0001403528-23-000004 | 10-K | XBRL Viewer | Oaktree Capital Group LLC

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Cover - USD ($)	12 Months Ended
Cover - USD ($)	Dec. 31, 2022	Mar. 20, 2023
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-35500
Entity Registrant Name	Oaktree Capital Group, LLC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	26-0174894
Entity Address, Address Line One	333 South Grand Avenue
Entity Address, Address Line Two	28th Floor
Entity Address, City or Town	Los Angeles
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90071
City Area Code	213
Local Phone Number	830-6300
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Documents Incorporated by Reference	None
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Entity Central Index Key	0001403528
Entity Public Float	$ 0
6.625% Series A preferred units
Entity Information [Line Items]
Title of 12(b) Security	6.625% Series A preferred units
Trading Symbol	OAK-PA
Security Exchange Name	NYSE
6.550% Series B preferred units
Entity Information [Line Items]
Title of 12(b) Security	6.550% Series B preferred units
Trading Symbol	OAK-PB
Security Exchange Name	NYSE
Class A Units
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		103,080,160
Class B Units
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		57,035,761

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2022
Auditor Information [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Location	Los Angeles, California
Auditor Firm ID	42

Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Assets
Deferred tax assets	$ 0	$ 3,548
Derivative assets, at fair value	24,077	17,946
Total assets	5,654,889	14,397,849
Liabilities:
Derivative liabilities, at fair value	35,862	12,383
Total liabilities	1,565,837	10,401,953
Commitments and contingencies (Note 17)
Unitholders’ capital:
Paid-in capital	908,142	1,011,333
Retained earnings	246,353	251,791
Accumulated other comprehensive loss	(9,101)	(3,334)
Unitholders’ capital attributable to Oaktree Capital Group, LLC	1,545,978	1,660,374
Total unitholders’ capital	1,906,638	2,272,602
Total liabilities and unitholders’ capital	5,654,889	14,397,849
Series A Preferred Units
Unitholders’ capital:
Preferred stock	173,669	173,669
Series B Preferred Units
Unitholders’ capital:
Preferred stock	226,915	226,915
Class A Units
Unitholders’ capital:
Common stock	0	0
Class B Units
Unitholders’ capital:
Common stock	0	0
Oaktree Capital Group Excluding Consolidated Funds
Assets
Cash and cash-equivalents	9,514	167,319
U.S. Treasury and other securities	0	2,086
Investments	1,191,504	1,022,564
Due from affiliates	207,874	372,861
Deferred tax assets	0	3,548
Other assets, net	51,008	45,979
Right-of-use assets	0	33,359
Liabilities:
Accrued compensation expense	124,253	245,787
Accounts payable, accrued expenses and other liabilities	4,483	15,365
Due to affiliates	36,164	4,198
Debt obligations	212,195	0
Operating lease liabilities	0	39,294
Consolidated Funds
Assets
Cash and cash-equivalents	166,616	991,800
Investments	3,908,613	11,456,895
Dividends and interest receivable	26,029	48,584
Due from brokers	37,375	15,498
Receivable for securities sold	3,387	206,770
Derivative assets, at fair value	10,737	6,733
Other assets, net	42,232	23,853
Total assets	4,200,000
Liabilities:
Accounts payable, accrued expenses and other liabilities	8,985	80,897
Debt obligations	0	7,806,263
Payables for securities purchased	153,439	1,066,261
Derivative liabilities, at fair value	24,022	11,847
Distributions payable	1,437	123
Debt obligations of the consolidated funds	1,000,859	1,131,918
Total liabilities	1,200,000
Non-controlling redeemable interests in consolidated funds	2,182,414	1,723,294
Subsidiaries
Unitholders’ capital:
Non-controlling interests in consolidated subsidiaries	$ 360,660	$ 612,228

Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Series A Preferred Units
Preferred stock, shares issued (in shares)	7,200,000	7,200,000
Preferred stock, shares outstanding (in shares)	7,200,000	7,200,000
Series B Preferred Units
Preferred stock, shares issued (in shares)	9,400,000	9,400,000
Preferred stock, shares outstanding (in shares)	9,400,000	9,400,000
Class A Units
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, shares issued (in shares)	103,080,160	99,136,620
Common stock, shares outstanding (in shares)	103,080,160	99,136,620
Class B Units
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, shares issued (in shares)	56,922,688	60,783,255
Common stock, shares outstanding (in shares)	56,922,688	60,783,255
Oaktree Capital Group Excluding Consolidated Funds
Investments, at fair value	$ 108,159	$ 77,568

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues:
Total revenues	$ 492,593	$ 1,454,410	$ 429,064
Expenses:
Compensation and benefits	(142,079)	(162,260)	(131,562)
Equity-based compensation	(6,566)	(10,521)	(17,365)
Incentive income compensation	(94,427)	(594,300)	(104,469)
Total compensation and benefits expense	(243,072)	(767,081)	(253,396)
General and administrative	(24,512)	(21,694)	(23,065)
Depreciation and amortization	(1,581)	(2,332)	(2,052)
Consolidated fund expenses	(77,978)	(75,338)	(33,153)
Total expenses	(347,143)	(866,445)	(311,666)
Other income (loss):
Interest expense	(248,401)	(155,265)	(157,686)
Interest and dividend income	557,844	389,251	318,210
Net realized gain (loss) on consolidated funds’ investments	(13,114)	22,238	(105,957)
Net change in unrealized appreciation (depreciation) on consolidated funds’ investments	(15,023)	122,517	(183,847)
Investment income	51,265	203,041	103,828
Other income, net	0	19	0
Total other income (loss)	332,571	581,801	(25,452)
Income before income taxes	478,021	1,169,766	91,946
Income taxes	(14,931)	(12,387)	(8,211)
Net income	463,090	1,157,379	83,735
Less:
Net income attributable to Oaktree Capital Group, LLC	203,646	631,660	165,719
Net (income) attributable to preferred unitholders	(27,316)	(27,316)	(27,316)
Net income attributable to Oaktree Capital Group, LLC Class A unitholders	$ 176,330	$ 604,344	$ 138,403
Distributions declared per Class A unit (in dollars per share)	$ 1.86	$ 4.68	$ 0.71
Net income per unit (basic and diluted):
Net income per Class A unit, basic (in dollars per share)	1.73	6.10	1.40
Net income per Class A unit, diluted (in dollars per share)	$ 1.73	$ 6.10	$ 1.40
Weighted average number of Class A units outstanding, basic (in shares)	102,043	99,031	98,512
Weighted average number of Class A units outstanding, diluted (in shares)	102,043	99,031	98,512
Consolidated Funds
Less:
Net (income) loss attributable to non-controlling interests	$ (190,905)	$ (186,515)	$ 165,412
Consolidated Subsidiaries
Less:
Net (income) loss attributable to non-controlling interests	(68,539)	(339,204)	(83,428)
Management fees
Revenues:
Total revenues	224,141	234,786	185,727
Incentive income
Revenues:
Total revenues	$ 268,452	$ 1,219,624	$ 243,337

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Net income	$ 463,090	$ 1,157,379	$ 83,735
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	(8,621)	4,418	(3,088)
Other comprehensive income (loss), net of tax	(8,621)	4,418	(3,088)
Total comprehensive income	454,469	1,161,797	80,647
Comprehensive income attributable to OCG	197,879	633,740	163,806
Comprehensive (income) attributable to preferred unitholders	(27,316)	(27,316)	(27,316)
Comprehensive income attributable to OCG Class A unitholders	170,563	606,424	136,490
Consolidated Funds
Other comprehensive income (loss), net of tax:
Less: Comprehensive (income) loss attributable to non-controlling interests	(190,905)	(186,515)	165,412
Consolidated Subsidiaries
Other comprehensive income (loss), net of tax:
Less: Comprehensive (income) loss attributable to non-controlling interests	$ (65,685)	$ (341,542)	$ (82,253)

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities:
Net income	$ 463,090	$ 1,157,379	$ 83,735
Adjustments to reconcile net income to net cash used in operating activities:
Investment income	(51,265)	(203,041)	(103,828)
Depreciation and amortization	1,581	2,332	2,052
Equity-based compensation	6,566	10,521	17,365
Net realized and unrealized (gain) loss from consolidated funds’ investments	28,137	(144,755)	289,804
Accretion of original issue and market discount of consolidated funds’ investments, net	(22,628)	(13,717)	(23,357)
Income distributions from corporate investments in funds and companies	111,904	201,983	52,988
SPAC deconsolidation gain and other non-cash items	(52,503)	(72,347)	46
Cash flows due to changes in operating assets and liabilities:
Net cash used in operating activities	(1,894,219)	(2,731,821)	(1,077,253)
Cash flows from investing activities:
Purchases of U.S. Treasury and other securities	(17,446)	(16,322)	(43,153)
Proceeds from maturities and sales of U.S. Treasury and other securities	12,948	23,938	43,053
Corporate investments in funds and companies	(308,394)	(179,996)	(225,603)
Distributions and proceeds from corporate investments in funds and companies	84,632	357,734	274,265
Purchases of fixed assets	(466)	(583)	(710)
Net cash (used in) provided by investing activities	(228,726)	184,771	47,852
Cash flows from financing activities:
Capital contributions, net	146,892	183,684	55,826
Net cash provided by financing activities	1,994,683	2,747,040	1,481,846
Effect of exchange rate changes on cash	(26,248)	(24,753)	7,251
Net (decrease) increase in cash and cash-equivalents	(154,510)	175,237	459,696
Deconsolidation due to restructuring	94,367	0	0
Initial consolidation (deconsolidation) of funds	(734,112)	(216,459)	(101,148)
Cash and cash-equivalents, beginning balance	1,159,119	1,200,341	841,793
Cash and cash-equivalents, ending balance	176,130	1,159,119	1,200,341
Supplemental cash flow disclosures:
Cash paid for interest	202,740	127,228	150,033
Cash paid for income taxes	8,786	8,208	12,198
Supplemental disclosure of non-cash activities:
Net assets related to the initial consolidation of funds	0	0	3,708
Net assets related to the deconsolidation of funds	329,570	350,422	974,423
Net assets related to the deconsolidation due to 2022 Restructuring	467,975	0	0
Oaktree Capital Group Excluding Consolidated Funds
Cash flows due to changes in operating assets and liabilities:
(Increase) decrease in deferred tax assets	505	335	(1,039)
Decrease (increase) in other assets	(12,277)	2,601	1,227
Increase (decrease) in net due to affiliates	92,544	(232,783)	(51,128)
Increase (decrease) in accrued compensation expense	(1,387)	108,922	5,763
Increase (decrease) in accounts payable, accrued expenses and other liabilities	1,295	(3,871)	(3,786)
Cash flows from financing activities:
Distributions to Class A unitholders	(190,591)	(465,669)	(69,797)
Distributions to OCGH unitholders	(111,319)	(286,647)	(43,678)
Distributions to preferred unitholders	(27,316)	(27,316)	(27,316)
Proceeds from issuance of debt obligations	214,094	0	0
Payment of debt issuance costs	(1,311)	0	0
Cash and cash-equivalents, beginning balance	167,319	329,253
Cash and cash-equivalents, ending balance	9,514	167,319	329,253
Consolidated Funds
Cash flows due to changes in operating assets and liabilities:
Increase (decrease) in accounts payable, accrued expenses and other liabilities	13,869	41,764	(16,875)
Increase in dividends and interest receivable	(37,462)	(19,439)	(2,352)
(Increase) decrease in due from brokers	(22,086)	(15,201)	(7,953)
Increase in receivables for securities sold	132,654	(107,242)	(65,019)
(Increase) decrease in other assets	(22,693)	25,989	(50,331)
Increase in payables for securities purchased	(275,532)	462,772	250,552
Purchases of securities	(7,730,412)	(9,683,352)	(4,343,064)
Proceeds from maturities and sales of securities	5,481,881	5,749,329	2,887,947
Cash flows from financing activities:
Payment of debt issuance costs	(7,611)	(2,577)	(2,780)
Contributions from non-controlling interests	727,382	1,189,486	940,191
Distributions to non-controlling interests	(207,360)	(171,883)	(223,674)
Proceeds from debt obligations issued by CLOs	2,575,561	5,367,766	1,054,403
Repayment on debt obligations issued by CLOs	(1,042,672)	(3,800,803)	(599,139)
Borrowings on credit facilities	592,275	760,999	446,300
Repayments on credit facilities	(673,341)	0	(48,490)
Cash and cash-equivalents, beginning balance	991,800	871,088
Cash and cash-equivalents, ending balance	$ 166,616	$ 991,800	$ 871,088

Consolidated Statements of Changes in Unitholders' Capital - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 2,272,602	$ 1,879,988	$ 1,702,169
Capital contributions	150,000	201,241	57,317
Restructuring equity distribution of entities	(467,975)
Equity reallocation between controlling and non-controlling interests	(3,108)	(3,816)	(1,491)
Capital increase related to equity-based compensation	6,566	10,521	17,081
Distributions declared	(315,011)	(790,614)	(140,791)
Net income	272,185	970,864	249,147
Foreign currency translation adjustment, net of tax	(8,621)	4,418	(3,088)
Ending balance	1,906,638	2,272,602	1,879,988
Cumulative-effect adjustment from adoption of accounting guidance
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance			(356)
Paid-in Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	1,011,333	819,963	750,299
Capital contributions	150,000	196,015	57,317
Restructuring equity distribution of entities	(290,372)
Equity reallocation between controlling and non-controlling interests	33,107	(11,155)	1,832
Capital increase related to equity-based compensation	4,074	6,510	10,515
Ending balance	908,142	1,011,333	819,963
Retained Earnings (Accumulated Deficit)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	251,791	119,920	51,534
Distributions declared	(181,768)	(472,473)	(69,797)
Net income	176,330	604,344	138,403
Ending balance	246,353	251,791	119,920
Retained Earnings (Accumulated Deficit) \| Cumulative-effect adjustment from adoption of accounting guidance
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance			(220)
Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(3,334)	(5,414)	(3,501)
Foreign currency translation adjustment, net of tax	(5,767)	2,080	(1,913)
Ending balance	(9,101)	(3,334)	(5,414)
Non-controlling Interests in Consolidated Subsidiaries
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	612,228	544,935	503,253
Capital contributions	0	5,226
Restructuring equity distribution of entities	(177,603)
Equity reallocation between controlling and non-controlling interests	(36,215)	7,339	(3,323)
Capital increase related to equity-based compensation	2,492	4,011	6,566
Distributions declared	(105,927)	(290,825)	(43,678)
Net income	68,539	339,204	83,428
Foreign currency translation adjustment, net of tax	(2,854)	2,338	(1,175)
Ending balance	$ 360,660	$ 612,228	544,935
Non-controlling Interests in Consolidated Subsidiaries \| Cumulative-effect adjustment from adoption of accounting guidance
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance			$ (136)
Class A Units
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	99,136,620
Ending balance (in shares)	103,080,160	99,136,620
Class A Units \| Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	99,137,000	98,677,000	97,967,000
Unit exchange (in shares)	3,944,000	460,000	710,000
Ending balance (in shares)	103,081,000	99,137,000	98,677,000
Class B Units
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	60,783,255
Ending balance (in shares)	56,922,688	60,783,255
Class B Units \| Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	60,783,000	61,371,000	61,793,000
Issuance of units (in shares)	105,000	4,000	319,000
Unit exchange (in shares)	(3,944,000)	(460,000)	(710,000)
Cancellation of units associated with forfeitures (in shares)	(22,000)	(132,000)	(31,000)
Ending balance (in shares)	56,922,000	60,783,000	61,371,000
Series A Preferred Units \| Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 173,669	$ 173,669	$ 173,669
Distributions declared	(11,924)	(11,924)	(11,924)
Net income	11,924	11,924	11,924
Ending balance	173,669	173,669	173,669
Series B Preferred Units \| Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	226,915	226,915	226,915
Distributions declared	(15,392)	(15,392)	(15,392)
Net income	15,392	15,392	15,392
Ending balance	$ 226,915	$ 226,915	$ 226,915

