Oaktree Capital (OAK-PB) 8-K Oaktree Capital Group, LLC Announces Pricing of Public Offering of Series B Preferred Units

Exhibit 12.1

Oaktree Capital Group, LLC

Unaudited Computation of Ratio of Earnings to Fixed Charges

($ in Thousands)

	Six Months Ended		Year Ended
	June 30, 2018		December 31, 2017		December 31, 2016		December 31, 2015		December 31, 2014		December 31, 2013
Fixed charges:
Interest expense	$	74,771	$	168,089	$	119,545	$	201,110	$	117,900		56,459
Capitalized interest		—		—		—		—		—		—
Portion of rental expense which represents interest factor		2,408		3,659		3,073		3,475		1,638		1,866
Amortization of debt issuance costs		1,277		1,799		1,065		15,689		12,042		4,701
Total fixed charges	$	78,456	$	173,547	$	123,683	$	220,274	$	131,580	$	63,026
Earnings available for fixed charges:
Income (loss) before income tax provision	$	214,422	$	904,924	$	608,622	$	-1,515,413	$	2,194,088	$	6,236,964
Less: (income) loss from equity method investment		-88,632		-209,776		-189,938		-51,746		-46,768		-34,563
Distributed equity income of affiliated companies		110,074		174,131		120,944		56,550		47,287		36,383
Add: fixed charges		78,456		173,547		123,683		220,274		131,580		63,026
Less: capitalized interest		—		—		—		—		—		—
Less: net (income) loss – Non-controlling interests		-119,305		-457,988		-371,398		1,604,311		-2,049,269		-5,988,734
Total earnings (losses) available for fixed charges	$	195,015	$	584,838	$	291,913	$	313,976	$	276,918	$	313,076
Ratio of earnings to fixed charges		2.49		3.37		2.36		1.43		2.10		4.97