DEBT (Tables)

3 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

Schedule of borrowings outstanding

The following table presents the activity of the Company's debt issuance costs:

	Credit Facility		Senior Notes
Unamortized debt issuance costs as of December 31, 2019	$	5,255	$	1,102
Debt issuance costs incurred	1,182		—
Amortization of debt issuance costs	(318)		(58)
Unamortized debt issuance costs as of March 31, 2020	$	6,119	$	1,044

The following loan obligations were outstanding and classified as liabilities of the Consolidated CLOs:

	As of March 31, 2020					As of December 31, 2019
	Loan Obligations		Fair Value of Loan Obligations		Weighted  Average Remaining Maturity  In Years	Loan Obligations		Fair Value of Loan Obligations		Weighted Average Remaining Maturity  In Years
Senior secured notes(1)	$	9,461,567	$	8,169,907	10.71	$	7,738,337	$	7,700,038	10.97
Subordinated notes(2)	606,407		184,551		10.85	449,877		273,710		11.02
Total loan obligations of Consolidated CLOs	$	10,067,974	$	8,354,458		$	8,188,214	$	7,973,748

(1)Original borrowings under the senior secured notes totaled $9.5 billion, with various maturity dates ranging from July 2028 to October 2032. The weighted average interest rate as of March 31, 2020 was 2.83%.

(2)Original borrowings under the subordinated notes totaled $606.4 million, with various maturity dates ranging from July 2028 to October 2032. The notes do not have contractual interest rates, instead holders of the notes receive distributions from the excess cash flows generated by each Consolidated CLO.

The Consolidated Funds had the following revolving bank credit facilities and term loan outstanding:

				As of March 31, 2020			As of December 31, 2019
Consolidated Funds' Debt Facilities	Maturity Date	Total Capacity		Outstanding Loan(1)		Effective Rate	Outstanding Loan(1)		Effective Rate
Credit Facilities:
	1/1/2023	$	18,000	$	17,909	2.62%	$	17,550	3.44%
	3/5/2021	71,500		—		N/A	71,500		3.14
	6/30/2021	192,780		—		N/A	—		N/A
	7/15/2028	75,000		16,500		4.17	17,000		4.75
Revolving Term Loan	2/9/2022	1,900		1,031		7.69	1,194		7.70
Total borrowings of Consolidated Funds				$	35,440		$	107,244

(1)The fair values of the borrowings approximate the carrying value as the interest rate on the borrowings is a floating rate.

(2)The effective rate is based on the three month EURIBOR or zero, whichever is higher, plus a spread of 1.00%.