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Borrowings (Tables)
 6 Months Ended
Jun. 30, 2024
Debt Instrument [Line Items]  
Schedule of Debt Obligations The
Company’s debt obligations consist of the following:
 
June 30, 2024
December 31, 2023
 
Borrowing
Outstanding
Carrying
Value
Borrowing
Outstanding
Carrying
Value
(Dollars in millions)
CLO Borrowings  (See below)
$384.3
$380.2
$431.7
$426.4
3.500% Senior Notes Due 9/19/2029
425.0
422.7
425.0
422.5
5.625% Senior Notes Due 3/30/2043
600.0
600.5
600.0
600.6
5.650% Senior Notes Due 9/15/2048
350.0
346.5
350.0
346.4
4.625% Subordinated Notes Due 5/15/2061
500.0
485.3
500.0
485.1
Total debt obligations
$2,259.3
$2,235.2
$2,306.7
$2,281.0
Schedule of Loans Payable of Consolidated Funds As of June 30, 2024 and December 31, 2023, the following borrowings were outstanding (Dollars in millions):
 
As of June 30, 2024
 
Borrowing
Outstanding
Fair Value
Weighted
Average
Interest Rate
 
Weighted
Average
Remaining
Maturity in
Years
Senior secured notes
$7,346.9
$7,378.8
6.57%
9.64
Subordinated notes
270.2
244.6
N/A
(4)
9.26
Revolving credit facilities(3)
177.7
177.7
6.67%
4.44
Total
$7,794.8
$7,801.1
 
 
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
(1)Borrowing Outstanding and Fair Value as of December 31, 2023 includes $7.8 million 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 June 30, 2024 and December 31, 2023 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.
CLO Borrowings  
Debt Instrument [Line Items]  
Schedule of Debt Obligations The Company’s outstanding CLO
borrowings consist of the following (Dollars in millions):
Formation Date
Borrowing
Outstanding
June 30, 2024
Borrowing
Outstanding
December 31, 2023
Maturity Date (1)
Interest Rate as of
June 30, 2024
February 28, 2017
$29.7
$39.9
September 21, 2029
6.34%
(2)
June 29, 2017
35.0
45.6
July 20, 2030
6.77%
(4)
December 6, 2017
33.7
41.1
January 15, 2031
7.01%
(5)
March 15, 2019
1.8
1.8
March 15, 2032
11.83%
(3)
August 20, 2019
3.9
4.0
August 15, 2032
8.56%
(3)
September 15, 2020
19.1
19.7
April 15, 2033
5.49%
(3)
January 8, 2021
19.9
20.6
January 15, 2034
6.40%
(3)
March 9, 2021
11.9
16.8
August 15, 2030
5.34%
(3)
March 30, 2021
17.4
18.6
March 15, 2032
5.44%
(3)
April 21, 2021
3.5
3.6
April 15, 2033
9.75%
(3)
May 21, 2021
14.1
15.5
November 17, 2031
5.20%
(3)
June 4, 2021
20.0
20.7
January 16, 2034
6.19%
(3)
June 10, 2021
1.3
1.3
November 17, 2031
6.68%
(3)
July 15, 2021
15.0
15.5
July 15, 2034
6.20%
(3)
July 20, 2021
20.0
20.6
July 20, 2031
6.17%
(3)
August 4, 2021
16.2
16.7
August 15, 2032
5.57%
(3)
October 27, 2021
23.3
24.0
October 15, 2035
6.31%
(3)
November 5, 2021
13.9
14.3
January 14, 2034
5.99%
(3)
January 6, 2022
20.1
20.7
February 15, 2035
6.21%
(3)
February 22, 2022
20.2
20.8
November 10, 2035
6.27%
(3)
July 13, 2022
16.9
17.5
January 13, 2035
7.23%
(3)
October 25, 2022
—
18.1
N/A
N/A
(6)
September 5, 2023
9.6
14.3
August 28, 2031
5.39%
(3)
April 25, 2024
17.8
—
April 25, 2037
6.76%
(3)
$384.3
$431.7
(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 1.44%.
(5)Incurs interest at SOFR plus 1.68%.
(6)This term loan was fully repaid in April 2024.
Senior Notes  
Debt Instrument [Line Items]  
Schedule of Debt Obligations Senior Notes
Certain indirect subsidiaries of 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
June 30,
Six Months Ended
June 30,
Aggregate
Principal
Amount
June 30,
2024
December
31, 2023
2024
2023
2024
2023
3.500% Senior Notes Due 9/19/2029 (2)
$425.0
$395.6
$401.9
$3.9
$3.9
$7.7
$7.7
5.625% Senior Notes Due 3/30/2043 (3)
600.0
582.9
594.6
8.5
8.5
16.9
16.9
5.650% Senior Notes Due 9/15/2048 (4)
350.0
343.3
336.0
5.0
5.0
10.0
10.0
$17.4
$17.4
$34.6
$34.6
(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 September 2019 at 99.841% 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.