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v3.24.1.u1

Borrowings (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2024
Debt Instrument [Line Items] |
Schedule of Debt Obligations | The Company’s debt obligations consist of the following:
| March 31, 2024 |  | December 31, 2023
| Borrowing Outstanding |  | Carrying Value |  | Borrowing Outstanding |  | Carrying Value
| (Dollars in millions)
CLO Borrowings (See below) | $408.1 |  | $404.2 |  | $431.7 |  | $426.4
3.500% Senior Notes Due 9/19/2029 | 425.0 |  | 422.6 |  | 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 |  | 485.2 |  | 500.0 |  | 485.1
Total debt obligations | $2,283.1 |  | $2,259.0 |  | $2,306.7 |  | $2,281.0
Schedule of Loans Payable of Consolidated Funds | As of March 31, 2024 and December 31, 2023, the following borrowings were outstanding (Dollars in millions):
| As of March 31, 2024
| Borrowing Outstanding |  | Fair Value |  | Weighted Average Interest Rate |  |  |  | Weighted Average Remaining Maturity in Years
Senior secured notes | $6,133.0 |  | $6,153.0 |  | 6.36% |  |  |  | 8.84
Subordinated notes | 220.5 |  | 199.3 |  | N/A |  | (4) |  | 8.94
Revolving credit facilities(3) | 182.8 |  | 182.8 |  | 6.57% |  |  |  | 4.74
Total | $6,536.3 |  | $6,535.1 |  |  |  |  |  |
| 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 March 31, 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 March 31, 2024 |  |  | Borrowing Outstanding December 31, 2023 |  |  | Maturity Date (1) |  | Interest Rate as of March 31, 2024 |
February 28, 2017 |  | $34.2 |  |  | $39.9 |  |  | September 21, 2029 |  | 6.30% | (2)
June 29, 2017 |  | 40.7 |  |  | 45.6 |  |  | July 20, 2030 |  | 6.77% | (4)
December 6, 2017 |  | 38.5 |  |  | 41.1 |  |  | January 15, 2031 |  | 6.97% | (5)
March 15, 2019 |  | 1.8 |  |  | 1.8 |  |  | March 15, 2032 |  | 12.05% | (3)
August 20, 2019 |  | 3.9 |  |  | 4.0 |  |  | August 15, 2032 |  | 8.64% | (3)
September 15, 2020 |  | 19.2 |  |  | 19.7 |  |  | April 15, 2033 |  | 5.53% | (3)
January 8, 2021 |  | 20.1 |  |  | 20.6 |  |  | January 15, 2034 |  | 6.44% | (3)
March 9, 2021 |  | 14.8 |  |  | 16.8 |  |  | August 15, 2030 |  | 5.34% | (3)
March 30, 2021 |  | 18.0 |  |  | 18.6 |  |  | March 15, 2032 |  | 5.65% | (3)
April 21, 2021 |  | 3.5 |  |  | 3.6 |  |  | April 15, 2033 |  | 9.79% | (3)
May 21, 2021 |  | 15.1 |  |  | 15.5 |  |  | November 17, 2031 |  | 5.27% | (3)
June 4, 2021 |  | 20.2 |  |  | 20.7 |  |  | January 16, 2034 |  | 6.22% | (3)
June 10, 2021 |  | 1.3 |  |  | 1.3 |  |  | November 17, 2031 |  | 6.75% | (3)
July 15, 2021 |  | 15.1 |  |  | 15.5 |  |  | July 15, 2034 |  | 6.23% | (3)
July 20, 2021 |  | 20.1 |  |  | 20.6 |  |  | July 20, 2031 |  | 6.25% | (3)
August 4, 2021 |  | 16.3 |  |  | 16.7 |  |  | August 15, 2032 |  | 5.65% | (3)
October 27, 2021 |  | 23.4 |  |  | 24.0 |  |  | October 15, 2035 |  | 6.35% | (3)
November 5, 2021 |  | 14.0 |  |  | 14.3 |  |  | January 14, 2034 |  | 6.03% | (3)
January 6, 2022 |  | 20.2 |  |  | 20.7 |  |  | February 15, 2035 |  | 6.28% | (3)
February 22, 2022 |  | 20.3 |  |  | 20.8 |  |  | November 10, 2035 |  | 6.35% | (3)
July 13, 2022 |  | 17.0 |  |  | 17.5 |  |  | January 13, 2035 |  | 7.26% | (3)
October 25, 2022 |  | 17.7 |  |  | 18.1 |  |  | October 25, 2035 |  | 7.69% | (3)
September 5, 2023 |  | 12.7 |  |  | 14.3 |  |  | August 28, 2031 |  | 5.47% | (3)
|  | $408.1 |  |  | $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 1.45%. (5)Incurs interest at SOFR plus 1.66%.
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, 2024 |  | December 31, 2023 |  | 2024 |  | 2023
3.500% Senior Notes Due 9/19/2029 (2) | $425.0 |  | $393.9 |  | $401.9 |  | $3.8 |  | $3.8
5.625% Senior Notes Due 3/30/2043 (3) | 600.0 |  | 588.0 |  | 594.6 |  | 8.4 |  | 8.4
5.650% Senior Notes Due 9/15/2048 (4) | 350.0 |  | 337.8 |  | 336.0 |  | 5.0 |  | 5.0
|  |  |  |  |  |  | $17.2 |  | $17.2
(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 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.

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