ORGANIZATION AND BASIS OF PRESENTATION	12 Months Ended
ORGANIZATION AND BASIS OF PRESENTATION	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND BASIS OF PRESENTATION	ORGANIZATION AND BASIS OF PRESENTATION As used in these consolidated financial statements: “Oaktree” refers to the Oaktree Operating Group and, where applicable, their respective subsidiaries and affiliates; and the “Company” refers to Oaktree Capital Group, LLC and, where applicable, its subsidiaries and affiliates Oaktree is a leader among global investment managers specializing in alternative investments. Oaktree emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in credit, private equity, real assets and listed equities. Funds managed by Oaktree (the “Oaktree funds”) include commingled funds, separate accounts, collateralized loan obligation vehicles (“CLOs”) and business development companies (“BDCs”). Commingled funds include open-end and closed-end limited partnerships in which Oaktree makes an investment and for which it serves as the general partner. CLOs are structured finance vehicles in which Oaktree typically makes an investment and for which it serves as collateral manager. Oaktree Capital Group, LLC is a Delaware limited liability company that was formed on April 13, 2007. The Company’s issued and outstanding member interests are divided into certain classes and series of units. The Company’s outstanding units are held by (i) an affiliate of Brookfield Asset Management, Inc. (“Brookfield”) as the sole holder of the Company’s Class A common units, (ii) preferred unitholders as the holders of Series A and Series B preferred units listed on the NYSE, which represent only the right to receive certain distributions from the Company and such other rights as are specified in the relevant preferred unit designations, and (iii) Oaktree Capital Group Holdings, L.P. (“OCGH”) as the sole holder of the Company’s Class B common units, which units do not represent an economic interest in the Company. OCGH is owned by Oaktree’s senior executives, current and former employees, and certain other investors (collectively, the “OCGH unitholders”). Subject to the operating agreement of the Company, to the extent the approval of any matter requires the vote of the Company’s unitholders, the Class A units are entitled to one vote per unit and the Class B units are entitled to ten votes per unit, voting together as a single class. The Company’s current ownership and operational structure were the results of certain mergers with affiliates of Brookfield Corporation (formerly known as Brookfield Asset Management, Inc.) (“Brookfield”) completed on September 30, 2019 (the “Mergers”) and subsequent restructurings completed on October 1, 2019 in connection with the Mergers (the “2019 Restructuring”) and on November 30, 2022 (“Effective Date”) in connection with an internal Oaktree reorganization to facilitate the separation of Brookfield’s capital business and asset management business (the “2022 Restructuring”). See Part I, Item I included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 filed with the Securities and Exchange Commission (“SEC”) on March 2, 2020 for more information regarding the Mergers and the 2019 Restructuring. See Item 1.01 of the Company’s Current Report on Form 8-K filed with the SEC on December 6, 2022 for more information about the 2022 Restructuring. The Oaktree business is conducted through a group of six operating entities collectively referred to as the “Oaktree Operating Group.” The Oaktree Operating Group consists of: (i) Oaktree Capital I, L.P. (“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; (ii) Oaktree Capital II, L.P. (“Oaktree Capital II”), a series limited partnership which acts as or controls the general partner of certain Oaktree funds and which includes Oaktree’s investments in certain funds and other businesses, including Oaktree’s investment in DoubleLine Capital, L.P., (iii) Oaktree Capital Management, L.P. (“OCM”), the entity that serves as the U.S. registered investment adviser to most of the Oaktree funds, (iv) Oaktree Capital Management (Cayman), L.P. (“OCM Cayman”), which represents Oaktree’s non-U.S. fee business; (v) Oaktree Investment Holdings, L.P. (“Oaktree Investment Holdings”), which holds certain corporate investments in other entities and (vi) Oaktree AIF Investments, L.P. (“Oaktree AIF”), which primarily holds interests in certain Oaktree fund investments for regulatory and structuring purposes. From the date of the 2019 Restructuring until the date of the 2022 Restructuring, the Company’s operations were conducted through indirect economic interests in only two of these six Oaktree Operating Group entities, specifically Oaktree Capital I and OCM Cayman. As a result of the 2022 Restructuring, however, the Company (i) distributed all of its interests in the economic shares of Oaktree Holdings, Ltd., the parent entity of OCM Cayman, to its sole Class A unitholder and (ii) transferred all of its interests in the voting shares of Oaktree Holdings, Ltd. to Atlas OCM Holdings, LLC which is a non-subsidiary affiliate of the Company. Accordingly, subsequent to the 2022 Restructuring the Company’s operations are now conducted through an indirect economic interest in only one of the Oaktree Operating Group entities, specifically Oaktree Capital I, and because the Company no longer controls or has an economic interest in OCM Cayman, OCM Cayman was deconsolidated as of the Effective Date of the 2022 Restructuring. Additionally, the Company concluded that it is no longer the primary beneficiary for CLOs as their direct ownership interests are held by OCM Cayman. Subsequent to the 2022 Restructuring the Company operates its business, in part, with service or subadvisory agreements that cover investment management and other supporting services either provided to, or provided by, OCM, OCM Cayman or their respective subsidiaries acting in their respective capacities as the investment manager of Oaktree funds. Prior to the 2022 Restructuring, the Company’s employees directly provided investment management and administrative support for its non-U.S. fee-based operations, while providing investment management, marketing and administrative services to OCM. The Company received fees from OCM for providing these services and paid fees to OCM based on the cost of administrative services it provides to the Company, including portions of certain of the Company’s executive officers’ compensation. Subsequent to the 2022 Restructuring, the Company will no longer receive such fee-based income from OCM but will continue to pay fees to OCM for services it provides to the Company. Subsequent to the 2022 Restructuring, the Company’s revenue will continue to include the incentive income generated by certain funds that OCM manages of which the Company acts as general partners and the investment income earned from the investments the Company makes in Oaktree funds, third-party funds and other companies. Investment income generally reflects the investment return on a mark-to-market basis and the Company’s equity participation on the amounts that it invests in Oaktree and third-party funds. OCM, an affiliate of the Company, provides certain administrative and other services relating to the operations of the Company’s business pursuant to a Services Agreement between the Company and OCM (as amended from time to time, the “Services Agreement”). Basis of Presentation The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The consolidated financial statements include the accounts of the Company, its wholly-owned or majority-owned subsidiaries and entities in which the Company is deemed to have a direct or indirect controlling financial interest based on either a variable interest model or voting interest model. Certain of the Oaktree funds consolidated by the Company are investment companies that follow a specialized basis of accounting established by GAAP. All intercompany transactions and balances have been eliminated in consolidation. The deconsolidation of Cayman due to the 2022 Restructuring resulted in decreases in total assets of $10.0 billion, total liabilities of $9.5 billion, total unitholders capital of $468.0 million and total non-controlling redeemable interests in consolidated funds of $2.6 million. Use of Estimates The preparation of the consolidated financial statements in accordance with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated financial statements, as well as the reported amounts of income and expenses during the period then ended. Actual results could differ from these estimates.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Dec. 31, 2022
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Accounting Policies of the Company Consolidation The Company consolidates entities in which it has a direct or indirect controlling financial interest based on either a variable interest model or voting interest model. A limited partnership or similar entity is a variable interest entity (“VIE”) if the unaffiliated limited partners do not have substantive kick-out or participating rights. Most of the Oaktree funds are VIEs because they have not granted unaffiliated limited partners substantive kick-out or participating rights. The Company consolidates those VIEs in which it is the primary beneficiary. An entity is deemed to be the primary beneficiary if it holds a controlling financial interest. A controlling financial interest is defined as (a) the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and (b) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. The consolidation guidance requires an analysis to determine (a) whether an entity in which the Company holds a variable interest is a VIE and (b) whether the Company’s involvement, through holding interests directly or indirectly in the entity or contractually through other variable interests (e.g., management and performance-based fees), would give it a controlling financial interest. A decision maker’s fee arrangement is not considered a variable interest if (a) it is compensation for services provided, commensurate with the level of effort required to provide those services, and part of a compensation arrangement that includes only terms, conditions or amounts that are customarily present in arrangements for similar services negotiated at arm’s length (“at-market”), and (b) the decision maker does not hold any other variable interests that absorb more than an insignificant amount of the potential VIE’s expected residual returns. The Company determines whether it is the primary beneficiary of a VIE at the time it becomes involved with a VIE and reconsiders that conclusion at each reporting date. In evaluating whether the Company is the primary beneficiary, the Company evaluates its economic interests in the entity held either directly by the Company or indirectly through related parties. The consolidation analysis can generally be performed qualitatively; however, if it is not readily apparent that the Company is not the primary beneficiary, a quantitative analysis may also be performed. Investments and redemptions (either by the Company, affiliates of the Company or third parties) or amendments to the governing documents of the respective Oaktree funds could affect an entity’s status as a VIE or the determination of the primary beneficiary. The Company does not consolidate most of the Oaktree funds because it is not the primary beneficiary of those funds due to the fact that its fee arrangements are considered at-market and thus not deemed to be variable interests, and it does not hold any other interests in those funds that are considered to be more than insignificant. Please see note 4 for more information regarding both consolidated and unconsolidated VIEs. For entities that are not VIEs, consolidation is evaluated through a majority voting interest model. “Consolidated funds” refers to Oaktree-managed funds and CLOs that the Company is required to consolidate. When funds or CLOs are consolidated, the Company reflects the assets, liabilities, revenues, expenses and cash flows of the funds or CLOs on a gross basis, and the majority of the economic interests in those funds or CLOs, which are held by third-party investors, are reflected as non-controlling interests in consolidated funds or debt obligations of CLOs in the consolidated financial statements. All of the revenues earned by the Company as investment manager of the consolidated funds are eliminated in consolidation. However, because the eliminated amounts are earned from and funded by third-party investors, the consolidation of a fund does not impact net income or loss attributable to the Company. As a result of the 2022 Restructuring, the Company no longer controls OCM Cayman and therefore OCM Cayman was deconsolidated as of the Effective Date. Additionally, the Company concluded that it was no longer the primary beneficiary for CLOs as their direct ownership interests are held by OCM Cayman. Certain entities in which the Company has the ability to exert significant influence, including unconsolidated Oaktree funds for which the Company acts as general partner, are accounted for under the equity method of accounting. Non-controlling Redeemable Interests in Consolidated Funds The Company records non-controlling interests to reflect the economic interests of the unaffiliated limited partners in Oaktree-managed funds and the class A ordinary shareholders in Oaktree sponsored SPACs. These interests are presented as non-controlling redeemable interests in consolidated funds within the consolidated statements of financial condition, outside of the permanent capital section. Limited partners in open-end and evergreen funds generally have the right to withdraw their capital, subject to the terms of the respective limited partnership agreements, over periods ranging from one month to three years. While limited partners in consolidated closed-end funds generally have not been granted redemption rights, these limited partners do have withdrawal or redemption rights in certain limited circumstances that are beyond the control of the Company, such as instances in which retaining the limited partnership interest could cause the limited partner to violate a law, regulation or rule. For Oaktree sponsored SPACs, the class A ordinary shareholders have redemption rights that are considered to be outside of the Company’s control. These shares are presented as non-controlling redeemable interests on the Company’s consolidated statements of financial condition. The allocation of net income or loss to non-controlling redeemable interests in consolidated funds and Oaktree sponsored SPACs is based on the relative ownership interests of the unaffiliated limited partners after the consideration of contractual arrangements that govern allocations of income or loss. At the consolidated level, potential incentives are allocated to non-controlling redeemable interests in consolidated funds until such incentives become allocable to the Company under the substantive contractual terms of the limited partnership agreements of the funds. Non-controlling Interests in Consolidated Subsidiaries Non-controlling interests in consolidated subsidiaries reflect the portion of unitholders’ capital attributable to OCGH unitholders (“OCGH non-controlling interest”) and third parties. All non-controlling interests in consolidated subsidiaries are attributed a share of income or loss in the respective consolidated subsidiary based on the relative economic interests of the OCGH unitholders or third parties after consideration of contractual arrangements that govern allocations of income or loss. Please see note 13 for more information. Fair Value of Financial Instruments GAAP establishes a hierarchical disclosure framework that prioritizes the inputs used in measuring financial instruments at fair value into three levels based on their market observability. Market price observability is affected by a number of factors, such as the type of instrument and the characteristics specific to the instrument. Financial instruments with readily available quoted prices from an active market or for which fair value can be measured based on actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment inherent in measuring fair value. Financial assets and liabilities measured and reported at fair value are classified as follows: •Level I – Quoted unadjusted prices for identical instruments in active markets to which the Company has access at the date of measurement. The types of investments in Level I include exchange-traded equities, debt and derivatives with quoted prices. •Level II – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are directly or indirectly observable. Level II inputs include interest rates, yield curves, volatilities, prepayment risks, loss severities, credit risks and default rates. The types of investments in Level II generally include corporate bonds and loans, government and agency securities, less liquid and restricted equity investments, over-the-counter traded derivatives, debt obligations of consolidated CLOs, and other investments where the fair value is based on observable inputs. •Level III – Valuations for which one or more significant inputs are unobservable. These inputs reflect the Company’s assessment of the assumptions that market participants use to value the investment based on the best available information. Level III inputs include prices of quoted securities in markets for which there are few transactions, less public information exists or prices vary among brokered market makers. The types of investments in Level III include non-publicly traded equity, debt, real estate and derivatives. In some instances, the inputs used to value an instrument may fall into multiple levels of the fair-value hierarchy. In such instances, the instrument’s level within the fair-value hierarchy is based on the lowest of the three levels (with Level III being the lowest) that is significant to the fair-value measurement. The Company’s assessment of the significance of an input requires judgment and considers factors specific to the instrument. Transfers of assets into or out of each fair value hierarchy level as a result of changes in the observability of the inputs used in measuring fair value are accounted for as of the beginning of the reporting period. Transfers resulting from a specific event, such as a reorganization or restructuring, are accounted for as of the date of the event that caused the transfer. In the absence of observable market prices, the Company values Level III investments inclusive of the Company’s investments in unconsolidated Oaktree funds using valuation methodologies applied on a consistent basis. The quarterly valuation process for Level III investments begins with each portfolio company, property or security being valued by the investment and/or valuation teams. With the exception of open-end funds, all unquoted Level III investment values are reviewed and approved by (i) the Company’s valuation officer, who is independent of the investment teams, (ii) a designated investment professional of each strategy and (iii) for a substantial majority of unquoted Level III holdings as measured by market value, a valuation committee of the respective strategy. For open-end funds, unquoted Level III investment values are reviewed and approved by the Company’s valuation officer. For certain investments, the valuation process also includes a review by independent valuation parties, at least annually, to determine whether the fair values determined by management are reasonable. Results of the valuation process are evaluated each quarter, including an assessment of whether the underlying calculations should be adjusted or recalibrated. In connection with this process, the Company periodically evaluates changes in fair-value measurements for reasonableness, considering items such as industry trends, general economic and market conditions, and factors specific to the investment. Certain assets are valued using prices obtained from pricing vendors or brokers. The Company seeks to obtain prices from at least two pricing vendors for the subject or similar securities. In cases where vendor pricing is not reflective of fair value, a secondary vendor is unavailable, or no vendor pricing is available, a comparison value made up of quotes for the subject or similar securities received from broker dealers may be used. These investments may be 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. The Company evaluates the prices obtained from brokers or pricing vendors based on available market information, including trading activity of the subject or similar securities, or by performing a comparable security analysis to ensure that fair values are reasonably estimated. The Company also performs back-testing of valuation information obtained from pricing vendors and brokers against actual prices received in transactions. In addition to ongoing monitoring and back-testing, the Company performs due diligence procedures surrounding pricing vendors to understand their methodology and controls to support their use in the valuation process. Fair Value Option The Company has elected the fair value option for the financial assets and financial liabilities of its consolidated CLOs. The assets and liabilities of CLOs are primarily reflected within the investments, at fair value and within the debt obligations of CLOs line items in the condensed consolidated statements of financial condition. The Company’s accounting for CLO assets is similar to its accounting for its funds with respect to both carrying investments held by CLOs at fair value and the valuation methods used to determine the fair value of those investments. The fair value of CLO liabilities are 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. Realized gains or losses and changes in the fair value of CLO assets, respectively, are included in net realized gain on consolidated funds’ investments and net change in unrealized appreciation (depreciation) on consolidated funds’ investments in the condensed consolidated statements of operations. Interest income of CLOs is included in interest and dividend income, and interest expense and other expenses, respectively, are included in interest expense and consolidated fund expenses in the condensed consolidated statements of operations. Changes in the fair value of a CLO’s financial liabilities in accordance with the CLO measurement guidance are included in net change in unrealized appreciation (depreciation) on consolidated funds’ investments in the condensed consolidated statements of operations. Please see notes 6 and 8 for more information. Subsequent to the 2022 Restructuring, the Company no longer consolidates the assets and liabilities of the CLOs as their direct ownership interests are held by OCM Cayman. Foreign Currency The assets and liabilities of the Company’s foreign subsidiaries with non-U.S. dollar functional currencies are translated at exchange rates prevailing at the end of each reporting period. The results of foreign operations are translated at the weighted average exchange rate for each reporting period. Translation adjustments are included in other comprehensive income (loss) within the consolidated statements of financial condition until realized. Gains and losses resulting from foreign-currency transactions are included in general and administrative expense. Subsequent to the 2022 Restructuring, the Company deconsolidated OCM Cayman which included the Company’s foreign subsidiaries with non-U.S. dollar functional currencies. Derivatives and Hedging A derivative is a financial instrument whose value is derived from an underlying financial instrument or index, such as interest rates, equity securities, currencies, commodities or credit spreads. Derivatives include futures, forwards, swaps or option contracts, and other financial instruments with similar characteristics. Derivative contracts often involve future commitments to exchange interest payment streams or currencies based on a notional or contractual amount (e.g., interest-rate swaps, foreign-currency forwards or cross-currency swaps). The Company enters into derivatives as part of its overall risk management strategy or to facilitate its investment management activities. The Company manages its exposure to interest rate and foreign exchange market risks, when deemed appropriate, through the use of derivatives, including foreign currency forward and option contracts, interest-rate and cross currency swaps with financial counterparties. Risks associated with fluctuations in interest rates and foreign-currency exchange rates in the normal course of business are addressed as part of the Company’s overall risk management strategy that may result in the use of derivatives to economically hedge or reduce these exposures. From time to time, the Company may enter into (a) foreign-currency option and forward contracts to reduce earnings and cash-flow volatility associated with changes in foreign-currency exchange rates, and (b) interest-rate swaps to manage all or a portion of the interest-rate risk associated with its variable-rate borrowings. As a result of the use of these or other derivative contracts, the Company is exposed to the risk that counterparties will fail to fulfill their contractual obligations. The Company attempts to mitigate this counterparty risk by entering into derivative contracts only with major financial institutions that have investment-grade credit ratings. Counterparty credit risk is evaluated in determining the fair value of derivatives. The Company recognizes all derivatives as assets or liabilities in its consolidated statements of financial condition at fair value. In connection with its derivative activities, the Company generally enters into agreements subject to enforceable master netting arrangements that allow the Company to offset derivative assets and liabilities in the same currency by specific derivative type or, in the event of default by the counterparty, to offset derivative assets and liabilities with the same counterparty. While these derivatives are eligible to be offset in accordance with applicable accounting guidance, the Company has elected to present derivative assets and liabilities based on gross fair value in its consolidated statements of financial condition. When the Company enters into a derivative contract, it may or may not elect to designate the derivative as a hedging instrument and apply hedge accounting as part of its overall risk management strategy. In other situations, when a derivative does not qualify for hedge accounting or when the derivative and the hedged item are both recorded in current-period earnings and thus deemed to be economic hedges, hedge accounting is not applied. Freestanding derivatives are financial instruments that we enter into as part of our overall risk management strategy but do not utilize hedge accounting. These financial instruments may include foreign-currency exchange contracts, interest-rate swaps and other derivative contracts. Leases The Company determines whether an arrangement contains a lease at inception. A lease is a contract that provides the right to control an identified asset for a period of time in exchange for consideration. For identified leases, the Company determines whether it should be classified as an operating or finance lease. Operating leases are recorded in the consolidated statements of financial condition as separate line items: right-of-use assets and operating lease liabilities. Right-of-use assets represent the Company’s right to use an underlying asset for the lease term and operating lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Right-of-use assets and operating lease liabilities are recognized at the commencement date of the lease and measured based on the present value of lease payments over the lease term. The right-of-use asset amount also includes deferred rent liabilities and lease incentives. The Company’s lease arrangements generally do not provide an implicit rate. As a result, in such situations the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The Company may also include options to extend or terminate the lease when it is reasonably certain that it will exercise that option in the measurement of its right-of-use assets and liabilities. Lease expense for operating leases is recognized on a straight-line basis over the lease term. The Company has lease agreements with lease and non-lease components, which are generally accounted for separately. Please see note 11 for more information. All of the Company’s lease contracts are obligations of OCM Cayman or its subsidiaries, and therefore, subsequent to the 2022 Restructuring, the Company no longer incurs lease associated costs and right-of-use assets and operating lease liabilities are no longer reflected on the statement of financial condition as of December 31, 2022. Cash and Cash-equivalents Cash and cash-equivalents include demand deposit accounts, money market funds and other short-term investments with maturities of three months or less at the date of acquisition. At December 31, 2022 and 2021, the Company had cash balances with financial institutions in excess of Federal Deposit Insurance Corporation insured limits. The Company monitors the credit standing of these financial institutions. U.S. Treasury and Other Securities U.S. Treasury and other securities include holdings of U.S. Treasury bills, notes and bonds, time deposit securities, commercial paper and investment grade debt securities, including sovereign debt, domestic and international corporate fixed and floating rate debt, structured credit and debt issued or guaranteed by U.S. government-sponsored entities with maturities greater than three months from the date of acquisition. These securities are classified as trading and are recorded at fair value with changes in fair value included in investment income. All of the Company’s U.S. Treasury and other securities were held at OCM Cayman. Subsequent to the 2022 Restructuring, investments in these securities are no longer reflected on the statement of financial condition as of December 31, 2022. Corporate Investments Corporate investments may consist of investments in funds, companies in which the Company does not have a controlling financial interest, equities received as part of our sponsorship of SPACs, and non-investment grade debt securities. Investments for which the Company is deemed to exert significant influence are accounted for under the equity method of accounting and reflect Oaktree’s ownership interest in each fund or company. In the case of investments for which the Company is not deemed to exert significant influence or control, the fair value option of accounting has been elected. Investment income represents the Company’s pro-rata share of income or loss from these funds or companies, or the change in fair value of the investment, as applicable. Oaktree’s general partnership interests are substantially illiquid. While investments in funds reflect each respective fund’s holdings at fair value, equity-method investments in companies are not adjusted to reflect the fair value of the underlying company. The fair value of the underlying investments in Oaktree funds is based on the Company’s assessment, which takes into account expected cash flows, earnings multiples and/or comparisons to similar market transactions, among other factors. Valuation adjustments reflecting consideration of credit quality, concentration risk, sales restrictions and other liquidity factors are integral to valuing these instruments. Non-investment grade debt securities include domestic and international corporate fixed and floating rating debt and structured credit investments. These securities are classified as trading and are recorded at fair value with changes in fair value included in investment income. Revenue Recognition The Company earns management fees and incentive income from the investment advisory services it provides to its customers. Revenue is recognized when control of the promised services is transferred to customers in an amount that reflects the consideration the Company expects to receive in exchange for those services. The Company typically enters into contracts with investment funds to provide investment management and administrative services. These services are generally capable of being distinct and each is accounted for as separate performance obligations comprised of distinct service periods because the services are performed over time. The Company determined that for accounting purposes, based on certain facts and circumstances specific to each investment fund structure, that either the investment fund or individual investors may be considered the customer with respect to commingled funds, while the individual investors are the customers with respect to separate account and fund-of-one vehicles. The Company receives management fees and/or incentive income with respect to its investment management services, and it is reimbursed by the funds for expenses incurred or paid on behalf of the funds with respect to its investment advisory services and its administrative services. The Company evaluates whether it is the principal (i.e., report as management fees on a gross basis) or agent (i.e., report as management fees on a net basis) with respect to each performance obligation and associated reimbursement arrangements. The Company has elected to apply the variable consideration exemption for its fee arrangements with its customers. Please see note 3 for more information on revenues. Management Fees Management fees are recognized over the period in which the investment management services are performed because customers simultaneously consume and receive benefits that are satisfied over time. The contractual terms of management fees generally vary by fund structure. For closed-end funds, the management fee rate is generally applied against committed capital, contributed capital, or cost basis during the fund’s investment period and the lesser of aggregate contributed capital or cost basis of assets in the liquidation period. For closed-end funds that pay management fees based on committed capital, Oaktree may elect to delay the start of the fund’s investment period and thus its full management fees, in which case it earns management fees based on contributed capital, until the Company elects to start the fund’s investment period. The Company’s right to receive management fees typically ends after 10 or 11 years from either the initial closing date or the start of the investment period, even if assets remain in the fund. In the case of CLOs, the management fee is based on the aggregate par value of collateral assets and principal cash, as defined in the applicable CLO indentures, and a portion of the management fees is dependent on the sufficiency of the particular vehicle’s cash flow. For open-end and evergreen funds, the management fee is generally based on the NAV of the fund. For the BDCs, the management fee is based on gross assets (including assets acquired with leverage), net of cash or net assets. In the case of certain open-end fund accounts, the Company has the potential to earn performance-based fees, typically in reference to a relevant benchmark index or hurdle rate, which are classified as management fees. The Company also earns quarterly incentive fees on the investment income from certain evergreen funds, such as the BDCs and other fund accounts, which are generally recurring in nature and reflected as management fees. The ultimate amount of management fees that will be earned over the life of the contract is subject to a large number and broad range of possible outcomes due to market volatility and other factors outside of Oaktree’s control. As a result, the amount of revenue earned in any given period is generally determined at the end of each reporting period and relates to services performed during that period. Included in this amount is a gross-up for reimbursable costs incurred on behalf of the Oaktree funds in which the Company has determined it is the principal within the principal and agent relationship of the related fund. Such reimbursable costs are presented in compensation and benefits and general and administrative expenses. The Company’s management fees consist primarily of fees earned from funds managed by OCM Cayman and sub-advisory fees for services provided to OCM. The Company’s revenue recognition for sub-advisory fees is substantially similar to revenue recognition for management fees. Subsequent to the 2022 Restructuring, the Company no longer earns management fees as a result of the deconsolidation of OCM Cayman. Incentive Income Incentive income generally represents 20% of each closed-end fund’s profits, subject to the return of contributed capital and a preferred return of typically 8% per annum, and up to 20% of certain evergreen fund’s annual profits, subject to high-water marks or hurdle rates. Incentive income is recognized when it is probable that a significant reversal will not occur. Revenue recognition is typically met (a) for closed-end funds, only after all contributed capital and the preferred return on that capital have been distributed to the fund’s investors, and (b) for certain evergreen funds, at the conclusion of each annual measurement period. Potential incentive income is highly susceptible to market volatility, the judgment and actions of third parties, and other factors outside of the Company’s control. The Company’s experience has demonstrated little predictive value in the amount of potential incentive income ultimately earned due to the highly uncertain nature of returns inherent in the markets and contingencies associated with many realization events. As a result, the amount of incentive income recognized in any given period is generally determined after giving consideration to a number of factors, including whether the fund is in its investment or liquidation period, and the nature and level of risk associated with changes in fair value of the remaining assets in the fund. In general, it would be unlikely that any amount of potential incentive income would be recognized until (a) the uncertainty is resolved or (b) the fund is near final liquidation, assets are under contract for sale or are at low risk of significant fluctuation in fair value, and the assets are significantly in excess of the threshold at which incentive income would be earned. Incentives received by the Company before the revenue recognition criteria have been met are deferred and recorded as a deferred incentive income liability within accounts payable, accrued expenses and other liabilities in the consolidated statements of financial condition. The Company may receive tax distributions related to taxable income allocated by funds, which are treated as an advance of incentive income and subject to the same recognition criteria. Tax distributions are contractually not subject to clawback. The Company may earn incentive income upon deconsolidation of a SPAC arising from the completion of a merger with an identified target. Upon deconsolidation, the Company will derecognize the net assets of the entity and record any gain or loss related to the remeasurement of its investments to fair value as incentive income in its consolidated statements of operations. Subsequent fair value changes in the Company’s investments held in the entity will be recorded in investment income in its consolidated statements of operations. For the year ended December 31, 2022, the Company recorded $52.6 million of incentive income primarily related to the deconsolidation of a SPAC. Total Compensation and Benefits Compensation and Benefits Compensation and benefits expense reflects all compensation-related items not directly related to incentive income, investment income or equity-based compensation, and includes salaries, bonuses, compensation based on management fees or a definition of profits, employee benefits, payroll taxes, phantom equity awards, and long-term incentive plan. Bonuses are generally accrued over the related service period. Phantom equity awards represent liability-classified awards subject to vesting and remeasurement at the end of each reporting period. The remeasurement is based on changes in the value of Converted OCGH Units or other OCGH units, as applicable. Subsequent to the 2022 Restructuring, the Company no longer incurs compensation and benefits expense due to the deconsolidation of OCM Cayman. Equity-based Compensation Equity-based compensation expense reflects the non-cash charge associated with grants of Converted OCGH units, OEP units, deferred equity units and other performance-based units. Equity-based awards that do not require future service (i.e., awards vested at grant) are expensed immediately. Equity-based awards that require future service are expensed on a straight-line basis over the requisite service period. Cash-settled equity-based awards are classified as liabilities and are remeasured at the end of each reporting period. With respect to forfeitures, the Company made an accounting policy election to account for forfeitures when they occur. Accordingly, no forfeitures have been assumed in the calculation of compensation expense. Subsequent to the 2022 Restructuring, the Company no longer incurs equity-based compensation expense due to the deconsolidation of OCM Cayman. Incentive Income Compensation Incentive income compensation expense primarily reflects compensation directly related to incentive income, which generally consists of percentage interests (sometimes referred to as “points” or an allocation of shares received upon the completion of a successful SPAC merger) that the Company grants to its investment professionals associated with the particular fund or SPAC that generated the incentive income, and secondarily, compensation directly related to investment income. The Company has an obligation to pay a fixed percentage of the incentive income earned from a particular fund or SPAC, including income from consolidated funds that is eliminated in consolidation, to specified investment professionals responsible for the management of the fund or SPAC. Amounts payable pursuant to these arrangements are recorded as compensation expense when they have become probable and reasonably estimable. The Company’s determination of the point at which it becomes probable and reasonably estimable that incentive income compensation expense should be recorded is based on its assessment of numerous factors, particularly those related to the profitability, realizations, distribution status, investment profile and commitments or contingencies of the individual funds that may give rise to incentive income or the completion of a merger by an Oaktree sponsored SPAC. Incentive income compensation is generally expensed in the period in which the underlying income is recognized. Payment of incentive income compensation generally occurs in the same period the related income is received or in the next period. Participation in incentive income generated by the funds or SPACs is subject to forfeiture upon departure and to vesting provisions (generally over a period of five years), in each case, under certain circumstances set forth in the applicable governing documents. These provisions are generally only applicable to incentive income compensation that has not yet been recognized as an expense by the Company or paid to the participant. Depreciation and Amortization Depreciation and amortization expense includes costs associated with the purchase of furniture and equipment, capitalized software and office leasehold improvements. Furniture and equipment and capitalized software are depreciated using the straight-line method over the estimated useful life of the asset, generally three to five years beginning in the first full month after the asset is placed in service. Leasehold improvements are amortized using the straight-line method over the shorter of the respective estimated useful life or the lease term. In connection with the 2022 Restructuring, the Company deconsolidated OCM Cayman which held furniture and equipment, capitalized software and office leasehold improvements and therefore, these assets are no longer reflected on the statement of financial condition as of December 31, 2022. Other Income (Expense), Net Other income (expense), net represents non-operating income or expense items. Income Taxes The Company is a publicly traded partnership. Because it satisfies the qualifying income test, it is not required to be treated as a corporation for U.S. federal and state income tax purposes; rather it is taxed as a partnership. As a result of the 2019 Restructuring, the Company held interests in Oaktree Capital I (a non-corporate entity that is not subject to U.S. federal corporate income tax) and OCM Cayman (which holds subsidiaries that are taxable in non-U.S. jurisdictions). Subsequent to the 2022 Restructuring, however, the Company no longer includes OCM Cayman as a part of its balance sheet consolidation. All tax balances related to OCM Cayman were therefore deconsolidated as of the Effective Date of the 2022 Restructuring. Income taxes are accounted for using the liability method of accounting. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of differences between the carrying amount of assets and liabilities and their respective tax bases, using currently enacted tax rates. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period when the change is enacted. Deferred tax assets would be reduced by a valuation allowance if it becomes more likely than not that some portion or all of the deferred tax assets will not be realized. The Company analyzes its tax filing positions for all open tax years in all of the U.S. federal, state, local and foreign tax jurisdictions where it is required to file income tax returns. If the Company determines that uncertainties in tax positions exist, a reserve is established. The Company recognizes accrued interest and penalties related to uncertain tax positions within income tax expense in the consolidated statements of operations. Tax laws are complex and subject to different interpretations by the taxpayer and respective governmental taxing authorities. Significant judgment is required in determining tax expense and in evaluating tax positions, including evaluating uncertainties. The Company reviews its tax positions quarterly and adjusts its tax balances as new information becomes available. The Oaktree funds are generally not subject to U.S. federal and state income taxes and, consequently, no income tax provision has been made in the accompanying consolidated financial statements because individual partners are responsible for their proportionate share of the taxable income. Comprehensive Income (Loss) Comprehensive income (loss) consists of net income (loss) and other gains and losses affecting unitholders’ capital that are excluded from net income (loss). Prior to the 2022 Restructuring, other gains and losses result from foreign-currency translation adjustments, net of tax. Such adjustments are no longer incurred subsequent to the 2022 Restructuring. Accounting Policies of Consolidated Funds Investment Transactions and Income Recognition The consolidated funds record investment transactions at cost on trade date for publicly-traded securities or when they have an enforceable right to acquire the security, which is generally on the closing date if not publicly traded. Realized gains and losses on investments are recorded on a specific-identification basis. The consolidated funds record dividend income on the ex-dividend date and interest income on an accrual basis, unless the related investment is in default or if collection of the income is otherwise considered doubtful. The consolidated funds may hold investments that provide for interest payable in-kind rather than in cash, in which case the related income is recorded at its estimated net realizable amount. Income Taxes The consolidated funds may invest in operating entities that are treated as partnerships for U.S. federal income tax purposes which may give rise to unrelated business taxable income or income effectively connected with a U.S. trade or business. In such situations, the consolidated funds permit certain investors to elect to participate in these investments through a “blocker structure” using entities that are treated as corporations for U.S. federal income tax purposes and are generally subject to U.S. federal, state and local taxes. The consolidated funds withhold blocker expenses and tax payments from electing limited partners, which are treated as deemed distributions to such limited partners pursuant to the terms of the respective limited partnership agreement. Foreign Currency Investments denominated in non-U.S. currencies are recorded in the consolidated financial statements after translation into U.S. dollars utilizing rates of exchange on the last business day of the period. Interest and dividend income is recorded net of foreign withholding taxes and calculated using the exchange rate in effect when the income is recognized. The effect of changes in exchange rates on assets and liabilities, income, and realized gains or losses is included as part of net realized gain (loss) on consolidated funds’ investments and net change in unrealized appreciation (depreciation) on consolidated funds’ investments in the consolidated statements of operations. Cash and Cash-equivalents Cash and cash-equivalents held at the consolidated funds represent cash that, although not legally restricted, is not available to support the general liquidity needs of the Company as the use of such amounts is generally limited to the investment activities of the consolidated funds. Cash-equivalents, a Level I valuation, include highly liquid investments such as money market funds, whose carrying value approximates fair value due to its short-term nature. Receivable for Investments Sold Receivables for investments sold by the consolidated funds are recorded at net realizable value. Changes in net realizable value are reflected within net change in unrealized appreciation (depreciation) on consolidated funds’ investments and realizations are reflected within net realized gain on consolidated funds’ investments in the consolidated statements of operations. Investments, at Fair Value The consolidated funds include investment limited partnerships and CLOs that reflect their investments, including majority-owned and controlled investments, at fair value. The Company has retained the specialized investment company accounting guidance for investment limited partnerships with respect to consolidated investments and has elected the fair value option for the financial assets of CLOs. Thus, the consolidated investments are reflected in the consolidated statements of financial condition at fair value, with unrealized gains and losses resulting from changes in fair value reflected as a component of net change in unrealized appreciation (depreciation) on consolidated funds’ investments in the consolidated statements of operations. Fair value is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). As a result of the 2022 Restructuring, the Company no longer directly controls OCM Cayman and therefore OCM Cayman was deconsolidated as of the Effective Date. Additionally, the Company concluded that it was no longer the primary beneficiary for CLOs as their direct ownership interests are held by OCM Cayman. Non-publicly traded debt and equity securities and other securities or instruments for which reliable market quotations are not available are valued by management using valuation methodologies applied on a consistent basis. These securities may initially be valued at the acquisition price as the best indicator of fair value. The Company reviews the significant unobservable inputs, valuations of comparable investments and other similar transactions for investments valued at acquisition price to determine whether another valuation methodology should be utilized. Subsequent valuations will depend on the facts and circumstances known as of the valuation date and the application of valuation methodologies as further described below under “—Non-publicly Traded Equity and Real Estate Investments.” The fair value may also be based on a pending transaction expected to close after the valuation date. Exchange-traded Investments Securities listed on one or more national securities exchanges are valued at their last reported sales price on the date of valuation. If no sale occurred on the valuation date, the security is valued at the mean of the last “bid” and “ask” prices on the valuation date. Securities that are not readily marketable due to legal restrictions that may limit or restrict transferability are generally valued at a discount from quoted market prices. The discount would reflect the amount market participants would require due to the risk relating to the inability to access a public market for the security for the specified period and would vary depending on the nature and duration of the restriction and the perceived risk and volatility of the underlying securities. Securities with longer duration restrictions or higher volatility are generally valued at a higher discount. Such discounts are generally estimated based on put option models or an analysis of market studies. Instances where the Company has applied discounts to quoted prices of restricted listed securities have been infrequent. The impact of such discounts is not material to the Company’s consolidated statements of financial condition and results of operations for all periods presented. Credit-oriented Investments (including Real Estate Loan Portfolios) Investments in corporate and government debt which are not listed or admitted to trading on any securities exchange are valued at the mean of the last bid and ask prices on the valuation date based on quotations supplied by recognized quotation services or by reputable broker-dealers. The market-yield approach is considered in the valuation of non-publicly traded debt securities, utilizing expected future cash flows and discounted using estimated current market rates. Discounted cash-flow calculations may be adjusted to reflect current market conditions and/or the perceived credit risk of the borrower. Consideration is also given to a borrower’s ability to meet principal and interest obligations; this may include an evaluation of collateral and/or the underlying value of the borrower utilizing techniques described below under “—Non-publicly Traded Equity and Real Estate Investments.” Non-publicly Traded Equity and Real Estate Investments The fair value of equity and real estate investments is determined using a cost, market or income approach. The cost approach is based on the current cost of reproducing a real estate investment less deterioration and functional and economic obsolescence. The market approach utilizes valuations of comparable public companies and transactions, and generally seeks to establish the enterprise value of the portfolio company or investment property using a market-multiple methodology. This approach takes into account the financial measure (such as EBITDA, adjusted EBITDA, free cash flow, net operating income, net income, book value or net asset value) believed to be most relevant for the given company or investment property. Consideration also may be given to factors such as acquisition price of the security or investment property, historical and projected operational and financial results for the portfolio company, the strengths and weaknesses of the portfolio company or investment property relative to its comparable companies or properties, industry trends, general economic and market conditions, and others deemed relevant. The income approach is typically a discounted cash-flow method that incorporates expected timing and level of cash flows. It incorporates assumptions in determining growth rates, income and expense projections, discount and capitalization rates, capital structure, terminal values, and other factors. The applicability and weight assigned to market and income approaches are determined based on the availability of reliable projections and comparable companies and transactions. The valuation of securities may be impacted by expectations of investors’ receptiveness to a public offering of the securities, the size of the holding of the securities and any associated control, information with respect to transactions or offers for the securities (including the transaction pursuant to which the investment was made and the elapsed time from the date of the investment to the valuation date), and applicable restrictions on the transferability of the securities. These valuation methodologies involve a significant degree of management judgment. Accordingly, valuations by the Company do not necessarily represent the amounts that eventually may be realized from sales or other dispositions of investments. Fair values may differ from the values that would have been used had a ready market for the investment existed, and the differences could be material to the consolidated financial statements. Securities Sold Short Securities sold short represent obligations of the consolidated funds to make a future delivery of a specific security and, correspondingly, create an obligation to purchase the security at prevailing market prices (or deliver the security, if owned by the consolidated funds) as of the delivery date. As a result, these short sales create the risk that the funds’ obligations to satisfy the delivery requirement may exceed the amount recorded in the accompanying consolidated statements of financial condition. Securities sold short are recorded at fair value, with the resulting change in value reflected as a component of net change in unrealized appreciation (depreciation) on consolidated funds’ investments in the consolidated statements of operations. When the securities are delivered, any gain or loss is included in net realized gain on consolidated funds’ investments. The funds maintain cash deposits with prime brokers in order to cover their obligations on short sales. These amounts are included in due from brokers in the consolidated statements of financial condition. Options The purchase price of a call option or a put option is recorded as an investment, which is carried at fair value. If a purchased option expires, a loss in the amount of the cost of the option is realized. When there is a closing sale transaction, a gain or loss is realized if the proceeds are greater or less than, respectively, the cost of the option. When a call option is exercised, the cost of the security purchased upon exercise is increased by the premium originally paid. When a consolidated fund writes an option, the premium received is recorded as a liability and is subsequently adjusted to the current fair value of the option written. If a written option expires, a gain is realized in the amount of the premium received. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain or loss. The writer of an option bears the market risk of an unfavorable change in the price of the security underlying the written option. Options written are included in accounts payable, accrued expenses and other liabilities in the consolidated statements of financial condition. Total-return Swaps A total-return swap is an agreement to exchange cash flows based on an underlying asset. Pursuant to these agreements, a fund may deposit collateral with the counterparty and may pay a swap fee equal to a fixed percentage of the value of the underlying security (notional amount). A fund earns interest on cash collateral held on account with the counterparty and may be required to deposit additional collateral equal to the unrealized appreciation or depreciation on the underlying asset. Changes in the value of the swaps, which are recorded as unrealized gains or losses, are based on changes in the underlying value of the security. All amounts exchanged with the swap counterparty representing capital appreciation or depreciation, dividend income and expense, items of interest income on short proceeds, borrowing costs on short sales, and commissions are recorded as realized gains or losses. Dividend income and expense on the underlying assets are accrued as unrealized gains or losses on the ex-date. Due From Brokers Due from brokers represents cash owned by the consolidated funds and cash collateral on deposit with brokers and counterparties that are used as collateral for the consolidated funds’ securities and swaps. Risks and Uncertainties Certain consolidated funds invest primarily in the securities of entities that are undergoing, or are considered likely to undergo, reorganization, debt restructuring, liquidation or other extraordinary transactions. Investments in such entities are considered speculative and involve substantial risk of principal loss. Certain of the consolidated funds’ investments may also consist of securities that are thinly traded, securities and other assets for which no market exists, and securities which are restricted as to their transferability. Additionally, investments are subject to concentration and industry risks, reflecting numerous factors, including political, regulatory or economic issues that could cause the investments and their markets to be relatively illiquid and their prices relatively volatile. Investments denominated in non-U.S. currencies or involving non-U.S. domiciled entities are subject to risks and special considerations not typically associated with U.S. investments. Such risks may include, but are not limited to, investment and repatriation restrictions; currency exchange-rate fluctuations; adverse political, social and economic developments; less liquidity; smaller capital markets; and certain local tax law considerations. Credit risk is the potential loss that may be incurred from the failure of a counterparty or an issuer to make payments according to the terms of a contract. Some consolidated funds are subject to additional credit risk due to strategies of investing in debt of financially distressed issuers or derivatives, as well as involvement in privately-negotiated structured notes and structured-credit transactions. Counterparties include custodian banks, major brokerage houses and their affiliates. The Company monitors the creditworthiness of the financial institutions with which it conducts business. Bank debt has exposure to certain types of risk, including interest rate, market, and the potential non-payment of principal and interest as a result of default or bankruptcy of the issuer. Loans are generally subject to prepayment risk, which will affect the maturity of such loans. The consolidated funds may enter into bank debt participation agreements through contractual relationships with a third-party intermediary, causing the consolidated funds to assume the credit risk of both the borrower and the intermediary. Certain consolidated funds may invest in real property and real estate-related investments, including commercial mortgage-backed securities (“CMBS”) and real estate loans, that entail substantial inherent risks. There can be no assurance that such investments will increase in value or that significant losses will not be incurred. CMBS are subject to a number of risks, including credit, interest rate, prepayment and market. These risks can be affected by a number of factors, including general economic conditions, particularly those in the area where the related mortgaged properties are located, the level of the borrowers’ equity in the mortgaged properties, and the relative timing and rate of delinquencies and prepayments of mortgage loans bearing a higher rate of interest. Real estate loans include residential or commercial loans that are non-performing at the time of their acquisition or that become non-performing following their acquisition. Non-performing real estate loans may require a substantial amount of workout negotiations or restructuring, which may entail, among other things, a substantial reduction in the interest rate and/or write-down of the principal balance. Moreover, foreclosure on collateral securing one or more real estate loans held by the consolidated funds may be necessary, which may be lengthy and expensive. Residential loans are typically subject to risks associated with the value of the underlying properties, which may be affected by a number of factors including general economic conditions, mortgage qualification standards, local market conditions such as employment levels, the supply of homes, and the safety, convenience and attractiveness of the properties and neighborhoods. Commercial loans are typically subject to risks associated with the ability of the borrower to repay, which may be impacted by general economic conditions, as well as borrower-specific factors including the quality of management, the ability to generate sufficient income to make scheduled principal and interest payments, or the ability to obtain alternative financing to repay the loan. Certain consolidated funds hold over-the-counter derivatives that may allow counterparties to terminate derivative contracts prior to maturity under certain circumstances, thereby resulting in an accelerated payment of any net liability owed to the counterparty. Recent Accounting Developments In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The amendments in this update clarify the guidance in Topic 820 when measuring the fair value of an equity security subject to contractual sale restrictions and introduce new disclosure requirements related to such equity securities. The amendments are effective for fiscal years beginning after December 15, 2023, with early adoption permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial statements. In March 2020, the Financial Accounting Standards Board (“FASB”) issued guidance which provides temporary optional expedients and exceptions to the U.S. GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens of the expected market transition from LIBOR and other interbank offered rates to alternative reference rates. The guidance is effective upon issuance and generally may be elected over time through December 31, 2024. The Company has not adopted any of the optional expedients or exceptions through December 31, 2022, but will continue to evaluate the possible adoption (including potential impact) of any such expedients or exceptions during the effective period as circumstances evolve.

REVENUES

12 Months Ended

Dec. 31, 2022

Revenue from Contract with Customer [Abstract]

REVENUES

The Company provides investment management services to funds and separate accounts. The Company earns revenues from the management fees and incentive income generated by the funds that it manages. Additionally, for acting as a sub-investment manager, or sub-advisor, to certain Oaktree funds, the Company earns sub-advisory fees. Under certain subsidiary services agreements the Company provides certain investment and marketing related services to Oaktree affiliated entities. As a result of the 2022 Restructuring, management fees and sub-advisory fees are no longer earned by the Company due to the deconsolidation of OCM Cayman. Revenues are affected by economic factors related to the asset class composition of the holdings and the contractual terms such as the basis for calculating the management fees and investors’ ability to redeem. Revenues by fund structure and sub-advisory fees are set forth below.


	Year Ended December 31,
	2022		2021		2020
Management Fees
Closed-end	$	7,947	$	4,572	$	1,982
Open-end	4,254		6,124		9,262

Sub-advisory fees	211,940		224,090		174,483
Total	$	224,141	$	234,786	$	185,727

Incentive Income
Closed-end	$	261,226	$	1,156,472	$	218,660
Evergreen	7,226		63,152		24,677
Total	$	268,452	$	1,219,624	$	243,337

Contract Balances

Prior to the 2022 Restructuring, the Company received management fees monthly or quarterly in accordance with its contracts with customers. Incentive income is received generally after all contributed capital and the preferred return on that capital have been distributed to the fund’s investors. Contract assets relate to the Company’s conditional right to receive payment for its performance completed under the contract. Receivables are recorded when the right to consideration becomes unconditional (i.e., only requires the passage of time). Contract liabilities (i.e., deferred revenues) relate to payments received in advance of performance under the contract. Contract liabilities are recognized as revenues when the Company provides investment management services.

The table below sets forth contract balances for the periods indicated:


	As of December 31,
	2022		2021

Receivables	$	8,471	$	138,435
Contract assets (1)	194,707		151,360

(1) The changes in the balances primarily relate to accruals, net of payments received.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI https://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

VARIABLE INTEREST ENTITIES

12 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIESThe Company consolidates VIEs for which it is the primary beneficiary. VIEs include funds managed by Oaktree and CLOs for which Oaktree acts as collateral manager. The purpose of these VIEs is to provide investment opportunities for investors in exchange for management fees and, in certain cases, performance-based fees. While the investment strategies of the funds and CLOs differ by product, in general the fundamental risks of the funds and CLOs have similar characteristics, including loss of invested capital and reduction or absence of management and performance-based fees. As general partner or collateral manager, respectively, Oaktree generally considers itself the sponsor of the applicable fund or CLO. The Company does not provide performance guarantees and, other than capital commitments, has no financial obligation to provide funding to VIEs.

As a result of the 2022 Restructuring, which constitutes a reconsideration event, the Company re-assessed the primary beneficiary determination and concluded that it was no longer the primary beneficiary for CLOs as their direct ownership interests are held by operating group entities no longer controlled directly by the Company.

Consolidated VIEs

As of December 31, 2022, the Company consolidated 9 VIEs that are funds managed by Oaktree for which it was the primary beneficiary. As of December 31, 2021, the Company consolidated 25 VIEs.

As of December 31, 2022, the assets and liabilities of the 9 consolidated VIEs representing funds amounted to $4.2 billion and $1.2 billion. The assets of these consolidated VIEs primarily consisted of investments in debt and equity securities. The assets of these VIEs may be used only to settle obligations of the same VIE. In addition, there is no recourse to the Company for the VIEs’ liabilities. As of December 31, 2022, the Company’s investments in consolidated VIEs had a carrying value of $823.8 million, which represented its maximum risk of loss as of that date.

In exchange for managing either the funds’ or CLOs’ collateral, OCM Cayman typically earns management fees and may earn performance fees, all of which are eliminated in consolidation. Subsequent to the 2022 Restructuring, the Company no longer earns management fees or performance fees. The Company’s investments in CLOs are generally subordinated to other interests in the CLOs and entitle the Company to receive a pro-rata portion of the residual cash flows, if any, from the CLOs. Subsequent to the 2022 Restructuring, OCM Cayman’s investments in CLOs are no longer consolidated by the Company.

Unconsolidated VIEs

The Company holds variable interests in certain VIEs in the form of direct equity interests that are not consolidated because it is not the primary beneficiary, inasmuch as its fee arrangements are considered at-market and it does not hold interests in those entities that are considered more than insignificant.

The carrying value of the Company’s investments in VIEs that were not consolidated are shown below.


	As of December 31,
	2022		2021

Corporate investments	$	976,569	$	895,116
Due from affiliates	200,498		188,237
Maximum exposure to loss	$	1,177,067	$	1,083,353

INVESTMENTS

12 Months Ended

Dec. 31, 2022

Investments [Abstract]

INVESTMENTS

Corporate Investments

Corporate investments consisted of the following:


	As of December 31,
Corporate Investments	2022		2021
Equity-method investments:
Funds	$	1,082,069	$	915,185
Companies	1,276		36,225
Other investments, at fair value	108,159		71,154
Total corporate investments	$	1,191,504	$	1,022,564

The components of investment income are set forth below:


	Year Ended December 31,
Investment Income (Loss)	2022		2021		2020
Equity-method investments:
Funds	$	54,345	$	203,142	$	117,866
Companies	(10,305)		9,086		1,008
Other investments, at fair value	7,225		(9,187)		(15,046)
Total investment income	$	51,265	$	203,041	$	103,828

Equity-method Investments

The Company’s equity-method investments include its investments in Oaktree funds for which it serves as general partner, and other third-party funds and companies that are not consolidated, but for which the Company is deemed to exert significant influence. The Company’s share of income or loss generated by these investments is recorded within investment income in the consolidated statements of operations. The Company’s equity-method investments in Oaktree funds principally reflect the Company’s general partner interests in those funds, which typically does not exceed 2.5% in each fund. The Oaktree funds are investment companies that follow a specialized basis of accounting established by GAAP.

Each reporting period, the Company evaluates each of its equity-method investments to determine if any are considered significant, as defined by the SEC. As of December 31, 2022 and 2021, or for the years ended December 31, 2022, 2021 and 2020, no individual equity-method investment met the significance criteria.

Summarized financial information of the Company’s equity-method investments is set forth below:


	As of December 31,
Statements of Financial Condition	2022		2021
Assets:
Cash and cash-equivalents	$	3,056,609	$	4,116,251
Investments, at fair value	59,861,879		52,629,756
Other assets	1,555,704		1,216,301
Total assets	$	64,474,192	$	57,962,308
Liabilities and Capital:
Debt obligations	$	3,165,317	$	3,477,050
Other liabilities	8,565,763		8,112,941
Total liabilities	11,731,080		11,589,991
Total capital	52,743,112		46,372,317
Total liabilities and capital	$	64,474,192	$	57,962,308


	Year Ended December 31,
	2022		2021		2020
Statements of Operations
Revenues / investment income	$	3,460,281	$	1,932,884	$	5,061,676
Interest expense	(378,567)		(184,829)		(341,823)
Other expenses	(905,289)		(795,570)		(1,607,354)
Net realized and unrealized gain on investments	2,612,383		10,242,513		7,202,148
Net income	$	4,788,808	$	11,194,998	$	10,314,647

Other Investments, at Fair Value

Other investments, at fair value primarily consist of: (a) equities received as part of our sponsorship of SPACs, (b) investments in certain Oaktree and non-Oaktree funds, (c) non-investment grade debt securities, and (d) derivatives utilized to hedge the Company’s exposure to investment income earned from its funds.

The following table summarizes net gains (losses) attributable to the Company’s other investments:


	Year Ended December 31,
	2022		2021		2020

Realized gain	$	4,072	$	9,306	$	8,946
Net change in unrealized gain (loss)	3,153		(18,493)		(23,992)
Total gain (loss)	$	7,225	$	(9,187)	$	(15,046)

Investments of Consolidated Funds

Investments, at Fair Value

Investments held and securities sold short by the consolidated funds are summarized below:


	Fair Value as of December 31,				Fair Value as a Percentage of Investments of Consolidated Funds as of December 31,
Investments	2022		2021		2022		2021
United States:
Debt securities:
Communication services	$	100,995	$	635,930	2.6	%	5.6	%
Consumer discretionary	127,170		665,405		3.3		5.8
Consumer staples	23,542		190,391		0.6		1.7
Energy	79,573		354,585		2.0		3.1
Financials	217,878		463,412		5.6		4.0

Health care	111,005		459,713		2.8		4.0
Industrials	206,479		891,850		5.3		7.8
Information technology	136,714		685,959		3.5		6.0
Materials	118,578		436,434		3.0		3.8
Real estate	182,643		202,131		4.7		1.8
Utilities	11,850		305,220		0.3		2.7
Other	1,890		10,683		0.0		0.1
Total debt securities (cost: $1,437,262 and $5,303,858 as of December 31, 2022 and 2021, respectively)	1,318,317		5,301,713		33.7		46.3
Equity securities:
Communication services	64,621		54,635		1.7		0.5
Consumer discretionary	133,104		126,978		3.4		1.1
Energy	482,984		369,912		12.4		3.2
Financials	181,980		151,501		4.7		1.3
Health care	26,191		33,475		0.7		0.3
Industrials	308,514		246,856		7.9		2.2
Information technology	14,107		—		0.4		—
Materials	899		82,273		0.0		0.7
Utilities	98,335		81,989		2.5		0.7
Total equity securities (cost: $1,000,922 and $1,086,667 as of December 31, 2022 and 2021, respectively)	1,310,735		1,147,619		33.5		10.0
Real estate:
Real estate	1,796		—		—		—
Total real estate securities (cost: $1,797 and $0 as of December 31, 2022 and 2021, respectively)	1,796		—		—		—


	Fair Value as of December 31,				Fair Value as a Percentage of Investments of Consolidated Funds as of December 31,
Investments	2022		2021		2022		2021
Europe:
Debt securities:
Communication services	$	103,068	$	756,728	2.7	%	6.6	%
Consumer discretionary	13,997		915,535		0.4		8.0
Consumer staples	8,024		206,590		0.2		1.8
Energy	1,097		1,251		0.0		0.0
Financials	35,091		98,126		0.9		0.9
Health care	8,178		751,936		0.2		6.6
Industrials	12,384		656,033		0.3		5.7
Information technology	4,583		383,041		0.1		3.3
Materials	10,920		466,181		0.3		4.1
Real estate	12,888		34,116		0.3		0.3
Utilities	5,102		1,777		0.1		0.0
Other	2,484		15,049		0.1		0.1
Total debt securities (cost: $230,090 and $4,289,708 as of December 31, 2022 and 2021, respectively)	217,816		4,286,363		5.6		37.4
Equity securities:
Consumer discretionary	130,868		102,919		3.3		0.9


Financials	31,701		19,987		0.8		0.2
Health care	9		—		0.0		—
Industrials	53,790		27,475		1.4		0.2
Materials	24,282		—		0.6		—
Real estate	25,622		—		0.7	%	—
Total equity securities (cost: $241,129 and $119,114 as of December 31, 2022 and 2021, respectively)	266,272		150,381		6.8		1.3
Real estate:
Real estate	72,675		33,834		1.9		0.3
Total real estate securities (cost: $69,100 and $34,927 as of December 31, 2022 and 2021, respectively)	72,675		33,834		1.9		0.3
Asia and other:
Debt securities:
Communication services	5,419		6,087		0.1		0.1
Consumer discretionary	5,641		71,082		0.2		0.6
Consumer staples	19,125		13,378		0.5		0.1
Energy	9,163		24,325		0.2		0.2
Financials	8,344		14,739		0.2		0.1

Health care	2,837		4,084		0.1		0.0
Industrials	3,754		7,084		0.1		0.1
Information technology	695		714		0.0		0.0
Materials	113,784		121,151		2.9		1.1
Real estate	328,343		131,155		8.4		1.1
Utilities	5,602		3,743		0.2		0.0
Other	59,998		9,482		1.5		0.1
Total debt securities (cost: $581,467 and $417,825 as of December 31, 2022 and 2021, respectively)	562,705		407,024		14.4		3.6


	Fair Value as of December 31,				Fair Value as a Percentage of Investments of Consolidated Funds as of December 31,
Investments	2022		2021		2022		2021
Asia and other:
Equity securities:

Consumer discretionary	$	—	$	1,057	—	%	0.0	%

Energy	7,581		8,332		0.2		0.1

Industrials	113,270		81,782		2.9		0.7


Real estate	32,916		38,614		0.8		0.3
Utilities	4,530		176		0.1		0.0
Total equity securities (cost: $722,128 and $120,308 as of December 31, 2022 and 2021, respectively)	158,297		129,961		4.0		1.1

Total debt securities	2,098,838		9,995,100		53.7		87.2
Total equity securities	1,735,304		1,427,961		44.4		12.5
Total real estate	74,471		33,834		1.9		0.3
Total investments, at fair value	$	3,908,613	$	11,456,895	100.0	%	100.0	%

As of December 31, 2022 and 2021, no single issuer or investment had a fair value that exceeded 5% of Oaktree’s total consolidated net assets.

Net Gains (Losses) From Investment Activities of Consolidated Funds

Net gains (losses) from investment activities in the consolidated statements of operations consist primarily of realized and unrealized gains and losses on the consolidated funds’ investments (including foreign exchange gains and losses attributable to foreign-denominated investments and related activities) and other financial instruments. Unrealized gains or losses result from changes in the fair value of these investments and other financial instruments. Upon disposition of an investment, unrealized gains or losses are reversed and an offsetting realized gain or loss is recognized in the current period.

