0001403528-25-000046 | 10-Q | XBRL Viewer | Brookfield Oaktree Holdings LLC

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INVESTMENTS - Schedule of Investments Held and Securities Sold Short by Consolidated Funds (Details) - Consolidated Funds - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 1,975,656	$ 2,683,708
Debt securities, fair value as a percentage of investments of consolidated funds	40.90%	54.30%
Equity securities, fair value	$ 2,542,008	$ 2,056,973
Equity securities, fair value as a percentage of investments of consolidated funds	52.40%	41.50%
Real estate investments, at fair value	$ 329,735	$ 206,181
Real estate, fair value as a percentage of investments of consolidated funds	6.70%	4.20%
Investments, at fair value	$ 4,847,399	$ 4,946,862
Total investments, fair value as a percentage of investments of consolidated funds	100.00%	100.00%
United States:
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 1,249,190	$ 1,857,874
Debt securities, fair value as a percentage of investments of consolidated funds	25.90%	37.60%
Total debt securities, cost	$ 1,464,996	$ 1,792,830
Equity securities, fair value	$ 1,998,430	$ 1,610,427
Equity securities, fair value as a percentage of investments of consolidated funds	41.10%	32.60%
Total equity securities, cost	$ 1,645,924	$ 1,362,953
Real estate investments, at fair value	$ 79,085	$ 15,036
Real estate, fair value as a percentage of investments of consolidated funds	1.60%	0.30%
Total real estate securities, cost	$ 75,112	$ 26,966
Europe:
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 197,558	$ 160,989
Debt securities, fair value as a percentage of investments of consolidated funds	4.10%	3.30%
Total debt securities, cost	$ 183,149	$ 161,153
Equity securities, fair value	$ 421,779	$ 375,486
Equity securities, fair value as a percentage of investments of consolidated funds	8.70%	7.60%
Total equity securities, cost	$ 273,456	$ 295,630
Real estate investments, at fair value	$ 250,650	$ 191,145
Real estate, fair value as a percentage of investments of consolidated funds	5.10%	3.80%
Total real estate securities, cost	$ 237,229	$ 191,470
Asia and other:
Schedule Of Investments In Marketable Securities [Line Items]
Debt securities, fair value	$ 528,908	$ 664,845
Debt securities, fair value as a percentage of investments of consolidated funds	10.90%	13.40%
Total debt securities, cost	$ 548,021	$ 680,671
Equity securities, fair value	$ 121,799	$ 71,060
Equity securities, fair value as a percentage of investments of consolidated funds	2.60%	1.40%
Total equity securities, cost	$ 106,589	$ 55,638

NON-CONTROLLING REDEEMABLE INTERESTS IN CONSOLIDATED FUNDS

9 Months Ended

Sep. 30, 2025

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.


	Nine months ended September 30,
	2025		2024

Beginning balance	$	3,069,084	$	3,336,548
Deconsolidation of funds	—		(500,020)
Contributions	633,232		269,994
Distributions	(789,826)		(397,474)

Net income	191,257		336,844

Foreign currency translation and other, net	—		(1,005)
Ending balance	$	3,103,747	$	3,044,887

Condensed Consolidated Statements of Financial Condition (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Assets
Derivative assets, at fair value	$ 44,051	$ 33,349
Total assets	6,629,997	7,073,432
Liabilities:
Derivative liabilities, at fair value	70,865	13,385
Total liabilities	1,345,312	1,602,984
Commitments and contingencies (Note 13)
Unitholders’ capital:
Paid-in capital	1,795,825	1,663,384
Retained earnings (accumulated deficit)	(24,984)	329,631
Unitholders’ capital attributable to Brookfield Oaktree Holdings, LLC	2,171,425	2,393,599
Non-controlling interests in consolidated subsidiaries	9,513	7,765
Total unitholders’ capital	2,180,938	2,401,364
Total liabilities and unitholders’ capital	6,629,997	7,073,432
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
Related Party
Assets
Due from affiliates	552	227
Liabilities:
Accounts payable, accrued expenses and other liabilities	0	200
Oaktree
Assets
Cash and cash-equivalents	8,587	22,303
Investments	1,330,524	1,520,260
Other assets, net	31,526	16,728
Liabilities:
Accrued compensation expense	232	300
Oaktree \| Related Party
Assets
Due from affiliates	552	227
Liabilities:
Accounts payable, accrued expenses and other liabilities	0	200
Oaktree \| Nonrelated Party
Liabilities:
Accounts payable, accrued expenses and other liabilities	358	648
Consolidated Funds
Assets
Cash and cash-equivalents	281,785	427,548
Investments	4,847,399	4,946,862
Other assets, net	38,403	49,340
Dividends and interest receivable	23,076	34,127
Receivable for securities sold	24,094	22,688
Derivative assets, at fair value	44,051	33,349
Total assets	5,300,000
Liabilities:
Accounts payable, accrued expenses and other liabilities	24,362	12,981
Payables for securities purchased	78,816	102,607
Derivative liabilities, at fair value	70,865	13,385
Distributions payable	68	68
Debt obligations of the consolidated funds	1,170,611	1,472,795
Total liabilities	1,300,000
Non-controlling redeemable interests in consolidated funds	$ 3,103,747	$ 3,069,084

FAIR VALUE - Schedule of Changes in Fair Value of Level III Investments (Details) - Consolidated Funds - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 4,003,026	$ 3,834,896	$ 4,062,983	$ 3,603,942
Deconsolidation of funds		(73,196)		(73,196)
Initial consolidation of funds				2,962
Transfers into Level III	225,114	250,206	1,173,475	548,410
Transfers out of Level III	(219,167)	(291,836)	(1,074,979)	(657,241)
Purchases	655,552	249,046	1,949,199	986,912
Sales	(371,607)	(267,868)	(1,912,716)	(787,410)
Realized gain (losses), net	14,248	35,285	38,354	(1,028)
Unrealized appreciation (depreciation), net	(49,065)	28,509	21,785	141,691
Ending balance	4,258,101	3,765,042	4,258,101	3,765,042
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period	$ (11,838)	$ 30,432	$ 41,616	$ 143,365
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	Net change in unrealized appreciation (depreciation) on consolidated funds’ investments	Net change in unrealized appreciation (depreciation) on consolidated funds’ investments	Net change in unrealized appreciation (depreciation) on consolidated funds’ investments
Corporate Debt – Bank Debt
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 1,546,171	$ 1,654,942	$ 1,936,315	$ 1,721,888
Deconsolidation of funds		(70,255)		(70,255)
Initial consolidation of funds				2,962
Transfers into Level III	157,521	136,725	1,085,276	358,757
Transfers out of Level III	(136,382)	(105,000)	(972,332)	(388,815)
Purchases	369,228	173,975	1,302,029	516,419
Sales	(253,715)	(87,091)	(1,602,987)	(444,229)
Realized gain (losses), net	3,793	1,502	21,815	5,505
Unrealized appreciation (depreciation), net	(86,956)	7,513	(170,456)	10,079
Ending balance	1,599,660	1,712,311	1,599,660	1,712,311
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period	(26,611)	(125)	(149,532)	12,230
Corporate Debt – All Other
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	132,169	198,028	111,552	260,292
Deconsolidation of funds		(10)		(10)
Initial consolidation of funds				0
Transfers into Level III	41,641	11,231	46,298	26,590
Transfers out of Level III	(36,351)	(93,971)	(41,190)	(159,901)
Purchases	29,676	134	37,497	25,727
Sales	(69,632)	(8,496)	(78,426)	(46,636)
Realized gain (losses), net	(358)	(155)	7,146	(407)
Unrealized appreciation (depreciation), net	(15,723)	(6,131)	(1,455)	(5,025)
Ending balance	81,422	100,630	81,422	100,630
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period	(8,241)	(3,539)	3,051	(5,174)
Equities – Common Stock
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	1,276,658	1,049,656	1,187,023	846,773
Deconsolidation of funds		(575)		(575)
Initial consolidation of funds				0
Transfers into Level III	3,919	84,494	13,025	139,172
Transfers out of Level III	(24,402)	(57,113)	(39,425)	(72,773)
Purchases	182,226	29,316	282,682	235,083
Sales	(6,677)	(32,785)	(82,642)	(124,069)
Realized gain (losses), net	5,884	3,217	40,621	51,081
Unrealized appreciation (depreciation), net	27,756	27,397	64,080	28,915
Ending balance	1,465,364	1,103,607	1,465,364	1,103,607
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period	14,036	33,705	70,410	28,804
Equities – Preferred Stock
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	700,259	667,154	606,141	599,636
Deconsolidation of funds		(2,356)		(2,356)
Initial consolidation of funds				0
Transfers into Level III	0	153	37	153
Transfers out of Level III	0	(7,134)	0	(7,134)
Purchases	60,239	24,043	216,325	102,272
Sales	(28,771)	(121,764)	(116,320)	(154,744)
Realized gain (losses), net	1,601	30,760	(36,423)	(57,207)
Unrealized appreciation (depreciation), net	32,123	(20,689)	95,691	89,547
Ending balance	765,451	570,167	765,451	570,167
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period	7,411	(20,028)	75,930	89,330
Real Estate
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	330,423	246,862	206,181	175,353
Deconsolidation of funds		0		0
Initial consolidation of funds				0
Transfers into Level III	22,033	17,603	28,839	23,738
Transfers out of Level III	(22,032)	(28,618)	(22,032)	(28,618)
Purchases	14,182	21,572	109,090	89,190
Sales	(11,691)	(17,732)	(31,220)	(17,732)
Realized gain (losses), net	3,328	0	5,195	0
Unrealized appreciation (depreciation), net	(6,508)	20,419	33,682	18,175
Ending balance	329,735	260,106	329,735	260,106
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period	1,567	20,419	41,757	18,175
Swaps
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	17,346	18,254	15,771	0
Deconsolidation of funds				0
Initial consolidation of funds				0
Transfers into Level III	0	0	0	0
Transfers out of Level III	0	0	0	0
Purchases	1	6	1,576	18,221
Sales	(1,121)	0	(1,121)	0
Realized gain (losses), net	0	(39)	0	0
Unrealized appreciation (depreciation), net	243	0	243	0
Ending balance	16,469	18,221	16,469	18,221
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period	$ 0	$ 0	$ 0	$ 0

Condensed Consolidated Statements of Financial Condition (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Series A Preferred Units
Preferred units, issued (in shares)	7,200,000	7,200,000
Preferred units, outstanding (in shares)	7,200,000	7,200,000
Series B Preferred Units
Preferred units, issued (in shares)	9,400,000	9,400,000
Preferred units, outstanding (in shares)	9,400,000	9,400,000
Class A Units
Common units, par value (in dollars per share)	$ 0	$ 0
Common units, issued (in shares)	118,832,320	116,373,234
Common units, outstanding (in shares)	118,832,320	116,373,234
Class B Units
Common units, par value (in dollars per share)	$ 0	$ 0
Common units, issued (in shares)	41,758,979	43,822,210
Common units, outstanding (in shares)	41,758,979	43,822,210
Oaktree
Corporate investments measured at fair value	$ 306,687	$ 307,825

UNITHOLDERS' CAPITAL - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	Aug. 09, 2018	May 17, 2018	Sep. 30, 2025	Dec. 31, 2024
Class of Stock [Line Items]
Preferred redemption price (in dollars per share)			$ 25.00
Series A Preferred Units
Class of Stock [Line Items]
Preferred dividend rate (as percent)		6.625%
Preferred redemption price (in dollars per share)		$ 25.00
Sale of stock, consideration received		$ 173.7
Series A Preferred Units \| Preferred Stock Issuance
Class of Stock [Line Items]
Number of shares issued during mergers (in shares)		7,200,000
Series B Preferred Units
Class of Stock [Line Items]
Preferred dividend rate (as percent)	6.55%
Preferred redemption price (in dollars per share)	$ 25.00
Sale of stock, consideration received	$ 226.9
Series B Preferred Units \| Preferred Stock Issuance
Class of Stock [Line Items]
Number of shares issued during mergers (in shares)	9,400,000
OCGH
Class of Stock [Line Items]
Unitholders' capital (in shares)			41,758,979	43,822,210
Oaktree Operating Group
Class of Stock [Line Items]
Subsidiary units outstanding (in shares)				160,195,444
Oaktree Operating Group \| Converted OCGH Units and OCGH Units
Class of Stock [Line Items]
Subsidiary units outstanding (in shares)			160,591,299

INVESTMENTS (Tables)

9 Months Ended

Sep. 30, 2025

Investments [Abstract]

Schedule of Corporate Investments

Corporate investments consisted of the following:


	As of
Corporate Investments	September 30, 2025		December 31, 2024

Equity-method investments:
Funds	$	312,458	$	317,256
Companies	1,018,066		1,203,004

Total corporate investments	$	1,330,524	$	1,520,260

Summarized financial information of Oaktree Capital I is set forth below.


	Three months ended September 30,				Nine months ended September 30,
Statements of Operations	2025		2024		2025		2024 (1)
Revenues / investment income	$	78,389	$	43,996	$	169,618	$	43,996
Interest expense	(16,274)		(9,527)		(40,628)		(9,527)
Other expenses	(5,638)		(4,504)		(36,762)		(4,504)
Net realized and unrealized gain (loss) on investments	3,599		10,357		1,076		10,357
Net income	$	60,076	$	40,322	$	93,304	$	40,322

(1) Amounts for the nine months ended September 30, 2024 are the same as those for the three months ended September 30, 2024, as Oaktree Capital I was accounted for as an equity method investment beginning in the third quarter of 2024.

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


	Three months ended September 30,				Nine months ended September 30,
Statements of Operations	2025		2024		2025		2024
Revenues / investment income	$	44,533	$	45,346	$	131,424	$	2,294,361
Interest expense	(15,040)		(18,957)		(44,391)		(327,379)
Other expenses	(32,518)		(66,862)		(96,340)		(649,763)
Net realized and unrealized gain (loss) on investments	4,683		34,475		19,888		1,902,040
Net income	$	1,658	$	(5,998)	$	10,581	$	3,219,259

Schedule of Investments, at Fair Value

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


	Three months ended September 30,				Nine months ended September 30,
	2025		2024		2025		2024

Realized gain (loss)	$	—	$	—	$	—	$	9,504
Net change in unrealized gain (loss)	—		—		—		2,159
Total gain (loss)	$	—	$	—	$	—	$	11,663

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


	Fair Value as of				Fair Value as a Percentage of Investments of Consolidated Funds as of
Investments	September 30, 2025		December 31, 2024		September 30, 2025	December 31, 2024
United States:













Debt securities (cost: $1,464,996 and $1,792,830 as of September 30, 2025 and December 31, 2024, respectively)	$	1,249,190	$	1,857,874	25.9	37.6












Equity securities (cost: $1,645,924 and $1,362,953 as of September 30, 2025 and December 31, 2024, respectively)	1,998,430		1,610,427		41.1	32.6



Real estate securities (cost: $75,112 and $26,966 as of September 30, 2025 and December 31, 2024, respectively)	79,085		15,036		1.6	0.3




Europe:













Debt securities (cost: $183,149 and $161,153 as of September 30, 2025 and December 31, 2024, respectively)	197,558	160,989	4.1	3.3








Equity securities (cost: $273,456 and $295,630 as of September 30, 2025 and December 31, 2024, respectively)	421,779	375,486	8.7	7.6



Real estate securities (cost: $237,229 and $191,470 as of September 30, 2025 and December 31, 2024, respectively)	250,650	191,145	5.1	3.8
Asia and other:














Debt securities (cost: $548,021 and $680,671 as of September 30, 2025 and December 31, 2024, respectively)	528,908	664,845	10.9	13.4













Equity securities (cost: $106,589 and $55,638 as of September 30, 2025 and December 31, 2024, respectively)	121,799	71,060	2.6	1.4















Total debt securities	1,975,656		2,683,708		40.9		54.3
Total equity securities	2,542,008		2,056,973		52.4		41.5
Total real estate	329,735		206,181		6.7		4.2
Total investments, at fair value	$	4,847,399	$	4,946,862	100.0	%	100.0	%

As of September 30, 2025, the following issuers or investments had a fair value that exceeded 5% of the Company’s total consolidated net assets.

Principal Amount/ Number of Shares

Investments

Combined Fair Value

180,327

Azorra Aviation Holdings LLC

$266,664

Schedule of Net Gains (Losses) from Investment Activities

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


	Three months ended September 30,
	2025				2024
	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	$	28,972	$	10,825	$	30,142	$	64,925

Foreign-currency forward contracts (2)	(1,309)		11,447		646		(20,101)
Total return and interest rate swaps (2)	488		230		—		7,860
Options and futures (2)	1,738		638		822		—
Commodity swaps (2)	1,389		243		923		(217)
Total	$	31,278	$	23,383	$	32,533	$	52,467


	Nine months ended September 30,
	2025				2024
	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	$	100,286	$	(67,143)	$	26,283	$	155,848
CLO liabilities (1)	—		—		185		1,597
Foreign-currency forward contracts (2)	3,043		(53,045)		411		(14,189)
Total return and interest rate swaps (2)	(139)		877		—		11,448
Options and futures (2)	1,836		2,107		584		1,600
Commodity swaps (2)	1,389		243		8,151		(8,658)
Total	$	106,415	$	(116,961)	$	35,614	$	147,646

(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. Subsequent to the 2024 Restructuring and deconsolidation of Oaktree Capital I, the Company no longer holds investments in CLOs. Please see note 2 for more information.

(2) Please see note 7 for additional information.

