
	March 31, 2021				December 31, 2020
	Borrowing Outstanding		Carrying Value		Borrowing Outstanding		Carrying Value
	(Dollars in millions)


CLO Borrowings (See below)	$	325.7	$	323.1	$	356.1	$	353.6
3.875% Senior Notes Due 2/01/2023	250.0		249.6		250.0		249.5
5.625% Senior Notes Due 3/30/2043	600.0		600.7		600.0		600.7
5.650% Senior Notes Due 9/15/2048	350.0		346.0		350.0		346.0
3.500% Senior Notes Due 9/19/2029	425.0		421.2		425.0		421.1

Total debt obligations	$	1,950.7	$	1,940.6	$	1,981.1	$	1,970.9

As of March 31, 2021, the senior credit facility included $775.0 million in a revolving credit facility. The revolving credit facility is scheduled to mature on February 11, 2024, and principal amounts outstanding under the revolving credit facility

accrue interest, at the option of the borrowers, either (a) at an alternate base rate plus an applicable margin not to exceed 0.50%, or (b) at LIBOR plus an applicable margin not to exceed 1.50% (at March 31, 2021, the interest rate was 1.36%). The Company made no borrowings under the senior credit facility during the three months ended March 31, 2021 and there were no amounts outstanding at March 31, 2021.

On December 17, 2018, certain subsidiaries of the Company established a $250.0 million revolving line of credit, primarily intended to support certain lending activities within the Global Credit segment. The credit facility includes a $125.0 million line of credit with a one-year term, which was amended in December 2020 to extend its maturity to December 2021, and a $125.0 million line of credit with a three-year term. Principal amounts outstanding under the facility accrue interest, at the option of the borrowers, either (a) at an alternate base rate plus an applicable margin not to exceed 1.00%, or (b) at the Eurocurrency rate plus an applicable margin, not to exceed 2.00%. The Company made no borrowings under the credit facility during the three months ended March 31, 2021, and there were no amounts outstanding as of March 31, 2021.

For certain of the Company’s CLOs, the Company finances a portion of its investment in the CLOs through the proceeds received from term loans and other financing arrangements with financial institutions. The Company’s outstanding CLO borrowings consist of the following (Dollars in millions):


Formation Date	Borrowing Outstanding March 31, 2021		Borrowing Outstanding December 31, 2020		Maturity Date (1)	Interest Rate as of March 31, 2021

February 28, 2017	$	75.7	$	79.9	November 17, 2031	2.34%	(2)
April 19, 2017	22.7		22.7		April 22, 2031	2.16%	(3) (14)
June 28, 2017	22.9		22.9		July 22, 2031	2.15%	(4) (14)
August 2, 2017	—		22.7		July 23, 2029	N/A	(5) (14)
August 2, 2017	—		21.3		August 3, 2022	N/A	(6)
August 14, 2017	—		22.4		August 15, 2030	N/A	(7) (14)
November 30, 2017	22.7		22.7		January 16, 2030	1.97%	(8)(14)(15)
December 6, 2017	19.0		19.0		October 16, 2030	1.89%	(9)(14)(15)
December 7, 2017	20.8		20.8		January 19, 2029	1.59%	(10)(14)(15)
January 30, 2018	19.2		19.2		January 23, 2030	1.85%	(11)(14)(15)
March 1, 2018	15.2		15.2		January 16, 2031	1.79%	(12)(14)(15)
March 15, 2019	1.9		22.6		March 15, 2032	8.04%	(13)
August 20, 2019	22.0		22.9		August 15, 2032	2.52%	(13)
September 15, 2020	20.9		21.8		April 15, 2033	1.59%	(13)
January 8, 2021	22.0		—		January 15, 2034	2.49%	(13)
March 9, 2021	21.0		—		August 15, 2030	1.37%	(13)
March 30, 2021	19.7		—		March 15, 2032	2.02%	(13)
	$	325.7	$	356.1

The CLO term loans are secured by the Company’s investments in the respective CLO, have a general unsecured interest in the Carlyle entity that manages the CLO, and generally do not have recourse to any other Carlyle entity. Interest expense for the three months ended March 31, 2021 and 2020 was $1.9 million and $2.5 million, respectively. The fair value of the outstanding balance of the CLO term loans at March 31, 2021 approximated par value based on current market rates for similar debt instruments. These CLO term loans are classified as Level III within the fair value hierarchy.

On February 28, 2017, a subsidiary of the Company entered into a financing agreement with several financial institutions under which these financial institutions have provided a €64.4 million term loan ($75.7 million at March 31, 2021) to the Company. This term loan is secured by the Company’s investments in the retained notes in certain European CLOs that were formed in 2014 and 2015. This term loan will mature on the earlier of November 17, 2031 or the date that the certain European CLO retained notes have been redeemed. The Company may prepay the term loan in whole or in part at any time after the third anniversary of the date of issuance without penalty. Prepayment of the term loan within the first three years will incur a penalty based on the prepayment amount. Interest on this term loan accrues at EURIBOR plus applicable margins (2.34% at March 31, 2021).

