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DEBT OBLIGATIONS AND CREDIT FACILITIES (Tables)
 3 Months Ended
Mar. 31, 2020
Debt Disclosure [Abstract]  
Debt Obligations The Company’s maximum exposure to these debt obligations is set forth below:
As of
 March 31, 2020December 31, 2019
$250,000, 3.78%, issued in December 2017, payable on December 18, 2032
$250,000  $250,000  
Credit facility, issued in March 2014, variable rate obligations payable on December 13, 2024 (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  

(1) On December 13, 2019, the credit facility was amended to among other things, increase the revolving loan commitment from $500 million to $650 million, provide for the refinancing of the then-outstanding $150 million term loan with revolving loans, extend the maturity date from March 29, 2023 to December 13, 2024, favorably update the commitment fee and interest rate in the corporate ratings-based pricing grid and increase the asset under management covenant threshold from $60 billion to $65 billion. Borrowings generally bear interest at a spread to either LIBOR or an alternative base rate. Based on the current credit ratings of OCM, the interest rate on borrowings is LIBOR plus 0.88% per annum and the commitment fee on the unused portions of the revolving credit facility is 0.08% 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 amended above). As of March 31, 2020, OCM had $150 million outstanding under the revolving credit facility and the Company had no outstanding borrowings under the revolving credit facility. OCM and the Company were in compliance with all financial maintenance covenants associated with its senior notes and bank credit facility as of March 31, 2020 and December 31, 2019, respectively.
Future Principal Payments of Debt Obligations
As of March 31, 2020, future scheduled principal or par value payments with respect to the debt obligations of CLOs were as follows:
Remainder of 2020
$83,739  
2021—  
2022—  
2023—  
2024—  
Thereafter5,979,053  
Total$6,062,792  
Schedule of Collateralized Loan Obligation
The consolidated funds had the following debt obligations outstanding:
Outstanding Amount as ofFacility CapacityWeighted Average Interest RateWeighted Average Remaining Maturity (years)Commitment Fee RateL/C Fee
Credit AgreementMarch 31, 2020December 31, 2019
Revolving credit facility$75,961  $—  €120,000  1.99%2.80.20%1.50%
Senior variable rate notes 187,311  159,411  $187,311  2.777.1N/AN/A
Less: Debt issuance costs(1,250) (934) 
Total debt obligations, net$262,022  $158,477  
Outstanding debt obligations of CLOs were as follows:
As of March 31, 2020As of December 31, 2019
Fair Value (1)
Weighted Average Interest RateWeighted Average Remaining Maturity (years)
Fair Value (1)
Weighted Average Interest RateWeighted Average Remaining Maturity (years)
Senior secured notes $5,126,069  2.74%10.5$5,613,846  2.85%8.6
Subordinated notes (2)
104,536  N/A10.7154,153  N/A10.4
Total CLO debt obligations$5,230,605  $5,767,999  

(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 6 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.