UNITHOLDERS' CAPITAL - Schedule of Weighted Average Units Outstanding of OCGH and Other Non-Controlling Interests and Class A Common Unitholder (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Weighted average Oaktree Operating Group units outstanding (in thousands):
Total weighted average units outstanding, diluted (in shares)	160,567	160,144
Oaktree Operating Group
Weighted average Oaktree Operating Group units outstanding (in thousands):
Total weighted average units outstanding, basic (in shares)	160,567	160,144	160,334	160,132
Total weighted average units outstanding, diluted (in shares)			160,334	160,132
OCGH Units \| Oaktree Operating Group
Weighted average Oaktree Operating Group units outstanding (in thousands):
Total weighted average units outstanding, basic (in shares)	45,161	47,450	45,882	50,041
Total weighted average units outstanding, diluted (in shares)	45,161	47,450	45,882	50,041
Class A Units
Weighted average Oaktree Operating Group units outstanding (in thousands):
Total weighted average units outstanding, basic (in shares)	118,832	112,694	117,968	110,091
Total weighted average units outstanding, diluted (in shares)	118,832	112,694	117,968	110,091
Class A Units \| Oaktree Operating Group
Weighted average Oaktree Operating Group units outstanding (in thousands):
Total weighted average units outstanding, basic (in shares)	115,406	112,694	114,452	110,091
Total weighted average units outstanding, diluted (in shares)	115,406	112,694	114,452	110,091

RELATED-PARTY TRANSACTIONS - Revenues Earned From Oaktree Funds / Administrative Services (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Oct. 01, 2019	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Related Party Transaction [Line Items]
Incentive income earned from unconsolidated funds		$ 160,356	$ 140,320	$ 424,841	$ 550,379
Affiliates \| Administrative Service
Related Party Transaction [Line Items]
Reimbursable expenses payable	$ 750
Termination period (in days)	90 days
Administrative expenses		$ 200	200	$ 600	600
Equity Method Investment, Nonconsolidated Investee or Group of Investees \| Affiliates
Related Party Transaction [Line Items]
Incentive income earned from unconsolidated funds			$ 0		$ 117,500

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
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- 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.

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+ Details

ORGANIZATION AND BASIS OF PRESENTATION (Details)	Sep. 30, 2025 vote
Class A Units
Class of Stock [Line Items]
Number of votes per share	1
Class B Units
Class of Stock [Line Items]
Number of votes per share	10
Oaktree Capital I
Class of Stock [Line Items]
Ownership interest (as percent)	74.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

DERIVATIVES AND HEDGING - Schedule of Balance Sheet Offsetting (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Derivative Assets:
Gross Amounts of Assets Presented	$ 44,051	$ 33,349
Gross Amounts Not Offset in Statements of Financial Condition, Derivative Assets	0	0
Gross Amounts Not Offset in Statements of Financial Condition, Cash Collateral Received	0	0
Net Amount	44,051	33,349
Derivative Liabilities:
Gross Amounts of Liabilities Presented	(70,865)	(13,385)
Gross Amounts Not Offset in Statements of Financial Condition, Derivative Liabilities	0	0
Gross Amounts Not Offset in Statements of Financial Condition, Cash Collateral Pledged	0	0
Net Amount	(70,865)	(13,385)
Consolidated Funds
Derivative Assets:
Gross Amounts of Assets Presented	44,051	33,349
Derivative Liabilities:
Gross Amounts of Liabilities Presented	(70,865)	(13,385)
Consolidated Funds \| Foreign-currency forward contracts
Derivative Assets:
Gross Amounts of Assets Presented	26,724	17,578
Gross Amounts Not Offset in Statements of Financial Condition, Derivative Assets	0	0
Gross Amounts Not Offset in Statements of Financial Condition, Cash Collateral Received	0	0
Net Amount	26,724	17,578
Derivative Liabilities:
Gross Amounts of Liabilities Presented	(70,705)	(8,513)
Gross Amounts Not Offset in Statements of Financial Condition, Derivative Liabilities	0	0
Gross Amounts Not Offset in Statements of Financial Condition, Cash Collateral Pledged	0	0
Net Amount	(70,705)	(8,513)
Consolidated Funds \| Total-return and interest-rate and credit default swaps
Derivative Assets:
Gross Amounts of Assets Presented	17,327	15,771
Gross Amounts Not Offset in Statements of Financial Condition, Derivative Assets	0	0
Gross Amounts Not Offset in Statements of Financial Condition, Cash Collateral Received	0	0
Net Amount	17,327	15,771
Derivative Liabilities:
Gross Amounts of Liabilities Presented		(19)
Gross Amounts Not Offset in Statements of Financial Condition, Derivative Liabilities		0
Gross Amounts Not Offset in Statements of Financial Condition, Cash Collateral Pledged		0
Net Amount		(19)
Consolidated Funds \| Options and futures
Derivative Liabilities:
Gross Amounts of Liabilities Presented	(160)	(4,853)
Gross Amounts Not Offset in Statements of Financial Condition, Derivative Liabilities	0	0
Gross Amounts Not Offset in Statements of Financial Condition, Cash Collateral Pledged	0
Net Amount	$ (160)	$ (4,853)

INVESTMENTS - Narrative (Details) $ in Millions	9 Months Ended
INVESTMENTS - Narrative (Details) $ in Millions	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	Dec. 31, 2024 investment
Schedule of Equity Method Investments [Line Items]
Investments, fair value that exceeds threshold \| investment			0
Investments, percentage of net assets, threshold (as percent)	5.00%		5.00%
Oaktree Funds
Schedule of Equity Method Investments [Line Items]
Ownership interest (as percent)	2.50%
Brookfield Corporate Treasury Ltd. (“Treasury”)
Schedule of Equity Method Investments [Line Items]
Equity investment loss \| $	$ 1.1	$ 13.1

- Definition

Amount of income (loss) for proportionate share of equity method investee's income (loss).

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

REVENUES

9 Months Ended

Sep. 30, 2025

Revenue from Contract with Customer [Abstract]

REVENUES

Prior to the 2024 Restructuring, the Company earned incentive income generated by funds, for which Oaktree Capital I served as general partner. These revenues were affected by economic factors related to the asset class composition of the holdings and the contractual terms such as the basis for calculating the incentive income and investors’ ability to redeem. As a result of the 2024 Restructuring, incentive income is no longer recognized by the Company due to the deconsolidation of Oaktree Capital I. The Company’s proportionate share of incentive income earned by Oaktree Capital I is included as a component of investment income.

Incentive income revenues by fund structure are set forth below.











	Three months ended September 30,				Nine months ended September 30,
	2025		2024		2025		2024
Incentive Income
Closed-end	$	—	$	—	$	—	$	112,497
Evergreen	—		—		—		5,032
Total	$	—	$	—	$	—	$	117,529

Additionally, the Company earns investment income from the investments the Company makes in its investment in Oaktree Capital I, Oaktree funds, third-party funds and other companies. Revenues by investment types are set forth below.


	Three months ended September 30,				Nine months ended September 30,
Investment Income (Loss)	2025		2024		2025		2024

Equity-method investments:
Funds	$	2,723	$	3,847	$	(797)	$	27,398
Companies	36,598		21,432		43,903		20,972
Other investments, at fair value	—		—		—		11,663
Total investment income	$	39,321	$	25,279	$	43,106	$	60,033

- 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.

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+ Details

UNITHOLDERS' CAPITAL (Tables)

9 Months Ended

Sep. 30, 2025

Stockholders' Equity Note [Abstract]

Schedule of Weighted Average Units Outstanding of OCGH and Other Non-Controlling Interests and Class A Common Unitholder

The following table sets forth a summary of weighted average units outstanding of the OCGH and other non-controlling interests and the Class A unitholders:


	Three months ended September 30,		Nine months ended September 30,
	2025	2024	2025	2024
Weighted average Oaktree Operating Group units outstanding (in thousands):
OCGH and other non-controlling interests	45,161	47,450	45,882	50,041
Class A unitholders	115,406	112,694	114,452	110,091
Total weighted average units outstanding	160,567	160,144	160,334	160,132

INCOME TAXES AND RELATED PAYMENTS	9 Months Ended
INCOME TAXES AND RELATED PAYMENTS	Sep. 30, 2025
Income Tax Disclosure [Abstract]
INCOME TAXES AND RELATED PAYMENTS	INCOME TAXES AND RELATED PAYMENTS 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 the relevant tax authorities. With limited exceptions, the Company is no longer subject to income tax audits by taxing authorities for periods before 2022. 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 condensed consolidated financial statements; however, there can be no assurances as to the ultimate outcomes.

- Definition

The entire disclosure for income tax.

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+ Details

UNITHOLDERS' CAPITAL

9 Months Ended

Sep. 30, 2025

Stockholders' Equity Note [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 third 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 Brookfield Oaktree Holdings, 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 September 30, 2025 and December 31, 2024, OCGH units represented 41,758,979 of the total 160,591,299 Oaktree Operating Group units and 43,822,210 of the total 160,195,444 Oaktree Operating Group units, respectively.

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, at any time, in whole or in part, the Series A preferred units or 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.

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 weighted average units outstanding of the OCGH and other non-controlling interests and the Class A unitholders:


	Three months ended September 30,		Nine months ended September 30,
	2025	2024	2025	2024
Weighted average Oaktree Operating Group units outstanding (in thousands):
OCGH and other non-controlling interests	45,161	47,450	45,882	50,041
Class A unitholders	115,406	112,694	114,452	110,091
Total weighted average units outstanding	160,567	160,144	160,334	160,132

Please see notes 9 and 11 for additional information regarding transactions that impacted unitholders’ capital.

- Definition

The entire disclosure for equity.

+ References

+ Details

DERIVATIVES AND HEDGING - Schedule of Fair Value of Derivatives Held by Consolidated Funds (Details) - Consolidated Funds - Not Designated as Hedging Instrument - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Assets
Notional	$ 1,324,435	$ 812,682
Fair Value	44,051	33,349
Liabilities
Notional	(245,177)	(298,593)
Fair Value	(70,865)	(13,385)
Foreign-currency forward contracts
Assets
Notional	1,087,884	797,475
Fair Value	26,724	17,578
Liabilities
Notional	(227,938)	(81,625)
Fair Value	(70,705)	(8,513)
Total-return and interest-rate and credit default swaps
Assets
Notional	197,550	15,207
Fair Value	17,327	15,771
Liabilities
Notional	0	(203,533)
Fair Value	0	(19)
Options and futures
Assets
Notional	39,001	0
Fair Value	0	0
Liabilities
Notional	(17,239)	(13,435)
Fair Value	$ (160)	$ (4,853)

FAIR VALUE - Schedule of Investments and Other Financial Instruments of Consolidated Funds by Fair-Value Hierarchy Level (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total derivatives	$ 44,051	$ 33,349
Total derivatives	(70,865)	(13,385)
Consolidated Funds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	4,847,399	4,946,862
Total derivatives	44,051	33,349
Total derivatives	(70,865)	(13,385)
Consolidated Funds \| Options and futures
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total derivatives	(160)	(4,853)
Consolidated Funds \| Fair Value, Measurements, Recurring
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	4,847,399	4,946,862
Total derivatives	44,051	33,349
Total assets	4,891,450	4,980,211
Total derivatives	(70,865)	(13,385)
Total liabilities	(70,865)	(13,385)
Consolidated Funds \| Fair Value, Measurements, Recurring \| Foreign-currency forward contracts
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total derivatives	26,724	17,578
Total derivatives	(70,705)	(8,513)
Consolidated Funds \| Fair Value, Measurements, Recurring \| Swaps
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total derivatives	17,327	15,771
Total derivatives	0	(19)
Consolidated Funds \| Fair Value, Measurements, Recurring \| Options and futures
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total derivatives	(160)	(4,853)
Consolidated Funds \| Fair Value, Measurements, Recurring \| Corporate debt – bank debt
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	1,710,970	2,218,233
Consolidated Funds \| Fair Value, Measurements, Recurring \| Corporate debt – all other
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	264,686	465,474
Consolidated Funds \| Fair Value, Measurements, Recurring \| Equities – common stock
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	1,774,356	1,448,983
Consolidated Funds \| Fair Value, Measurements, Recurring \| Equities – preferred stock
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	767,652	607,991
Consolidated Funds \| Fair Value, Measurements, Recurring \| Real estate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	329,735	206,181
Consolidated Funds \| Level I \| Fair Value, Measurements, Recurring
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	211,640	224,520
Total derivatives	3,559	0
Total assets	215,199	224,520
Total derivatives	(6,982)	0
Total liabilities	(6,982)	0
Consolidated Funds \| Level I \| Fair Value, Measurements, Recurring \| Foreign-currency forward contracts
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total derivatives	3,559	0
Total derivatives	(6,982)	0
Consolidated Funds \| Level I \| Fair Value, Measurements, Recurring \| Swaps
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total derivatives	0	0
Total derivatives	0	0
Consolidated Funds \| Level I \| Fair Value, Measurements, Recurring \| Options and futures
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total derivatives	0	0
Consolidated Funds \| Level I \| Fair Value, Measurements, Recurring \| Corporate debt – bank debt
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	0	0
Consolidated Funds \| Level I \| Fair Value, Measurements, Recurring \| Corporate debt – all other
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	0	0
Consolidated Funds \| Level I \| Fair Value, Measurements, Recurring \| Equities – common stock
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	209,439	222,670
Consolidated Funds \| Level I \| Fair Value, Measurements, Recurring \| Equities – preferred stock
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	2,201	1,850
Consolidated Funds \| Level I \| Fair Value, Measurements, Recurring \| Real estate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	0	0
Consolidated Funds \| Level II \| Fair Value, Measurements, Recurring
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	394,127	675,130
Total derivatives	24,023	17,578
Total assets	418,150	692,708
Total derivatives	(63,883)	(13,385)
Total liabilities	(63,883)	(13,385)
Consolidated Funds \| Level II \| Fair Value, Measurements, Recurring \| Foreign-currency forward contracts
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total derivatives	23,165	17,578
Total derivatives	(63,723)	(8,513)
Consolidated Funds \| Level II \| Fair Value, Measurements, Recurring \| Swaps
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total derivatives	858	0
Total derivatives	0	(19)
Consolidated Funds \| Level II \| Fair Value, Measurements, Recurring \| Options and futures
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total derivatives	(160)	(4,853)
Consolidated Funds \| Level II \| Fair Value, Measurements, Recurring \| Corporate debt – bank debt
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	111,310	281,918
Consolidated Funds \| Level II \| Fair Value, Measurements, Recurring \| Corporate debt – all other
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	183,264	353,922
Consolidated Funds \| Level II \| Fair Value, Measurements, Recurring \| Equities – common stock
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	99,553	39,290
Consolidated Funds \| Level II \| Fair Value, Measurements, Recurring \| Equities – preferred stock
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	0	0
Consolidated Funds \| Level II \| Fair Value, Measurements, Recurring \| Real estate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	0	0
Consolidated Funds \| Level III
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	4,258,101	4,062,983
Consolidated Funds \| Level III \| Fair Value, Measurements, Recurring
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	4,241,632	4,047,212
Total derivatives	16,469	15,771
Total assets	4,258,101	4,062,983
Total derivatives	0	0
Total liabilities	0	0
Consolidated Funds \| Level III \| Fair Value, Measurements, Recurring \| Foreign-currency forward contracts
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total derivatives	0	0
Total derivatives	0	0
Consolidated Funds \| Level III \| Fair Value, Measurements, Recurring \| Swaps
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total derivatives	16,469	15,771
Total derivatives	0	0
Consolidated Funds \| Level III \| Fair Value, Measurements, Recurring \| Options and futures
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total derivatives	0	0
Consolidated Funds \| Level III \| Fair Value, Measurements, Recurring \| Corporate debt – bank debt
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	1,599,660	1,936,315
Consolidated Funds \| Level III \| Fair Value, Measurements, Recurring \| Corporate debt – all other
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	81,422	111,552
Consolidated Funds \| Level III \| Fair Value, Measurements, Recurring \| Equities – common stock
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	1,465,364	1,187,023
Consolidated Funds \| Level III \| Fair Value, Measurements, Recurring \| Equities – preferred stock
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	765,451	606,141
Consolidated Funds \| Level III \| Fair Value, Measurements, Recurring \| Real estate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	$ 329,735	$ 206,181

REVENUES - Schedule of Incentive Income Revenues by Fund Structure (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Disaggregation of Revenue [Line Items]
Revenues	$ 160,356	$ 140,320	$ 424,841	$ 550,379
Incentive income
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	117,529
Closed-end
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	112,497
Evergreen
Disaggregation of Revenue [Line Items]
Revenues	$ 0	$ 0	$ 0	$ 5,032

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

INVESTMENTS - Schedule of Financial Information of Oaktree Capital I and Remaining Equity-Method Investments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Statements of Operations
Interest expense	$ (16,896)	$ (21,630)	$ (69,223)	$ (72,785)
Net realized and unrealized gain (loss) on investments			(10,546)	183,260
Oaktree Capital I L P
Statements of Operations
Revenues / investment income	78,389	43,996	169,618	43,996
Interest expense	(16,274)	(9,527)	(40,628)	(9,527)
Other expenses	(5,638)	(4,504)	(36,762)	(4,504)
Net realized and unrealized gain (loss) on investments	3,599	10,357	1,076	10,357
Net income	60,076	40,322	93,304	40,322
Remaining Investments
Statements of Operations
Revenues / investment income	44,533	45,346	131,424	2,294,361
Interest expense	(15,040)	(18,957)	(44,391)	(327,379)
Other expenses	(32,518)	(66,862)	(96,340)	(649,763)
Net realized and unrealized gain (loss) on investments	4,683	34,475	19,888	1,902,040
Net income	$ 1,658	$ (5,998)	$ 10,581	$ 3,219,259

- Definition

Amount of income (loss) for proportionate share of equity method investee's income (loss).

+ References + Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	9 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	Sep. 30, 2025
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Incentive income compensation vesting period (in years)	5 years
Closed-end
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Percentage of fund profits	20.00%
Percentage of preferred return on funds	8.00%
Evergreen
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Percentage of fund profits	20.00%
Minimum
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Withdrawal period (in years)	1 month
Maximum
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Withdrawal period (in years)	3 years

DEBT OBLIGATIONS AND CREDIT FACILITIES (Tables)

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Schedule of Consolidated Funds of Debt Obligations Outstanding

The consolidated funds had the following debt obligations outstanding:


	Outstanding Amount as of				Key terms as of September 30, 2025
Credit Agreement	September 30, 2025		December 31, 2024		Facility Capacity		Effective Interest Rate	Weighted Average Remaining Maturity (years)	Commitment Fee Rate	L/C Fee
Revolving credit facilities (1)	$	1,170,611	$	1,472,795	$	1,784,352	5.92%	0.76	0.25%	1.75%


Less: Debt issuance costs	(4,029)		(2,685)
Total debt obligations, net (2)	$	1,166,582	$	1,470,110

(1) The credit facility capacity is calculated on a pro rata basis using fund commitments as of September 30, 2025.

(2) Debt issuance costs are included in other assets as of September 30, 2025 and December 31, 2024.

