes	20.0		18.8		N/A		(b)	7.43
Total	$	17,314.0	$	17,046.7



	As of December 31, 2014
	Borrowing Outstanding		Fair Value		Weighted Average Interest Rate			Weighted Average Remaining Maturity in Years
Senior secured notes	$	15,104.2	$	14,757.5	1.68	%		9.21
Subordinated notes and preferred shares	1,242.3		1,278.8		N/A		(a)	8.28
Combination notes	15.0		15.9		N/A		(b)	7.14
Total	$	16,361.5	$	16,052.2


(a)	The subordinated notes and preferred shares do not have contractual interest rates, but instead receive distributions from the excess cash flows of the CLOs.


(b)	The combination notes do not have contractual interest rates and have recourse only to the securities specifically held to collateralize such combination notes.