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Borrowings (Tables)

3 Months Ended

Mar. 31, 2022

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, 2022												December 31, 2021
			Borrowing Outstanding						Carrying Value						Borrowing Outstanding						Carrying Value
			(Dollars in millions)
CLO Borrowings (See below)			$	405.1					$	402.2					$	222.6					$	219.0
5.625% Senior Notes Due 3/30/2043			600.0						600.6						600.0						600.6
5.650% Senior Notes Due 9/15/2048			350.0						346.2						350.0						346.1
3.500% Senior Notes Due 9/19/2029			425.0						421.7						425.0						421.6
4.625% Subordinated Notes Due 5/15/2061			500.0						484.3						500.0						484.3
Total debt obligations			$	2,280.1					$	2,255.0					$	2,097.6					$	2,071.6

Summary of loans payable of consolidated funds

As of March 31, 2022 and December 31, 2021, the following borrowings were outstanding, which includes preferred shares classified as liabilities (Dollars in millions):

			As of March 31, 2022
			Borrowing Outstanding						Fair Value						Weighted Average Interest Rate												Weighted Average Remaining Maturity in Years
Senior secured notes			$	5,519.6					$	5,470.1					1.72		%										10.23
Subordinated notes, preferred shares and other			205.5						211.9						N/A						(1)						10.43
Total			$	5,725.1					$	5,682.0

			As of December 31, 2021
			Borrowing Outstanding						Fair Value						Weighted Average Interest Rate												Weighted Average Remaining Maturity in Years
Senior secured notes			$	5,585.4					$	5,561.1					1.68		%										10.25
Subordinated notes, preferred shares and other			317.6						249.9						N/A						(1)						10.41
Total			$	5,903.0					$	5,811.0

(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 Date						Borrowing Outstanding March 31, 2022									Borrowing Outstanding December 31, 2021									Maturity Date (1)						Interest Rate as of March 31, 2022
February 28, 2017						$	40.0								$	51.3								November 17, 2031						2.33%			(2)
June 29, 2017						54.8									—									July 20, 2030						1.88%			(4),(7)
December 6, 2017						43.8									—									January 15, 2031						1.61%			(5),(7)
March 15, 2019						1.8									1.9									March 15, 2032						8.11%			(3)
August 20, 2019						4.0									4.1									August 15, 2032						4.74%			(3)
September 15, 2020						19.7									20.3									April 15, 2033						1.59%			(3)
January 8, 2021						20.7									21.3									January 15, 2034						2.49%			(3)
March 9, 2021						19.8									20.3									August 15, 2030						1.37%			(3)
March 30, 2021						18.6									19.1									March 15, 2032						1.71%			(3)
April 21, 2021						3.6									3.7									April 15, 2033						5.85%			(3)
April 28, 2021						7.8									—									April 28, 2023						0.80%			(6),(7)
May 21, 2021						15.5									15.9									November 17, 2031						1.36%			(3)
June 4, 2021						20.7									21.3									January 16, 2034						2.28%			(3)
June 10, 2021						1.3									1.4									November 17, 2031						2.85%			(3)
July 15, 2021						15.5									—									July 15, 2034						2.30%			(3),(7)
July 20, 2021						20.7									—									July 20, 2031						2.28%			(3),(7)
August 4, 2021						16.7									17.2									August 15, 2032						1.98%			(3)
October 27, 2021						24.2									24.8									October 15, 2035						2.40%			(3)
November 5, 2021						14.3									—									January 14, 2034						2.09%			(3),(7)
January 6, 2022						20.8									—									February 15, 2035						2.38%			(3)
February 22, 2022						20.8									—									November 10, 2035						2.45%			(3)
						$	405.1								$	222.6

(1)    Maturity date is earlier of date indicated or the date that the CLO is dissolved.

(2)     Outstanding borrowing of €36.1 million; 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 LIBOR plus 1.63%.

(5)    Incurs interest at LIBOR plus 1.37%.

(6)    Incurs interest at EURIBOR plus 0.80%.

(7)    The respective CLO assets were purchased in connection with the asset acquisition from CBAM in March 2022 (see Note 4). The formation date listed is the original formation date of the related CLO.

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 March 31,
			Aggregate Principal Amount						March 31, 2022						December 31, 2021																		2022						2021
3.875% Senior Notes Due 2/1/2023 (2)			$	—					$	—					$	—																	$	—					$	2.5
5.625% Senior Notes Due 3/30/2043 (3)			600.0						671.2						795.5																		8.4						8.4
5.650% Senior Notes Due 9/15/2048 (4)			350.0						408.7						484.7																		5.0						5.0
3.500% Senior Notes Due 9/19/2029 (5)			425.0						418.7						457.4																		3.8						3.8
																																	$	17.2					$	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. In November 2021, the Company completed the redemption of these notes, as discussed below.

(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.

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