Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | |||
In Billions, except Share data, unless otherwise specified | Dec. 31, 2013 | Jun. 30, 2013 | Feb. 25, 2014 | Feb. 25, 2014 |
Class A Units | Class B Units | |||
Entity Information [Line Items] | ' | ' | ' | ' |
Document Type | '10-K | ' | ' | ' |
Amendment Flag | 'false | ' | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' | ' |
Trading Symbol | 'OAK | ' | ' | ' |
Entity Registrant Name | 'Oaktree Capital Group, LLC | ' | ' | ' |
Entity Central Index Key | '0001403528 | ' | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' | ' |
Entity Common Stock, Shares Outstanding | ' | ' | 38,479,670 | 114,226,521 |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' | ' |
Entity Voluntary Filers | 'No | ' | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' | ' |
Entity Public Float | ' | $2 | ' | ' |
Consolidated_Statements_of_Fin
Consolidated Statements of Financial Condition (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
Assets | ' | ' | ||
Cash and cash-equivalents | $390,721,000 | $458,191,000 | ||
U.S. Treasury and government-agency securities | 676,600,000 | 370,614,000 | ||
Corporate investments (includes $67,596 and $0 measured at fair value as of December 31, 2013 and 2012, respectively) | 169,927,000 | [1] | 98,950,000 | [1] |
Due from affiliates | 47,774,000 | 44,589,000 | ||
Deferred tax assets | 278,885,000 | 159,171,000 | ||
Investments, at fair value | 39,911,888,000 | 38,372,626,000 | ||
Other assets | 208,929,000 | 127,244,000 | ||
Total assets | 45,263,254,000 | [2] | 43,869,998,000 | [2] |
Liabilities: | ' | ' | ||
Accrued compensation expense | 278,655,000 | 118,921,000 | ||
Accounts payable, other accrued expenses and other liabilities | 79,999,000 | 95,390,000 | ||
Due to affiliates | 242,986,000 | 136,165,000 | ||
Debt obligations | 579,464,000 | 615,179,000 | ||
Securities sold short, at fair value | 140,251,000 | 126,530,000 | ||
Total liabilities | 4,720,045,000 | 2,805,274,000 | ||
Commitments and contingencies (Note 12) | ' | ' | ||
Non-controlling redeemable interests in consolidated funds | 38,834,831,000 | 39,670,831,000 | ||
Unitholders' capital: | ' | ' | ||
Paid-in capital | 590,236,000 | 645,053,000 | ||
Accumulated deficit | -114,905,000 | -336,903,000 | ||
Accumulated other comprehensive loss | -1,122,000 | -1,748,000 | ||
Class A unitholdersb capital | 474,209,000 | 306,402,000 | ||
OCGH non-controlling interest in consolidated subsidiaries | 1,234,169,000 | 1,087,491,000 | ||
Total unitholdersb capital | 1,708,378,000 | 1,393,893,000 | ||
Total liabilities and unitholdersb capital | 45,263,254,000 | 43,869,998,000 | ||
Class A Units | ' | ' | ||
Unitholders' capital: | ' | ' | ||
Common stock | 0 | 0 | ||
Class B Units | ' | ' | ||
Unitholders' capital: | ' | ' | ||
Common stock | 0 | 0 | ||
Consolidated funds | ' | ' | ||
Assets | ' | ' | ||
Cash and cash-equivalents | 2,246,944,000 | 2,470,335,000 | ||
Investments, at fair value | 39,911,888,000 | 38,372,626,000 | ||
Dividends and interest receivable | 159,215,000 | 177,746,000 | ||
Due from brokers | 283,764,000 | 405,143,000 | ||
Receivable for securities sold | 324,213,000 | 501,199,000 | ||
Derivative assets, at fair value | 94,937,000 | 107,560,000 | ||
Other assets | 469,457,000 | 576,630,000 | ||
Liabilities: | ' | ' | ||
Accounts payable, other accrued expenses and other liabilities | 29,213,000 | 104,744,000 | ||
Payables for securities purchased | 697,705,000 | 629,627,000 | ||
Securities sold short, at fair value | 140,251,000 | 126,530,000 | ||
Derivative liabilities, at fair value | 149,880,000 | 156,647,000 | ||
Distributions payable | 224,711,000 | 330,446,000 | ||
Borrowings under credit facilities | $2,297,181,000 | $491,625,000 | ||
[1] | The adjustment to corporate investments is to remove from segment assets the consolidated funds that are treated as equity method investments for segment reporting purposes. | |||
[2] | The total assets adjustment represents the inclusion of investments and other assets of the consolidated funds, net of segment assets eliminated in consolidation, which are primarily corporate investments in funds and incentive income receivable. |
Consolidated_Statements_of_Fin1
Consolidated Statements of Financial Condition (Parenthetical) (USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Corporate investments at fair value | $67,596 | $0 |
Class A Units | ' | ' |
Common stock, par value (in USD per share) | $0 | $0 |
Common stock, shares authorized | 'Unlimited | 'Unlimited |
Common stock, shares issued | 38,472,506 | 30,180,933 |
Common stock, shares outstanding | 38,472,506 | 30,180,933 |
Class B Units | ' | ' |
Common stock, par value (in USD per share) | $0 | $0 |
Common stock, shares authorized | 'Unlimited | 'Unlimited |
Common stock, shares issued | 112,584,211 | 120,267,503 |
Common stock, shares outstanding | 112,584,211 | 120,267,503 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | |||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Revenues: | ' | ' | ' | |||
Management fees | $192,605 | [1] | $134,568 | [1] | $140,715 | [1] |
Incentive income | 2,317 | [1] | 10,415 | [1] | 15,055 | [1] |
Total revenues | 194,922 | 144,983 | 155,770 | |||
Expenses: | ' | ' | ' | |||
Compensation and benefits | -365,696 | -330,018 | -308,194 | |||
Equity-based compensation | -28,441 | -36,342 | -948,746 | |||
Incentive income compensation | -482,551 | -222,594 | -179,234 | |||
Total compensation and benefits expense | -876,688 | -588,954 | -1,436,174 | |||
General and administrative | -114,404 | -101,417 | -97,034 | |||
Depreciation and amortization | 7,119 | 7,397 | 6,583 | |||
Consolidated fund expenses | -108,851 | -92,835 | -105,073 | |||
Total expenses | -1,107,062 | [2] | -790,603 | [3] | -1,644,864 | [4] |
Other income (loss): | ' | ' | ' | |||
Interest expense | -61,160 | -45,773 | -50,943 | |||
Interest and dividend income | 1,806,361 | 1,966,317 | 2,565,630 | |||
Net realized gain on consolidated fundsb investments | 3,503,998 | 4,560,782 | 1,744,135 | |||
Net change in unrealized appreciation (depreciation) on consolidated fundsb investments | 1,843,469 | 835,160 | -3,064,676 | |||
Investment income | 56,027 | [1] | 25,382 | [1] | 8,600 | [1] |
Other income (expense), net | 409 | 7,027 | [5] | -1,209 | ||
Total other income | 7,149,104 | 7,348,895 | 1,201,537 | |||
Income (loss) before income taxes | 6,236,964 | 6,703,275 | -287,557 | |||
Income taxes | -26,232 | [6] | -30,858 | [6] | -21,088 | [6] |
Net income (loss) | 6,210,732 | 6,672,417 | -308,645 | |||
Less: | ' | ' | ' | |||
Net income attributable to non-controlling redeemable interests in consolidated funds | -5,163,939 | -6,016,342 | -233,573 | |||
Net (income) loss attributable to OCGH non-controlling interest in consolidated subsidiaries | -824,795 | [7] | -548,265 | [7] | 446,246 | [7] |
Net income (loss) attributable to Oaktree Capital Group, LLC | $221,998 | $107,810 | ($95,972) | |||
Net income (loss) per unit (basic and diluted): | ' | ' | ' | |||
Net income (loss) per Class A unit (in dollars per share) | $6.35 | [8] | $3.83 | [8] | ($4.23) | [8] |
Weighted average number of Class A units outstanding | 34,979 | 28,170 | 22,677 | |||
[1] | The adjustment represents the elimination of amounts attributable to the consolidated funds. | |||||
[2] | The expense adjustment consists of (a)B equity-based compensation charges of $24,613 related to unit grants made before the Companybs initial public offering, (b)B consolidated fund expenses of $105,089, (c)B expenses incurred by the Intermediate Holding Companies of $1,195 and (d) the effect of timing differences in the recognition of incentive income compensation expense between adjusted net income and net income attributable to OCG of $46,334. | |||||
[3] | The expense adjustment consists of (a)B equity-based compensation charges of $36,024 related to unit grants made before the Companybs initial public offering, (b)B consolidated fund expenses of $91,291 and (c)B expenses incurred by the Intermediate Holding Companies of $553. | |||||
[4] | The expense adjustment consists of (a)B equity-based compensation charges of $948,746 related to unit grants made before the Companybs initial public offering, (b)B consolidated fund expenses of $106,763 and (c)B expenses incurred by the Intermediate Holding Companies of $768. | |||||
[5] | The other income, net adjustment represents other income or expenses of OCG or its Intermediate Holding Companies. This amount is attributable to a reduction in the amount of the deferred tax asset associated with the Company's tax receivable agreement, which reduced the tax receivable agreement liability payable to OCGH unitholders. | |||||
[6] | Because adjusted net income is a pre-tax measure, this adjustment eliminates the effect of income tax expense from adjusted net income. | |||||
[7] | Because adjusted net income is calculated at the Operating Group level, this adjustment adds back the effect of items applicable to OCG, its Intermediate Holding Companies or the OCGH non-controlling interest. | |||||
[8] | All references to ClassB A units in these financial statements give effect to the conversion of previously outstanding 13 Class C units into ClassB A units on a one-for-one basis in April 2012. |
Consolidated_Statements_of_Ope1
Consolidated Statements of Operations Consolidated Statements of Operations(Parenthetical) (Class C Units) | Apr. 30, 2012 |
Class C Units | ' |
Class C units (in shares) | 13 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Oaktree Operating Group net income (loss): | $6,210,732 | $6,672,417 | ($308,645) |
Other comprehensive income (loss), net of tax: | ' | ' | ' |
Foreign currency translation adjustments | -1,546 | 1,193 | -713 |
Unrealized gain (loss) on interest-rate swap designated as cash-flow hedge | 3,732 | -333 | -9,168 |
Other comprehensive income (loss), net of tax | 2,186 | 860 | -9,881 |
Total comprehensive income (loss) | 6,212,918 | 6,673,277 | -318,526 |
Less: Comprehensive (income) loss attributable to non-controlling interests | -5,990,294 | -6,565,331 | 221,042 |
Comprehensive income (loss) attributable to Oaktree Capital Group, LLC | 222,624 | 107,946 | -97,484 |
Oaktree Capital Group, LLC | ' | ' | ' |
Oaktree Operating Group net income (loss): | 221,998 | 107,810 | -95,972 |
Other comprehensive income (loss), net of tax: | ' | ' | ' |
Foreign currency translation adjustments | -198 | 205 | -112 |
Unrealized gain (loss) on interest-rate swap designated as cash-flow hedge | 824 | -69 | -1,400 |
Other comprehensive income (loss), net of tax | 626 | 136 | -1,512 |
Total comprehensive income (loss) | 222,624 | 107,946 | -97,484 |
Less: Comprehensive (income) loss attributable to non-controlling interests | 0 | 0 | 0 |
Comprehensive income (loss) attributable to Oaktree Capital Group, LLC | 222,624 | 107,946 | -97,484 |
OCGH Non-Controlling Interest in Consolidated Subsidiaries | ' | ' | ' |
Oaktree Operating Group net income (loss): | 824,795 | 548,265 | -446,246 |
Other comprehensive income (loss), net of tax: | ' | ' | ' |
Foreign currency translation adjustments | -1,348 | 988 | -601 |
Unrealized gain (loss) on interest-rate swap designated as cash-flow hedge | 2,908 | -264 | -7,768 |
Other comprehensive income (loss), net of tax | 1,560 | 724 | -8,369 |
Total comprehensive income (loss) | 826,355 | 548,989 | -454,615 |
Less: Comprehensive (income) loss attributable to non-controlling interests | -826,355 | -548,989 | 454,615 |
Comprehensive income (loss) attributable to Oaktree Capital Group, LLC | 0 | 0 | 0 |
Non-Controlling Redeemable Interests in Consolidated Funds | ' | ' | ' |
Oaktree Operating Group net income (loss): | 5,163,939 | 6,016,342 | 233,573 |
Other comprehensive income (loss), net of tax: | ' | ' | ' |
Foreign currency translation adjustments | 0 | 0 | 0 |
Unrealized gain (loss) on interest-rate swap designated as cash-flow hedge | 0 | 0 | 0 |
Other comprehensive income (loss), net of tax | 0 | 0 | 0 |
Total comprehensive income (loss) | 5,163,939 | 6,016,342 | 233,573 |
Less: Comprehensive (income) loss attributable to non-controlling interests | -5,163,939 | -6,016,342 | -233,573 |
Comprehensive income (loss) attributable to Oaktree Capital Group, LLC | $0 | $0 | $0 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Cash flows from operating activities: | ' | ' | ' | |||
Net income (loss) | $6,210,732 | $6,672,417 | ($308,645) | |||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' | ' | |||
Investment income | -56,027 | [1] | -25,382 | [1] | -8,600 | [1] |
Depreciation and amortization | 7,119 | 7,397 | 6,583 | |||
Equity-based compensation | 28,441 | 36,342 | 948,746 | |||
Loss related to arbitration award settlement | 0 | 0 | 1,800 | |||
Net realized and unrealized (gains) losses from consolidated funds' investments | -5,347,467 | -5,395,942 | 1,320,541 | |||
Amortization of original issue and market discount of consolidated funds' investments | -70,006 | -119,922 | -118,363 | |||
Income distributions from corporate investments in companies | 37,706 | 0 | 0 | |||
Cash flows due to changes in operating assets and liabilities: | ' | ' | ' | |||
(Increase) decrease in other assets | 109,720 | -454,325 | -33,911 | |||
Increase in net due from affiliates | -8,638 | -21,952 | -14,980 | |||
Increase (decrease) in accounts payable, other accrued expenses and other liabilities | 65,312 | 45,077 | -5,653 | |||
Net cash provided by operating activities | 5,436,017 | 6,957,358 | 1,129,610 | |||
Cash flows from investing activities: | ' | ' | ' | |||
Purchases of U.S. Treasury and government-agency securities | -702,456 | -258,922 | -306,133 | |||
Proceeds from maturities and sales of U.S. Treasury and government-agency securities | 396,470 | 270,005 | 95,000 | |||
Corporate investments in funds and companies | -59,682 | -16,635 | -53,488 | |||
Distributions from corporate investments in funds and companies | 2,643 | 63,704 | 12,461 | |||
Purchases of fixed assets | -4,609 | -5,218 | -10,383 | |||
Other | -50,000 | 2,113 | 0 | |||
Net cash provided by (used in) investing activities | -417,634 | 55,047 | -262,543 | |||
Cash flows from financing activities: | ' | ' | ' | |||
Proceeds from issuance of debt obligations | 0 | 250,000 | 300,000 | |||
Payment of debt issuance costs | 0 | -2,351 | -2,611 | |||
Repayments of debt obligations | -35,715 | -286,964 | -51,429 | |||
Proceeds from issuance of Class A units, net | 419,908 | 322,260 | 0 | |||
Purchase of OCGH units | -420,741 | -322,935 | -39,623 | |||
Repurchase and cancellation of Class A units | 0 | -14,132 | 0 | |||
Distributions to Class A unitholders | -160,296 | -66,789 | -53,063 | |||
Distributions to OCGH unitholders | -621,613 | -357,278 | -416,677 | |||
Net cash used in financing activities | -5,312,944 | -7,592,778 | -3,666,634 | |||
Effect of exchange rate changes on cash | 3,700 | 3,240 | -528 | |||
Net decrease in cash and cash-equivalents | -290,861 | -577,133 | -2,800,095 | |||
Cash and cash-equivalents, beginning balance | 2,928,526 | 3,505,659 | 6,305,754 | |||
Cash and cash-equivalents, ending balance | 2,637,665 | 2,928,526 | 3,505,659 | |||
Supplemental cash flow disclosures: | ' | ' | ' | |||
Cash paid for interest | 47,360 | 37,738 | 34,670 | |||
Cash paid for income taxes | 15,526 | 18,524 | 18,918 | |||
Consolidated funds | ' | ' | ' | |||
Cash flows due to changes in operating assets and liabilities: | ' | ' | ' | |||
(Increase) decrease in dividends and interest receivable | 18,531 | 90,416 | -39,624 | |||
Decrease in due from brokers | 121,379 | 498,542 | 88,418 | |||
(Increase) decrease in receivables for securities sold | 176,986 | -441,521 | 96,925 | |||
Increase (decrease) in accounts payable, other accrued expenses and other liabilities | 68,031 | 230,913 | -81,545 | |||
Purchases of securities | -18,277,324 | -15,266,419 | -15,000,195 | |||
Proceeds from maturities and sales of securities | 22,351,522 | 21,101,717 | 14,278,113 | |||
Cash flows from financing activities: | ' | ' | ' | |||
Contributions from non-controlling interests | 6,507,188 | 6,441,090 | 8,305,880 | |||
Distributions to non-controlling interests | -12,783,673 | -13,993,859 | -11,668,028 | |||
Borrowings on credit facilities | 3,718,026 | 1,458,825 | 512,950 | |||
Repayments on credit facilities | ($1,936,028) | ($1,020,645) | ($554,033) | |||
[1] | The adjustment represents the elimination of amounts attributable to the consolidated funds. |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Unitholders' Capital (Unaudited) (USD $) | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2010 |
Paid-in Capital | Paid-in Capital | Paid-in Capital | Accumulated Deficit | Accumulated Deficit | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) | OCGH Non-Controlling Interest in Consolidated Subsidiaries | OCGH Non-Controlling Interest in Consolidated Subsidiaries | OCGH Non-Controlling Interest in Consolidated Subsidiaries | Class A Units | Class A Units | Class A Units | Class B Units | Class B Units | Class B Units | Class C Units | Class C Units | Class C Units | ||||
Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | ||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unitholders' capital, value | $1,393,893 | $1,124,000 | $1,236,716 | $645,053 | $634,739 | $549,466 | ($336,903) | ($444,713) | ($348,741) | ($1,748) | ($1,884) | ($372) | $1,087,491 | $935,858 | $1,036,363 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unitholders' capital (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,181,000 | 22,664,000 | 22,664,000 | 120,268,000 | 125,847,000 | 125,431,000 | 13,000 | 0 | 13,000 |
Issuance of units (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,292,000 | 7,904,000 | ' | 673,000 | 2,358,000 | 1,523,000 | ' | ' | ' |
Issuance of units, value | 419,908 | 322,260 | ' | 419,908 | 322,260 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cancellation of Class B units associated with forfeitures of OCGH units (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -48,000 | -33,000 | -32,000 | ' | ' | ' |
Conversion of Class C units into Class A units (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -13,000 | ' | ' | ' | ' | -13,000 | ' | ' |
Cancellation of units (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -400,000 | ' | ' | ' | -1,075,000 | ' | ' | ' |