The following table summarizes net gains (losses) from investment activities:


	Year Ended December 31,
	2022				2021				2020
	Net Realized Gain (Loss) on Investments		Net Change in Unrealized Appreciation (Depreciation) on Investments		Net Realized Gain (Loss) on Investments		Net Change in Unrealized Appreciation (Depreciation) on Investments		Net Realized Gain (Loss) on Investments		Net Change in Unrealized Appreciation (Depreciation) on Investments
Investments and other financial instruments	$	4,103	$	99,199	$	25,599	$	135,306	$	(8,926)	$	(137,882)
CLO liabilities (1)	(30,033)		(99,550)		(6,951)		(14,370)		(85,592)		(21,971)
Foreign-currency forward contracts (2)	43,145		(10,777)		6,232		4,477		(11,184)		(23,813)
Total-return and interest-rate swaps (2)	975		284		(92)		(57)		(148)		(69)
Options and futures (2)	13,322		(223)		(2,550)		(3,697)		(107)		(112)
Commodity swaps (2)	(44,626)		(3,956)		—		—		—		—
Warrants (2)	—		—		—		858		—		—
Total	$	(13,114)	$	(15,023)	$	22,238	$	122,517	$	(105,957)	$	(183,847)

(1) Represents the net change in the fair value of CLO liabilities based on the more observable fair value of CLO assets, as measured under the CLO measurement guidance. Please see note 2 for more information. Subsequent to the 2022 Restructuring, the assets and liabilities of the CLOs are no longer consolidated by the Company.

(2) Please see note 7 for additional information.

FAIR VALUE

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

FAIR VALUE

Fair Value of Financial Assets and Liabilities

The short-term nature of cash and cash-equivalents, receivables and accounts payable causes each of their carrying values to approximate fair value. The fair value of short-term investments included in cash and cash-equivalents is a Level I valuation. The Company’s other financial assets and financial liabilities by fair-value hierarchy level are set forth below. Please see notes 10 and 18 for the fair value of the Company’s outstanding debt obligations and amounts due from/to affiliates, respectively.


	As of December 31, 2022								As of December 31, 2021
	Level I		Level II		Level III		Total		Level I		Level II		Level III		Total
Assets
U.S. Treasury and other securities (1)	$	—	$	—	$	—	$	—	$	2,086	$	—	$	—	$	2,086
Corporate investments	109,078		1,172		8,470		118,720		62,124		7,316		1,714		71,154
Foreign-currency forward contracts included in corporate investments	—		1,279		—		1,279		—		6,414		—		6,414
Foreign-currency forward contracts included in other assets	—		12,061		—		12,061		—		4,799		—		4,799

Total assets	$	109,078	$	14,512	$	8,470	$	132,060	$	64,210	$	18,529	$	1,714	$	84,453

Liabilities

Foreign-currency forward contracts included in corporate investments	$	—	$	(11,840)	$	—	$	(11,840)	$	—	$	—	$	—	$	—
Foreign-currency forward contracts included in other liabilities	—		—		—		—		—		(536)		—		(536)

Total liabilities	$	—	$	(11,840)	$	—	$	(11,840)	$	—	$	(536)	$	—	$	(536)

(1) For U.S. Treasury securities the carrying value approximates fair value due to their short-term nature and are classified as Level I investments within the fair value hierarchy detailed above.

The table below sets forth a summary of changes in the fair value of Level III financial instruments:


	Year Ended December 31,
	2022		2021
	Corporate Investments			Corporate Investments
Corporate Investments:
Beginning balance	$	1,714		$	27,045
Contributions or additions	7,863			—
Distributions	(1,590)			(485)

Transfers into Level III	—			2,101
Transfers out of Level III	—			(27,045)
Net gain included in earnings	483			98
Ending balance	$	8,470		$	1,714

Net change in unrealized gains (losses) attributable to financial instruments still held at end of period	$	408		$	(189)

The Company’s Level III financial instrument held as of December 31, 2022 consists of sponsor earn-out shares received in connection with the deconsolidation of a SPAC during the second quarter of 2022.

The table below sets forth a summary of the valuation techniques and quantitative information utilized in determining the fair value of the Company’s Level III financial instruments at December 31, 2022:

Fair Value as of

Significant Unobservable Input

Financial Instrument

December 31, 2022

Valuation Technique

Input Value

Sponsor earn-out shares

8,470

Black-Scholes option pricing model

Volatility

55%

Fair Value of Financial Instruments Held By Consolidated Funds

The short-term nature of cash and cash-equivalents held at the consolidated funds causes their carrying value to approximate fair value. The fair value of cash-equivalents is a Level I valuation. Derivatives may relate to a mix of Level I, II or III investments, and therefore their fair-value hierarchy level may not correspond to the fair-value hierarchy level of the economically hedged investment. The table below summarizes the investments and other financial instruments of the consolidated funds by fair-value hierarchy level:


	As of December 31, 2022								As of December 31, 2021
	Level I		Level II		Level III		Total		Level I		Level II		Level III		Total
Assets
Investments:
Corporate debt – bank debt	$	—	$	411,997	$	702,497	$	1,114,494	$	—	$	7,867,741	$	597,188	$	8,464,929
Corporate debt – all other	—		764,841		219,503		984,344		—		1,300,595		229,576		1,530,171
Equities – common stock	226,862		34,389		777,198		1,038,449		206,133		76,751		581,748		864,632
Equities – preferred stock	80,251		—		616,604		696,855		77,299		—		486,030		563,329
Real estate	—		—		74,471		74,471		—		—		33,834		33,834
Total investments	307,113		1,211,227		2,390,273		3,908,613		283,432		9,245,087		1,928,376		11,456,895
Derivatives:
Foreign-currency forward contracts	—		9,758		—		9,758		—		5,062		—		5,062
Swaps	—		700		—		700		—		1,162		—		1,162
Options and futures	279		—		—		279		509		—		—		509
Total derivatives (1)	279		10,458		—		10,737		509		6,224		—		6,733
Total assets	$	307,392	$	1,221,685	$	2,390,273	$	3,919,350	$	283,941	$	9,251,311	$	1,928,376	$	11,463,628

Liabilities
CLO debt obligations:
Senior secured notes	$	—	$	—	$	—	$	—	$	—	$	(7,472,521)	$	—	$	(7,472,521)
Subordinated notes	—		—		—		—		—		(333,742)		—		(333,742)
Total CLO debt obligations (2)	—		—		—		—		—		(7,806,263)		—		(7,806,263)


Derivatives:
Foreign-currency forward contracts	—		(16,356)		—		(16,356)		—		(886)		—		(886)
Swaps	(7,666)		—		—		(7,666)		(4,100)		(235)		—		(4,335)

Warrants	—		—		—		—		—		(6,626)		—		(6,626)
Total derivatives (3)	(7,666)		(16,356)		—		(24,022)		(4,100)		(7,747)		—		(11,847)
Total liabilities	$	(7,666)	$	(16,356)	$	—	$	(24,022)	$	(4,100)	$	(7,814,010)	$	—	$	(7,818,110)

(1) Amounts are included in other assets under “assets of consolidated funds” in the consolidated statements of financial condition.

(2) The fair value of CLO liabilities is classified based on the more observable fair value of CLO assets. Please see notes 2 and 10 for more information. Subsequent to the 2022 Restructuring, the assets and liabilities of the CLOs are no longer consolidated by the Company.

(3) Amounts are included in accounts payable, accrued expenses and other liabilities under “liabilities of consolidated funds” in the consolidated statements of financial condition.

The following tables set forth a summary of changes in the fair value of Level III investments:


	Corporate Debt – Bank Debt		Corporate Debt – All Other		Equities – Common Stock		Equities – Preferred Stock		Real Estate		Total
2022
Beginning balance	$	597,188	$	229,576	$	581,748	$	486,030	$	33,834	$	1,928,376
Deconsolidation of funds	(196,906)		—		(964)		(16)		—		(197,886)
Transfers into Level III	116,213		10,548		—		—		—		126,761
Transfers out of Level III	(53,653)		(9,935)		(122)		—		—		(63,710)
Purchases	518,173		16,116		259,004		234,652		36,782		1,064,727
Sales	(296,175)		(25,501)		(193,950)		(110,612)		—		(626,238)
Realized gain (loss), net	(2,501)		(1,692)		(92,514)		2,299		(813)		(95,221)
Unrealized appreciation (depreciation), net	20,158		391		223,996		4,251		4,668		253,464
Ending balance	$	702,497	$	219,503	$	777,198	$	616,604	$	74,471	$	2,390,273
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period	$	18,104	$	395	$	93,676	$	4,357	$	4,670	$	121,202

2021
Beginning balance	$	255,282	$	79,085	$	187,370	$	23,219	$	—	$	544,956
Deconsolidation of funds	(3,065)		(12,598)		—		—		—		(15,663)
Transfers into Level III	69,877		2,960		209		—		—		73,046
Transfers out of Level III	(96,862)		(26,215)		—		(32,190)		—		(155,267)
Purchases	531,414		185,404		536,239		463,529		57,732		1,774,318
Sales	(150,525)		(4,919)		(105,609)		(17,771)		(22,233)		(301,057)
Realized loss, net	4,222		450		(8,948)		3,122		(572)		(1,726)
Unrealized depreciation, net	(13,155)		5,409		(27,513)		46,121		(1,093)		9,769
Ending balance	$	597,188	$	229,576	$	581,748	$	486,030	$	33,834	$	1,928,376
Net change in unrealized depreciation attributable to assets still held at end of period	$	(13,869)	$	4,956	$	37,345	$	46,122	$	(1,091)	$	73,463

Total realized and unrealized gains and losses recorded for Level III investments are included in net realized gain on consolidated funds’ investments or net change in unrealized appreciation (depreciation) on consolidated funds’ investments in the consolidated statements of operations.

Transfers out of Level III are generally attributable to certain investments that experienced a more significant level of market trading activity or completed an initial public offering during the respective period and thus were valued using observable inputs. Transfers into Level III typically reflect either investments that experienced a less significant level of market trading activity during the period or portfolio companies that undertook restructurings or bankruptcy proceedings and thus were valued in the absence of observable inputs.

The following table sets forth a summary of the valuation techniques and quantitative information utilized in determining the fair value of the consolidated funds’ Level III investments as of December 31, 2022:

Investment Type

Fair Value

Valuation Technique

Significant Unobservable
Inputs (1)(2)

Range

Weighted Average (3)

Credit-oriented investments:

Consumer discretionary:

43,934

Recent transaction price (4)

Quoted prices

Not applicable

293

Recent market information (5)

Quoted prices

Not applicable

16,062

Discounted cash flow (6)

Discount rate

12% – 15%

14%

Communication services:

67,500

Discounted cash flow (6)

Discount rate

12% – 13%

13%

Energy:

32,765

Discounted cash flow (6)

Discount rate

13% – 21%

18%

2,676

Recent market information (5)

Quoted prices

Not applicable

Financials:

66,204

Discounted cash flow (6)

Discount rate

12% – 19%

15%

12,880

Recent market information (5)

Quoted prices

Not applicable

6,143

Market approach (comparable companies)

Multiple of underlying assets (9)

0.9x – 1.0x

1.0x

Industrials:

9,875

Discounted cash flow (6)

Discount rate

12% – 15%

14%

35,124

Market approach (comparable companies)

Multiple of underlying assets (9)

0.9x – 1.0x

1.0x

4,527

Recent transaction price (4)

Quoted prices

Not applicable

Materials:

197,427

Discounted cash flow (6)

Discount rate

10% – 14%

12%

Real estate:

32,173

Recent transaction price (4)

Quoted prices

Not applicable

3,643

Discounted cash flow (6)

Discount rate

9% – 9%

35,525

Recent market information (5)

Quoted prices

Not applicable

302,179

Market approach (comparable companies)

Multiple of underlying assets (9)

0.76x – 1.00x

0.95x

Other:

(1,137)

Recent market information (5)

Quoted prices

Not applicable

22,732

Recent transaction price (4)

Quoted prices

Not applicable

31,474

Discounted cash flow (6)

Discount rate

10% – 18%

14%

Equity investments:

74,329

Recent transaction price (4)

Quoted prices

Not applicable

582,299

Market approach (comparable companies)

Multiple of underlying assets (9)

0.9x – 1.1x

1.0x

336,831

Market approach (comparable companies) (7)

Earnings multiple (10)

5x – 20x

214,172

Discounted cash flow (6)

Discount rate

12% – 21%

19%

83,644

Market approach (comparable companies) (7)

Revenue multiple (8)

1x – 2x

1.81x

27,347

Discounted cash flow (6) / market approach (comparable companies) (7)

Discount rate

14% – 14%

14%

75,181

Recent market information (5)

Quoted prices

Not applicable

Real estate-oriented:

7,695

Recent transaction price (4)

Quoted prices

Not applicable

66,776

Discounted cash flow (6)

Discount rate

14% – 25%

18%

Total Level III
investments

2,390,273

Investment Type

Fair Value

Valuation Technique

Significant Unobservable
Inputs (1)(2)

Range

Weighted Average (3)

Credit-oriented investments:

Consumer Discretionary:

20,954

Recent transaction price (4)

Quoted prices

Not applicable

12,677

Recent market information (5)

Quoted prices

Not applicable

6,864

Discounted cash flow (6)

Discount rate

9% – 11%

10%

Communication Services:

60,384

Market approach (comparable companies)

Revenue multiple (8)

2x – 4x

38,352

Recent market information (5)

Quoted prices

Not applicable

3,402

Recent transaction price (4)

Quoted prices

Not applicable

Energy:

51,012

Discounted cash flow (6)

Discount rate

12% – 13%

12%

33,987

Recent transaction price (4)

Quoted prices

Not applicable

13,640

Recent market information (5)

Quoted prices

Not applicable

Financials:

29,519

Discounted cash flow (6)

Discount rate

10% – 12%

11%

23,129

Recent market information (5)

Quoted prices

Not applicable

13,187

Recent transaction price (4)

Quoted prices

Not applicable

Industrials

87,727

Discounted cash flow (6)

Discount rate

8% – 13%

10%

1,852

Recent market information (5)

Quoted prices

Not applicable

Materials:

136,117

Discounted cash flow (6)

Discount rate

8% – 14%

24,420

Recent transaction price (4)

Quoted prices

Not applicable

6,674

Recent market information (5)

Quoted prices

Not applicable

Real estate:

76,503

Recent transaction price (4)

Quoted prices

Not applicable

60,643

Market approach (comparable companies)

Multiple of underlying assets (9)

0.7x – 0.9x

0.8x

27,235

Recent market information (5)

Quoted prices

Not applicable

Other:

78,631

Recent market information (5)

Quoted prices

Not applicable

11,425

Recent transaction price (4)

Quoted prices

Not applicable

8,430

Market approach (comparable companies)

Multiple of underlying assets (9)

0.9x – 1.1x

1.0x

Equity investments:

411,574

Recent transaction price (4)

Quoted prices

Not applicable

364,851

Market approach (comparable companies) (7)

Multiple of underlying assets (9)

0.9x – 1.0x

1.0x

110,973

Market approach (comparable companies) (7)

Earnings multiple (10)

6x – 16x

11x

83,999

Discounted cash flow (6)

Discount rate

7% – 16%

16%

59,805

Market approach (comparable companies) (7)

Revenue multiple (8)

3x – 11x

36,576

Recent market information (5)

Quoted prices

Not applicable

Real estate-oriented:

18,526

Recent transaction price (4)

Not Applicable

Not applicable

15,308

Discounted cash flow (6)

Discount rate

24% – 26%

25%

Total Level III
investments

1,928,376

(1) The discount rate is the significant unobservable input used in the fair-value measurement of performing credit-oriented investments in which the consolidated funds do not have a controlling interest in the underlying issuer, as well as certain equity investments and real estate loan portfolios. An increase (decrease) in the discount rate would result in a lower (higher) fair-value measurement.

(2) Multiple of either earnings or underlying assets is the significant unobservable input used in the market approach for the fair-value measurement of distressed credit-oriented investments, credit-oriented investments in which the consolidated funds have a controlling interest in the underlying

issuer, equity investments and certain real estate-oriented investments. An increase (decrease) in the multiple would result in a higher (lower) fair-value measurement.

(3) The weighted average is based on the fair value of the investments included in the range.

(4) Certain investments are valued based on recent transactions, generally defined as investments purchased or sold within six months of the valuation date. The fair value may also be based on a pending transaction expected to close after the valuation date.

(5) Certain investments are valued using vendor prices or broker quotes for the subject or similar securities. Generally, investments valued in this manner are 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.

(6) A discounted cash-flow method is generally used to value performing credit-oriented investments in which the consolidated funds do not have a controlling interest in the underlying issuer, as well as certain equity investments, real estate-oriented investments and real estate loan portfolios.

(7) A market approach is generally used to value distressed investments and investments in which the consolidated funds have a controlling interest in the underlying.

(8) Revenue multiples are based on comparable public companies and transactions with comparable companies. The Company typically applies the multiple to trailing twelve-months’ revenue. However, in certain cases other revenue measures, such as pro forma revenue, may be utilized if deemed to be more relevant.

(9) A market approach using the value of underlying assets utilizes a multiple, based on comparable companies, of underlying assets or the net book value of the portfolio company. The Company typically obtains the value of underlying assets from the underlying portfolio company’s financial statements or from pricing vendors. The Company may value the underlying assets by using prices and other relevant information from market transactions involving comparable assets.

(10) Earnings multiples are based on comparable public companies and transactions with comparable companies. The Company typically utilizes multiples of EBITDA; however, in certain cases the Company may use other earnings multiples believed to be most relevant to the investment. The Company typically applies the multiple to trailing twelve-months’ EBITDA. However, in certain cases other earnings measures, such as pro forma EBITDA, may be utilized if deemed to be more relevant.

A significant amount of judgment may be required when using unobservable inputs, including assessing the accuracy of source data and the results of pricing models. The Company assesses the accuracy and reliability of the sources it uses to develop unobservable inputs. These sources may include third-party vendors that the Company believes are reliable and commonly utilized by other marketplace participants. As described in note 2, other factors beyond the unobservable inputs described above may have a significant impact on investment valuations.

During the year ended December 31, 2022 and 2021, there were no changes in the valuation techniques for Level III securities.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

DERIVATIVES AND HEDGING

12 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVES AND HEDGING

The fair value of freestanding derivatives consisted of the following:


	Assets				Liabilities
	Notional		Fair Value		Notional		Fair Value
As of December 31, 2022
Foreign-currency forward contracts	$	221,836	$	13,340	$	(200,319)	$	(11,840)



As of December 31, 2021
Foreign-currency forward contracts	$	324,322	$	11,213	$	(24,735)	$	(536)

Realized and unrealized gains and losses arising from freestanding derivatives were recorded in the consolidated statements of operations as follows:


	Year Ended December 31,
	2022		2021		2020

Investment income (loss)	$	16,259	$	15,924	$	(13,045)
General and administrative expense (1)	7,817		7,866		(9,315)
Total gain (loss)	$	24,076	$	23,790	$	(22,360)

(1) To the extent that the Company’s freestanding derivatives are utilized to hedge its foreign-currency exposure to investment income and management fees earned from consolidated funds, the related hedged items are eliminated in consolidation, with the derivative impact (a positive number reflects a reduction in expenses) reflected in consolidated general and administrative expense.

There were no derivatives outstanding that were designated as hedging instruments for accounting purposes as of December 31, 2022 and 2021.

Derivatives Held By Consolidated Funds

Certain consolidated funds utilize derivatives in their ongoing investment operations. These derivatives primarily consist of foreign-currency forward contracts and options utilized to manage currency risk, interest-rate swaps to hedge interest-rate risk, options and futures used to hedge certain exposures for specific securities, and total-return swaps utilized mainly to obtain exposure to leveraged loans or to participate in foreign markets not readily accessible. The primary risk exposure for options and futures is price, while the primary risk exposure for total-return swaps is credit. None of the derivative instruments are accounted for as a hedging instrument utilizing hedge accounting.

The fair value of derivatives held by the consolidated funds consisted of the following:


	Assets				Liabilities
	Notional		Fair Value		Notional		Fair Value
As of December 31, 2022
Foreign-currency forward contracts	$	427,141	$	9,758	$	(52,531)	$	(16,356)
Total-return and interest-rate swaps	12,604		700		(3,182)		(7,666)
Options and futures	378,042		279		(125,283)		—

Total	$	817,787	$	10,737	$	(180,996)	$	(24,022)

As of December 31, 2021
Foreign-currency forward contracts	$	210,868	$	5,062	$	(24,845)	$	(886)
Total-return and interest-rate swaps	13,727		1,162		(27,254)		(4,335)
Options and futures	213,575		509		—		—
Warrants	—		—		—		(6,626)
Total	$	438,170	$	6,733	$	(52,099)	$	(11,847)

The impact of derivatives held by the consolidated funds in the consolidated statements of operations was as follows:


	Year Ended December 31,
	2022				2021				2020
	Net Realized Gain (Loss) on Investments		Net Change in Unrealized Appreciation (Depreciation) on Investments		Net Realized Gain (Loss) on Investments		Net Change in Unrealized Appreciation (Depreciation) on Investments		Net Realized Gain (Loss) on Investments		Net Change in Unrealized Appreciation (Depreciation) on Investments
Foreign-currency forward contracts	$	43,145	$	(10,777)	$	6,232	$	4,477	$	(11,184)	$	(23,813)
Total-return and interest-rate and credit default swaps	975		284		(92)		(57)		(148)		(69)
Options and futures	13,322		(223)		(2,550)		(3,697)		(107)		(112)
Warrants	—		—		—		858		—		—
Commodity swaps	(44,626)		(3,956)		—		—		—		—
Total	$	12,816	$	(14,672)	$	3,590	$	1,581	$	(11,439)	$	(23,994)

Balance Sheet Offsetting

The Company recognizes all derivatives as assets or liabilities at fair value in its consolidated statements of financial condition. In connection with its derivative activities, the Company generally enters into agreements subject to enforceable master netting arrangements that allow the Company to offset derivative assets and liabilities in the same currency by specific derivative type or, in the event of default by the counterparty, to offset derivative assets and liabilities with the same counterparty. While these derivatives are eligible to be offset in accordance with applicable accounting guidance, the Company has elected to present derivative assets and liabilities based on gross fair value in its consolidated statements of financial condition. The table below sets forth the setoff rights and related arrangements associated with derivatives held by the Company. The “gross amounts not offset in statements of financial condition” columns represent derivatives that management has elected not to offset in the consolidated statements of financial condition even though they are eligible to be offset in accordance with applicable accounting guidance.


	Gross Amounts of Assets (Liabilities) Presented		Gross Amounts Not Offset in Statements of Financial Condition				Net Amount
As of December 31, 2022			Derivative Assets (Liabilities)		Cash Collateral Received (Pledged)
Derivative Assets:
Foreign-currency forward contracts	$	13,340	$	1,279	$	—	$	12,061


Derivative assets of consolidated funds:
Foreign-currency forward contracts	9,758		—		—		9,758
Total-return and interest-rate and credit default swaps	700		—		—		700
Options and futures	279		—		—		279
Subtotal	10,737		—		—		10,737
Total	$	24,077	$	1,279	$	—	$	22,798

Derivative Liabilities:
Foreign-currency forward contracts	$	(11,840)	$	(1,279)	$	—	$	(10,561)
Derivative liabilities of consolidated funds:
Foreign-currency forward contracts	(16,356)		—		—		(16,356)
Total-return and interest-rate and credit default swaps	(7,666)		—		—		(7,666)


Subtotal	(24,022)		—		—		(24,022)
Total	$	(35,862)	$	(1,279)	$	—	$	(34,583)


	Gross Amounts of Assets (Liabilities) Presented		Gross Amounts Not Offset in Statements of Financial Condition				Net Amount
As of December 31, 2021			Derivative Assets (Liabilities)		Cash Collateral Received (Pledged)
Derivative Assets:
Foreign-currency forward contracts	$	11,213	$	404	$	—	$	10,809


Derivative assets of consolidated funds:
Foreign-currency forward contracts	5,062		—		—		5,062
Total-return and interest-rate swaps	1,162		—		—		1,162
Options and futures	509		—		—		509
Subtotal	6,733		—		—		6,733
Total	$	17,946	$	404	$	—	$	17,542

Derivative Liabilities:
Foreign-currency forward contracts	$	(536)	$	(404)	$	—	$	(132)


Derivative liabilities of consolidated funds:
Foreign-currency forward contracts	(886)		—		—		(886)
Total-return and interest-rate swaps	(4,335)		—		—		(4,335)
Warrants	(6,626)		—		—		(6,626)
Subtotal	(11,847)		—		—		(11,847)
Total	$	(12,383)	$	(404)	$	—	$	(11,979)

FIXED ASSETS

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

FIXED ASSETS

In connection with the 2022 Restructuring, the Company deconsolidated OCM Cayman which held all of the Company’s furniture and equipment, capitalized software and office leasehold improvements and therefore, these assets are no longer reflected on the statement of financial condition as of December 31, 2022.

The following table sets forth the Company’s fixed assets and accumulated depreciation:


	As of December 31,
	2022		2021

Furniture, equipment and capitalized software	$	—	$	10,187
Leasehold improvements	—		27,315
Other	—		965
Fixed assets	—		38,467
Accumulated depreciation	—		(27,036)

Fixed assets, net	$	—	$	11,431

GOODWILL	12 Months Ended
GOODWILL	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLES	GOODWILL Goodwill represents the excess of cost over the fair value of identifiable net assets of acquired businesses. Goodwill has an indefinite useful life and is not amortized, but instead is tested for impairment annually in the fourth quarter of each fiscal year, or more frequently if events or circumstances indicate that impairment may have occurred. Goodwill is included in other assets in the consolidated statements of financial position. As of December 31, 2022, the Company determined there was no goodwill impairment. The carrying value of goodwill was $18.4 million as of December 31, 2022 and 2021, and is included in other assets in the consolidated statements of financial condition.

DEBT OBLIGATIONS AND CREDIT FACILITIES

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

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.


	As of
	December 31, 2022		December 31, 2021
Senior unsecured notes
€50,000, 2.20%, issued in June 2022, payable on June 8, 2032	$	53,362	$	—
€75,000, 2.40%, issued in June 2022, payable on June 8, 2034	80,044		—
€75,000, 2.58%, issued in June 2022, payable on June 8, 2037	80,044		—
Total remaining principal	213,450		—
Less: Debt issuance costs	(1,255)		—

Total debt obligations, net	$	212,195	$	—

Oaktree Capital I Guaranty Agreements

As of December 31, 2022, OCM, Oaktree Capital I, Oaktree Capital II and Oaktree AIF are co-obligors and jointly and severally liable for all debt obligations listed below, however, debt obligations are reflected in the consolidated financial statements based upon the entity that actually made the borrowing and received the related proceeds. Prior to 2022, OCM had historically been the only direct borrower or issuer under credit agreements and private placement notes with third parties and made all payments of principal and interest. The Company’s financial statements after the 2019 Restructuring generally do not reflect debt obligations, interest expense or related liabilities associated with OCM, Oaktree Capital II and Oaktree AIF. Subsequent to the 2022 Restructuring, the Company’s financial statements no longer reflect debt obligations, interest expense or related liabilities associated with OCM, OCM Cayman, Oaktree Capital II and Oaktree AIF.

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 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, along with Oaktree Capital II and Oaktree AIF, as co-obligors. The offering closed on July 22, 2020 and OCM received proceeds of $250 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 will not be included in the Company’s financial statements unless an event of default occurs.

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 maturing on May 19, 2023. The subordinated credit facility has a revolving loan commitment of $250 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 will not reflect debt obligations, interest expense or related liabilities associated with the subordinated credit facility until such time as Oaktree Capital I 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. No amounts were outstanding on the subordinated credit facility as of December 31, 2022.

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 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, along with Oaktree Capital II and Oaktree AIF, as co-obligors. The offering closed on January 12, 2022 and OCM received proceeds of $200 million on the closing date. As OCM is the issuer of such 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.

Oaktree’s credit facility was amended on December 13, 2019 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 assets under management covenant threshold from $60 billion to $65 billion. Oaktree’s credit facility was further amended on September 14, 2021 to among other things, (i) extend the maturity date from December 13, 2024 to September 14, 2026, (ii) modify the assets under management covenant threshold from $65 billion of assets under management to $57.5 billion of management-fee generating assets under management and (iii) increase the maximum leverage ratio to 4.00 to 1.00. Oaktree’s credit facility was further amended on December 15, 2022 to among other things, extend the maturity date from September 14, 2026 to December 15, 2027 with the potential to extend the maturity for up to two additional years, and implemented language consistent with U.S. syndicated loan market practice to use an adjusted forward-looking term rate based on the secured overnight financing rate (“SOFR”), as a replacement for the London Interbank Offered Rate. 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, 2022, OCM 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 December 31, 2022 and 2021, respectively. As of December 31, 2022, Oaktree Capital I is jointly and severally liable, along with its co-obligors, for the debt obligations listed below with an aggregate outstanding principal balance of $1.1 billion. The Company’s maximum exposure to these debt obligations is set forth below:


	As of December 31,
	2022		2021

Senior unsecured notes
$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
$250,000, 3.78%, issued in December 2017, payable on December 18, 2032	250,000		250,000
$200,000, 3.64%, issued in July 2020, payable on July 22, 2030	200,000		200,000
$50,000, 3.84%, issued in July 2020, payable on July 22, 2035	50,000		50,000
$200,000, 3.06%, issued in November 2021, payable on January 12, 2037	200,000		—
Credit facility, issued in March 2014, variable rate obligations payable on December 15, 2027	—		55,000
Total remaining principal	$	1,050,000	$	905,000

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 Capacity	Weighted Average Interest Rate	Weighted Average Remaining Maturity (years)	Commitment Fee Rate	L/C Fee
Credit Agreement	2022		2021
Revolving credit facilities (1)	$	1,000,859	$	1,119,178	$1,142,742	5.94%	0.6	0.20%	1.62%
Secured borrowings	—		12,740
Total debt obligations	1,000,859		1,131,918
Less: Debt issuance costs (2)	(1,972)		(2,552)
Total debt obligations, net	$	998,887	$	1,129,366

(1) The credit facility capacity is calculated on a pro rata basis using fund commitments as of December 31, 2022.

(2) Debt issuance costs are included in other asset as of December 31, 2022 and December 31, 2021.

The carrying value of the revolving credit facilities approximated fair value due to recent issuance. As of December 31, 2021, secured borrowings outstanding were recorded as a result of certain securities that were sold and simultaneously repurchased at a premium, with amounts payable to the counterparty due on the repurchase settlement date. 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.

Debt Obligations of CLOs

Debt obligations of CLOs represent amounts due to holders of debt securities issued by the CLOs, as well as term loans of CLOs that had not priced as of period end. As a result of the 2022 Restructuring, the Company no longer consolidates CLOs, and the debt obligations of CLOs are no longer reflected on the statement of financial condition as of December 31, 2022.

Outstanding debt obligations of CLOs as of December 31, 2021 were as follows:


	Fair Value (1)		Weighted Average Interest Rate	Weighted Average Remaining Maturity (years)
Senior secured notes	$	7,472,521	1.75%	11.0
Subordinated notes (2)	333,742		N/A	11.2
Total CLO debt obligations	$	7,806,263

(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. The fair value of the beneficial interests was calculated using a discounted cash flow model specific to each investment structure.

(2) The subordinated notes do not have a contractual interest rate; instead, they receive distributions from the excess cash flows generated by the CLO.

The debt obligations of CLOs are nonrecourse to the Company and are backed by the investments held by the respective CLO. Assets of one CLO may not be used to satisfy the liabilities of another. As of December 31, 2021, the fair value of CLO assets was $9.1 billion, and consisted of cash, corporate loans, corporate bonds and other securities.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI https://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

LEASES

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

LEASES

Prior to the 2022 Restructuring, the Company had operating leases related to office space and certain equipment with remaining lease terms expiring within one year through 2031, some of which include options to extend the leases for up to five years and some of which include options to terminate the leases within one year. All of the Company’s lease contracts were obligations of OCM Cayman or its subsidiaries and, therefore, subsequent to the 2022 Restructuring, the Company no longer incurs lease associated costs and right-of-use assets and operating lease liabilities are no longer reflected on the statement of financial condition as of December 31, 2022.

The components of lease expense included in general and administrative expense were as follows:


	Twelve months ended December 31, 2022		Twelve months ended December 31, 2021

Operating lease cost	$	6,332	$	7,947
Sublease income	(360)		(407)
Total lease cost	$	5,972	$	7,540

Supplemental cash flow information related to leases was as follows:


	Twelve months ended December 31, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used for operating leases	$	5,945

NON-CONTROLLING REDEEMABLE INTERESTS IN CONSOLIDATED FUNDS

12 Months Ended

Dec. 31, 2022

Non-Controlling Redeemable Interests in Consolidated Funds [Abstract]

NON-CONTROLLING REDEEMABLE INTERESTS IN CONSOLIDATED FUNDS

The following table sets forth a summary of changes in the non-controlling redeemable interests in the consolidated funds. Dividends reinvested and in-kind contributions or distributions are non-cash in nature and have been presented on a gross basis in the table below.


	Year Ended December 31,
	2022		2021		2020
Beginning balance	$	1,723,294	$	715,347	$	866,222



Deconsolidation of funds	(249,903)		(192,984)		(720,729)
Contributions	727,382		1,189,486		940,191
Distributions	(207,360)		(171,883)		(223,674)
Net income (loss)	190,905		186,515		(165,412)
Change in distributions payable	(1,314)		9,975		(10,050)
Change in contribution receivable	—		—		15,826
Foreign-currency translation and other	(590)		(13,162)		12,973
Ending balance	$	2,182,414	$	1,723,294	$	715,347

UNITHOLDERS' CAPITAL

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

UNITHOLDERS' CAPITAL

UNITHOLDERS’ CAPITAL

Unitholders’ capital reflects the economic interests attributable to Class A unitholders, preferred unitholders, non-controlling interests in consolidated subsidiaries and non-controlling interests in consolidated funds. Non-controlling interests in consolidated subsidiaries represent the portion of unitholders’ capital attributable to the OCGH non-controlling interest and other parties. The OCGH non-controlling interest is determined at the Oaktree Operating Group level, after giving effect to distributions, if any, attributable to the preferred unitholders, based on the proportionate share of Oaktree Operating Group units held by the OCGH unitholders. Certain expenses, such as income taxes and related administrative expenses of Oaktree Capital Group, LLC and the holding companies through which the Company holds interests in Oaktree Capital I, are solely attributable to the Class A unitholders.

As of December 31, 2022 and 2021, respectively, OCGH units represented 56,922,688 of the total 160,002,848 Oaktree Operating Group units and 60,783,255 of the total 159,919,875 Oaktree Operating Group units. Based on allocable capital of $1,017,192 and $1,565,119 as of December 31, 2022 and 2021, respectively, the OCGH non-controlling interest was $360,660 and $612,228.

Distributions per Class A unit are set forth below:

Payment Date

Record Date

Applicable to Period Ended

Distribution Per Unit

November 10, 2022

October 31, 2022

September 30, 2022

0.31

August 10, 2022

August 3, 2022

June 30, 2022

0.38

May 10, 2022

April 30, 2022

March 31, 2022

0.27

February 25, 2022

February 15, 2022

December 31, 2021

0.90

Total 2022

1.86

November 10, 2021

October 31, 2021

September 30, 2021

0.83

August 10, 2021

July 30, 2021

June 30, 2021

0.50

May 10, 2021

April 30, 2021

March 31, 2021

2.28

February 25, 2021

February 15, 2021

December 31, 2020

1.07

Total 2021

4.68

August 10, 2020

July 31, 2020

June 30, 2020

0.49

February 24, 2020

February 3, 2020

December 31, 2019

0.22

Total 2020

0.71

Preferred Unit Issuances

On May 17, 2018, the Company issued 7,200,000 of its 6.625% Series A preferred units representing limited liability company interests with a liquidation preference of $25.00 per unit. The issuance resulted in $173.7 million in net proceeds to the Company. Distributions on the Series A preferred units, when and if declared by the board of directors of Oaktree, will be paid quarterly on March 15, June 15, September 15 and December 15 of each year. The first distribution was paid on September 17, 2018. Distributions on the Series A preferred units are non-cumulative.

On August 9, 2018, the Company issued 9,400,000 of its 6.550% Series B preferred units representing limited liability company interests with a liquidation preference of $25.00 per unit. The issuance resulted in $226.9 million in net proceeds to the Company. Distributions on the Series B preferred units, when and if declared by the board of directors of Oaktree, will be paid quarterly on March 15, June 15, September 15 and December 15 of each year. The first distribution was paid on December 17, 2018. Distributions on the Series B preferred units are non-cumulative.

Unless distributions have been declared and paid or declared and set apart for payment on the preferred units for a quarterly distribution period, during the remainder of that distribution period the Company may not repurchase any common units or any other units that are junior in rank, as to the payment of distributions, to the

preferred units and the Company may not declare or pay or set apart payment for distributions on any common units or junior units for the remainder of that distribution period, other than certain Permitted Distributions (as defined in the unit designation related to the applicable preferred units (each, the “Preferred Unit Designation”)).

The Company may redeem, at its option, out of funds legally available, the preferred units, in whole or in part, at any time on or after June 15, 2023 in respect of the Series A preferred units or September 15, 2023 in respect of the Series B preferred units, at a price of $25.00 per preferred unit plus declared and unpaid distributions to, but excluding, the redemption date, without payment of any undeclared distributions. Holders of the preferred units have no right to require the redemption of the preferred units.

If a Change of Control Event (as defined in the applicable Preferred Unit Designation) occurs prior to June 15, 2023 in respect of the Series A preferred units or September 15, 2023 in respect of the Series B preferred units, the Company may, at its option, out of funds legally available, redeem the applicable preferred units, in whole but not in part, upon at least 30 days’ notice, within 60 days of the occurrence of such Change of Control Event, at a price of $25.25 per preferred unit, plus declared and unpaid distributions to, but excluding, the redemption date, without payment of any undeclared distributions.

If a Tax Redemption Event or Rating Agency Event (each, as defined in the applicable Preferred Unit Designation) occurs prior to June 15, 2023 in respect of the Series A preferred units or September 15, 2023 in respect of the Series B preferred units, the Company may, at its option, out of funds legally available, redeem the applicable preferred units, in whole but not in part, upon at least 30 days’ notice, within 60 days of the occurrence of such Tax Redemption Event or Rating Agency Event, at a price of $25.50 per preferred unit, plus declared and unpaid distributions to, but excluding, the redemption date, without payment of any undeclared distributions.

