Oaktree Capital Group, LLC 6.625% PFD UT A (OAK-PA) 8-K Oaktree Capital Group, LLC Announces Pricing of Public Offering of Series A Preferred Units

Exhibit 12.1

Oaktree Capital Group, LLC

Unaudited Computation of Ratio of Earnings to Fixed Charges

($ in Thousands)

	31-Mar-18		2017		2016		2015		2014		2013
Fixed charges:
Interest expense	$	39,940	$	168,089	$	119,545	$	201,110	$	117,900		56,459
Capitalized interest		—		—		—		—		—		—
Portion of rental expense which represents interest factor		1,204		3,659		3,073		3,475		1,638		1,866
Amortization of debt issuance costs		639		1,799		1,065		15,689		12,042		4,701
Total fixed charges	$	41,783	$	173,547	$	123,683	$	220,274	$	131,580	$	63,026
Earnings available for fixed charges:
Income (loss) before income tax provision	$	143,798	$	904,924	$	608,622	$	-1,515,413	$	2,194,088	$	6,236,964
Less: (income) loss from equity method investment		-45,404		-209,776		-189,938		-51,746		-46,768		-34,563
Distributed equity income of affiliated companies		59,998		174,131		120,944		56,550		47,287		36,383
Add: fixed charges		41,783		173,547		123,683		220,274		131,580		63,026
Less: capitalized interest		—		—		—		—		—		—
Less: net (income) loss -Non-controlling interests		-84,669		-457,988		-371,398		1,604,311		-2,049,269		-5,988,734
Total earnings (losses) available for fixed charges	$	115,506	$	584,838	$	291,913	$	313,976	$	276,918	$	313,076
Ratio of earnings to fixed charges		2.76		3.37		2.36		1.43		2.10		4.97