Repurchase and cancellation of Class A units | ' | -14,132 | ' | ' | -14,132 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cancellation of Class B units (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -8,309,000 | -7,904,000 | ' | ' | ' | ' |
Purchase of OCGH units from OCGH unitholders | -419,908 | -322,260 | ' | -419,908 | -322,260 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred tax effect resulting from the purchase of OCGH units | 19,807 | 15,490 | ' | 19,807 | 15,490 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repurchase and cancellation of OCGH units | -833 | -675 | -39,623 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -833 | -675 | -39,623 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity reallocation between controlling and non-controlling interests | 79,052 | 69,097 | -6,413 | 79,052 | 69,097 | -6,413 | ' | ' | ' | ' | ' | ' | -79,052 | -69,097 | 6,413 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital increase related to equity-based compensation | 28,441 | 36,342 | 948,746 | 6,620 | 6,648 | 144,749 | ' | ' | ' | ' | ' | ' | 21,821 | 29,694 | 803,997 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contributions | ' | ' | 848 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 848 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Distributions declared | -781,909 | -424,067 | -470,588 | -160,296 | -66,789 | -53,063 | ' | ' | ' | ' | ' | ' | -621,613 | -357,278 | -417,525 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | 1,046,793 | 656,075 | -542,218 | ' | ' | ' | 221,998 | 107,810 | -95,972 | ' | ' | ' | 824,795 | 548,265 | -446,246 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign currency translation adjustment, net of tax | -1,546 | 1,193 | -713 | ' | ' | ' | ' | ' | ' | -198 | 205 | -112 | -1,348 | 988 | -601 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized gain (loss) on interest rate swap designated as cash flow hedge, net of tax | 3,732 | -333 | -9,168 | ' | ' | ' | ' | ' | ' | 824 | -69 | -1,400 | 2,908 | -264 | -7,768 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unitholders' capital, value | $1,708,378 | $1,393,893 | $1,124,000 | $590,236 | $645,053 | $634,739 | ($114,905) | ($336,903) | ($444,713) | ($1,122) | ($1,748) | ($1,884) | $1,234,169 | $1,087,491 | $935,858 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unitholders' capital (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 38,473,000 | 30,181,000 | 22,664,000 | 112,584,000 | 120,268,000 | 125,847,000 | 0 | 0 | 13,000 |
ORGANIZATION_AND_BASIS_OF_PRES
ORGANIZATION AND BASIS OF PRESENTATION | 12 Months Ended |
Dec. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
ORGANIZATION AND BASIS OF PRESENTATION | ' |
ORGANIZATION AND BASIS OF PRESENTATION | |
Oaktree Capital Group, LLC (together with its subsidiaries, “Oaktree” or the “Company”) is a leader among global investment managers specializing in alternative investments. Oaktree emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in distressed debt, corporate debt (including high yield debt and senior loans), control investing, convertible securities, real estate and listed equities. Funds managed by Oaktree (the “Oaktree funds”) include both separate accounts and commingled funds. The commingled funds include open-end and closed-end limited partnerships in which the Company makes an investment and for which it serves as the general partner or, in certain limited cases, co-general partner. | |
Reorganization of Oaktree Capital Management, LLC | |
Oaktree Capital Group, LLC was formed on April 13, 2007 for the purpose of effecting a private over-the-counter equity offering. On May 21, 2007, the Company sold 23,000,000 Class A units to qualified institutional buyers, as such term is defined under Rule 144A of the U.S. Securities Act of 1933 as amended, (the “2007 Private Offering”) for net proceeds of $944.2 million, of which $243.0 million represented primary proceeds. Prior to the 2007 Private Offering, our business was operated through Oaktree Capital Management, LLC (“OCM” or the “Predecessor Company”), formed in April 1995, which was owned by its Principals, senior employees and certain other investors. In connection with the 2007 Private Offering, OCM caused all of its business to be contributed to a group of operating entities collectively referred to as the Oaktree Operating Group. In addition to the contribution and assignment of OCM’s business to the Oaktree Operating Group, the owners who held interests in OCM immediately prior to the 2007 Private Offering exchanged those interests for units of Oaktree Capital Group Holdings, L.P. (“OCGH”) and became limited partners of OCGH (together with any subsequently admitted limited partners, the “OCGH unitholders”). In exchange for the assignment and contribution of OCM’s business to the Oaktree Operating Group, OCGH received limited partnership units in each Oaktree Operating Group entity. These series of transactions are collectively referred to as the May 2007 Restructuring. An Oaktree Operating Group unit is not a legal interest but represents one limited partnership interest in each of the Oaktree Operating Group entities. | |
As a result of the May 2007 Restructuring and other transactions associated with the 2007 Private Offering, the Company became the owner of, and our Class A unitholders therefore had, a 15.86% indirect economic interest in the Oaktree Operating Group, while OCGH retained an 84.14% direct economic interest in the Oaktree Operating Group. Additionally, the Company issued all of its outstanding Class B units to OCGH. The Class B units are entitled to 10 votes per unit whereas the Class A units are only entitled to one vote per unit. Therefore, the Class B units initially held 98.15% of the voting interest of the Company. | |
OCM is considered the predecessor of the Company for accounting purposes and its financial statements are the historical financial statements of the Company. The May 2007 Restructuring was accounted for as a reorganization of entities under common control. Accordingly, the value of assets and liabilities recognized in OCM’s financial statements were unchanged when those assets and liabilities were carried forward into the Company’s financial statements. When the Company indirectly purchased Oaktree Operating Group units from OCGH and directly from the Oaktree Operating Group, it recorded the proportion of Oaktree Operating Group net assets acquired at their historical carrying value and proportionately reduced the OCGH non-controlling interest in consolidated subsidiaries. Subsequent to the completion of the May 2007 Restructuring, the OCGH unitholders’ economic interest in the Oaktree Operating Group is reflected as OCGH non-controlling interest in consolidated subsidiaries in the accompanying consolidated financial statements. | |
Initial Public Offering | |
On April 12, 2012, the Company listed its Class A units on the New York Stock Exchange (“NYSE”). In connection with the listing, the Company and selling unitholders sold 7,888,864 and 954,159 Class A units, respectively. Upon the completion of the initial public offering, the Company owned approximately 20% of the Oaktree Operating Group and the Company’s Principals controlled 98% of the total combined voting power of the Company’s units entitled to vote. The Company did not receive any of the proceeds from the sale of Class A units by the selling unitholders, and used the offering proceeds from the issuance of units to acquire interests in the Company’s business from its Principals, employees (including former employees) and other investors. | |
Basis of Presentation | |
The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The consolidated financial statements include the accounts of the Company, its wholly-owned or majority-owned subsidiaries, the consolidated entities that are considered to be variable interest entities and for which the Company is considered the primary beneficiary, and certain entities that are not considered variable interest entities but in which the Company has a controlling financial interest. All intercompany accounts and transactions have been eliminated in consolidation. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended | |
Dec. 31, 2013 | ||
Accounting Policies [Abstract] | ' | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||
Consolidation | ||
The Company consolidates those entities where it has a direct or indirect controlling financial interest based on either a variable interest model or voting interest model. This includes two entities determined to be variable interest entities (“VIEs”), for which the Company is considered the primary beneficiary, and substantially all of Oaktree's closed-end, commingled open-end and evergreen funds for which the Company acts as the sole general partner and is deemed to control through a voting interest model. | ||
Variable Interest Model. The Company consolidates entities determined to be VIEs for which it is considered the primary beneficiary. An enterprise is determined 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 business 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 rules, which were revised effective January 1, 2010, require an analysis to (a) determine 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-related fees), would give it a controlling financial interest. The consolidation rules may be deferred for VIEs if the VIE and the reporting entity's interest in the VIE meet the deferral conditions set forth in Accounting Standards Codification (“ASC”) 810-10-65-2(aa). Where a VIE has qualified for the deferral of the consolidation rules, the analysis is based on consolidation rules prior to January 1, 2010. These rules require an analysis to (a) determine 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-related fees), would be expected to absorb a majority of the variability of the entity. Under either guideline, the Company determines whether it is the primary beneficiary of a VIE at the time it becomes involved with a VIE and reconsiders that conclusion at each reporting date. In evaluating whether the Company is the primary beneficiary, the Company evaluates its economic interests in the entity held either directly by the Company or indirectly through related parties. The consolidation analysis can generally be performed qualitatively; however, if it is not readily apparent that the Company is not the primary beneficiary, a quantitative analysis may also be performed. Investments and redemptions (either by the Company, affiliates of the Company or third parties) or amendments to the governing documents of the respective Oaktree funds could affect an entity's status as a VIE or the determination of the primary beneficiary. | ||
While the Company holds variable interests in the Oaktree funds, these funds do not meet the characteristics of a VIE. As of December 31, 2013, the Company consolidated two entities as VIEs for which it is the primary beneficiary, Oaktree AIF Holdings, Inc. (“AIF”) and South Grand MM CLO I, LLC (“MM CLO”), and there are no VIEs for which the Company was not the primary beneficiary. As of December 31, 2012, the Company’s only consolidated VIE was AIF. AIF was formed to hold certain assets for regulatory and other purposes and is immaterial to the Company. MM CLO was formed in December 2013 to launch a collateralized loan obligation product for which the Company will act as collateral manager and had net assets of less than $1.0 million as of December 31, 2013. | ||
Voting Interest Model. For entities that are not VIEs, the Company evaluates those entities that it controls through a majority voting interest, including those Oaktree funds in which the Company as the sole general partner is presumed to have control (together with MM CLO, the “consolidated funds”). Although as general partner the Company typically has only a small, single-digit equity interest in each fund, the funds' third-party limited partners do not have the right to dissolve the partnerships or have substantive kick-out or participating rights that would overcome the presumption of control by the Company. | ||
Accordingly, Oaktree's consolidated financial statements reflect the assets, liabilities, investment income, expenses and cash flows of the consolidated funds on a gross basis, and the majority of the economic interests in those funds, which are held by third-party investors, are attributed to non-controlling redeemable interests in consolidated funds in the accompanying consolidated financial statements. Substantially all of the management fees and incentive income earned by Oaktree from those funds are eliminated in consolidation. However, because the eliminated amounts are earned from and funded by non-controlling interests, Oaktree's attributable share of the net income from those funds is increased by the amounts eliminated. Thus, the elimination in consolidation of such amounts has no effect on net income or loss attributable to the Company. Potential incentive allocations at the consolidated fund level that have not yet been recognized by the Company are included in non-controlling redeemable interests in consolidated funds. | ||
The Company records non-controlling interests to reflect the economic interests of the unaffiliated limited partners. These interests are presented as non-controlling redeemable interests in consolidated funds within the consolidated statements of financial condition, outside of the permanent capital section. Limited partners in open-end and evergreen funds generally have the right to withdraw their capital, subject to the terms of the respective limited partnership agreements, over periods ranging from one month to three years. While limited partners in consolidated closed-end funds generally have not been granted redemption rights, they do have such 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. | ||
All intercompany transactions and balances have been eliminated in consolidation. | ||
Certain funds for which the Company shares general partner responsibilities or where the Company has no general partner responsibility but has the ability to exert significant influence through other means are accounted for under the equity method of accounting. | ||
Use of Estimates | ||
The preparation of the consolidated financial statements in accordance with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated financial statements, as well as the reported amounts of income and expenses during the period then ended. Actual results could differ from these estimates. | ||
Fair Value of Financial Instruments | ||
GAAP establishes a hierarchal 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, 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. The Company accounts for the transfer of assets into or out of each fair-value hierarchy level as of the beginning of the reporting period. | ||
In the absence of observable market prices, the Company values Level III investments 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 or valuation teams. The valuations are then reviewed and approved by the valuation team and the valuation committee of each investment strategy, which consists of senior members of the investment team. All Level III investment values are ultimately approved by the valuation committees and designated investment professionals, as well as the valuation officer, who is independent of the investment teams and reports directly to the Company's Managing Principal. 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 evaluates changes in fair-value measurements from period to period for reasonableness, considering items such as industry trends, general economic and market conditions, and factors specific to the investment. | ||
Certain Level III assets are valued using prices obtained from brokers or pricing vendors. The Company obtains an average of one to two broker quotes. The Company seeks to obtain at least one quote directly from a broker making a market for the asset and one price from a pricing vendor for the subject or similar securities. These investments 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. Generally, the Company does not adjust any of the prices received from these sources, and all prices are reviewed by the Company. 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 brokers and pricing vendors against actual prices received in transactions. In addition to on-going monitoring and back-testing, the Company performs due diligence procedures over pricing vendors to understand their methodology and controls to support their use in the valuation process. | ||
The Company has elected the fair value option for certain corporate investments that otherwise would not have reflected unrealized gains and losses in current-period earnings. Such election is irrevocable and is applied on an investment-by-investment basis at initial recognition. Unrealized gains and losses resulting from changes in fair value are reflected as a component of investment income in the consolidated statements of operations. Accounting for these investments at fair value is consistent with how the Company accounts for its other corporate investments. The valuation methods used to measure the fair value of such investments is consistent with the valuation methodologies applied to investments held by the consolidated funds. | ||
Corporate Investments | ||
Corporate investments consist of investments in funds and companies that the Company does not control. Investments where the Company is deemed to exert significant influence are accounted for using the equity method of accounting and reflect Oaktree's ownership interest in each such fund or company. For investments where the Company is not deemed to exert significant influence or control, the fair value option of accounting has been elected. Investment income represents the Company's pro-rata share of income or loss from these funds or companies or the change in fair value of the investment, as applicable. Oaktree's general partnership interests are substantially illiquid. While investments in funds reflect the fund’s holdings at fair value, equity-method investments in DoubleLine Capital LP and other companies are not adjusted to reflect the fair value of the underlying company. The fair value of the underlying investments in 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. | ||
