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DEBT OBLIGATIONS AND CREDIT FACILITIES
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
DEBT OBLIGATIONS AND CREDIT FACILITIES DEBT OBLIGATIONS AND CREDIT FACILITIES
Oaktree Capital I Debt Obligations
On March 30, 2022, Oaktree Capital I entered into a note and guaranty agreement with certain accredited investors pursuant to which Oaktree Capital I agreed to issue and sell to such investors €50 million of its 2.20% Senior Notes, Series A, due 2032, €75 million of its 2.40% Senior Notes, Series B, due 2034, and €75 million of its 2.58% Senior Notes, Series C, due 2037. These notes are senior unsecured obligations of Oaktree Capital I, a consolidated subsidiary of the Company, and jointly and severally guaranteed by OCM, Oaktree Capital II, L.P. (“Oaktree Capital II”) and Oaktree AIF Investments, L.P. (“Oaktree AIF”). The offering closed on June 8, 2022, and Oaktree Capital I received proceeds of €200 million on the closing date. Subsequent to the 2024 Restructuring, the Company’s financial statements no longer reflect debt obligations or related liabilities associated with Oaktree Capital I.
As of
December 31, 2024December 31, 2023
Senior unsecured notes
€50,000, 2.20%, issued in June 2022, payable on June 8, 2032
$— $55,233 
€75,000, 2.40%, issued in June 2022, payable on June 8, 2034
— 82,849 
€75,000, 2.58%, issued in June 2022, payable on June 8, 2037
— 82,849 
Total remaining principal— 220,931 
Less: Debt issuance costs— (1,249)
Total debt obligations, net$— $219,682 
Oaktree Capital I Guaranty Agreements
As of December 31, 2024, OCM, Oaktree Capital I, Oaktree Capital II, Oaktree AIF and Oaktree Capital Management (Cayman), L.P. (“OCM Cayman”) are co-obligors and jointly and severally liable for all debt obligations listed below, while the debt obligations are reflected in the consolidated financial statements based upon the entity that actually made the borrowing and received the related proceeds. Subsequent to the 2024 Restructuring, the Company’s financial statements no longer reflect debt obligations or related liabilities associated with Oaktree Capital I.

On April 7, 2023, OCM, Oaktree Capital I, Oaktree Capital II, Oaktree AIF and OCM Cayman (collectively, the “Obligors”) entered into amendments to each of the note and guaranty agreements listed below for each series of outstanding senior notes issued by OCM and Oaktree Capital I. Pursuant to these amendments, OCM Cayman became a guarantor of each such series of senior notes. These amendments also amended certain provisions in these note and guaranty agreements, including financial definitions, in order to facilitate the joinder of OCM Cayman as an obligor. Additionally, the amendments for the note purchase agreements executed in 2014 and 2020 amended the assets under management covenants to clarify the treatment of entities that the Obligors account for using equity method accounting. On the same date that the note and guaranty agreement amendments took effect, OCM Cayman became a Borrower under the $650.0 million revolving credit facility with OCM, Oaktree Capital I, Oaktree Capital II and Oaktree AIF pursuant to a joinder agreement executed by OCM Cayman as part of the Seventh Amendment to the credit facility.
On May 20, 2020, OCM entered into a note and guaranty agreement with certain accredited investors pursuant to which OCM agreed to issue and sell to such investors $250.0 million of senior unsecured notes that bear a blended 3.68% fixed rate of interest and a weighted average maturity of 2031. These notes are guaranteed by Oaktree Capital I, a consolidated subsidiary of the Company prior to the 2024 Restructuring, along with Oaktree Capital II, Oaktree AIF and OCM Cayman, as co-obligors. The offering closed on July 22, 2020 and OCM received proceeds of $250.0 million on the closing date. As OCM is the issuer of such senior notes, the outstanding principal and interest payments guaranteed by Oaktree Capital I were not included in the Company’s financial statements as no event of default has occurred.
Oaktree Capital I, along with certain other Oaktree Operating Group members as co-borrowers, are parties to a credit agreement with a subsidiary of Brookfield that provides for a subordinated credit facility. The subordinated credit facility has a revolving loan commitment of $250.0 million and borrowings generally bear interest at a spread to either LIBOR or an alternative base rate. Borrowings on the subordinated credit facility are subordinate to the
outstanding debt obligations and borrowings on the primary credit facility of Oaktree Capital I and its co-borrowers. Oaktree Capital I is jointly and severally liable, along with its co-obligors for outstanding borrowings on the subordinated credit facility. The Company’s financial statements generally would not reflect debt obligations, interest expense or related liabilities associated with the subordinated credit facility until such time as Oaktree Capital I (while it was still a consolidated subsidiary of the Company) directly borrows from it. In March 2022, this credit facility was amended to extend the revolving credit maturity date from May 19, 2023 to September 14, 2026. On October 6, 2023, an amendment was signed to further extend the maturity date to October 6, 2028 and change the interest rate to the SOFR plus 1.6% or an alternative base rate plus 0.5%. The amendment also provided that the maturity date will automatically extend annually in one-year increments until the lenders notify the borrowers of their intention to terminate the subordinated credit facility.
