v3.26.3
Borrowings (Tables)
 9 Months Ended
Sep. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Debt Obligations The Company’s debt obligations consist of the following:
As of
 
September 30, 2026
December 31, 2025
 
Borrowing
Outstanding
Carrying
Value
Borrowing
Outstanding
Carrying
Value
(Dollars in millions)
CLO Borrowings
$370.4
$367.7
$350.1
$349.4
3.500% Senior Notes Due 9/19/2029
425.0
423.7
425.0
423.4
5.050% Senior Notes Due 9/19/2035
800.0
791.8
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
486.2
500.0
485.9
Total debt obligations
$3,045.4
$3,016.7
$3,025.1
$2,997.0
The following table
provides information regarding total outstanding CLO borrowings as of September 30, 2026 and December 31,
2025 (Dollars in millions):
 
As of September 30, 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
$370.4
5.07%
10.72
$350.1
4.50%
9.86
The following table provides information
regarding these senior notes (Dollars in millions):
Interest Expense
Aggregate
Principal
Amount
Fair Value (1)
As of
Three Months
Ended
September 30,
Nine Months
Ended
September 30,
September
30, 2026
December
31, 2025
2026
2025
2026
2025
3.500% Senior Notes Due 9/19/2029 (2)
$425.0
$400.3
$417.8
$3.8
$3.8
$11.5
$11.5
5.050% Senior Notes Due 9/19/2035 (3)
800.0
726.3
800.9
10.3
1.3
31.0
1.3
5.625% Senior Notes Due 3/30/2043 (4)
600.0
533.3
600.7
8.4
8.4
25.3
25.3
5.650% Senior Notes Due 9/15/2048 (5)
350.0
307.6
347.5
4.9
4.9
14.9
14.9
$27.4
$18.4
$82.7
$53.0
(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 September 30, 2026 and December 31, 2025, the following borrowings were outstanding (Dollars in
millions):
 
As of September 30, 2026
 
Borrowing
Outstanding
Fair Value
Weighted
Average
Interest Rate
 
Weighted
Average
Remaining
Maturity in
Years
Senior secured notes(1)
$11,120.6
$11,099.0
5.05%
11.87
Subordinated notes
449.1
355.1
N/A
(3)
10.44
Revolving credit facilities(2)
261.9
261.9
4.74%
0.46
Total
$11,831.6
$11,716.0
 
 
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 September 30, 2026 includes $937.5 million of senior secured notes that are measured at
amortized cost, which approximates fair value. Fair Value as of September 30, 2026 and December 31, 2025 includes
the carrying value of these notes of $926.7 million and $939.9 million, respectively. These senior secured notes were
classified as Level III within the fair value hierarchy.
(2)Fair Value as of September 30, 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.