Cash and Cash-equivalents | ||
Cash and cash-equivalents include demand deposit accounts, as well as money market funds and short-term investments with maturities of three months or less at the date of acquisition. | ||
U.S. Treasury and Government-agency Securities | ||
Includes holdings of U.S. Treasury bills and other securities issued by U.S. government agencies with maturities greater than three months at the date of acquisition. These securities, classified as available-for-sale, are recorded at fair value with changes in fair value included in other comprehensive income (loss). Changes in fair value were not material for all years presented. | ||
Foreign Currency | ||
Assets and liabilities of the foreign subsidiaries of Oaktree having non-U.S. dollar functional currencies are translated at exchange rates prevailing at the end of each reporting period. Results of foreign operations are translated at the weighted average exchange rate for each reporting period. Translation adjustments are included as a component of accumulated other comprehensive income (loss) until realized. Gains or losses resulting from foreign currency transactions are included in general and administrative expenses. | ||
Hedging and Other Derivatives | ||
The Company enters into derivative instruments as part of its overall risk management strategy or to facilitate its investment management activities. 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 derivative instruments to economically hedge or reduce these exposures. To mitigate the risk associated with fluctuations in interest rates, the Company may enter into interest-rate swaps to manage all or a portion of the interest-rate risk associated with its variable-rate borrowings. The Company's corporate investments in funds include investments denominated in currencies other than the U.S. dollar, which is the Company's functional currency and, consequently, are subject to fluctuations in foreign currency exchange rates. The Company also receives management fees from certain funds and pays expenses in currencies other than the U.S. dollar. To manage the risks associated with foreign currency exchange gains and losses generated by the remeasurement of the Company's corporate investments, management fees and expenses denominated in non-functional currencies, the Company may enter into currency option and forward contracts. 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 ratings. Counterparty credit risk is evaluated in determining the fair value of derivative instruments. | ||
The Company recognizes all derivatives as assets or liabilities in its consolidated statements of financial condition at fair value. In connection with its derivative activities, the Company generally enters into agreements subject to enforceable master netting arrangements that allow the Company to offset derivative assets and liabilities in the same currency by specific derivative type or, in the event of default by the counterparty, to offset derivative assets and liabilities with the same counterparty. While these derivative instruments are eligible to be offset in accordance with applicable accounting guidance, the Company has elected to present derivative assets and liabilities based on gross fair value in its consolidated statements of financial condition. | ||
When the Company enters into a derivative contract, the Company may 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. | ||
Derivatives that are designated as hedging instruments are classified as either a hedge of (a) a recognized asset or liability (“fair-value hedge”), (b) a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability (“cash-flow hedge”), or (c) a net investment in a foreign operation. For a fair-value hedge, the Company records changes in the fair value of the derivative and, to the extent that it is highly effective, changes in the fair value of the hedged asset or liability attributable to the hedged risk in current-period earnings in the same caption in the consolidated statements of operations as the hedged item. Changes in the fair value of a derivative that is highly effective and is designated and qualifies as a cash-flow hedge, to the extent that the hedge is effective, are recorded in other comprehensive income (loss) until earnings are affected by the variability of cash flows of the hedged transaction. Any hedge ineffectiveness is recorded in current-period earnings. Changes in the fair value of derivatives designated as hedging instruments that are caused by factors other than changes in the risk being hedged are excluded from the assessment of hedge effectiveness and recognized in current-period earnings. For a derivative that is not designated as a hedging instrument (“freestanding derivative”), the Company records changes in fair value in current-period earnings. | ||
The Company formally documents at inception the hedge relationship, including identification of the hedging instrument and the hedged item, as well as the risk management objectives, the strategy for undertaking the hedge transaction, and the evaluation of effectiveness of its hedged transaction. On a quarterly basis, the Company formally assesses whether the derivative it designated in each hedging relationship has been and is expected to remain highly effective in offsetting changes in the estimated fair value or cash flow of the hedged items. If it is determined that a derivative is not highly effective at hedging the designated exposure, hedge accounting is discontinued and the balance remaining in other comprehensive income is released to earnings. | ||
Depreciation and Amortization | ||
Depreciation and amortization expense includes costs associated with the purchase of furniture and equipment, capitalized software, and leasehold improvements. Furniture and equipment and capitalized software costs are depreciated using the straight-line method over the estimated useful life of the asset, generally three-to-five years beginning in the first full month after the asset is placed in service. Leasehold improvements are amortized using the straight-line method over the shorter of the respective estimated useful life or the lease term. | ||
Comprehensive Income (Loss) | ||
Comprehensive income (loss) consists of net income (loss) and other gains and losses affecting unitholders' capital that, under GAAP, are excluded from net income (loss). Other gains and losses result from unrealized gains and losses on cash-flow hedges and foreign currency translation adjustments, net of tax. | ||
Management Fees | ||
Management fees are recognized over the period in which the investment advisory services are performed. The contractual terms of management fees vary by fund structure. Management fees for closed-end funds are paid quarterly and typically calculated as a fixed percentage, in the range of 1.25% to 1.75% per year, of total committed capital or drawn capital during the investment period (up through the final close, these fees are generally earned on a retroactive basis to the fund’s first closing date). During the liquidation period, the management fee remains the same fixed percentage, applied against the lesser of the total funded capital and the cost basis of assets remaining in the fund. The Company's right to receive management fees typically ends after 10 or 11 years from the initial closing date or the start of the investment period even if certain assets remain to be liquidated. For open-end and evergreen funds, management fees are based on the net asset value (“NAV”) of the respective fund. Open-end funds pay management fees of approximately 0.50% of NAV per year, paid monthly or quarterly. Evergreen funds pay a management fee quarterly, ranging from 1.5% to 2.0% per year, based on a fixed percentage of the NAV of the relevant fund. In the case of certain open-end and evergreen fund accounts, in lieu of charging the regular management fee applicable to the relevant strategy, we have the potential to earn performance-based fees, typically in reference to a relevant benchmark index or hurdle rate. | ||
The Company does not recognize incremental income for transaction, advisory, director and other ancillary fees received in connection with providing services to portfolio companies or potential investees of the funds; rather, any such fees are offset against management fees earned from the applicable fund. These fees are typically recognized as revenue in the period in which they are offset against the quarterly management fees that would otherwise be paid by the applicable fund, which is generally the quarter following the period in which the fees are received. Inasmuch as these fees are not paid directly by the consolidated funds, such fees do not eliminate in consolidation and may impact the presentation of gross consolidated management fees; however, there is no impact to the Company's net income as the amounts are included in net income (loss) attributable to non-controlling redeemable interests in consolidated funds. Ancillary fees recognized in management fees for the years ended December 31, 2013, 2012 and 2011 were $62.9 million, $25.9 million and $35.3 million, respectively. | ||
Incentive Income | ||
Incentive income generally represents 20% of each closed-end fund's profits, subject to the return of contributed capital and a preferred return of typically 8% per annum, and 20% of certain evergreen fund's annual profits, subject to high-water marks. The Company has elected to adopt “Method 1” for revenue recognition based on a formula. Under this method, incentive income is recognized when fixed or determinable, all related contingencies have been removed and collection is reasonably assured, which generally occurs in the quarter of, or the quarter immediately prior to, the distribution of the income by the fund to Oaktree. The Method 1 criteria for 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. Incentives received by Oaktree before the above criteria are met are deferred and recorded as a deferred incentive income liability within accounts payable, other accrued expenses and other liabilities on the consolidated statements of financial condition. There was no incentive income deferred as of December 31, 2013 and 2012. The Company may receive tax distributions related to taxable income allocated by funds, which are treated as an advance of incentive income and subject to the same recognition criteria. Tax distributions are contractually not subject to clawback. | ||
Incentive Income Compensation | ||
Incentive income compensation expense primarily includes compensation directly related to incentive income, which generally consists of percentage interests (sometimes referred to as “points”) that the Company grants to its investment professionals associated with the particular fund that generated the incentive income, and secondarily includes 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, including income from consolidated funds that is eliminated in consolidation, to specified investment professionals responsible for the management of the fund. 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. Incentive income compensation is expensed no later than 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 consolidated funds 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. Incentive income compensation also is expensed if the Company acquires an individual's participation interest in a fund's incentive income, thereby eliminating any contingency related to the Company's obligation to pay the compensation. In December 2011, the Company acquired a small portion of certain investment professionals' participation in the possible future incentive income from OCM Opportunities Fund VIIb, L.P. (“Opps Vllb”), in the aggregate amount of $55.5 million. The acquisition price was based on Opps VIIb's unpaid potential incentive income allocation to the Company as of September 30, 2011. The related incentive income was not recognized in 2011 because, as of December 31, 2011, its recognition criteria had not been satisfied. The Company did not acquire any incentive income participation interest in the years ended December 31, 2013 and 2012. | ||
Other Income (Expense), Net | ||
In 2010, the Company received a portfolio of properties as part of an arbitration award related to a former principal and portfolio manager of the Company's real estate group who left the Company in 2005. Other income (expense), net primarily reflects the net results of operating the portfolio of properties. In 2011, the Company recorded an expense of $1.2 million, reflecting an adjustment to the carrying value of one of the properties received as part of the 2010 arbitration award. In 2012, the Company recorded income of $3.1 million attributable to the sale of a real estate property and other proceeds received as part of the same 2010 arbitration award. Additionally, 2012 included a $0.8 million write-off of debt issuance costs associated with the refinancing the Company's credit facility and a $1.7 million loss related to the write-off of certain receivables related to the Company's corporate investments. | ||
Equity-based Compensation | ||
Equity-based compensation is calculated based on the fair value of a unit at the time of grant, adjusted annually or more frequently, as necessary, for actual forfeitures to reflect expense only for those units that ultimately vest. The Company utilizes a contemporaneous valuation report which incorporates both market comparables for restricted stock liquidity discounts and multi-period put-based quantitative methods in determining the fair value of OCGH units. Before the Company's initial public offering, fair value was typically determined using the latest available closing price of Class A units on the Goldman, Sachs & Co. for Tradable Unregistered Equity Securities (the “GSTrUE OTC market”), discounted for a lack of marketability. Subsequent to the Company's initial public offering, fair value is determined using the closing price of Class A units on the NYSE, discounted for a lack of marketability where applicable. Equity-based awards that do not require future service (i.e., awards vested at grant) are expensed immediately. Equity-based awards that require future service are recognized on a straight-line basis over the requisite service period. | ||
Income Taxes | ||
Oaktree Holdings, Inc. and Oaktree AIF Holdings, Inc., two of the Company's Intermediate Holding Companies which were established as wholly-owned corporate subsidiaries in connection with the May 2007 Restructuring, are subject to U.S. federal and state income taxes. The remainder of Oaktree's income is generally not subject to U.S. corporate-level taxation. | ||
Income taxes are accounted for using the liability method of accounting. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of differences between the carrying amount of assets and liabilities and their respective tax bases, using currently enacted tax rates. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period when the change is enacted. Deferred tax assets are reduced by a valuation allowance when it is more likely than not that some portion or all of the deferred tax assets will not be realized. | ||
Oaktree analyzes its tax filing positions for all open tax years in all of the U.S. federal, state, local and foreign tax jurisdictions where it is required to file income tax returns. If the Company determines that uncertainties in tax positions exist, a reserve is established. Oaktree recognizes accrued interest and penalties related to uncertain tax positions in income tax expense within the consolidated statements of operations. | ||
Tax laws are complex and subject to different interpretations by the taxpayer and respective governmental taxing authorities. Significant judgment is required in determining tax expense and in evaluating tax positions, including evaluating uncertainties under GAAP. Oaktree reviews its tax positions quarterly and adjusts its tax balances as new information becomes available. | ||
The Oaktree funds are generally not subject to U.S. federal and state income taxes and, consequently, no income tax provision has been made in the accompanying consolidated financial statements because individual partners are responsible for their proportionate share of the taxable income. | ||
Accounting Policies of Consolidated Funds | ||
Although as general partner the Company typically only has a small minority economic interest in the consolidated funds, the third-party limited partners neither have the right to dissolve the partnerships nor possess substantive kick-out or participating rights that would overcome the presumption of control by the Company. Accordingly, the Company consolidates the consolidated funds and records non-controlling interests to reflect the economic interests of the unaffiliated limited partners. | ||
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. | ||
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 Oaktree 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. | ||
Foreign Currency | ||
Investments denominated in non-U.S. currencies are recorded in the consolidated financial statements after translation into U.S. dollars utilizing rates of exchange on the last business day of the period. Interest and dividend income is recorded net of foreign withholding taxes and calculated using the exchange rate in effect when the income is recognized. The effect of changes in exchange rates on assets and liabilities, income and realized gains or losses is included as part of net realized gain (loss) on consolidated funds' investments and net change in unrealized appreciation (depreciation) on consolidated funds' investments in the consolidated statements of operations. | ||
Investments, at Fair Value | ||