- 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

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Cash flows from operating activities:
Net income	$ 276,102	$ 570,934
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Investment income	(43,106)	(60,033)
Net realized and unrealized (gain) loss from consolidated funds’ investments	10,546	(183,260)
Accretion of original issue and market discount of consolidated funds’ investments, net	(43,869)	(52,021)
Income distributions from corporate investments in funds and companies	171,867	68,390
Other non-cash items	0	3,450
Cash flows due to changes in operating assets and liabilities:
Net cash provided (used) in operating activities	543,663	(508,604)
Cash flows from investing activities:
Purchases of U.S. Treasury and other securities	0	(250,000)
Proceeds from maturities and sales of U.S. Treasury and other securities	0	80,000
Corporate investments in funds and companies	0	(36,756)
Distributions and proceeds from corporate investments in funds and companies	65,081	162,490
Net cash provided (used) by investing activities	65,081	(44,266)
Cash flows from financing activities:
Capital contributions	119,433	37,229
Net cash (used) provided by financing activities	(768,155)	871,469
Effect of exchange rate changes on cash
Effect of exchange rate changes on cash	(68)	(8,830)
Net increase (decrease) in cash and cash-equivalents	(159,479)	309,769
Supplemental Cash Flow Information [Abstract]
Deconsolidation due to restructuring	0	(8,805)
Initial consolidation (deconsolidation) of funds	0	(108,345)
Cash, Cash Equivalents
Cash and cash-equivalents, beginning balance	449,851	336,679
Cash and cash-equivalents, ending balance	290,372	529,298
Reconciliation of cash and cash-equivalents
Total cash and cash-equivalents	290,372	529,298
Oaktree
Cash flows due to changes in operating assets and liabilities:
Increase in other assets	(14,798)	(5,820)
(Increase) decrease in net due from affiliates	(525)	209,317
Decrease in accrued compensation expense	(68)	(91,953)
Decrease in accounts payable, accrued expenses and other liabilities	(292)	(465)
Cash flows from financing activities:
Distributions to Class A unitholders	(408,324)	(211,591)
Distributions to OCGH unitholders	0	(82,212)
Distributions to preferred unitholders	(20,487)	(20,487)
Cash, Cash Equivalents
Cash and cash-equivalents, ending balance	8,587	20,841
Reconciliation of cash and cash-equivalents
Total cash and cash-equivalents	8,587	20,841
Consolidated Funds
Cash flows due to changes in operating assets and liabilities:
Decrease in accounts payable, accrued expenses and other liabilities	11,380	(31,739)
Decrease (increase) in dividends and interest receivable	11,051	(8,723)
Decrease (increase) in receivables for investments sold	(1,406)	30,707
Decrease in other assets	10,938	42,660
(Decrease) increase in payables for investments purchased	(23,791)	118,789
Purchases of investments	(1,779,534)	(3,134,754)
Proceeds from maturities and sales of investments	1,959,168	2,015,917
Cash flows from financing activities:
Contributions from non-controlling interests	633,232	271,806
Distributions to non-controlling interests	(789,826)	(399,650)
Payment of debt issuance costs	0	(3,378)
Borrowings on credit facilities	963,095	2,187,422
Repayments on credit facilities	(1,265,278)	(907,670)
Cash, Cash Equivalents
Cash and cash-equivalents, ending balance	281,785	508,457
Reconciliation of cash and cash-equivalents
Total cash and cash-equivalents	$ 281,785	$ 508,457

ORGANIZATION AND BASIS OF PRESENTATION	9 Months Ended
ORGANIZATION AND BASIS OF PRESENTATION	Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND BASIS OF PRESENTATION	ORGANIZATION AND BASIS OF PRESENTATION As used in these condensed consolidated financial statements: “Oaktree” refers to the Oaktree Operating Group members and, where applicable, their respective subsidiaries and affiliates; and the “Company” refers to Brookfield Oaktree Holdings, LLC and, where applicable, its subsidiaries and affiliates. The Company holds Credit, Real Estate and Equity investments managed by leading alternative asset management firms Oaktree Capital Management, L.P. and Brookfield Asset Management Ltd. The Company both directly invests in funds and has indirect exposure through its equity method investment in Oaktree Capital I, L.P. (“Oaktree Capital I”), which as of September 30, 2025, represented an approximately 74% economic interest in Oaktree Capital I, which acts as or controls the general partner of certain Oaktree funds and which holds a majority of Oaktree’s investments in its funds. The Company is a Delaware limited liability company that was formed on April 13, 2007 under the name of Oaktree Capital Group, LLC. 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 Corporation (formerly known as 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 Oaktree employees, and their respective transferees (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 ownership and operational structure through September 30, 2025 were the result of (i) certain mergers with affiliates of Brookfield completed on September 30, 2019 (the “Mergers”) and the subsequent restructuring completed on October 1, 2019 in connection with the Mergers (the “2019 Restructuring”), (ii) the restructuring completed on November 30, 2022 in connection with an internal Oaktree reorganization to facilitate the separation of Brookfield’s capital business and asset management business (the “2022 Restructuring”) and (iii) the restructuring completed on July 1, 2024 in connection with an internal Oaktree reorganization which resulted in the change of the general partner of Oaktree Capital I, L.P. (“Oaktree Capital I”) from Brookfield OCM Holdings II, LLC, a subsidiary of the Company, to Oaktree Capital I GP, LLC, a newly formed subsidiary of Oaktree Capital Holdings, LLC (“OCH”) (the “2024 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 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. See Item 8.01 of the Company’s Current Report on Form 8-K filed with the SEC on July 1, 2024 for more information about the 2024 Restructuring. Following the above restructurings, the Company’s holdings and operations primarily represent (i) limited partner investments in certain of Oaktree’s flagship opportunistic funds, (ii) its equity method investment in Oaktree Capital I, which as of September 30, 2025, represented an approximately 74% economic interest in Oaktree Capital I, which holds a majority of Oaktree’s investments in its funds, and (iii) an indirect ownership interest in Brookfield Real Estate Income Trust Inc. (“Brookfield REIT”). 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, equity, and real estate. Funds managed by Oaktree (the “Oaktree funds”) include commingled funds, separate accounts, collateralized loan obligation vehicles (“CLOs”) and business development companies (“BDCs”). Following the 2022 Restructuring and prior to the 2024 Restructuring, the Company’s operations were conducted through an indirect economic interest in Oaktree Capital I, and the Company’s revenue included the incentive income generated by certain funds that OCM manages for which the Company, via Oaktree Capital I, acted as general partner and the investment income earned from the investments the Company makes in Oaktree funds, third-party funds and other companies. Investment income during such period generally reflected the investment return on a mark-to-market basis and the Company’s equity participation on the amounts that it invested in Oaktree and third-party funds. As a result of the 2024 Restructuring, the Company no longer consolidates the operations of Oaktree Capital I, but rather accounts for its approximately 74% interest in Oaktree Capital I as of September 30, 2025 under the equity method of accounting. The Company’s revenue is primarily the investment income earned from (i) limited partner investments in certain of Oaktree’s flagship opportunistic funds, (ii) an equity method investment in Oaktree Capital I, and (iii) an indirect ownership interest in Brookfield REIT. Payments to the preferred unitholders must be satisfied prior to declaration of any distributions to Class A or Class B unitholders, subject to the terms of the Series A and Series B preferred units and certain limitations and exceptions set forth therein. OCM, an affiliate of the Company, has since the 2019 Restructuring provided certain administrative and other services relating to the operations of the Company’s business. These services are provided pursuant to a Services Agreement between the Company and OCM (as amended from time to time, the “Services Agreement”). Basis of Presentation The accompanying unaudited condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. The condensed consolidated financial statements, including these notes, are unaudited and exclude some of the disclosures required in annual financial statements. Management believes it has made all necessary adjustments (consisting of only normal recurring items) such that the condensed consolidated financial statements are presented fairly and that estimates made in preparing its condensed consolidated financial statements are reasonable and prudent. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. The condensed 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. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements of the Company for the year ended December 31, 2024 included in the Company’s Annual Report on Form 10-K filed with the SEC on March 20, 2025. Use of Estimates The preparation of the condensed 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 condensed 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.

FAIR VALUE (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of Other Financial Assets by Fair-Value Hierarchy Level

The Company’s other financial assets by fair-value hierarchy level are set forth below. There were no other financial liabilities as of September 30, 2025 and December 31, 2024.


	As of September 30, 2025								As of December 31, 2024
	Level I		Level II		Level III		Total		Level I		Level II		Level III		Total
Assets

Corporate investments	$	—	$	306,687	$	—	$	306,687	$	—	$	307,825	$	—	$	307,825




Total assets	$	—	$	306,687	$	—	$	306,687	$	—	$	307,825	$	—	$	307,825

Schedule of Investments and Other Financial Instruments of Consolidated Funds by Fair-Value Hierarchy Level

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


	As of September 30, 2025								As of December 31, 2024
	Level I		Level II		Level III		Total		Level I		Level II		Level III		Total
Assets
Investments:
Corporate debt – bank debt	$	—	$	111,310	$	1,599,660	$	1,710,970	$	—	$	281,918	$	1,936,315	$	2,218,233
Corporate debt – all other	—		183,264		81,422		264,686		—		353,922		111,552		465,474
Equities – common stock	209,439		99,553		1,465,364		1,774,356		222,670		39,290		1,187,023		1,448,983
Equities – preferred stock	2,201		—		765,451		767,652		1,850		—		606,141		607,991
Real estate	—		—		329,735		329,735		—		—		206,181		206,181
Total investments	211,640		394,127		4,241,632		4,847,399		224,520		675,130		4,047,212		4,946,862
Derivatives:
Foreign-currency forward contracts	3,559		23,165		—		26,724		—		17,578		—		17,578
Swaps	—		858		16,469		17,327		—		—		15,771		15,771

Total derivatives (1)	3,559		24,023		16,469		44,051		—		17,578		15,771		33,349
Total assets	$	215,199	$	418,150	$	4,258,101	$	4,891,450	$	224,520	$	692,708	$	4,062,983	$	4,980,211

Liabilities






Derivatives:
Foreign-currency forward contracts	$	(6,982)	$	(63,723)	$	—	$	(70,705)	$	—	$	(8,513)	$	—	$	(8,513)
Swaps	—		—		—		—		—		(19)		—		(19)
Options and futures	—		(160)		—		(160)		—		(4,853)		—		(4,853)

Total derivatives (2)	(6,982)		(63,883)		—		(70,865)		—		(13,385)		—		(13,385)
Total liabilities	$	(6,982)	$	(63,883)	$	—	$	(70,865)	$	—	$	(13,385)	$	—	$	(13,385)

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

(2) Amounts are included in derivative liabilities under “liabilities of consolidated funds” in the condensed consolidated statements of financial condition.

Schedule of Changes in Fair Value of Level III Investments

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		Swaps		Total
Three months ended September 30, 2025
Beginning balance	$	1,546,171	$	132,169	$	1,276,658	$	700,259	$	330,423	$	17,346	$	4,003,026


Transfers into Level III	157,521		41,641		3,919		—		22,033		—		225,114
Transfers out of Level III	(136,382)		(36,351)		(24,402)		—		(22,032)		—		(219,167)
Purchases	369,228		29,676		182,226		60,239		14,182		1		655,552
Sales	(253,715)		(69,632)		(6,677)		(28,771)		(11,691)		(1,121)		(371,607)
Realized gain (losses), net	3,793		(358)		5,884		1,601		3,328		—		14,248
Unrealized appreciation (depreciation), net	(86,956)		(15,723)		27,756		32,123		(6,508)		243		(49,065)
Ending balance	$	1,599,660	$	81,422	$	1,465,364	$	765,451	$	329,735	$	16,469	$	4,258,101
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period	$	(26,611)	$	(8,241)	$	14,036	$	7,411	$	1,567	$	—	$	(11,838)
Three months ended September 30, 2024
Beginning balance	$	1,654,942	$	198,028	$	1,049,656	$	667,154	$	246,862	$	18,254	$	3,834,896
Deconsolidation of funds	(70,255)		(10)		(575)		(2,356)		—				(73,196)
Transfers into Level III	136,725		11,231		84,494		153		17,603		—		$	250,206
Transfers out of Level III	(105,000)		(93,971)		(57,113)		(7,134)		(28,618)		—		$	(291,836)
Purchases	173,975		134		29,316		24,043		21,572		6		$	249,046
Sales	(87,091)		(8,496)		(32,785)		(121,764)		(17,732)		—		$	(267,868)
Realized gain (losses), net	1,502		(155)		3,217		30,760		—		(39)		$	35,285
Unrealized appreciation (depreciation), net	7,513		(6,131)		27,397		(20,689)		20,419		—		28,509
Ending balance	$	1,712,311	$	100,630	$	1,103,607	$	570,167	$	260,106	$	18,221	$	3,765,042
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period	$	(125)	$	(3,539)	$	33,705	$	(20,028)	$	20,419	$	—	$	30,432


	Corporate Debt – Bank Debt		Corporate Debt – All Other		Equities – Common Stock		Equities – Preferred Stock		Real Estate		Swaps		Total
Nine months ended September 30, 2025
Beginning balance	$	1,936,315	$	111,552	$	1,187,023	$	606,141	$	206,181	$	15,771	$	4,062,983


Transfers into Level III	1,085,276		46,298		13,025		37		28,839		—		1,173,475
Transfers out of Level III	(972,332)		(41,190)		(39,425)		—		(22,032)		—		(1,074,979)
Purchases	1,302,029		37,497		282,682		216,325		109,090		1,576		1,949,199
Sales	(1,602,987)		(78,426)		(82,642)		(116,320)		(31,220)		(1,121)		(1,912,716)
Realized gain (losses), net	21,815		7,146		40,621		(36,423)		5,195		—		38,354
Unrealized appreciation (depreciation), net	(170,456)		(1,455)		64,080		95,691		33,682		243		21,785
Ending balance	$	1,599,660	$	81,422	$	1,465,364	$	765,451	$	329,735	$	16,469	$	4,258,101
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period	$	(149,532)	$	3,051	$	70,410	$	75,930	$	41,757	$	—	$	41,616
Nine months ended September 30, 2024
Beginning balance	$	1,721,888	$	260,292	$	846,773	$	599,636	$	175,353	$	—	$	3,603,942
Deconsolidation of funds	(70,255)		(10)		(575)		(2,356)		—		—		(73,196)
Initial consolidation of funds	2,962		—		—		—		—		—		2,962
Transfers into Level III	358,757		26,590		139,172		153		23,738		—		548,410
Transfers out of Level III	(388,815)		(159,901)		(72,773)		(7,134)		(28,618)		—		(657,241)
Purchases	516,419		25,727		235,083		102,272		89,190		18,221		986,912
Sales	(444,229)		(46,636)		(124,069)		(154,744)		(17,732)		—		(787,410)
Realized gain (losses), net	5,505		(407)		51,081		(57,207)		—		—		(1,028)
Unrealized appreciation (depreciation), net	10,079		(5,025)		28,915		89,547		18,175		—		141,691
Ending balance	$	1,712,311	$	100,630	$	1,103,607	$	570,167	$	260,106	$	18,221	$	3,765,042
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period	$	12,230	$	(5,174)	$	28,804	$	89,330	$	18,175	$	—	$	143,365

Schedule of Valuation Techniques and Quantitative Information Utilized in Determining Fair Value of Consolidated Funds’ Level III Investments

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 September 30, 2025:

Investment Type

Fair Value

Valuation Technique

Significant Unobservable

Inputs (1)(2)

Range

Weighted Average (3)

Credit-oriented investments:

960,146

Discounted cash flow (6)

Discount rate

2% - 20%

13%

330,899

Recent market information (5)

Quoted prices

Not applicable

189,841

Market approach

(comparable companies) (7)

Multiple of underlying assets (9)

0.5x - 1x

49,495

Market approach (comparable companies) (7)

Earnings multiple (10)

3.0x - 7.3x

5.2x

116,376

Recent transaction price (4)

Quoted prices

Not applicable

20,638

Expected Recovery (11)

Not applicable

30,156

Market approach

(comparable companies) (7)

Revenue multiple (8)

1x - 2.2x

1.5x

Equity investments:

195,281

Recent transaction price (4)

Quoted prices

Not applicable

3,598

Recent market information (5)

Quoted prices

Not applicable

397,640

Discounted cash flow (6)

Discount rate

11% - 19%

14%

28,680

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

Discount rate

13% - 13%

13%

Earnings multiple (10)

6.0x - 7.0x

6.5x

654,194

Market approach

(comparable companies) (7)

Earnings multiple (10)

1.0x - 15.0x

8.9x

93,814

Market approach

(comparable companies) (7)

Revenue multiple (8)

1.0x - 2.2x

2.0x

839,232

Market approach

(comparable companies) (7)

Multiple of underlying assets (9)

0.5x - 1x

1.0x

13,765

Expected Recovery (11)

Not applicable

4,611

Black Scholes (12)

Not applicable

Real estate-oriented investments:

51,297

Market approach

(comparable companies) (7)

Multiple of underlying assets (9)

1x - 1x

21,954

Recent transaction price (4)

Quoted prices

Not applicable

256,484

Discounted cash flow (6)

Discount rate

11% - 27%

17%

Total Level III
investments

4,258,101

Investment Type

Fair Value

Valuation Technique

Significant Unobservable

Inputs (1)(2)

Range

Weighted Average (3)

Credit-oriented investments:

1,216,750

Discounted cash flow (6)

Discount rate

5% – 27%

15%

378,875

Recent market information (5)

Quoted prices

Not applicable

206,107

Recent transaction price (4)

Quoted prices

Not applicable

10,854

Market approach (comparable companies) (7)

Revenue multiple (8)

2.1x - 2.1x

2.1x

229,042

Market approach (comparable companies) (7)

Multiple of underlying assets (9)

0.5x - 1.0x

0.9x

Expected Recovery (11)

Quoted prices

Not applicable

21,999

Market approach (comparable companies) (7)

Earnings multiple (10)

6.5x -7.0x

7.0x

Equity investments:

202,057

Recent transaction price (4)

Quoted prices

Not applicable

850,420

Market approach (comparable companies) (7)

Multiple of underlying assets (9)

1.0x - 1.0x

1.0x

458,953

Market approach (comparable companies) (7)

Earnings multiple (10)

5.0x - 14.0x

9.6x

213,813

Discounted cash flow (6)

Discount rate

4% – 18%

14%

26,445

Market approach (comparable companies) (7)

Revenue multiple (8)

1.0x - 2.1x

1.2x

25,295

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

Discount rate

11% – 11%

11%

Earnings multiple (10)

10.0x - 12.0x

11.0x

5,979

Recent market information (5)

Quoted prices

Not applicable

8,903

Expected Recovery (11)

Quoted prices

Not applicable

1,299

Black Scholes (12)

Quoted prices

Not applicable

Real estate-oriented:

206,181

Discounted cash flow (6)

Discount rate

4% – 26%

15%

Total Level III
investments

4,062,983

(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.

