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Borrowings (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of debt obligations The
Company’s debt obligations consist of the following:
 
As of December 31,
 
2024
2023
Borrowing
Outstanding
Carrying
Value
Borrowing
Outstanding
Carrying
Value
(Dollars in millions)
CLO Borrowings (See below)
$289.4
$288.0
$431.7
$426.4
3.500% Senior Notes Due 9/19/2029
425.0
422.9
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
346.6
350.0
346.4
4.625% Subordinated Notes Due 5/15/2061
500.0
485.5
500.0
485.1
Total debt obligations
$2,164.4
$2,143.5
$2,306.7
$2,281.0
For certain of the Company’s CLOs, the Company finances a portion of its investment in the CLOs through the
proceeds received from term loans and other financing arrangements with financial institutions. The Company’s outstanding
CLO borrowings consist of the following (Dollars in millions):
Formation Date
Borrowing
Outstanding
December 31, 2024
Borrowing
Outstanding
December 31, 2023
Maturity Date(1)
Interest Rate as of
December 31, 2024
February 28, 2017
$23.5
$39.9
September 21, 2029
6.13%
(2)
June 29, 2017
—
45.6
N/A
N/A
(3)
December 6, 2017
25.5
41.1
January 15, 2031
6.41%
(4)
March 15, 2019
1.7
1.8
March 15, 2032
10.99%
(5)
August 20, 2019
3.7
4.0
August 15, 2032
7.76%
(5)
September 15, 2020
18.4
19.7
April 15, 2033
4.77%
(5)
January 8, 2021
19.2
20.6
January 15, 2034
5.68%
(5)
March 9, 2021
—
16.8
N/A
N/A
(3)
March 30, 2021
16.5
18.6
March 15, 2032
4.62%
(5)
April 21, 2021
3.3
3.6
April 15, 2033
9.03%
(5)
May 21, 2021
11.6
15.5
November 17, 2031
4.42%
(5)
June 4, 2021
19.4
20.7
January 16, 2034
5.46%
(5)
June 10, 2021
1.2
1.3
November 17, 2031
5.87%
(5)
July 15, 2021
14.5
15.5
July 15, 2034
5.48%
(5)
July 20, 2021
19.3
20.6
July 20, 2031
5.49%
(5)
August 4, 2021
15.6
16.7
August 15, 2032
4.77%
(5)
October 27, 2021
22.5
24.0
October 15, 2035
5.59%
(5)
November 5, 2021
—
14.3
N/A
N/A
(3)
January 6, 2022
19.4
20.7
February 15, 2035
5.40%
(5)
February 22, 2022
19.5
20.8
November 10, 2035
5.48%
(5)
July 13, 2022
—
17.5
N/A
N/A
(3)
October 25, 2022
—
18.1
N/A
N/A
(3)
September 5, 2023
5.1
14.3
August 28, 2031
4.73%
(5)
April 25, 2024
17.2
—
April 25, 2037
5.96%
(5)
December 19, 2024
12.3
—
January 15, 2039
5.39%
(5)
$289.4
$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)This term loan was fully repaid during the year ended December 31, 2024.
(4)Incurs interest at SOFR plus 1.76%.
(5)Incurs interest at the average effective interest rate of each class of purchased securities plus 0.50% spread percentage.
The following table provides information regarding these senior notes (Dollars in
millions):
Aggregate
Principal
Amount
Fair Value(1)
As of December 31,
Interest Expense
For The Years Ended December 31,
2024
2023
2024
2023
2022
3.500% Senior Notes Due 9/19/2029(2)
$425.0
$401.2
$401.9
$15.3
$15.3
$15.3
5.625% Senior Notes Due 3/30/2043(3)
600.0
589.5
594.6
33.7
33.7
33.7
5.650% Senior Notes Due 9/15/2048(4)
350.0
338.1
336.0
19.9
19.9
19.9
$68.9
$68.9
$68.9
(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.
Summary of loans payable of consolidated funds As of December 31, 2024 and 2023, the following borrowings were outstanding (Dollars in millions):
 
As of December 31, 2024
 
Borrowing
Outstanding
Fair Value
Weighted
Average
Interest Rate
 
Weighted
Average
Remaining
Maturity in
Years
Senior secured notes
$6,732.8
$6,598.8
5.72%
9.18
Subordinated notes
229.9
210.3
N/A
(2)
9.15
Revolving credit facilities(1)
55.1
55.1
7.01%
4.53
Total
$7,017.8
$6,864.2
 
 
As of December 31, 2023
 
Borrowing
Outstanding
Fair Value
Weighted
Average
Interest Rate
 
Weighted
Average
Remaining
Maturity in
Years
Senior secured notes
$6,171.9
$6,097.9
6.32%
8.99
Subordinated notes
173.5
210.7
N/A
(2)
9.16
Revolving credit facilities(1)
177.9
177.9
6.46%
5.05
Total
$6,523.3
$6,486.5
 
(1)Fair Value as of December 31, 2024 and 2023 reflects the amortized cost of outstanding revolving credit balances which
approximates fair value.
(2)The subordinated notes do not have contractual interest rates, but instead receive distributions from the excess cash flows of the
CLOs.