v3.26.1
Borrowings (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Schedule of Debt Obligations The
Company’s debt obligations consist of the following:
 
March 31, 2026
December 31, 2025
 
Borrowing
Outstanding
Carrying
Value
Borrowing
Outstanding
Carrying
Value
(Dollars in millions)
CLO Borrowings  (See below)
$358.7
$353.5
$350.1
$349.4
3.500% Senior Notes Due 9/19/2029
425.0
423.5
425.0
423.4
5.050% Senior Notes Due 9/19/2035
800.0
791.3
800.0
791.1
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
346.8
350.0
346.7
4.625% Subordinated Notes Due 5/15/2061
500.0
486.0
500.0
485.9
Total debt obligations
$3,033.7
$3,001.6
$3,025.1
$2,997.0
The following table provides information
regarding outstanding CLO borrowings as of March 31, 2026 and December 31, 2025 (Dollars in millions):
 
As of March 31, 2026
As of December 31, 2025
 
Borrowing
Outstanding
Weighted
Average
Interest Rate
Weighted
Average
Remaining
Maturity in
Years
Borrowing
Outstanding
Weighted
Average
Interest Rate
Weighted
Average
Remaining
Maturity in
Years
Total CLO borrowings
$358.7
4.57%
10.02
$350.1
4.50%
9.86
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,
2026
December
31, 2025
2026
2025
3.500% Senior Notes Due 9/19/2029 (2)
$425.0
$410.3
$417.8
$3.8
$3.8
5.050% Senior Notes Due 9/19/2035 (3)
800.0
774.2
800.9
10.3
—
5.625% Senior Notes Due 3/30/2043 (4)
600.0
574.1
600.7
8.4
8.4
5.650% Senior Notes Due 9/15/2048 (5)
350.0
330.4
347.5
5.0
5.0
$27.5
$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 in September 2025 at 99.767% of par.
(4)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.
(5)Issued in September 2018 at 99.914% of par.
Schedule of Loans Payable of Consolidated Funds As of March 31, 2026 and December 31, 2025, the following borrowings were outstanding (Dollars in millions):
 
As of March 31, 2026
 
Borrowing
Outstanding
Fair Value
Weighted
Average
Interest Rate
 
Weighted
Average
Remaining
Maturity in
Years
Senior secured notes(1)
$10,875.4
$10,761.3
5.01%
11.21
Subordinated notes
381.8
336.4
N/A
(3)
10.08
Revolving credit facilities(2)
51.0
51.0
6.77%
3.28
Total
$11,308.2
$11,148.7
 
 
As of December 31, 2025
 
Borrowing
Outstanding
Fair Value
Weighted
Average
Interest Rate
 
Weighted
Average
Remaining
Maturity in
Years
Senior secured notes(1)
$9,994.8
$9,972.1
5.09%
11.18
Subordinated notes
509.6
390.9
N/A
(3)
9.65
Revolving credit facilities(2)
63.0
63.0
6.68%
3.45
Total
$10,567.4
$10,426.0
(1)Borrowing Outstanding as of March 31, 2026 and December 31, 2025 included $940.9 million and $939.9 million, respectively, of
senior secured notes that are measured at amortized cost, which approximate fair value. These senior secured notes were classified as
Level III within the fair value hierarchy.
(2)Fair Value as of March 31, 2026 and December 31, 2025 reflects the amortized cost of outstanding revolving credit balances which
approximates fair value.
(3)The subordinated notes do not have contractual interest rates, but instead receive distributions from the excess cash flows of the
CLOs.