(11) Certain investments are valued based on expected recovery, generally representing the estimated value that can be recovered in the event of liquidation or winding down.

(12) The fair value of options/warrants is estimated using the Black-Scholes-Merton valuation model. The company uses the following methods to determine the underlying assumptions: expected volatilities are based on the historical and implied volatilities of comparable companies or the subject company if the subject company is publicly traded; expected term is based on the shorter of the expected hold period for the option or the contractual term; and the risk-free rate is based on the yields on U.S. Treasury bills or bonds issued with similar terms to the expected term of the option.

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details

EARNINGS PER UNIT (Tables)

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Schedule of Computations of Net Income Per Unit

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


	Three months ended September 30,				Nine months ended September 30,
	2025		2024		2025		2024
	(in thousands, except per unit amounts)
Net income per Class A unit (basic and diluted):
Net income attributable to BOH Class A unitholders	$	59,704	$	36,762	$	62,610	$	151,522
Weighted average number of Class A units outstanding (basic and diluted)	118,832		112,694		117,968		110,091
Basic and diluted net income (net of tax) per Class A unit	$	0.50	$	0.33	$	0.53	$	1.38

RELATED-PARTY TRANSACTIONS

9 Months Ended

Sep. 30, 2025

RELATED-PARTY TRANSACTIONS

The Company considers its executive officers, 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 and to 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
	September 30, 2025		December 31, 2024
Due from affiliates:



Payments made on behalf of unconsolidated entities	$	552	$	227

Total due from affiliates	$	552	$	227
Due to affiliates:


Amounts due to unconsolidated entities	$	—	$	200

Total due to affiliates	$	—	$	200

Payments made on behalf of unconsolidated entities

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.

Revenues Earned From Oaktree Funds

Subsequent to the 2024 Restructuring, incentive income is no longer recognized by the Company due to the deconsolidation of Oaktree Capital I. The Company’s proportionate share of incentive income earned by Oaktree Capital I is included as a component of investment income.

Incentive income earned from unconsolidated funds totaled $0 and $117.5 million for the three and nine months ended September 30, 2024, respectively.

Special Allocations

Certain executive officers of the Company receive special allocations based on a percentage of profits of the Oaktree Operating Group. These special allocations are made on a current basis for so long as the executive officers 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 reimburses 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 the three and nine months ended September 30, 2025 and 2024, the Company incurred administrative services expense of $0.2 million and $0.6 million, respectively.

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 solely 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 nine months ended September 30, 2025, the Company did not fund any of its capital commitment. As of September 30, 2025, the Company has funded in the aggregate $637.5 million of the $750.0 million of its capital commitment.

Investment in Oaktree Opportunities Fund XII

On May 22, 2023, the Company subscribed for a limited partner interest in, and made a capital commitment of, $750.0 million to Oaktree Opportunities Fund XII, L.P., a parallel investment vehicle thereof or a feeder fund in respect of one of the foregoing (such limited partner interest, the “Opps XII Investment” and such fund entities collectively, “Opps XII”). Subsequently, the Company made an additional commitment of $46.2 million. In order to make the Opps XII Investment, the Company’s sole Class A unitholder, or one of its affiliates, will contribute cash as a capital contribution (the “Opps XII Investment Cash”) as and to the extent required to satisfy the Company’s obligations to Opps XII. The Company will use the Opps XII Investment Cash solely to fund the Opps XII Investment and satisfy its obligations in respect of Opps XII and distributions from the Opps XII Investment are intended solely 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 XII Investment for payment of distributions on or redemption of the preferred units. For the nine months ended September 30, 2025, the Company funded $119.4 million of its capital commitment. As of September 30, 2025, the Company has funded in the aggregate $218.9 million of the $796.2 million of its capital commitment.

Non-Traded REIT

On June 27, 2023, the Company entered into a contribution agreement (the “Treasury Contribution Agreement”) with Brookfield Corporate Treasury Ltd. (“Treasury”). Treasury holds all of the outstanding Class A units of the Company. Pursuant to the Treasury Contribution Agreement, Treasury agreed to contribute to the Company an amount (the “Contributed Amount”) equal to the value of BUSI II GP-C LLC, BUSI II-C L.P., BUSI II SLP-GP LLC and Brookfield REIT OP Special Limited Partner L.P. (collectively, and together with any additional entities that may become direct or indirect subsidiaries of NTR (as defined in Note 5) and that beneficially own shares of Brookfield REIT (as defined below), the “REIT Entities”), including their indirect ownership in Brookfield Real Estate Income Trust Inc., a Maryland corporation (“Brookfield REIT”), as of June 30, 2023, and the Company agreed to contribute the Contributed Amount to NTR, in connection with the Company’s indirect acquisition (the “Acquisition”) of 100% of the interests in the REIT Entities. An amount of $307.0 million in respect of the Contributed Amount was contributed to the Company on June 27, 2023 (the “Purchase Price”) and a true-up contribution of $13.9 million was made on July 31, 2023 (the “True-Up Payment”). Also on June 27, 2023, the Company entered into a contribution agreement (the “NTR Contribution Agreement”) with NTR whereby the Company contributed the Purchase Price to NTR and agreed to make a contribution in an amount equal to the True-Up Payment to NTR, and NTR agreed to use the Contributed Amount in connection with the Acquisition. On June 29, 2023, NTR entered into an agreement of purchase and sale (the “Agreement of Purchase and Sale”) to effect the Acquisition, whereby NTR acquired 100%

of the interests in the REIT Entities from BUSI II NTR Sub LLC in exchange for cash. The Acquisition was completed on June 30, 2023.

As of September 30, 2025, the carrying value of NTR included in corporate investments was $306.7 million.

In connection with the Acquisition, on June 29, 2023, the Company entered into a letter agreement (the “Restructuring Letter Agreement”) with Treasury whereby, among other things, the Company agreed that, notwithstanding any provision of the operating agreement of the Company to the contrary, Treasury will have the right, in its sole and absolute discretion, to make up to $200.0 million of additional capital contributions to the Company to be utilized in connection with the Company’s indirect ownership of Brookfield REIT or any other matters with respect to the operations of NTR and the REIT Entities, and no vote, approval or other authorization will be required in connection with such additional capital contributions. Also on June 29, 2023, the Company entered into a letter agreement (the “Indemnification Letter Agreement”) with BP US REIT LLC (“BP US”) whereby, among other things, BP US agrees to defend, indemnify and hold harmless the Company, its members and the Company’s and such members’ respective officers, directors, employees, agents, successors, and assigns from any third-party claims brought against any of them related to the ownership, management or ongoing operating of the REIT Entities, and any subsidiaries thereof.

SPV Credit Facility

In March 2024, BOH transferred a portion of its indirect interest in Opps XI to newly formed special purpose subsidiary (“SPV I”) and pledged its ownership interest in SPV I as collateral for a non-recourse credit facility of an affiliate. In June 2024, BOH transferred an additional portion of its indirect interest in Opps XI to a newly formed special purpose subsidiary (“SPV II”) and pledged its ownership interest in SPV II as collateral for a second non-recourse credit facility of the affiliate. Subsequently, in June 2025, BOH transferred a portion of its indirect interest in Opps XII to a newly formed special purpose subsidiary (“SPV III”) and pledged its ownership interest in SPV III as collateral to upsize the non-recourse credit facility originally closed in March 2024. While the outstanding borrowings on the facilities are the obligations of the affiliate, the co-borrowers, including SPV I, SPV II and SPV III, have joint and several liability under the credit facilities in the event of default and are required to comply with certain covenants. As of September 30, 2025, BOH’s potential exposure under these arrangements is limited to the carrying value of its pledged interests in SPV I, SPV II and SPV III of $178.1 million, $182.1 million and $102.0 million, respectively.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

DEBT OBLIGATIONS AND CREDIT FACILITIES - Schedule of Consolidated Funds of Debt Obligations Outstanding (Details) - Consolidated Funds - Revolving Credit Facility - Credit Agreement - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Outstanding amount	$ 1,170,611	$ 1,472,795
Less: Debt issuance costs	(4,029)	(2,685)
Total debt obligations, net	1,166,582	$ 1,470,110
Facility Capacity	$ 1,784,352
Effective Interest Rate (as percent)	5.92%
Weighted Average Remaining Maturity (years)	9 months 3 days
Commitment Fee Rate (as percent)	0.25%
L/C Fee (as percent)	1.75%

RELATED-PARTY TRANSACTIONS - Schedule of Amounts Due from and Due to Affiliates (Details) - Related Party - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Due from affiliates:
Due from affiliates	$ 552	$ 227
Due to affiliates:
Due to affiliates	0	200
Payments made on behalf of unconsolidated entities
Due from affiliates:
Due from affiliates	552	227
Amounts due to unconsolidated entities
Due to affiliates:
Due to affiliates	$ 0	$ 200

DEBT OBLIGATIONS AND CREDIT FACILITIES

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

DEBT OBLIGATIONS AND CREDIT FACILITIES

Debt Obligations of the Consolidated Funds

Certain consolidated funds may maintain revolving credit facilities that are secured by the assets of the fund or may issue senior variable rate notes to fund investments on a longer term basis, generally up to ten years. The obligations of the consolidated funds are nonrecourse to the Company.

The consolidated funds had the following debt obligations outstanding:


	Outstanding Amount as of				Key terms as of September 30, 2025
Credit Agreement	September 30, 2025		December 31, 2024		Facility Capacity		Effective Interest Rate	Weighted Average Remaining Maturity (years)	Commitment Fee Rate	L/C Fee
Revolving credit facilities (1)	$	1,170,611	$	1,472,795	$	1,784,352	5.92%	0.76	0.25%	1.75%


Less: Debt issuance costs	(4,029)		(2,685)
Total debt obligations, net (2)	$	1,166,582	$	1,470,110

(1) The credit facility capacity is calculated on a pro rata basis using fund commitments as of September 30, 2025.

(2) Debt issuance costs are included in other assets as of September 30, 2025 and December 31, 2024.

The carrying value of the revolving credit facilities approximated fair value due to recent issuance. Financial instruments that are valued using quoted prices for the security or similar securities are generally classified as Level III because the quoted prices may be indicative in nature for securities that are in an inactive market, may be for similar securities, or may require adjustment for investment-specific factors or restrictions.

Following the 2024 Restructuring, with the deconsolidation of Oaktree Capital I, which acts as or controls the general partner of certain Oaktree funds and which holds a majority of Oaktree’s investments in its funds, the debt obligations of the funds consolidated by Oaktree Capital I are accounted for as part of the equity investment in Oaktree Capital I.

- 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://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Sep. 30, 2025
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. The condensed consolidated financial statements, including these notes, are unaudited and exclude some of the disclosures required in annual financial statements. Management believes it has made all necessary adjustments (consisting of only normal recurring items) such that the condensed consolidated financial statements are presented fairly and that estimates made in preparing its condensed consolidated financial statements are reasonable and prudent. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. The condensed 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. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements of the Company for the year ended December 31, 2024 included in the Company’s Annual Report on Form 10-K filed with the SEC on March 20, 2025.
Use of Estimates	Use of Estimates The preparation of the condensed 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 condensed 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. In situations where power over an entity’s most significant activities is shared among related parties, a qualitative analysis is required to determine which party within the related party group is most closely associated with the VIE. The party within the related party group that is most closely associated with the VIE is the primary beneficiary and is required to consolidate and disclose the impact of the VIE. 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” historically 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 condensed 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 2024 Restructuring, the Company no longer controls Oaktree Capital I. Therefore, Oaktree Capital I was deconsolidated as of July 1, 2024. As such, certain Oaktree funds and CLOs which were consolidated by Oaktree Capital I are no longer consolidated by the Company. The Company continues to consolidate the respective vehicles through which interests are held in Oaktree Opportunities Fund XI, L.P. and Oaktree Opportunities Fund XII, L.P. as the Company remains the primary beneficiary. Certain entities in which the Company is deemed to have significant influence, including Oaktree Capital I, 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 condensed 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 condensed 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. As a result of the 2024 Restructuring, Oaktree Capital I was deconsolidated as of July 1, 2024. As such, the funds consolidated by Oaktree Capital I are no longer consolidated by the Company.
Non-controlling Interests in Consolidated Subsidiaries	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. As a result of the 2024 Restructuring, Oaktree Capital I was deconsolidated as of July 1, 2024. BOH no longer reports OCGH non-controlling interests in Oaktree Capital I.
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, 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 2024 Restructuring, the Company no longer consolidates the CLOs due to the deconsolidation of Oaktree Capital I and as a result, changes in the fair value of the CLOs’ financial liabilities are not included in the condensed consolidated statements of operations for periods subsequent to July 1, 2024.
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 condensed 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 condensed 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. Subsequent to the 2024 Restructuring and deconsolidation of Oaktree Capital I, the Company no longer records activity related to derivative and hedging activity.
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.
Corporate Investments	Corporate Investments Corporate investments have historically consisted 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. Prior to the 2024 Restructuring, these investments largely represented investments held by Oaktree Capital I. As a result of the 2024 Restructuring, the Company no longer consolidates Oaktree Capital I and instead, it accounts for its interest in Oaktree Capital I under the equity method of accounting. The carrying value of BOH’s investment in Oaktree Capital I is reflected in Corporate investments. Additionally, Corporate investments also includes the Company’s indirect ownership in Brookfield REIT. Investments for which the Company is deemed to have significant influence are accounted for under the equity method of accounting and have historically reflected the Company’s ownership interest in each fund or company. In the case of investments for which the Company is not deemed to have significant influence or control, the fair value option of accounting has been elected. Oaktree Capital I’s underlying general partnership interests are substantially illiquid. While Oaktree Capital I’s 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 rate 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 Incentive Income Prior to the 2024 Restructuring, the Company earned incentive income from the investment advisory services provided to its customers by Oaktree Capital I. Revenue was recognized when control of the promised services was transferred to customers in an amount that reflects the consideration the Company expects to receive in exchange for those 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. 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 Oaktree Capital I 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 condensed consolidated statements of financial condition. Oaktree Capital I may have received 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. Oaktree Capital I may have earned incentive income upon deconsolidation of a SPAC arising from the completion of a merger with an identified target. Upon deconsolidation, Oaktree Capital I derecognizes the net assets of the entity and records any gain or loss related to the remeasurement of its investments to fair value as incentive income in its condensed consolidated statements of operations. Subsequent fair value changes in Oaktree Capital I’s investments held in the entity were recorded in investment income in its condensed consolidated statements of operations. Subsequent to the 2024 Restructuring, the Company no longer earns incentive income as a result of the deconsolidation of Oaktree Capital I. Rather the economics resulting from Oaktree Capital I’s right to earn incentive income are reflected in the Company’s results through investment income earned from its equity method investment in Oaktree Capital I. Investment Income The Company records investment income (loss) from its equity method investments which represents the Company’s pro-rata share of income or loss from these investments, or the change in fair value of the investment, as applicable, and consists of both unrealized and realized gains and losses. Investment income (loss) is realized when the Company sells all or a portion of its investments or when the Company receives or is due cash income. Unrealized investment income (loss) results from the proportionate share of the investments’ unrealized earnings, including changes in the fair value of the underlying investments. The cash distributions from the Company’s equity investments are classified based the nature of the underlying transaction which resulted in the distribution. Cash distributions that are determined to be realized gains (losses) are included in Cash Flows from Operating Activities and distributions that are returns of capital are included in the Cash Flows from Investing Activities section of the Consolidated Statements of Cash Flows.
Compensation and Benefits	Compensation and Benefits Compensation and benefits has historically reflected incentive income compensation expense, which primarily reflected 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. Subsequent to the 2024 Restructuring, the Company no longer earns incentive income as a result of the deconsolidation of Oaktree Capital I, and therefore will no longer record incentive compensation expense. Compensation and benefits following the 2024 Restructuring primarily reflects compensation to the Company’s board of directors.
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. The Company analyzes its tax filing positions for all open tax years in all of the U.S. federal, state and local 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 condensed 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 condensed consolidated financial statements because individual partners are responsible for their proportionate share of the taxable income. 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.
Comprehensive Income (Loss)	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). Other gains and losses result from foreign-currency translation adjustments, net of tax. Following the 2024 Restructuring and the deconsolidation of Oaktree Capital I, the Company is generally not subject to direct foreign-currency translation adjustments.
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.
Foreign Currency	Foreign Currency Investments denominated in non-U.S. currencies are recorded in the condensed 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 condensed consolidated statements of operations.
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 condensed 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 condensed 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 condensed 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). 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 condensed 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 condensed 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 condensed 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 condensed 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 condensed 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 condensed 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.
Reclassifications	Reclassifications Beginning in the third quarter of 2024, investment income (loss) and interest and dividend income have been recorded within revenues and interest expense has been recorded within expenses on the condensed consolidated statements of operations. The Company has reclassified prior period amounts to conform to the current year presentation.
Recent Accounting Developments	Recent Accounting Developments In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which enhances existing annual income tax disclosures, primarily disaggregation of: (i) effective tax rate reconciliation using both percentages and amounts into specific categories, with further disaggregation by nature and/or jurisdiction of certain categories that meet the threshold of 5% of expected tax; and (ii) income taxes paid (net of refunds received) between federal, state/local and foreign, with further disaggregation by jurisdiction if 5% or more of total income taxes paid (net of refunds received). The ASU also eliminates existing disclosures related to: (a) reasonably possible significant changes in total amount of unrecognized tax benefits within 12 months of reporting date; and (b) cumulative amount of each type of temporary difference for which deferred tax liability has not been recognized (due to exception to recognizing deferred taxes related to subsidiaries and corporate joint ventures). This ASU is effective January 1, 2025, with early adoption permitted in the interim or annual periods. Transition is prospective with the option to apply retrospective application. The Company will adopt the ASU on a prospective basis for its annual income tax disclosures for the year ending December 31, 2025 and does not expect this new guidance to have a material impact. In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (subtopic 220-40), which requires disclosure of disaggregation of certain relevant expenses included in the statements of operations on an annual and interim basis. ASU 2024-03 will be effective for our annual periods beginning January 1, 2027 and interim periods beginning January 1, 2028. The amendments must be applied retrospectively, and early adoption is permitted. We are currently evaluating the effects of adoption on our consolidated financial statements.

