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DEBT (Tables)
 3 Months Ended
Mar. 31, 2022
Debt Disclosure [Abstract]  
Schedule of Borrowings Outstanding
The following table summarizes the Company’s and its subsidiaries’ debt obligations:
As of March 31, 2022As of December 31, 2021
Debt Origination DateMaturityOriginal Borrowing AmountCarrying
Value		Interest RateCarrying
Value		Interest Rate
Credit Facility(1)
Revolving3/31/2027N/A$370,000 1.41%$415,000 
   1.25%
2024 Senior Notes(2)
10/8/201410/8/2024$250,000 248,154 4.21247,979 4.21
2030 Senior Notes(3)
6/15/20206/15/2030400,000 396,267 3.28396,156 3.28
2052 Senior Notes(4)
1/21/20222/1/2052500,000 483,584 3.77— —
2051 Subordinated Notes(5)
6/30/20216/30/2051450,000 444,619 4.13444,574 4.13
Total debt obligations$1,942,624 $1,503,709 
(1)On March 31, 2022, the Company amended the Credit Facility to, among other things, increase the revolver commitments from $1.090 billion to $1.275 billion with an accordion feature of $375.0 million, replace the LIBOR rate with a Secured Overnight Financing Rate-based rate (“SOFR”) plus an applicable credit spread adjustment and extend the maturity date from March 2026 to March 2027. The AOG entities are borrowers under the Credit Facility. The Credit Facility has a variable interest rate based on SOFR or a base rate plus an applicable margin, which is subject to adjustment based on the achievement of certain environmental, social and governance-related targets, with an unused commitment fee paid quarterly, which is subject to change with the Company’s underlying credit agency rating. As of March 31, 2022, base rate loans bear interest calculated based on the base rate and the SOFR loans bear interest calculated based on SOFR plus 1.00%. The unused commitment fee is 0.10% per annum. There is a base rate and SOFR floor of zero.
(2)The 2024 Senior Notes were issued in October 2014 by Ares Finance Co. LLC, an indirect subsidiary of the Company, at 98.27% of the face amount with interest paid semi-annually. The Company may redeem the 2024 Senior Notes prior to maturity, subject to the terms of the indenture governing the 2024 Notes.
(3)The 2030 Senior Notes were issued in June 2020 by Ares Finance Co. II LLC, an indirect subsidiary of the Company, at 99.77% of the face amount with interest paid semi-annually. The Company may redeem the 2030 Senior Notes prior to maturity, subject to the terms of the indenture governing the 2030 Notes.
(4)The 2052 Senior Notes were issued in January 2022 by Ares Finance Co. IV LLC, an indirect subsidiary of the Company, at 97.78% of the face amount with interest paid semi-annually. The Company may redeem the 2052 Senior Notes prior to maturity, subject to the terms of the indenture governing the 2052 Notes.
(5)The 2051 Subordinated Notes were issued in June 2021 by Ares Finance Co. III LLC, an indirect subsidiary of the Company with interest paid semi-annually at a fixed-rate of 4.125%. Beginning June 30, 2026, the interest rate will reset on every fifth year based on the five-year U.S. Treasury Rate plus 3.237%. The Company may redeem the 2051 Subordinated Notes prior to maturity or defer interest payments up to five consecutive years, subject to the terms of the indenture governing the 2051 Subordinated Notes.
The following table presents the activity of the Company's debt issuance costs:
Credit FacilitySenior
Notes		Subordinated Notes
Unamortized debt issuance costs as of December 31, 2021$5,274 $3,689 $5,426 
Debt issuance costs incurred1,456 5,415 — 
Amortization of debt issuance costs(310)(194)(45)
Unamortized debt issuance costs as of March 31, 2022$6,420 $8,910 $5,381 
The following loan obligations were outstanding and classified as liabilities of the Consolidated CLOs:
As of March 31, 2022As of December 31, 2021
Loan
Obligations		Fair Value of
Loan Obligations		Weighted 
Average
 Remaining Maturity 
In Years 		Loan
Obligations		Fair Value of Loan ObligationsWeighted
Average
Remaining
Maturity 
In Years 
Senior secured notes(1)
$9,894,645 $9,798,127 9.2$10,031,419 $10,016,638 9.4
Subordinated notes(2)
787,473 599,488 7.9792,575 641,023 8.1
Total loan obligations of Consolidated CLOs$10,682,118 $10,397,615 $10,823,994 $10,657,661 
(1)As of March 31, 2022 and December 31, 2021, original borrowings under the senior secured notes totaled $9.9 billion with various maturity dates ranging from September 2026 to July 2034 and $10.0 billion with various maturity dates ranging from September 2026 to July 2034, respectively. The weighted average interest rate as of March 31, 2022 and December 31, 2021, were 2.00% and 1.93%, respectively.
(2)As of March 31, 2022 and December 31, 2021, original borrowings under the subordinated notes totaled $787.5 million, with various maturity dates ranging from September 2026 to July 2034 and $792.6 million with various maturity dates ranging from September 2026 to July 2034, respectively. 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 outstanding:
As of March 31, 2022As of December 31, 2021
Consolidated Funds' Debt FacilitiesMaturity DateTotal Capacity
Outstanding
Loan(1)
Effective Rate
Outstanding Loan(1)
Effective Rate
10/13/2022$112,817 $112,817 2.05%$71,500 1.59%
7/1/202318,000 16,271 2.1316,271 1.73
7/23/202475,000 16,000 3.8440,000 3.09
9/24/2026150,000 — N/A— N/A
Total borrowings of Consolidated Funds$145,088 $127,771 
(1)The fair values of the borrowings approximate the carrying value as the interest rate on the borrowings is a floating rate.