DEBT OBLIGATIONS AND CREDIT FACILITIES (Tables)

9 Months Ended

Sep. 30, 2016

Debt Disclosure [Abstract]

Debt Obligations

The Company’s debt obligations are set forth below:

	As of
	September 30, 2016			December 31, 2015
$50,000, 6.09%, issued in June 2006, matured on June 6, 2016	$	—		$	50,000
$50,000, 5.82%, issued in November 2006, payable on November 8, 2016	50,000			50,000
$250,000, 6.75%, issued in November 2009, payable on December 2, 2019	250,000			250,000
$250,000, rate as described below, term loan issued in March 2014, payable on March 31, 2021	150,000			250,000
$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			—
Total remaining principal	800,000			850,000
Less: Debt issuance costs	(4,322		)	(3,646		)
Debt obligations	$	795,678		$	846,354

Future Principal Payments of Debt Obligations

As of September 30, 2016, future scheduled principal payments of debt obligations were as follows:

Last three months of 2016	$	50,000
2017	—
2018	—
2019	250,000
2020	—
Thereafter	500,000
Total	$	800,000

As of September 30, 2016, future scheduled principal payments with respect to the debt obligations of CLOs were as follows:

Last three months of 2016	$	—
2017	—
2018	183,201
2019	—
2020	—
Thereafter	2,666,612
Total	$	2,849,813

Schedule of Collateralized Loan Obligation

The consolidated funds had the following revolving credit facilities and term loans outstanding:

	Outstanding Amount as of						Facility Capacity		LIBOR Margin (1)	Maturity	Commitment Fee Rate	L/C Fee
Credit Agreement	September 30, 2016			December 31, 2015
Credit facilities	$	174,700	(2)	$	2,381,324		$	450,000	1.25%	4/19/2019	N/A	N/A
Revolving credit facilities	—			2,718,394			N/A		N/A	N/A	N/A	N/A
Senior variable rate notes	—			1,363,044			N/A		N/A	N/A	N/A	N/A
Total debt obligations	174,700			6,462,762
Less: Debt issuance costs	—			(20,020		)
Total debt obligations, net	$	174,700		$	6,442,742

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

(2) The credit facility is collateralized by the portfolio investments and cash and cash-equivalents of the borrower.

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

	As of September 30, 2016				As of December 31, 2015
	Carrying Value (1)		Weighted Average Interest Rate	Weighted Average Remaining Maturity (years)	Carrying Value			Fair Value (2)		Weighted Average Interest Rate	Weighted Average Remaining Maturity (years)
Senior secured notes (3)	$	465,387	2.82%	8.5	$	457,196		$	447,460	2.37%	9.3
Senior secured notes (3)	464,430		2.86%	10.2	454,423			446,558		2.52%	11.0
Senior secured notes (4)	54,868		3.16%	2.3	79,914			78,632		2.96%	3.0
Senior secured notes (5)	381,266		2.26%	10.9	363,709			357,626		2.26%	11.7
Senior secured notes (3)	463,936		2.78%	11.2	455,295			448,933		2.54%	12.0
Senior secured notes (5)	382,650		2.29%	11.5	361,142			359,914		2.29%	12.3
Senior secured notes (5)	415,552		2.28%	12.6	—			—		—	—
Subordinated note (6)	11,823		N/A	10.2	25,500			16,400		N/A	11.0
Subordinated note (6)	17,975		N/A	10.9	21,183			15,876		N/A	11.7
Subordinated note (6)	18,827		N/A	11.2	25,500			18,337		N/A	12.0
Subordinated note (6)	14,764		N/A	11.5	17,924			11,928		N/A	12.3
Subordinated note (6)	20,441		N/A	12.6	12,036			12,036		N/A	1.6
Subordinated note (6)	21,086		N/A	1.8	—			—		—	—
Term loan (5)	107,247		1.20%	1.8	—			—		—	—
Term loan	—		—	—	81,238			81,238		1.20%	1.6
Total CLO debt obligations	2,840,252				2,355,060			$	2,294,938
Less: Debt issuance costs	—				(24,701		)
Total CLO debt obligations, net	$	2,840,252			$	2,330,359

(1) The Company adopted the CLO measurement guidance on a modified retrospective approach as of January 1, 2016. Upon adoption, the Company elected the fair value option for the financial liabilities of the consolidated CLOs and determined that the fair value of the CLO assets was more observable than the fair value of the CLO liabilities. Accordingly, 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 debt obligations of the CLOs are Level III valuations and were valued using prices obtained from pricing vendors or recent transactions. Financial instruments that are valued using quoted prices for the subject or similar securities are generally classified as Level III because the quoted prices may be indicative in nature for securities that are in an inactive market, may be for similar securities, or may require adjustment for investment-specific factors or restrictions. Financial instruments that are valued based on recent transactions are generally defined as securities purchased or sold within six months of the valuation date.  The fair value may also be based on a pending transaction expected to close after the valuation date. For certain recently issued debt obligations, the carrying value approximates fair value.

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

(4) The interest rate was 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%.

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

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