DEBT (Tables) (Consolidated Funds)

3 Months Ended

Mar. 31, 2014

Consolidated Funds

DEBT

Schedule of borrowings outstanding

	As of March 31, 2014
	Borrowing Outstanding		Market Value		Weighted Average Remaining Maturity In Years
Senior secured notes(1)	$	10,556,804	$	10,239,074		8.81
Subordinated notes / preferred shares(2)		1,367,796		917,275		7.70
Total loan obligations of Consolidated CLOs		11,924,600		11,156,349

Type of Facility	Total Facility (Capacity)		Outstanding Loan		Market Value		Effective Rate			Commitment Fee			Maturity Date
Revolvers of Consolidated CLOs
Revolving credit line	$	48,949	$	48,949	$	48,184		0.42	%		0.17	%		04/16/21
Revolving credit line		1,035		—		—		0.51	%		0.19	%		02/24/18
Revolving credit line		13,808		13,808		13,728		0.51	%		0.18	%		03/12/18
Revolving credit line		48,510		48,510		47,553		0.44	%		0.17	%		10/11/21
Revolving credit line		10,043		10,042		10,043		0.52	%		0.14	%		01/26/20
Total revolvers of Consolidated CLOs				121,309		119,508
Total notes payable and credit facilities of Consolidated CLOs			$	12,045,909	$	11,275,857

(1)

Weighted average interest rate of 2.35%.

(2)

The subordinated notes do not have contractual interest rates, but instead receive distributions from the excess cash flows generated by each Consolidated CLO.

	As of December 31, 2013
	Borrowing Outstanding		Market Value		Weighted Average Remaining Maturity In Years
Senior secured notes(1)	$	10,967,524	$	10,679,878		8.92
Subordinated notes / preferred shares(2)		1,325,446		962,098		8.64
Total loan obligations of Consolidated CLOs		12,292,970		11,641,976

Type of Facility	Total Facility (Capacity)		Outstanding Loan		Market Value		Effective Rate			Commitment Fee			Maturity Date
Revolvers of Consolidated CLOs
Revolving credit line	$	48,949	$	48,949	$	48,119		0.43	%		0.17	%		04/16/21
Revolving credit line		1,035		1,035		1,034		0.51	%		0.19	%		02/24/18
Revolving credit line		23,567		23,567		23,351		0.52	%		0.18	%		03/12/18
Revolving credit line		48,510		48,510		46,812		0.45	%		0.17	%		10/11/21
Revolving credit line		12,865		12,865		12,865		0.52	%		0.14	%		01/26/20
Total revolvers of Consolidated CLOs				134,926		132,181
Total notes payable and credit facilities of Consolidated CLOs			$	12,427,896	$	11,774,157

(1)

Weighted average interest rate of 2.36%.

(2)

The subordinated notes do not have contractual interest rates, but instead receive distributions from the excess cash flows generated by each Consolidated CLO.

        The Consolidated Funds had the following revolving bank credit facilities and term loans outstanding as of March 31, 2014:

Type of Facility	Total Facility (Capacity)		Outstanding Loan(1)(3)		Effective Rate	Commitment Fee	Maturity Date
Short-term borrowings of Consolidated Funds
Credit facility	$	40,000	$	—	LIBOR + 1.75%	0.25%		06/06/14
Credit facility		100,000		—	LIBOR + 2.00%	0.75%		06/30/14
Credit facility		35,000		35,000	LIBOR + 0.50%	0.50%		07/19/14
Term loan payable		1,805,000		987,078	(2)	0.50%		07/19/14
Total short-term borrowings of Consolidated Funds				1,022,078
Long-term borrowings of Consolidated Funds
Credit facility	£	100,182		167,014	LIBOR + 1.85%	N/A		01/15/16
Credit facility	$	523,400		523,400	LIBOR + 2.20%	N/A		10/15/15
Notes payable		46,733		16,644	1.93%	N/A		09/19/15
Notes payable		114,048		40,601	1.93%	N/A		09/19/15
Total long-term borrowings of Consolidated Funds				747,659
Total borrowings of Consolidated Funds			$	1,769,737

(1)

The market values of the long term notes approximate the current carrying value that is tied to the LIBOR rate.

(2)

Rate depends on the tranche of each note held. The rates during the period ranged from One Month LIBOR +0.35% to Three Month LIBOR +0.90%.

(3)

For loan maintained in a foreign currency, outstanding loan balances are converted and reported into U.S. dollars at the spot rate at reporting date.

        The Consolidated Funds had the following revolving bank credit facilities and term loans outstanding as of December 31, 2013:

Type of Facility	Total Facility (Capacity)		Outstanding Loan(1)(3)		Effective Rate	Commitment Fee	Maturity Date
Short-term borrowings of Consolidated Funds
Credit facility	$	40,000	$	—	LIBOR + 1.75%	0.25%		06/06/14
Credit facility		116,841		—	LIBOR + 2.00%	0.38%		06/13/14
Credit facility		100,000		—	LIBOR + 2.00%	0.75%		06/30/14
Credit facility		35,000		35,000	LIBOR + 0.50%	0.50%		07/19/14
Term loan payable		1,805,000		1,137,526	(2)	0.50%		07/19/14
Total short-term borrowings of Consolidated Funds				1,172,526
Long-term borrowings of Consolidated Funds
Credit facility	£	186,290		308,477	LIBOR + 1.85%	N/A		01/15/16
Credit facility	$	532,350		532,350	LIBOR + 2.20%	N/A		10/15/15
Credit facility	€	200,000		—	LIBOR + 3.00%	0.38%		08/16/19
Notes payable	$	46,733		16,644	1.93%	N/A		09/19/15
Notes payable		114,048		40,601	1.93%	N/A		09/19/15
Total long-term borrowings of Consolidated Funds				898,072
Total borrowings of Consolidated Funds			$	2,070,598

(1)

The market values of the long term notes approximate the current carrying value that is tied to the LIBOR rate.

(2)

Rate depends on the tranche of each note held. The rates during the period ranged from One Month LIBOR +0.35% to Three Month LIBOR +0.90%.

(3)

For loan maintained in a foreign currency, outstanding loan balances are converted and reported into U.S. dollars at the spot rate at reporting date.