INVESTMENTS - Schedule of Corporate Investments (Details) - Oaktree Capital Group Excluding Consolidated Funds - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Schedule of Equity Method Investments [Line Items]
Total corporate investments	$ 1,330,524	$ 1,520,260
Funds
Schedule of Equity Method Investments [Line Items]
Equity-method investments:	312,458	317,256
Companies
Schedule of Equity Method Investments [Line Items]
Equity-method investments:	$ 1,018,066	$ 1,203,004

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

REVENUES (Tables)

9 Months Ended

Sep. 30, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Incentive Income Revenues by Fund Structure

Incentive income revenues by fund structure are set forth below.











	Three months ended September 30,				Nine months ended September 30,
	2025		2024		2025		2024
Incentive Income
Closed-end	$	—	$	—	$	—	$	112,497
Evergreen	—		—		—		5,032
Total	$	—	$	—	$	—	$	117,529

Schedule of Revenues by Investment Types


	Three months ended September 30,				Nine months ended September 30,
Investment Income (Loss)	2025		2024		2025		2024

Equity-method investments:
Funds	$	2,723	$	3,847	$	(797)	$	27,398
Companies	36,598		21,432		43,903		20,972
Other investments, at fair value	—		—		—		11,663
Total investment income	$	39,321	$	25,279	$	43,106	$	60,033

RELATED-PARTY TRANSACTIONS - Investments in Oaktree (Details) - Related Party - USD ($)					9 Months Ended	28 Months Ended
	Jul. 31, 2023	Jun. 29, 2023	Jun. 27, 2023	May 22, 2023	Sep. 30, 2025	Sep. 30, 2025	Sep. 30, 2025
Non-Traded REIT Acquisition \| Brookfield Corporate Treasury Ltd. (“Treasury”)
Related Party Transaction [Line Items]
Capital commitment		$ 200,000,000
Non-Traded REIT Acquisition \| OCG Non-Traded REIT Holdings, LLC
Related Party Transaction [Line Items]
Business acquisition, voting interests acquired (as percent)			100.00%
Non-Traded REIT Acquisition \| OCG Non-Traded REIT Holdings, LLC \| NTR
Related Party Transaction [Line Items]
Business acquisition, voting interests acquired (as percent)		100.00%
Oaktree Opportunities Fund XI, L.P. \| Investment In Oaktree Opportunities Fund XI
Related Party Transaction [Line Items]
Capital commitment					$ 750,000,000
Funding made towards acquiring investment					0
Capital commitment funded					637,500,000
Oaktree Opportunities Fund XII, L.P. \| Investment in Oaktree Opportunities Fund XII
Related Party Transaction [Line Items]
Capital commitment				$ 750,000,000		$ 796,200,000	$ 46,200,000
Funding made towards acquiring investment					119,400,000
Capital commitment funded					218,900,000
OCG Non-Traded REIT Holdings, LLC \| Non-Traded REIT Acquisition
Related Party Transaction [Line Items]
Funding made towards acquiring investment	$ 13,900,000		$ 307,000,000
Investments					306,700,000	306,700,000	306,700,000
Opps XI \| SPV Credit Facility I \| BOH
Related Party Transaction [Line Items]
Investments					178,100,000	178,100,000	178,100,000
Opps XI \| SPV Credit Facility II \| BOH
Related Party Transaction [Line Items]
Investments					182,100,000	182,100,000	182,100,000
Opps XI \| SPV Credit Facility III \| BOH
Related Party Transaction [Line Items]
Investments					$ 102,000,000	$ 102,000,000	$ 102,000,000

INVESTMENTS - Schedule of Changes in Consolidated Net Assets (Details) - Consolidated VIEs - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Schedule of Investments [Line Items]
Investments, at fair value	$ 4,847,399	$ 4,946,862
Azorra Aviation Holdings LLC
Schedule of Investments [Line Items]
Principal Amount/ Number of Shares (in shares)	180,327
Investments, at fair value	$ 266,664

- Definition

Fair value portion of investment securities, including, but not limited to, marketable securities, derivative financial instruments, and investments accounted for under the equity method.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

DERIVATIVES AND HEDGING (Tables)

9 Months Ended

Sep. 30, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Realized and Unrealized Gains and Losses Arising from Freestanding Derivatives and Impact of Derivatives Held

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


	Three months ended September 30,				Nine months ended September 30,
	2025		2024		2025		2024

Investment income	$	—	$	—	$	—	$	8,634
General and administrative expense (1)	—		—		—		(8,188)
Total gain	$	—	$	—	$	—	$	446

(1) To the extent that the Company’s freestanding derivatives are utilized to hedge its foreign-currency exposure to investment income 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.

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


	Three months ended September 30,
	2025				2024
	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	$	(1,309)	$	11,447	$	646	$	(20,101)
Total-return and interest-rate and credit default swaps	488		230		—		7,860
Options and futures	1,738		638		822		—
Commodity swaps	1,389		243		923		(217)
Total	$	2,306	$	12,558	$	2,391	$	(12,458)


	Nine months ended September 30,
	2025				2024
	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	$	3,043	$	(53,045)	$	411	$	(14,189)
Total-return and interest-rate and credit default swaps	(139)		877		—		11,448
Options and futures	1,836		2,107		584		1,600
Commodity swaps	1,389		243		8,151		(8,658)
Total	$	6,129	$	(49,818)	$	9,146	$	(9,799)

Schedule of Fair Value of Derivatives Held by Consolidated Funds

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


	Assets				Liabilities
	Notional		Fair Value		Notional		Fair Value
As of September 30, 2025
Foreign-currency forward contracts	$	1,087,884	$	26,724	$	(227,938)	$	(70,705)
Total-return and interest-rate and credit default swaps	197,550		17,327		—		—
Options and futures	39,001		—		(17,239)		(160)

Total	$	1,324,435	$	44,051	$	(245,177)	$	(70,865)

As of December 31, 2024
Foreign-currency forward contracts	$	797,475	$	17,578	$	(81,625)	$	(8,513)
Total-return and interest-rate and credit default swaps	15,207		15,771		(203,533)		(19)
Options and futures	—		—		(13,435)		(4,853)

Total	$	812,682	$	33,349	$	(298,593)	$	(13,385)

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 condensed 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 September 30, 2025			Derivative Assets (Liabilities)		Cash Collateral Received (Pledged)
Derivative Assets:

Derivative assets of consolidated funds:



Foreign-currency forward contracts	$	26,724	$	—	$	—	$	26,724
Total-return and interest-rate and credit default swaps	17,327		—		—		17,327


Total	$	44,051	$	—	$	—	$	44,051

Derivative Liabilities:

Derivative liabilities of consolidated funds:
Foreign-currency forward contracts	$	(70,705)	$	—	$	—	$	(70,705)

Options and futures	(160)		—		—		(160)


Total	$	(70,865)	$	—	$	—	$	(70,865)


	Gross Amounts of Assets (Liabilities) Presented		Gross Amounts Not Offset in Statements of Financial Condition				Net Amount
As of December 31, 2024			Derivative Assets (Liabilities)		Cash Collateral Received (Pledged)
Derivative Assets:



Derivative assets of consolidated funds:
Foreign-currency forward contracts	$	17,578	$	—	$	—	$	17,578
Total-return and interest-rate and credit default swaps	15,771		—		—		15,771


Total	$	33,349	$	—	$	—	$	33,349

Derivative Liabilities:

Derivative liabilities of consolidated funds:
Foreign-currency forward contracts	$	(8,513)	$	—	$	—	$	(8,513)
Total-return and interest-rate and credit default swaps	(19)		—		—		(19)
Options and futures	(4,853)		—				(4,853)

Total	$	(13,385)	$	—	$	—	$	(13,385)

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 September 30, 2025			Derivative Assets (Liabilities)		Cash Collateral Received (Pledged)
Derivative Assets:

Derivative assets of consolidated funds:



Foreign-currency forward contracts	$	26,724	$	—	$	—	$	26,724
Total-return and interest-rate and credit default swaps	17,327		—		—		17,327


Total	$	44,051	$	—	$	—	$	44,051

Derivative Liabilities:

Derivative liabilities of consolidated funds:
Foreign-currency forward contracts	$	(70,705)	$	—	$	—	$	(70,705)

Options and futures	(160)		—		—		(160)


Total	$	(70,865)	$	—	$	—	$	(70,865)


	Gross Amounts of Assets (Liabilities) Presented		Gross Amounts Not Offset in Statements of Financial Condition				Net Amount
As of December 31, 2024			Derivative Assets (Liabilities)		Cash Collateral Received (Pledged)
Derivative Assets:



Derivative assets of consolidated funds:
Foreign-currency forward contracts	$	17,578	$	—	$	—	$	17,578
Total-return and interest-rate and credit default swaps	15,771		—		—		15,771


Total	$	33,349	$	—	$	—	$	33,349

Derivative Liabilities:

Derivative liabilities of consolidated funds:
Foreign-currency forward contracts	$	(8,513)	$	—	$	—	$	(8,513)
Total-return and interest-rate and credit default swaps	(19)		—		—		(19)
Options and futures	(4,853)		—				(4,853)

Total	$	(13,385)	$	—	$	—	$	(13,385)

SEGMENT REPORTING	9 Months Ended
SEGMENT REPORTING	Sep. 30, 2025
Segment Reporting [Abstract]
SEGMENT REPORTING	SEGMENT REPORTING We operate as a single operating segment, which is also our sole reportable segment. The Company’s chief operating decision maker (“CODM”) is our Chief Executive Officer, who reviews financial information presented on a consolidated basis, accompanied by information about our revenue, for purposes of making operating decisions, assessing financial performance and allocating resources. Net income is our primary measure of profit, and all costs and expense categories on our consolidated statements of operations are significant, and are regularly reviewed at a consolidated level by the CODM. The assets attributable to this segment are reflected in the consolidated financial statements.

- 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.

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+ Details

DERIVATIVES AND HEDGING - Schedule of Realized and Unrealized Gains and Losses Arising from Freestanding Derivatives and Impact of Derivatives Held (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Derivative Instruments, Gain (Loss) [Line Items]
Total gain	$ 0	$ 0	$ 0	$ 446
Investment income
Derivative Instruments, Gain (Loss) [Line Items]
Total gain	0	0	0	8,634
General and administrative expense
Derivative Instruments, Gain (Loss) [Line Items]
Total gain	$ 0	$ 0	$ 0	$ (8,188)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

VARIABLE INTEREST ENTITIES

9 Months Ended

Sep. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

VARIABLE INTEREST ENTITIES

The Company consolidates VIEs for which the Company 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.

Consolidated VIEs

As of September 30, 2025 and December 31, 2024, the Company consolidated 2 VIEs through which interests are held in Oaktree Opportunities Fund XI, L.P. and Oaktree Opportunities Fund XII, L.P. as the Company was the primary beneficiary.

As of September 30, 2025, the assets and liabilities of the 2 consolidated VIEs amounted to $5.3 billion and $1.3 billion, respectively. 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 September 30, 2025, the Company’s investments in consolidated VIEs had a carrying value of $0.8 billion, which represented its maximum risk of loss as of that date.

Unconsolidated VIEs

The Company held 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.


	Carrying Value as of
	September 30, 2025		December 31, 2024

Corporate investments	$	1,023,838	$	1,212,435
Due from affiliates	552		227
Maximum exposure to loss	$	1,024,390	$	1,212,662

The Company continues to consolidate the respective vehicles through which interests are held in Oaktree Opportunities Fund XI, L.P. and Oaktree Opportunities Fund XII, L.P. as the Company remains the primary beneficiary.

DEBT OBLIGATIONS AND CREDIT FACILITIES - Narrative (Details)	9 Months Ended
	Sep. 30, 2025
Consolidated VIEs \| Credit Agreement
Debt Instrument [Line Items]
Term (up to) (in years)	10 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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EARNINGS PER UNIT (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Net income per Class A unit (basic and diluted):
Net income attributable to BOH Class A unitholders, basic	$ 59,704	$ 36,762	$ 62,610	$ 151,522
Weighted average number of Class A units outstanding, diluted (in shares)	160,567	160,144
Basic net income (net of tax) per Class A unit (in dollars per share)	$ 0.50	$ 0.33	$ 0.53	$ 1.38
Diluted net income (net of tax) per Class A unit (in dollars per share)	$ 0.50	$ 0.33	$ 0.53	$ 1.38
Class A Units
Net income per Class A unit (basic and diluted):
Net income attributable to BOH Class A unitholders, basic	$ 59,704	$ 36,762	$ 62,610	$ 151,522
Net income attributable to BOH Class A unitholders, diluted	$ 59,704	$ 36,762	$ 62,610	$ 151,522
Weighted average number of Class A units outstanding, basic (in shares)	118,832	112,694	117,968	110,091
Weighted average number of Class A units outstanding, diluted (in shares)	118,832	112,694	117,968	110,091
Basic net income (net of tax) per Class A unit (in dollars per share)	$ 0.50	$ 0.33	$ 0.53	$ 1.38
Diluted net income (net of tax) per Class A unit (in dollars per share)	$ 0.50	$ 0.33	$ 0.53	$ 1.38

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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

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

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

VARIABLE INTEREST ENTITIES - Schedule of Carrying Value of Company’s Investments in VIEs (Details) - Equity Method Investment, Nonconsolidated Investee or Group of Investees - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Variable Interest Entity [Line Items]
Maximum exposure to loss	$ 1,024,390	$ 1,212,662
Corporate investments
Variable Interest Entity [Line Items]
Maximum exposure to loss	1,023,838	1,212,435
Due from affiliates
Variable Interest Entity [Line Items]
Maximum exposure to loss	$ 552	$ 227

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

FAIR VALUE

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

FAIR VALUE

Fair Value of Financial Assets and Liabilities

The Company’s other financial assets by fair-value hierarchy level are set forth below. There were no other financial liabilities as of September 30, 2025 and December 31, 2024.


	As of September 30, 2025								As of December 31, 2024
	Level I		Level II		Level III		Total		Level I		Level II		Level III		Total
Assets

Corporate investments	$	—	$	306,687	$	—	$	306,687	$	—	$	307,825	$	—	$	307,825




Total assets	$	—	$	306,687	$	—	$	306,687	$	—	$	307,825	$	—	$	307,825

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 September 30, 2025								As of December 31, 2024
	Level I		Level II		Level III		Total		Level I		Level II		Level III		Total
Assets
Investments:
Corporate debt – bank debt	$	—	$	111,310	$	1,599,660	$	1,710,970	$	—	$	281,918	$	1,936,315	$	2,218,233
Corporate debt – all other	—		183,264		81,422		264,686		—		353,922		111,552		465,474
Equities – common stock	209,439		99,553		1,465,364		1,774,356		222,670		39,290		1,187,023		1,448,983
Equities – preferred stock	2,201		—		765,451		767,652		1,850		—		606,141		607,991
Real estate	—		—		329,735		329,735		—		—		206,181		206,181
Total investments	211,640		394,127		4,241,632		4,847,399		224,520		675,130		4,047,212		4,946,862
Derivatives:
Foreign-currency forward contracts	3,559		23,165		—		26,724		—		17,578		—		17,578
Swaps	—		858		16,469		17,327		—		—		15,771		15,771

Total derivatives (1)	3,559		24,023		16,469		44,051		—		17,578		15,771		33,349
Total assets	$	215,199	$	418,150	$	4,258,101	$	4,891,450	$	224,520	$	692,708	$	4,062,983	$	4,980,211

Liabilities






Derivatives:
Foreign-currency forward contracts	$	(6,982)	$	(63,723)	$	—	$	(70,705)	$	—	$	(8,513)	$	—	$	(8,513)
Swaps	—		—		—		—		—		(19)		—		(19)
Options and futures	—		(160)		—		(160)		—		(4,853)		—		(4,853)

Total derivatives (2)	(6,982)		(63,883)		—		(70,865)		—		(13,385)		—		(13,385)
Total liabilities	$	(6,982)	$	(63,883)	$	—	$	(70,865)	$	—	$	(13,385)	$	—	$	(13,385)

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

(2) Amounts are included in derivative liabilities under “liabilities of consolidated funds” in the condensed 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		Swaps		Total
Three months ended September 30, 2025
Beginning balance	$	1,546,171	$	132,169	$	1,276,658	$	700,259	$	330,423	$	17,346	$	4,003,026


Transfers into Level III	157,521		41,641		3,919		—		22,033		—		225,114
Transfers out of Level III	(136,382)		(36,351)		(24,402)		—		(22,032)		—		(219,167)
Purchases	369,228		29,676		182,226		60,239		14,182		1		655,552
Sales	(253,715)		(69,632)		(6,677)		(28,771)		(11,691)		(1,121)		(371,607)
Realized gain (losses), net	3,793		(358)		5,884		1,601		3,328		—		14,248
Unrealized appreciation (depreciation), net	(86,956)		(15,723)		27,756		32,123		(6,508)		243		(49,065)
Ending balance	$	1,599,660	$	81,422	$	1,465,364	$	765,451	$	329,735	$	16,469	$	4,258,101
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period	$	(26,611)	$	(8,241)	$	14,036	$	7,411	$	1,567	$	—	$	(11,838)
Three months ended September 30, 2024
Beginning balance	$	1,654,942	$	198,028	$	1,049,656	$	667,154	$	246,862	$	18,254	$	3,834,896
Deconsolidation of funds	(70,255)		(10)		(575)		(2,356)		—				(73,196)
Transfers into Level III	136,725		11,231		84,494		153		17,603		—		$	250,206
Transfers out of Level III	(105,000)		(93,971)		(57,113)		(7,134)		(28,618)		—		$	(291,836)
Purchases	173,975		134		29,316		24,043		21,572		6		$	249,046
Sales	(87,091)		(8,496)		(32,785)		(121,764)		(17,732)		—		$	(267,868)
Realized gain (losses), net	1,502		(155)		3,217		30,760		—		(39)		$	35,285
Unrealized appreciation (depreciation), net	7,513		(6,131)		27,397		(20,689)		20,419		—		28,509
Ending balance	$	1,712,311	$	100,630	$	1,103,607	$	570,167	$	260,106	$	18,221	$	3,765,042
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period	$	(125)	$	(3,539)	$	33,705	$	(20,028)	$	20,419	$	—	$	30,432


	Corporate Debt – Bank Debt		Corporate Debt – All Other		Equities – Common Stock		Equities – Preferred Stock		Real Estate		Swaps		Total
Nine months ended September 30, 2025
Beginning balance	$	1,936,315	$	111,552	$	1,187,023	$	606,141	$	206,181	$	15,771	$	4,062,983


Transfers into Level III	1,085,276		46,298		13,025		37		28,839		—		1,173,475
Transfers out of Level III	(972,332)		(41,190)		(39,425)		—		(22,032)		—		(1,074,979)
Purchases	1,302,029		37,497		282,682		216,325		109,090		1,576		1,949,199
Sales	(1,602,987)		(78,426)		(82,642)		(116,320)		(31,220)		(1,121)		(1,912,716)
Realized gain (losses), net	21,815		7,146		40,621		(36,423)		5,195		—		38,354
Unrealized appreciation (depreciation), net	(170,456)		(1,455)		64,080		95,691		33,682		243		21,785
Ending balance	$	1,599,660	$	81,422	$	1,465,364	$	765,451	$	329,735	$	16,469	$	4,258,101
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period	$	(149,532)	$	3,051	$	70,410	$	75,930	$	41,757	$	—	$	41,616
Nine months ended September 30, 2024
Beginning balance	$	1,721,888	$	260,292	$	846,773	$	599,636	$	175,353	$	—	$	3,603,942
Deconsolidation of funds	(70,255)		(10)		(575)		(2,356)		—		—		(73,196)
Initial consolidation of funds	2,962		—		—		—		—		—		2,962
Transfers into Level III	358,757		26,590		139,172		153		23,738		—		548,410
Transfers out of Level III	(388,815)		(159,901)		(72,773)		(7,134)		(28,618)		—		(657,241)
Purchases	516,419		25,727		235,083		102,272		89,190		18,221		986,912
Sales	(444,229)		(46,636)		(124,069)		(154,744)		(17,732)		—		(787,410)
Realized gain (losses), net	5,505		(407)		51,081		(57,207)		—		—		(1,028)
Unrealized appreciation (depreciation), net	10,079		(5,025)		28,915		89,547		18,175		—		141,691
Ending balance	$	1,712,311	$	100,630	$	1,103,607	$	570,167	$	260,106	$	18,221	$	3,765,042
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period	$	12,230	$	(5,174)	$	28,804	$	89,330	$	18,175	$	—	$	143,365

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 condensed 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.

