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Borrowings (Tables)

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Schedule of Debt Obligations

The

Company’s debt obligations consist of the following:

	March 31, 2025				December 31, 2024
	Borrowing Outstanding		Carrying Value		Borrowing Outstanding		Carrying Value
	(Dollars in millions)
CLO Borrowings  (See below)	$309.1		$300.4		$289.4		$288.0
3.500% Senior Notes Due 9/19/2029	425.0		423.0		425.0		422.9
5.625% Senior Notes Due 3/30/2043	600.0		600.5		600.0		600.5
5.650% Senior Notes Due 9/15/2048	350.0		346.6		350.0		346.6
4.625% Subordinated Notes Due 5/15/2061	500.0		485.6		500.0		485.5
Total debt obligations	$2,184.1		$2,156.1		$2,164.4		$2,143.5

The Company’s outstanding CLO

borrowings consist of the following (Dollars in millions):

Formation Date		Borrowing Outstanding March 31, 2025			Borrowing Outstanding December 31, 2024			Maturity Date (1)		Interest Rate as of March 31, 2025
February 28, 2017		$21.7			$23.5			September 21, 2029		5.20%	(2)
December 6, 2017		21.5			25.5			January 15, 2031		6.11%	(3)
March 15, 2019		1.8			1.7			March 15, 2032		10.61%	(4)
August 20, 2019		3.9			3.7			August 15, 2032		7.29%	(4)
September 15, 2020		19.2			18.4			April 15, 2033		4.37%	(4)
January 8, 2021		20.1			19.2			January 15, 2034		5.28%	(4)
March 30, 2021		16.9			16.5			March 15, 2032		4.24%	(4)
April 21, 2021		3.5			3.3			April 15, 2033		8.63%	(4)
May 21, 2021		10.2			11.6			November 17, 2031		3.98%	(4)
June 4, 2021		20.2			19.4			January 16, 2034		5.06%	(4)
June 10, 2021		1.3			1.2			November 17, 2031		5.41%	(4)
July 15, 2021		15.1			14.5			July 15, 2034		5.08%	(4)
July 20, 2021		20.2			19.3			July 20, 2031		5.02%	(4)
August 4, 2021		15.8			15.6			August 15, 2032		4.31%	(4)
October 27, 2021		23.5			22.5			October 15, 2035		5.19%	(4)
January 6, 2022		20.3			19.4			February 15, 2035		4.94%	(4)
February 22, 2022		20.3			19.5			November 10, 2035		4.99%	(4)
September 5, 2023		—			5.1			August 28, 2031		N/A	(5)
April 25, 2024		18.0			17.2			April 25, 2037		5.55%	(4)
December 19, 2024		15.3			12.3			January 15, 2039		5.39%	(4)
March 10, 2025		20.3			—			April 15, 2028		4.88%	(4)
		$309.1			$289.4

(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 SOFR plus 1.81%.

(4)Incurs interest at the average effective interest rate of each class of purchased securities plus 0.50% spread percentage.

(5)Term loan was fully repaid during the three months ended March 31, 2025.

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, 2025		December 31, 2024		2025		2024
3.500% Senior Notes Due 9/19/2029 (2)	$425.0		$404.3		$401.2		$3.8		$3.8
5.625% Senior Notes Due 3/30/2043 (3)	600.0		587.9		589.5		8.4		8.4
5.650% Senior Notes Due 9/15/2048 (4)	350.0		341.9		338.1		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.

Schedule of Loans Payable of Consolidated Funds

As of March 31, 2025 and December 31, 2024, the following borrowings were outstanding (Dollars in millions):

	As of March 31, 2025
	Borrowing Outstanding		Fair Value		Weighted Average Interest Rate				Weighted Average Remaining Maturity in Years
Senior secured notes	$7,537.4		$7,434.2		5.64%				9.69
Subordinated notes	284.7		246.1		N/A		(2)		8.81
Revolving credit facilities(1)	121.4		121.4		7.10%				4.13
Total	$7,943.5		$7,801.7

	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

(1)Fair Value as of March 31, 2025 and December 31, 2024 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.

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