The preferred units are not convertible into Class A units or any other class or series of the Company’s interests or any other security. Holders of the preferred units do not have any of the voting rights given to holders of our Class A units, except that holders of the preferred units are entitled to certain voting rights under certain conditions.

The following table sets forth a summary of net income attributable to the preferred unitholders, the OCGH and other non-controlling interests and the Class A common unitholders:


	Year Ended December 31,
	2022		2021		2020
Weighted average Oaktree Operating Group units outstanding (in thousands):
OCGH and other non-controlling interests	60,704		60,956		61,474
Class A unitholders	99,211		99,031		98,512
Total weighted average units outstanding	159,915		159,987		159,986
Oaktree Operating Group net income:
Net income attributable to preferred unitholders (1)	$	27,316	$	27,316	$	27,316
Net income attributable to OCGH and other non-controlling interests	68,539		339,250		83,428
Net income attributable to OCG Class A unitholders	131,001		544,551		135,656
Oaktree Operating Group net income	$	226,856	$	911,117	$	246,400
Net income attributable to OCG Class A unitholders:
Oaktree Operating Group net income attributable to OCG Class A unitholders	$	131,001	$	544,551	$	135,656
Non-Operating Group income (expense)	45,329		59,793		2,747

Net income attributable to OCG Class A unitholders	$	176,330	$	604,344	$	138,403

(1) Represents distributions declared, if any, on the preferred units.

The change in the Company’s ownership interest in the Oaktree Operating Group is set forth below:


	Year Ended December 31,
	2022		2021		2020
Net income attributable to OCG Class A unitholders	$	176,330	$	604,344	$	138,403
Equity reallocation between controlling and non-controlling interests	33,107		(11,155)		1,832
Change from net income attributable to OCG Class A unitholders and transfers from non-controlling interests	$	209,437	$	593,189	$	140,235

Please see notes 13, 14 and 15 for additional information regarding transactions that impacted unitholders’ capital.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI https://asc.fasb.org/topic&trid=2208762

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-Topic 505
-SubTopic 10
-Section 50
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-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI https://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 16
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496180-112644

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 1
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-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126731327&loc=SL126733271-114008

+ Details

EARNINGS PER UNIT

12 Months Ended

Dec. 31, 2022

Earnings Per Unit [Abstract]

EARNINGS PER UNIT

The computation of net income per Class A unit is set forth below:


	Year Ended December 31,
	2022		2021		2020
Net income per Class A unit (basic and diluted):	(in thousands, except per unit amounts)

Net income attributable to OCG Class A unitholders	$	176,330	$	604,344	$	138,403
Weighted average number of Class A units outstanding (basic and diluted)	102,043		99,031		98,512
Basic and diluted net income per Class A unit	$	1.73	$	6.10	$	1.40

OCGH units are not exchangeable into Class A units. As the restrictions set forth in the then-current exchange agreement were in place for each applicable reporting period, OCGH units were not included in the computation of diluted earnings per unit for the years ended December 31, 2022 and 2021.

EQUITY-BASED AND OTHER DEFERRED COMPENSATION

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

EQUITY-BASED AND OTHER DEFERRED COMPENSATION

Long-Term Incentive Plan Awards

In March 2020 the Company adopted the Oaktree Capital Group, LLC Long-Term Incentive Plan (the “LTIP”). The LTIP provides for the granting of cash-based incentive awards to senior executives, directors, officers, partners, employees, consultants and advisors of the Company and its affiliates. Awards may be denominated in U.S. dollars or other currencies determined by the LTIP’s plan administrator. The unvested value of each LTIP award adjusts over its vesting period to track the performance of a fund designated by the plan administrator or by the award recipient from investment options selected by the plan administrator. Investment options may include funds managed by Company affiliates or by third parties. Awards do not represent an actual interest in the funds whose performance they track. Such fund investments are purely nominal and solely for the purpose of calculating the value of an award on each vesting or payment date. Awards under the LTIP represent only a contractual right to receive a cash payment upon vesting from the Company or the affiliate that issued the award. Awards tracking the performance of funds that make periodic distributions to their investors may provide for award recipients to receive corresponding payments from the Company or the affiliate issuing the award, with the remaining unvested value of the award reduced to reflect the amount of each such payment. Each payment under an award is fully vested upon receipt. Awards denominated in currencies other than U.S. dollars which track the performance of U.S. dollar-denominated funds are nominally converted into U.S. dollars for performance tracking purposes, with amounts payable under the awards converted back into the original currency at a market rate at the time of each vesting payment. Certain recipients of awards denominated in currencies other than U.S. dollars which track the performance of U.S. dollar-denominated funds receive the option to hedge the value of their awards to a currency other than U.S. dollars. All such currency hedges are calculated on a purely hypothetical basis and do not represent a right to participate in actual currency hedging contracts.

Subsequent to the 2022 Restructuring, substantially all of the Company’s LTIP compensation will no longer be reflected within the financial statements of the Company due to the deconsolidation of OCM Cayman. LTIP compensation relating to grants to the Company’s Board of Directors will remain.

For the years ended December 31, 2022 and 2021, the Company recognized $17.8 million and $16.9 million, respectively, of compensation expense related to the LTIP, which were included in compensation and benefits expense in the consolidated statement of operations.

Equity-Based Compensation

In December 2011, the Company adopted the 2011 Oaktree Capital Group, LLC Equity Incentive Plan (the “2011 Plan”). The 2011 Plan provides for the granting of options, unit appreciation rights, restricted unit awards, unit bonus awards, phantom equity awards, or other unit-based awards to senior executives, directors, officers, certain employees, consultants, and advisors of the Company and its affiliates. Each Class A and OCGH unit, when issued, represents an indirect interest in one Oaktree Operating Group unit.

Subsequent to the 2022 Restructuring, the Company no longer incurs equity-based compensation expense due to the deconsolidation of OCM Cayman.

Restated Exchange Agreement

Oaktree has entered into a Fourth Amended and Restated Exchange Agreement (the “OCGH Unit Exchange Agreement”) that among other things, allows limited partners of OCGH to exchange (“Exchanges”) certain vested limited partnership units of OCGH (“OCGH Units”) for cash, Brookfield Class A Shares, notes issued by a Brookfield subsidiary or equity interests in a subsidiary of OCGH that entitles such limited partners to the proceeds from a note, or a combination of the foregoing. Either of such notes will have a three-year maturity and will accrue interest at the then-current 5-year treasury note rate plus 3%. Only Converted OCGH Units, OCGH Units issued and outstanding at the time of the closing of the Mergers, OCGH Units issued after the closing of the Mergers pursuant to agreements in effect on March 13, 2019, OCGH Units issuable upon vesting of certain phantom equity awards (“Phantom Units”) and other OCGH Units consented-to by Brookfield will be, when vested, eligible to participate in an Exchange. Any such Exchange is subject to certain annual caps and limitations as set forth in the OCGH Unit Exchange Agreement. The form of the consideration in an Exchange is generally in the discretion of Brookfield, subject to certain limitations.

In general, OCGH limited partners are entitled to provide an election notice to participate in an Exchange with respect to eligible vested OCGH Units and Converted OCGH Units during the first 60 calendar days of each year beginning January 1, 2022 (an “Open Period”). Each Exchange is consummated within the first 155 days of such calendar year, subject to extension in certain circumstances.

Valuation

Except as described below, each OCGH Unit is valued (i) by applying a 13.5x multiple to the trailing three-year average (or two-year average for Exchanges in 2022) of fee-related earnings less stock-based compensation at grant value and excluding depreciation and amortization and a 6.75x multiple to the trailing three-year average of net incentives created, and (ii) adding 100% of the value of net cash (defined as cash less the face value of debt and preferred stock, other than certain preferred stock issued in connection with certain Exchanges), 100% of the value of corporate investments and 75% of fund-level net accrued incentives as of December 31 of the prior year, in each case subject to certain adjustments. Amounts received in respect of each OCGH Unit will be reduced by the amount of any non-tax related distributions received in the calendar year in which the Exchange occurs, but increased by an amount accruing daily from January 1 of such year to the date of the closing of the Exchange at a rate per annum equal to the 5-year treasury note rate as of December 31 of the prior year plus 3%. However, in 2020 and 2021, Converted OCGH Units and Phantom Units were valued at $49.00 per unit, less the amount of any capital distributions received upon vesting. Thereafter any such Converted OCGH Units and Phantom Units is valued using the same methodology applied to all other OCGH Units.

OCGH Unit Awards

Subsequent to the 2022 Restructuring, all OCGH unit awards will no longer be reflected within the financial statements of the Company due to the deconsolidation of OCM Cayman.

Through December 31, 2021, Converted OCGH Units could have been exchanged at $49.00 per unit, less the amount of any capital distributions received upon vesting. Thereafter, any such Converted OCGH Units will be valued using the same methodology applied to all other OCGH units.

A summary of the status of the Company’s unvested Converted OCGH units and other OCGH unit awards and changes for the periods presented are set forth below (actual dollars per unit):


	Converted OCGH Units (1)			OCGH Units
	Number of Units	Weighted Average Grant Date Fair Value		Number of Units	Weighted Average Grant Date Fair Value
Balance, December 31, 2019	731,241	$	45.99	621,406	$	39.49
Granted	—	—		150,000	32.93
Vested	(253,696)	45.52		(215,054)	39.10
Forfeited	(14,803)	45.59		—	—
Balance, December 31, 2020	462,742	46.25		556,352	37.87
Granted	—	—		—	—
Vested	(181,852)	45.38		(170,053)	37.50

Forfeited	(3,426)	48.98		(47,769)	40.85
Balance, December 31, 2021	277,464	46.79		338,530	37.64
Granted	—	—		—	—
Vested	(137,875)	45.30		(135,723)	31.01
Forfeited	(4,493)	49.52		—	—
Deconsolidation of OCM Cayman	(135,096)	48.23		(202,807)	42.07
Balance, December 31, 2022	—	$	—	—	$	—

(1) Upon completion of the Mergers, each unvested Class A Unit held by current, or in certain cases former, employees, officers and directors of Oaktree and its subsidiaries was converted into one unvested OCGH Unit (each, a “Converted

OCGH Unit”) and thereafter became subject to the terms and conditions of the OCGH limited partnership agreement. The Converted OCGH Units (i) are subject to the same vesting terms that were applicable to such units prior to the completion of the Mergers, (ii) are entitled to receive ongoing distributions in respect of earnings, but not capital distributions and (iii) upon vesting, receive the accumulated value of capital distributions that accrued while such units were unvested. Through 2021, Converted OCGH Units were valued at $49.00 per unit, less the amount of any capital distributions received upon vesting.

Oaktree Equity Plan

In April 2022, the Company established an equity participation plan (“Oaktree Equity Plan” or “OEP”), through which certain employees of the Company’s indirect subsidiaries participate in certain equity interests in the Oaktree Operating Group.

During the year ended December 31, 2022, the Company granted OEP awards valued at $8.0 million to certain employees of the Company and its subsidiaries, subject to annual vesting over a period of approximately 6.5 years. For the year ended December 31, 2022, the Company recognized $0.8 million of compensation expense related to the OEP awards, which were included in equity-based compensation expense in the combined and consolidated statements of operations.

Subsequent to the 2022 Restructuring, the Company no longer incurs equity-based compensation expense related to the OEP awards due to the deconsolidation of OCM Cayman.

Valuation

The Company uses the Black-Scholes option pricing model to determine the grant date fair value of the OEP units. This model requires the Company to estimate the expected volatility and the expected term of the OEP units which are highly complex and subjective variables. The variables take into consideration, among other things, projected OEP unit exercise behavior. The Company uses a predicted volatility of its stock price during the expected life of the units that is based on the historical performance of the Company’s stock price as well as including an estimate using guideline companies. The expected term is computed using the simplified method as the Company’s best estimate given its lack of actual exercise history. The Company has selected a risk-free rate based on the implied yield available on U.S. Treasury securities with a maturity equivalent to the expected term of the award. Forfeitures are recognized as incurred. The OEP units were valued at $9.13 per unit, net of the upfront cash consideration from the employee.

INCOME TAXES AND RELATED PAYMENTS

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

INCOME TAXES AND RELATED PAYMENTS

The Company is a publicly traded partnership and as a result of the 2019 Restructuring, held interests in Oaktree Capital I (a non-corporate entity that is not subject to U.S. federal corporate income tax) and OCM Cayman (which holds subsidiaries that are taxable in non-U.S. jurisdictions).

Subsequent to the 2022 Restructuring, however, the Company no longer includes OCM Cayman in its financial results. All tax balances related to OCM Cayman were therefore deconsolidated as of the Effective Date of the 2022 Restructuring.

Income tax expense from operations consisted of the following:


	Year Ended December 31,
	2022		2021		2020
Current:


Foreign income tax	$	15,290	$	12,105	$	8,147
	$	15,290	$	12,105	$	8,147
Deferred:


Foreign income tax	$	(359)	$	282	$	64
	$	(359)	$	282	$	64
Total:


Foreign income tax	$	14,931	$	12,387	$	8,211
Income tax expense	$	14,931	$	12,387	$	8,211

The Company’s income (loss) before income taxes consisted of the following:


	Year Ended December 31,
	2022		2021		2020
Domestic income (loss) before income taxes	$	437,779	$	1,073,218	$	71,749
Foreign income (loss) before income taxes	40,242		96,548		20,197
Total income (loss) before income taxes	$	478,021	$	1,169,766	$	91,946

The Company’s effective tax rate differed from the federal statutory rate for the following reasons:


	Year Ended December 31,
	2022		2021		2020
Income tax expense at federal statutory rate	21.00	%	21.00	%	21.00	%
Income passed through	(19.23)		(19.27)		(16.39)

Foreign taxes	1.35		(0.67)		4.32


Total effective rate	3.12	%	1.06	%	8.93	%

The components of the Company’s deferred tax assets and liabilities were as follows:


	As of December 31,
	2022		2021		2020
Deferred tax assets:


Net operating losses	$	—	$	1,817	$	2,264
Other (1)	—		1,731		1,908
Total deferred tax assets	—		3,548		4,172
Total deferred tax liabilities	—		—		—
Net deferred tax assets before valuation allowance	—		3,548		4,172
Valuation allowance	—		—		—

Net deferred tax assets	$	—	$	3,548	$	4,172

All tax balances related to OCM Cayman were deconsolidated as part of the 2022 Restructuring.

When assessing the realizability of deferred tax assets, the Company considers whether it is probable that some or all of the deferred tax assets will not be realized. In determining whether the deferred tax assets are realizable, the Company considers the period of expiration of the tax asset, historical and projected taxable income, and tax liabilities for the tax jurisdiction in which the tax asset is located. The deferred tax asset recognized by the

Company, as it relates to the higher tax basis in the carrying value of certain assets compared to the book basis of those assets, will be recognized in future years by these taxable entities. Deferred tax assets are based on the amount of the tax benefit that the Company’s management has determined is more likely than not to be realized in future periods. In determining the realizability of this tax benefit, management considered numerous factors that will give rise to pre-tax income in future periods. Among these are the historical and expected future book and tax basis pre-tax income of the Company and unrealized gains in the Company’s assets at the determination date. All deferred tax assets related to OCM Cayman were deconsolidated as part of the 2022 Restructuring.

The Company recognizes tax benefits related to its tax positions only where the position is “more likely than not” to be sustained in the event of examination by tax authorities. As part of its assessment, the Company analyzes its tax filing positions in all of the federal, state and foreign tax jurisdictions where it is required to file income tax returns, and for all open tax years in these jurisdictions. All income tax reserve balances related to OCM Cayman were deconsolidated as part of the 2022 Restructuring.

The following is a reconciliation of unrecognized tax benefits (excluding interest and penalties thereon):


	Year Ended December 31,
	2022		2021		2020
Unrecognized tax benefits, January 1	$	—	$	—	$	107




Lapse in statute of limitations	—		—		(107)

Unrecognized tax benefits, December 31	$	—	$	—	$	—

The Company recognizes interest and penalties related to unrecognized tax positions in the provision for income taxes in the consolidated statements of operations. As of December 31, 2022 and 2021, there were no aggregate amount of interest and penalties accrued. The Company recognized no expense in 2022 and in 2021, and net expense of $0.1 million in 2020.

The Company files its tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Company is subject to examination by federal, state, local and foreign tax regulators. With limited exceptions, the Company is no longer subject to income tax audits by taxing authorities for periods before 2019. The Company believes that it has adequately provided for any reasonably foreseeable outcomes related to its tax examinations and that any settlements related thereto will not have a material adverse effect on the Company’s consolidated financial statements; however, there can be no assurances as to the ultimate outcomes.

Exchange Agreement and Tax Receivable Agreement

Under the terms of an exchange agreement in effect prior to the 2019 Restructuring, each OCGH unitholder, subject to certain restrictions, including the approval of our board of directors, had the right to (or could have been required to) exchange his or her OCGH units for, at the option of the Company’s board of directors, Class A units, an equivalent amount of cash based on then-prevailing market prices, other consideration of equal value or any combination of the foregoing. These exchanges resulted in, increases in the tax basis of the tangible and intangible assets of the Oaktree Operating Group. These increases in tax basis have increased and will increase (for tax purposes) depreciation and amortization deductions and reduce gain on sales of assets, and therefore reduced the taxes of two companies, Oaktree Holdings, Inc. and Oaktree AIF Holdings, Inc., that were the Company’s subsidiaries prior to the 2019 Restructuring.

Prior to the 2019 Restructuring, Oaktree Holdings, Inc. and Oaktree AIF Holdings, Inc. entered into a tax receivable agreement with the OCGH (the “Original TRA”) unitholders that provided for the payment by Oaktree Holdings, Inc. and Oaktree AIF Holdings, Inc. to the OCGH unitholders of 85% of the amount of cash savings, if any, in U.S. federal, state and local income tax that Oaktree Holdings, Inc. or Oaktree AIF Holdings, Inc. actually realizes (or is deemed to realize in the case of an early termination payment by Oaktree Holdings, Inc. or Oaktree AIF Holdings, Inc. or a change of control, as discussed below) as a result of these increases in tax basis and of certain other tax benefits related to our entering into the tax receivable agreement, including tax benefits attributable to payments under the tax receivable agreement. These payment obligations were obligations of Oaktree Holdings, Inc. and Oaktree AIF Holdings, Inc. and not of the Oaktree Operating Group. For the year ended December 31, 2019, amounts paid under the tax receivable agreement under this structure totaled $9.5 million.

At the closing of the 2019 Restructuring, Oaktree entered into a Third Amended and Restated Tax Receivable Agreement (the TRA Amendment), which amended and restated the Original TRA. Pursuant to the TRA Amendment, the Original TRA no longer applies and no Tax Benefit Payments (as defined in the Original TRA) will be made with respect to any exchanges of OCGH units that occur on or after March 13, 2019. With respect to any exchanges of OCGH units that occurred prior to March 13, 2019, the TRA Amendment provides that Tax Benefit Payments (as defined in the Original TRA) will continue to be made with respect to such exchanges in accordance with the Original TRA (as amended in certain respects, including that such payments will be calculated without taking into account any tax attributes of Brookfield). Note that upon closing of the 2019 Restructuring, all of the obligation for future Tax Benefit Payments were transferred to the entities that were deconsolidated as part of the 2019 Restructuring.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
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-Subparagraph (SAB Topic 11.C)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

COMMITMENTS AND CONTINGENCIES	12 Months Ended
COMMITMENTS AND CONTINGENCIES	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES In the normal course of business, Oaktree enters into contracts that contain certain representations, warranties and indemnifications. The Company’s exposure under these arrangements would involve future claims that have not yet been asserted. Inasmuch as no such claims currently exist or are expected to arise, the Company has not accrued any liability in connection with these indemnifications. Legal Actions Oaktree, its affiliates, investment professionals, and portfolio companies are routinely involved in litigation and other legal actions in the ordinary course of their business and investing activities. In addition, Oaktree is subject to the authority of a number of U.S. and non-U.S. regulators, including the SEC and the Financial Industry Regulatory Authority, and those authorities periodically conduct examinations of Oaktree and make other inquiries that may result in the commencement of regulatory proceedings against Oaktree and its personnel. Oaktree is currently not subject to any pending actions or regulatory proceedings that either individually or in the aggregate are expected to have a material impact on its consolidated financial statements. Incentive Income In addition to the incentive income recognized by the Company, certain of its funds have amounts recorded as potentially allocable to the Company as its share of potential future incentive income, based on each fund’s net asset value. Inasmuch as this incentive income is contingent upon future investment activity and other factors, it is not recognized by the Company as revenue until it is probable that a significant reversal will not occur. As of December 31, 2022 and 2021, the aggregate of such amounts recorded at the fund level in excess of incentive income recognized by the Company was $1.8 billion and $1.7 billion, respectively, for which related direct incentive income compensation expense was estimated to be $950.3 million and $868.4 million, respectively. Commitments to Funds As of December 31, 2022 and 2021, the Company, generally in its capacity as general partner, had undrawn capital commitments of $275.4 million and $325.8 million, respectively, including commitments to both unconsolidated and consolidated funds. Additionally, as of December 31, 2022, the Company had undrawn capital commitments of $375.0 million in its capacity as a limited partner in Opps XI (as defined in note 18). Investment Commitments of the Consolidated Funds Certain of the consolidated funds are parties to credit arrangements that provide for the issuance of letters of credit and/or revolving loans, which may require the particular fund to extend loans to investee companies. The consolidated funds use the same investment criteria in making these commitments as they do for investments that are included in the consolidated statements of financial condition. The unfunded liability associated with these credit arrangements is equal to the amount by which the contractual loan commitment exceeds the sum of funded debt and cash held in escrow, if any. As of December 31, 2022, the consolidated funds had no potential aggregate commitments, and as of December 31, 2021, the consolidated funds had $13.5 million potential aggregate commitments. These commitments are expected to be funded by the funds’ cash balances, proceeds from asset sales or drawdowns against existing capital commitments. A consolidated fund may agree to guarantee the repayment obligations of certain investee companies. As of December 31, 2022 and 2021, there were no guaranteed amounts under such arrangements. Certain consolidated funds are investment companies that are required to disclose financial support provided or contractually required to be provided to any of their portfolio companies. During the year ended December 31, 2022, the consolidated funds did not provide any financial support to portfolio companies. Operating Leases Oaktree leases its main headquarters office in Los Angeles and offices in 18 other cities in the U.S., Europe, Asia and Australia, pursuant to current lease terms expiring through 2031. The Company’s occupancy costs, including non-lease expenses, were $7.3 million, $9.0 million and $8.7 million for the years ended December 31, 2022, 2021 and 2020, respectively. All of the Company’s lease contracts were obligations of OCM Cayman or its subsidiaries and, therefore, subsequent to the 2022 Restructuring, the Company no longer incurs lease associated costs and right-of-use assets and operating lease liabilities are no longer reflected on the statement of financial condition as of December 31, 2022.

RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2022

RELATED PARTY TRANSACTIONS

The Company considers its senior executives, employees, if any, and unconsolidated Oaktree funds to be affiliates (as defined in the FASB ASC Master Glossary). Amounts due from and to affiliates are set forth below. The fair value of amounts due from and to affiliates is a Level III valuation and was valued based on a discounted cash-flow analysis. The carrying value of amounts due from affiliates approximated fair value due to their short-term nature or because their weighted average interest rate approximated the Company’s cost of debt.


	As of December 31,
	2022		2021
Due from affiliates:
Loans to affiliates and employees	$	—	$	44,088
Amounts due from unconsolidated funds	—		2,829
Management fees and incentive income due from unconsolidated funds and affiliates	203,178		289,795
Payments made on behalf of unconsolidated entities	4,696		36,001
Non-interest bearing advances made to certain non-controlling interest holders and employees	—		148
Total due from affiliates	$	207,874	$	372,861
Due to affiliates:

Amounts due to unconsolidated entities	$	36,164	$	4,198
Total due to affiliates	$	36,164	$	4,198

Loans To Affiliates and Employees

Loans primarily consist of interest-bearing loans made to affiliates and interest-bearing loans made to certain Oaktree employees to meet tax obligations related to the purchase or vesting of equity awards.

On May 7, 2021 the Company, through its consolidated subsidiary Oaktree Capital I, entered into two revolving line of credit notes with OCM, one as a borrower and the other as a lender. Both revolving line of credit notes allow for outstanding principal amounts not to exceed $250.0 million and mature on May 7, 2024. There were no loans to affiliates as of December 31, 2022 and interest income of $10 was generated for the year ended December 31, 2022. As of December 31, 2022, the Company through Oaktree Capital I has borrowed $36.0 million from OCM and incurred interest expense of $255 for the year ended December 31, 2022. As of December 31, 2021, OCM had borrowed $44.0 million from the Company through Oaktree Capital I and generated interest income of $80 for the year ended December 31, 2021.

The employee loans, which were funded by OCM Cayman or its subsidiaries and were generally recourse to the borrower or secured by vested equity and other collateral, typically bore interest at the Company’s cost of debt. As of December 31, 2022, due to the deconsolidation of OCM Cayman, any such existing employee loans will no longer be reflected as a related party transaction with the Company. As of December 31, 2021, there were no Company loans to employees. The Company’s loans generated interest income of $0, $5 and $9 for the years ended December 31, 2022, 2021 and 2020, respectively.

Due From Oaktree Funds

In the normal course of business, the Company advances certain expenses on behalf of Oaktree funds. Amounts advanced on behalf of consolidated funds are eliminated in consolidation. Certain expenses paid by the Company, which typically are employee travel and other costs associated with particular portfolio company holdings, are reimbursed to the Company by the portfolio companies. In addition, the Company recognizes distributions and proceeds from corporate investments in Oaktree funds for which it serves as general partner, and other third-party managed funds and companies as receivables when certain criteria is met.

Revenues Earned From Oaktree Funds

In aggregate, management fees and incentive income earned from unconsolidated Oaktree funds totaled $280.7 million, $1.2 billion and $245.0 million for the years ended December 31, 2022, 2021 and 2020, respectively.

Subsequent to the 2022 Restructuring, the Company no longer earns management fees as a result of the deconsolidation of OCM Cayman.

Other Investment Transactions

The Company’s senior executives, directors and senior professionals are permitted to invest their own capital (or the capital of family trusts or other estate planning vehicles they control) in Oaktree funds, for which they typically pay the particular fund’s management fee but not its incentive allocation. To facilitate the funding of capital calls by funds in which employees are invested, the Company periodically advances on a short-term basis the capital calls on certain employees’ behalf. These advances are reimbursed generally toward the end of the calendar quarter in which the capital calls occurred. Amounts advanced by the Company are included within “non-interest bearing advances made to certain non-controlling interest holders and employees” in the table above.

Subsequent to the 2022 Restructuring, the Company no longer makes these advances as a result of the deconsolidation of OCM Cayman.

Aircraft Services

OCM owns an aircraft for business purposes. Howard Marks, the Company’s Co-Chairman, may use this aircraft for personal travel and will reimburse OCM to the extent his use of the aircraft for personal travel exceeds a certain threshold pursuant to an Oaktree policy. Oaktree also provides certain senior executives a personal travel allowance for private aircraft usage up to a certain threshold pursuant to the same Oaktree policy. Additionally,

Oaktree occasionally makes use of an aircraft owned by one of its senior executives for business purposes at a price to Oaktree that is based on market rates.

Special Allocations

Certain senior executives receive special allocations based on a percentage of profits of the Oaktree Operating Group. These special allocations, which are recorded as compensation expense, are made on a current basis for so long as they remain senior executives of the Company, with limited exceptions.

Administrative Services

The Company is party to the Services Agreement with OCM. Pursuant to the Services Agreement, OCM provides administrative services to the Company necessary for the operations of the Company, which include providing office facilities, equipment, clerical, bookkeeping and record keeping services at such facilities and such other services as OCM, subject to review by the Company’s Board of Directors, shall from time to time deem to be necessary or useful to perform its obligations under the Services Agreement. OCM may, on behalf of the Company, conduct relations and negotiate agreements with custodians, trustees, depositories, attorneys, underwriters, brokers and dealers, corporate fiduciaries, insurers, banks and such other persons in any such other capacity deemed to be necessary or desirable.

OCM is responsible for the financial and other records that the Company is required to maintain and prepares, prints and disseminates reports to the Company’s unitholders and all other materials filed with the SEC. In addition, OCM assists the Company in overseeing the preparation and filing of the Company’s tax returns, and generally overseeing the payment of the Company’s expenses and the performance of administrative and professional services rendered to the Company by others.

On an annual basis the Company will reimburse OCM $750,000 of the costs incurred for providing these administrative services. This reimbursement is payable quarterly, in equal installments, and relates to the Company’s allocable portion of overhead and other expenses (facilities and personnel) incurred by OCM in performing its obligations under the Services Agreement. This amount includes the Company’s allocable portion of (i) the rent of the Company’s principal executive offices (which are located in a building owned by a Brookfield affiliate) at market rates and (ii) the costs of compensation and related expenses of various personnel at Oaktree that perform duties for the Company. The Services Agreement may be terminated by either party without penalty upon 90 days’ written notice to the other.

For each of the years ended December 31, 2022 and 2021, the Company incurred administrative services expense of $0.8 million.

Subordinated Credit Facility

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 maturing on May 19, 2023. The subordinated credit facility has a revolving loan commitment of $250 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 as detailed in note 10. Oaktree Capital I is jointly and severally liable, along with its co-obligors for outstanding borrowings on the subordinated credit facility. As set forth in note 10, the Company’s financial statements generally will not reflect debt obligations, interest expense or related liabilities associated with its operating subsidiaries until such time as Oaktree Capital I directly borrows from the subordinated credit facility. In March 2022, this credit facility was amended to extend the revolving credit maturity date from May 19, 2023 to September 14, 2026. No amounts were outstanding on the subordinated credit facility as of December 31, 2022.

Investment in Oaktree Opportunities Fund XI

The Company has subscribed for a limited partner interest in, and made a capital commitment of, $750.0 million to Oaktree Opportunities Fund XI, L.P., a parallel investment vehicle thereof or a feeder fund in respect of one of the foregoing (such limited partner interest, the “Opps XI Investment” and such fund entities collectively, “Opps XI”). In order to make the Opps XI Investment, the Company’s sole Class A unitholder, or one of

its affiliates, will contribute cash as a capital contribution (the “Opps XI Investment Cash”) as and to the extent required to satisfy the Company’s obligations to Opps XI. The Company will use the Opps XI Investment Cash solely to fund the Opps XI Investment and satisfy its obligations in respect of Opps XI and distributions from the Opps XI Investment are intended for the benefit of the Class A unitholder, subject to applicable law. The Company’s preferred unitholders should not rely on distributions received by the Company in respect of the Company’s Opps XI Investment for payment of dividends or redemption of the preferred units. For the year ended December 31, 2022, the Company funded $150.0 million of its capital commitment. As of December 31, 2022, the Company has funded in the aggregate $375.0 million of the $750.0 million capital commitment.

CAPITAL REQUIREMENTS OF REGULATED ENTITIES	12 Months Ended
CAPITAL REQUIREMENTS OF REGULATED ENTITIES	Dec. 31, 2022
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract]
CAPITAL REQUIREMENTS OF REGULATED ENTITIES	CAPITAL REQUIREMENTS OF REGULATED ENTITIES Two of the Company’s indirect subsidiaries based in London are subject to the capital requirements of the U.K. Financial Conduct Authority, and another based in Hong Kong is subject to the capital requirements of the Hong Kong Securities and Futures Ordinance. These entities operate in excess of their respective regulatory capital requirements. The regulatory capital requirements referred to above may restrict the Company’s ability to withdraw capital from its entities for purposes such as paying cash distributions or advances to the Company. Subsequent to the 2022 Restructuring, due to the deconsolidation of OCM Cayman, the Company is no longer subject to the capital requirements of the U.K. Financial Conduct Authority or the Hong Kong Securities and Futures Ordinance. As of December 31, 2021, there was approximately $210.7 million of such potentially restricted amounts.

SEGMENT REPORTING	12 Months Ended
SEGMENT REPORTING	Dec. 31, 2022
Segment Reporting [Abstract]
SEGMENT REPORTING	SEGMENT REPORTING As a global investment manager, Oaktree provides investment management services through funds, separate accounts and subsidiary services agreements. Prior to the 2022 Restructuring, the Company earned revenues from the management fees and incentive income generated by the funds that it manages or serves as the general partner. Additionally, prior to the 2022 Restructuring, the Company earned sub-advisory fees for acting as a sub-investment manager, or sub-advisor, to certain Oaktree funds. Under such subsidiary services agreements, the Company provided certain investment and marketing related services to Oaktree affiliated entities. Subsequent to the 2022 Restructuring, however, the Company no longer earns management fees and sub-advisory fees as a result of the deconsolidation of OCM Cayman. Management uses a consolidated approach to assess performance and allocate resources. As such, the Company’s business is comprised of one segment, the investment management business.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

