Borrowings and Debt (Tables)

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Schedule of long term debt

The Company’s borrowings and long-term debt was comprised of the following as of the dates indicated (in millions):

	September 30, 2020					December 31, 2019
(in millions)	Carrying Value		Fair Value		Fair Value Level	Carrying Value		Fair Value		Fair 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		2	272.4		287.2		2
$125 million 5.125% Senior Notes Due August 1, 2031(3)	121.5		128.3		2	121.4		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.