The consolidated funds are primarily investment limited partnerships that reflect their investments (the “portfolio holdings”), including majority-owned and controlled investments, at fair value. The Company has retained the specialized investment company accounting guidance under GAAP for the consolidated funds with respect to consolidated investments. Thus, the consolidated investments are reflected on the consolidated statements of financial condition at fair value, with unrealized gains and losses resulting from changes in fair value reflected as a component of net change in unrealized appreciation (depreciation) on consolidated funds' investments in the consolidated statements of operations. Fair value is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). | ||
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 unobservalbe 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 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 analysis of market studies. Instances where the Company has applied discounts to quoted prices of restricted listed securities have been infrequent. The impact of such discounts is not material to the Company's consolidated statements of financial condition and results of operations for all periods presented. | ||
Credit-oriented Investments (including Real Estate Loan Portfolios) | ||
Investments in corporate and government debt which are not listed or admitted to trading on any securities exchange are valued at the mean of the last bid and ask prices on the valuation date based on quotations supplied by recognized quotation services or by reputable broker-dealers. | ||
The market-yield approach is considered in the valuation of non-publicly traded debt securities, utilizing expected future cash flows and discounted using estimated current market rates. Discounted cash flow calculations may be adjusted to reflect current market conditions and/or the perceived credit risk of the borrower. Consideration is also given to a borrower's ability to meet principal and interest obligations; this may include an evaluation of collateral and/or the underlying value of the borrower utilizing techniques described below under “—Non-publicly Traded Equity and Real Estate Investments.” | ||
Non-publicly Traded Equity and Real Estate Investments | ||
The fair value of equity and real estate investments is determined using a cost, market or income approach. The cost approach is based on the current cost of reproducing a real estate investment less deterioration and functional and economic obsolescence. The market approach utilizes valuations of comparable public companies and transactions, and generally seeks to establish the enterprise value of the portfolio company or investment property using a market-multiple methodology. This approach takes into account the financial measure (such as EBITDA, adjusted EBITDA, free cash flow, net operating income, net income, book value or net asset value) believed to be most relevant for the given company or investment property. Consideration may also 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 period of time elapsed 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 may eventually be realized from sales or other dispositions of investments. Fair values may differ from the values that would have been used had a ready market for the investment existed, and the differences could be material to the consolidated financial statements. | ||
Securities Sold Short | ||
Securities sold short represent obligations of the consolidated funds to make a future delivery of a specific security and, correspondingly, create an obligation to purchase the security at prevailing market prices (or deliver the security, if owned by the consolidated funds) as of the delivery date. As a result, these short sales create the risk that the funds' obligations to satisfy the delivery requirement may exceed the amount recorded in the accompanying consolidated statements of financial condition. | ||
Securities sold short are recorded at fair value, with the resulting change in value reflected as a component of net change in unrealized appreciation (depreciation) on consolidated funds' investments. When the securities are delivered, any gain or loss is included in net realized gain (loss) on consolidated funds' investments. The funds maintain cash deposits with prime brokers in order to cover their obligations on short sales. These amounts are included in due from brokers in the consolidated statements of financial condition. | ||
Options | ||
The purchase price of a call option or a put option is recorded as an investment, which is carried at fair value. If a purchased option expires, a loss in the amount of the cost of the option is realized. When there is a closing sale transaction, a gain or loss is realized if the proceeds are greater or less than, respectively, the cost of the option. When a call option is exercised, the cost of the security purchased upon exercise is increased by the premium originally paid. | ||
When a consolidated fund writes an option, the premium received is recorded as a liability and is subsequently adjusted to the current fair value of the option written. If a written option expires, a gain is realized in the amount of the premium received. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain or loss. The writer of an option bears the market risk of an unfavorable change in the price of the security underlying the written option. Options written are included in accounts payable, accrued expenses and other liabilities in the consolidated statements of financial condition. | ||
Credit Default Swaps | ||
A credit default swap (“CDS”) is a financial instrument used to transfer the credit risk of a reference entity from one party to another for a specified period of time. In a standard CDS contract, one party (the “protection buyer”) agrees to pay a premium (commonly based on a rate of a notional principal amount) to another party (the “protection seller”) in exchange for a contingent payment in the event of a pre-defined credit event that relates to an obligation of a reference entity. The reference entity of the swap can be a single issuer, a basket of issuers or an index. Types of underlying referenced obligations can be, but are not limited to, corporate bonds, bank loans, sovereign debt and asset-backed securities. When a credit event is triggered, the protection seller is obligated to pay the contingent payment to the buyer, which is typically the par value (full notional value) of the reference obligation, though the actual payment may be mitigated by terms of the International Swaps and Derivatives Association Master Agreement allowing for netting arrangements and collateral. The contingent payment may be a cash settlement or a physical delivery of the reference obligation in return for payment of the face amount of the obligation. These contingent amounts are partially offset by any recovery value of the respective referenced obligation, upfront payments received upon entering into the agreement, if any, or net amounts received from the settlement of buy protection agreements entered into by the consolidated funds for the same referenced entity or entities. If a consolidated fund is a protection buyer and no credit event occurs, the fund may lose its investment and recover nothing. However, if a credit event occurs, the protection buyer typically receives full notional value for a reference obligation that may have little or no value. Based on the complex nature of the settlement process and volatility of the market, the Company is generally unable to reasonably estimate the amount of potential future recovery values. | ||
In addition to general market risks, CDS contracts are subject to liquidity and counterparty risk. A CDS may entail greater risks than those of other instruments, including the risk of mispricing due to limited availability of pricing sources and the risk that changes in the value of the swap may not correlate with the underlying asset. A CDS may be highly illiquid because such instruments typically are traded over-the-counter and are not exchange traded. When a fund is a protection buyer, the fund is exposed to credit risk relating to whether the counterparty will meet its obligation upon the occurrence of a credit event. When a fund is a protection seller, it is exposed to off-balance sheet risk to the extent that its ultimate obligation to the counterparty upon the occurrence of a credit event may be significantly higher than the fair value reflected in the consolidated statements of financial condition. | ||
CDS contracts are valued by the Company based in part on quotations provided by an independent pricing service, with changes in value recorded as unrealized appreciation or depreciation. Upfront payments received or paid by the consolidated funds are reflected as an asset or liability in the consolidated statements of financial condition. For further information regarding CDS contracts, please see note 5. | ||
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 underlying value of the swaps 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. The average notional amounts of total return swap contracts outstanding during 2013 were $463,596 long and $30,536 short. The average notional amounts of total return swaps outstanding during 2012 were $487,706 long and $33,891 short. | ||
Due From Brokers | ||
Due from brokers represents cash owned by the consolidated funds, as well as cash collateral, on deposit with brokers and counterparties, and is 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 derivative instruments, 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. | ||
The consolidated funds may invest in real property and real estate-related investments, including commercial mortgage-backed securities (“CMBS”) and real estate loans, that entail substantial inherent risks. There can be no assurance that such investments will increase in value or that significant losses will not be incurred. CMBS are subject to a number of risks, including credit, interest rate, prepayment and market. These risks can be affected by a number of factors, including general economic conditions, particularly those in the area where the related mortgaged properties are located, the level of the borrowers' equity in the mortgaged properties, and the relative timing and rate of delinquencies and prepayments of mortgage loans bearing a higher rate of interest. Real estate loans include residential or commercial loans that are non-performing at the time of their acquisition or that become non-performing following their acquisition. Non-performing real estate loans may require a substantial amount of workout negotiations or restructuring, which may entail, among other things, a substantial reduction in the interest rate and/or write-down of the principal balance. Moreover, foreclosure on collateral securing one or more real estate loans held by the consolidated funds may be necessary, which may be lengthy and expensive. Residential loans are typically subject to risks associated with the value of the underlying properties, which may be affected by a number of factors including general economic conditions, mortgage qualification standards, local market conditions such as employment levels, the supply of homes, and the safety, convenience and attractiveness of the properties and neighborhoods. Commercial loans are typically subject to risks associated with the ability of the borrower to repay, which may be impacted by general economic conditions, as well as borrower-specific factors including the quality of management, the ability to generate sufficient income to make scheduled principal and interest payments, or the ability to obtain alternative financing to repay the loan. | ||
Certain consolidated funds hold over-the-counter derivatives that may allow counterparties to terminate derivative contracts prior to maturity under certain circumstances, thereby resulting in an accelerated payment of any net liability owed to the counterparty. | ||
Recent Accounting Developments | ||
In December 2011, the Financial Accounting Standards Board (“FASB”) issued amended guidance requiring enhanced disclosures that will enable users to evaluate the effect or potential effect of netting arrangements on an entity's financial position, including the effect or potential effect of rights of setoff associated with certain financial instruments and derivative instruments. In January 2013, the FASB issued additional guidance to clarify that ordinary receivables and payables are not in the scope of the amended guidance. The amendments were effective for the Company beginning January 1, 2013. The Company adopted this guidance in the first quarter of 2013 and determined that adoption did not have a material impact on its consolidated financial statements. Please see note 5 for required disclosures. | ||
In February 2013, the FASB issued guidance on reporting amounts reclassified out of accumulated other comprehensive income (“AOCI”), which requires entities to disclose additional information about reclassification adjustments, including changes in AOCI balances by component and significant items reclassified out of AOCI. The guidance was effective for the Company beginning January 1, 2013 and applied prospectively. The Company adopted this guidance in the first quarter of 2013 and determined that adoption did not have a material impact on its consolidated financial statements. | ||
In June 2013, the FASB issued guidance that amended the criteria by which an entity qualifies as an investment company for accounting purposes. The guidance also clarified the characteristics of an investment company and provided measurement and disclosure requirements for an investment company. The amendment is effective for the Company beginning January 1, 2014. The Company does not expect that adoption of this guidance will have a material impact on its consolidated financial statements. |
INVESTMENTS_AT_FAIR_VALUE
INVESTMENTS, AT FAIR VALUE | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Investments [Abstract] | ' | |||||||||||||||||||||||
INVESTMENTS, AT FAIR VALUE | ' | |||||||||||||||||||||||
INVESTMENTS, AT FAIR VALUE | ||||||||||||||||||||||||
Investments held and securities sold short in the consolidated funds are summarized below: | ||||||||||||||||||||||||
Fair Value as of December 31, | Fair value as a percentage of investments of consolidated funds as of December 31, | |||||||||||||||||||||||
Investments: | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
United States: | ||||||||||||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||
Consumer discretionary | $ | 3,017,755 | $ | 5,072,283 | 7.6 | % | 13.2 | % | ||||||||||||||||
Consumer staples | 801,959 | 697,300 | 2 | 1.8 | ||||||||||||||||||||
Energy | 650,336 | 565,151 | 1.6 | 1.5 | ||||||||||||||||||||
Financials | 554,115 | 1,013,230 | 1.4 | 2.6 | ||||||||||||||||||||
Health care | 600,570 | 658,932 | 1.5 | 1.7 | ||||||||||||||||||||
Industrials | 1,768,600 | 1,957,259 | 4.4 | 5.1 | ||||||||||||||||||||
Information technology | 1,130,614 | 908,662 | 2.8 | 2.4 | ||||||||||||||||||||
Materials | 1,094,476 | 826,008 | 2.7 | 2.2 | ||||||||||||||||||||
Telecommunication services | 289,046 | 282,101 | 0.7 | 0.7 | ||||||||||||||||||||
Utilities | 2,182,098 | 1,717,978 | 5.6 | 4.5 | ||||||||||||||||||||
Total fixed income securities (cost: $12,008,435 and $13,320,475 as of December 31, 2013 and 2012, respectively) | 12,089,569 | 13,698,904 | 30.3 | 35.7 | ||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||
Consumer discretionary | 3,164,000 | 3,289,347 | 7.9 | 8.6 | ||||||||||||||||||||
Consumer staples | 482,521 | 444,735 | 1.2 | 1.2 | ||||||||||||||||||||
Energy | 570,839 | 448,412 | 1.4 | 1.2 | ||||||||||||||||||||
Financials | 6,474,365 | 6,001,493 | 16.3 | 15.6 | ||||||||||||||||||||
Health care | 310,582 | 134,239 | 0.8 | 0.3 | ||||||||||||||||||||
Industrials | 1,840,900 | 1,201,156 | 4.6 | 3.1 | ||||||||||||||||||||
Information technology | 227,608 | 199,003 | 0.6 | 0.5 | ||||||||||||||||||||
Materials | 923,933 | 1,407,850 | 2.3 | 3.7 | ||||||||||||||||||||
Telecommunication services | 51,881 | 15,022 | 0.1 | 0 | ||||||||||||||||||||
Utilities | 193,984 | 140,037 | 0.5 | 0.4 | ||||||||||||||||||||
Total equity securities (cost: $11,104,484 and $11,637,988 as of December 31, 2013 and 2012, respectively) | 14,240,613 | 13,281,294 | 35.7 | 34.6 | ||||||||||||||||||||
Fair Value as of December 31, | Fair value as a percentage of investments of consolidated funds as of December 31, | |||||||||||||||||||||||
Investments: | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
Europe: | ||||||||||||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||
Consumer discretionary | $ | 1,519,530 | $ | 1,607,822 | 3.8 | % | 4.2 | % | ||||||||||||||||
Consumer staples | 159,489 | 486,037 | 0.4 | 1.3 | ||||||||||||||||||||
Energy | 295,942 | 272,079 | 0.7 | 0.7 | ||||||||||||||||||||
Financials | 612,123 | 627,161 | 1.5 | 1.6 | ||||||||||||||||||||
Health care | 39,189 | 19,585 | 0.1 | 0 | ||||||||||||||||||||
Industrials | 378,797 | 531,770 | 1 | 1.4 | ||||||||||||||||||||
Information technology | 22,216 | 5,397 | 0.1 | 0 | ||||||||||||||||||||
Materials | 663,984 | 717,294 | 1.7 | 1.9 | ||||||||||||||||||||
Telecommunication services | 175,231 | 190,369 | 0.4 | 0.5 | ||||||||||||||||||||
Utilities | 18,581 | 28,561 | 0 | 0.1 | ||||||||||||||||||||
Total fixed income securities (cost: $3,349,740 and $4,383,068 as of December 31, 2013 and 2012, respectively) | 3,885,082 | 4,486,075 | 9.7 | 11.7 | ||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||
Consumer discretionary | 198,045 | 117,485 | 0.5 | 0.3 | ||||||||||||||||||||
Consumer staples | 385,595 | 1,336,420 | 1 | 3.5 | ||||||||||||||||||||
Energy | 129,207 | 91,724 | 0.3 | 0.2 | ||||||||||||||||||||
Financials | 2,763,198 | 1,553,598 | 6.9 | 4.1 | ||||||||||||||||||||
Health care | 13,084 | — | 0 | — | ||||||||||||||||||||
Industrials | 784,524 | 1,388 | 2 | 0 | ||||||||||||||||||||
Information technology | 1,341 | 335 | 0 | 0 | ||||||||||||||||||||
Materials | 249,732 | 374,169 | 0.6 | 1 | ||||||||||||||||||||
Telecommunication services | 1,382 | — | 0 | — | ||||||||||||||||||||
Total equity securities (cost: $4,111,171 and $2,960,210 as of December 31, 2013 and 2012, respectively) | 4,526,108 | 3,475,119 | 11.3 | 9.1 | ||||||||||||||||||||
Asia and other: | ||||||||||||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||
Consumer discretionary | 93,087 | 680,273 | 0.2 | 1.8 | ||||||||||||||||||||
