Borrowings (Tables)

12 Months Ended

Dec. 31, 2021

The Company’s debt obligations consist of the following:


	As of December 31,
	2021				2020
	Borrowing Outstanding		Carrying Value		Borrowing Outstanding		Carrying Value
	(Dollars in millions)


CLO Borrowings (See below)	$	222.6	$	219.0	$	356.1	$	353.6
3.875% Senior Notes Due 2/01/2023	—		—		250.0		249.5
5.625% Senior Notes Due 3/30/2043	600.0		600.6		600.0		600.7
5.650% Senior Notes Due 9/15/2048	350.0		346.1		350.0		346.0
3.500% Senior Notes Due 9/19/2029	425.0		421.6		425.0		421.1
4.625% Subordinated Notes Due 5/15/2061	500.0		484.3		—		—
Total debt obligations	$	2,097.6	$	2,071.6	$	1,981.1	$	1,970.9

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, 2021		Borrowing Outstanding December 31, 2020		Maturity Date (1)	Interest Rate as of December 31, 2021
February 28, 2017	$	51.3	$	79.9	November 17, 2031	2.36%	(2)
April 19, 2017	—		22.7		April 22, 2031	N/A	(3) (14)
June 28, 2017	—		22.9		July 22, 2031	N/A	(4) (14)
August 2, 2017	—		22.7		July 23, 2029	N/A	(5) (14)
August 2, 2017	—		21.3		August 3, 2022	N/A	(6)
August 14, 2017	—		22.4		August 15, 2030	N/A	(7) (14)
November 30, 2017	—		22.7		January 16, 2030	N/A	(8) (14) (15)
December 6, 2017	—		19.0		October 16, 2030	N/A	(9) (14) (15)
December 7, 2017	—		20.8		January 19, 2029	N/A	(10) (14) (15)
January 30, 2018	—		19.2		January 23, 2030	N/A	(11) (14) (15)
March 1, 2018	—		15.2		January 16, 2031	N/A	(12) (14) (15)
March 15, 2019	1.9		22.6		March 15, 2032	8.11%	(13)
August 20, 2019	4.1		22.9		August 15, 2032	4.74%	(13)
September 15, 2020	20.3		21.8		April 15, 2033	1.59%	(13)
January 8, 2021	21.3		—		January 15, 2034	2.49%	(13)
March 9, 2021	20.3		—		August 15, 2030	1.37%	(13)
March 30, 2021	19.1		—		March 15, 2032	1.71%	(13)
April 21, 2021	3.7		—		April 15, 2033	5.85%	(13)
May 21, 2021	15.9		—		November 17, 2031	1.36%	(13)
June 4, 2021	21.3		—		January 16, 2034	2.28%	(13)
June 10, 2021	1.4		—		November 17, 2031	2.85%	(13)
August 4, 2021	17.2		—		August 15, 2032	1.98%	(13)
October 27, 2021	24.8		—		October 15, 2035	2.41%	(13)
	$	222.6	$	356.1

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

(2) Outstanding borrowing of €45.1 million; incurs interest at EURIBOR plus applicable margins as defined in the agreement.

(3) Incurs interest at LIBOR plus 1.932%. This term loan was fully repaid in April 2021.

(4) Incurs interest at LIBOR plus 1.923%. This term loan was fully repaid in April 2021.

(5) Incurs interest at LIBOR plus 1.808%. This term loan was fully repaid in February 2021.

(6) Original borrowing of €17.4 million; incurs interest at EURIBOR plus 1.75% and has full recourse to the Company.This term loan was fully repaid in March 2021.

(7) Incurs interest at LIBOR plus 1.848%. This term loan was fully repaid in March 2021.

(8) Incurs interest at LIBOR plus 1.731%. This term loan was fully repaid in April 2021.

(9) Incurs interest at LIBOR plus 1.647%. This term loan was fully repaid in May 2021.

(10) Incurs interest at LIBOR plus 1.365%. This term loan was fully repaid in May 2021.

(11) Incurs interest at LIBOR plus 1.624%. This term loan was fully repaid in April 2021.

(12) Incurs interest at LIBOR plus 1.552%. This term loan was fully repaid in May 2021.

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

(14) Term loan issued under master credit agreement.

(15) CLO Indentures for the respective CLO borrowings entered on November 30, 2017 and after provide for an alternative rate framework determined at the Company’s discretion upon a trigger event of LIBOR.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):


	Aggregate Principal Amount						Interest Expense
			Fair Value (1) As of December 31,				For The Years Ended December 31,
			2021		2020		2021		2020		2019
3.875% Senior Notes Due 2/1/2023 (2),(6)	$	—	$	—	$	270.0	$	8.9	$	9.9	$	9.9
5.625% Senior Notes Due 3/30/2043 (3)	600.0		795.5		782.6		33.7		33.8		33.7
5.650% Senior Notes Due 9/15/2048 (4)	350.0		484.7		469.3		19.9		19.9		19.9
3.500% Senior Notes Due 9/19/2029 (5)	425.0		457.4		476.6		15.3		15.3		4.2
							$	77.8	$	78.9	$	67.7

(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.

(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.

(6) In November 2021, the Company completed the redemption of $250.0 million in aggregate principal amount of the 3.875% senior notes, as discussed below. Interest expense for the year ended December 31, 2021 excludes amounts related to the early extinguishment of debt.

Summary of loans payable of consolidated funds

As of December 31, 2021 and 2020, the following borrowings were outstanding, which includes preferred shares classified as liabilities (Dollars in millions):


	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


	As of December 31, 2020
	Borrowing Outstanding		Fair Value		Weighted Average Interest Rate			Weighted Average Remaining Maturity in Years
Senior secured notes	$	5,442.2	$	5,358.9	1.74	%		10.36
Subordinated notes, preferred shares, and other	164.2		204.1		N/A		(1)	10.49


Total	$	5,606.4	$	5,563.0

(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.