SUBSEQUENT EVENTS

3 Months Ended

Mar. 31, 2020

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

Global Pandemic

The outbreak of infections caused by a novel coronavirus (“COVID-19”) has emerged as a serious threat to the health and economic wellbeing of the worldwide population and the overall economy. On March 11, 2020, the World Health Organization announced that infections of COVID-19 had become a global pandemic. As of May 11, 2020, the direct and indirect impacts that the COVID-19 pandemic and recent market volatility may have on the Company’s condensed consolidated financial statements are uncertain. The Company is unaware of any material risk to the stability of its condensed consolidated financial statements caused by these uncertainties or the materiality of any effect they may have on the Company’s business and operations.

Preferred Unit Distributions

A distribution of $0.414063 per Series A preferred unit will be paid on June 15, 2020 to Series A preferred unitholders of record at the close of business on June 1, 2020.

A distribution of $0.409375 per Series B preferred unit will be paid on June 15, 2020 to Series B preferred unitholders of record at the close of business on June 1, 2020.

Private Placement Notes

        On May 1, 2020, OCM received commitments from certain accredited investors to purchase $250 million of senior unsecured notes that bear a blended 3.68% fixed rate of interest and a weighted average maturity of 2031. The notes are guaranteed by Oaktree Capital I, a consolidated subsidiary of the Company, along with Oaktree Capital II and Oaktree AIF, as co-obligors. As OCM is the issuer of such senior notes, the outstanding principal and interest payments guaranteed by Oaktree Capital I will not be included in the Company’s financial statements unless an event of default occurs. The offering of such senior notes is subject to the execution of definitive documents and is expected to close on or before July 22, 2020.