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Borrowings and Debt
 9 Months Ended
Sep. 30, 2020
Debt Disclosure [Abstract]  
Borrowings and Debt Borrowings and Debt
The Company’s borrowings and long-term debt was comprised of the following as of the dates indicated (in millions):

September 30, 2020December 31, 2019
(in millions)Carrying ValueFair ValueFair Value LevelCarrying ValueFair ValueFair Value Level
Third party borrowings:
$450 million revolving credit facility expiring August 22, 2022(1)(2)
$80.0 $80.0 2$140.0 $140.0 2
$275 million 4.80% Senior Notes Due
July 27, 2026(3)
272.7 294.4 2272.4 287.2 2
$125 million 5.125% Senior Notes Due August 1, 2031(3)
121.5 128.3 2121.4 126.4 2
Total third party borrowings$474.2 $502.7 $533.8 $553.6 
Non-recourse borrowings:
Non-recourse seed capital facility(1)(4)
$— $— $35.0 $35.0 2
Total non-recourse borrowing$— $— $35.0 $35.0 
Total borrowings$474.2 $502.7 $568.8 $588.6 
(1)Fair value approximates carrying value because the credit facilities have variable interest rates based on selected short term market rates.
(2)An amendment to the revolving credit facility was entered into on September 3, 2020 to reduce the revolving credit facility to $150 million upon the consummation of the sale of the Company’s equity interests in Barrow Hanley.
(3)The difference between the principal amounts and the carrying values of the senior notes in the table above reflects the unamortized debt issuance costs and discounts.
(4)Non-recourse seed capital facility set to expire on January 15, 2021 was paid down in the third quarter and terminated.
Revolving Credit Facility
On September 3, 2020, the Company, Royal Bank of Canada, BMO Harris Bank, N.A., Bank of China, New York Branch, Wells Fargo Bank, National Association, Barclays Bank PLC, Morgan Stanley Bank, N.A., Bank of America N.A., the Bank of New York Mellon and Citibank, N.A., as an issuing bank and administrative agent (collectively, the “Lenders”), entered into an amendment (the “Amendment") to the Revolving Credit Agreement dated as of August 20, 2019 (the “Credit Agreement”). The Amendment includes changes to the Credit Agreement to permit the sale of the Company's equity interests in Barrow Hanley (the “Barrow Hanley Sale”). Under the Credit Agreement, the Barrow Hanley Sale required consent of the Lenders given that Barrow Hanley accounted for more than 10% of the Company's consolidated Adjusted EBITDA. The Amendment provides that, effective immediately upon the consummation of the Barrow Hanley Sale, the Lenders commitments under the Credit Agreement shall be $150 million.