Consumer staples | 25,424 | 3,615 | 0.1 | 0 | ||||||||||||||||||||
Energy | 74,167 | 47,776 | 0.2 | 0.1 | ||||||||||||||||||||
Financials | 159,369 | 22,186 | 0.4 | 0.1 | ||||||||||||||||||||
Health care | 31,057 | 1,622 | 0.1 | 0 | ||||||||||||||||||||
Industrials | 1,247,793 | 290,639 | 3.1 | 0.8 | ||||||||||||||||||||
Information technology | 21,842 | 33,260 | 0.1 | 0.1 | ||||||||||||||||||||
Materials | 84,107 | 92,974 | 0.2 | 0.2 | ||||||||||||||||||||
Telecommunication services | 1,884 | 1,939 | 0 | 0 | ||||||||||||||||||||
Utilities | 6,808 | 129,474 | 0 | 0.3 | ||||||||||||||||||||
Total fixed income securities (cost: $1,639,694 and $1,298,868 as of December 31, 2013 and 2012, respectively) | 1,745,538 | 1,303,758 | 4.4 | 3.4 | ||||||||||||||||||||
Fair Value as of December 31, | Fair value as a percentage of investments of consolidated funds as of December 31, | |||||||||||||||||||||||
Investments: | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
Asia and other: | ||||||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||
Consumer discretionary | $ | 422,731 | $ | 99,527 | 1.1 | % | 0.3 | % | ||||||||||||||||
Consumer staples | 42,937 | 42,688 | 0.1 | 0.1 | ||||||||||||||||||||
Energy | 267,494 | 213,490 | 0.7 | 0.6 | ||||||||||||||||||||
Financials | 1,211,033 | 973,745 | 3 | 2.5 | ||||||||||||||||||||
Health care | 8,124 | 71 | 0 | 0 | ||||||||||||||||||||
Industrials | 1,136,934 | 613,020 | 2.9 | 1.6 | ||||||||||||||||||||
Information technology | 130,714 | 75,583 | 0.3 | 0.2 | ||||||||||||||||||||
Materials | 63,395 | 51,296 | 0.2 | 0.1 | ||||||||||||||||||||
Telecommunication services | 17,719 | 6,044 | 0 | 0 | ||||||||||||||||||||
Utilities | 123,897 | 52,012 | 0.3 | 0.1 | ||||||||||||||||||||
Total equity securities (cost: $2,734,160 and $1,726,145 as of December 31, 2013 and 2012, respectively) | 3,424,978 | 2,127,476 | 8.6 | 5.5 | ||||||||||||||||||||
Total fixed income securities | 17,720,189 | 19,488,737 | 44.4 | 50.8 | ||||||||||||||||||||
Total equity securities | 22,191,699 | 18,883,889 | 55.6 | 49.2 | ||||||||||||||||||||
Total investments, at fair value | $ | 39,911,888 | $ | 38,372,626 | 100 | % | 100 | % | ||||||||||||||||
Securities Sold Short: | ||||||||||||||||||||||||
Securities sold short – equities (proceeds: $137,092 and $123,575 as of December 31, 2013 and 2012, respectively) | $ | (140,251 | ) | $ | (126,530 | ) | ||||||||||||||||||
As of December 31, 2013 and 2012, no single issuer or investment had a fair value that exceeded 5% of Oaktree's total consolidated net assets. | ||||||||||||||||||||||||
Net Gains (Losses) From Investment Activities of Consolidated Funds | ||||||||||||||||||||||||
Net gains (losses) from investment activities in the consolidated statements of operations consist primarily of the realized and unrealized gains and losses on the consolidated funds' investments (including foreign exchange gains and losses attributable to foreign-denominated investments and related activities) and other financial instruments. Unrealized gains or losses result from changes in the fair value of these investments and other financial instruments. Upon disposition of an investment, unrealized gains or losses are reversed and an offsetting realized gain or loss is recognized in the current period. | ||||||||||||||||||||||||
The following table summarizes net gains (losses) from investment activities: | ||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Net Realized Gain (Loss) on Investments | Net Change in Unrealized Appreciation (Depreciation) on Investments | Net Realized Gain (Loss) on Investments | Net Change in Unrealized Appreciation (Depreciation) on Investments | Net Realized Gain (Loss) on Investments | Net Change in Unrealized Appreciation (Depreciation) on Investments | |||||||||||||||||||
Investments and other financial instruments | $ | 3,649,821 | $ | 2,152,662 | $ | 4,421,219 | $ | 952,478 | $ | 2,008,111 | $ | (3,233,102 | ) | |||||||||||
Total return, credit default and interest-rate swaps (1) | 89,333 | (22,619 | ) | 66,992 | 33,445 | 80,398 | (60,023 | ) | ||||||||||||||||
Foreign currency forward contracts (1) | (217,234 | ) | (286,336 | ) | 85,773 | (148,791 | ) | (307,681 | ) | 233,816 | ||||||||||||||
Options and futures (1) | (17,922 | ) | (238 | ) | (13,202 | ) | (1,972 | ) | (36,693 | ) | (5,367 | ) | ||||||||||||
Total | $ | 3,503,998 | $ | 1,843,469 | $ | 4,560,782 | $ | 835,160 | $ | 1,744,135 | $ | (3,064,676 | ) | |||||||||||
-1 | Please see note 5 for additional information. |
FAIR_VALUE
FAIR VALUE | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||||||||||||||
FAIR VALUE | ' | |||||||||||||||||||||||||||||||||||
FAIR VALUE | ||||||||||||||||||||||||||||||||||||
Fair Value of Financial Assets and Liabilities | ||||||||||||||||||||||||||||||||||||
The short-term nature of cash and cash-equivalents, U.S. Treasury and government-agency securities, receivables and accounts payable causes each of their carrying values to approximate fair value. The fair value of U.S. Treasury securities and short-term investments included in cash and cash-equivalents is a Level I valuation and the fair value of government-agency securities is a Level II valuation. The fair value of the Company's debt obligations, which are carried at amortized cost, is a Level III valuation that is estimated based on a discounted cash-flow calculation using estimated rates that would be offered to Oaktree for debt of similar terms and maturities. The estimated fair value of these debt obligations was $611.1 million and $652.9 million as of December 31, 2013 and 2012, respectively, utilizing an average borrowing rate of 3.2% and 3.1%, respectively. As of December 31, 2013, a 10% increase in the assumed average borrowing rate would lower the estimated fair value to $603.7 million, whereas a 10% decrease would increase the estimated fair value to $618.7 million. The fair value of the Company's interest-rate swaps and foreign exchange contracts is a Level II valuation and is included in accounts payable, other accrued expenses and other liabilities. As of December 31, 2013 and 2012, the fair value of the interest-rate swaps was a net liability of $4.2 million and $7.9 million, respectively, and the fair value of the foreign exchange contracts was a net asset of $1.8 million and a net liability of $0.8 million, respectively. The fair value of the Company's total-return swap, a Level II valuation, included in other assets on the consolidated balance sheet, was an asset of $4.5 million as of December 31, 2013. | ||||||||||||||||||||||||||||||||||||
In 2013, the Company elected the fair value option for certain corporate investments that otherwise would not have reflected unrealized gains and losses in current-period earnings. As of December 31, 2013, the fair value of those securities was $67.6 million and consisted of available-for-sale equity securities. The gain from changes in fair value included in 2013 earnings was $17.1 million, and is included in investment income on the consolidated statements of operations. Accounting for these investments at fair value is consistent with how the Company accounts for its other corporate investments, which are primarily investments in funds. The valuation methods used to measure the fair value of such investments is consistent with the valuation methodologies applied to investments held by the consolidated funds. | ||||||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments Held By Consolidated Funds | ||||||||||||||||||||||||||||||||||||
The table below summarizes the valuation of investments and other financial instruments of the consolidated funds by fair-value hierarchy levels: | ||||||||||||||||||||||||||||||||||||
As of December 31, 2013: | Level I | Level II | Level III | Total | ||||||||||||||||||||||||||||||||
Corporate debt – bank debt | $ | — | $ | 7,352,129 | $ | 2,809,437 | $ | 10,161,566 | ||||||||||||||||||||||||||||
Corporate debt – all other | 798 | 5,125,646 | 2,432,179 | 7,558,623 | ||||||||||||||||||||||||||||||||
Equities – common stock | 4,804,068 | 1,109,270 | 6,700,015 | 12,613,353 | ||||||||||||||||||||||||||||||||
Equities – preferred stock | 4,101 | 8,483 | 919,771 | 932,355 | ||||||||||||||||||||||||||||||||
Real estate | — | 37,184 | 6,221,294 | 6,258,478 | ||||||||||||||||||||||||||||||||
Real estate loan portfolio | — | — | 2,369,441 | 2,369,441 | ||||||||||||||||||||||||||||||||
Other | 2,656 | 1,708 | 13,708 | 18,072 | ||||||||||||||||||||||||||||||||
Total investments | $ | 4,811,623 | $ | 13,634,420 | $ | 21,465,845 | $ | 39,911,888 | ||||||||||||||||||||||||||||
Securities sold short – equities | $ | (140,251 | ) | $ | — | $ | — | $ | (140,251 | ) | ||||||||||||||||||||||||||
Options written (net) | $ | (1,862 | ) | $ | 16,853 | $ | — | $ | 14,991 | |||||||||||||||||||||||||||
Swaps (net) | — | 11,222 | — | 11,222 | ||||||||||||||||||||||||||||||||
Swaptions (net) | — | 5,392 | — | 5,392 | ||||||||||||||||||||||||||||||||
Forward contracts (net) | — | (83,481 | ) | — | (83,481 | ) | ||||||||||||||||||||||||||||||
Futures (net) | (3,067 | ) | — | — | (3,067 | ) | ||||||||||||||||||||||||||||||
As of December 31, 2012: | Level I | Level II | Level III | Total | ||||||||||||||||||||||||||||||||
Corporate debt – bank debt | $ | — | $ | 7,412,691 | $ | 2,253,476 | $ | 9,666,167 | ||||||||||||||||||||||||||||
Corporate debt – all other | — | 6,663,519 | 3,159,051 | 9,822,570 | ||||||||||||||||||||||||||||||||
Equities – common stock | 3,362,742 | 1,055,465 | 8,101,051 | 12,519,258 | ||||||||||||||||||||||||||||||||
Equities – preferred stock | 2,520 | 2,133 | 650,096 | 654,749 | ||||||||||||||||||||||||||||||||
Real estate | — | — | 3,946,142 | 3,946,142 | ||||||||||||||||||||||||||||||||
Real estate loan portfolio | — | — | 1,737,822 | 1,737,822 | ||||||||||||||||||||||||||||||||
Other | 1,933 | 8,438 | 15,547 | 25,918 | ||||||||||||||||||||||||||||||||
Total investments | $ | 3,367,195 | $ | 15,142,246 | $ | 19,863,185 | $ | 38,372,626 | ||||||||||||||||||||||||||||
Securities sold short – equities | $ | (126,530 | ) | $ | — | $ | — | $ | (126,530 | ) | ||||||||||||||||||||||||||
Options written (net) | $ | — | $ | 5,520 | $ | — | $ | 5,520 | ||||||||||||||||||||||||||||
Swaps (net) | — | (5,539 | ) | 44,705 | 39,166 | |||||||||||||||||||||||||||||||
Forward contracts (net) | — | (93,863 | ) | — | (93,863 | ) | ||||||||||||||||||||||||||||||
Futures (net) | 90 | — | — | 90 | ||||||||||||||||||||||||||||||||
The following tables set forth a summary of changes in the fair value of the Level III investments: | ||||||||||||||||||||||||||||||||||||
Corporate Debt – Bank Debt | Corporate Debt – All Other | Equities – Common Stock | Equities – Preferred Stock | Real Estate | Real Estate Loan Portfolio | Swaps | Other | Total | ||||||||||||||||||||||||||||
2013:00:00 | ||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 2,253,476 | $ | 3,159,051 | $ | 8,101,051 | $ | 650,096 | $ | 3,946,142 | $ | 1,737,822 | $ | 44,705 | $ | 15,547 | $ | 19,907,890 | ||||||||||||||||||
Transfers into Level III | 377,448 | 2,410 | 367,562 | 387,757 | 15,055 | — | — | — | 1,150,232 | |||||||||||||||||||||||||||
Transfers out of Level III | (656,354 | ) | (327,612 | ) | (1,222,610 | ) | (35,771 | ) | — | — | — | — | (2,242,347 | ) | ||||||||||||||||||||||
Purchases | 1,673,352 | 428,783 | 1,437,693 | 280,531 | 2,200,559 | 1,226,791 | — | — | 7,247,709 | |||||||||||||||||||||||||||
Sales | (1,120,160 | ) | (1,029,515 | ) | (2,590,023 | ) | (316,187 | ) | (978,064 | ) | (866,588 | ) | (91,101 | ) | — | (6,991,638 | ) | |||||||||||||||||||
Realized gains (losses), net | 33,427 | 120,610 | 956,094 | 41,553 | 194,681 | 39,755 | 91,070 | (27,386 | ) | 1,449,804 | ||||||||||||||||||||||||||
Unrealized appreciation (depreciation), net | 248,248 | 78,452 | (349,752 | ) | (88,208 | ) | 842,921 | 231,661 | (44,674 | ) | 25,547 | 944,195 | ||||||||||||||||||||||||
Ending balance | $ | 2,809,437 | $ | 2,432,179 | $ | 6,700,015 | $ | 919,771 | $ | 6,221,294 | $ | 2,369,441 | $ | — | $ | 13,708 | $ | 21,465,845 | ||||||||||||||||||
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period | $ | 198,469 | $ | 165,124 | $ | 246,039 | $ | (42,108 | ) | $ | 777,549 | $ | 231,662 | $ | — | $ | (1,783 | ) | $ | 1,574,952 | ||||||||||||||||
2012:00:00 | ||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 1,978,637 | $ | 3,155,241 | $ | 6,164,025 | $ | 1,090,107 | $ | 2,786,862 | $ | 479,690 | $ | — | $ | 18,824 | $ | 15,673,386 | ||||||||||||||||||
Transfers into Level III | 476,034 | 688,299 | 785,470 | 6,884 | 39,199 | — | 2,317 | — | 1,998,203 | |||||||||||||||||||||||||||
Transfers out of Level III | (547,130 | ) | (592,397 | ) | (306,648 | ) | (98,797 | ) | (5,353 | ) | — | — | — | (1,550,325 | ) | |||||||||||||||||||||
Purchases | 1,667,292 | 953,076 | 1,009,258 | 53,788 | 1,361,920 | 2,104,577 | — | 500 | 7,150,411 | |||||||||||||||||||||||||||
Sales | (1,329,534 | ) | (1,183,277 | ) | (564,217 | ) | (410,261 | ) | (914,108 | ) | (988,399 | ) | — | (7,835 | ) | (5,397,631 | ) | |||||||||||||||||||
Realized gains (losses), net | 50,938 | 112,396 | 178,115 | 318,498 | 249,933 | 35,650 | — | 5,404 | 950,934 | |||||||||||||||||||||||||||
Unrealized appreciation (depreciation), net | (42,761 | ) | 25,713 | 835,048 | (310,123 | ) | 427,689 | 106,304 | 42,388 | (1,346 | ) | 1,082,912 | ||||||||||||||||||||||||
Ending balance | $ | 2,253,476 | $ | 3,159,051 | $ | 8,101,051 | $ | 650,096 | $ | 3,946,142 | $ | 1,737,822 | $ | 44,705 | $ | 15,547 | $ | 19,907,890 | ||||||||||||||||||
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period | $ | (45,214 | ) | $ | 23,779 | $ | 847,098 | $ | 14,873 | $ | 531,768 | $ | 106,304 | $ | 42,388 | $ | (64 | ) | $ | 1,520,932 | ||||||||||||||||
Total realized and unrealized gains and losses recorded for Level III investments are included in net realized gain on consolidated funds' investments or net change in unrealized appreciation (depreciation) on consolidated funds' investments in the consolidated statements of operations. | ||||||||||||||||||||||||||||||||||||
Transfers between Level I and Level II for the years ended December 31, 2013 and 2012 included transfers from Level II to Level I of $1,295.4 million and $11.5 million, respectively, as certain common equity securities began trading on a securities exchange. | ||||||||||||||||||||||||||||||||||||
Transfers out of Level III were generally attributable to certain investments that experienced a more significant level of market activity during the period and thus were valued using observable inputs. Transfers into Level III were typically due to certain investments that experienced a less significant level of market activity during the period or portfolio companies that undertook restructurings or bankruptcy proceedings and thus were valued in the absence of observable inputs. | ||||||||||||||||||||||||||||||||||||
The following table sets forth a summary of the valuation technique and quantitative information utilized in determining the fair value of the consolidated funds' Level III investments as of December 31, 2013: | ||||||||||||||||||||||||||||||||||||
Investment Type | Fair Value | Valuation Technique | Significant Unobservable Inputs (9)(10)(11) | Range | Weighted Average (12) | |||||||||||||||||||||||||||||||
Credit-oriented investments: | ||||||||||||||||||||||||||||||||||||
Consumer | $ | 40,998 | Discounted cash flow (1) | Discount rate | 13% – 15% | 14% | ||||||||||||||||||||||||||||||
discretionary: | ||||||||||||||||||||||||||||||||||||
571,865 | Market approach | Earnings multiple (3) | 4x – 11x | 5x | ||||||||||||||||||||||||||||||||
(comparable companies) (2) | ||||||||||||||||||||||||||||||||||||
321,619 | Recent transaction price (5) | Not applicable | Not applicable | Not applicable | ||||||||||||||||||||||||||||||||
139,002 | Recent market information (6) | Quoted prices / discount | Not applicable | Not applicable | ||||||||||||||||||||||||||||||||
(discount not applicable) | ||||||||||||||||||||||||||||||||||||
Industrials: | 328,712 | Discounted cash flow (1) | Discount rate | 12% – 17% | 14% | |||||||||||||||||||||||||||||||
335,270 | Discounted cash flow (1) / | Discount rate / Market transactions | 11% – 20% | 14% | ||||||||||||||||||||||||||||||||
Sales approach (8) | ||||||||||||||||||||||||||||||||||||
59,349 | Market approach | Earnings multiple (3) | 4x – 6x | 6x | ||||||||||||||||||||||||||||||||
(comparable companies) (2) | ||||||||||||||||||||||||||||||||||||
77,550 | Market approach | Underlying asset multiple | 0.9x – 1.1x | 1x | ||||||||||||||||||||||||||||||||
(value of underlying assets) (2)(4) | ||||||||||||||||||||||||||||||||||||
208,436 | Recent transaction price (5) | Not applicable | Not applicable | Not applicable | ||||||||||||||||||||||||||||||||
840,871 | Recent market information (6) | Quoted prices / discount | Not applicable | Not applicable | ||||||||||||||||||||||||||||||||
(discount not applicable) | ||||||||||||||||||||||||||||||||||||
Materials: | 67,280 | Discounted cash flow (1) | Discount rate | 13% – 14% | 13% | |||||||||||||||||||||||||||||||
437,522 | Market approach | Earnings multiple (3) | 6x – 7x | 6x | ||||||||||||||||||||||||||||||||
(comparable companies) (2) | ||||||||||||||||||||||||||||||||||||
79,020 | Recent transaction price (5) | Not applicable | Not applicable | Not applicable | ||||||||||||||||||||||||||||||||
Other: | 704,430 | Discounted cash flow (1) | Discount rate | 8% – 15% | 11% | |||||||||||||||||||||||||||||||
337,406 | Market approach | Earnings multiple (3) | 6x – 7x | 7x | ||||||||||||||||||||||||||||||||
(comparable companies) (2) | ||||||||||||||||||||||||||||||||||||
291,925 | Recent transaction price (5) | Not applicable | Not applicable | Not applicable | ||||||||||||||||||||||||||||||||
400,361 | Recent market information (6) | Quoted prices / discount | Not applicable | Not applicable | ||||||||||||||||||||||||||||||||
(discount not applicable) | ||||||||||||||||||||||||||||||||||||
Equity investments: | ||||||||||||||||||||||||||||||||||||
Consumer | 57,560 | Discounted cash flow (1) | Discount rate | 12% – 14% | 13% | |||||||||||||||||||||||||||||||
discretionary: | ||||||||||||||||||||||||||||||||||||
504,550 | Market approach | Earnings multiple (3) | 4x – 11x | 9x | ||||||||||||||||||||||||||||||||