SUBSEQUENT EVENTS	12 Months Ended
SUBSEQUENT EVENTS	Dec. 31, 2022
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Class A Unit Distribution A distribution of $0.11 per Class A unit was paid on February 24, 2023 to holders of record at the close of business on February 15, 2023. Preferred Unit Distributions A distribution of $0.414063 per Series A preferred unit was paid on March 15, 2023 to Series A preferred unitholders of record at the close of business on March 1, 2023. A distribution of $0.409375 per Series B preferred unit was paid on March 15, 2023 to Series B preferred unitholders of record at the close of business on March 1, 2023.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Dec. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The consolidated financial statements include the accounts of the Company, its wholly-owned or majority-owned subsidiaries and entities in which the Company is deemed to have a direct or indirect controlling financial interest based on either a variable interest model or voting interest model. Certain of the Oaktree funds consolidated by the Company are investment companies that follow a specialized basis of accounting established by GAAP. All intercompany transactions and balances have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of the consolidated financial statements in accordance with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated financial statements, as well as the reported amounts of income and expenses during the period then ended. Actual results could differ from these estimates.
Consolidation	Consolidation The Company consolidates entities in which it has a direct or indirect controlling financial interest based on either a variable interest model or voting interest model. A limited partnership or similar entity is a variable interest entity (“VIE”) if the unaffiliated limited partners do not have substantive kick-out or participating rights. Most of the Oaktree funds are VIEs because they have not granted unaffiliated limited partners substantive kick-out or participating rights. The Company consolidates those VIEs in which it is the primary beneficiary. An entity is deemed to be the primary beneficiary if it holds a controlling financial interest. A controlling financial interest is defined as (a) the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and (b) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. The consolidation guidance requires an analysis to determine (a) whether an entity in which the Company holds a variable interest is a VIE and (b) whether the Company’s involvement, through holding interests directly or indirectly in the entity or contractually through other variable interests (e.g., management and performance-based fees), would give it a controlling financial interest. A decision maker’s fee arrangement is not considered a variable interest if (a) it is compensation for services provided, commensurate with the level of effort required to provide those services, and part of a compensation arrangement that includes only terms, conditions or amounts that are customarily present in arrangements for similar services negotiated at arm’s length (“at-market”), and (b) the decision maker does not hold any other variable interests that absorb more than an insignificant amount of the potential VIE’s expected residual returns. The Company determines whether it is the primary beneficiary of a VIE at the time it becomes involved with a VIE and reconsiders that conclusion at each reporting date. In evaluating whether the Company is the primary beneficiary, the Company evaluates its economic interests in the entity held either directly by the Company or indirectly through related parties. The consolidation analysis can generally be performed qualitatively; however, if it is not readily apparent that the Company is not the primary beneficiary, a quantitative analysis may also be performed. Investments and redemptions (either by the Company, affiliates of the Company or third parties) or amendments to the governing documents of the respective Oaktree funds could affect an entity’s status as a VIE or the determination of the primary beneficiary. The Company does not consolidate most of the Oaktree funds because it is not the primary beneficiary of those funds due to the fact that its fee arrangements are considered at-market and thus not deemed to be variable interests, and it does not hold any other interests in those funds that are considered to be more than insignificant. Please see note 4 for more information regarding both consolidated and unconsolidated VIEs. For entities that are not VIEs, consolidation is evaluated through a majority voting interest model. “Consolidated funds” refers to Oaktree-managed funds and CLOs that the Company is required to consolidate. When funds or CLOs are consolidated, the Company reflects the assets, liabilities, revenues, expenses and cash flows of the funds or CLOs on a gross basis, and the majority of the economic interests in those funds or CLOs, which are held by third-party investors, are reflected as non-controlling interests in consolidated funds or debt obligations of CLOs in the consolidated financial statements. All of the revenues earned by the Company as investment manager of the consolidated funds are eliminated in consolidation. However, because the eliminated amounts are earned from and funded by third-party investors, the consolidation of a fund does not impact net income or loss attributable to the Company. As a result of the 2022 Restructuring, the Company no longer controls OCM Cayman and therefore OCM Cayman was deconsolidated as of the Effective Date. Additionally, the Company concluded that it was no longer the primary beneficiary for CLOs as their direct ownership interests are held by OCM Cayman. Certain entities in which the Company has the ability to exert significant influence, including unconsolidated Oaktree funds for which the Company acts as general partner, are accounted for under the equity method of accounting.
Non-controlling Redeemable Interests in Consolidated Funds	Non-controlling Redeemable Interests in Consolidated Funds The Company records non-controlling interests to reflect the economic interests of the unaffiliated limited partners in Oaktree-managed funds and the class A ordinary shareholders in Oaktree sponsored SPACs. These interests are presented as non-controlling redeemable interests in consolidated funds within the consolidated statements of financial condition, outside of the permanent capital section. Limited partners in open-end and evergreen funds generally have the right to withdraw their capital, subject to the terms of the respective limited partnership agreements, over periods ranging from one month to three years. While limited partners in consolidated closed-end funds generally have not been granted redemption rights, these limited partners do have withdrawal or redemption rights in certain limited circumstances that are beyond the control of the Company, such as instances in which retaining the limited partnership interest could cause the limited partner to violate a law, regulation or rule. For Oaktree sponsored SPACs, the class A ordinary shareholders have redemption rights that are considered to be outside of the Company’s control. These shares are presented as non-controlling redeemable interests on the Company’s consolidated statements of financial condition. The allocation of net income or loss to non-controlling redeemable interests in consolidated funds and Oaktree sponsored SPACs is based on the relative ownership interests of the unaffiliated limited partners after the consideration of contractual arrangements that govern allocations of income or loss. At the consolidated level, potential incentives are allocated to non-controlling redeemable interests in consolidated funds until such incentives become allocable to the Company under the substantive contractual terms of the limited partnership agreements of the funds.
Non-controlling Interests in Consolidated Subsidiaries	Non-controlling Interests in Consolidated SubsidiariesNon-controlling interests in consolidated subsidiaries reflect the portion of unitholders’ capital attributable to OCGH unitholders (“OCGH non-controlling interest”) and third parties. All non-controlling interests in consolidated subsidiaries are attributed a share of income or loss in the respective consolidated subsidiary based on the relative economic interests of the OCGH unitholders or third parties after consideration of contractual arrangements that govern allocations of income or loss.
Fair Value of Financial Instruments and Fair Value Option	Fair Value of Financial Instruments GAAP establishes a hierarchical disclosure framework that prioritizes the inputs used in measuring financial instruments at fair value into three levels based on their market observability. Market price observability is affected by a number of factors, such as the type of instrument and the characteristics specific to the instrument. Financial instruments with readily available quoted prices from an active market or for which fair value can be measured based on actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment inherent in measuring fair value. Financial assets and liabilities measured and reported at fair value are classified as follows: •Level I – Quoted unadjusted prices for identical instruments in active markets to which the Company has access at the date of measurement. The types of investments in Level I include exchange-traded equities, debt and derivatives with quoted prices. •Level II – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are directly or indirectly observable. Level II inputs include interest rates, yield curves, volatilities, prepayment risks, loss severities, credit risks and default rates. The types of investments in Level II generally include corporate bonds and loans, government and agency securities, less liquid and restricted equity investments, over-the-counter traded derivatives, debt obligations of consolidated CLOs, and other investments where the fair value is based on observable inputs. •Level III – Valuations for which one or more significant inputs are unobservable. These inputs reflect the Company’s assessment of the assumptions that market participants use to value the investment based on the best available information. Level III inputs include prices of quoted securities in markets for which there are few transactions, less public information exists or prices vary among brokered market makers. The types of investments in Level III include non-publicly traded equity, debt, real estate and derivatives. In some instances, the inputs used to value an instrument may fall into multiple levels of the fair-value hierarchy. In such instances, the instrument’s level within the fair-value hierarchy is based on the lowest of the three levels (with Level III being the lowest) that is significant to the fair-value measurement. The Company’s assessment of the significance of an input requires judgment and considers factors specific to the instrument. Transfers of assets into or out of each fair value hierarchy level as a result of changes in the observability of the inputs used in measuring fair value are accounted for as of the beginning of the reporting period. Transfers resulting from a specific event, such as a reorganization or restructuring, are accounted for as of the date of the event that caused the transfer. In the absence of observable market prices, the Company values Level III investments inclusive of the Company’s investments in unconsolidated Oaktree funds using valuation methodologies applied on a consistent basis. The quarterly valuation process for Level III investments begins with each portfolio company, property or security being valued by the investment and/or valuation teams. With the exception of open-end funds, all unquoted Level III investment values are reviewed and approved by (i) the Company’s valuation officer, who is independent of the investment teams, (ii) a designated investment professional of each strategy and (iii) for a substantial majority of unquoted Level III holdings as measured by market value, a valuation committee of the respective strategy. For open-end funds, unquoted Level III investment values are reviewed and approved by the Company’s valuation officer. For certain investments, the valuation process also includes a review by independent valuation parties, at least annually, to determine whether the fair values determined by management are reasonable. Results of the valuation process are evaluated each quarter, including an assessment of whether the underlying calculations should be adjusted or recalibrated. In connection with this process, the Company periodically evaluates changes in fair-value measurements for reasonableness, considering items such as industry trends, general economic and market conditions, and factors specific to the investment. Certain assets are valued using prices obtained from pricing vendors or brokers. The Company seeks to obtain prices from at least two pricing vendors for the subject or similar securities. In cases where vendor pricing is not reflective of fair value, a secondary vendor is unavailable, or no vendor pricing is available, a comparison value made up of quotes for the subject or similar securities received from broker dealers may be used. These investments may be 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. The Company evaluates the prices obtained from brokers or pricing vendors based on available market information, including trading activity of the subject or similar securities, or by performing a comparable security analysis to ensure that fair values are reasonably estimated. The Company also performs back-testing of valuation information obtained from pricing vendors and brokers against actual prices received in transactions. In addition to ongoing monitoring and back-testing, the Company performs due diligence procedures surrounding pricing vendors to understand their methodology and controls to support their use in the valuation process. Fair Value Option The Company has elected the fair value option for the financial assets and financial liabilities of its consolidated CLOs. The assets and liabilities of CLOs are primarily reflected within the investments, at fair value and within the debt obligations of CLOs line items in the condensed consolidated statements of financial condition. The Company’s accounting for CLO assets is similar to its accounting for its funds with respect to both carrying investments held by CLOs at fair value and the valuation methods used to determine the fair value of those investments. The fair value of CLO liabilities are 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. Realized gains or losses and changes in the fair value of CLO assets, respectively, are included in net realized gain on consolidated funds’ investments and net change in unrealized appreciation (depreciation) on consolidated funds’ investments in the condensed consolidated statements of operations. Interest income of CLOs is included in interest and dividend income, and interest expense and other expenses, respectively, are included in interest expense and consolidated fund expenses in the condensed consolidated statements of operations. Changes in the fair value of a CLO’s financial liabilities in accordance with the CLO measurement guidance are included in net change in unrealized appreciation (depreciation) on consolidated funds’ investments in the condensed consolidated statements of operations. Please see notes 6 and 8 for more information. Subsequent to the 2022 Restructuring, the Company no longer consolidates the assets and liabilities of the CLOs as their direct ownership interests are held by OCM Cayman.
Foreign Currency	Foreign Currency The assets and liabilities of the Company’s foreign subsidiaries with non-U.S. dollar functional currencies are translated at exchange rates prevailing at the end of each reporting period. The results of foreign operations are translated at the weighted average exchange rate for each reporting period. Translation adjustments are included in other comprehensive income (loss) within the consolidated statements of financial condition until realized. Gains and losses resulting from foreign-currency transactions are included in general and administrative expense. Subsequent to the 2022 Restructuring, the Company deconsolidated OCM Cayman which included the Company’s foreign subsidiaries with non-U.S. dollar functional currencies. Foreign Currency Investments denominated in non-U.S. currencies are recorded in the consolidated financial statements after translation into U.S. dollars utilizing rates of exchange on the last business day of the period. Interest and dividend income is recorded net of foreign withholding taxes and calculated using the exchange rate in effect when the income is recognized. The effect of changes in exchange rates on assets and liabilities, income, and realized gains or losses is included as part of net realized gain (loss) on consolidated funds’ investments and net change in unrealized appreciation (depreciation) on consolidated funds’ investments in the consolidated statements of operations.
Derivatives and Hedging	Derivatives and Hedging A derivative is a financial instrument whose value is derived from an underlying financial instrument or index, such as interest rates, equity securities, currencies, commodities or credit spreads. Derivatives include futures, forwards, swaps or option contracts, and other financial instruments with similar characteristics. Derivative contracts often involve future commitments to exchange interest payment streams or currencies based on a notional or contractual amount (e.g., interest-rate swaps, foreign-currency forwards or cross-currency swaps). The Company enters into derivatives as part of its overall risk management strategy or to facilitate its investment management activities. The Company manages its exposure to interest rate and foreign exchange market risks, when deemed appropriate, through the use of derivatives, including foreign currency forward and option contracts, interest-rate and cross currency swaps with financial counterparties. Risks associated with fluctuations in interest rates and foreign-currency exchange rates in the normal course of business are addressed as part of the Company’s overall risk management strategy that may result in the use of derivatives to economically hedge or reduce these exposures. From time to time, the Company may enter into (a) foreign-currency option and forward contracts to reduce earnings and cash-flow volatility associated with changes in foreign-currency exchange rates, and (b) interest-rate swaps to manage all or a portion of the interest-rate risk associated with its variable-rate borrowings. As a result of the use of these or other derivative contracts, the Company is exposed to the risk that counterparties will fail to fulfill their contractual obligations. The Company attempts to mitigate this counterparty risk by entering into derivative contracts only with major financial institutions that have investment-grade credit ratings. Counterparty credit risk is evaluated in determining the fair value of derivatives. The Company recognizes all derivatives as assets or liabilities in its consolidated statements of financial condition at fair value. In connection with its derivative activities, the Company generally enters into agreements subject to enforceable master netting arrangements that allow the Company to offset derivative assets and liabilities in the same currency by specific derivative type or, in the event of default by the counterparty, to offset derivative assets and liabilities with the same counterparty. While these derivatives are eligible to be offset in accordance with applicable accounting guidance, the Company has elected to present derivative assets and liabilities based on gross fair value in its consolidated statements of financial condition. When the Company enters into a derivative contract, it may or may not elect to designate the derivative as a hedging instrument and apply hedge accounting as part of its overall risk management strategy. In other situations, when a derivative does not qualify for hedge accounting or when the derivative and the hedged item are both recorded in current-period earnings and thus deemed to be economic hedges, hedge accounting is not applied. Freestanding derivatives are financial instruments that we enter into as part of our overall risk management strategy but do not utilize hedge accounting. These financial instruments may include foreign-currency exchange contracts, interest-rate swaps and other derivative contracts.
Leases	Leases The Company determines whether an arrangement contains a lease at inception. A lease is a contract that provides the right to control an identified asset for a period of time in exchange for consideration. For identified leases, the Company determines whether it should be classified as an operating or finance lease. Operating leases are recorded in the consolidated statements of financial condition as separate line items: right-of-use assets and operating lease liabilities. Right-of-use assets represent the Company’s right to use an underlying asset for the lease term and operating lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Right-of-use assets and operating lease liabilities are recognized at the commencement date of the lease and measured based on the present value of lease payments over the lease term. The right-of-use asset amount also includes deferred rent liabilities and lease incentives. The Company’s lease arrangements generally do not provide an implicit rate. As a result, in such situations the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The Company may also include options to extend or terminate the lease when it is reasonably certain that it will exercise that option in the measurement of its right-of-use assets and liabilities. Lease expense for operating leases is recognized on a straight-line basis over the lease term. The Company has lease agreements with lease and non-lease components, which are generally accounted for separately. Please see note 11 for more information. All of the Company’s lease contracts are obligations of OCM Cayman or its subsidiaries, and therefore, subsequent to the 2022 Restructuring, the Company no longer incurs lease associated costs and right-of-use assets and operating lease liabilities are no longer reflected on the statement of financial condition as of December 31, 2022.
Cash and Cash-equivalents	Cash and Cash-equivalents Cash and cash-equivalents include demand deposit accounts, money market funds and other short-term investments with maturities of three months or less at the date of acquisition.Cash and Cash-equivalents Cash and cash-equivalents held at the consolidated funds represent cash that, although not legally restricted, is not available to support the general liquidity needs of the Company as the use of such amounts is generally limited to the investment activities of the consolidated funds. Cash-equivalents, a Level I valuation, include highly liquid investments such as money market funds, whose carrying value approximates fair value due to its short-term nature.
U.S. Treasury and Other Securities	U.S. Treasury and Other Securities U.S. Treasury and other securities include holdings of U.S. Treasury bills, notes and bonds, time deposit securities, commercial paper and investment grade debt securities, including sovereign debt, domestic and international corporate fixed and floating rate debt, structured credit and debt issued or guaranteed by U.S. government-sponsored entities with maturities greater than three months from the date of acquisition. These securities are classified as trading and are recorded at fair value with changes in fair value included in investment income. All of the Company’s U.S. Treasury and other securities were held at OCM Cayman. Subsequent to the 2022 Restructuring, investments in these securities are no longer reflected on the statement of financial condition as of December 31, 2022.
Corporate Investments	Corporate Investments Corporate investments may consist of investments in funds, companies in which the Company does not have a controlling financial interest, equities received as part of our sponsorship of SPACs, and non-investment grade debt securities. Investments for which the Company is deemed to exert significant influence are accounted for under the equity method of accounting and reflect Oaktree’s ownership interest in each fund or company. In the case of investments for which the Company is not deemed to exert significant influence or control, the fair value option of accounting has been elected. Investment income represents the Company’s pro-rata share of income or loss from these funds or companies, or the change in fair value of the investment, as applicable. Oaktree’s general partnership interests are substantially illiquid. While investments in funds reflect each respective fund’s holdings at fair value, equity-method investments in companies are not adjusted to reflect the fair value of the underlying company. The fair value of the underlying investments in Oaktree funds is based on the Company’s assessment, which takes into account expected cash flows, earnings multiples and/or comparisons to similar market transactions, among other factors. Valuation adjustments reflecting consideration of credit quality, concentration risk, sales restrictions and other liquidity factors are integral to valuing these instruments. Non-investment grade debt securities include domestic and international corporate fixed and floating rating debt and structured credit investments. These securities are classified as trading and are recorded at fair value with changes in fair value included in investment income.
Revenue Recognition	Revenue Recognition The Company earns management fees and incentive income from the investment advisory services it provides to its customers. Revenue is recognized when control of the promised services is transferred to customers in an amount that reflects the consideration the Company expects to receive in exchange for those services. The Company typically enters into contracts with investment funds to provide investment management and administrative services. These services are generally capable of being distinct and each is accounted for as separate performance obligations comprised of distinct service periods because the services are performed over time. The Company determined that for accounting purposes, based on certain facts and circumstances specific to each investment fund structure, that either the investment fund or individual investors may be considered the customer with respect to commingled funds, while the individual investors are the customers with respect to separate account and fund-of-one vehicles. The Company receives management fees and/or incentive income with respect to its investment management services, and it is reimbursed by the funds for expenses incurred or paid on behalf of the funds with respect to its investment advisory services and its administrative services. The Company evaluates whether it is the principal (i.e., report as management fees on a gross basis) or agent (i.e., report as management fees on a net basis) with respect to each performance obligation and associated reimbursement arrangements. The Company has elected to apply the variable consideration exemption for its fee arrangements with its customers. Please see note 3 for more information on revenues. Management Fees Management fees are recognized over the period in which the investment management services are performed because customers simultaneously consume and receive benefits that are satisfied over time. The contractual terms of management fees generally vary by fund structure. For closed-end funds, the management fee rate is generally applied against committed capital, contributed capital, or cost basis during the fund’s investment period and the lesser of aggregate contributed capital or cost basis of assets in the liquidation period. For closed-end funds that pay management fees based on committed capital, Oaktree may elect to delay the start of the fund’s investment period and thus its full management fees, in which case it earns management fees based on contributed capital, until the Company elects to start the fund’s investment period. The Company’s right to receive management fees typically ends after 10 or 11 years from either the initial closing date or the start of the investment period, even if assets remain in the fund. In the case of CLOs, the management fee is based on the aggregate par value of collateral assets and principal cash, as defined in the applicable CLO indentures, and a portion of the management fees is dependent on the sufficiency of the particular vehicle’s cash flow. For open-end and evergreen funds, the management fee is generally based on the NAV of the fund. For the BDCs, the management fee is based on gross assets (including assets acquired with leverage), net of cash or net assets. In the case of certain open-end fund accounts, the Company has the potential to earn performance-based fees, typically in reference to a relevant benchmark index or hurdle rate, which are classified as management fees. The Company also earns quarterly incentive fees on the investment income from certain evergreen funds, such as the BDCs and other fund accounts, which are generally recurring in nature and reflected as management fees. The ultimate amount of management fees that will be earned over the life of the contract is subject to a large number and broad range of possible outcomes due to market volatility and other factors outside of Oaktree’s control. As a result, the amount of revenue earned in any given period is generally determined at the end of each reporting period and relates to services performed during that period. Included in this amount is a gross-up for reimbursable costs incurred on behalf of the Oaktree funds in which the Company has determined it is the principal within the principal and agent relationship of the related fund. Such reimbursable costs are presented in compensation and benefits and general and administrative expenses. The Company’s management fees consist primarily of fees earned from funds managed by OCM Cayman and sub-advisory fees for services provided to OCM. The Company’s revenue recognition for sub-advisory fees is substantially similar to revenue recognition for management fees. Subsequent to the 2022 Restructuring, the Company no longer earns management fees as a result of the deconsolidation of OCM Cayman. Incentive Income Incentive income generally represents 20% of each closed-end fund’s profits, subject to the return of contributed capital and a preferred return of typically 8% per annum, and up to 20% of certain evergreen fund’s annual profits, subject to high-water marks or hurdle rates. Incentive income is recognized when it is probable that a significant reversal will not occur. Revenue recognition is typically met (a) for closed-end funds, only after all contributed capital and the preferred return on that capital have been distributed to the fund’s investors, and (b) for certain evergreen funds, at the conclusion of each annual measurement period. Potential incentive income is highly susceptible to market volatility, the judgment and actions of third parties, and other factors outside of the Company’s control. The Company’s experience has demonstrated little predictive value in the amount of potential incentive income ultimately earned due to the highly uncertain nature of returns inherent in the markets and contingencies associated with many realization events. As a result, the amount of incentive income recognized in any given period is generally determined after giving consideration to a number of factors, including whether the fund is in its investment or liquidation period, and the nature and level of risk associated with changes in fair value of the remaining assets in the fund. In general, it would be unlikely that any amount of potential incentive income would be recognized until (a) the uncertainty is resolved or (b) the fund is near final liquidation, assets are under contract for sale or are at low risk of significant fluctuation in fair value, and the assets are significantly in excess of the threshold at which incentive income would be earned. Incentives received by the Company before the revenue recognition criteria have been met are deferred and recorded as a deferred incentive income liability within accounts payable, accrued expenses and other liabilities in the consolidated statements of financial condition. The Company may receive tax distributions related to taxable income allocated by funds, which are treated as an advance of incentive income and subject to the same recognition criteria. Tax distributions are contractually not subject to clawback. The Company may earn incentive income upon deconsolidation of a SPAC arising from the completion of a merger with an identified target. Upon deconsolidation, the Company will derecognize the net assets of the entity and record any gain or loss related to the remeasurement of its investments to fair value as incentive income in its consolidated statements of operations. Subsequent fair value changes in the Company’s investments held in the entity will be recorded in investment income in its consolidated statements of operations.
Total Compensation and Benefits	Total Compensation and Benefits Compensation and Benefits Compensation and benefits expense reflects all compensation-related items not directly related to incentive income, investment income or equity-based compensation, and includes salaries, bonuses, compensation based on management fees or a definition of profits, employee benefits, payroll taxes, phantom equity awards, and long-term incentive plan. Bonuses are generally accrued over the related service period. Phantom equity awards represent liability-classified awards subject to vesting and remeasurement at the end of each reporting period. The remeasurement is based on changes in the value of Converted OCGH Units or other OCGH units, as applicable. Subsequent to the 2022 Restructuring, the Company no longer incurs compensation and benefits expense due to the deconsolidation of OCM Cayman. Equity-based Compensation Equity-based compensation expense reflects the non-cash charge associated with grants of Converted OCGH units, OEP units, deferred equity units and other performance-based units. Equity-based awards that do not require future service (i.e., awards vested at grant) are expensed immediately. Equity-based awards that require future service are expensed on a straight-line basis over the requisite service period. Cash-settled equity-based awards are classified as liabilities and are remeasured at the end of each reporting period. With respect to forfeitures, the Company made an accounting policy election to account for forfeitures when they occur. Accordingly, no forfeitures have been assumed in the calculation of compensation expense. Subsequent to the 2022 Restructuring, the Company no longer incurs equity-based compensation expense due to the deconsolidation of OCM Cayman. Incentive Income Compensation Incentive income compensation expense primarily reflects compensation directly related to incentive income, which generally consists of percentage interests (sometimes referred to as “points” or an allocation of shares received upon the completion of a successful SPAC merger) that the Company grants to its investment professionals associated with the particular fund or SPAC that generated the incentive income, and secondarily, compensation directly related to investment income. The Company has an obligation to pay a fixed percentage of the incentive income earned from a particular fund or SPAC, including income from consolidated funds that is eliminated in consolidation, to specified investment professionals responsible for the management of the fund or SPAC. Amounts payable pursuant to these arrangements are recorded as compensation expense when they have become probable and reasonably estimable. The Company’s determination of the point at which it becomes probable and reasonably estimable that incentive income compensation expense should be recorded is based on its assessment of numerous factors, particularly those related to the profitability, realizations, distribution status, investment profile and commitments or contingencies of the individual funds that may give rise to incentive income or the completion of a merger by an Oaktree sponsored SPAC. Incentive income compensation is generally expensed in the period in which the underlying income is recognized. Payment of incentive income compensation generally occurs in the same period the related income is received or in the next period. Participation in incentive income generated by the funds or SPACs is subject to forfeiture upon departure and to vesting provisions (generally over a period of five years), in each case, under certain circumstances set forth in the applicable governing documents. These provisions are generally only applicable to incentive income compensation that has not yet been recognized as an expense by the Company or paid to the participant.
Depreciation and Amortization	Depreciation and Amortization Depreciation and amortization expense includes costs associated with the purchase of furniture and equipment, capitalized software and office leasehold improvements. Furniture and equipment and capitalized software are depreciated using the straight-line method over the estimated useful life of the asset, generally three to five years beginning in the first full month after the asset is placed in service. Leasehold improvements are amortized using the straight-line method over the shorter of the respective estimated useful life or the lease term. In connection with the 2022 Restructuring, the Company deconsolidated OCM Cayman which held furniture and equipment, capitalized software and office leasehold improvements and therefore, these assets are no longer reflected on the statement of financial condition as of December 31, 2022.
Other Income (Expense), Net	Other Income (Expense), NetOther income (expense), net represents non-operating income or expense items
Income Taxes	Income Taxes The Company is a publicly traded partnership. Because it satisfies the qualifying income test, it is not required to be treated as a corporation for U.S. federal and state income tax purposes; rather it is taxed as a partnership. As a result of the 2019 Restructuring, the Company held interests in Oaktree Capital I (a non-corporate entity that is not subject to U.S. federal corporate income tax) and OCM Cayman (which holds subsidiaries that are taxable in non-U.S. jurisdictions). Subsequent to the 2022 Restructuring, however, the Company no longer includes OCM Cayman as a part of its balance sheet consolidation. All tax balances related to OCM Cayman were therefore deconsolidated as of the Effective Date of the 2022 Restructuring. Income taxes are accounted for using the liability method of accounting. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of differences between the carrying amount of assets and liabilities and their respective tax bases, using currently enacted tax rates. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period when the change is enacted. Deferred tax assets would be reduced by a valuation allowance if it becomes more likely than not that some portion or all of the deferred tax assets will not be realized. The Company analyzes its tax filing positions for all open tax years in all of the U.S. federal, state, local and foreign tax jurisdictions where it is required to file income tax returns. If the Company determines that uncertainties in tax positions exist, a reserve is established. The Company recognizes accrued interest and penalties related to uncertain tax positions within income tax expense in the consolidated statements of operations. Tax laws are complex and subject to different interpretations by the taxpayer and respective governmental taxing authorities. Significant judgment is required in determining tax expense and in evaluating tax positions, including evaluating uncertainties. The Company reviews its tax positions quarterly and adjusts its tax balances as new information becomes available. The Oaktree funds are generally not subject to U.S. federal and state income taxes and, consequently, no income tax provision has been made in the accompanying consolidated financial statements because individual partners are responsible for their proportionate share of the taxable income.Income TaxesThe consolidated funds may invest in operating entities that are treated as partnerships for U.S. federal income tax purposes which may give rise to unrelated business taxable income or income effectively connected with a U.S. trade or business. In such situations, the consolidated funds permit certain investors to elect to participate in these investments through a “blocker structure” using entities that are treated as corporations for U.S. federal income tax purposes and are generally subject to U.S. federal, state and local taxes. The consolidated funds withhold blocker expenses and tax payments from electing limited partners, which are treated as deemed distributions to such limited partners pursuant to the terms of the respective limited partnership agreement.
Investment Transactions and Income Recognition	Investment Transactions and Income Recognition The consolidated funds record investment transactions at cost on trade date for publicly-traded securities or when they have an enforceable right to acquire the security, which is generally on the closing date if not publicly traded. Realized gains and losses on investments are recorded on a specific-identification basis. The consolidated funds record dividend income on the ex-dividend date and interest income on an accrual basis, unless the related investment is in default or if collection of the income is otherwise considered doubtful. The consolidated funds may hold investments that provide for interest payable in-kind rather than in cash, in which case the related income is recorded at its estimated net realizable amount.
Receivable for Investments Sold	Receivable for Investments Sold Receivables for investments sold by the consolidated funds are recorded at net realizable value. Changes in net realizable value are reflected within net change in unrealized appreciation (depreciation) on consolidated funds’ investments and realizations are reflected within net realized gain on consolidated funds’ investments in the consolidated statements of operations.
Investments, at Fair Value	Investments, at Fair Value The consolidated funds include investment limited partnerships and CLOs that reflect their investments, including majority-owned and controlled investments, at fair value. The Company has retained the specialized investment company accounting guidance for investment limited partnerships with respect to consolidated investments and has elected the fair value option for the financial assets of CLOs. Thus, the consolidated investments are reflected in the consolidated statements of financial condition at fair value, with unrealized gains and losses resulting from changes in fair value reflected as a component of net change in unrealized appreciation (depreciation) on consolidated funds’ investments in the consolidated statements of operations. Fair value is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). As a result of the 2022 Restructuring, the Company no longer directly controls OCM Cayman and therefore OCM Cayman was deconsolidated as of the Effective Date. Additionally, the Company concluded that it was no longer the primary beneficiary for CLOs as their direct ownership interests are held by OCM Cayman. Non-publicly traded debt and equity securities and other securities or instruments for which reliable market quotations are not available are valued by management using valuation methodologies applied on a consistent basis. These securities may initially be valued at the acquisition price as the best indicator of fair value. The Company reviews the significant unobservable inputs, valuations of comparable investments and other similar transactions for investments valued at acquisition price to determine whether another valuation methodology should be utilized. Subsequent valuations will depend on the facts and circumstances known as of the valuation date and the application of valuation methodologies as further described below under “—Non-publicly Traded Equity and Real Estate Investments.” The fair value may also be based on a pending transaction expected to close after the valuation date. Exchange-traded Investments Securities listed on one or more national securities exchanges are valued at their last reported sales price on the date of valuation. If no sale occurred on the valuation date, the security is valued at the mean of the last “bid” and “ask” prices on the valuation date. Securities that are not readily marketable due to legal restrictions that may limit or restrict transferability are generally valued at a discount from quoted market prices. The discount would reflect the amount market participants would require due to the risk relating to the inability to access a public market for the security for the specified period and would vary depending on the nature and duration of the restriction and the perceived risk and volatility of the underlying securities. Securities with longer duration restrictions or higher volatility are generally valued at a higher discount. Such discounts are generally estimated based on put option models or an analysis of market studies. Instances where the Company has applied discounts to quoted prices of restricted listed securities have been infrequent. The impact of such discounts is not material to the Company’s consolidated statements of financial condition and results of operations for all periods presented. Credit-oriented Investments (including Real Estate Loan Portfolios) Investments in corporate and government debt which are not listed or admitted to trading on any securities exchange are valued at the mean of the last bid and ask prices on the valuation date based on quotations supplied by recognized quotation services or by reputable broker-dealers. The market-yield approach is considered in the valuation of non-publicly traded debt securities, utilizing expected future cash flows and discounted using estimated current market rates. Discounted cash-flow calculations may be adjusted to reflect current market conditions and/or the perceived credit risk of the borrower. Consideration is also given to a borrower’s ability to meet principal and interest obligations; this may include an evaluation of collateral and/or the underlying value of the borrower utilizing techniques described below under “—Non-publicly Traded Equity and Real Estate Investments.” Non-publicly Traded Equity and Real Estate Investments The fair value of equity and real estate investments is determined using a cost, market or income approach. The cost approach is based on the current cost of reproducing a real estate investment less deterioration and functional and economic obsolescence. The market approach utilizes valuations of comparable public companies and transactions, and generally seeks to establish the enterprise value of the portfolio company or investment property using a market-multiple methodology. This approach takes into account the financial measure (such as EBITDA, adjusted EBITDA, free cash flow, net operating income, net income, book value or net asset value) believed to be most relevant for the given company or investment property. Consideration also may be given to factors such as acquisition price of the security or investment property, historical and projected operational and financial results for the portfolio company, the strengths and weaknesses of the portfolio company or investment property relative to its comparable companies or properties, industry trends, general economic and market conditions, and others deemed relevant. The income approach is typically a discounted cash-flow method that incorporates expected timing and level of cash flows. It incorporates assumptions in determining growth rates, income and expense projections, discount and capitalization rates, capital structure, terminal values, and other factors. The applicability and weight assigned to market and income approaches are determined based on the availability of reliable projections and comparable companies and transactions. The valuation of securities may be impacted by expectations of investors’ receptiveness to a public offering of the securities, the size of the holding of the securities and any associated control, information with respect to transactions or offers for the securities (including the transaction pursuant to which the investment was made and the elapsed time from the date of the investment to the valuation date), and applicable restrictions on the transferability of the securities. These valuation methodologies involve a significant degree of management judgment. Accordingly, valuations by the Company do not necessarily represent the amounts that eventually may be realized from sales or other dispositions of investments. Fair values may differ from the values that would have been used had a ready market for the investment existed, and the differences could be material to the consolidated financial statements.
Securities Sold Short	Securities Sold Short Securities sold short represent obligations of the consolidated funds to make a future delivery of a specific security and, correspondingly, create an obligation to purchase the security at prevailing market prices (or deliver the security, if owned by the consolidated funds) as of the delivery date. As a result, these short sales create the risk that the funds’ obligations to satisfy the delivery requirement may exceed the amount recorded in the accompanying consolidated statements of financial condition. Securities sold short are recorded at fair value, with the resulting change in value reflected as a component of net change in unrealized appreciation (depreciation) on consolidated funds’ investments in the consolidated statements of operations. When the securities are delivered, any gain or loss is included in net realized gain on consolidated funds’ investments. The funds maintain cash deposits with prime brokers in order to cover their obligations on short sales. These amounts are included in due from brokers in the consolidated statements of financial condition.
Options	Options The purchase price of a call option or a put option is recorded as an investment, which is carried at fair value. If a purchased option expires, a loss in the amount of the cost of the option is realized. When there is a closing sale transaction, a gain or loss is realized if the proceeds are greater or less than, respectively, the cost of the option. When a call option is exercised, the cost of the security purchased upon exercise is increased by the premium originally paid. When a consolidated fund writes an option, the premium received is recorded as a liability and is subsequently adjusted to the current fair value of the option written. If a written option expires, a gain is realized in the amount of the premium received. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain or loss. The writer of an option bears the market risk of an unfavorable change in the price of the security underlying the written option. Options written are included in accounts payable, accrued expenses and other liabilities in the consolidated statements of financial condition.
Total-return Swaps	Total-return Swaps A total-return swap is an agreement to exchange cash flows based on an underlying asset. Pursuant to these agreements, a fund may deposit collateral with the counterparty and may pay a swap fee equal to a fixed percentage of the value of the underlying security (notional amount). A fund earns interest on cash collateral held on account with the counterparty and may be required to deposit additional collateral equal to the unrealized appreciation or depreciation on the underlying asset. Changes in the value of the swaps, which are recorded as unrealized gains or losses, are based on changes in the underlying value of the security. All amounts exchanged with the swap counterparty representing capital appreciation or depreciation, dividend income and expense, items of interest income on short proceeds, borrowing costs on short sales, and commissions are recorded as realized gains or losses. Dividend income and expense on the underlying assets are accrued as unrealized gains or losses on the ex-date.
Due From Brokers	Due From Brokers Due from brokers represents cash owned by the consolidated funds and cash collateral on deposit with brokers and counterparties that are used as collateral for the consolidated funds’ securities and swaps.
Risks and Uncertainties	Risks and Uncertainties Certain consolidated funds invest primarily in the securities of entities that are undergoing, or are considered likely to undergo, reorganization, debt restructuring, liquidation or other extraordinary transactions. Investments in such entities are considered speculative and involve substantial risk of principal loss. Certain of the consolidated funds’ investments may also consist of securities that are thinly traded, securities and other assets for which no market exists, and securities which are restricted as to their transferability. Additionally, investments are subject to concentration and industry risks, reflecting numerous factors, including political, regulatory or economic issues that could cause the investments and their markets to be relatively illiquid and their prices relatively volatile. Investments denominated in non-U.S. currencies or involving non-U.S. domiciled entities are subject to risks and special considerations not typically associated with U.S. investments. Such risks may include, but are not limited to, investment and repatriation restrictions; currency exchange-rate fluctuations; adverse political, social and economic developments; less liquidity; smaller capital markets; and certain local tax law considerations. Credit risk is the potential loss that may be incurred from the failure of a counterparty or an issuer to make payments according to the terms of a contract. Some consolidated funds are subject to additional credit risk due to strategies of investing in debt of financially distressed issuers or derivatives, as well as involvement in privately-negotiated structured notes and structured-credit transactions. Counterparties include custodian banks, major brokerage houses and their affiliates. The Company monitors the creditworthiness of the financial institutions with which it conducts business. Bank debt has exposure to certain types of risk, including interest rate, market, and the potential non-payment of principal and interest as a result of default or bankruptcy of the issuer. Loans are generally subject to prepayment risk, which will affect the maturity of such loans. The consolidated funds may enter into bank debt participation agreements through contractual relationships with a third-party intermediary, causing the consolidated funds to assume the credit risk of both the borrower and the intermediary. Certain consolidated funds may invest in real property and real estate-related investments, including commercial mortgage-backed securities (“CMBS”) and real estate loans, that entail substantial inherent risks. There can be no assurance that such investments will increase in value or that significant losses will not be incurred. CMBS are subject to a number of risks, including credit, interest rate, prepayment and market. These risks can be affected by a number of factors, including general economic conditions, particularly those in the area where the related mortgaged properties are located, the level of the borrowers’ equity in the mortgaged properties, and the relative timing and rate of delinquencies and prepayments of mortgage loans bearing a higher rate of interest. Real estate loans include residential or commercial loans that are non-performing at the time of their acquisition or that become non-performing following their acquisition. Non-performing real estate loans may require a substantial amount of workout negotiations or restructuring, which may entail, among other things, a substantial reduction in the interest rate and/or write-down of the principal balance. Moreover, foreclosure on collateral securing one or more real estate loans held by the consolidated funds may be necessary, which may be lengthy and expensive. Residential loans are typically subject to risks associated with the value of the underlying properties, which may be affected by a number of factors including general economic conditions, mortgage qualification standards, local market conditions such as employment levels, the supply of homes, and the safety, convenience and attractiveness of the properties and neighborhoods. Commercial loans are typically subject to risks associated with the ability of the borrower to repay, which may be impacted by general economic conditions, as well as borrower-specific factors including the quality of management, the ability to generate sufficient income to make scheduled principal and interest payments, or the ability to obtain alternative financing to repay the loan. Certain consolidated funds hold over-the-counter derivatives that may allow counterparties to terminate derivative contracts prior to maturity under certain circumstances, thereby resulting in an accelerated payment of any net liability owed to the counterparty.
Recent Accounting Developments	Recent Accounting Developments In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The amendments in this update clarify the guidance in Topic 820 when measuring the fair value of an equity security subject to contractual sale restrictions and introduce new disclosure requirements related to such equity securities. The amendments are effective for fiscal years beginning after December 15, 2023, with early adoption permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial statements. In March 2020, the Financial Accounting Standards Board (“FASB”) issued guidance which provides temporary optional expedients and exceptions to the U.S. GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens of the expected market transition from LIBOR and other interbank offered rates to alternative reference rates. The guidance is effective upon issuance and generally may be elected over time through December 31, 2024. The Company has not adopted any of the optional expedients or exceptions through December 31, 2022, but will continue to evaluate the possible adoption (including potential impact) of any such expedients or exceptions during the effective period as circumstances evolve.

REVENUES (Tables)

12 Months Ended

Dec. 31, 2022

Revenue from Contract with Customer [Abstract]

Schedule of Revenue Disaggregated by Fund Structure

Revenues by fund structure and sub-advisory fees are set forth below.


	Year Ended December 31,
	2022		2021		2020
Management Fees
Closed-end	$	7,947	$	4,572	$	1,982
Open-end	4,254		6,124		9,262

Sub-advisory fees	211,940		224,090		174,483
Total	$	224,141	$	234,786	$	185,727

Incentive Income
Closed-end	$	261,226	$	1,156,472	$	218,660
Evergreen	7,226		63,152		24,677
Total	$	268,452	$	1,219,624	$	243,337

Schedule of Contract Balances

The table below sets forth contract balances for the periods indicated:


	As of December 31,
	2022		2021

Receivables	$	8,471	$	138,435
Contract assets (1)	194,707		151,360

(1) The changes in the balances primarily relate to accruals, net of payments received.

VARIABLE INTEREST ENTITIES (Tables)

12 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Variable Interest Entities

The carrying value of the Company’s investments in VIEs that were not consolidated are shown below.