Investment Type

Fair Value

Valuation Technique

Significant Unobservable

Inputs (1)(2)

Range

Weighted Average (3)

Credit-oriented investments:

960,146

Discounted cash flow (6)

Discount rate

2% - 20%

13%

330,899

Recent market information (5)

Quoted prices

Not applicable

189,841

Market approach

(comparable companies) (7)

Multiple of underlying assets (9)

0.5x - 1x

49,495

Market approach (comparable companies) (7)

Earnings multiple (10)

3.0x - 7.3x

5.2x

116,376

Recent transaction price (4)

Quoted prices

Not applicable

20,638

Expected Recovery (11)

Not applicable

30,156

Market approach

(comparable companies) (7)

Revenue multiple (8)

1x - 2.2x

1.5x

Equity investments:

195,281

Recent transaction price (4)

Quoted prices

Not applicable

3,598

Recent market information (5)

Quoted prices

Not applicable

397,640

Discounted cash flow (6)

Discount rate

11% - 19%

14%

28,680

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

Discount rate

13% - 13%

13%

Earnings multiple (10)

6.0x - 7.0x

6.5x

654,194

Market approach

(comparable companies) (7)

Earnings multiple (10)

1.0x - 15.0x

8.9x

93,814

Market approach

(comparable companies) (7)

Revenue multiple (8)

1.0x - 2.2x

2.0x

839,232

Market approach

(comparable companies) (7)

Multiple of underlying assets (9)

0.5x - 1x

1.0x

13,765

Expected Recovery (11)

Not applicable

4,611

Black Scholes (12)

Not applicable

Real estate-oriented investments:

51,297

Market approach

(comparable companies) (7)

Multiple of underlying assets (9)

1x - 1x

21,954

Recent transaction price (4)

Quoted prices

Not applicable

256,484

Discounted cash flow (6)

Discount rate

11% - 27%

17%

Total Level III
investments

4,258,101

Investment Type

Fair Value

Valuation Technique

Significant Unobservable

Inputs (1)(2)

Range

Weighted Average (3)

Credit-oriented investments:

1,216,750

Discounted cash flow (6)

Discount rate

5% – 27%

15%

378,875

Recent market information (5)

Quoted prices

Not applicable

206,107

Recent transaction price (4)

Quoted prices

Not applicable

10,854

Market approach (comparable companies) (7)

Revenue multiple (8)

2.1x - 2.1x

2.1x

229,042

Market approach (comparable companies) (7)

Multiple of underlying assets (9)

0.5x - 1.0x

0.9x

Expected Recovery (11)

Quoted prices

Not applicable

21,999

Market approach (comparable companies) (7)

Earnings multiple (10)

6.5x -7.0x

7.0x

Equity investments:

202,057

Recent transaction price (4)

Quoted prices

Not applicable

850,420

Market approach (comparable companies) (7)

Multiple of underlying assets (9)

1.0x - 1.0x

1.0x

458,953

Market approach (comparable companies) (7)

Earnings multiple (10)

5.0x - 14.0x

9.6x

213,813

Discounted cash flow (6)

Discount rate

4% – 18%

14%

26,445

Market approach (comparable companies) (7)

Revenue multiple (8)

1.0x - 2.1x

1.2x

25,295

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

Discount rate

11% – 11%

11%

Earnings multiple (10)

10.0x - 12.0x

11.0x

5,979

Recent market information (5)

Quoted prices

Not applicable

8,903

Expected Recovery (11)

Quoted prices

Not applicable

1,299

Black Scholes (12)

Quoted prices

Not applicable

Real estate-oriented:

206,181

Discounted cash flow (6)

Discount rate

4% – 26%

15%

Total Level III
investments

4,062,983

(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.

(11) Certain investments are valued based on expected recovery, generally representing the estimated value that can be recovered in the event of liquidation or winding down.

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 nine months ended September 30, 2025, the valuation techniques for five credit-oriented investments were changed from market approach (comparable companies) to discounted cash flow, four credit-oriented investments were changed from discounted cash flow to market approach (comparable companies), three credit-oriented investments were changed from recent market information to discounted cash flow, one credit-oriented investment was changed from discounted cash flow to expected recovery, one credit-oriented investment was changed from expected recovery to discounted cash flow, one credit-oriented investment was changed from market approach (value of underlying assets) to discounted cash flow and one equity investment was changed from market approach (value of underlying assets) to expected recovery. During the nine months ended September 30, 2024, the valuation techniques for four credit-oriented investments were changed from market approach (comparable companies) to discounted cash flow, three credit-oriented investments were changed from discounted cash flow to market approach (comparable companies) and one equity investment was changed from market approach (comparable companies) to recent market information.

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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+ Details

VARIABLE INTEREST ENTITIES - Narrative (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2025 USD ($) entity	Dec. 31, 2024 USD ($) entity
Variable Interest Entity [Line Items]
Assets	$ 6,629,997	$ 7,073,432
Liabilities	$ 1,345,312	$ 1,602,984
Consolidated VIEs
Variable Interest Entity [Line Items]
Number of VIE's consolidated \| entity	2	2
Assets	$ 5,300,000
Liabilities	1,300,000
Maximum exposure to loss	$ 800,000

- Definition

Amount of asset recognized for present right to economic benefit.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

FAIR VALUE - Schedule of Other Financial Assets by Fair-Value Hierarchy Level (Details) - Oaktree - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, at fair value	$ 306,687	$ 307,825
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	306,687	307,825
Fair Value, Measurements, Recurring \| Corporate investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, at fair value	306,687	307,825
Level I \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	0	0
Level I \| Fair Value, Measurements, Recurring \| Corporate investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, at fair value	0	0
Level II \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	306,687	307,825
Level II \| Fair Value, Measurements, Recurring \| Corporate investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, at fair value	306,687	307,825
Level III \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	0	0
Level III \| Fair Value, Measurements, Recurring \| Corporate investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, at fair value	$ 0	$ 0

- Definition

Fair value portion of investment securities, including, but not limited to, marketable securities, derivative financial instruments, and investments accounted for under the equity method.

+ References + Details

SUBSEQUENT EVENTS (Details)	Dec. 15, 2025 $ / shares	Nov. 10, 2025 $ / shares	Mar. 31, 2026	Sep. 30, 2025
Oaktree
Class of Stock [Line Items]
Ownership interest (as percent)				74.00%
Forecast \| Brookfield \| Oaktree
Class of Stock [Line Items]
Additional ownership interest to be acquired (as percent)			0.26
Ownership interest (as percent)			100.00%
Forecast \| Brookfield \| BOH
Class of Stock [Line Items]
Ownership interest (as percent)			100.00%
Class A Units \| Subsequent Event
Class of Stock [Line Items]
Class A unit dividends declared (in dollars per share)		$ 0.24
Series A Preferred Units \| Forecast
Class of Stock [Line Items]
Distributions declared per preferred unit (in dollars per share)	$ 0.414063
Series B Preferred Units \| Forecast
Class of Stock [Line Items]
Distributions declared per preferred unit (in dollars per share)	$ 0.409375

REVENUES - Schedule of Revenues by Investment Types (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Schedule of Equity Method Investments [Line Items]
Other investments, at fair value	$ 0	$ 0	$ 0	$ 11,663
Total investment income	39,321	25,279	43,106	60,033
Funds
Schedule of Equity Method Investments [Line Items]
Equity-method investments:	2,723	3,847	(797)	27,398
Companies
Schedule of Equity Method Investments [Line Items]
Equity-method investments:	$ 36,598	$ 21,432	$ 43,903	$ 20,972

- Definition

Amount of income (loss) for proportionate share of equity method investee's income (loss).

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

INVESTMENTS - Schedule of Net Gains (Losses) Attributable to Company’s Other Investments at Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Schedule of Investments [Line Items]
Realized gain (loss)	$ 31,278	$ 32,533	$ 106,415	$ 35,614
Net change in unrealized gain (loss)	23,383	52,467	(116,961)	147,646
Total gain (loss)			(10,546)	183,260
Other Investments at Fair Value
Schedule of Investments [Line Items]
Realized gain (loss)	0	0	0	9,504
Net change in unrealized gain (loss)	0	0	0	2,159
Total gain (loss)	$ 0	$ 0	$ 0	$ 11,663

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

DERIVATIVES AND HEDGING - Schedule of Impact of Derivatives Held by Consolidated Funds (Details) - Not Designated as Hedging Instrument - Consolidated Funds - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Derivatives, Fair Value [Line Items]
Net Realized Gain (Loss) on Investments	$ 2,306	$ 2,391	$ 6,129	$ 9,146
Net Change in Unrealized Appreciation (Depreciation) on Investments	12,558	(12,458)	(49,818)	(9,799)
Foreign-currency forward contracts
Derivatives, Fair Value [Line Items]
Net Realized Gain (Loss) on Investments	(1,309)	646	3,043	411
Net Change in Unrealized Appreciation (Depreciation) on Investments	11,447	(20,101)	(53,045)	(14,189)
Total-return and interest-rate and credit default swaps
Derivatives, Fair Value [Line Items]
Net Realized Gain (Loss) on Investments	488	0	(139)	0
Net Change in Unrealized Appreciation (Depreciation) on Investments	230	7,860	877	11,448
Options and futures
Derivatives, Fair Value [Line Items]
Net Realized Gain (Loss) on Investments	1,738	822	1,836	584
Net Change in Unrealized Appreciation (Depreciation) on Investments	638	0	2,107	1,600
Commodity swaps
Derivatives, Fair Value [Line Items]
Net Realized Gain (Loss) on Investments	1,389	923	1,389	8,151
Net Change in Unrealized Appreciation (Depreciation) on Investments	$ 243	$ (217)	$ 243	$ (8,658)

- Definition

The net change in the difference between the fair value and the carrying value, or in the comparative fair values, of derivative instruments, including options, swaps, futures, and forward contracts, held at each balance sheet date, that was included in earnings for the period.

+ References + Details

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2025	Dec. 31, 2024
Consolidated Funds
Contingencies And Commitments [Line Items]
Total outstanding debt commitments	$ 264.9	$ 327.1
Potential unfunded investment commitments	421.5	411.4
Guaranteed amounts	0.0	0.0
Financial support provided to investees	43.2
Oaktree Opportunities Fund XI, L.P.
Contingencies And Commitments [Line Items]
Undrawn capital commitments	112.5	112.5
Oaktree Opportunities Fund XII, L.P.
Contingencies And Commitments [Line Items]
Undrawn capital commitments	$ 577.3	$ 696.7

INVESTMENTS - Schedule of Net Gains (Losses) from Investment Activities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Gain (Loss) on Securities [Line Items]
Net Realized Gain (Loss) on Investments	$ 31,278	$ 32,533	$ 106,415	$ 35,614
Net Change in Unrealized Appreciation (Depreciation) on Investments	23,383	52,467	(116,961)	147,646
Consolidated Funds \| Not Designated as Hedging Instrument
Gain (Loss) on Securities [Line Items]
Net Realized Gain (Loss) on Investments	31,278	32,533	106,415	35,614
Net Change in Unrealized Appreciation (Depreciation) on Investments	23,383	52,467	(116,961)	147,646
Consolidated Funds \| Investments and other financial instruments \| Not Designated as Hedging Instrument
Gain (Loss) on Securities [Line Items]
Net Realized Gain (Loss) on Investments	28,972	30,142	100,286	26,283
Net Change in Unrealized Appreciation (Depreciation) on Investments	10,825	64,925	(67,143)	155,848
Consolidated Funds \| CLO liabilities \| Not Designated as Hedging Instrument
Gain (Loss) on Securities [Line Items]
Net Realized Gain (Loss) on Investments			0	185
Net Change in Unrealized Appreciation (Depreciation) on Investments			0	1,597
Consolidated Funds \| Foreign-currency forward contracts \| Not Designated as Hedging Instrument
Gain (Loss) on Securities [Line Items]
Net Realized Gain (Loss) on Investments	(1,309)	646	3,043	411
Net Change in Unrealized Appreciation (Depreciation) on Investments	11,447	(20,101)	(53,045)	(14,189)
Consolidated Funds \| Total return and interest rate swaps \| Not Designated as Hedging Instrument
Gain (Loss) on Securities [Line Items]
Net Realized Gain (Loss) on Investments	488	0	(139)	0
Net Change in Unrealized Appreciation (Depreciation) on Investments	230	7,860	877	11,448
Consolidated Funds \| Options and futures \| Not Designated as Hedging Instrument
Gain (Loss) on Securities [Line Items]
Net Realized Gain (Loss) on Investments	1,738	822	1,836	584
Net Change in Unrealized Appreciation (Depreciation) on Investments	638	0	2,107	1,600
Consolidated Funds \| Commodity swaps \| Not Designated as Hedging Instrument
Gain (Loss) on Securities [Line Items]
Net Realized Gain (Loss) on Investments	1,389	923	1,389	8,151
Net Change in Unrealized Appreciation (Depreciation) on Investments	$ 243	$ (217)	$ 243	$ (8,658)

COMMITMENTS AND CONTINGENCIES	9 Months Ended
COMMITMENTS AND CONTINGENCIES	Sep. 30, 2025
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. The Company and Oaktree are 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 the Company’s condensed consolidated financial statements. Commitments to Funds As of September 30, 2025 and December 31, 2024, the Company had undrawn capital commitments of $112.5 million in its capacity as a limited partner in Opps XI. As of September 30, 2025 and December 31, 2024, the Company had undrawn commitments of $577.3 million and $696.7 million, respectively, in its capacity as a limited partner in Opps XII (Opps XI and Opps XII as defined in note 14). 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 condensed 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 September 30, 2025 and December 31, 2024, the consolidated funds had total outstanding debt commitments of $264.9 million and $327.1 million respectively. As of September 30, 2025 and December 31, 2024, the consolidated funds had potential unfunded investment commitments of $421.5 million and $411.4 million respectively. A consolidated fund may agree to guarantee the repayment obligations of certain investee companies. As of September 30, 2025 and December 31, 2024, 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 nine months ended September 30, 2025, $43.2 million financial support was provided to investees pursuant to contractual agreements.