(comparable companies) (2) | ||||||||||||||||||||||||||||||||||||
97,834 | Recent transaction price (5) | Not applicable | Not applicable | Not applicable | ||||||||||||||||||||||||||||||||
140,705 | Recent market information (6) | Quoted prices / discount | Not applicable | Not applicable | ||||||||||||||||||||||||||||||||
(discount not applicable) | ||||||||||||||||||||||||||||||||||||
Financials: | 344,636 | Market approach | Earnings multiple (3) | 12x – 14x | 13x | |||||||||||||||||||||||||||||||
(comparable companies) (2) | ||||||||||||||||||||||||||||||||||||
407,823 | Market approach | Underlying asset multiple | 1x – 1.2x | 1.1x | ||||||||||||||||||||||||||||||||
(value of underlying assets) (2)(4) | ||||||||||||||||||||||||||||||||||||
185,140 | Recent transaction price (5) | Not applicable | Not applicable | Not applicable | ||||||||||||||||||||||||||||||||
Industrials: | 1,511,811 | Market approach | Earnings multiple (3) | 4x – 12x | 8x | |||||||||||||||||||||||||||||||
(comparable companies) (2) | ||||||||||||||||||||||||||||||||||||
1,064,686 | Market approach | Underlying asset multiple | 1x – 1.4x | 1.1x | ||||||||||||||||||||||||||||||||
(value of underlying assets) (2)(4) | ||||||||||||||||||||||||||||||||||||
745,519 | Recent transaction price (5) | Not applicable | Not applicable | Not applicable | ||||||||||||||||||||||||||||||||
Investment Type | Fair Value | Valuation Technique | Significant Unobservable Inputs (9)(10)(11) | Range | Weighted Average (12) | |||||||||||||||||||||||||||||||
Materials: | $ | 1,014,930 | Market approach | Earnings multiple (3) | 6x – 8x | 7x | ||||||||||||||||||||||||||||||
(comparable companies) (2) | ||||||||||||||||||||||||||||||||||||
1,604 | Recent market information (6) | Quoted prices / discount | Not applicable | Not applicable | ||||||||||||||||||||||||||||||||
(discount not applicable) | ||||||||||||||||||||||||||||||||||||
56,064 | Recent transaction price (5) | Not applicable | Not applicable | Not applicable | ||||||||||||||||||||||||||||||||
Other: | 60,451 | Discounted cash flow (1) | Discount rate | 10% – 12% | 11% | |||||||||||||||||||||||||||||||
1,052,158 | Market approach | Earnings multiple (3) | 5x – 11x | 9x | ||||||||||||||||||||||||||||||||
(comparable companies) (2) | ||||||||||||||||||||||||||||||||||||
21,790 | Recent transaction price (5) | Not applicable | Not applicable | Not applicable | ||||||||||||||||||||||||||||||||
107,361 | Recent market information (6) | Quoted prices / discount | Not applicable | Not applicable | ||||||||||||||||||||||||||||||||
(discount not applicable) | ||||||||||||||||||||||||||||||||||||
245,164 | Other | Not applicable | Not applicable | Not applicable | ||||||||||||||||||||||||||||||||
Real estate-oriented | ||||||||||||||||||||||||||||||||||||
investments: | ||||||||||||||||||||||||||||||||||||
1,997,927 | Discounted cash flow (1)(7) | Discount rate | 8% – 36% | 14% | ||||||||||||||||||||||||||||||||
Terminal capitalization rate | 6% – 15% | 8% | ||||||||||||||||||||||||||||||||||
Direct capitalization rate | 7% – 8% | 8% | ||||||||||||||||||||||||||||||||||
Net operating income growth rate | 1% – 30% | 9% | ||||||||||||||||||||||||||||||||||
Absorption rate | 16% – 44% | 32% | ||||||||||||||||||||||||||||||||||
1,230,234 | Market approach | Earnings multiple (3) | 6x – 12x | 12x | ||||||||||||||||||||||||||||||||
(comparable companies) (2) | ||||||||||||||||||||||||||||||||||||
427,452 | Market approach | Underlying asset multiple | 1.3x – 1.5x | 1.4x | ||||||||||||||||||||||||||||||||
(value of underlying assets) (2)(4) | ||||||||||||||||||||||||||||||||||||
710,888 | Recent transaction price (5) | Not applicable | Not applicable | Not applicable | ||||||||||||||||||||||||||||||||
684,802 | Sales approach (8) | Market transactions | Not applicable | Not applicable | ||||||||||||||||||||||||||||||||
1,169,991 | Recent market information (6) | Quoted prices / discount | 0% – 6% | 5% | ||||||||||||||||||||||||||||||||
Real estate loan | ||||||||||||||||||||||||||||||||||||
portfolios: | ||||||||||||||||||||||||||||||||||||
593,986 | Recent transaction price (5) | Not applicable | Not applicable | Not applicable | ||||||||||||||||||||||||||||||||
1,775,455 | Discounted cash flow (1)(7) | Discount rate | 10% – 24% | 15% | ||||||||||||||||||||||||||||||||
Other | 13,708 | |||||||||||||||||||||||||||||||||||
Total Level III | $ | 21,465,845 | ||||||||||||||||||||||||||||||||||
investments | ||||||||||||||||||||||||||||||||||||
The following table sets forth a summary of the valuation technique and quantitative information utilized in determining the fair value of the Company's Level III investments as of December 31, 2012: | ||||||||||||||||||||||||||||||||||||
Investment Type | Fair Value | Valuation Technique | Significant Unobservable Inputs (9)(10)(11) | Range | Weighted Average (12) | |||||||||||||||||||||||||||||||
Credit-oriented investments: | ||||||||||||||||||||||||||||||||||||
Consumer | $ | 163,978 | Discounted cash flow (1) | Discount rate | 7% – 15% | 13% | ||||||||||||||||||||||||||||||
discretionary: | ||||||||||||||||||||||||||||||||||||
233,160 | Market approach | Earnings multiple (3) | 5x – 12x | 8x | ||||||||||||||||||||||||||||||||
(comparable companies) (2) | ||||||||||||||||||||||||||||||||||||
673,870 | Recent transaction price (5) | Not applicable | Not applicable | Not applicable | ||||||||||||||||||||||||||||||||
202,878 | Recent market information (6) | Quoted prices / discount | Not applicable | Not applicable | ||||||||||||||||||||||||||||||||
(discount not applicable) | ||||||||||||||||||||||||||||||||||||
Consumer staples: | 317,589 | Discounted cash flow (1) | Discount rate | 12% – 14% | 12% | |||||||||||||||||||||||||||||||
283,020 | Market approach | Earnings multiple (3) | 9x – 10x | 9x | ||||||||||||||||||||||||||||||||
(comparable companies) (2) | ||||||||||||||||||||||||||||||||||||
104,956 | Recent transaction price (5) | Not applicable | Not applicable | Not applicable | ||||||||||||||||||||||||||||||||
7,424 | Recent market information (6) | Quoted prices / discount | Not applicable | Not applicable | ||||||||||||||||||||||||||||||||
(discount not applicable) | ||||||||||||||||||||||||||||||||||||
Financials: | 15,055 | Discounted cash flow (1) | Discount rate | 9% – 11% | 10% | |||||||||||||||||||||||||||||||
106,777 | Market approach | Earnings multiple (3) | 9x – 11x | 10x | ||||||||||||||||||||||||||||||||
(comparable companies) (2) | ||||||||||||||||||||||||||||||||||||
22,774 | Recent transaction price (5) | Not applicable | Not applicable | Not applicable | ||||||||||||||||||||||||||||||||
439,281 | Recent market information (6) | Quoted prices / discount | Not applicable | Not applicable | ||||||||||||||||||||||||||||||||
(discount not applicable) | ||||||||||||||||||||||||||||||||||||
Industrials: | 544,628 | Discounted cash flow (1) | Discount rate | 8% – 19% | 14% | |||||||||||||||||||||||||||||||
173,006 | Market approach | Earnings multiple (3) | 5x – 10x | 8x | ||||||||||||||||||||||||||||||||
(comparable companies) (2) | ||||||||||||||||||||||||||||||||||||
92,899 | Market approach | Underlying asset multiple | 0.9x – 1.1x | 1x | ||||||||||||||||||||||||||||||||
(value of underlying assets) (2)(4) | ||||||||||||||||||||||||||||||||||||
419,825 | Recent transaction price (5) | Not applicable | Not applicable | Not applicable | ||||||||||||||||||||||||||||||||
176,334 | Recent market information (6) | Quoted prices / discount | Not applicable | Not applicable | ||||||||||||||||||||||||||||||||
(discount not applicable) | ||||||||||||||||||||||||||||||||||||
Materials: | 63,132 | Discounted cash flow (1) | Discount rate | 13% – 15% | 14% | |||||||||||||||||||||||||||||||
464,236 | Market approach | Earnings multiple (3) | 6x – 8x | 7x | ||||||||||||||||||||||||||||||||
(comparable companies) (2) | ||||||||||||||||||||||||||||||||||||
173,248 | Recent transaction price (5) | Not applicable | Not applicable | Not applicable | ||||||||||||||||||||||||||||||||
Other: | 252,080 | Discounted cash flow (1) | Discount rate | 7% – 16% | 14% | |||||||||||||||||||||||||||||||
208,950 | Market approach | Earnings multiple (3) | 5x – 6x | 6x | ||||||||||||||||||||||||||||||||
(comparable companies) (2) | ||||||||||||||||||||||||||||||||||||
103,269 | Market approach | Underlying asset multiple | 0.9x – 1.1x | 1x | ||||||||||||||||||||||||||||||||
(value of underlying assets) (2)(4) | ||||||||||||||||||||||||||||||||||||
104,760 | Recent transaction price (5) | Not applicable | Not applicable | Not applicable | ||||||||||||||||||||||||||||||||
110,103 | Recent market information (6) | Quoted prices / discount | Not applicable | Not applicable | ||||||||||||||||||||||||||||||||
(discount not applicable) | ||||||||||||||||||||||||||||||||||||
Equity investments: | ||||||||||||||||||||||||||||||||||||
Consumer staples: | 1,591,730 | Market approach | Earnings multiple (3) | 5x – 9x | 8x | |||||||||||||||||||||||||||||||
(comparable companies) (2) | ||||||||||||||||||||||||||||||||||||
Financials: | 758,887 | Market approach | Earnings multiple (3) | 10x – 14x | 12x | |||||||||||||||||||||||||||||||
(comparable companies) (2) | ||||||||||||||||||||||||||||||||||||
306,977 | Market approach | Underlying asset multiple | 1x – 1.2x | 1.1x | ||||||||||||||||||||||||||||||||
(value of underlying assets) (2)(4) | ||||||||||||||||||||||||||||||||||||
1,412,616 | Recent transaction price (5) | Not applicable | Not applicable | Not applicable | ||||||||||||||||||||||||||||||||
9,630 | Recent market information (6) | Quoted prices / discount | Not applicable | Not applicable | ||||||||||||||||||||||||||||||||
(discount not applicable) | ||||||||||||||||||||||||||||||||||||
Investment Type | Fair Value | Valuation Technique | Significant Unobservable Inputs (9)(10)(11) | Range | Weighted Average (12) | |||||||||||||||||||||||||||||||
Industrials: | $ | 879,752 | Market approach | Earnings multiple (3) | 4x – 11x | 8x | ||||||||||||||||||||||||||||||
(comparable companies) (2) | ||||||||||||||||||||||||||||||||||||
1,388 | Market approach | Underlying asset multiple | 0.9x – 1.1x | 1x | ||||||||||||||||||||||||||||||||
(value of underlying assets) (2)(4) | ||||||||||||||||||||||||||||||||||||
658,463 | Recent transaction price (5) | Not applicable | Not applicable | Not applicable | ||||||||||||||||||||||||||||||||
Materials: | 1,685,758 | Market approach | Earnings multiple (3) | 6x – 8x | 7x | |||||||||||||||||||||||||||||||
(comparable companies) (2) | ||||||||||||||||||||||||||||||||||||
81,673 | Recent transaction price (5) | Not applicable | Not applicable | Not applicable | ||||||||||||||||||||||||||||||||
Other: | 57,560 | Discounted cash flow (1) | Discount rate | 13% – 15% | 14% | |||||||||||||||||||||||||||||||
1,031,830 | Market approach | Earnings multiple (3) | 5x – 12x | 8x | ||||||||||||||||||||||||||||||||
(comparable companies) (2) | ||||||||||||||||||||||||||||||||||||
82,131 | Market approach | Underlying asset multiple | 0.9x – 1.1x | 1x | ||||||||||||||||||||||||||||||||
(value of underlying assets) (2)(4) | ||||||||||||||||||||||||||||||||||||
32,955 | Recent transaction price (5) | Not applicable | Not applicable | Not applicable | ||||||||||||||||||||||||||||||||
86,828 | Recent market information (6) | Quoted prices / discount | Not applicable | Not applicable | ||||||||||||||||||||||||||||||||
(discount not applicable) | ||||||||||||||||||||||||||||||||||||
72,969 | Other | Not applicable | Not applicable | Not applicable | ||||||||||||||||||||||||||||||||
Real estate-oriented | ||||||||||||||||||||||||||||||||||||
investments: | ||||||||||||||||||||||||||||||||||||
1,306,815 | Discounted cash flow (1)(7) | Discount rate | 8% – 28% | 14% | ||||||||||||||||||||||||||||||||
Terminal capitalization rate | 6% – 11% | 8% | ||||||||||||||||||||||||||||||||||
Direct capitalization rate | 7% – 8% | 8% | ||||||||||||||||||||||||||||||||||
Net operating income growth rate | 1% – 29% | 11% | ||||||||||||||||||||||||||||||||||
Absorption rate | 14% – 33% | 27% | ||||||||||||||||||||||||||||||||||
844,610 | Market approach | Earnings multiple (3) | 6x – 13x | 12x | ||||||||||||||||||||||||||||||||
(comparable companies) (2) | ||||||||||||||||||||||||||||||||||||
737,011 | Market approach | Underlying asset multiple | 1.7x – 1.8x | 1.8x | ||||||||||||||||||||||||||||||||
(value of underlying assets) (2)(4) | ||||||||||||||||||||||||||||||||||||
674,292 | Recent transaction price (5) | Not applicable | Not applicable | Not applicable | ||||||||||||||||||||||||||||||||
243,791 | Sales approach (8) | Market transactions | Not applicable | Not applicable | ||||||||||||||||||||||||||||||||
139,623 | Recent market information (6) | Quoted prices / discount | Not applicable | Not applicable | ||||||||||||||||||||||||||||||||
(discount not applicable) | ||||||||||||||||||||||||||||||||||||
Real estate loan | ||||||||||||||||||||||||||||||||||||
portfolios: | ||||||||||||||||||||||||||||||||||||
1,245,538 | Recent transaction price (5) | Not applicable | Not applicable | Not applicable | ||||||||||||||||||||||||||||||||
102,153 | Recent market information (6) | Quoted prices / discount | Not applicable | Not applicable | ||||||||||||||||||||||||||||||||
(discount not applicable) | ||||||||||||||||||||||||||||||||||||
390,131 | Discounted cash flow (1)(7) | Discount rate | 14% – 20% | 15% | ||||||||||||||||||||||||||||||||
Other | 15,547 | |||||||||||||||||||||||||||||||||||
Total Level III | $ | 19,907,890 | ||||||||||||||||||||||||||||||||||
investments | ||||||||||||||||||||||||||||||||||||
-1 | 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. | |||||||||||||||||||||||||||||||||||
-2 | A market approach is generally used to value distressed investments and investments in which the consolidated funds have a controlling interest in the underlying issuer. | |||||||||||||||||||||||||||||||||||
-3 | 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. | |||||||||||||||||||||||||||||||||||
-4 | 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. | |||||||||||||||||||||||||||||||||||
-5 | 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. | |||||||||||||||||||||||||||||||||||
-6 | Certain investments are valued using quoted prices 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. | |||||||||||||||||||||||||||||||||||
-7 | The discounted cash flow model for certain real estate-oriented investments and certain real estate loan portfolios contains a sell-out analysis. In these cases, the discounted cash flow is based on the expected timing and prices of sales of the underlying properties. The Company's determination of the sales prices of these properties typically includes consideration of prices and other relevant information from market transactions involving comparable properties. | |||||||||||||||||||||||||||||||||||
-8 | The sales approach uses prices and other relevant information generated by market transactions involving comparable assets. The significant unobservable inputs used in the sales approach generally include adjustments to transactions involving comparable assets or properties, adjustments to external or internal appraised values, and the Company's assumptions regarding market trends or other relevant factors. | |||||||||||||||||||||||||||||||||||
-9 | 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. | |||||||||||||||||||||||||||||||||||
-10 | 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. | |||||||||||||||||||||||||||||||||||
-11 | The significant unobservable inputs used in the fair-value measurement of real estate investments utilizing a discounted cash flow analysis can include one or more of the following: discount rate, terminal capitalization rate, direct capitalization rate, net operating income growth rate or absorption rate. An increase (decrease) in a discount rate, terminal capitalization rate or direct capitalization rate would result in a lower (higher) fair-value measurement. An increase (decrease) in a net operating income growth rate or absorption rate would result in a higher (lower) fair-value measurement. Generally, a change in a net operating income growth rate or absorption rate would be accompanied by a directionally similar change in the discount rate. | |||||||||||||||||||||||||||||||||||
-12 | The weighted average is based on the fair value of the investments included in the range. | |||||||||||||||||||||||||||||||||||
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 market place participants. As described in note 2, other factors beyond the unobservable inputs described above may have a significant impact on investment valuations. | ||||||||||||||||||||||||||||||||||||
During the year ended December 31, 2013, there were changes in the techniques used for purposes of valuing certain Level III-type investments. One real estate-oriented investment commenced trading on a securities exchange; thus, it changed from a market approach based on the value of underlying assets to a valuation based on recent market information, as adjusted for factors stemming from the structure of the equity interests owned by the consolidated funds. The valuation technique for certain real estate loan portfolios changed to a discounted cash flow method from a combination of recent market and sales information, as a result of a lack of recent market transaction data. One credit-oriented investment changed to a market approach based on comparable companies from a valuation based on underlying assets as a result of a change in the composition of the underlying investment. | ||||||||||||||||||||||||||||||||||||
During the year ended December 31, 2012, the valuation technique for two real estate-oriented investments changed to a market approach based on comparable companies from a discounted cash flow approach as a result of a change in the composition of the underlying investments. |
HEDGES_AND_OTHER_DERIVATIVE_FI
HEDGES AND OTHER DERIVATIVE FINANCIAL INSTRUMENTS | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||||||||
HEDGES AND OTHER DERIVATIVE FINANCIAL INSTRUMENTS | ' | |||||||||||||||||||||||
HEDGES AND OTHER DERIVATIVE INSTRUMENTS | ||||||||||||||||||||||||
