v3.25.1
DEBT OBLIGATIONS AND CREDIT FACILITIES
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
DEBT OBLIGATIONS AND CREDIT FACILITIES DEBT OBLIGATIONS AND CREDIT FACILITIES
Oaktree Capital I Debt Obligations and Guaranty Agreements
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.
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
Key terms as of March 31, 2025
Credit AgreementMarch 31, 2025December 31, 2024Facility CapacityEffective Interest RateWeighted Average Remaining Maturity (years)Commitment Fee RateL/C Fee
Revolving credit facilities (1)
$1,572,166 $1,472,795 $1,813,772 6.64%0.20.25%2.21%
Less: Debt issuance costs (2)
(1,849)(2,685)
Total debt obligations, net$1,570,317 $1,470,110 
(1)    The credit facility capacity is calculated on a pro rata basis using fund commitments as of March 31, 2025.
(2)    Debt issuance costs are included in other assets as of March 31, 2025 and December 31, 2024.
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.