	As of December 31,
	2022		2021

Corporate investments	$	976,569	$	895,116
Due from affiliates	200,498		188,237
Maximum exposure to loss	$	1,177,067	$	1,083,353

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2022

Investments [Abstract]

Schedule of Corporate Investments

Corporate investments consisted of the following:


	As of December 31,
Corporate Investments	2022		2021
Equity-method investments:
Funds	$	1,082,069	$	915,185
Companies	1,276		36,225
Other investments, at fair value	108,159		71,154
Total corporate investments	$	1,191,504	$	1,022,564

Summarized financial information of the Company’s equity-method investments is set forth below:


	As of December 31,
Statements of Financial Condition	2022		2021
Assets:
Cash and cash-equivalents	$	3,056,609	$	4,116,251
Investments, at fair value	59,861,879		52,629,756
Other assets	1,555,704		1,216,301
Total assets	$	64,474,192	$	57,962,308
Liabilities and Capital:
Debt obligations	$	3,165,317	$	3,477,050
Other liabilities	8,565,763		8,112,941
Total liabilities	11,731,080		11,589,991
Total capital	52,743,112		46,372,317
Total liabilities and capital	$	64,474,192	$	57,962,308


	Year Ended December 31,
	2022		2021		2020
Statements of Operations
Revenues / investment income	$	3,460,281	$	1,932,884	$	5,061,676
Interest expense	(378,567)		(184,829)		(341,823)
Other expenses	(905,289)		(795,570)		(1,607,354)
Net realized and unrealized gain on investments	2,612,383		10,242,513		7,202,148
Net income	$	4,788,808	$	11,194,998	$	10,314,647

Schedule of Investment

The components of investment income are set forth below:


	Year Ended December 31,
Investment Income (Loss)	2022		2021		2020
Equity-method investments:
Funds	$	54,345	$	203,142	$	117,866
Companies	(10,305)		9,086		1,008
Other investments, at fair value	7,225		(9,187)		(15,046)
Total investment income	$	51,265	$	203,041	$	103,828

Schedule of Investments, at Fair Value

The following table summarizes net gains (losses) attributable to the Company’s other investments:


	Year Ended December 31,
	2022		2021		2020

Realized gain	$	4,072	$	9,306	$	8,946
Net change in unrealized gain (loss)	3,153		(18,493)		(23,992)
Total gain (loss)	$	7,225	$	(9,187)	$	(15,046)

Investments held and securities sold short by the consolidated funds are summarized below:


	Fair Value as of December 31,				Fair Value as a Percentage of Investments of Consolidated Funds as of December 31,
Investments	2022		2021		2022		2021
United States:
Debt securities:
Communication services	$	100,995	$	635,930	2.6	%	5.6	%
Consumer discretionary	127,170		665,405		3.3		5.8
Consumer staples	23,542		190,391		0.6		1.7
Energy	79,573		354,585		2.0		3.1
Financials	217,878		463,412		5.6		4.0

Health care	111,005		459,713		2.8		4.0
Industrials	206,479		891,850		5.3		7.8
Information technology	136,714		685,959		3.5		6.0
Materials	118,578		436,434		3.0		3.8
Real estate	182,643		202,131		4.7		1.8
Utilities	11,850		305,220		0.3		2.7
Other	1,890		10,683		0.0		0.1
Total debt securities (cost: $1,437,262 and $5,303,858 as of December 31, 2022 and 2021, respectively)	1,318,317		5,301,713		33.7		46.3
Equity securities:
Communication services	64,621		54,635		1.7		0.5
Consumer discretionary	133,104		126,978		3.4		1.1
Energy	482,984		369,912		12.4		3.2
Financials	181,980		151,501		4.7		1.3
Health care	26,191		33,475		0.7		0.3
Industrials	308,514		246,856		7.9		2.2
Information technology	14,107		—		0.4		—
Materials	899		82,273		0.0		0.7
Utilities	98,335		81,989		2.5		0.7
Total equity securities (cost: $1,000,922 and $1,086,667 as of December 31, 2022 and 2021, respectively)	1,310,735		1,147,619		33.5		10.0
Real estate:
Real estate	1,796		—		—		—
Total real estate securities (cost: $1,797 and $0 as of December 31, 2022 and 2021, respectively)	1,796		—		—		—


	Fair Value as of December 31,				Fair Value as a Percentage of Investments of Consolidated Funds as of December 31,
Investments	2022		2021		2022		2021
Europe:
Debt securities:
Communication services	$	103,068	$	756,728	2.7	%	6.6	%
Consumer discretionary	13,997		915,535		0.4		8.0
Consumer staples	8,024		206,590		0.2		1.8
Energy	1,097		1,251		0.0		0.0
Financials	35,091		98,126		0.9		0.9
Health care	8,178		751,936		0.2		6.6
Industrials	12,384		656,033		0.3		5.7
Information technology	4,583		383,041		0.1		3.3
Materials	10,920		466,181		0.3		4.1
Real estate	12,888		34,116		0.3		0.3
Utilities	5,102		1,777		0.1		0.0
Other	2,484		15,049		0.1		0.1
Total debt securities (cost: $230,090 and $4,289,708 as of December 31, 2022 and 2021, respectively)	217,816		4,286,363		5.6		37.4
Equity securities:
Consumer discretionary	130,868		102,919		3.3		0.9


Financials	31,701		19,987		0.8		0.2
Health care	9		—		0.0		—
Industrials	53,790		27,475		1.4		0.2
Materials	24,282		—		0.6		—
Real estate	25,622		—		0.7	%	—
Total equity securities (cost: $241,129 and $119,114 as of December 31, 2022 and 2021, respectively)	266,272		150,381		6.8		1.3
Real estate:
Real estate	72,675		33,834		1.9		0.3
Total real estate securities (cost: $69,100 and $34,927 as of December 31, 2022 and 2021, respectively)	72,675		33,834		1.9		0.3
Asia and other:
Debt securities:
Communication services	5,419		6,087		0.1		0.1
Consumer discretionary	5,641		71,082		0.2		0.6
Consumer staples	19,125		13,378		0.5		0.1
Energy	9,163		24,325		0.2		0.2
Financials	8,344		14,739		0.2		0.1

Health care	2,837		4,084		0.1		0.0
Industrials	3,754		7,084		0.1		0.1
Information technology	695		714		0.0		0.0
Materials	113,784		121,151		2.9		1.1
Real estate	328,343		131,155		8.4		1.1
Utilities	5,602		3,743		0.2		0.0
Other	59,998		9,482		1.5		0.1
Total debt securities (cost: $581,467 and $417,825 as of December 31, 2022 and 2021, respectively)	562,705		407,024		14.4		3.6


	Fair Value as of December 31,				Fair Value as a Percentage of Investments of Consolidated Funds as of December 31,
Investments	2022		2021		2022		2021
Asia and other:
Equity securities:

Consumer discretionary	$	—	$	1,057	—	%	0.0	%

Energy	7,581		8,332		0.2		0.1

Industrials	113,270		81,782		2.9		0.7


Real estate	32,916		38,614		0.8		0.3
Utilities	4,530		176		0.1		0.0
Total equity securities (cost: $722,128 and $120,308 as of December 31, 2022 and 2021, respectively)	158,297		129,961		4.0		1.1

Total debt securities	2,098,838		9,995,100		53.7		87.2
Total equity securities	1,735,304		1,427,961		44.4		12.5
Total real estate	74,471		33,834		1.9		0.3
Total investments, at fair value	$	3,908,613	$	11,456,895	100.0	%	100.0	%

Schedule of Net Gains (Losses) from Investment Activities of Consolidated Funds

The following table summarizes net gains (losses) from investment activities:


	Year Ended December 31,
	2022				2021				2020
	Net Realized Gain (Loss) on Investments		Net Change in Unrealized Appreciation (Depreciation) on Investments		Net Realized Gain (Loss) on Investments		Net Change in Unrealized Appreciation (Depreciation) on Investments		Net Realized Gain (Loss) on Investments		Net Change in Unrealized Appreciation (Depreciation) on Investments
Investments and other financial instruments	$	4,103	$	99,199	$	25,599	$	135,306	$	(8,926)	$	(137,882)
CLO liabilities (1)	(30,033)		(99,550)		(6,951)		(14,370)		(85,592)		(21,971)
Foreign-currency forward contracts (2)	43,145		(10,777)		6,232		4,477		(11,184)		(23,813)
Total-return and interest-rate swaps (2)	975		284		(92)		(57)		(148)		(69)
Options and futures (2)	13,322		(223)		(2,550)		(3,697)		(107)		(112)
Commodity swaps (2)	(44,626)		(3,956)		—		—		—		—
Warrants (2)	—		—		—		858		—		—
Total	$	(13,114)	$	(15,023)	$	22,238	$	122,517	$	(105,957)	$	(183,847)

(2) Please see note 7 for additional information.

FAIR VALUE (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Schedule of Fair Value, by Balance Sheet Grouping

The Company’s other financial assets and financial liabilities by fair-value hierarchy level are set forth below. Please see notes 10 and 18 for the fair value of the Company’s outstanding debt obligations and amounts due from/to affiliates, respectively.


	As of December 31, 2022								As of December 31, 2021
	Level I		Level II		Level III		Total		Level I		Level II		Level III		Total
Assets
U.S. Treasury and other securities (1)	$	—	$	—	$	—	$	—	$	2,086	$	—	$	—	$	2,086
Corporate investments	109,078		1,172		8,470		118,720		62,124		7,316		1,714		71,154
Foreign-currency forward contracts included in corporate investments	—		1,279		—		1,279		—		6,414		—		6,414
Foreign-currency forward contracts included in other assets	—		12,061		—		12,061		—		4,799		—		4,799

Total assets	$	109,078	$	14,512	$	8,470	$	132,060	$	64,210	$	18,529	$	1,714	$	84,453

Liabilities

Foreign-currency forward contracts included in corporate investments	$	—	$	(11,840)	$	—	$	(11,840)	$	—	$	—	$	—	$	—
Foreign-currency forward contracts included in other liabilities	—		—		—		—		—		(536)		—		(536)

Total liabilities	$	—	$	(11,840)	$	—	$	(11,840)	$	—	$	(536)	$	—	$	(536)

(1) For U.S. Treasury securities the carrying value approximates fair value due to their short-term nature and are classified as Level I investments within the fair value hierarchy detailed above.

Schedule of Changes in Fair Value of Level III Investments

The table below sets forth a summary of changes in the fair value of Level III financial instruments:


	Year Ended December 31,
	2022		2021
	Corporate Investments			Corporate Investments
Corporate Investments:
Beginning balance	$	1,714		$	27,045
Contributions or additions	7,863			—
Distributions	(1,590)			(485)

Transfers into Level III	—			2,101
Transfers out of Level III	—			(27,045)
Net gain included in earnings	483			98
Ending balance	$	8,470		$	1,714

Net change in unrealized gains (losses) attributable to financial instruments still held at end of period	$	408		$	(189)

Schedule of Changes in Fair Value of Level III Investments

The table below sets forth a summary of changes in the fair value of Level III financial instruments:


	Year Ended December 31,
	2022		2021
	Corporate Investments			Corporate Investments
Corporate Investments:
Beginning balance	$	1,714		$	27,045
Contributions or additions	7,863			—
Distributions	(1,590)			(485)

Transfers into Level III	—			2,101
Transfers out of Level III	—			(27,045)
Net gain included in earnings	483			98
Ending balance	$	8,470		$	1,714

Net change in unrealized gains (losses) attributable to financial instruments still held at end of period	$	408		$	(189)

The following tables set forth a summary of changes in the fair value of Level III investments:


	Corporate Debt – Bank Debt		Corporate Debt – All Other		Equities – Common Stock		Equities – Preferred Stock		Real Estate		Total
2022
Beginning balance	$	597,188	$	229,576	$	581,748	$	486,030	$	33,834	$	1,928,376
Deconsolidation of funds	(196,906)		—		(964)		(16)		—		(197,886)
Transfers into Level III	116,213		10,548		—		—		—		126,761
Transfers out of Level III	(53,653)		(9,935)		(122)		—		—		(63,710)
Purchases	518,173		16,116		259,004		234,652		36,782		1,064,727
Sales	(296,175)		(25,501)		(193,950)		(110,612)		—		(626,238)
Realized gain (loss), net	(2,501)		(1,692)		(92,514)		2,299		(813)		(95,221)
Unrealized appreciation (depreciation), net	20,158		391		223,996		4,251		4,668		253,464
Ending balance	$	702,497	$	219,503	$	777,198	$	616,604	$	74,471	$	2,390,273
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period	$	18,104	$	395	$	93,676	$	4,357	$	4,670	$	121,202

2021
Beginning balance	$	255,282	$	79,085	$	187,370	$	23,219	$	—	$	544,956
Deconsolidation of funds	(3,065)		(12,598)		—		—		—		(15,663)
Transfers into Level III	69,877		2,960		209		—		—		73,046
Transfers out of Level III	(96,862)		(26,215)		—		(32,190)		—		(155,267)
Purchases	531,414		185,404		536,239		463,529		57,732		1,774,318
Sales	(150,525)		(4,919)		(105,609)		(17,771)		(22,233)		(301,057)
Realized loss, net	4,222		450		(8,948)		3,122		(572)		(1,726)
Unrealized depreciation, net	(13,155)		5,409		(27,513)		46,121		(1,093)		9,769
Ending balance	$	597,188	$	229,576	$	581,748	$	486,030	$	33,834	$	1,928,376
Net change in unrealized depreciation attributable to assets still held at end of period	$	(13,869)	$	4,956	$	37,345	$	46,122	$	(1,091)	$	73,463

Schedule of Valuation Techniques and Quantitative Information

Fair Value as of

Significant Unobservable Input

Financial Instrument

December 31, 2022

Valuation Technique

Input Value

Sponsor earn-out shares

8,470

Black-Scholes option pricing model

Volatility

55%

Investment Type

Fair Value

Valuation Technique

Significant Unobservable
Inputs (1)(2)

Range

Weighted Average (3)

Credit-oriented investments:

Consumer discretionary:

43,934

Recent transaction price (4)

Quoted prices

Not applicable

293

Recent market information (5)

Quoted prices

Not applicable

16,062

Discounted cash flow (6)

Discount rate

12% – 15%

14%

Communication services:

67,500

Discounted cash flow (6)

Discount rate

12% – 13%

13%

Energy:

32,765

Discounted cash flow (6)

Discount rate

13% – 21%

18%

2,676

Recent market information (5)

Quoted prices

Not applicable

Financials:

66,204

Discounted cash flow (6)

Discount rate

12% – 19%

15%

12,880

Recent market information (5)

Quoted prices

Not applicable

6,143

Market approach (comparable companies)

Multiple of underlying assets (9)

0.9x – 1.0x

1.0x

Industrials:

9,875

Discounted cash flow (6)

Discount rate

12% – 15%

14%

35,124

Market approach (comparable companies)

Multiple of underlying assets (9)

0.9x – 1.0x

1.0x

4,527

Recent transaction price (4)

Quoted prices

Not applicable

Materials:

197,427

Discounted cash flow (6)

Discount rate

10% – 14%

12%

Real estate:

32,173

Recent transaction price (4)

Quoted prices

Not applicable

3,643

Discounted cash flow (6)

Discount rate

9% – 9%

35,525

Recent market information (5)

Quoted prices

Not applicable

302,179

Market approach (comparable companies)

Multiple of underlying assets (9)

0.76x – 1.00x

0.95x

Other:

(1,137)

Recent market information (5)

Quoted prices

Not applicable

22,732

Recent transaction price (4)

Quoted prices

Not applicable

31,474

Discounted cash flow (6)

Discount rate

10% – 18%

14%

Equity investments:

74,329

Recent transaction price (4)

Quoted prices

Not applicable

582,299

Market approach (comparable companies)

Multiple of underlying assets (9)

0.9x – 1.1x

1.0x

336,831

Market approach (comparable companies) (7)

Earnings multiple (10)

5x – 20x

214,172

Discounted cash flow (6)

Discount rate

12% – 21%

19%

83,644

Market approach (comparable companies) (7)

Revenue multiple (8)

1x – 2x

1.81x

27,347

Discounted cash flow (6) / market approach (comparable companies) (7)

Discount rate

14% – 14%

14%

75,181

Recent market information (5)

Quoted prices

Not applicable

Real estate-oriented:

7,695

Recent transaction price (4)

Quoted prices

Not applicable

66,776

Discounted cash flow (6)

Discount rate

14% – 25%

18%

Total Level III
investments

2,390,273

Investment Type

Fair Value

Valuation Technique

Significant Unobservable
Inputs (1)(2)

Range

Weighted Average (3)

Credit-oriented investments:

Consumer Discretionary:

20,954

Recent transaction price (4)

Quoted prices

Not applicable

12,677

Recent market information (5)

Quoted prices

Not applicable

6,864

Discounted cash flow (6)

Discount rate

9% – 11%

10%

Communication Services:

60,384

Market approach (comparable companies)

Revenue multiple (8)

2x – 4x

38,352

Recent market information (5)

Quoted prices

Not applicable

3,402

Recent transaction price (4)

Quoted prices

Not applicable

Energy:

51,012

Discounted cash flow (6)

Discount rate

12% – 13%

12%

33,987

Recent transaction price (4)

Quoted prices

Not applicable

13,640

Recent market information (5)

Quoted prices

Not applicable

Financials:

29,519

Discounted cash flow (6)

Discount rate

10% – 12%

11%

23,129

Recent market information (5)

Quoted prices

Not applicable

13,187

Recent transaction price (4)

Quoted prices

Not applicable

Industrials

87,727

Discounted cash flow (6)

Discount rate

8% – 13%

10%

1,852

Recent market information (5)

Quoted prices

Not applicable

Materials:

136,117

Discounted cash flow (6)

Discount rate

8% – 14%

24,420

Recent transaction price (4)

Quoted prices

Not applicable

6,674

Recent market information (5)

Quoted prices

Not applicable

Real estate:

76,503

Recent transaction price (4)

Quoted prices

Not applicable

60,643

Market approach (comparable companies)

Multiple of underlying assets (9)

0.7x – 0.9x

0.8x

27,235

Recent market information (5)

Quoted prices

Not applicable

Other:

78,631

Recent market information (5)

Quoted prices

Not applicable

11,425

Recent transaction price (4)

Quoted prices

Not applicable

8,430

Market approach (comparable companies)

Multiple of underlying assets (9)

0.9x – 1.1x

1.0x

Equity investments:

411,574

Recent transaction price (4)

Quoted prices

Not applicable

364,851

Market approach (comparable companies) (7)

Multiple of underlying assets (9)

0.9x – 1.0x

1.0x

110,973

Market approach (comparable companies) (7)

Earnings multiple (10)

6x – 16x

11x

83,999

Discounted cash flow (6)

Discount rate

7% – 16%

16%

59,805

Market approach (comparable companies) (7)

Revenue multiple (8)

3x – 11x

36,576

Recent market information (5)

Quoted prices

Not applicable

Real estate-oriented:

18,526

Recent transaction price (4)

Not Applicable

Not applicable

15,308

Discounted cash flow (6)

Discount rate

24% – 26%

25%

Total Level III
investments

1,928,376

issuer, equity investments and certain real estate-oriented investments. An increase (decrease) in the multiple would result in a higher (lower) fair-value measurement.

(3) The weighted average is based on the fair value of the investments included in the range.

(7) A market approach is generally used to value distressed investments and investments in which the consolidated funds have a controlling interest in the underlying.

Schedule of Valuation of Investments and Other Financial Instruments

The table below summarizes the investments and other financial instruments of the consolidated funds by fair-value hierarchy level:


	As of December 31, 2022								As of December 31, 2021
	Level I		Level II		Level III		Total		Level I		Level II		Level III		Total
Assets
Investments:
Corporate debt – bank debt	$	—	$	411,997	$	702,497	$	1,114,494	$	—	$	7,867,741	$	597,188	$	8,464,929
Corporate debt – all other	—		764,841		219,503		984,344		—		1,300,595		229,576		1,530,171
Equities – common stock	226,862		34,389		777,198		1,038,449		206,133		76,751		581,748		864,632
Equities – preferred stock	80,251		—		616,604		696,855		77,299		—		486,030		563,329
Real estate	—		—		74,471		74,471		—		—		33,834		33,834
Total investments	307,113		1,211,227		2,390,273		3,908,613		283,432		9,245,087		1,928,376		11,456,895
Derivatives:
Foreign-currency forward contracts	—		9,758		—		9,758		—		5,062		—		5,062
Swaps	—		700		—		700		—		1,162		—		1,162
Options and futures	279		—		—		279		509		—		—		509
Total derivatives (1)	279		10,458		—		10,737		509		6,224		—		6,733
Total assets	$	307,392	$	1,221,685	$	2,390,273	$	3,919,350	$	283,941	$	9,251,311	$	1,928,376	$	11,463,628

Liabilities
CLO debt obligations:
Senior secured notes	$	—	$	—	$	—	$	—	$	—	$	(7,472,521)	$	—	$	(7,472,521)
Subordinated notes	—		—		—		—		—		(333,742)		—		(333,742)
Total CLO debt obligations (2)	—		—		—		—		—		(7,806,263)		—		(7,806,263)


Derivatives:
Foreign-currency forward contracts	—		(16,356)		—		(16,356)		—		(886)		—		(886)
Swaps	(7,666)		—		—		(7,666)		(4,100)		(235)		—		(4,335)

Warrants	—		—		—		—		—		(6,626)		—		(6,626)
Total derivatives (3)	(7,666)		(16,356)		—		(24,022)		(4,100)		(7,747)		—		(11,847)
Total liabilities	$	(7,666)	$	(16,356)	$	—	$	(24,022)	$	(4,100)	$	(7,814,010)	$	—	$	(7,818,110)

(1) Amounts are included in other assets under “assets of consolidated funds” in the consolidated statements of financial condition.

(3) Amounts are included in accounts payable, accrued expenses and other liabilities under “liabilities of consolidated funds” in the consolidated statements of financial condition.

DERIVATIVES AND HEDGING (Tables)

12 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Foreign Exchange Contracts, Statement of Financial Position

The fair value of freestanding derivatives consisted of the following:


	Assets				Liabilities
	Notional		Fair Value		Notional		Fair Value
As of December 31, 2022
Foreign-currency forward contracts	$	221,836	$	13,340	$	(200,319)	$	(11,840)



As of December 31, 2021
Foreign-currency forward contracts	$	324,322	$	11,213	$	(24,735)	$	(536)

Schedule of Impact of Derivative Instruments on Condensed Consolidated Statement of Operations

Realized and unrealized gains and losses arising from freestanding derivatives were recorded in the consolidated statements of operations as follows:


	Year Ended December 31,
	2022		2021		2020

Investment income (loss)	$	16,259	$	15,924	$	(13,045)
General and administrative expense (1)	7,817		7,866		(9,315)
Total gain (loss)	$	24,076	$	23,790	$	(22,360)

The impact of derivatives held by the consolidated funds in the consolidated statements of operations was as follows:


	Year Ended December 31,
	2022				2021				2020
	Net Realized Gain (Loss) on Investments		Net Change in Unrealized Appreciation (Depreciation) on Investments		Net Realized Gain (Loss) on Investments		Net Change in Unrealized Appreciation (Depreciation) on Investments		Net Realized Gain (Loss) on Investments		Net Change in Unrealized Appreciation (Depreciation) on Investments
Foreign-currency forward contracts	$	43,145	$	(10,777)	$	6,232	$	4,477	$	(11,184)	$	(23,813)
Total-return and interest-rate and credit default swaps	975		284		(92)		(57)		(148)		(69)
Options and futures	13,322		(223)		(2,550)		(3,697)		(107)		(112)
Warrants	—		—		—		858		—		—
Commodity swaps	(44,626)		(3,956)		—		—		—		—
Total	$	12,816	$	(14,672)	$	3,590	$	1,581	$	(11,439)	$	(23,994)

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The fair value of derivatives held by the consolidated funds consisted of the following:


	Assets				Liabilities
	Notional		Fair Value		Notional		Fair Value
As of December 31, 2022
Foreign-currency forward contracts	$	427,141	$	9,758	$	(52,531)	$	(16,356)
Total-return and interest-rate swaps	12,604		700		(3,182)		(7,666)
Options and futures	378,042		279		(125,283)		—

Total	$	817,787	$	10,737	$	(180,996)	$	(24,022)

As of December 31, 2021
Foreign-currency forward contracts	$	210,868	$	5,062	$	(24,845)	$	(886)
Total-return and interest-rate swaps	13,727		1,162		(27,254)		(4,335)
Options and futures	213,575		509		—		—
Warrants	—		—		—		(6,626)
Total	$	438,170	$	6,733	$	(52,099)	$	(11,847)

Schedule of Balance Sheet Offsetting Assets

The “gross amounts not offset in statements of financial condition” columns represent derivatives that management has elected not to offset in the consolidated statements of financial condition even though they are eligible to be offset in accordance with applicable accounting guidance.


	Gross Amounts of Assets (Liabilities) Presented		Gross Amounts Not Offset in Statements of Financial Condition				Net Amount
As of December 31, 2022			Derivative Assets (Liabilities)		Cash Collateral Received (Pledged)
Derivative Assets:
Foreign-currency forward contracts	$	13,340	$	1,279	$	—	$	12,061


Derivative assets of consolidated funds:
Foreign-currency forward contracts	9,758		—		—		9,758
Total-return and interest-rate and credit default swaps	700		—		—		700
Options and futures	279		—		—		279
Subtotal	10,737		—		—		10,737
Total	$	24,077	$	1,279	$	—	$	22,798

Derivative Liabilities:
Foreign-currency forward contracts	$	(11,840)	$	(1,279)	$	—	$	(10,561)
Derivative liabilities of consolidated funds:
Foreign-currency forward contracts	(16,356)		—		—		(16,356)
Total-return and interest-rate and credit default swaps	(7,666)		—		—		(7,666)


Subtotal	(24,022)		—		—		(24,022)
Total	$	(35,862)	$	(1,279)	$	—	$	(34,583)


	Gross Amounts of Assets (Liabilities) Presented		Gross Amounts Not Offset in Statements of Financial Condition				Net Amount
As of December 31, 2021			Derivative Assets (Liabilities)		Cash Collateral Received (Pledged)
Derivative Assets:
Foreign-currency forward contracts	$	11,213	$	404	$	—	$	10,809


Derivative assets of consolidated funds:
Foreign-currency forward contracts	5,062		—		—		5,062
Total-return and interest-rate swaps	1,162		—		—		1,162
Options and futures	509		—		—		509
Subtotal	6,733		—		—		6,733
Total	$	17,946	$	404	$	—	$	17,542

Derivative Liabilities:
Foreign-currency forward contracts	$	(536)	$	(404)	$	—	$	(132)


Derivative liabilities of consolidated funds:
Foreign-currency forward contracts	(886)		—		—		(886)
Total-return and interest-rate swaps	(4,335)		—		—		(4,335)
Warrants	(6,626)		—		—		(6,626)
Subtotal	(11,847)		—		—		(11,847)
Total	$	(12,383)	$	(404)	$	—	$	(11,979)

Schedule of Balance Sheet Offsetting Liabilities


	Gross Amounts of Assets (Liabilities) Presented		Gross Amounts Not Offset in Statements of Financial Condition				Net Amount
As of December 31, 2022			Derivative Assets (Liabilities)		Cash Collateral Received (Pledged)
Derivative Assets:
Foreign-currency forward contracts	$	13,340	$	1,279	$	—	$	12,061


Derivative assets of consolidated funds:
Foreign-currency forward contracts	9,758		—		—		9,758
Total-return and interest-rate and credit default swaps	700		—		—		700
Options and futures	279		—		—		279
Subtotal	10,737		—		—		10,737
Total	$	24,077	$	1,279	$	—	$	22,798

Derivative Liabilities:
Foreign-currency forward contracts	$	(11,840)	$	(1,279)	$	—	$	(10,561)
Derivative liabilities of consolidated funds:
Foreign-currency forward contracts	(16,356)		—		—		(16,356)
Total-return and interest-rate and credit default swaps	(7,666)		—		—		(7,666)


Subtotal	(24,022)		—		—		(24,022)
Total	$	(35,862)	$	(1,279)	$	—	$	(34,583)


	Gross Amounts of Assets (Liabilities) Presented		Gross Amounts Not Offset in Statements of Financial Condition				Net Amount
As of December 31, 2021			Derivative Assets (Liabilities)		Cash Collateral Received (Pledged)
Derivative Assets:
Foreign-currency forward contracts	$	11,213	$	404	$	—	$	10,809


Derivative assets of consolidated funds:
Foreign-currency forward contracts	5,062		—		—		5,062
Total-return and interest-rate swaps	1,162		—		—		1,162
Options and futures	509		—		—		509
Subtotal	6,733		—		—		6,733
Total	$	17,946	$	404	$	—	$	17,542

Derivative Liabilities:
Foreign-currency forward contracts	$	(536)	$	(404)	$	—	$	(132)


Derivative liabilities of consolidated funds:
Foreign-currency forward contracts	(886)		—		—		(886)
Total-return and interest-rate swaps	(4,335)		—		—		(4,335)
Warrants	(6,626)		—		—		(6,626)
Subtotal	(11,847)		—		—		(11,847)
Total	$	(12,383)	$	(404)	$	—	$	(11,979)

FIXED ASSETS (Tables)

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Schedule of Fixed Assets

The following table sets forth the Company’s fixed assets and accumulated depreciation:


	As of December 31,
	2022		2021

Furniture, equipment and capitalized software	$	—	$	10,187
Leasehold improvements	—		27,315
Other	—		965
Fixed assets	—		38,467
Accumulated depreciation	—		(27,036)

Fixed assets, net	$	—	$	11,431

DEBT OBLIGATIONS AND CREDIT FACILITIES (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Schedule of Debt Obligations

The offering closed on June 8, 2022, and Oaktree Capital I received proceeds of €200 million on the closing date.


	As of
	December 31, 2022		December 31, 2021
Senior unsecured notes
€50,000, 2.20%, issued in June 2022, payable on June 8, 2032	$	53,362	$	—
€75,000, 2.40%, issued in June 2022, payable on June 8, 2034	80,044		—
€75,000, 2.58%, issued in June 2022, payable on June 8, 2037	80,044		—
Total remaining principal	213,450		—
Less: Debt issuance costs	(1,255)		—

Total debt obligations, net	$	212,195	$	—

The Company’s maximum exposure to these debt obligations is set forth below:


	As of December 31,
	2022		2021

Senior unsecured notes
$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
$250,000, 3.78%, issued in December 2017, payable on December 18, 2032	250,000		250,000
$200,000, 3.64%, issued in July 2020, payable on July 22, 2030	200,000		200,000
$50,000, 3.84%, issued in July 2020, payable on July 22, 2035	50,000		50,000
$200,000, 3.06%, issued in November 2021, payable on January 12, 2037	200,000		—
Credit facility, issued in March 2014, variable rate obligations payable on December 15, 2027	—		55,000
Total remaining principal	$	1,050,000	$	905,000

Schedule of Collateralized Loan Obligation

The consolidated funds had the following debt obligations outstanding:


	Outstanding Amount as of December 31,				Facility Capacity	Weighted Average Interest Rate	Weighted Average Remaining Maturity (years)	Commitment Fee Rate	L/C Fee
Credit Agreement	2022		2021
Revolving credit facilities (1)	$	1,000,859	$	1,119,178	$1,142,742	5.94%	0.6	0.20%	1.62%
Secured borrowings	—		12,740
Total debt obligations	1,000,859		1,131,918
Less: Debt issuance costs (2)	(1,972)		(2,552)
Total debt obligations, net	$	998,887	$	1,129,366

(1) The credit facility capacity is calculated on a pro rata basis using fund commitments as of December 31, 2022.

(2) Debt issuance costs are included in other asset as of December 31, 2022 and December 31, 2021.

Outstanding debt obligations of CLOs as of December 31, 2021 were as follows:


	Fair Value (1)		Weighted Average Interest Rate	Weighted Average Remaining Maturity (years)
Senior secured notes	$	7,472,521	1.75%	11.0
Subordinated notes (2)	333,742		N/A	11.2
Total CLO debt obligations	$	7,806,263

(2) The subordinated notes do not have a contractual interest rate; instead, they receive distributions from the excess cash flows generated by the CLO.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

+ Details

LEASES (Tables)

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Schedule of Components of Lease Expense

The components of lease expense included in general and administrative expense were as follows:


	Twelve months ended December 31, 2022		Twelve months ended December 31, 2021

Operating lease cost	$	6,332	$	7,947
Sublease income	(360)		(407)
Total lease cost	$	5,972	$	7,540

Supplemental cash flow information related to leases was as follows:


	Twelve months ended December 31, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used for operating leases	$	5,945

NON-CONTROLLING REDEEMABLE INTERESTS IN CONSOLIDATED FUNDS (Tables)

12 Months Ended

Dec. 31, 2022

Non-Controlling Redeemable Interests in Consolidated Funds [Abstract]

Schedule of Changes in Non-controlling Redeemable Interests in Consolidated Funds


	Year Ended December 31,
	2022		2021		2020
Beginning balance	$	1,723,294	$	715,347	$	866,222



Deconsolidation of funds	(249,903)		(192,984)		(720,729)
Contributions	727,382		1,189,486		940,191
Distributions	(207,360)		(171,883)		(223,674)
Net income (loss)	190,905		186,515		(165,412)
Change in distributions payable	(1,314)		9,975		(10,050)
Change in contribution receivable	—		—		15,826
Foreign-currency translation and other	(590)		(13,162)		12,973
Ending balance	$	2,182,414	$	1,723,294	$	715,347

UNITHOLDERS' CAPITAL (Tables)

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Schedule of Distributions Made

Distributions per Class A unit are set forth below:

Payment Date

Record Date

Applicable to Period Ended

Distribution Per Unit

November 10, 2022

October 31, 2022

September 30, 2022

0.31

August 10, 2022

August 3, 2022

June 30, 2022

0.38

May 10, 2022

April 30, 2022

March 31, 2022

0.27

February 25, 2022

February 15, 2022

December 31, 2021

0.90

Total 2022

1.86

November 10, 2021

October 31, 2021

September 30, 2021

0.83

August 10, 2021

July 30, 2021

June 30, 2021

0.50

May 10, 2021

April 30, 2021

March 31, 2021

2.28

February 25, 2021

February 15, 2021

December 31, 2020

1.07

Total 2021

4.68

August 10, 2020

July 31, 2020

June 30, 2020

0.49

February 24, 2020

February 3, 2020

December 31, 2019

0.22

Total 2020

0.71

Schedule of Net Income (Loss)

The following table sets forth a summary of net income attributable to the preferred unitholders, the OCGH and other non-controlling interests and the Class A common unitholders:


	Year Ended December 31,
	2022		2021		2020
Weighted average Oaktree Operating Group units outstanding (in thousands):
OCGH and other non-controlling interests	60,704		60,956		61,474
Class A unitholders	99,211		99,031		98,512
Total weighted average units outstanding	159,915		159,987		159,986
Oaktree Operating Group net income:
Net income attributable to preferred unitholders (1)	$	27,316	$	27,316	$	27,316
Net income attributable to OCGH and other non-controlling interests	68,539		339,250		83,428
Net income attributable to OCG Class A unitholders	131,001		544,551		135,656
Oaktree Operating Group net income	$	226,856	$	911,117	$	246,400
Net income attributable to OCG Class A unitholders:
Oaktree Operating Group net income attributable to OCG Class A unitholders	$	131,001	$	544,551	$	135,656
Non-Operating Group income (expense)	45,329		59,793		2,747

Net income attributable to OCG Class A unitholders	$	176,330	$	604,344	$	138,403

(1) Represents distributions declared, if any, on the preferred units.

Schedule of Changes in Company Ownership Interest

The change in the Company’s ownership interest in the Oaktree Operating Group is set forth below:


	Year Ended December 31,
	2022		2021		2020
Net income attributable to OCG Class A unitholders	$	176,330	$	604,344	$	138,403
Equity reallocation between controlling and non-controlling interests	33,107		(11,155)		1,832
Change from net income attributable to OCG Class A unitholders and transfers from non-controlling interests	$	209,437	$	593,189	$	140,235

EARNINGS PER UNIT (Tables)

12 Months Ended

Dec. 31, 2022

Earnings Per Unit [Abstract]

Schedule of Computations of Net Income Per Unit

The computation of net income per Class A unit is set forth below:


	Year Ended December 31,
	2022		2021		2020
Net income per Class A unit (basic and diluted):	(in thousands, except per unit amounts)

Net income attributable to OCG Class A unitholders	$	176,330	$	604,344	$	138,403
Weighted average number of Class A units outstanding (basic and diluted)	102,043		99,031		98,512
Basic and diluted net income per Class A unit	$	1.73	$	6.10	$	1.40

EQUITY-BASED AND OTHER DEFERRED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of Unvested Equity-Based Awards and Changes

A summary of the status of the Company’s unvested Converted OCGH units and other OCGH unit awards and changes for the periods presented are set forth below (actual dollars per unit):


	Converted OCGH Units (1)			OCGH Units
	Number of Units	Weighted Average Grant Date Fair Value		Number of Units	Weighted Average Grant Date Fair Value
Balance, December 31, 2019	731,241	$	45.99	621,406	$	39.49
Granted	—	—		150,000	32.93
Vested	(253,696)	45.52		(215,054)	39.10
Forfeited	(14,803)	45.59		—	—
Balance, December 31, 2020	462,742	46.25		556,352	37.87
Granted	—	—		—	—
Vested	(181,852)	45.38		(170,053)	37.50

Forfeited	(3,426)	48.98		(47,769)	40.85
Balance, December 31, 2021	277,464	46.79		338,530	37.64
Granted	—	—		—	—
Vested	(137,875)	45.30		(135,723)	31.01
Forfeited	(4,493)	49.52		—	—
Deconsolidation of OCM Cayman	(135,096)	48.23		(202,807)	42.07
Balance, December 31, 2022	—	$	—	—	$	—

INCOME TAXES AND RELATED PAYMENTS (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense

Income tax expense from operations consisted of the following:


	Year Ended December 31,
	2022		2021		2020
Current:


Foreign income tax	$	15,290	$	12,105	$	8,147
	$	15,290	$	12,105	$	8,147
Deferred:


Foreign income tax	$	(359)	$	282	$	64
	$	(359)	$	282	$	64
Total:


Foreign income tax	$	14,931	$	12,387	$	8,211
Income tax expense	$	14,931	$	12,387	$	8,211

Schedule of Income before Income Tax, Domestic and Foreign

The Company’s income (loss) before income taxes consisted of the following:


	Year Ended December 31,
	2022		2021		2020
Domestic income (loss) before income taxes	$	437,779	$	1,073,218	$	71,749
Foreign income (loss) before income taxes	40,242		96,548		20,197
Total income (loss) before income taxes	$	478,021	$	1,169,766	$	91,946

Schedule of Effective Income Tax Rate Reconciliation

The Company’s effective tax rate differed from the federal statutory rate for the following reasons:


	Year Ended December 31,
	2022		2021		2020
Income tax expense at federal statutory rate	21.00	%	21.00	%	21.00	%
Income passed through	(19.23)		(19.27)		(16.39)

Foreign taxes	1.35		(0.67)		4.32


Total effective rate	3.12	%	1.06	%	8.93	%

Schedule of Deferred Tax Assets and Liabilities

The components of the Company’s deferred tax assets and liabilities were as follows:


	As of December 31,
	2022		2021		2020
Deferred tax assets:


Net operating losses	$	—	$	1,817	$	2,264
Other (1)	—		1,731		1,908
Total deferred tax assets	—		3,548		4,172
Total deferred tax liabilities	—		—		—
Net deferred tax assets before valuation allowance	—		3,548		4,172
Valuation allowance	—		—		—

Net deferred tax assets	$	—	$	3,548	$	4,172

Schedule of Unrecognized Tax Benefits Roll Forward

The following is a reconciliation of unrecognized tax benefits (excluding interest and penalties thereon):


	Year Ended December 31,
	2022		2021		2020
Unrecognized tax benefits, January 1	$	—	$	—	$	107




Lapse in statute of limitations	—		—		(107)

Unrecognized tax benefits, December 31	$	—	$	—	$	—

RELATED PARTY TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2022

Amounts Due from and Due to Affiliates

Amounts due from and to affiliates are set forth below. The fair value of amounts due from and to affiliates is a Level III valuation and was valued based on a discounted cash-flow analysis. The carrying value of amounts due from affiliates approximated fair value due to their short-term nature or because their weighted average interest rate approximated the Company’s cost of debt.