The Company enters into derivative instruments as part of its overall risk management strategy or to facilitate its investment management activities. 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 include the use of derivative instruments 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 derivative instruments. | ||||||||||||||||||||||||
In January 2013, the Company entered into an interest-rate swap with a notional value of $175.0 million, of which $168.8 million was designated to hedge a portion of the interest-rate risk associated with its variable-rate borrowings. In conjunction with the Company’s existing interest-rate swap, this swap effectively fixed the annual interest rate at a blended rate of 2.60%, based on the Company's current credit ratings, on the bulk of the first four years of the Company's term loan. | ||||||||||||||||||||||||
As of December 31, 2013, the Company had two interest-rate swaps designated as cash-flow hedges with a combined notional value of $378.8 million. These hedges continued to be effective as of December 31, 2013. As of December 31, 2012, the Company had one interest-rate swap designated as a cash-flow hedge with a notional value of $240.0 million. | ||||||||||||||||||||||||
In August 2013, to facilitate its investment management activities, the Company entered into a two-year total return swap (“TRS”) agreement with a financial institution to meet certain investment objectives for which the primary risk exposure is credit. Pursuant to the TRS agreement, as of December 31, 2013, the Company had deposited $50 million in cash collateral with the counterparty and had the ability to access up to $200 million of U.S. dollar-denominated debt securities underlying the TRS. The Company will be entitled to receive or obligated to pay certain amounts based on the interest income or expense, as well as changes in the market values, of the TRS's underlying reference securities. The Company pays interest on the outstanding notional amount of the underlying reference securities at a spread to LIBOR. The TRS's fair value is based on changes in the fair value of the underlying reference securities, which are recorded as unrealized gains or losses until realized. | ||||||||||||||||||||||||
Freestanding derivatives are instruments that the Company enters into as part of its overall risk management strategy but does not designate as hedging instruments for accounting purposes. These instruments may include foreign currency exchange contracts, interest-rate swaps and other derivative contracts. | ||||||||||||||||||||||||
The fair value of forward currency sell contracts consisted of the following: | ||||||||||||||||||||||||
As of December 31, 2013: | Contract | Contract | Market | Net Unrealized | ||||||||||||||||||||
Amount in | Amount in | Value in | Appreciation | |||||||||||||||||||||
Local Currency | U.S. Dollars | U.S. Dollars | (Depreciation) | |||||||||||||||||||||
Euro, expiring 1/8/14-10/31/14 | 115,685 | $ | 153,959 | $ | 159,485 | $ | (5,526 | ) | ||||||||||||||||
USD (buy GBP), expiring 1/8/14-9/30/14 | 54,361 | 54,361 | 50,286 | 4,075 | ||||||||||||||||||||
GBP, expiring 4/30/14 | 3,000 | 4,643 | 4,966 | (323 | ) | |||||||||||||||||||
Japanese Yen, expiring 1/31/14-1/30/15 | 6,261,700 | 63,107 | 59,581 | 3,526 | ||||||||||||||||||||
Total | $ | 276,070 | $ | 274,318 | $ | 1,752 | ||||||||||||||||||
As of December 31, 2012: | ||||||||||||||||||||||||
Euro, expiring 1/7/13-10/31/13 | 93,500 | $ | 104,155 | $ | 105,997 | $ | (1,842 | ) | ||||||||||||||||
Japanese Yen, expiring 2/28/13-5/31/13 | 1,330,000 | 16,418 | 15,379 | 1,039 | ||||||||||||||||||||
Total | $ | 120,573 | $ | 121,376 | $ | (803 | ) | |||||||||||||||||
The fair value of the TRS contract, which is included in other assets in the consolidated statements of financial condition, consisted of the following: | ||||||||||||||||||||||||
As of December 31, 2013 | Notional | Fair Value | ||||||||||||||||||||||
Total-return swap | $ | 189,089 | $ | 4,515 | ||||||||||||||||||||
Realized and unrealized gains and losses arising from freestanding derivative instruments were recorded on the consolidated statements of operations as follows: | ||||||||||||||||||||||||
For the Year Ended December 31, | ||||||||||||||||||||||||
Foreign Currency Forward Contracts: | 2013 | 2012 | 2011 | |||||||||||||||||||||
General and administrative expenses (1) | $ | 3,763 | $ | 1,545 | $ | (1,688 | ) | |||||||||||||||||
Total-return Swap: | ||||||||||||||||||||||||
Investment income | $ | 4,515 | $ | — | $ | — | ||||||||||||||||||
-1 | To the extent that the Company's freestanding derivatives are utilized to hedge its exposure to investment income and management fees earned from consolidated funds, the related hedged items are eliminated in consolidation, with the derivative impact (a positive number reflects a reduction of expenses) reflected in consolidated general and administrative expenses. | |||||||||||||||||||||||
As of both December 31, 2013 and 2012, the Company had not designated any derivatives as fair-value hedges or hedges of net investments in foreign operations. | ||||||||||||||||||||||||
Derivatives Held By Consolidated Funds | ||||||||||||||||||||||||
Certain consolidated funds utilize derivative instruments in ongoing investment operations. These derivatives primarily consist of foreign currency forward contracts utilized to manage currency risk, interest-rate swaps to hedge interest-rate risk, options and futures used to hedge exposure for specific securities, and total-return and credit-default 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 and credit-default swaps is credit. None of the derivative instruments is accounted for as a hedging instrument utilizing hedge accounting. | ||||||||||||||||||||||||
The impact of derivative instruments held by the consolidated funds on the consolidated statements of operations was as follows: | ||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Net Realized Gain (Loss) on Investments | Net Change in Unrealized Appreciation (Depreciation) on Investments | Net Realized Gain (Loss) on Investments | Net Change in Unrealized Appreciation (Depreciation) on Investments | Net Realized Gain (Loss) on Investments | Net Change in Unrealized Appreciation (Depreciation) on Investments | |||||||||||||||||||
Total-return, credit-default and interest-rate swaps | $ | 89,333 | $ | (22,619 | ) | $ | 66,992 | $ | 33,445 | $ | 80,398 | $ | (60,023 | ) | ||||||||||
Foreign currency forward contracts | (217,234 | ) | (286,336 | ) | 85,773 | (148,791 | ) | (307,681 | ) | 233,816 | ||||||||||||||
Options and futures | (17,922 | ) | (238 | ) | (13,202 | ) | (1,972 | ) | (36,693 | ) | (5,367 | ) | ||||||||||||
Total | $ | (145,823 | ) | $ | (309,193 | ) | $ | 139,563 | $ | (117,318 | ) | $ | (263,976 | ) | $ | 168,426 | ||||||||
Foreign Currency Contracts | ||||||||||||||||||||||||
Certain consolidated funds enter into foreign currency contracts to hedge foreign currencies utilized in certain current investments or future purchase commitments. All commitments are valued using the applicable foreign currency exchange rate, with the resulting unrealized gain or loss included in income. Gains or losses are realized at the time forward contracts are either extinguished or closed if entering into an offsetting contract. | ||||||||||||||||||||||||
The average notional amounts of foreign currency contracts outstanding during 2013 were $4.5 billion long and $243.6 million short, and during 2012 were $3.8 billion long and $205.2 million short. Outstanding foreign currency contracts as of December 31, 2013 and 2012, which included $51.8 million and $53.3 million of gross unrealized appreciation, and $135.2 million and $147.2 million of gross unrealized depreciation, respectively, were as follows. | ||||||||||||||||||||||||
As of December 31, 2013: | Contract Amount in Local Currency | Contract Amount in U.S. Dollars | Market Value in U.S. Dollars | Net Unrealized Appreciation (Depreciation) | ||||||||||||||||||||
Euro, expiring 1/6/14-3/4/15 | (1,324,989 | ) | $ | 1,832,932 | $ | 1,878,449 | $ | (45,517 | ) | |||||||||||||||
Pound Sterling, expiring 1/6/14-12/12/14 | (905,090 | ) | 1,437,028 | 1,510,779 | (73,751 | ) | ||||||||||||||||||
Canadian Dollar, expiring 1/16/14-2/13/14 | (8,289 | ) | 7,864 | 7,706 | 158 | |||||||||||||||||||
Australian Dollar, expiring 1/16/14-6/12/14 | (404,642 | ) | 376,193 | 361,010 | 15,183 | |||||||||||||||||||
Hong Kong Dollar, expiring 1/23/14 | (37,208 | ) | 4,800 | 4,799 | 1 | |||||||||||||||||||
Japanese Yen, expiring 1/10/14-11/28/14 | (37,773,587 | ) | 383,383 | 359,072 | 24,311 | |||||||||||||||||||
Swiss Franc, expiring 1/23/14 | (2,355 | ) | 2,635 | 2,648 | (13 | ) | ||||||||||||||||||
Singapore Dollar, expiring 1/23/14 | (5,741 | ) | 2,717 | 2,633 | 84 | |||||||||||||||||||
South Korean Won, expiring 1/23/14 | (1,236,110 | ) | 1,161 | 1,177 | (16 | ) | ||||||||||||||||||
New Zealand Dollar, expiring 2/13/14-6/12/14 | (114,303 | ) | 94,065 | 92,984 | 1,081 | |||||||||||||||||||
Danish Krone, expiring 11/4/14 | (314,524 | ) | 57,007 | 58,047 | (1,040 | ) | ||||||||||||||||||
Indian Rupee, expiring 1/2/14-12/1/15 | 424,331 | (6,106 | ) | (6,502 | ) | 396 | ||||||||||||||||||
Korean Won, expiring 2/4/14-7/23/14 | (104,273,576 | ) | 93,775 | 98,133 | (4,358 | ) | ||||||||||||||||||
Total | $ | 4,287,454 | $ | 4,370,935 | $ | (83,481 | ) | |||||||||||||||||
As of December 31, 2012: | Contract Amount in Local Currency | Contract Amount in U.S. Dollars | Market Value in U.S. Dollars | Net Unrealized Appreciation (Depreciation) | ||||||||||||||||||||
Euro, expiring 1/7/13-6/27/14 | (1,612,565 | ) | $ | 2,030,641 | $ | 2,126,806 | $ | (96,165 | ) | |||||||||||||||
Pound Sterling, expiring 1/7/13-8/3/15 | (419,386 | ) | 666,362 | 680,600 | (14,238 | ) | ||||||||||||||||||
Canadian Dollar, expiring 1/10/13-3/14/13 | (14,743 | ) | 15,056 | 14,789 | 267 | |||||||||||||||||||
Australian Dollar, expiring 1/10/13-3/14/13 | (643,136 | ) | 654,139 | 665,263 | (11,124 | ) | ||||||||||||||||||
Hong Kong Dollar, expiring 1/17/13 | (31,301 | ) | 4,038 | 4,038 | — | |||||||||||||||||||
Japanese Yen, expiring 1/10/13-11/29/13 | (32,661,235 | ) | 413,138 | 377,884 | 35,254 | |||||||||||||||||||
Swiss Franc, expiring 1/7/13-1/17/13 | (10,041 | ) | 10,803 | 10,971 | (168 | ) | ||||||||||||||||||
Singapore Dollar, expiring 1/17/13 | (1,858 | ) | 1,520 | 1,521 | (1 | ) | ||||||||||||||||||
Chinese Yuan, expiring 3/7/13 | — | — | (55 | ) | (632 | ) | ||||||||||||||||||
New Zealand Dollar, expiring 1/10/13 | (68,079 | ) | 54,573 | 56,133 | (1,560 | ) | ||||||||||||||||||
Korean Won, expiring 2/4/13-6/19/14 | (85,515,234 | ) | 74,002 | 79,498 | (5,496 | ) | ||||||||||||||||||
Total | $ | 3,924,272 | $ | 4,017,448 | $ | (93,863 | ) | |||||||||||||||||
Credit Default Swaps | ||||||||||||||||||||||||
Changes in the value of a CDS are recorded as unrealized appreciation or depreciation. Upfront payments received or paid by the consolidated funds are reflected as an asset or liability in the consolidated statements of financial condition. | ||||||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||
As of December 31, 2013, payments in the amount of $3,506 had been received as upfront payments. Periodic premiums received or payments made by the consolidated funds are recorded as realized gains or losses on consolidated funds' investments, respectively, in the consolidated statements of operations. Gains or losses are realized upon early termination of the swap agreement. Collateral, in the form of cash or securities, may be required to be held in segregated accounts with a custodian in compliance with a CDS contract. | ||||||||||||||||||||||||
As of December 31, 2013, the consolidated funds have bought protection on various index swaps. The maximum receipts on these buy protection contracts were approximately $50,000, with terms up to five years. The net unrealized depreciation on these contracts was $4,335 as of December 31, 2013. | ||||||||||||||||||||||||
As of December 31, 2012 | ||||||||||||||||||||||||
As of December 31, 2012, payments in the amount of $4,350 had been received or paid as upfront payments. Periodic premiums received or payments made by the consolidated funds are recorded as realized gains or losses on consolidated funds' investments, respectively, in the consolidated statements of operations. Gains or losses are realized upon early termination of the swap agreement. Collateral, in the form of cash or securities, may be required to be held in segregated accounts with a custodian in compliance with a CDS contract. | ||||||||||||||||||||||||
As of December 31, 2012, the consolidated funds have sold protection and bought protection on various single-name swaps and index swaps. There was a maximum payout of approximately $269,800 on sell protection contracts and maximum receipt of approximately $10,000 on buy protection contracts, with terms up to five years. The maximum payout amount could be offset by the subsequent sale, if any, of assets obtained via the execution of a payout event. The net unrealized appreciation on these contracts was $7,692 as of December 31, 2012. The table below summarizes the CDSs for which the consolidated funds were protection sellers as of December 31, 2012: | ||||||||||||||||||||||||
Single-name CDS | Bank Loan Swap Index | |||||||||||||||||||||||
Reference Asset Type | Bank Loan | Corporate Bond | ||||||||||||||||||||||
Fair value of sell protection | $ | 3,115 | $ | 164 | $ | 92 | ||||||||||||||||||
Maximum potential future payments | 221,700 | 5,600 | 42,500 | |||||||||||||||||||||
Collateral held at third party | (20,503 | ) | (196 | ) | (3,040 | ) | ||||||||||||||||||
The credit spread on the underlying asset is generally indicative of the current status of the underlying risk of the CDS. Higher credit spreads with a shorter contract term could be indicative of a higher likelihood for the protection seller to perform. The current credit spreads for each contract term period where the consolidated funds were protection sellers is summarized below: | ||||||||||||||||||||||||
Maximum Payout Amounts By Contract Term | ||||||||||||||||||||||||
Current Credit Spread (in Basis Points) | 0-1 Year | 1-3 Years | ||||||||||||||||||||||
0-1,000 | $ | 269,800 | $ | — | ||||||||||||||||||||
Balance Sheet Offsetting | ||||||||||||||||||||||||
The Company recognizes all derivatives as assets or liabilities at fair value in its consolidated statements of financial condition. In connection with its derivative activities, the Company generally enters into agreements subject to enforceable master netting arrangements that allow the Company to offset derivative assets and liabilities in the same currency by specific derivative type or, in the event of default by the counterparty, to offset derivative assets and liabilities with the same counterparty. The table below sets forth the rights of setoff and related arrangements associated with derivative instruments held by the Company. The “gross amounts not offset in statements of financial condition” column in the table below relates to derivative instruments that are eligible to be offset in accordance with applicable accounting guidance, but for which management has elected not to offset in the consolidated statements of financial condition. | ||||||||||||||||||||||||
Gross Amounts of Assets (Liabilities) | Gross Amounts Offset in Assets (Liabilities) | Net Amounts of Assets (Liabilities) Presented | Gross Amounts Not Offset in Statements of Financial Condition | Net Amount | ||||||||||||||||||||
As of December 31, 2013 | Derivative Assets (Liabilities) | Cash Collateral Received (Pledged) | ||||||||||||||||||||||
Derivative Assets: | ||||||||||||||||||||||||
Foreign currency forward contracts | $ | 7,893 | $ | — | $ | 7,893 | $ | 5,951 | $ | — | $ | 1,942 | ||||||||||||
Total-return swaps | 4,515 | — | 4,515 | — | — | 4,515 | ||||||||||||||||||
Subtotal | 12,408 | — | 12,408 | 5,951 | — | 6,457 | ||||||||||||||||||
Derivative assets of consolidated funds: | ||||||||||||||||||||||||
Foreign currency forward contracts | 51,765 | — | 51,765 | 31,223 | — | 20,542 | ||||||||||||||||||
Total-return, credit-default and interest-rate swaps | 18,318 | — | 18,318 | 483 | — | 17,835 | ||||||||||||||||||
Options and futures | 18,138 | — | 18,138 | — | — | 18,138 | ||||||||||||||||||
Swaptions | 6,716 | — | 6,716 | 1,324 | — | 5,392 | ||||||||||||||||||
Subtotal | 94,937 | — | 94,937 | 33,030 | — | 61,907 | ||||||||||||||||||
Total | $ | 107,345 | $ | — | $ | 107,345 | $ | 38,981 | $ | — | $ | 68,364 | ||||||||||||
Derivative Liabilities: | ||||||||||||||||||||||||
Foreign currency forward contracts | $ | (6,141 | ) | $ | — | $ | (6,141 | ) | $ | (4,466 | ) | $ | — | $ | (1,675 | ) | ||||||||
Interest-rate swaps | (4,171 | ) | — | (4,171 | ) | (1,485 | ) | — | (2,686 | ) | ||||||||||||||
Subtotal | (10,312 | ) | — | (10,312 | ) | (5,951 | ) | — | (4,361 | ) | ||||||||||||||
Derivative liabilities of consolidated funds: | ||||||||||||||||||||||||
Foreign currency forward contracts | (135,246 | ) | — | (135,246 | ) | (31,223 | ) | (11,583 | ) | (92,440 | ) | |||||||||||||
Total-return, credit-default and interest-rate swaps | (7,096 | ) | — | (7,096 | ) | (483 | ) | (4,358 | ) | (2,255 | ) | |||||||||||||
Options and futures | (6,214 | ) | — | (6,214 | ) | — | (3,067 | ) | (3,147 | ) | ||||||||||||||
Swaptions | (1,324 | ) | — | (1,324 | ) | (1,324 | ) | — | — | |||||||||||||||
Subtotal | (149,880 | ) | — | (149,880 | ) | (33,030 | ) | (19,008 | ) | (97,842 | ) | |||||||||||||
Total | $ | (160,192 | ) | $ | — | $ | (160,192 | ) | $ | (38,981 | ) | $ | (19,008 | ) | $ | (102,203 | ) | |||||||
Gross Amounts of Assets (Liabilities) | Gross Amounts Offset in Assets (Liabilities) | Net Amounts of Assets (Liabilities) Presented | Gross Amounts Not Offset in Statements of Financial Condition | Net Amount | ||||||||||||||||||||
As of December 31, 2012 | Derivative Assets (Liabilities) | Cash Collateral Received (Pledged) | ||||||||||||||||||||||
Derivative Assets: | ||||||||||||||||||||||||
Foreign currency forward contracts | $ | 1,558 | $ | 1,558 | $ | — | $ | (549 | ) | $ | — | $ | 549 | |||||||||||
Derivative assets of consolidated funds: | ||||||||||||||||||||||||
Foreign currency forward contracts | 52,663 | — | 52,663 | 34,139 | — | 18,524 | ||||||||||||||||||
