DEBT OBLIGATIONS AND CREDIT FACILITIES (Tables)

9 Months Ended

Sep. 30, 2017

Debt Disclosure [Abstract]

Debt Obligations

The Company’s debt obligations are set forth below:

	As of
	September 30, 2017			December 31, 2016
$250,000, 6.75%, issued in November 2009, payable on December 2, 2019	$	250,000		$	250,000
$250,000, variable-rate term loan, issued in March 2014, payable on March 31, 2021 (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	(3,444		)	(4,103		)
Debt obligations	$	746,556		$	745,897

(1) The credit agreement consists of a $250 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 0.125% 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 of September 30, 2017, the Company had no outstanding borrowings under the revolving credit facility.

Future Principal Payments of Debt Obligations

As of September 30, 2017, future scheduled principal or par value payments with respect to the debt obligations of CLOs were as follows:

Last three months of 2017	$	9,917
2018	2,892
2019	—
2020	—
2021	—
Thereafter	3,161,131
Total	$	3,173,940

As of September 30, 2017, future scheduled principal payments of debt obligations were as follows:

Last three months of 2017	$	—
2018	—
2019	250,000
2020	—
2021	150,000
Thereafter	350,000
Total	$	750,000

Schedule of Collateralized Loan Obligation

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	September 30, 2017			December 31, 2016
Senior variable rate notes	$	870,098		$	488,997		$	870,100	2.68%	11.0	N/A	N/A
Less: Debt issuance costs	(8,227		)	(5,041		)
Total debt obligations, net	$	861,871		$	483,956

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

	As of September 30, 2017				As of December 31, 2016
	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	$	3,040,449	2.49%	11.1	$	2,953,880	2.52%	10.7
Subordinated note (2)	110,664		N/A	11.0	100,330		N/A	11.6
Total CLO debt obligations	$	3,151,113			$	3,054,210

(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 5 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.