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v3.22.2.2

Borrowings (Tables) | 9 Months Ended
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Sep. 30, 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:
| September 30, 2022 |  | December 31, 2021
| Borrowing Outstanding |  | Carrying Value |  | Borrowing Outstanding |  | Carrying Value
| (Dollars in millions)
CLO Borrowings (See below) | $ | 384.4 |  |  | $ | 381.6 |  |  | $ | 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 |  |  | 346.3 |  |  | 350.0 |  |  | 346.1 |
3.500% Senior Notes Due 9/19/2029 | 425.0 |  |  | 421.9 |  |  | 425.0 |  |  | 421.6 |
4.625% Subordinated Notes Due 5/15/2061 | 500.0 |  |  | 484.6 |  |  | 500.0 |  |  | 484.3 |
Total debt obligations | $ | 2,259.4 |  |  | $ | 2,235.0 |  |  | $ | 2,097.6 |  |  | $ | 2,071.6 |
Summary of loans payable of consolidated funds | As of September 30, 2022 and December 31, 2021, the following borrowings were outstanding, which includes preferred shares classified as liabilities (Dollars in millions):
| As of September 30, 2022
| Borrowing Outstanding |  | Fair Value |  | Weighted Average Interest Rate |  |  |  | Weighted Average Remaining Maturity in Years
Senior secured notes (1) | $ | 5,466.6 |  |  | $ | 5,085.8 |  |  | 2.62 | % |  |  |  | 9.77
Subordinated notes, preferred shares and other | 146.9 |  |  | 217.9 |  |  | N/A |  | (2) |  | 9.97
Total | $ | 5,613.5 |  |  | $ | 5,303.7 |  |  |  |  |  |  |
| 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 |  | (2) |  | 10.41
Total | $ | 5,903.0 |  |  | $ | 5,811.0 |  |  |  |  |  |  |
(1)Borrowing Outstanding as of September 30, 2022 includes $160.5 million of senior secured notes that are carried at par value. The fair value of these senior secured notes at September 30, 2022 approximated par value based on current market rates for similar debt instruments. These senior secured notes are classified as Level III within the fair value hierarchy. (2)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 September 30, 2022 |  |  | Borrowing Outstanding December 31, 2021 |  |  | Maturity Date (1) |  | Interest Rate as of September 30, 2022 |
February 28, 2017 |  | $ | 35.4 |  |  |  | $ | 51.3 |  |  |  | November 17, 2031 |  | 2.33% | (2)
June 29, 2017 |  | 54.8 |  |  |  | — |  |  |  | July 20, 2030 |  | 4.36% | (4),(7)
December 6, 2017 |  | 43.8 |  |  |  | — |  |  |  | January 15, 2031 |  | 3.88% | (5),(7)
March 15, 2019 |  | 1.6 |  |  |  | 1.9 |  |  |  | March 15, 2032 |  | 8.11% | (3)
August 20, 2019 |  | 3.5 |  |  |  | 4.1 |  |  |  | August 15, 2032 |  | 5.06% | (3)
September 15, 2020 |  | 17.4 |  |  |  | 20.3 |  |  |  | April 15, 2033 |  | 1.59% | (3)
January 8, 2021 |  | 18.2 |  |  |  | 21.3 |  |  |  | January 15, 2034 |  | 2.49% | (3)
March 9, 2021 |  | 17.4 |  |  |  | 20.3 |  |  |  | August 15, 2030 |  | 1.69% | (3)
March 30, 2021 |  | 16.4 |  |  |  | 19.1 |  |  |  | March 15, 2032 |  | 1.71% | (3)
April 21, 2021 |  | 3.2 |  |  |  | 3.7 |  |  |  | April 15, 2033 |  | 5.85% | (3)
April 28, 2021 |  | 6.5 |  |  |  | — |  |  |  | April 28, 2023 |  | 2.03% | (6),(7)
May 21, 2021 |  | 13.7 |  |  |  | 15.9 |  |  |  | November 17, 2031 |  | 1.36% | (3)
June 4, 2021 |  | 18.3 |  |  |  | 21.3 |  |  |  | January 16, 2034 |  | 2.28% | (3)
June 10, 2021 |  | 1.2 |  |  |  | 1.4 |  |  |  | November 17, 2031 |  | 2.85% | (3)
July 15, 2021 |  | 13.7 |  |  |  | — |  |  |  | July 15, 2034 |  | 2.30% | (3),(7)
July 20, 2021 |  | 18.2 |  |  |  | — |  |  |  | July 20, 2031 |  | 2.28% | (3),(7)
August 4, 2021 |  | 14.8 |  |  |  | 17.2 |  |  |  | August 15, 2032 |  | 2.30% | (3)
October 27, 2021 |  | 21.3 |  |  |  | 24.8 |  |  |  | October 15, 2035 |  | 2.40% | (3)
November 5, 2021 |  | 12.7 |  |  |  | — |  |  |  | January 14, 2034 |  | 2.09% | (3),(7)
January 6, 2022 |  | 18.4 |  |  |  | — |  |  |  | February 15, 2035 |  | 2.70% | (3)
February 22, 2022 |  | 18.4 |  |  |  | — |  |  |  | November 10, 2035 |  | 2.75% | (3)
July 13, 2022 |  | 15.5 |  |  |  | — |  |  |  | February 15, 2035 |  | 3.61% |
|  | $ | 384.4 |  |  |  | $ | 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 1.65%. (5) Incurs interest at LIBOR plus 1.37%. (6) Incurs interest at EURIBOR plus 1.35%. (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 September 30, |  | Nine Months Ended September 30,
| Aggregate Principal Amount |  | September 30, 2022 |  | December 31, 2021 |  | 2022 |  | 2021 |  | 2022 |  | 2021
3.875% Senior Notes Due 2/1/2023 (2) | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2.5 |  |  | $ | — |  |  | $ | 7.5 |
5.625% Senior Notes Due 3/30/2043 (3) | 600.0 |  |  | 515.5 |  |  | 795.5 |  |  | 8.4 |  |  | 8.4 |  |  | 25.3 |  |  | 25.3 |
5.650% Senior Notes Due 9/15/2048 (4) | 350.0 |  |  | 312.6 |  |  | 484.7 |  |  | 5.0 |  |  | 5.0 |  |  | 14.9 |  |  | 14.9 |
3.500% Senior Notes Due 9/19/2029 (5) | 425.0 |  |  | 361.6 |  |  | 457.4 |  |  | 3.8 |  |  | 3.8 |  |  | 11.5 |  |  | 11.5 |
|  |  |  |  |  |  | $ | 17.2 |  |  | $ | 19.7 |  |  | $ | 51.7 |  |  | $ | 59.2 |
(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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