	As of December 31,
	2022		2021
Due from affiliates:
Loans to affiliates and employees	$	—	$	44,088
Amounts due from unconsolidated funds	—		2,829
Management fees and incentive income due from unconsolidated funds and affiliates	203,178		289,795
Payments made on behalf of unconsolidated entities	4,696		36,001
Non-interest bearing advances made to certain non-controlling interest holders and employees	—		148
Total due from affiliates	$	207,874	$	372,861
Due to affiliates:

Amounts due to unconsolidated entities	$	36,164	$	4,198
Total due to affiliates	$	36,164	$	4,198

ORGANIZATION AND BASIS OF PRESENTATION (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) vote entity	Dec. 31, 2021 USD ($)
Class of Stock
Number operating entities \| entity	6
Restructuring equity distribution of entities	$ 467,975
Subsidiaries
Class of Stock
Non-controlling interests in consolidated subsidiaries	360,660	$ 612,228
2022 Restructuring Plan
Class of Stock
Deconsolidation, total assets transferred	10,000,000
Deconsolidation, total liabilities transferred	9,500,000
Restructuring equity distribution of entities	468,000
2022 Restructuring Plan \| Subsidiaries
Class of Stock
Non-controlling interests in consolidated subsidiaries	$ 2,600
Class A Units
Class of Stock
Number of votes per share \| vote	1
Class B Units
Class of Stock
Number of votes per share \| vote	10

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Non-controlling Redeemable Interests in Consolidated Funds (Details)	12 Months Ended
	Dec. 31, 2022
Minimum
Variable Interest Entity [Line Items]
Withdrawal period	1 month
Maximum
Variable Interest Entity [Line Items]
Withdrawal period	3 years

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenue Recognition (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Total revenues	$ 492,593	$ 1,454,410	$ 429,064
Management Fees
Disaggregation of Revenue [Line Items]
Total revenues	$ 224,141	234,786	185,727
Management Fees \| Minimum
Disaggregation of Revenue [Line Items]
Management fees payment term	10 years
Management Fees \| Maximum
Disaggregation of Revenue [Line Items]
Management fees payment term	11 years
Incentive Income, Closed-end
Disaggregation of Revenue [Line Items]
Preferred return on funds	20.00%
Percentage of fund profits	8.00%
Total revenues	$ 261,226	1,156,472	218,660
Incentive Income, Evergreen
Disaggregation of Revenue [Line Items]
Preferred return on funds	20.00%
Total revenues	$ 7,226	$ 63,152	$ 24,677
Deconsolidation Incentive Fee
Disaggregation of Revenue [Line Items]
Total revenues	$ 52,600

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Total Compensation and Benefits (Details)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Incentive income compensation vesting period	5 years

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Depreciation and Amortization (Details) - Furniture, equipment and capitalized software	12 Months Ended
	Dec. 31, 2022
Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	3 years
Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	5 years

REVENUES - Revenues Disaggregated by Fund Structure (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Total revenues	$ 492,593	$ 1,454,410	$ 429,064
Management Fees
Disaggregation of Revenue [Line Items]
Total revenues	224,141	234,786	185,727
Closed-end
Disaggregation of Revenue [Line Items]
Total revenues	7,947	4,572	1,982
Open-end
Disaggregation of Revenue [Line Items]
Total revenues	4,254	6,124	9,262
Sub-advisory fees
Disaggregation of Revenue [Line Items]
Total revenues	211,940	224,090	174,483
Incentive Income
Disaggregation of Revenue [Line Items]
Total revenues	268,452	1,219,624	243,337
Closed-end
Disaggregation of Revenue [Line Items]
Total revenues	261,226	1,156,472	218,660
Evergreen
Disaggregation of Revenue [Line Items]
Total revenues	$ 7,226	$ 63,152	$ 24,677

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

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+ Details

REVENUES - Contract Balances (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Receivables	$ 8,471	$ 138,435
Contract assets	$ 194,707	$ 151,360

VARIABLE INTEREST ENTITIES - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) entity	Dec. 31, 2021 USD ($) entity
Variable Interest Entity [Line Items]
Assets	$ 5,654,889	$ 14,397,849
Liabilities	$ 1,565,837	$ 10,401,953
Consolidated VIEs
Variable Interest Entity [Line Items]
Number of VIE's consolidated (in entity) \| entity	9	25
Assets	$ 4,200,000
Liabilities	1,200,000
Maximum loss exposure	$ 823,800
Number of remaining variable interest entities \| Consolidated VIEs
Variable Interest Entity [Line Items]
Number of VIE's consolidated (in entity) \| entity	9

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

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+ Details

- Definition

Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.

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+ Details

VARIABLE INTEREST ENTITIES - VIEs Not Consolidated (Details) - VIEs not consolidated - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Variable Interest Entity [Line Items]
Maximum exposure to loss	$ 1,177,067	$ 1,083,353
Corporate investments
Variable Interest Entity [Line Items]
Maximum exposure to loss	976,569	895,116
Due from affiliates
Variable Interest Entity [Line Items]
Maximum exposure to loss	$ 200,498	$ 188,237

INVESTMENTS - Corporate Investments (Details) - Oaktree Capital Group Excluding Consolidated Funds - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Other investments, at fair value	$ 108,159	$ 71,154
Total corporate investments	1,191,504	1,022,564
Funds
Schedule of Equity Method Investments [Line Items]
Equity-method investments:	1,082,069	915,185
Companies
Schedule of Equity Method Investments [Line Items]
Equity-method investments:	$ 1,276	$ 36,225

INVESTMENTS - Investment Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Other investments, at fair value	$ 7,225	$ (9,187)	$ (15,046)
Total investment income	51,265	203,041	103,828
Funds
Schedule of Equity Method Investments [Line Items]
Equity-method investments	54,345	203,142	117,866
Companies
Schedule of Equity Method Investments [Line Items]
Equity-method investments	$ (10,305)	$ 9,086	$ 1,008

INVESTMENTS - Additional Information (Details)	Dec. 31, 2022
Maximum \| Oaktree Funds
Schedule of Equity Method Investments [Line Items]
Ownership percentage	2.50%

INVESTMENTS - Equity-method Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Assets
Total assets	$ 5,654,889	$ 14,397,849
Liabilities and Capital:
Total liabilities	1,565,837	10,401,953
Total unitholders’ capital	1,906,638	2,272,602	$ 1,879,988	$ 1,702,169
Total liabilities and unitholders’ capital	5,654,889	14,397,849
Interest expense	(248,401)	(155,265)	(157,686)
Net realized and unrealized gain on investments	(28,137)	144,755	(289,804)
Net income	463,090	1,157,379	83,735
Equity Method Investment, Nonconsolidated
Assets
Cash and cash-equivalents	3,056,609	4,116,251
Investments, at fair value	59,861,879	52,629,756
Other assets, net	1,555,704	1,216,301
Total assets	64,474,192	57,962,308
Liabilities and Capital:
Debt obligations	3,165,317	3,477,050
Other liabilities	8,565,763	8,112,941
Total liabilities	11,731,080	11,589,991
Total unitholders’ capital	52,743,112	46,372,317
Total liabilities and unitholders’ capital	64,474,192	57,962,308
Revenues / investment income	3,460,281	1,932,884	5,061,676
Interest expense	(378,567)	(184,829)	(341,823)
Other expenses	(905,289)	(795,570)	(1,607,354)
Net realized and unrealized gain on investments	2,612,383	10,242,513	7,202,148
Net income	$ 4,788,808	$ 11,194,998	$ 10,314,647

INVESTMENTS - Other Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule of Investments [Line Items]
Realized gain	$ (13,114)	$ 22,238	$ (105,957)
Net change in unrealized gain (loss)	(15,023)	122,517	(183,847)
Total gain (loss)	(28,137)	144,755	(289,804)
Other
Schedule of Investments [Line Items]
Realized gain	4,072	9,306	8,946
Net change in unrealized gain (loss)	3,153	(18,493)	(23,992)
Total gain (loss)	$ 7,225	$ (9,187)	$ (15,046)

INVESTMENTS - Net Gains (Losses) from Investment Activities of Consolidated Funds (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Gain (Loss) on Securities [Line Items]
Net Realized Gain (Loss) on Investments	$ (13,114)	$ 22,238	$ (105,957)
Net Change in Unrealized Appreciation (Depreciation) on Investments	(15,023)	122,517	(183,847)
Consolidated Funds \| Not Designated as Hedging Instrument
Gain (Loss) on Securities [Line Items]
Net Realized Gain (Loss) on Investments	(13,114)	22,238	(105,957)
Net Change in Unrealized Appreciation (Depreciation) on Investments	(15,023)	122,517	(183,847)
Consolidated Funds \| Not Designated as Hedging Instrument \| Investments and other financial instruments
Gain (Loss) on Securities [Line Items]
Net Realized Gain (Loss) on Investments	4,103	25,599	(8,926)
Net Change in Unrealized Appreciation (Depreciation) on Investments	99,199	135,306	(137,882)
Consolidated Funds \| Not Designated as Hedging Instrument \| CLO liabilities
Gain (Loss) on Securities [Line Items]
Net Realized Gain (Loss) on Investments	(30,033)	(6,951)	(85,592)
Net Change in Unrealized Appreciation (Depreciation) on Investments	(99,550)	(14,370)	(21,971)
Consolidated Funds \| Not Designated as Hedging Instrument \| Foreign-currency forward contracts
Gain (Loss) on Securities [Line Items]
Net Realized Gain (Loss) on Investments	43,145	6,232	(11,184)
Net Change in Unrealized Appreciation (Depreciation) on Investments	(10,777)	4,477	(23,813)
Consolidated Funds \| Not Designated as Hedging Instrument \| Total-return and interest-rate swaps
Gain (Loss) on Securities [Line Items]
Net Realized Gain (Loss) on Investments	975	(92)	(148)
Net Change in Unrealized Appreciation (Depreciation) on Investments	284	(57)	(69)
Consolidated Funds \| Not Designated as Hedging Instrument \| Options and futures
Gain (Loss) on Securities [Line Items]
Net Realized Gain (Loss) on Investments	13,322	(2,550)	(107)
Net Change in Unrealized Appreciation (Depreciation) on Investments	(223)	(3,697)	(112)
Consolidated Funds \| Not Designated as Hedging Instrument \| Commodity swaps
Gain (Loss) on Securities [Line Items]
Net Realized Gain (Loss) on Investments	(44,626)	0	0
Net Change in Unrealized Appreciation (Depreciation) on Investments	(3,956)	0	0
Consolidated Funds \| Not Designated as Hedging Instrument \| Warrants
Gain (Loss) on Securities [Line Items]
Net Realized Gain (Loss) on Investments	0	0	0
Net Change in Unrealized Appreciation (Depreciation) on Investments	$ 0	$ 858	$ 0

FAIR VALUE - Financial Instruments by Fair-value Hierarchy Level (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets, at fair value	$ 24,077	$ 17,946
Derivative liabilities	(35,862)	(12,383)
Oaktree Capital Group Excluding Consolidated Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	108,159	77,568
Oaktree Capital Group Excluding Consolidated Funds \| Foreign-currency forward contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets, at fair value	13,340	11,213
Derivative liabilities	(11,840)	(536)
Oaktree Capital Group Excluding Consolidated Funds \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	132,060	84,453
Total liabilities	11,840	536
Oaktree Capital Group Excluding Consolidated Funds \| Fair Value, Measurements, Recurring \| Foreign-currency forward contracts \| Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets, at fair value	1,279	6,414
Derivative liabilities	(11,840)	0
Oaktree Capital Group Excluding Consolidated Funds \| Fair Value, Measurements, Recurring \| Foreign-currency forward contracts \| Other Assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets, at fair value	12,061	4,799
Oaktree Capital Group Excluding Consolidated Funds \| Fair Value, Measurements, Recurring \| Foreign-currency forward contracts \| Other Liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	0	(536)
Oaktree Capital Group Excluding Consolidated Funds \| Fair Value, Measurements, Recurring \| U.S. Treasury and other securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	0	2,086
Oaktree Capital Group Excluding Consolidated Funds \| Fair Value, Measurements, Recurring \| Corporate investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	118,720	71,154
Oaktree Capital Group Excluding Consolidated Funds \| Fair Value, Measurements, Recurring \| Level I
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	109,078	64,210
Total liabilities	0	0
Oaktree Capital Group Excluding Consolidated Funds \| Fair Value, Measurements, Recurring \| Level I \| Foreign-currency forward contracts \| Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets, at fair value	0	0
Derivative liabilities	0	0
Oaktree Capital Group Excluding Consolidated Funds \| Fair Value, Measurements, Recurring \| Level I \| Foreign-currency forward contracts \| Other Assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets, at fair value	0	0
Oaktree Capital Group Excluding Consolidated Funds \| Fair Value, Measurements, Recurring \| Level I \| Foreign-currency forward contracts \| Other Liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	0	0
Oaktree Capital Group Excluding Consolidated Funds \| Fair Value, Measurements, Recurring \| Level I \| U.S. Treasury and other securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	0	2,086
Oaktree Capital Group Excluding Consolidated Funds \| Fair Value, Measurements, Recurring \| Level I \| Corporate investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	109,078	62,124
Oaktree Capital Group Excluding Consolidated Funds \| Fair Value, Measurements, Recurring \| Level II
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	14,512	18,529
Total liabilities	11,840	536
Oaktree Capital Group Excluding Consolidated Funds \| Fair Value, Measurements, Recurring \| Level II \| Foreign-currency forward contracts \| Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets, at fair value	1,279	6,414
Derivative liabilities	(11,840)	0
Oaktree Capital Group Excluding Consolidated Funds \| Fair Value, Measurements, Recurring \| Level II \| Foreign-currency forward contracts \| Other Assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets, at fair value	12,061	4,799
Oaktree Capital Group Excluding Consolidated Funds \| Fair Value, Measurements, Recurring \| Level II \| Foreign-currency forward contracts \| Other Liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	0	(536)
Oaktree Capital Group Excluding Consolidated Funds \| Fair Value, Measurements, Recurring \| Level II \| U.S. Treasury and other securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	0	0
Oaktree Capital Group Excluding Consolidated Funds \| Fair Value, Measurements, Recurring \| Level II \| Corporate investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	1,172	7,316
Oaktree Capital Group Excluding Consolidated Funds \| Fair Value, Measurements, Recurring \| Level III
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	8,470	1,714
Total liabilities	0	0
Oaktree Capital Group Excluding Consolidated Funds \| Fair Value, Measurements, Recurring \| Level III \| Foreign-currency forward contracts \| Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets, at fair value	0	0
Derivative liabilities	0	0
Oaktree Capital Group Excluding Consolidated Funds \| Fair Value, Measurements, Recurring \| Level III \| Foreign-currency forward contracts \| Other Assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets, at fair value	0	0
Oaktree Capital Group Excluding Consolidated Funds \| Fair Value, Measurements, Recurring \| Level III \| Foreign-currency forward contracts \| Other Liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	0	0
Oaktree Capital Group Excluding Consolidated Funds \| Fair Value, Measurements, Recurring \| Level III \| U.S. Treasury and other securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	0	0
Oaktree Capital Group Excluding Consolidated Funds \| Fair Value, Measurements, Recurring \| Level III \| Corporate investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	$ 8,470	$ 1,714

FAIR VALUE - Changes in Fair Value (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Corporate Investments
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Net change in unrealized appreciation (depreciation) on consolidated funds’ investments	Realized gain
Oaktree Capital Group Excluding Consolidated Funds
Corporate Investments
Beginning balance	$ 1,714	$ 27,045
Contributions or additions	7,863	0
Distributions	(1,590)	(485)
Transfers into Level III	0	2,101
Transfers out of Level III	0	(27,045)
Net gain included in earnings	483	98
Ending balance	8,470	1,714
Net change in unrealized gains (losses) attributable to financial instruments still held at end of period	$ 408	$ (189)

FAIR VALUE - Valuation Techniques (Details) $ in Thousands	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liabilities, at fair value	$ 35,862	$ 12,383
Oaktree Capital Group Excluding Consolidated Funds \| Sponsor earn-out shares \| Black-Scholes option pricing model
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liabilities, at fair value	$ 8,470
Oaktree Capital Group Excluding Consolidated Funds \| Sponsor earn-out shares \| Black-Scholes option pricing model \| Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Input Value	55

FAIR VALUE - Summary of Changes in Fair Value of Level III Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Corporate Investments
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Net change in unrealized appreciation (depreciation) on consolidated funds’ investments
Consolidated Funds
Corporate Investments
Beginning balance	$ 1,928,376	$ 544,956
Deconsolidation of funds	(197,886)	(15,663)
Transfers into Level III	126,761	73,046
Transfers out of Level III	(63,710)	(155,267)
Purchases	1,064,727	1,774,318
Sales	(626,238)	(301,057)
Realized loss, net	(95,221)	(1,726)
Unrealized appreciation (depreciation), net	253,464	9,769
Ending balance	2,390,273	1,928,376
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period	121,202	73,463
Consolidated Funds \| Corporate Debt – Bank Debt
Corporate Investments
Beginning balance	597,188	255,282
Deconsolidation of funds	(196,906)	(3,065)
Transfers into Level III	116,213	69,877
Transfers out of Level III	(53,653)	(96,862)
Purchases	518,173	531,414
Sales	(296,175)	(150,525)
Realized loss, net	(2,501)	4,222
Unrealized appreciation (depreciation), net	20,158	(13,155)
Ending balance	702,497	597,188
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period	18,104	(13,869)
Consolidated Funds \| Corporate Debt – All Other
Corporate Investments
Beginning balance	229,576	79,085
Deconsolidation of funds	0	(12,598)
Transfers into Level III	10,548	2,960
Transfers out of Level III	(9,935)	(26,215)
Purchases	16,116	185,404
Sales	(25,501)	(4,919)
Realized loss, net	(1,692)	450
Unrealized appreciation (depreciation), net	391	5,409
Ending balance	219,503	229,576
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period	395	4,956
Consolidated Funds \| Equities – Common Stock
Corporate Investments
Beginning balance	581,748	187,370
Deconsolidation of funds	(964)	0
Transfers into Level III	0	209
Transfers out of Level III	(122)	0
Purchases	259,004	536,239
Sales	(193,950)	(105,609)
Realized loss, net	(92,514)	(8,948)
Unrealized appreciation (depreciation), net	223,996	(27,513)
Ending balance	777,198	581,748
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period	93,676	37,345
Consolidated Funds \| Equities – Preferred Stock
Corporate Investments
Beginning balance	486,030	23,219
Deconsolidation of funds	(16)	0
Transfers into Level III	0	0
Transfers out of Level III	0	(32,190)
Purchases	234,652	463,529
Sales	(110,612)	(17,771)
Realized loss, net	2,299	3,122
Unrealized appreciation (depreciation), net	4,251	46,121
Ending balance	616,604	486,030
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period	4,357	46,122
Consolidated Funds \| Real Estate
Corporate Investments
Beginning balance	33,834	0
Deconsolidation of funds	0	0
Transfers into Level III	0	0
Transfers out of Level III	0	0
Purchases	36,782	57,732
Sales	0	(22,233)
Realized loss, net	(813)	(572)
Unrealized appreciation (depreciation), net	4,668	(1,093)
Ending balance	74,471	33,834
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period	$ 4,670	$ (1,091)

DERIVATIVES AND HEDGING - Fair Value of Derivatives (Details) - Foreign-currency forward contracts - Not Designated as Hedging Instrument - Oaktree Capital Group Excluding Consolidated Funds - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Assets
Notional	$ 221,836	$ 324,322
Fair Value	13,340	11,213
Liabilities
Notional	(200,319)	(24,735)
Fair Value	$ (11,840)	$ (536)

DERIVATIVES AND HEDGING - Summary of Impact of Derivative Instruments on Condensed Consolidated Statement of Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Total gain (loss)	$ 24,076	$ 23,790	$ (22,360)
Investment income (loss) \| Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Total gain (loss)	16,259	15,924	(13,045)
General and administrative expense \| Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Total gain (loss)	$ 7,817	$ 7,866	$ (9,315)

DERIVATIVES AND HEDGING - Fair Value of Derivatives of Consolidated Funds (Details) - Consolidated Funds - Not Designated as Hedging Instrument - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Assets
Notional	$ 817,787	$ 438,170
Fair Value	10,737	6,733
Liabilities
Notional	(180,996)	(52,099)
Fair Value	(24,022)	(11,847)
Foreign-currency forward contracts
Assets
Notional	427,141	210,868
Fair Value	9,758	5,062
Liabilities
Notional	(52,531)	(24,845)
Fair Value	(16,356)	(886)
Total-Return And Interest-Rate And Credit Default Swaps [Member]
Assets
Notional	12,604	13,727
Fair Value	700	1,162
Liabilities
Notional	(3,182)	(27,254)
Fair Value	(7,666)	(4,335)
Options and futures
Assets
Notional	378,042	213,575
Fair Value	279	509
Liabilities
Notional	(125,283)	0
Fair Value	$ 0	0
Warrants
Assets
Notional		0
Fair Value		0
Liabilities
Notional		0
Fair Value		$ (6,626)

DERIVATIVES AND HEDGING - Impact of Derivatives Held by the Consolidated Fund on the Consolidated Statements of Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Consolidated Funds \| Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Net Realized Gain (Loss) on Investments	$ 12,816	$ 3,590	$ (11,439)
Net Change in Unrealized Appreciation (Depreciation) on Investments	(14,672)	1,581	(23,994)
Consolidated Funds \| Not Designated as Hedging Instrument \| Foreign-currency forward contracts
Derivatives, Fair Value [Line Items]
Net Realized Gain (Loss) on Investments	43,145	6,232	(11,184)
Net Change in Unrealized Appreciation (Depreciation) on Investments	(10,777)	4,477	(23,813)
Consolidated Funds \| Not Designated as Hedging Instrument \| Total-return and interest-rate and credit default swaps
Derivatives, Fair Value [Line Items]
Net Realized Gain (Loss) on Investments	975	(92)	(148)
Net Change in Unrealized Appreciation (Depreciation) on Investments	284	(57)	(69)
Consolidated Funds \| Not Designated as Hedging Instrument \| Options and futures
Derivatives, Fair Value [Line Items]
Net Realized Gain (Loss) on Investments	13,322	(2,550)	(107)
Net Change in Unrealized Appreciation (Depreciation) on Investments	(223)	(3,697)	(112)
Consolidated Funds \| Not Designated as Hedging Instrument \| Commodity swaps
Derivatives, Fair Value [Line Items]
Net Change in Unrealized Appreciation (Depreciation) on Investments			0
VIEs not consolidated \| Designated as Hedging Instrument \| Warrants
Derivatives, Fair Value [Line Items]
Net Realized Gain (Loss) on Investments	0	0	0
Net Change in Unrealized Appreciation (Depreciation) on Investments	0	858	0
VIEs not consolidated \| Designated as Hedging Instrument \| Commodity swaps
Derivatives, Fair Value [Line Items]
Net Realized Gain (Loss) on Investments	(44,626)	0	$ 0
Net Change in Unrealized Appreciation (Depreciation) on Investments	$ (3,956)	$ 0

DERIVATIVES AND HEDGING - Balance Sheet Offsetting (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Derivative Assets:
Gross Amounts of Assets (Liabilities) Presented	$ 24,077	$ 17,946
Gross Amounts Not Offset in Statements of Financial Condition, Derivative Assets (Liabilities)	1,279	404
Gross Amounts Not Offset in Statements of Financial Condition, Cash Collateral Received (Pledged)	0	0
Net Amount	22,798	17,542
Derivative Liabilities:
Gross Amounts of Assets (Liabilities) Presented	(35,862)	(12,383)
Gross Amounts Not Offset in Statements of Financial Condition, Derivative (Liabilities)	(1,279)	(404)
Gross Amounts Not Offset in Statements of Financial Condition, Cash Collateral Received (Pledged)	0	0
Net Amount	(34,583)	(11,979)
Oaktree Capital Group Excluding Consolidated Funds \| Foreign-currency forward contracts
Derivative Assets:
Gross Amounts of Assets (Liabilities) Presented	13,340	11,213
Gross Amounts Not Offset in Statements of Financial Condition, Derivative Assets (Liabilities)	1,279	404
Gross Amounts Not Offset in Statements of Financial Condition, Cash Collateral Received (Pledged)	0	0
Net Amount	12,061	10,809
Derivative Liabilities:
Gross Amounts of Assets (Liabilities) Presented	(11,840)	(536)
Gross Amounts Not Offset in Statements of Financial Condition, Derivative (Liabilities)	(1,279)	(404)
Gross Amounts Not Offset in Statements of Financial Condition, Cash Collateral Received (Pledged)	0	0
Net Amount	(10,561)	(132)
Consolidated Funds
Derivative Assets:
Gross Amounts of Assets (Liabilities) Presented	10,737	6,733
Gross Amounts Not Offset in Statements of Financial Condition, Derivative Assets (Liabilities)	0	0
Gross Amounts Not Offset in Statements of Financial Condition, Cash Collateral Received (Pledged)	0	0
Net Amount	10,737	6,733
Derivative Liabilities:
Gross Amounts of Assets (Liabilities) Presented	(24,022)	(11,847)
Gross Amounts Not Offset in Statements of Financial Condition, Derivative (Liabilities)	0	0
Gross Amounts Not Offset in Statements of Financial Condition, Cash Collateral Received (Pledged)	0	0
Net Amount	(24,022)	(11,847)
Consolidated Funds \| Foreign-currency forward contracts
Derivative Assets:
Gross Amounts of Assets (Liabilities) Presented	9,758	5,062
Gross Amounts Not Offset in Statements of Financial Condition, Derivative Assets (Liabilities)	0	0
Gross Amounts Not Offset in Statements of Financial Condition, Cash Collateral Received (Pledged)	0	0
Net Amount	9,758	5,062
Derivative Liabilities:
Gross Amounts of Assets (Liabilities) Presented	(16,356)	(886)
Gross Amounts Not Offset in Statements of Financial Condition, Derivative (Liabilities)	0	0
Gross Amounts Not Offset in Statements of Financial Condition, Cash Collateral Received (Pledged)	0	0
Net Amount	(16,356)	(886)
Consolidated Funds \| Total-return and interest-rate and credit default swaps
Derivative Assets:
Gross Amounts of Assets (Liabilities) Presented	700	1,162
Gross Amounts Not Offset in Statements of Financial Condition, Derivative Assets (Liabilities)	0	0
Gross Amounts Not Offset in Statements of Financial Condition, Cash Collateral Received (Pledged)	0	0
Net Amount	700	1,162
Derivative Liabilities:
Gross Amounts of Assets (Liabilities) Presented	(7,666)	(4,335)
Gross Amounts Not Offset in Statements of Financial Condition, Derivative (Liabilities)	0	0
Gross Amounts Not Offset in Statements of Financial Condition, Cash Collateral Received (Pledged)	0	0
Net Amount	(7,666)	(4,335)
Consolidated Funds \| Options and futures
Derivative Assets:
Gross Amounts of Assets (Liabilities) Presented	279	509
Gross Amounts Not Offset in Statements of Financial Condition, Derivative Assets (Liabilities)	0	0
Gross Amounts Not Offset in Statements of Financial Condition, Cash Collateral Received (Pledged)	0	0
Net Amount	$ 279	509
Consolidated Funds \| Warrants
Derivative Liabilities:
Gross Amounts of Assets (Liabilities) Presented		(6,626)
Gross Amounts Not Offset in Statements of Financial Condition, Derivative (Liabilities)		0
Gross Amounts Not Offset in Statements of Financial Condition, Cash Collateral Received (Pledged)		0
Net Amount		$ (6,626)

FIXED ASSETS (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Fixed assets	$ 0	$ 38,467
Accumulated depreciation	0	(27,036)
Fixed assets, net	0	11,431
Furniture, equipment and capitalized software
Property, Plant and Equipment [Line Items]
Fixed assets	0	10,187
Leasehold improvements
Property, Plant and Equipment [Line Items]
Fixed assets	0	27,315
Other
Property, Plant and Equipment [Line Items]
Fixed assets	$ 0	$ 965

GOODWILL (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, impairment	$ 0
Goodwill	$ 18,400,000	$ 18,400,000

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

DEBT OBLIGATIONS AND CREDIT FACILITIES - Additional Information (Details)					12 Months Ended
	Jun. 08, 2022 EUR (€)	Jan. 12, 2022 USD ($)	Jul. 22, 2020 USD ($)	May 19, 2020 USD ($)	Dec. 31, 2022 USD ($) collateralized_loan_obligation	Mar. 30, 2022 EUR (€)	Dec. 31, 2021 USD ($)	Nov. 04, 2021 USD ($)	Sep. 14, 2021 USD ($)	Sep. 13, 2021 USD ($)	May 20, 2020 USD ($)	Dec. 13, 2019 USD ($)	Dec. 12, 2019 USD ($)
Debt Instrument [Line Items]
Long-term debt, gross					$ 213,450,000		$ 0
Number of CLO \| collateralized_loan_obligation					1
Oaktree Capital Group Excluding Consolidated Funds
Debt Instrument [Line Items]
Long-term debt, gross					$ 1,050,000,000		905,000,000
Consolidated Funds
Debt Instrument [Line Items]
Debt obligations of the consolidated funds					1,000,859,000		1,131,918,000
Fair value of CLO assets							9,100,000,000
Secured borrowings
Debt Instrument [Line Items]
Proceeds from senior unsecured notes \| €	€ 200,000,000
Senior Unsecured Notes
Debt Instrument [Line Items]
Stated percentage											3.68%
Proceeds from senior unsecured notes			$ 250,000,000
Credit facility											$ 250,000,000
Senior unsecured notes purchase commitment				$ 250,000,000
Line of Credit \| Consolidated Funds
Debt Instrument [Line Items]
Long-term debt, gross					$ 1,000,859,000		1,131,918,000
Term (up to)					10 years
Line of Credit \| Revolving credit facilities \| Oaktree Capital Group Excluding Consolidated Funds
Debt Instrument [Line Items]
Credit facility												$ 650,000,000	$ 500,000,000
Spread on variable rate					110.00%
Commitment fee payable on unused funds					10.00%
Line of Credit \| Revolving credit facilities \| Consolidated Funds
Debt Instrument [Line Items]
Credit facility					$ 1,142,742,000
Long-term debt, gross					$ 1,000,859,000		1,119,178,000
Commitment fee payable on unused funds					1.62%
Line of Credit \| Term loan \| Oaktree Capital Group Excluding Consolidated Funds
Debt Instrument [Line Items]
Debt obligations of the consolidated funds					$ 0
Long-term debt, gross					0		55,000,000					150,000,000
Assets under management, carrying amount									$ 57,500,000,000	$ 65,000,000,000		$ 65,000,000,000	$ 60,000,000,000
Leverage ratio, maximum									4.00
€50,000, 2.20%, issued in June 2022, payable on June 8, 2032 \| Secured borrowings
Debt Instrument [Line Items]
Face amount \| €						€ 50,000,000
Stated percentage						2.20%
Long-term debt, gross					53,362,000		0
€75,000, 2.40%, issued in June 2022, payable on June 8, 2034 \| Secured borrowings
Debt Instrument [Line Items]
Face amount \| €						€ 75,000,000
Stated percentage						2.40%
Long-term debt, gross					80,044,000		0
€75,000, 2.58%, issued in June 2022, payable on June 8, 2037 \| Secured borrowings
Debt Instrument [Line Items]
Face amount \| €						€ 75,000,000
Stated percentage						2.58%
Long-term debt, gross					$ 80,044,000		$ 0
Senior Unsecured Notes Due 2037 \| Secured borrowings
Debt Instrument [Line Items]
Face amount								$ 200,000,000
Senior Unsecured Notes Due 2037 \| Senior Unsecured Notes
Debt Instrument [Line Items]
Stated percentage								3.06%
Proceeds from senior unsecured notes		$ 200,000,000

DEBT OBLIGATIONS AND CREDIT FACILITIES - Oaktree Capital Debt Obligation (Details) $ in Thousands	Dec. 31, 2022 USD ($)	Mar. 30, 2022 EUR (€)	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Long-term debt, gross	$ 213,450		$ 0
Secured borrowings
Debt Instrument [Line Items]
Less: Debt issuance costs	(1,255)		0
Total debt obligations, net	212,195		0
Secured borrowings \| €50,000, 2.20%, issued in June 2022, payable on June 8, 2032
Debt Instrument [Line Items]
Face amount \| €		€ 50,000,000
Stated percentage		2.20%
Long-term debt, gross	53,362		0
Secured borrowings \| €75,000, 2.40%, issued in June 2022, payable on June 8, 2034
Debt Instrument [Line Items]
Face amount \| €		€ 75,000,000
Stated percentage		2.40%
Long-term debt, gross	80,044		0
Secured borrowings \| €75,000, 2.58%, issued in June 2022, payable on June 8, 2037
Debt Instrument [Line Items]
Face amount \| €		€ 75,000,000
Stated percentage		2.58%
Long-term debt, gross	$ 80,044		$ 0

DEBT OBLIGATIONS AND CREDIT FACILITIES - Debt Obligations (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 13, 2019
Debt Instrument [Line Items]
Long-term debt, gross	$ 213,450,000	$ 0
Oaktree Capital Group Excluding Consolidated Funds
Debt Instrument [Line Items]
Long-term debt, gross	1,050,000,000	905,000,000
Oaktree Capital Group Excluding Consolidated Funds \| Senior secured notes \| $50,000, 3.91%, issued in September 2014, payable on September 3, 2024
Debt Instrument [Line Items]
Face amount	$ 50,000
Stated rate	3.91%
Long-term debt, gross	$ 50,000,000	50,000,000
Oaktree Capital Group Excluding Consolidated Funds \| Senior secured notes \| $100,000, 4.01%, issued in September 2014, payable on September 3, 2026
Debt Instrument [Line Items]
Face amount	$ 100,000
Stated rate	4.01%
Long-term debt, gross	$ 100,000,000	100,000,000
Oaktree Capital Group Excluding Consolidated Funds \| Senior secured notes \| $100,000, 4.21%, issued in September 2014, payable on September 3, 2029
Debt Instrument [Line Items]
Face amount	$ 100,000
Stated rate	4.21%
Long-term debt, gross	$ 100,000,000	100,000,000
Oaktree Capital Group Excluding Consolidated Funds \| Senior secured notes \| $100,000, 3.69%, issued in July 2016, payable on July 12, 2031
Debt Instrument [Line Items]
Face amount	$ 100,000
Stated rate	3.69%
Long-term debt, gross	$ 100,000,000	100,000,000
Oaktree Capital Group Excluding Consolidated Funds \| Senior secured notes \| $250,000, 3.78%, issued in December 2017, payable on December 18, 2032
Debt Instrument [Line Items]
Face amount	$ 250,000
Stated rate	3.78%
Long-term debt, gross	$ 250,000,000	250,000,000
Oaktree Capital Group Excluding Consolidated Funds \| Senior secured notes \| $200,000, 3.64%, issued in July 2020, payable on July 22, 2030
Debt Instrument [Line Items]
Face amount	$ 200,000
Stated rate	3.64%
Long-term debt, gross	$ 200,000,000	200,000,000
Oaktree Capital Group Excluding Consolidated Funds \| Senior secured notes \| $50,000, 3.84%, issued in July 2020, payable on July 22, 2035
Debt Instrument [Line Items]
Face amount	$ 50,000
Stated rate	3.84%
Long-term debt, gross	$ 50,000,000	50,000,000
Oaktree Capital Group Excluding Consolidated Funds \| Senior secured notes \| $200,000, 3.06%, issued in November 2021, payable on January 12, 2037
Debt Instrument [Line Items]
Face amount	$ 200,000
Stated rate	3.06%
Long-term debt, gross	$ 200,000,000	0
Oaktree Capital Group Excluding Consolidated Funds \| Line of Credit \| Term loan
Debt Instrument [Line Items]
Long-term debt, gross	$ 0	$ 55,000,000	$ 150,000,000

DEBT OBLIGATIONS AND CREDIT FACILITIES - Credit Facilities of Consolidated Funds (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Outstanding amount	$ 213,450	$ 0
Consolidated Funds
Debt Instrument [Line Items]
Total debt obligations, net	0	7,806,263
Revolving credit facilities \| Consolidated Funds
Debt Instrument [Line Items]
Outstanding amount	1,000,859	1,131,918
Less: Debt issuance costs	(1,972)	(2,552)
Total debt obligations, net	998,887	1,129,366
Revolving credit facilities \| Consolidated Funds \| Revolving credit facilities
Debt Instrument [Line Items]
Outstanding amount	1,000,859	1,119,178
Credit facility	$ 1,142,742
Weighted Average Interest Rate	5.94%
Weighted Average Remaining Maturity (years)	7 months 6 days
Commitment Fee Rate	20.00%
L/C Fee	1.62%
Revolving credit facilities \| Consolidated Funds \| Secured borrowings
Debt Instrument [Line Items]
Outstanding amount	$ 0	$ 12,740
Credit facility
Weighted Average Interest Rate
Weighted Average Remaining Maturity (years)

DEBT OBLIGATIONS AND CREDIT FACILITIES - Collateralized Loan Obligation Loans Payable (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Fair value	$ 7,806,263
Consolidated Funds \| Senior secured notes
Debt Instrument [Line Items]
Fair value	$ 7,472,521
Weighted Average Interest Rate	1.75%
Weighted Average Remaining Maturity (years)	11 years
Consolidated Funds \| Subordinated notes
Debt Instrument [Line Items]
Fair value	$ 333,742
Weighted Average Remaining Maturity (years)	11 years 2 months 12 days