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Net income	$ 181,154	$ 183,384	$ 276,102	$ 570,934
Other comprehensive loss, net of tax:
Foreign currency translation adjustments	0	0	0	(1,501)
Other comprehensive loss, net of tax	0	0	0	(1,501)
Total comprehensive income	181,154	183,384	276,102	569,433
Comprehensive income attributable to BOH	66,533	43,591	83,097	170,983
Comprehensive income attributable to preferred unitholders	(6,829)	(6,829)	(20,487)	(20,487)
Comprehensive income attributable to BOH Class A unitholders	59,704	36,762	62,610	150,496
Consolidated Funds
Other comprehensive loss, net of tax:
Less: Comprehensive (income) loss attributable to non-controlling interests	(114,644)	(139,377)	(191,257)	(336,844)
Consolidated Subsidiaries
Other comprehensive loss, net of tax:
Less: Comprehensive (income) loss attributable to non-controlling interests	$ 23	$ (416)	$ (1,748)	$ (61,606)

NON-CONTROLLING REDEEMABLE INTERESTS IN CONSOLIDATED FUNDS (Tables)

9 Months Ended

Sep. 30, 2025

Non-Controlling Redeemable Interests in Consolidated Funds [Abstract]

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


	Nine months ended September 30,
	2025		2024

Beginning balance	$	3,069,084	$	3,336,548
Deconsolidation of funds	—		(500,020)
Contributions	633,232		269,994
Distributions	(789,826)		(397,474)

Net income	191,257		336,844

Foreign currency translation and other, net	—		(1,005)
Ending balance	$	3,103,747	$	3,044,887

Condensed Consolidated Statements of Changes in Unitholders' Capital (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Increase (decrease) in Stockholders' Equity:
Unitholders' capital, beginning of period	$ 2,175,192	$ 2,566,835	$ 2,401,364	$ 2,584,906
Deconsolidation of Oaktree Capital I		(269,563)		(269,563)
Capital contributions	13,008	37,500	132,441	37,500
Equity reallocation between controlling and non-controlling interests				(271)
Distributions declared	(73,772)	(65,736)	(437,712)	(272,118)
Net income	66,510	44,007	84,845	234,090
Foreign currency translation adjustment, net of tax	0	0	0	(1,501)
Unitholders' capital, end of period	2,180,938	2,313,043	2,180,938	2,313,043
Paid-in Capital
Increase (decrease) in Stockholders' Equity:
Unitholders' capital, beginning of period	1,782,817	1,563,857	1,663,384	1,529,909
Capital contributions	13,008	37,500	132,441	37,500
Equity reallocation between controlling and non-controlling interests				33,948
Unitholders' capital, end of period	1,795,825	1,601,357	1,795,825	1,601,357
Retained Earnings (Accumulated Deficit)
Increase (decrease) in Stockholders' Equity:
Unitholders' capital, beginning of period	(17,745)	325,039	329,631	334,314
Distributions declared	(66,943)	(58,907)	(417,225)	(182,942)
Net income	59,704	36,762	62,610	151,522
Unitholders' capital, end of period	(24,984)	302,894	(24,984)	302,894
Accumulated Other Comprehensive Income (Loss)
Increase (decrease) in Stockholders' Equity:
Unitholders' capital, beginning of period	0	(14,122)	0	(13,096)
Deconsolidation of Oaktree Capital I		14,122		14,122
Foreign currency translation adjustment, net of tax				(1,026)
Unitholders' capital, end of period	0	0	0	0
Non-controlling Interests in Consolidated Subsidiaries
Increase (decrease) in Stockholders' Equity:
Unitholders' capital, beginning of period	9,536	291,477	7,765	333,195
Deconsolidation of Oaktree Capital I		(283,685)		(283,685)
Equity reallocation between controlling and non-controlling interests				(34,219)
Distributions declared				(68,689)
Net income	(23)	416	1,748	62,081
Foreign currency translation adjustment, net of tax				(475)
Unitholders' capital, end of period	$ 9,513	$ 8,208	$ 9,513	$ 8,208
Class A Units
Increase (decrease) in Stockholders' Equity:
Unitholders' capital, beginning of period (in shares)			116,373,234
Unitholders' capital, end of period (in shares)	118,832,320		118,832,320
Class A Units \| Common Units
Increase (decrease) in Stockholders' Equity:
Unitholders' capital, beginning of period (in shares)	118,832,000	116,373,000	116,373,000	109,199,000
Unit exchange (in shares)			2,459,000	7,174,000
Unitholders' capital, end of period (in shares)	118,832,000	116,373,000	118,832,000	116,373,000
Class B Units
Increase (decrease) in Stockholders' Equity:
Unitholders' capital, beginning of period (in shares)			43,822,210
Unitholders' capital, end of period (in shares)	41,758,979		41,758,979
Class B Units \| Common Units
Increase (decrease) in Stockholders' Equity:
Unitholders' capital, beginning of period (in shares)	41,509,000	43,757,000	43,823,000	50,916,000
Net issuance of units (in shares)	251,000	15,000	396,000	30,000
Unit exchange (in shares)			(2,459,000)	(7,174,000)
Unitholders' capital, end of period (in shares)	41,760,000	43,772,000	41,760,000	43,772,000
Series A Preferred Units \| Preferred Units
Increase (decrease) in Stockholders' Equity:
Unitholders' capital, beginning of period	$ 173,669	$ 173,669	$ 173,669	$ 173,669
Distributions declared	(2,981)	(2,981)	(8,943)	(8,943)
Net income	2,981	2,981	8,943	8,943
Unitholders' capital, end of period	173,669	173,669	173,669	173,669
Series B Preferred Units \| Preferred Units
Increase (decrease) in Stockholders' Equity:
Unitholders' capital, beginning of period	226,915	226,915	226,915	226,915
Distributions declared	(3,848)	(3,848)	(11,544)	(11,544)
Net income	3,848	3,848	11,544	11,544
Unitholders' capital, end of period	$ 226,915	$ 226,915	$ 226,915	$ 226,915

EARNINGS PER UNIT

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

EARNINGS PER UNIT

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


	Three months ended September 30,				Nine months ended September 30,
	2025		2024		2025		2024
	(in thousands, except per unit amounts)
Net income per Class A unit (basic and diluted):
Net income attributable to BOH Class A unitholders	$	59,704	$	36,762	$	62,610	$	151,522
Weighted average number of Class A units outstanding (basic and diluted)	118,832		112,694		117,968		110,091
Basic and diluted net income (net of tax) per Class A unit	$	0.50	$	0.33	$	0.53	$	1.38

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 three and nine months ended September 30, 2025 and 2024.

As a result of the 2024 Restructuring, earnings attributable to Oaktree Capital I are reflected in

the Company's investment income for periods beginning in the third quarter of 2024.

NON-CONTROLLING REDEEMABLE INTERESTS IN CONSOLIDATED FUNDS (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Non-Controlling Redeemable Interests in Consolidated Funds [Roll Forward]
Beginning balance	$ 3,069,084	$ 3,336,548
Deconsolidation of funds	0	(500,020)
Contributions	633,232	269,994
Distributions	(789,826)	(397,474)
Net income	191,257	336,844
Foreign currency translation and other, net	0	(1,005)
Ending balance	$ 3,103,747	$ 3,044,887

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Sep. 30, 2025
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. In situations where power over an entity’s most significant activities is shared among related parties, a qualitative analysis is required to determine which party within the related party group is most closely associated with the VIE. The party within the related party group that is most closely associated with the VIE is the primary beneficiary and is required to consolidate and disclose the impact of the VIE. 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” historically 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 condensed 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 2024 Restructuring, the Company no longer controls Oaktree Capital I. Therefore, Oaktree Capital I was deconsolidated as of July 1, 2024. As such, certain Oaktree funds and CLOs which were consolidated by Oaktree Capital I are no longer consolidated by the Company. The Company continues to consolidate the respective vehicles through which interests are held in Oaktree Opportunities Fund XI, L.P. and Oaktree Opportunities Fund XII, L.P. as the Company remains the primary beneficiary. Certain entities in which the Company is deemed to have significant influence, including Oaktree Capital I, 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 condensed 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 condensed 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. As a result of the 2024 Restructuring, Oaktree Capital I was deconsolidated as of July 1, 2024. As such, the funds consolidated by Oaktree Capital I are no longer consolidated by the Company. 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. As a result of the 2024 Restructuring, Oaktree Capital I was deconsolidated as of July 1, 2024. BOH no longer reports OCGH non-controlling interests in Oaktree Capital I. 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, 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 2024 Restructuring, the Company no longer consolidates the CLOs due to the deconsolidation of Oaktree Capital I and as a result, changes in the fair value of the CLOs’ financial liabilities are not included in the condensed consolidated statements of operations for periods subsequent to July 1, 2024. 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 condensed 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 condensed 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. Subsequent to the 2024 Restructuring and deconsolidation of Oaktree Capital I, the Company no longer records activity related to derivative and hedging activity. 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 September 30, 2025 and December 31, 2024, 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. Corporate Investments Corporate investments have historically consisted 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. Prior to the 2024 Restructuring, these investments largely represented investments held by Oaktree Capital I. As a result of the 2024 Restructuring, the Company no longer consolidates Oaktree Capital I and instead, it accounts for its interest in Oaktree Capital I under the equity method of accounting. The carrying value of BOH’s investment in Oaktree Capital I is reflected in Corporate investments. Additionally, Corporate investments also includes the Company’s indirect ownership in Brookfield REIT. Investments for which the Company is deemed to have significant influence are accounted for under the equity method of accounting and have historically reflected the Company’s ownership interest in each fund or company. In the case of investments for which the Company is not deemed to have significant influence or control, the fair value option of accounting has been elected. Oaktree Capital I’s underlying general partnership interests are substantially illiquid. While Oaktree Capital I’s 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 rate 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 Incentive Income Prior to the 2024 Restructuring, the Company earned incentive income from the investment advisory services provided to its customers by Oaktree Capital I. Revenue was recognized when control of the promised services was transferred to customers in an amount that reflects the consideration the Company expects to receive in exchange for those 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. 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 Oaktree Capital I 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 condensed consolidated statements of financial condition. Oaktree Capital I may have received 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. Oaktree Capital I may have earned incentive income upon deconsolidation of a SPAC arising from the completion of a merger with an identified target. Upon deconsolidation, Oaktree Capital I derecognizes the net assets of the entity and records any gain or loss related to the remeasurement of its investments to fair value as incentive income in its condensed consolidated statements of operations. Subsequent fair value changes in Oaktree Capital I’s investments held in the entity were recorded in investment income in its condensed consolidated statements of operations. Subsequent to the 2024 Restructuring, the Company no longer earns incentive income as a result of the deconsolidation of Oaktree Capital I. Rather the economics resulting from Oaktree Capital I’s right to earn incentive income are reflected in the Company’s results through investment income earned from its equity method investment in Oaktree Capital I. Investment Income The Company records investment income (loss) from its equity method investments which represents the Company’s pro-rata share of income or loss from these investments, or the change in fair value of the investment, as applicable, and consists of both unrealized and realized gains and losses. Investment income (loss) is realized when the Company sells all or a portion of its investments or when the Company receives or is due cash income. Unrealized investment income (loss) results from the proportionate share of the investments’ unrealized earnings, including changes in the fair value of the underlying investments. The cash distributions from the Company’s equity investments are classified based the nature of the underlying transaction which resulted in the distribution. Cash distributions that are determined to be realized gains (losses) are included in Cash Flows from Operating Activities and distributions that are returns of capital are included in the Cash Flows from Investing Activities section of the Consolidated Statements of Cash Flows. Compensation and Benefits Compensation and benefits has historically reflected incentive income compensation expense, which primarily reflected 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. Subsequent to the 2024 Restructuring, the Company no longer earns incentive income as a result of the deconsolidation of Oaktree Capital I, and therefore will no longer record incentive compensation expense. Compensation and benefits following the 2024 Restructuring primarily reflects compensation to the Company’s board of directors. 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. The Company analyzes its tax filing positions for all open tax years in all of the U.S. federal, state and local 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 condensed 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 condensed 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). Other gains and losses result from foreign-currency translation adjustments, net of tax. Following the 2024 Restructuring and the deconsolidation of Oaktree Capital I, the Company is generally not subject to direct foreign-currency translation adjustments. 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 condensed 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 condensed 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 condensed 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 condensed 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 condensed 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). 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 condensed 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 condensed 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 condensed 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 condensed 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 condensed 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 condensed 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. Effects of 2024 Restructuring As a result of the 2024 Restructuring and the deconsolidation of Oaktree Capital I, certain accounts related to Oaktree Capital I are no longer included in the Company’s consolidated financial statements. The effects of the 2024 Restructuring are summarized as follows: •The Company’s economic interest in Oaktree Capital I is accounted for as an equity method investment, and the Company records its pro-rata share of Oaktree Capital I’s net income as investment income. •The Company’s incentive income consisted primarily of fees earned from funds managed by Oaktree Capital I. Subsequent to the 2024 Restructuring, the Company no longer earns incentive income. The Company’s proportionate share of incentive income earned by Oaktree Capital I is included as a component of investment income. •Incentive compensation expense primarily reflected compensation directly related to incentive income. Subsequent to the 2024 Restructuring, the Company no longer recognizes incentive compensation expense, as it no longer earns the corresponding incentive income. •Certain funds and CLOs that were previously consolidated by Oaktree Capital I are no longer consolidated by the Company. Reclassifications Beginning in the third quarter of 2024, investment income (loss) and interest and dividend income have been recorded within revenues and interest expense has been recorded within expenses on the condensed consolidated statements of operations. The Company has reclassified prior period amounts to conform to the current year presentation. Recent Accounting Developments In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which enhances existing annual income tax disclosures, primarily disaggregation of: (i) effective tax rate reconciliation using both percentages and amounts into specific categories, with further disaggregation by nature and/or jurisdiction of certain categories that meet the threshold of 5% of expected tax; and (ii) income taxes paid (net of refunds received) between federal, state/local and foreign, with further disaggregation by jurisdiction if 5% or more of total income taxes paid (net of refunds received). The ASU also eliminates existing disclosures related to: (a) reasonably possible significant changes in total amount of unrecognized tax benefits within 12 months of reporting date; and (b) cumulative amount of each type of temporary difference for which deferred tax liability has not been recognized (due to exception to recognizing deferred taxes related to subsidiaries and corporate joint ventures). This ASU is effective January 1, 2025, with early adoption permitted in the interim or annual periods. Transition is prospective with the option to apply retrospective application. The Company will adopt the ASU on a prospective basis for its annual income tax disclosures for the year ending December 31, 2025 and does not expect this new guidance to have a material impact. In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (subtopic 220-40), which requires disclosure of disaggregation of certain relevant expenses included in the statements of operations on an annual and interim basis. ASU 2024-03 will be effective for our annual periods beginning January 1, 2027 and interim periods beginning January 1, 2028. The amendments must be applied retrospectively, and early adoption is permitted. We are currently evaluating the effects of adoption on our consolidated financial statements.

SEGMENT REPORTING (Details)	9 Months Ended
SEGMENT REPORTING (Details)	Sep. 30, 2025 segment
Segment Reporting [Abstract]
Number of operating segments	1
Number of reportable segments	1

RELATED-PARTY TRANSACTIONS (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Amounts Due from and Due to Affiliates

Amounts due from and to affiliates are set forth below. The


	As of
	September 30, 2025		December 31, 2024
Due from affiliates:



Payments made on behalf of unconsolidated entities	$	552	$	227

Total due from affiliates	$	552	$	227
Due to affiliates:


Amounts due to unconsolidated entities	$	—	$	200

Total due to affiliates	$	—	$	200

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Revenues:
Interest and dividend income	$ 121,035	$ 115,041	$ 381,735	$ 372,817
Incentive income	0	0	0	117,529
Investment income	39,321	25,279	43,106	60,033
Total revenues	160,356	140,320	424,841	550,379
Expenses:
Compensation and benefits	(275)	(266)	(808)	(737)
Incentive income compensation	0	0	0	(22,168)
General and administrative	(458)	(398)	(2,663)	(2,712)
Consolidated fund expenses	(16,234)	(19,642)	(65,499)	(64,303)
Interest expense	(16,896)	(21,630)	(69,223)	(72,785)
Total expenses	(33,863)	(41,936)	(138,193)	(162,705)
Other income (loss):
Net realized gain on consolidated funds’ investments	31,278	32,533	106,415	35,614
Net change in unrealized appreciation (depreciation) on consolidated funds’ investments	23,383	52,467	(116,961)	147,646
Total other income (loss)	54,661	85,000	(10,546)	183,260
Income before income taxes	181,154	183,384	276,102	570,934
Income taxes	0	0	0	0
Net income	181,154	183,384	276,102	570,934
Less:
Net income attributable to Brookfield Oaktree Holdings, LLC	66,533	43,591	83,097	172,009
Net income attributable to preferred unitholders	(6,829)	(6,829)	(20,487)	(20,487)
Net income attributable to Brookfield Oaktree Holdings, LLC Class A unitholders	$ 59,704	$ 36,762	$ 62,610	$ 151,522
Distributions declared per Class A unit (in dollars per share)	$ 0.28	$ 0.65	$ 1.86	$ 2.05
Net income per Class A unit (basic and diluted):
Net income per Class A unit, basic (in dollars per share)	0.50	0.33	0.53	1.38
Net income per Class A unit, diluted (in dollars per share)	$ 0.50	$ 0.33	$ 0.53	$ 1.38
Weighted average number of Class A units outstanding, diluted (in shares)	160,567	160,144
Class A Units
Less:
Net income attributable to Brookfield Oaktree Holdings, LLC Class A unitholders	$ 59,704	$ 36,762	$ 62,610	$ 151,522
Net income per Class A unit (basic and diluted):
Net income per Class A unit, basic (in dollars per share)	$ 0.50	$ 0.33	$ 0.53	$ 1.38
Net income per Class A unit, diluted (in dollars per share)	$ 0.50	$ 0.33	$ 0.53	$ 1.38
Weighted average number of Class A units outstanding, basic (in shares)	118,832	112,694	117,968	110,091
Weighted average number of Class A units outstanding, diluted (in shares)	118,832	112,694	117,968	110,091
Consolidated Funds
Less:
Net (income) loss attributable to non-controlling interests	$ (114,644)	$ (139,377)	$ (191,257)	$ (336,844)
Consolidated Subsidiaries
Less:
Net (income) loss attributable to non-controlling interests	$ 23	$ (416)	$ (1,748)	$ (62,081)

SUBSEQUENT EVENTS	9 Months Ended
SUBSEQUENT EVENTS	Sep. 30, 2025
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Class A Unit Distribution A distribution of $0.24 per Class A unit was paid on November 10, 2025 to holders of record at the close of business on November 3, 2025. Preferred Unit Distributions A distribution of $0.414063 per Series A preferred unit will be paid on December 15, 2025 to Series A preferred unitholders of record at the close of business on December 1, 2025. A distribution of $0.409375 per Series B preferred unit will be paid on December 15, 2025 to Series B preferred unitholders of record at the close of business on December 1, 2025. Oaktree/Brookfield Transaction On October 13, 2025, Oaktree and Brookfield announced that they have agreed on a proposed transaction whereby Brookfield will acquire the approximately 26% interest in Oaktree that it does not already own such that, upon completion of the proposed transaction, Brookfield will own 100% of Oaktree (such transaction, the “Remaining Interest Acquisition”). Subsequent to the Remaining Interest Acquisition, Brookfield will have 100% economic and voting interests in Oaktree and BOH. The Remaining Interest Acquisition is expected to close in first quarter of 2026, subject to regulatory approvals and customary closing conditions.

