DEBT OBLIGATIONS AND CREDIT FACILITIES (Tables)

6 Months Ended

Jun. 30, 2017

Debt Disclosure [Abstract]

Debt Obligations

The Company’s debt obligations are set forth below:

	As of
	June 30, 2017			December 31, 2016
$250,000, 6.75%, issued in November 2009, payable on December 2, 2019	$	250,000		$	250,000
$250,000, variable-rate term loan, issued in March 2014, payable on March 31, 2021 (1)	150,000			150,000
$50,000, 3.91%, issued in September 2014, payable on September 3, 2024	50,000			50,000
$100,000, 4.01%, issued in September 2014, payable on September 3, 2026	100,000			100,000
$100,000, 4.21%, issued in September 2014, payable on September 3, 2029	100,000			100,000
$100,000, 3.69%, issued in July 2016, payable on July 12, 2031	100,000			100,000
Total remaining principal	750,000			750,000
Less: Debt issuance costs	(3,664		)	(4,103		)
Debt obligations	$	746,336		$	745,897

(1) The credit agreement consists of a $250 million term loan and a $500 million revolving credit facility. Borrowings generally bear interest at a spread to either LIBOR or an alternative base rate. Based on the current credit ratings of Oaktree Capital Management, L.P., the interest rate on borrowings is LIBOR plus 1.00% per annum and the commitment fee on the unused portions of the revolving credit facility is 0.125% per annum. The credit agreement contains customary financial covenants and restrictions, including ones regarding a maximum leverage ratio and a minimum required level of assets under management (as defined in the credit agreement). As of June 30, 2017, the Company had no outstanding borrowings under the revolving credit facility.

Future Principal Payments of Debt Obligations

As of June 30, 2017, future scheduled principal or par value payments with respect to the debt obligations of CLOs were as follows:

Last six months of 2017	$	—
2018	24,129
2019	—
2020	—
2021	—
Thereafter	3,099,250
Total	$	3,123,379

As of June 30, 2017, future scheduled principal payments of debt obligations were as follows:

Last six months of 2017	$	—
2018	—
2019	250,000
2020	—
2021	150,000
Thereafter	350,000
Total	$	750,000

Schedule of Collateralized Loan Obligation

The table below sets forth the outstanding debt obligations of CLOs as of the date indicated.

	As of June 30, 2017				As of December 31, 2016
	Fair Value (1)		Weighted Average Interest Rate	Weighted Average Remaining Maturity (years)	Fair Value (1)		Weighted Average Interest Rate	Weighted Average Remaining Maturity (years)
Senior secured notes (2)(3)	$	398,563	3.01%	12.0	$	471,603	2.90%	8.2
Senior secured notes (2)(4)	458,294		2.92%	9.4	470,298		3.03%	9.9
Senior secured notes (5)	24,129		3.62%	1.5	49,336		3.31%	2.0
Senior secured notes (6)	385,301		1.73%	10.2	357,706		1.73%	10.7
Senior secured notes (2)	462,930		3.23%	10.5	467,084		2.96%	11.0
Senior secured notes (6)(7)	411,248		1.73%	13.1	360,234		2.29%	11.3
Senior secured notes (6)	424,810		2.28%	11.9	395,458		2.28%	12.4
Senior secured notes (6)	423,486		1.99%	12.7	382,161		1.99%	13.2
Subordinated note (8)	17,024		N/A	9.4	12,281		N/A	9.9
Subordinated note (8)	19,601		N/A	10.2	17,871		N/A	10.7
Subordinated note (8)	18,952		N/A	10.5	18,432		N/A	11.0
Subordinated note (8)	17,115		N/A	13.1	13,422		N/A	11.3
Subordinated note (8)	20,096		N/A	11.9	17,073		N/A	12.4
Subordinated note (8)	18,480		N/A	12.7	21,251		N/A	13.2
Total CLO debt obligations	$	3,100,029			$	3,054,210

(1) The fair value of CLO liabilities was measured as the fair value of CLO assets less the sum of (a) the fair value of any beneficial interests held by the Company and (b) the carrying value of any beneficial interests that represent compensation for services. Please see notes 2 and 5 for more information.

(2) The weighted average interest rate is based on LIBOR plus a margin.

(3) These notes were reset in May 2017, resulting in a lower interest rate spread and an extension to the original maturity date.

(4) These notes were refinanced in March 2017, resulting in a lower interest rate spread. There was no change to the original maturity date.

(5) The interest rate is LIBOR plus a margin determined based on a formula as defined in the respective borrowing agreements, which incorporate different borrowing values based on the characteristics of collateral investments purchased.  The weighted average unused commitment fee rate ranged from 0% to 2.0%.

(6) The weighted average interest rate is based on EURIBOR (subject to a zero floor) plus a margin.

(7) These notes were reset in May 2017, resulting in a lower interest rate spread and an extension to the original maturity date.

(8) The subordinated notes do not have a contractual interest rate; instead, they receive distributions from the excess cash flows generated by the CLO.

The consolidated funds had the following debt obligations outstanding:

	Outstanding Amount as of						Facility Capacity		LIBOR Margin (1)	Maturity	Commitment Fee Rate	L/C Fee
Credit Agreement	June 30, 2017			December 31, 2016
Revolving credit facility	$	254,000		$	—		$	450,000	1.25%	4/19/2019	N/A	N/A
Senior variable rate notes (2)	488,998			488,997			$	489,000	Various	10/20/2027	N/A	N/A
Total debt obligations	742,998			488,997
Less: Debt issuance costs	(4,448		)	(5,041		)
Total debt obligations, net	$	738,550		$	483,956

(1) The facility bears interest at an annual rate of LIBOR plus the applicable margin.

(2) The weighted average interest rate was 2.70% as of June 30, 2017.