LEASES - Narrative (Details)	12 Months Ended
LEASES - Narrative (Details)	Dec. 31, 2022
Leases [Abstract]
Remaining term	1 year
Extension term (up to)	5 years
Termination period	1 year

LEASES - Components of Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease cost	$ 6,332	$ 7,947
Sublease income	(360)	(407)
Total lease cost	$ 5,972	$ 7,540

LEASES - Supplemental Cash flow Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used for operating leases	$ 5,945

NON-CONTROLLING REDEEMABLE INTERESTS IN CONSOLIDATED FUNDS - Summary of Changes in Non-controlling Redeemable Interests in Consolidated Funds (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Non-Controlling Redeemable Interests in Consolidated Funds [Roll Forward]
Beginning balance	$ 1,723,294	$ 715,347	$ 866,222
Deconsolidation of funds	(249,903)	(192,984)	(720,729)
Contributions	727,382	1,189,486	940,191
Distributions	(207,360)	(171,883)	(223,674)
Net income (loss)	190,905	186,515	(165,412)
Change in distributions payable	(1,314)	9,975	(10,050)
Change in contribution receivable	0	0	15,826
Foreign-currency translation and other	(590)	(13,162)	12,973
Ending balance	$ 2,182,414	$ 1,723,294	$ 715,347

UNITHOLDERS' CAPITAL - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands			12 Months Ended
	Aug. 09, 2018	May 17, 2018	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Class of Stock
Total capital			$ 1,906,638	$ 2,272,602	$ 1,879,988	$ 1,702,169
Preferred redemption price (in dollars per share)			$ 25.00
Redemption notice period			30 days
Redemption notice period after change in control event			60 days
Preferred redemption price, change of control event (in dollars per share)			$ 25.25
Redemption period after tax redemption			60 days
Preferred redemption price, tax redemption event (in dollars per share)			$ 25.50
Series A Preferred Units
Class of Stock
Preferred dividend rate		6.625%
Preferred redemption price (in dollars per share)		$ 25.00
Net proceeds from units sold		$ 173,700
Series A Preferred Units \| Preferred Unit Issuance
Class of Stock
Number of units issued and sold (in shares)		7,200,000
Series B Preferred Units
Class of Stock
Preferred dividend rate	6.55%
Preferred redemption price (in dollars per share)	$ 25.00
Net proceeds from units sold	$ 226,900
Series B Preferred Units \| Preferred Unit Issuance
Class of Stock
Number of units issued and sold (in shares)	9,400,000
OCGH
Class of Stock
Unitholders' capital (in shares)			56,922,688	60,783,255
Non-controlling interests in consolidated funds			$ 360,660	$ 612,228
Oaktree Operating Group
Class of Stock
Subsidiary units outstanding (in shares)				159,919,875
Total capital			$ 1,017,192	$ 1,565,119
Oaktree Operating Group \| Converted OCGH Units and OCGH Units
Class of Stock
Subsidiary units outstanding (in shares)			160,002,848

UNITHOLDERS' CAPITAL - Summary of Distributions Made (Details) - $ / shares											12 Months Ended
	Nov. 10, 2022	Aug. 10, 2022	May 10, 2022	Feb. 25, 2022	Nov. 10, 2021	Aug. 10, 2021	May 10, 2021	Feb. 25, 2021	Aug. 10, 2020	Feb. 24, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Class A Units
Class of Stock
Distribution Per Unit (in dollars per unit)	$ 0.31	$ 0.38	$ 0.27	$ 0.90	$ 0.83	$ 0.50	$ 2.28	$ 1.07	$ 0.49	$ 0.22	$ 1.86	$ 4.68	$ 0.71

UNITHOLDERS' CAPITAL - Summary of Net Income (Loss) (Details) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Weighted average Oaktree Operating Group units outstanding (in thousands):
Total weighted average units outstanding, basic (in shares)	102,043	99,031	98,512
Total weighted average units outstanding, diluted (in shares)	102,043	99,031	98,512
Oaktree Operating Group net income:
Net income	$ 463,090	$ 1,157,379	$ 83,735
Net income attributable to OCG Class A unitholders:
Oaktree Operating Group net income attributable to OCG Class A unitholders	131,001	544,551	135,656
Non-Operating Group income (expense)	45,329	59,793	2,747
Net income attributable to Oaktree Capital Group, LLC Class A unitholders	$ 176,330	$ 604,344	$ 138,403
Oaktree Operating Group
Weighted average Oaktree Operating Group units outstanding (in thousands):
Total weighted average units outstanding, basic (in shares)	159,915	159,987	159,986
Total weighted average units outstanding, diluted (in shares)	159,915	159,987	159,986
Oaktree Operating Group net income:
Net income	$ 226,856	$ 911,117	$ 246,400
OCGH Units \| Oaktree Operating Group
Weighted average Oaktree Operating Group units outstanding (in thousands):
Total weighted average units outstanding, basic (in shares)	60,704	60,956	61,474
Total weighted average units outstanding, diluted (in shares)	60,704	60,956	61,474
Oaktree Operating Group net income:
Net income	$ 68,539	$ 339,250	$ 83,428
Class A Units
Weighted average Oaktree Operating Group units outstanding (in thousands):
Total weighted average units outstanding, basic (in shares)	102,043	99,031	98,512
Net income attributable to OCG Class A unitholders:
Net income attributable to Oaktree Capital Group, LLC Class A unitholders	$ 176,330	$ 604,344	$ 138,403
Class A Units \| Oaktree Operating Group
Weighted average Oaktree Operating Group units outstanding (in thousands):
Total weighted average units outstanding, basic (in shares)	99,211	99,031	98,512
Total weighted average units outstanding, diluted (in shares)	99,211	99,031	98,512
Oaktree Operating Group net income:
Net income	$ 131,001	$ 544,551	$ 135,656
Series A Preferred Units \| Oaktree Operating Group
Oaktree Operating Group net income:
Net income	$ 27,316	$ 27,316	$ 27,316

UNITHOLDERS' CAPITAL - Changes in Company Ownership Interest (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Equity [Abstract]
Net income attributable to OCG Class A unitholders	$ 176,330	$ 604,344	$ 138,403
Equity reallocation between controlling and non-controlling interests	33,107	(11,155)	1,832
Change from net income attributable to OCG Class A unitholders and transfers from non-controlling interests	$ 209,437	$ 593,189	$ 140,235

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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EARNINGS PER UNIT - Computations of Net Income Per Unit (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Earnings Per Share [Line Items]
Net income per Class A unit ,basic	$ 176,330	$ 604,344	$ 138,403
Net income per Class A unit, diluted	$ 176,330	$ 604,344	$ 138,403
Weighted average number of Class A units outstanding, basic (in shares)	102,043	99,031	98,512
Weighted average number of Class A units outstanding, diluted (in shares)	102,043	99,031	98,512
Net income per Class A unit, basic (in dollars per share)	$ 1.73	$ 6.10	$ 1.40
Net income per Class A unit, diluted (in dollars per share)	$ 1.73	$ 6.10	$ 1.40
Class A Units
Earnings Per Share [Line Items]
Net income per Class A unit ,basic	$ 176,330	$ 604,344	$ 138,403
Weighted average number of Class A units outstanding, basic (in shares)	102,043	99,031	98,512
Net income per Class A unit, diluted (in dollars per share)	$ 1.73	$ 6.10	$ 1.40

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

EQUITY-BASED AND OTHER DEFERRED COMPENSATION - Long Term Incentive Plan Awards (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Long-Term Incentive Plan \| Share-based Payment Arrangement, Employees and Directors \| Long Term Incentive Plan Award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense, recognized	$ 17.8	$ 16.9

EQUITY-BASED AND OTHER DEFERRED COMPENSATION - Restated Exchange Agreement (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maturity of notes issued under exchange agreement	3 years
Exchange election notice period	60 days
Exchange consummation period	155 days
OCGH Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Valuation assumptions, multiple applied to fee-related earnings less stock-based compensation excluding depreciation and amortization	13.5
Valuation assumptions, multiple applied to net incentives created	6.75
Valuation assumptions, trailing period for net incentives created	3 years
Valuation assumptions, percentage of net cash value	100.00%
Valuation assumptions, percentage of corporate investments value	100.00%
Valuation assumptions, percentage of fund-level net accrued incentives	75.00%
Converted Class A Units and Phantom Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Valuation assumptions, price per unit (in dollars per share)		$ 49.00
Treasury rate
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Notes issued under exchange agreement, basis spread on variable rate	3.00%
Maximum \| OCGH Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Valuation assumptions, trailing period for fee-related earnings less stock-based compensation excluding depreciation and amortization	3 years
Minimum \| OCGH Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Valuation assumptions, trailing period for fee-related earnings less stock-based compensation excluding depreciation and amortization	2 years

EQUITY-BASED AND OTHER DEFERRED COMPENSATION - OCGH Unit Awards (Details)	Dec. 31, 2021 $ / shares
Converted Class A Units and Phantom Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Valuation assumptions, price per unit (in dollars per share)	$ 49.00

EQUITY-BASED AND OTHER DEFERRED COMPENSATION - Summary of Unvested Equity-Based Awards and Changes (Details)	12 Months Ended
	Dec. 31, 2022 $ / shares shares	Dec. 31, 2021 $ / shares shares	Dec. 31, 2020 $ / shares shares
Converted OCGH Units
Number of Units
Beginning balance (in shares)	277,464	462,742	731,241
Granted (in shares)	0	0	0
Vested (in shares)	(137,875)	(181,852)	(253,696)
Forfeited (in shares)	(4,493)	(3,426)	(14,803)
Deconsolidation (in shares)	(135,096)
Ending balance (in shares)	0	277,464	462,742
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share) \| $ / shares	$ 46.79	$ 46.25	$ 45.99
Granted (in dollars per share) \| $ / shares	0	0	0
Vested (in dollars per share) \| $ / shares	45.30	45.38	45.52
Forfeited (in dollars per share) \| $ / shares	$ 49.52	48.98	45.59
Deconsolidation (in dollars per share)	48.23
Ending balance (in dollars per share) \| $ / shares	$ 0	46.79	$ 46.25
Stock conversion ratio	1
Valuation assumptions, price per unit (in dollars per share) \| $ / shares		$ 49.00
OCGH Units
Number of Units
Beginning balance (in shares)	338,530	556,352	621,406
Granted (in shares)	0	0	150,000
Vested (in shares)	(135,723)	(170,053)	(215,054)
Forfeited (in shares)	0	(47,769)	0
Deconsolidation (in shares)	(202,807)
Ending balance (in shares)	0	338,530	556,352
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share) \| $ / shares	$ 37.64	$ 37.87	$ 39.49
Granted (in dollars per share) \| $ / shares	0	0	32.93
Vested (in dollars per share) \| $ / shares	31.01	37.50	39.10
Forfeited (in dollars per share) \| $ / shares	$ 0	40.85	0
Deconsolidation (in dollars per share)	42.07
Ending balance (in dollars per share) \| $ / shares	$ 0	$ 37.64	$ 37.87

EQUITY-BASED AND OTHER DEFERRED COMPENSATION - Oaktree Equity Plan (Details) - Oaktree Equity Plan Award - Oaktree Equity Plan (OEP) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted	$ 8.0
Vesting period	6 years 6 months
Compensation expense, recognized	$ 0.8
Valuation assumptions, price per unit (in dollars per share) \| $ / shares	$ 9.13

INCOME TAXES AND RELATED PAYMENTS - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Income tax penalties and interest accrued	$ 0	$ 0
Income tax penalties and interest expenses	$ 0	$ 0	$ 100,000
Percentage of cash savings (as a percent)	85.00%
Payments under tax receivable agreement				$ 9,500,000

INCOME TAXES AND RELATED PAYMENTS - Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current:
Foreign income tax	$ 15,290	$ 12,105	$ 8,147
Current	15,290	12,105	8,147
Deferred:
Foreign income tax	(359)	282	64
Deferred	(359)	282	64
Total:
Foreign income tax	14,931	12,387	8,211
Income tax expense	$ 14,931	$ 12,387	$ 8,211

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

INCOME TAXES AND RELATED PAYMENTS - Income Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Domestic income (loss) before income taxes	$ 437,779	$ 1,073,218	$ 71,749
Foreign income (loss) before income taxes	40,242	96,548	20,197
Income before income taxes	$ 478,021	$ 1,169,766	$ 91,946

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

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-Name Accounting Standards Codification
-Topic 940
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-Section 25
-Paragraph 1
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

INCOME TAXES AND RELATED PAYMENTS - Effective Tax Rate Reconciliation (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income tax expense at federal statutory rate	21.00%	21.00%	21.00%
Income passed through	(19.23%)	(19.27%)	(16.39%)
Foreign taxes	1.35%	(0.67%)	4.32%
Total effective rate	3.12%	1.06%	8.93%

INCOME TAXES AND RELATED PAYMENTS - Income Tax Effects of Temporary Differences (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Net operating losses	$ 0	$ 1,817	$ 2,264
Other	0	1,731	1,908
Total deferred tax assets	0	3,548	4,172
Total deferred tax liabilities	0	0	0
Net deferred tax assets before valuation allowance	0	3,548	4,172
Valuation allowance	0	0	0
Deferred tax assets	$ 0	$ 3,548	$ 4,172

INCOME TAXES AND RELATED PAYMENTS - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized tax benefits, January 1	$ 0	$ 0	$ 107
Lapse in statute of limitations	0	0	(107)
Unrecognized tax benefits, December 31	$ 0	$ 0	$ 0

COMMITMENTS AND CONTINGENCIES - Additional Information (Details)	12 Months Ended
	Dec. 31, 2022 USD ($) city	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Loss Contingencies [Line Items]
Accrued incentives (fund level)	$ 1,800,000,000	$ 1,700,000,000
Compensation expense related to accrued incentives (fund level)	950,300,000	868,400,000
Capital commitments	$ 275,400,000	325,800,000
Number of offices (in office) \| city	18
Occupancy costs, including non-lease expenses	$ 7,300,000	9,000,000	$ 8,700,000
Consolidated Funds
Loss Contingencies [Line Items]
Aggregate potential credit and investment commitments	0	$ 13,500,000
Oaktree Opportunities Fund XI, L.P.
Loss Contingencies [Line Items]
Capital commitments	$ 375,000,000

RELATED PARTY TRANSACTIONS - Amounts Due from and Due to Affiliates (Details) - Oaktree Capital Group Excluding Consolidated Funds - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Due from affiliates:
Loans to affiliates and employees	$ 0	$ 44,088
Amounts due from unconsolidated funds	0	2,829
Management fees and incentive income due from unconsolidated funds and affiliates	203,178	289,795
Payments made on behalf of unconsolidated entities	4,696	36,001
Non-interest bearing advances made to certain non-controlling interest holders and employees	0	148
Total due from affiliates	207,874	372,861
Due to affiliates:
Amounts due to unconsolidated entities	36,164	4,198
Due to affiliates	$ 36,164	$ 4,198

RELATED PARTY TRANSACTIONS - Additional Information (Details)		12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	May 07, 2021 USD ($) instrument	May 19, 2020 USD ($)	Dec. 13, 2019 USD ($)	Dec. 12, 2019 USD ($)
Related Party Transaction [Line Items]
Capital commitment		$ 150,000,000
Oaktree Opportunities Fund XI, L.P.
Related Party Transaction [Line Items]
Capital commitment		750,000,000
Contributions of committed capital		375,000,000
Revolving credit facilities \| Subordinated Credit Facility
Related Party Transaction [Line Items]
Credit facility						$ 250,000,000
Debt obligations of the consolidated funds	$ 0	0
Revolving credit facilities \| Oaktree Capital Management, L.P. \| Line of Credit \| Oaktree Capital I, L.P
Related Party Transaction [Line Items]
Number of debt instruments \| instrument					2
Credit facility					$ 250,000,000
Affiliated Entity
Related Party Transaction [Line Items]
Reimbursable expenses payable	750,000	$ 750,000
Termination period (in days)		90 days
Administrative expenses		$ 800,000	$ 800,000
Affiliated Entity \| Revolving credit facilities \| Line of Credit \| Oaktree Capital I, L.P \| Revolving Line Of Credit Note With Oaktree Capital Management L.P.
Related Party Transaction [Line Items]
Proceeds from borrowing			44,000,000
Affiliated Entity \| Revolving credit facilities \| Line of Credit \| Oaktree Capital Management, L.P. \| Revolving Line Of Credit Note With Oaktree Capital Management L.P.
Related Party Transaction [Line Items]
Proceeds from borrowing	$ 36,000,000
Affiliated Entity \| Revolving credit facilities \| Oaktree Capital Management, L.P. \| Line of Credit \| Oaktree Capital I, L.P
Related Party Transaction [Line Items]
Interest income		10,000	80,000
Affiliated Entity \| Revolving credit facilities \| Oaktree Capital Management, L.P. \| Line of Credit \| Oaktree Capital Management, L.P. \| Revolving Line Of Credit Note With Oaktree Capital Management L.P.
Related Party Transaction [Line Items]
Interest expense		255,000
Oaktree Capital Group Excluding Consolidated Funds
Related Party Transaction [Line Items]
Interest income		0	5,000	$ 9,000
Oaktree Capital Group Excluding Consolidated Funds \| Revolving credit facilities \| Line of Credit
Related Party Transaction [Line Items]
Credit facility							$ 650,000,000	$ 500,000,000
Oaktree Capital Group Excluding Consolidated Funds \| Affiliated Entity
Related Party Transaction [Line Items]
Management fees and incentive income		$ 280,700,000	$ 1,200,000,000	$ 245,000,000

CAPITAL REQUIREMENTS OF REGULATED ENTITIES (Details) $ in Millions	Dec. 31, 2021 USD ($)
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract]
Potential restricted amounts	$ 210.7

SEGMENT REPORTING - Additional Information (Details)	12 Months Ended
SEGMENT REPORTING - Additional Information (Details)	Dec. 31, 2022 segment
Segment Reporting [Abstract]
Number of segments	1

SUBSEQUENT EVENTS - Additional Information (Details) - Subsequent Event - $ / shares	Mar. 15, 2023	Feb. 25, 2023
Class A Units
Subsequent Event [Line Items]
Distributions declared per preferred unit (in dollars per share)		$ 0.11
Series A Preferred Units
Subsequent Event [Line Items]
Distributions declared per preferred unit (in dollars per share)	$ 0.414063
Series B Preferred Units
Subsequent Event [Line Items]
Distributions declared per preferred unit (in dollars per share)	$ 0.409375

INVESTMENTS - Investments, at Fair Value (Details) $ in Thousands	Dec. 31, 2022 USD ($) investment	Dec. 31, 2021 USD ($) investment
Schedule Of Investments In Marketable Securities [Line Items]
Investments, percentage of net assets, threshold percentage	5.00%	5.00%
Consolidated Funds
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 2,098,838	$ 9,995,100
Debt securities, fair value as a percentage of investments of consolidated funds	53.70%	87.20%
Equity securities, fair value	$ 1,735,304	$ 1,427,961
Equity securities, fair value as a percentage of investments of consolidated funds	44.40%	12.50%
Real estate investments, at fair value	$ 74,471	$ 33,834
Real estate, fair value as a percentage of investments of consolidated funds	1.90%	0.30%
Investments, at fair value	$ 3,908,613	$ 11,456,895
Total investments, fair value as a percentage of investments of consolidated funds	100.00%	100.00%
Consolidated Funds \| Health care
Schedule Of Investments In Marketable Securities [Line Items]
Equity securities, fair value as a percentage of investments of consolidated funds	0.00%
Consolidated Funds \| United States:
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 1,318,317	$ 5,301,713
Debt securities, fair value as a percentage of investments of consolidated funds	33.70%	46.30%
Total debt securities, cost	$ 1,437,262	$ 5,303,858
Equity securities, fair value	$ 1,310,735	$ 1,147,619
Equity securities, fair value as a percentage of investments of consolidated funds	33.50%	10.00%
Total equity securities, cost	$ 1,000,922	$ 1,086,667
Real estate investments, at fair value	$ 1,796	$ 0
Real estate, fair value as a percentage of investments of consolidated funds	0.00%	0.00%
Real estate securities, cost	$ 1,797	$ 0
Investments, fair value that exceeds threshold \| investment	0	0
Consolidated Funds \| United States: \| Communication services
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 100,995	$ 635,930
Debt securities, fair value as a percentage of investments of consolidated funds	2.60%	5.60%
Equity securities, fair value	$ 64,621	$ 54,635
Equity securities, fair value as a percentage of investments of consolidated funds	1.70%	0.50%
Consolidated Funds \| United States: \| Consumer discretionary
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 127,170	$ 665,405
Debt securities, fair value as a percentage of investments of consolidated funds	3.30%	5.80%
Equity securities, fair value	$ 133,104	$ 126,978
Equity securities, fair value as a percentage of investments of consolidated funds	3.40%	1.10%
Consolidated Funds \| United States: \| Consumer staples
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 23,542	$ 190,391
Debt securities, fair value as a percentage of investments of consolidated funds	0.60%	1.70%
Consolidated Funds \| United States: \| Energy
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 79,573	$ 354,585
Debt securities, fair value as a percentage of investments of consolidated funds	2.00%	3.10%
Equity securities, fair value	$ 482,984	$ 369,912
Equity securities, fair value as a percentage of investments of consolidated funds	12.40%	3.20%
Consolidated Funds \| United States: \| Financials
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 217,878	$ 463,412
Debt securities, fair value as a percentage of investments of consolidated funds	5.60%	4.00%
Equity securities, fair value	$ 181,980	$ 151,501
Equity securities, fair value as a percentage of investments of consolidated funds	4.70%	1.30%
Consolidated Funds \| United States: \| Health care
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 111,005	$ 459,713
Debt securities, fair value as a percentage of investments of consolidated funds	2.80%	4.00%
Equity securities, fair value	$ 26,191	$ 33,475
Equity securities, fair value as a percentage of investments of consolidated funds	0.70%	0.30%
Consolidated Funds \| United States: \| Industrials
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 206,479	$ 891,850
Debt securities, fair value as a percentage of investments of consolidated funds	5.30%	7.80%
Equity securities, fair value	$ 308,514	$ 246,856
Equity securities, fair value as a percentage of investments of consolidated funds	7.90%	2.20%
Consolidated Funds \| United States: \| Information technology
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 136,714	$ 685,959
Debt securities, fair value as a percentage of investments of consolidated funds	3.50%	6.00%
Equity securities, fair value	$ 14,107	$ 0
Equity securities, fair value as a percentage of investments of consolidated funds	0.40%	0.00%
Consolidated Funds \| United States: \| Materials
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 118,578	$ 436,434
Debt securities, fair value as a percentage of investments of consolidated funds	3.00%	3.80%
Equity securities, fair value	$ 899	$ 82,273
Equity securities, fair value as a percentage of investments of consolidated funds	0.00%	0.70%
Consolidated Funds \| United States: \| Real estate
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 182,643	$ 202,131
Debt securities, fair value as a percentage of investments of consolidated funds	4.70%	1.80%
Consolidated Funds \| United States: \| Utilities
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 11,850	$ 305,220
Debt securities, fair value as a percentage of investments of consolidated funds	0.30%	2.70%
Equity securities, fair value	$ 98,335	$ 81,989
Equity securities, fair value as a percentage of investments of consolidated funds	2.50%	0.70%
Consolidated Funds \| United States: \| Other
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 1,890	$ 10,683
Debt securities, fair value as a percentage of investments of consolidated funds	0.00%	0.10%
Consolidated Funds \| Europe:
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 217,816	$ 4,286,363
Debt securities, fair value as a percentage of investments of consolidated funds	5.60%	37.40%
Total debt securities, cost	$ 230,090	$ 4,289,708
Equity securities, fair value	$ 266,272	$ 150,381
Equity securities, fair value as a percentage of investments of consolidated funds	6.80%	1.30%
Total equity securities, cost	$ 241,129	$ 119,114
Real estate investments, at fair value	$ 72,675	$ 33,834
Real estate, fair value as a percentage of investments of consolidated funds	1.90%	0.30%
Real estate securities, cost	$ 69,100	$ 34,927
Consolidated Funds \| Europe: \| Communication services
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 103,068	$ 756,728
Debt securities, fair value as a percentage of investments of consolidated funds	2.70%	6.60%
Consolidated Funds \| Europe: \| Consumer discretionary
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 13,997	$ 915,535
Debt securities, fair value as a percentage of investments of consolidated funds	0.40%	8.00%
Equity securities, fair value	$ 130,868	$ 102,919
Equity securities, fair value as a percentage of investments of consolidated funds	3.30%	0.90%
Consolidated Funds \| Europe: \| Consumer staples
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 8,024	$ 206,590
Debt securities, fair value as a percentage of investments of consolidated funds	0.20%	1.80%
Consolidated Funds \| Europe: \| Energy
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 1,097	$ 1,251
Debt securities, fair value as a percentage of investments of consolidated funds	0.00%	0.00%
Consolidated Funds \| Europe: \| Financials
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 35,091	$ 98,126
Debt securities, fair value as a percentage of investments of consolidated funds	0.90%	0.90%
Equity securities, fair value	$ 31,701	$ 19,987
Equity securities, fair value as a percentage of investments of consolidated funds	0.80%	0.20%
Consolidated Funds \| Europe: \| Health care
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 8,178	$ 751,936
Debt securities, fair value as a percentage of investments of consolidated funds	0.20%	6.60%
Consolidated Funds \| Europe: \| Health care \| Equity securities
Schedule Of Investments In Marketable Securities [Line Items]
Equity securities, fair value	$ 9	$ 0
Equity securities, fair value as a percentage of investments of consolidated funds		0.00%
Consolidated Funds \| Europe: \| Industrials
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 12,384	$ 656,033
Debt securities, fair value as a percentage of investments of consolidated funds	0.30%	5.70%
Equity securities, fair value	$ 53,790	$ 27,475
Equity securities, fair value as a percentage of investments of consolidated funds	1.40%	0.20%
Consolidated Funds \| Europe: \| Information technology
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 4,583	$ 383,041
Debt securities, fair value as a percentage of investments of consolidated funds	0.10%	3.30%
Consolidated Funds \| Europe: \| Materials
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 10,920	$ 466,181
Debt securities, fair value as a percentage of investments of consolidated funds	0.30%	4.10%
Equity securities, fair value	$ 24,282	$ 0
Equity securities, fair value as a percentage of investments of consolidated funds	0.60%	0.00%
Consolidated Funds \| Europe: \| Real estate
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 12,888	$ 34,116
Debt securities, fair value as a percentage of investments of consolidated funds	0.30%	0.30%
Equity securities, fair value	$ 25,622	$ 0
Equity securities, fair value as a percentage of investments of consolidated funds	0.70%	0.00%
Real estate investments, at fair value	$ 72,675	$ 33,834
Real estate, fair value as a percentage of investments of consolidated funds	1.90%	0.30%
Consolidated Funds \| Europe: \| Utilities
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 5,102	$ 1,777
Debt securities, fair value as a percentage of investments of consolidated funds	0.10%	0.00%
Consolidated Funds \| Europe: \| Other
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 2,484	$ 15,049
Debt securities, fair value as a percentage of investments of consolidated funds	0.10%	0.10%
Consolidated Funds \| Asia and other:
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 562,705	$ 407,024
Debt securities, fair value as a percentage of investments of consolidated funds	14.40%	3.60%
Total debt securities, cost	$ 581,467	$ 417,825
Equity securities, fair value	$ 158,297	$ 129,961
Equity securities, fair value as a percentage of investments of consolidated funds	4.00%	1.10%
Total equity securities, cost	$ 722,128	$ 120,308
Consolidated Funds \| Asia and other: \| Communication services
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 5,419	$ 6,087
Debt securities, fair value as a percentage of investments of consolidated funds	0.10%	0.10%
Consolidated Funds \| Asia and other: \| Consumer discretionary
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 5,641	$ 71,082
Debt securities, fair value as a percentage of investments of consolidated funds	0.20%	0.60%
Equity securities, fair value	$ 0	$ 1,057
Equity securities, fair value as a percentage of investments of consolidated funds	0.00%	0.00%
Consolidated Funds \| Asia and other: \| Consumer staples
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 19,125	$ 13,378
Debt securities, fair value as a percentage of investments of consolidated funds	0.50%	0.10%
Consolidated Funds \| Asia and other: \| Energy
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 9,163	$ 24,325
Debt securities, fair value as a percentage of investments of consolidated funds	0.20%	0.20%
Equity securities, fair value	$ 7,581	$ 8,332
Equity securities, fair value as a percentage of investments of consolidated funds	0.20%	0.10%
Consolidated Funds \| Asia and other: \| Financials
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 8,344	$ 14,739
Debt securities, fair value as a percentage of investments of consolidated funds	0.20%	0.10%
Consolidated Funds \| Asia and other: \| Health care
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 2,837	$ 4,084
Debt securities, fair value as a percentage of investments of consolidated funds	0.10%	0.00%
Consolidated Funds \| Asia and other: \| Industrials
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 3,754	$ 7,084
Debt securities, fair value as a percentage of investments of consolidated funds	0.10%	0.10%
Equity securities, fair value	$ 113,270	$ 81,782
Equity securities, fair value as a percentage of investments of consolidated funds	2.90%	0.70%
Consolidated Funds \| Asia and other: \| Information technology
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 695	$ 714
Debt securities, fair value as a percentage of investments of consolidated funds	0.00%	0.00%
Consolidated Funds \| Asia and other: \| Materials
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 113,784	$ 121,151
Debt securities, fair value as a percentage of investments of consolidated funds	2.90%	1.10%
Consolidated Funds \| Asia and other: \| Real estate
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 328,343	$ 131,155
Debt securities, fair value as a percentage of investments of consolidated funds	8.40%	1.10%
Equity securities, fair value	$ 32,916	$ 38,614
Equity securities, fair value as a percentage of investments of consolidated funds	0.80%	0.30%
Consolidated Funds \| Asia and other: \| Utilities
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 5,602	$ 3,743
Debt securities, fair value as a percentage of investments of consolidated funds	0.20%	0.00%
Equity securities, fair value	$ 4,530	$ 176
Equity securities, fair value as a percentage of investments of consolidated funds	0.10%	0.00%
Consolidated Funds \| Asia and other: \| Other
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 59,998	$ 9,482
Debt securities, fair value as a percentage of investments of consolidated funds	1.50%	0.10%

FAIR VALUE - Valuation of Investments and Other Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total derivatives	$ 24,077	$ 17,946
Deb obligations		(7,806,263)
Derivative liabilities	(35,862)	(12,383)
Consolidated Funds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	3,908,613	11,456,895
Total derivatives	10,737	6,733
Derivative liabilities	(24,022)	(11,847)
Options and futures \| Consolidated Funds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total derivatives	279	509
Warrants \| Consolidated Funds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liabilities		(6,626)
Level III \| Consolidated Funds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	2,390,273	1,928,376
Fair Value, Measurements, Recurring \| Consolidated Funds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	3,908,613	11,456,895
Total derivatives	10,737	6,733
Total assets	3,919,350	11,463,628
Derivative liabilities	(24,022)	(11,847)
Total liabilities	(24,022)	(7,818,110)
Fair Value, Measurements, Recurring \| CLO Debt Obligations \| Consolidated Funds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Deb obligations	0	(7,806,263)
Fair Value, Measurements, Recurring \| CLO Debt Obligations \| Senior secured notes \| Consolidated Funds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Deb obligations	0	(7,472,521)
Fair Value, Measurements, Recurring \| CLO Debt Obligations \| Subordinated notes \| Consolidated Funds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Deb obligations	0	(333,742)
Fair Value, Measurements, Recurring \| Foreign-currency forward contracts \| Consolidated Funds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total derivatives	9,758	5,062
Derivative liabilities	(16,356)	(886)
Fair Value, Measurements, Recurring \| Swaps \| Consolidated Funds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total derivatives	700	1,162
Derivative liabilities	(7,666)	(4,335)
Fair Value, Measurements, Recurring \| Options and futures \| Consolidated Funds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total derivatives	279	509
Fair Value, Measurements, Recurring \| Warrants \| Consolidated Funds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liabilities	0	(6,626)
Fair Value, Measurements, Recurring \| Corporate debt – bank debt \| Consolidated Funds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	1,114,494	8,464,929
Fair Value, Measurements, Recurring \| Corporate debt – all other \| Consolidated Funds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	984,344	1,530,171
Fair Value, Measurements, Recurring \| Equities – Common Stock \| Consolidated Funds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	1,038,449	864,632
Fair Value, Measurements, Recurring \| Equities – preferred stock \| Consolidated Funds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	696,855	563,329
Fair Value, Measurements, Recurring \| Real estate \| Consolidated Funds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	74,471	33,834
Fair Value, Measurements, Recurring \| Level I \| Consolidated Funds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	307,113	283,432
Total derivatives	279	509
Total assets	307,392	283,941
Derivative liabilities	(7,666)	(4,100)
Total liabilities	(7,666)	(4,100)
Fair Value, Measurements, Recurring \| Level I \| CLO Debt Obligations \| Consolidated Funds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Deb obligations	0	0
Fair Value, Measurements, Recurring \| Level I \| CLO Debt Obligations \| Senior secured notes \| Consolidated Funds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Deb obligations	0	0
Fair Value, Measurements, Recurring \| Level I \| CLO Debt Obligations \| Subordinated notes \| Consolidated Funds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Deb obligations	0	0
Fair Value, Measurements, Recurring \| Level I \| Foreign-currency forward contracts \| Consolidated Funds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total derivatives	0	0
Derivative liabilities	0	0
Fair Value, Measurements, Recurring \| Level I \| Swaps \| Consolidated Funds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total derivatives	0	0
Derivative liabilities	(7,666)	(4,100)
Fair Value, Measurements, Recurring \| Level I \| Options and futures \| Consolidated Funds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total derivatives	279	509
Fair Value, Measurements, Recurring \| Level I \| Warrants \| Consolidated Funds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liabilities	0	0
Fair Value, Measurements, Recurring \| Level I \| Corporate debt – bank debt \| Consolidated Funds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	0	0
Fair Value, Measurements, Recurring \| Level I \| Corporate debt – all other \| Consolidated Funds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	0	0
Fair Value, Measurements, Recurring \| Level I \| Equities – Common Stock \| Consolidated Funds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	226,862	206,133
Fair Value, Measurements, Recurring \| Level I \| Equities – preferred stock \| Consolidated Funds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	80,251	77,299
Fair Value, Measurements, Recurring \| Level I \| Real estate \| Consolidated Funds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	0	0
Fair Value, Measurements, Recurring \| Level II \| Consolidated Funds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	1,211,227	9,245,087
Total derivatives	10,458	6,224
Total assets	1,221,685	9,251,311
Derivative liabilities	(16,356)	(7,747)
Total liabilities	(16,356)	(7,814,010)
Fair Value, Measurements, Recurring \| Level II \| CLO Debt Obligations \| Consolidated Funds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Deb obligations	0	(7,806,263)
Fair Value, Measurements, Recurring \| Level II \| CLO Debt Obligations \| Senior secured notes \| Consolidated Funds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Deb obligations	0	(7,472,521)
Fair Value, Measurements, Recurring \| Level II \| CLO Debt Obligations \| Subordinated notes \| Consolidated Funds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Deb obligations	0	(333,742)
Fair Value, Measurements, Recurring \| Level II \| Foreign-currency forward contracts \| Consolidated Funds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total derivatives	9,758	5,062
Derivative liabilities	(16,356)	(886)
Fair Value, Measurements, Recurring \| Level II \| Swaps \| Consolidated Funds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total derivatives	700	1,162
Derivative liabilities	0	(235)
Fair Value, Measurements, Recurring \| Level II \| Options and futures \| Consolidated Funds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total derivatives	0	0
Fair Value, Measurements, Recurring \| Level II \| Warrants \| Consolidated Funds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liabilities	0	(6,626)
Fair Value, Measurements, Recurring \| Level II \| Corporate debt – bank debt \| Consolidated Funds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	411,997	7,867,741
Fair Value, Measurements, Recurring \| Level II \| Corporate debt – all other \| Consolidated Funds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	764,841	1,300,595
Fair Value, Measurements, Recurring \| Level II \| Equities – Common Stock \| Consolidated Funds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	34,389	76,751
Fair Value, Measurements, Recurring \| Level II \| Equities – preferred stock \| Consolidated Funds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	0	0
Fair Value, Measurements, Recurring \| Level II \| Real estate \| Consolidated Funds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	0	0
Fair Value, Measurements, Recurring \| Level III \| Consolidated Funds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	2,390,273	1,928,376
Total derivatives	0	0
Total assets	2,390,273	1,928,376
Derivative liabilities	0	0
Total liabilities	0	0
Fair Value, Measurements, Recurring \| Level III \| CLO Debt Obligations \| Consolidated Funds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Deb obligations	0	0
Fair Value, Measurements, Recurring \| Level III \| CLO Debt Obligations \| Senior secured notes \| Consolidated Funds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Deb obligations	0	0
Fair Value, Measurements, Recurring \| Level III \| CLO Debt Obligations \| Subordinated notes \| Consolidated Funds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Deb obligations	0	0
Fair Value, Measurements, Recurring \| Level III \| Foreign-currency forward contracts \| Consolidated Funds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total derivatives	0	0
Derivative liabilities	0	0
Fair Value, Measurements, Recurring \| Level III \| Swaps \| Consolidated Funds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total derivatives	0	0
Derivative liabilities	0	0
Fair Value, Measurements, Recurring \| Level III \| Options and futures \| Consolidated Funds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total derivatives	0	0
Fair Value, Measurements, Recurring \| Level III \| Warrants \| Consolidated Funds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liabilities	0	0
Fair Value, Measurements, Recurring \| Level III \| Corporate debt – bank debt \| Consolidated Funds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	702,497	597,188
Fair Value, Measurements, Recurring \| Level III \| Corporate debt – all other \| Consolidated Funds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	219,503	229,576
Fair Value, Measurements, Recurring \| Level III \| Equities – Common Stock \| Consolidated Funds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	777,198	581,748
Fair Value, Measurements, Recurring \| Level III \| Equities – preferred stock \| Consolidated Funds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	616,604	486,030
Fair Value, Measurements, Recurring \| Level III \| Real estate \| Consolidated Funds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	$ 74,471	$ 33,834