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2025	Nov. 12, 2025
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2025
Document Transition Report	false
Entity File Number	001-35500
Entity Registrant Name	Brookfield Oaktree Holdings, 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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001403528
Current Fiscal Year End Date	--12-31
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
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 (in shares)		118,832,320
Class B Units
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		41,758,979

INVESTMENTS

9 Months Ended

Sep. 30, 2025

Investments [Abstract]

INVESTMENTS

Corporate Investments

Corporate investments consisted of the following:


	As of
Corporate Investments	September 30, 2025		December 31, 2024

Equity-method investments:
Funds	$	312,458	$	317,256
Companies	1,018,066		1,203,004

Total corporate investments	$	1,330,524	$	1,520,260

Equity-method Investments

The Company’s equity-method investments include its investments in funds and companies that are not consolidated, but for which the Company is deemed to have significant influence. The Company’s share of income or loss generated by these investments is recorded within investment income in the condensed 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 do not exceed 2.5% in each fund. The Oaktree funds are investment companies that follow a specialized basis of accounting established by GAAP. In connection with the 2024 Restructuring, the Company determined that it is no longer the primary beneficiary of Oaktree Capital I and deconsolidated the entity, which is accounted for as an equity method investment beginning with the third quarter of 2024.

On June 27, 2023, the Company entered into a contribution agreement with Brookfield Corporate Treasury Ltd. and acquired the equity ownership in certain entities which beneficially own shares in Brookfield Real Estate Income Trust. The Company accounted for the acquired interests as equity method investments with fair value election. The fair value option has been elected to simplify the accounting for the investment in OCG NTR Holdings, LLC, a wholly owned subsidiary of the Company (“NTR”). Changes in the fair value and cash dividends received from the investment in NTR are included in investment income. During the nine months ended September 30, 2025 and 2024, the Company recognized an equity investment loss of $1.1 million and $13.1 million. Please refer to note 14 for the detailed description of the transaction.

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 September 30, 2025, or for the nine months ended September 30, 2025, the Company determined Oaktree Capital I met the significance criteria. No other no individual equity method investment met the significance criteria.

Summarized financial information of Oaktree Capital I is set forth below.


	Three months ended September 30,				Nine months ended September 30,
Statements of Operations	2025		2024		2025		2024 (1)
Revenues / investment income	$	78,389	$	43,996	$	169,618	$	43,996
Interest expense	(16,274)		(9,527)		(40,628)		(9,527)
Other expenses	(5,638)		(4,504)		(36,762)		(4,504)
Net realized and unrealized gain (loss) on investments	3,599		10,357		1,076		10,357
Net income	$	60,076	$	40,322	$	93,304	$	40,322

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


	Three months ended September 30,				Nine months ended September 30,
Statements of Operations	2025		2024		2025		2024
Revenues / investment income	$	44,533	$	45,346	$	131,424	$	2,294,361
Interest expense	(15,040)		(18,957)		(44,391)		(327,379)
Other expenses	(32,518)		(66,862)		(96,340)		(649,763)
Net realized and unrealized gain (loss) on investments	4,683		34,475		19,888		1,902,040
Net income	$	1,658	$	(5,998)	$	10,581	$	3,219,259

For the three and nine months ended September 30, 2024, the equity investments presented in the table above include equity investments held by Oaktree Capital I, which was deconsolidated as of July 1, 2024.

Other Investments, at Fair Value

Other investments, at fair value consisted of (a) investments in certain Oaktree and non-Oaktree funds, (b) noninvestment grade debt securities, (c) equities received as part of our sponsorship of SPACs 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 at fair value:


	Three months ended September 30,				Nine months ended September 30,
	2025		2024		2025		2024

Realized gain (loss)	$	—	$	—	$	—	$	9,504
Net change in unrealized gain (loss)	—		—		—		2,159
Total gain (loss)	$	—	$	—	$	—	$	11,663

Subsequent to the 2024 Restructuring, with the deconsolidation of Oaktree Capital I, the Company no longer holds any other investments at fair value.

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				Fair Value as a Percentage of Investments of Consolidated Funds as of
Investments	September 30, 2025		December 31, 2024		September 30, 2025	December 31, 2024
United States:













Debt securities (cost: $1,464,996 and $1,792,830 as of September 30, 2025 and December 31, 2024, respectively)	$	1,249,190	$	1,857,874	25.9	37.6












Equity securities (cost: $1,645,924 and $1,362,953 as of September 30, 2025 and December 31, 2024, respectively)	1,998,430		1,610,427		41.1	32.6



Real estate securities (cost: $75,112 and $26,966 as of September 30, 2025 and December 31, 2024, respectively)	79,085		15,036		1.6	0.3




Europe:













Debt securities (cost: $183,149 and $161,153 as of September 30, 2025 and December 31, 2024, respectively)	197,558	160,989	4.1	3.3








Equity securities (cost: $273,456 and $295,630 as of September 30, 2025 and December 31, 2024, respectively)	421,779	375,486	8.7	7.6



Real estate securities (cost: $237,229 and $191,470 as of September 30, 2025 and December 31, 2024, respectively)	250,650	191,145	5.1	3.8
Asia and other:














Debt securities (cost: $548,021 and $680,671 as of September 30, 2025 and December 31, 2024, respectively)	528,908	664,845	10.9	13.4













Equity securities (cost: $106,589 and $55,638 as of September 30, 2025 and December 31, 2024, respectively)	121,799	71,060	2.6	1.4















Total debt securities	1,975,656		2,683,708		40.9		54.3
Total equity securities	2,542,008		2,056,973		52.4		41.5
Total real estate	329,735		206,181		6.7		4.2
Total investments, at fair value	$	4,847,399	$	4,946,862	100.0	%	100.0	%

As of September 30, 2025, the following issuers or investments had a fair value that exceeded 5% of the Company’s total consolidated net assets.

Principal Amount/ Number of Shares

Investments

Combined Fair Value

180,327

Azorra Aviation Holdings LLC

$266,664

As of December 31, 2024, no single issuer or investment had a fair value that exceeded 5% of the Company’s total consolidated net assets.

Net Gains (Losses) From Investment Activities of Consolidated Funds

Net gains (losses) from investment activities in the condensed 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:


	Three months ended September 30,
	2025				2024
	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	$	28,972	$	10,825	$	30,142	$	64,925

Foreign-currency forward contracts (2)	(1,309)		11,447		646		(20,101)
Total return and interest rate swaps (2)	488		230		—		7,860
Options and futures (2)	1,738		638		822		—
Commodity swaps (2)	1,389		243		923		(217)
Total	$	31,278	$	23,383	$	32,533	$	52,467


	Nine months ended September 30,
	2025				2024
	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	$	100,286	$	(67,143)	$	26,283	$	155,848
CLO liabilities (1)	—		—		185		1,597
Foreign-currency forward contracts (2)	3,043		(53,045)		411		(14,189)
Total return and interest rate swaps (2)	(139)		877		—		11,448
Options and futures (2)	1,836		2,107		584		1,600
Commodity swaps (2)	1,389		243		8,151		(8,658)
Total	$	106,415	$	(116,961)	$	35,614	$	147,646

(2) Please see note 7 for additional information.

VARIABLE INTEREST ENTITIES (Tables)

9 Months Ended

Sep. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Carrying Value of Company’s Investments in VIEs

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


	Carrying Value as of
	September 30, 2025		December 31, 2024

Corporate investments	$	1,023,838	$	1,212,435
Due from affiliates	552		227
Maximum exposure to loss	$	1,024,390	$	1,212,662

- 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

DERIVATIVES AND HEDGING

9 Months Ended

Sep. 30, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVES AND HEDGING

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


	Three months ended September 30,				Nine months ended September 30,
	2025		2024		2025		2024

Investment income	$	—	$	—	$	—	$	8,634
General and administrative expense (1)	—		—		—		(8,188)
Total gain	$	—	$	—	$	—	$	446

Subsequent to the 2024 Restructuring, with the deconsolidation of Oaktree Capital I, the Company no longer holds any freestanding derivatives.

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 September 30, 2025
Foreign-currency forward contracts	$	1,087,884	$	26,724	$	(227,938)	$	(70,705)
Total-return and interest-rate and credit default swaps	197,550		17,327		—		—
Options and futures	39,001		—		(17,239)		(160)

Total	$	1,324,435	$	44,051	$	(245,177)	$	(70,865)

As of December 31, 2024
Foreign-currency forward contracts	$	797,475	$	17,578	$	(81,625)	$	(8,513)
Total-return and interest-rate and credit default swaps	15,207		15,771		(203,533)		(19)
Options and futures	—		—		(13,435)		(4,853)

Total	$	812,682	$	33,349	$	(298,593)	$	(13,385)

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


	Three months ended September 30,
	2025				2024
	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	$	(1,309)	$	11,447	$	646	$	(20,101)
Total-return and interest-rate and credit default swaps	488		230		—		7,860
Options and futures	1,738		638		822		—
Commodity swaps	1,389		243		923		(217)
Total	$	2,306	$	12,558	$	2,391	$	(12,458)


	Nine months ended September 30,
	2025				2024
	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	$	3,043	$	(53,045)	$	411	$	(14,189)
Total-return and interest-rate and credit default swaps	(139)		877		—		11,448
Options and futures	1,836		2,107		584		1,600
Commodity swaps	1,389		243		8,151		(8,658)
Total	$	6,129	$	(49,818)	$	9,146	$	(9,799)

Balance Sheet Offsetting

The Company recognizes all derivatives as assets or liabilities at fair value in its condensed 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 condensed 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 condensed 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 September 30, 2025			Derivative Assets (Liabilities)		Cash Collateral Received (Pledged)
Derivative Assets:

Derivative assets of consolidated funds:



Foreign-currency forward contracts	$	26,724	$	—	$	—	$	26,724
Total-return and interest-rate and credit default swaps	17,327		—		—		17,327


Total	$	44,051	$	—	$	—	$	44,051

Derivative Liabilities:

Derivative liabilities of consolidated funds:
Foreign-currency forward contracts	$	(70,705)	$	—	$	—	$	(70,705)

Options and futures	(160)		—		—		(160)


Total	$	(70,865)	$	—	$	—	$	(70,865)


	Gross Amounts of Assets (Liabilities) Presented		Gross Amounts Not Offset in Statements of Financial Condition				Net Amount
As of December 31, 2024			Derivative Assets (Liabilities)		Cash Collateral Received (Pledged)
Derivative Assets:



Derivative assets of consolidated funds:
Foreign-currency forward contracts	$	17,578	$	—	$	—	$	17,578
Total-return and interest-rate and credit default swaps	15,771		—		—		15,771


Total	$	33,349	$	—	$	—	$	33,349

Derivative Liabilities:

Derivative liabilities of consolidated funds:
Foreign-currency forward contracts	$	(8,513)	$	—	$	—	$	(8,513)
Total-return and interest-rate and credit default swaps	(19)		—		—		(19)
Options and futures	(4,853)		—				(4,853)

Total	$	(13,385)	$	—	$	—	$	(13,385)

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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+ Details

FAIR VALUE - Schedule of Valuation Techniques and Quantitative Information Utilized in Determining Fair Value of Consolidated Funds’ Level III Investments (Details) - Consolidated Funds $ in Thousands	Sep. 30, 2025 USD ($)	Dec. 31, 2024 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value	$ 4,847,399	$ 4,946,862
Level III
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value	4,258,101	4,062,983
Level III \| Credit-oriented investments: \| Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, at fair value	$ 960,146	$ 1,216,750
Level III \| Credit-oriented investments: \| Discounted Cash Flow \| Discount rate \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs	0.02	0.05
Level III \| Credit-oriented investments: \| Discounted Cash Flow \| Discount rate \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs	0.20	0.27
Level III \| Credit-oriented investments: \| Discounted Cash Flow \| Discount rate \| Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs	0.13	0.15
Level III \| Credit-oriented investments: \| Recent Market Information
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, at fair value	$ 330,899	$ 378,875
Level III \| Credit-oriented investments: \| Market Approach (Comparable Companies)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, at fair value		10,854
Level III \| Credit-oriented investments: \| Market Approach (Comparable Companies) \| Multiple of Underlying Assets
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, at fair value	$ 189,841	$ 229,042
Level III \| Credit-oriented investments: \| Market Approach (Comparable Companies) \| Multiple of Underlying Assets \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs	0.5	0.5
Level III \| Credit-oriented investments: \| Market Approach (Comparable Companies) \| Multiple of Underlying Assets \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs	1	1.0
Level III \| Credit-oriented investments: \| Market Approach (Comparable Companies) \| Multiple of Underlying Assets \| Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs	1	0.9
Level III \| Credit-oriented investments: \| Market Approach (Comparable Companies) \| Earning Multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, at fair value	$ 49,495	$ 21,999
Level III \| Credit-oriented investments: \| Market Approach (Comparable Companies) \| Earning Multiple \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs	3.0	6.5
Level III \| Credit-oriented investments: \| Market Approach (Comparable Companies) \| Earning Multiple \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs	7.3	7.0
Level III \| Credit-oriented investments: \| Market Approach (Comparable Companies) \| Earning Multiple \| Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs	5.2	7.0
Level III \| Credit-oriented investments: \| Market Approach (Comparable Companies) \| Revenue multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, at fair value	$ 30,156
Level III \| Credit-oriented investments: \| Market Approach (Comparable Companies) \| Revenue multiple \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs	1	2.1
Level III \| Credit-oriented investments: \| Market Approach (Comparable Companies) \| Revenue multiple \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs	2.2	2.1
Level III \| Credit-oriented investments: \| Market Approach (Comparable Companies) \| Revenue multiple \| Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, measurement inputs	1.5	2.1
Level III \| Credit-oriented investments: \| Expected Recovery
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, at fair value	$ 20,638	$ 11
Level III \| Credit-oriented investments: \| Recent Transaction Price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit-oriented investments, at fair value	116,376	206,107
Level III \| Equity investments: \| Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, at fair value	$ 397,640	$ 213,813
Level III \| Equity investments: \| Discounted Cash Flow \| Discount rate \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, measurement inputs	0.11	0.04
Level III \| Equity investments: \| Discounted Cash Flow \| Discount rate \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, measurement inputs	0.19	0.18
Level III \| Equity investments: \| Discounted Cash Flow \| Discount rate \| Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, measurement inputs	0.14	0.14
Level III \| Equity investments: \| Recent Market Information
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, at fair value	$ 3,598	$ 5,979
Level III \| Equity investments: \| Market Approach (Comparable Companies) \| Multiple of Underlying Assets
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, at fair value	$ 839,232	$ 850,420
Level III \| Equity investments: \| Market Approach (Comparable Companies) \| Multiple of Underlying Assets \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, measurement inputs	0.5	1.0
Level III \| Equity investments: \| Market Approach (Comparable Companies) \| Multiple of Underlying Assets \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, measurement inputs	1	1.0
Level III \| Equity investments: \| Market Approach (Comparable Companies) \| Multiple of Underlying Assets \| Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, measurement inputs	1.0	1.0
Level III \| Equity investments: \| Market Approach (Comparable Companies) \| Earning Multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, at fair value	$ 654,194	$ 458,953
Level III \| Equity investments: \| Market Approach (Comparable Companies) \| Earning Multiple \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, measurement inputs	1.0	5.0
Level III \| Equity investments: \| Market Approach (Comparable Companies) \| Earning Multiple \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, measurement inputs	15.0	14.0
Level III \| Equity investments: \| Market Approach (Comparable Companies) \| Earning Multiple \| Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, measurement inputs	8.9	9.6
Level III \| Equity investments: \| Market Approach (Comparable Companies) \| Revenue multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, at fair value	$ 93,814	$ 26,445
Level III \| Equity investments: \| Market Approach (Comparable Companies) \| Revenue multiple \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, measurement inputs	1.0	1.0
Level III \| Equity investments: \| Market Approach (Comparable Companies) \| Revenue multiple \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, measurement inputs	2.2	2.1
Level III \| Equity investments: \| Market Approach (Comparable Companies) \| Revenue multiple \| Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, measurement inputs	2.0	1.2
Level III \| Equity investments: \| Expected Recovery
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, at fair value	$ 13,765	$ 8,903
Level III \| Equity investments: \| Recent Transaction Price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, at fair value	195,281	202,057
Level III \| Equity investments: \| Discounted Cash Flow / Market Approach (Comparable Companies)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, at fair value	$ 28,680	$ 25,295
Level III \| Equity investments: \| Discounted Cash Flow / Market Approach (Comparable Companies) \| Discount rate \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, measurement inputs	0.13	0.11
Level III \| Equity investments: \| Discounted Cash Flow / Market Approach (Comparable Companies) \| Discount rate \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, measurement inputs	0.13	0.11
Level III \| Equity investments: \| Discounted Cash Flow / Market Approach (Comparable Companies) \| Discount rate \| Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, measurement inputs	0.13	0.11
Level III \| Equity investments: \| Discounted Cash Flow / Market Approach (Comparable Companies) \| Earning Multiple \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, measurement inputs	6.0	10.0
Level III \| Equity investments: \| Discounted Cash Flow / Market Approach (Comparable Companies) \| Earning Multiple \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, measurement inputs	7.0	12.0
Level III \| Equity investments: \| Discounted Cash Flow / Market Approach (Comparable Companies) \| Earning Multiple \| Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, measurement inputs	6.5	11.0
Level III \| Equity investments: \| Black Scholes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, at fair value	$ 4,611	$ 1,299
Level III \| Real-Estate Oriented [Member] \| Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Real estate-oriented, at fair value	$ 256,484	$ 206,181
Level III \| Real-Estate Oriented [Member] \| Discounted Cash Flow \| Discount rate \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Real estate-oriented securities, measurement inputs	11.00%	4.00%
Level III \| Real-Estate Oriented [Member] \| Discounted Cash Flow \| Discount rate \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Real estate-oriented securities, measurement inputs	27.00%	26.00%
Level III \| Real-Estate Oriented [Member] \| Discounted Cash Flow \| Discount rate \| Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Real estate-oriented securities, measurement inputs	17.00%	15.00%
Level III \| Real-Estate Oriented [Member] \| Market Approach (Comparable Companies)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Real estate-oriented, at fair value	$ 51,297
Level III \| Real-Estate Oriented [Member] \| Market Approach (Comparable Companies) \| Multiple of Underlying Assets \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Real estate-oriented securities, measurement inputs	100.00%
Level III \| Real-Estate Oriented [Member] \| Market Approach (Comparable Companies) \| Multiple of Underlying Assets \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Real estate-oriented securities, measurement inputs	100.00%
Level III \| Real-Estate Oriented [Member] \| Market Approach (Comparable Companies) \| Multiple of Underlying Assets \| Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Real estate-oriented securities, measurement inputs	100.00%
Level III \| Real-Estate Oriented [Member] \| Recent Transaction Price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Real estate-oriented, at fair value	$ 21,954