In January 2017, the Company entered into a master credit agreement with a financial institution under which the financial institution provided term loans to the Company for the purchase of eligible interests in CLOs. Term loans issued under this master credit agreement are secured by the Company’s investment in the respective CLO as well as any senior management fee and subordinated management fee payable by each CLO. Term loans bear interest at LIBOR plus a weighted average spread over LIBOR on the CLO notes and an applicable margin, which is due quarterly. CLO Indentures for the respective CLO borrowings entered on November 30, 2017 and after provide for an alternative rate framework determined at the Company’s discretion upon a trigger event of LIBOR. This agreement terminated in January 2020. Outstanding CLO term loans will mature at each respective borrowing’s maturity date.

On February 5, 2019, the Company entered into a €100.0 million master credit facility agreement (the “CLO Financing Facility”) to finance a portion of the risk retention investments in certain European CLOs managed by the Company. Subject to the terms and conditions of the CLO Financing Facility, the Company and the counterparty may enter into repurchase agreements on such terms agreed upon by the parties. Each transaction entered into under the CLO Financing Facility will bear interest at a rate based on the weighted average effective interest rate of each class of securities that have been sold plus a spread to be agreed upon by the parties. As of March 31, 2021, €8.5 million of the CLO Financing Facility remained available.

Each transaction entered into under the CLO Financing Facility provides for payment netting and, in the case of a default or similar event with respect to the counterparty to the CLO Financing Facility, provides for netting across transactions. Generally, upon a counterparty default, the Company can terminate all transactions under the CLO Financing Facility and offset amounts it owes in respect of any one transaction against collateral, if any, or other amounts it has received in respect of any other transactions under the CLO Financing Facility; provided, however, that in the case of certain defaults, the Company may only be able to terminate and offset solely with respect to the transaction affected by the default. During the term of a transaction entered into under the CLO Financing Facility, the Company will deliver cash or additional securities acceptable to the counterparty if the securities sold are in default. Upon termination of a transaction, the Company will repurchase the previously sold securities from the counterparty at a previously determined repurchase price. The CLO Financing Facility may be terminated at any time upon certain defaults or circumstances agreed upon by the parties.

The repurchase agreements may result in credit exposure in the event the counterparty to the transaction is unable to fulfill its contractual obligations. The Company minimizes the credit risk associated with these activities by monitoring counterparty credit exposure and collateral values. Other than margin requirements, the Company is not subject to additional

Certain indirect subsidiaries of the the Company have issued long term borrowings in the form of senior notes, on which interest is payable semi-annually in arrears. The following table provides information regarding these senior notes (Dollars in millions):


								Interest Expense
			Fair Value (1) As of				Three Months Ended March 31,
	Aggregate Principal Amount		March 31, 2021		December 31, 2020			2021		2020
3.875% Senior Notes Due 2/1/2023 (2)	$	250.0	$	265.8	$	270.0		$	2.5	$	2.5
5.625% Senior Notes Due 3/30/2043 (3)	600.0		740.2		782.6			8.4		8.4
5.650% Senior Notes Due 9/15/2048 (4)	350.0		444.6		469.3			5.0		5.0
3.500% Senior Notes Due 9/19/2029 (5)	425.0		445.2		476.6			3.8		3.8
								$	19.7	$	19.7

(3) Issued $400.0 million in aggregate principal at 99.583% of par in March 2013. An additional $200.0 million in aggregate principal was issued at 104.315% of par in March 2014, and is treated as a single class with the outstanding $400.0 million in senior notes previously issued.

The issuers may redeem the senior notes, in whole at any time or in part from time to time, at a price equal to the greater of (i) 100% of the principal amount of the notes being redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest on any notes being redeemed discounted to the redemption date on a semiannual basis at the Treasury Rate plus 40 basis points (30 basis points in the case of the 3.875% and 3.500% senior notes), plus in each case accrued and unpaid interest on the principal amounts being redeemed.

The Company is subject to various financial covenants under its loan agreements including, among other items, maintenance of a minimum amount of management fee-earning assets. The Company is also subject to various non-financial covenants under its loan agreements and the indentures governing its senior notes. The Company was in compliance with all financial and non-financial covenants under its various loan agreements as of March 31, 2021.

Loans payable of Consolidated Funds primarily represent amounts due to holders of debt securities issued by the CLOs. Several of the CLOs issued preferred shares representing the most subordinated interest, however these tranches are mandatorily redeemable upon the maturity dates of the senior secured loans payable, and as a result have been classified as liabilities and are included in loans payable of Consolidated Funds in the unaudited condensed consolidated balance sheets.


	As of March 31, 2021
	Borrowing Outstanding		Fair Value		Weighted Average Interest Rate			Weighted Average Remaining Maturity in Years
Senior secured notes	$	5,257.0	$	5,241.4	1.75	%		10.13
Subordinated notes, preferred shares and other	216.9		199.3		N/A		(1)	10.25

Total	$	5,473.9	$	5,440.7


	As of December 31, 2020
	Borrowing Outstanding		Fair Value		Weighted Average Interest Rate			Weighted Average Remaining Maturity in Years
Senior secured notes	$	5,442.2	$	5,358.9	1.74	%		10.36
Subordinated notes, preferred shares and other	164.2		204.1		N/A		(1)	10.49

Total	$	5,606.4	$	5,563.0

Loans payable of the CLOs are collateralized by the assets held by the CLOs and the assets of one CLO may not be used to satisfy the liabilities of another. This collateral consisted of cash and cash equivalents, corporate loans, corporate bonds and other securities. As of March 31, 2021 and December 31, 2020, the fair value of the CLO assets was $6.1 billion and $6.3 billion, respectively.