XML 42 R28.htm IDEA: XBRL DOCUMENT v3.21.1
Borrowings (Tables)
 3 Months Ended
Mar. 31, 2021
Debt Instrument [Line Items]  
Schedule of debt obligations
The Company borrows and enters into credit agreements for its general operating and investment purposes. The Company’s debt obligations consist of the following:
 March 31, 2021December 31, 2020
 Borrowing
Outstanding		Carrying
Value		Borrowing
Outstanding		Carrying
Value
(Dollars in millions)
CLO Borrowings (See below)
$325.7 $323.1 $356.1 $353.6 
3.875% Senior Notes Due 2/01/2023
250.0 249.6 250.0 249.5 
5.625% Senior Notes Due 3/30/2043
600.0 600.7 600.0 600.7 
5.650% Senior Notes Due 9/15/2048
350.0 346.0 350.0 346.0 
3.500% Senior Notes Due 9/19/2029
425.0 421.2 425.0 421.1 
Total debt obligations$1,950.7 $1,940.6 $1,981.1 $1,970.9 
Summary of loans payable of consolidated funds
As of March 31, 2021 and December 31, 2020, the following borrowings were outstanding, which includes preferred shares classified as liabilities (Dollars in millions):
 As of March 31, 2021
 Borrowing
Outstanding		Fair ValueWeighted
Average
Interest Rate		 Weighted
Average
Remaining
Maturity in
Years
Senior secured notes$5,257.0 $5,241.4 1.75 %10.13
Subordinated notes, preferred shares and other216.9 199.3 N/A(1)10.25
Total$5,473.9 $5,440.7 
 
 As of December 31, 2020
 Borrowing
Outstanding		Fair ValueWeighted
Average
Interest Rate		 Weighted
Average
Remaining
Maturity in
Years
Senior secured notes$5,442.2 $5,358.9 1.74 %10.36
Subordinated notes, preferred shares and other164.2 204.1 N/A(1)10.49
Total$5,606.4 $5,563.0 
 
(1)The subordinated notes and preferred shares do not have contractual interest rates, but instead receive distributions from the excess cash flows of the CLOs.
CLO Borrowings  
Debt Instrument [Line Items]  
Schedule of debt obligations The Company’s outstanding CLO borrowings consist of the following (Dollars in millions):
Formation DateBorrowing Outstanding March 31, 2021Borrowing Outstanding December 31, 2020Maturity Date (1)Interest Rate as of March 31, 2021
February 28, 2017$75.7 $79.9 November 17, 20312.34%(2)
April 19, 201722.7 22.7 April 22, 20312.16%(3) (14)
June 28, 201722.9 22.9 July 22, 20312.15%(4) (14)
August 2, 2017— 22.7 July 23, 2029N/A(5) (14)
August 2, 2017— 21.3 August 3, 2022N/A(6)
August 14, 2017— 22.4 August 15, 2030N/A(7) (14)
November 30, 201722.7 22.7 January 16, 20301.97%(8)(14)(15)
December 6, 201719.0 19.0 October 16, 20301.89%(9)(14)(15)
December 7, 201720.8 20.8 January 19, 20291.59%(10)(14)(15)
January 30, 201819.2 19.2 January 23, 20301.85%(11)(14)(15)
March 1, 201815.2 15.2 January 16, 20311.79%(12)(14)(15)
March 15, 20191.9 22.6 March 15, 20328.04%(13)
August 20, 201922.0 22.9 August 15, 20322.52%(13)
September 15, 202020.9 21.8 April 15, 20331.59%(13)
January 8, 202122.0 — January 15, 20342.49%(13)
March 9, 202121.0 — August 15, 20301.37%(13)
March 30, 202119.7 — March 15, 20322.02%(13)
$325.7 $356.1 

(1)    Maturity date is earlier of date indicated or the date that the CLO is dissolved.
(2)     Outstanding borrowing of €64.4 million; incurs interest at EURIBOR plus applicable margins as defined in the agreement.
(3)    Incurs interest at LIBOR plus 1.932%. This term loan was fully repaid in April 2021.
(4)     Incurs interest at LIBOR plus 1.923%. This term loan was fully repaid in April 2021.
(5)    Incurred interest at LIBOR plus 1.808%. This term loan was fully repaid in February 2021.
(6)    Original borrowing of €17.4 million; incurred interest at EURIBOR plus 1.75% and had full recourse to the Company. This term loan was fully repaid in March 2021.
(7)    Incurred interest at LIBOR plus 1.848%. This term loan was fully repaid in March 2021.
(8)    Incurs interest at LIBOR plus 1.731%. This term loan was fully repaid in April 2021.
(9)    Incurs interest at LIBOR plus 1.647%.
(10)    Incurs interest at LIBOR plus 1.365%.
(11)    Incurs interest at LIBOR plus 1.624%.
(12)    Incurs interest at LIBOR plus 1.552%.
(13) Incurs interest at the average effective interest rate of each class of purchased securities plus 0.50% spread percentage.
(14)    Term loan issued under master credit agreement.
(15) CLO Indentures for the respective CLO borrowings entered on November 30, 2017 and after provide for an alternative rate framework determined at the Company’s discretion upon a trigger event of LIBOR.
Senior Notes  
Debt Instrument [Line Items]  
Schedule of debt obligations
Senior Notes
Certain indirect subsidiaries of the the Company have issued long term borrowings in the form of senior notes, on which interest is payable semi-annually in arrears. The following table provides information regarding these senior notes (Dollars in millions):
Interest Expense
Fair Value (1)
As of
Three Months Ended
March 31,
Aggregate Principal AmountMarch 31, 2021December 31, 202020212020
3.875% Senior Notes Due 2/1/2023 (2)
$250.0 $265.8 $270.0 $2.5 $2.5 
5.625% Senior Notes Due 3/30/2043 (3)
600.0 740.2 782.6 8.4 8.4 
5.650% Senior Notes Due 9/15/2048 (4)
350.0 444.6 469.3 5.0 5.0 
3.500% Senior Notes Due 9/19/2029 (5)
425.0 445.2 476.6 3.8 3.8 
$19.7 $19.7 
(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.
(3) 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.
(4) Issued in September 2018 at 99.914% of par.
(5) Issued in September 2019 at 99.841% of par.