DEBT OBLIGATIONS AND CREDIT FACILITIES (Tables)

6 Months Ended

Jun. 30, 2019

Debt Disclosure [Abstract]

Debt Obligations

The Company’s debt obligations are set forth below:

	As of
	June 30, 2019			December 31, 2018
$250,000, 3.78%, issued in December 2017, payable on December 18, 2032	$	250,000		$	250,000
$250,000, variable-rate term loan, issued in March 2014, payable on March 29, 2023 (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	(3,790		)	(4,055		)
Debt obligations	$	746,210		$	745,945

(1)

The credit facility consists of a $150 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 0.10% 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 amended above). As of June 30, 2019, the Company had no outstanding borrowings under the revolving credit facility.

Future Principal Payments of Debt Obligations

As of June 30, 2019, future scheduled principal payments of debt obligations were as follows:

Remainder of 2019	$	—
2020	—
2021	—
2022	—
2023	150,000
Thereafter	600,000
Total	$	750,000

As of June 30, 2019, future scheduled principal or par value payments with respect to the debt obligations of CLOs were as follows:

Remainder of 2019	$	132,966
2020	—
2021	—
2022	—
2023	—
Thereafter	4,222,587
Total	$	4,355,553

Schedule of Collateralized Loan Obligation

Outstanding debt obligations of CLOs were as follows:

	As of June 30, 2019				As of December 31, 2018
	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	$	4,146,828	2.71%	10.0	$	3,976,602	2.69%	9.9
Subordinated notes (2)	165,195		N/A	8.8	151,392		N/A	9.7
Total CLO debt obligations	$	4,312,023			$	4,127,994

(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 6 for more information.

(2) 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		Weighted Average Interest Rate	Weighted Average Remaining Maturity (years)	Commitment Fee Rate	L/C Fee
Credit Agreement	June 30, 2019			December 31, 2018
Senior variable rate notes	$	914,499		$	870,098		$	1,020,100	3.73%	9.2	N/A	N/A
Less: Debt issuance costs	(4,818		)	(5,569		)
Total debt obligations, net	$	909,681		$	864,529