On November 4, 2021, OCM entered into a note and guaranty agreement with certain accredited investors pursuant to which OCM agreed to issue and sell to such investors $200.0 million aggregate principal amount of its 3.06% Senior Notes due January 12, 2037. These notes are guaranteed by Oaktree Capital I, a consolidated subsidiary of the Company prior to the 2024 Restructuring, along with Oaktree Capital II and Oaktree AIF, as co-obligors. The offering closed on January 12, 2022 and OCM received proceeds of $200.0 million on the closing date. As OCM is the issuer of such notes, the outstanding principal and interest payments guaranteed by Oaktree Capital I were not included in the Company’s financial statements as no event of default has occurred.
Oaktree’s bank credit facility was amended on October 4, 2024 to among other things, extend the maturity date of the Credit Agreement from December 15, 2027 to October 4, 2029 with the potential to extend the maturity for up to two additional years, and changed certain lenders who are party to the Credit Agreement. Based on the current credit ratings of OCM, the interest rate on borrowings is the term SOFR reference rate plus 1.10% per annum and the commitment fee on the unused portions of the revolving credit facility is 0.10% per annum. The term SOFR reference rate is determined by the tenor of the borrowings and set by the CME Group Benchmark Administration Limited (CBA). 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 December 31, 2024, the revolving credit facility was no longer included in the consolidated financial statements of the Company because Oaktree Capital I was deconsolidated as a result of the 2024 Restructuring.
The fair value of the Company’s debt obligations, which are carried at amortized cost, is a Level III valuation that is estimated based on a discounted cash-flow calculation using estimated rates that would be offered to Oaktree for debt of similar terms and maturities. The fair value of these debt obligations, gross of debt issuance costs, was $175.9 million as of December 31, 2023, utilizing average borrowing rates of 4.9% as of December 31, 2023.
OCM and the Company were in compliance with all financial maintenance covenants associated with its senior notes and bank credit facility as of December 31, 2024 and 2023, respectively. As of December 31, 2024, Oaktree Capital I is jointly and severally liable, along with its co-obligors, for the debt obligations listed below. As of December 31, 2024, Oaktree Capital I is no longer consolidated in the Company’s consolidated financial statements. The Company’s maximum exposure to Oaktree Capital I’s debt obligations is set forth below:
As of December 31,
 20242023
Senior unsecured notes
$50,000, 3.91%, issued in September 2014, payable on September 3, 2024
$— $50,000 
$100,000, 4.01%, issued in September 2014, payable on September 3, 2026
— 100,000 
$100,000, 4.21%, issued in September 2014, payable on September 3, 2029
— 100,000 
$100,000, 3.69%, issued in July 2016, payable on July 12, 2031
— 100,000 
$250,000, 3.78%, issued in December 2017, payable on December 18, 2032
— 250,000 
$200,000, 3.64%, issued in July 2020, payable on July 22, 2030
— 200,000 
$50,000, 3.84%, issued in July 2020, payable on July 22, 2035
— 50,000 
$200,000, 3.06%, issued in January 2022, payable on January 12, 2037
— 200,000 
Total remaining principal$— $1,050,000 
Following the 2024 Restructuring, with the deconsolidation of Oaktree Capital I, BOH no longer reports debt obligations and related guarantees of Oaktree Capital I effective July 1, 2024.
Debt Obligations of the Consolidated Funds
Certain consolidated funds may maintain revolving credit facilities that are secured by the assets of the fund or may issue senior variable rate notes to fund investments on a longer-term basis, generally up to ten years. The obligations of the consolidated funds are nonrecourse to the Company.
The consolidated funds had the following debt obligations outstanding:
Outstanding Amount as of December 31,Facility CapacityWeighted Average Interest RateWeighted Average Remaining Maturity (years)Commitment Fee RateL/C Fee
Credit Agreement20242023
Revolving credit facilities (1)
$1,472,795 $951,950 $1,680,5056.64%0.50.25%2.22%
Less: Debt issuance costs (2)
(2,685)(6,155)
Total debt obligations, net$1,470,110 $945,795 
(1)    The credit facility capacity is calculated on a pro rata basis using fund commitments as of December 31, 2024.
(2)    Debt issuance costs are included in other assets as of December 31, 2024 and December 31, 2023.
The carrying value of the revolving credit facilities approximated fair value due to recent issuance. Financial instruments that are valued using quoted prices for the security 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.
Following the 2024 Restructuring, with the deconsolidation of Oaktree Capital I, which acts as or controls the general partner of certain Oaktree funds and which holds a majority of Oaktree’s investments in its funds, the debt obligations of the funds consolidated by Oaktree Capital I are accounted for as part of the equity investment in Oaktree Capital I.