Total-return, credit-default and interest-rate swaps | 48,727 | — | 48,727 | 312 | 340 | 48,075 | ||||||||||||||||||
Options and futures | 6,170 | — | 6,170 | — | — | 6,170 | ||||||||||||||||||
Subtotal | 107,560 | — | 107,560 | 34,451 | 340 | 72,769 | ||||||||||||||||||
Total | $ | 109,118 | $ | 1,558 | $ | 107,560 | $ | 33,902 | $ | 340 | $ | 73,318 | ||||||||||||
Derivative Liabilities: | ||||||||||||||||||||||||
Foreign currency forward contracts | $ | (2,361 | ) | $ | (1,558 | ) | $ | (803 | ) | $ | 654 | $ | — | $ | (1,457 | ) | ||||||||
Interest-rate swaps | (7,900 | ) | — | (7,900 | ) | (105 | ) | — | (7,795 | ) | ||||||||||||||
Subtotal | (10,261 | ) | (1,558 | ) | (8,703 | ) | 549 | — | (9,252 | ) | ||||||||||||||
Derivative liabilities of consolidated funds: | ||||||||||||||||||||||||
Foreign currency forward contracts | (146,526 | ) | — | (146,526 | ) | (34,139 | ) | (632 | ) | (111,755 | ) | |||||||||||||
Total-return, credit-default and interest-rate swaps | (9,561 | ) | — | (9,561 | ) | (312 | ) | (1,828 | ) | (7,421 | ) | |||||||||||||
Options and futures | (560 | ) | — | (560 | ) | — | (47 | ) | (513 | ) | ||||||||||||||
Subtotal | (156,647 | ) | — | (156,647 | ) | (34,451 | ) | (2,507 | ) | (119,689 | ) | |||||||||||||
Total | $ | (166,908 | ) | $ | (1,558 | ) | $ | (165,350 | ) | $ | (33,902 | ) | $ | (2,507 | ) | $ | (128,941 | ) |
DEBT_OBLIGATIONS_AND_CREDIT_FA
DEBT OBLIGATIONS AND CREDIT FACILITIES | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||||||||
DEBT OBLIGATIONS AND CREDIT FACILITIES | ' | ||||||||||||||||||||||
DEBT OBLIGATIONS AND CREDIT FACILITIES | |||||||||||||||||||||||
The Company had the following debt obligations: | |||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||
$75,000, 5.03%, issued in June 2004, payable in seven equal annual installments starting June 14, 2008 | $ | 10,714 | $ | 21,429 | |||||||||||||||||||
$50,000, 6.09%, issued in June 2006, payable on June 6, 2016 | 50,000 | 50,000 | |||||||||||||||||||||
$50,000, 5.82%, issued in November 2006, payable on November 8, 2016 | 50,000 | 50,000 | |||||||||||||||||||||
$250,000, 6.75%, issued in November 2009, payable on December 2, 2019 | 250,000 | 250,000 | |||||||||||||||||||||
$250,000, rate as described below, term loan issued in December 2012, payable 2.5% per quarter through September 2017, final $125,000 payment on December 21, 2017 | 218,750 | 243,750 | |||||||||||||||||||||
Total remaining principal | $ | 579,464 | $ | 615,179 | |||||||||||||||||||
As of December 31, 2013, future principal payments of debt obligations were as follows: | |||||||||||||||||||||||
2014 | $ | 35,714 | |||||||||||||||||||||
2015 | 25,000 | ||||||||||||||||||||||
2016 | 125,000 | ||||||||||||||||||||||
2017 | 143,750 | ||||||||||||||||||||||
2018 | — | ||||||||||||||||||||||
Thereafter | 250,000 | ||||||||||||||||||||||
Total | $ | 579,464 | |||||||||||||||||||||
The Company was in compliance with all financial covenants associated with its senior notes and credit facilities as of and for the years ended December 31, 2013 and 2012. | |||||||||||||||||||||||
In December 2012, the Company's subsidiaries Oaktree Capital Management, L.P., Oaktree Capital II, L.P., Oaktree AIF Investments, L.P. and Oaktree Capital I, L.P. entered into a credit agreement with a bank syndicate for senior unsecured credit facilities (the “Credit Facility”), consisting of a $250 million fully-funded term loan (the “Term Loan”) and a $500 million revolving credit facility (the “Revolver”), each with a five-year term. The Credit Facility replaced the amortizing term loan, which had a principal balance of $247.5 million, and the undrawn revolver under the Company's prior credit facility. The Term Loan amortizes quarterly in an amount equal to 2.5% of the original principal amount of $250 million, with principal payments due in March, June, September and December of each year, and the remaining principal payable upon maturity in December 2017. Borrowings under the Credit Facility generally bear interest at a spread to either LIBOR or an alternative base rate. Based on the current credit ratings of Oaktree Capital Management, L.P., the interest rate on borrowings is LIBOR plus 1.00% per annum and the commitment fee on the unused portions of the Revolver is 0.125% per annum. Utilizing interest-rate swaps, the bulk of the first four years of the Term Loan's annual interest rate is fixed at 2.60%, based on the current credit ratings of Oaktree Capital Management, L.P. The Credit Facility contains customary financial covenants and restrictions, including ones regarding a maximum leverage ratio of 3.0-to-1.0, minimum fixed charge coverage ratio of 2.5-to-1.0 and minimum required levels of assets under management and net worth (as defined in the credit agreement) of $50 billion and $600 million, respectively. As of December 31, 2013, the Company had no outstanding borrowings under the Revolver and was able to draw the full amount available without violating any financial covenants. | |||||||||||||||||||||||
In January 2011, the Company's subsidiaries Oaktree Capital Management, L.P., Oaktree Capital II, L.P., Oaktree AIF Investments, L.P. and Oaktree Capital I, L.P. entered into a credit facility with a bank syndicate, consisting of the $300 million five-year fully-funded term loan and a $250 million three-year revolving credit facility. The Company was required to make quarterly principal payments of $7.5 million in respect of the term loan in March, June, September and December, with a final payment of $150 million, constituting the remainder of the term loan, due on January 7, 2016. This credit facility was terminated and replaced by the Credit Facility in December 2012, with proceeds from the Term Loan used to pay off the $247.5 million outstanding balance under this credit facility. | |||||||||||||||||||||||
Credit Facilities of the Consolidated Funds | |||||||||||||||||||||||
Certain consolidated funds maintain revolving credit facilities to fund investments between capital drawdowns. These facilities generally (a) are collateralized by the unfunded capital commitments of the consolidated funds' limited partners, (b) bear an annual commitment fee based on unfunded commitments, and (c) contain various affirmative and negative covenants and reporting obligations, including restrictions on additional indebtedness, liens, margin stock, affiliate transactions, dividends and distributions, release of capital commitments, and portfolio asset dispositions. Additionally, certain consolidated funds have issued senior variable rate notes to fund investments on a longer term basis, generally up to ten years. One consolidated VIE, MM CLO, has secured warehouse financing pursuant to which it has issued senior variable rate notes. The obligations of the consolidated funds are nonrecourse to the Company. For all periods presented, carrying value approximates fair value of the credit facilities and senior variable rate notes due to the short-term nature or recent issuance date. The credit facilities and senior variable rate notes are Level III valuations and were valued using a discounted cash flow analysis. As of December 31, 2013, the consolidated funds were in compliance with all covenants. | |||||||||||||||||||||||
The consolidated funds had the following revolving credit facilities and term loans outstanding: | |||||||||||||||||||||||
Credit Agreement | Outstanding Amount as of | Facility Capacity | LIBOR | Maturity | Commitment Fee Rate | L/C Fee (2) | |||||||||||||||||
December 31, | December 31, | Margin (1) | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||
Credit facility (3) | $ | 434,000 | $ | 63,000 | $ | 435,000 | 1.45 | % | 11/14/18 | N/A | N/A | ||||||||||||
Senior variable rate notes (3) | 249,500 | 249,500 | $ | 249,500 | 1.55 | % | 10/20/22 | N/A | N/A | ||||||||||||||
Senior variable rate notes (3) | 498,916 | — | $ | 500,000 | 1.2 | % | 4/20/23 | N/A | N/A | ||||||||||||||
Senior variable rate notes (3) | 402,375 | — | $ | 402,500 | 1.2 | % | 7/20/23 | N/A | N/A | ||||||||||||||
Senior variable rate notes (3) | 64,500 | — | $ | 64,500 | 1.65 | % | 7/20/23 | N/A | N/A | ||||||||||||||
Senior variable rate notes (3)(4) | — | — | $ | 126,000 | Variable | 12/23/18 | Variable | N/A | |||||||||||||||
Revolving credit facility | 400,000 | — | $ | 500,000 | 1.6 | % | 6/26/15 | 0.25 | % | N/A | |||||||||||||
Multi-currency term loan (5) | — | 49,158 | $ | 275,000 | 3 | % | N/A | N/A | N/A | ||||||||||||||
Revolving credit facility | 67,000 | 38,000 | $ | 150,000 | 1.75 | % | 12/15/14 | 0.35 | % | N/A | |||||||||||||
Revolving credit facility | — | 8,625 | $ | 125,000 | 1.75 | % | 5/20/14 | 0.35 | % | N/A | |||||||||||||
Revolving credit facility | — | 19,400 | $ | 55,000 | 2 | % | 12/15/15 | 0.35 | % | 2 | % | ||||||||||||
Revolving credit facility | — | — | $ | 40,000 | 1.5 | % | 12/5/14 | 0.3 | % | 1.5 | % | ||||||||||||
Euro-denominated revolving credit facility | 13,090 | 63,942 | € | 100,000 | 1.75 | % | 12/17/15 | 0.3 | % | 2 | % | ||||||||||||
Revolving credit facility | 2,800 | — | $ | 10,000 | 2.25 | % | 9/1/14 | 0.38 | % | N/A | |||||||||||||
Revolving credit facility | 165,000 | — | $ | 350,000 | 1.65 | % | 3/22/15 | 0.25 | % | N/A | |||||||||||||
Revolving credit facility | — | — | $ | 20,000 | 2 | % | 1/31/15 | 0.35 | % | N/A | |||||||||||||
Revolving credit facility | — | — | $ | 30,000 | 1.5 | % | 12/11/15 | 0.2 | % | N/A | |||||||||||||
$ | 2,297,181 | $ | 491,625 | ||||||||||||||||||||
-1 | The facilities bear interest, at the borrower's option, at (a) an annual rate of LIBOR plus the applicable margin or (b) an alternate base rate, as defined in the respective credit agreement. | ||||||||||||||||||||||
-2 | Certain facilities allow for the issuance of letters of credit at an applicable annual fee. As of December 31, 2013 and 2012, outstanding standby letters of credit totaled $55,954 and $76,975, respectively. | ||||||||||||||||||||||
-3 | The credit facility is collateralized by the portfolio investments and cash and cash-equivalents of the fund. | ||||||||||||||||||||||
-4 | The LIBOR margin is determined based on a formula defined in the borrowing agreement which incorporates different borrowing values based on the characteristics of collateral investments purchased. The unused commitment fee rate ranges from 0% to 2.0%. | ||||||||||||||||||||||
-5 | The loan was fully repaid and terminated on September 20, 2013. |
NONCONTROLLING_REDEEMABLE_INTE
NON-CONTROLLING REDEEMABLE INTERESTS IN CONSOLIDATED FUNDS | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Non-Controlling Redeemable Interests in Consolidated Funds [Abstract] | ' | |||||||||||
NON-CONTROLLING REDEEMABLE INTERESTS IN CONSOLIDATED FUNDS | ' | |||||||||||
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: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Beginning balance | $ | 39,670,831 | $ | 41,048,607 | $ | 44,466,116 | ||||||
Contributions | 6,507,188 | 6,441,090 | 8,305,880 | |||||||||
Distributions | (12,783,673 | ) | (13,993,859 | ) | (11,668,028 | ) | ||||||
Net income | 5,163,939 | 6,016,342 | 233,573 | |||||||||
Change in distributions payable | 105,735 | 49,109 | (151,645 | ) | ||||||||
Change in accrued or deferred contributions | — | 41,000 | (41,000 | ) | ||||||||
Foreign currency translation and other | 170,811 | 68,542 | (96,289 | ) | ||||||||
Ending balance | $ | 38,834,831 | $ | 39,670,831 | $ | 41,048,607 | ||||||
UNITHOLDERS_CAPITAL
UNITHOLDERS' CAPITAL | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Unitholders' Capital [Abstract] | ' | |||||||||||
UNITHOLDERS' CAPITAL | ' | |||||||||||
UNITHOLDERS’ CAPITAL | ||||||||||||
Set forth below are the distributions per Class A unit: | ||||||||||||
Payment Date | Record Date | Applicable to Quarterly Period Ended | Distribution Per Unit | |||||||||
November 15, 2013 | November 13, 2013 | September 30, 2013 | $ | 0.74 | ||||||||
August 20, 2013 | August 16, 2013 | June 30, 2013 | 1.51 | |||||||||
May 21, 2013 | May 17, 2013 | March 31, 2013 | 1.41 | |||||||||
March 1, 2013 | February 25, 2013 | December 31, 2012 | 1.05 | |||||||||
Total 2013 | $ | 4.71 | ||||||||||
20-Nov-12 | November 16, 2012 | September 30, 2012 | $ | 0.55 | ||||||||
21-Aug-12 | August 17, 2012 | June 30, 2012 | 0.79 | |||||||||
25-May-12 | May 21, 2012 | March 31, 2012 | 0.55 | |||||||||
7-Mar-12 | March 1, 2012 | December 31, 2011 | 0.42 | |||||||||
Total 2012 | $ | 2.31 | ||||||||||
28-Oct-11 | October 24, 2011 | September 30, 2011 | $ | 0.29 | ||||||||
29-Jul-11 | July 25, 2011 | June 30, 2011 | 0.51 | |||||||||
April 29, 2011 | April 25, 2011 | March 31, 2011 | 0.64 | |||||||||
January 31, 2011 | January 25, 2011 | December 31, 2010 | 0.9 | |||||||||
Total 2011 | $ | 2.34 | ||||||||||
The OCGH unitholders’ economic interest in the Oaktree Operating Group is reflected as OCGH non-controlling interest in consolidated subsidiaries and is determined at the Oaktree Operating Group level based on the proportionate share of Oaktree Operating Group units held by the OCGH unitholders. Certain expenses, such as income tax and related administrative expenses of Oaktree Capital Group, LLC and its Intermediate Holding Companies, are solely attributable to the Class A unitholders. As of December 31, 2013 and 2012, respectively, OCGH units represented 112,584,211 of the total 151,056,717 Oaktree Operating Group units and 120,267,503 of the total 150,448,436 Oaktree Operating Group units. Based on total Oaktree Operating Group capital of $1,655,911 and $1,360,331, as of December 31, 2013 and 2012, respectively, the OCGH non-controlling interest was $1,234,169 and $1,087,491. | ||||||||||||
The following table sets forth a summary of the net income (loss) attributable to the OCGH non-controlling interest and to the Class A unitholders: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Weighted average Oaktree Operating Group units outstanding | ||||||||||||
(in thousands): | ||||||||||||
OCGH non-controlling interest | 115,992 | 122,369 | 125,956 | |||||||||
Class A unitholders | 34,979 | 28,170 | 22,677 | |||||||||
Total weighted average units outstanding | 150,971 | 150,539 | 148,633 | |||||||||
Oaktree Operating Group net income (loss): | ||||||||||||
Net income (loss) attributable to OCGH non-controlling interest | $ | 824,795 | $ | 548,265 | $ | (446,246 | ) | |||||
Net income (loss) attributable to Class A unitholders | 243,250 | 126,826 | (80,391 | ) | ||||||||
Oaktree Operating Group net income (loss) | $ | 1,068,045 | $ | 675,091 | $ | (526,637 | ) | |||||
Net income (loss) attributable to Oaktree Capital Group, LLC: | ||||||||||||
Oaktree Operating Group net income (loss) attributable to Class A unitholders | $ | 243,250 | $ | 126,826 | $ | (80,391 | ) | |||||
Non-Operating Group other income | — | 6,260 | — | |||||||||
Non-Operating Group expenses | (1,195 | ) | (553 | ) | (768 | ) | ||||||
Income tax expense of Intermediate Holding Companies | (20,057 | ) | (24,723 | ) | (14,813 | ) | ||||||
Net income (loss) attributable to Oaktree Capital Group, LLC | $ | 221,998 | $ | 107,810 | $ | (95,972 | ) | |||||
Set forth below are the effects of changes in the Company’s ownership interest in the Oaktree Operating Group: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Net income (loss) attributable to Oaktree Capital Group, LLC | $ | 221,998 | $ | 107,810 | $ | (95,972 | ) | |||||
Equity reallocation between controlling and non-controlling interests | 79,052 | 69,097 | (6,413 | ) | ||||||||
Change from net income (loss) attributable to Oaktree Capital Group, LLC and transfers from (to) non-controlling interest | $ | 301,050 | $ | 176,907 | $ | (102,385 | ) | |||||
In May 2013, the Company issued and sold 8,050,000 Class A units in a public offering at a price to the public of $53.50 per Class A unit (the “May 2013 Offering”), resulting in $419.9 million in net proceeds to the Company, after deducting underwriting discounts and commissions. The Company did not retain any proceeds from the sale of Class A units in the May 2013 Offering. The net proceeds from the May 2013 Offering were used to acquire interests in the Company's business from certain of the Company's directors, employees and other investors, including certain Principals and other members of the Company's senior management. | ||||||||||||
In June 2012, the Company repurchased and subsequently canceled 400,000 Class A units from an unrelated third party broker-dealer in a privately negotiated transaction. The aggregate purchase price was $14.1 million excluding commissions, which represented a per unit price of $35.30. The Company repurchased the Class A units using cash on hand. The Company did not repurchase any Class A units in the years ended December 31, 2013 and 2011. | ||||||||||||
Please see notes 9, 10 and 11 for additional information regarding transactions that impacted unitholders’ capital. |
EARNINGS_PER_UNIT
EARNINGS PER UNIT | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Earnings Per Unit [Abstract] | ' | |||||||||||
EARNINGS PER UNIT | ' | |||||||||||
EARNINGS PER UNIT | ||||||||||||
The computations of net income (loss) per Class A unit are set forth below: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Weighted average units outstanding: | (in thousands, except per unit amounts) | |||||||||||
Class A units outstanding | 34,979 | 28,170 | 22,677 | |||||||||
OCGH units exchangeable into Class A units (1) | — | — | — | |||||||||
Total weighted average units outstanding | 34,979 | 28,170 | 22,677 | |||||||||
Net income (loss) per Class A unit: | ||||||||||||
Net income (loss) | $ | 221,998 | $ | 107,810 | $ | (95,972 | ) | |||||
Weighted average units outstanding | 34,979 | 28,170 | 22,677 | |||||||||
Basic and diluted net income (loss) per Class A unit | $ | 6.35 | $ | 3.83 | $ | (4.23 | ) | |||||
-1 | Vested OCGH units are potentially exchangeable on a one-for-one basis into Class A units. As of December 31, 2013, there were 112,584,211 OCGH units outstanding, accordingly, the Company may cumulatively issue up to 112,584,211 additional Class A units through March 1, 2023 if all such units were exchanged. For all periods presented, OCGH units have been excluded from the calculation of diluted earnings per unit because the exchange of these units would proportionally increase Oaktree Capital Group, LLC’s interest in the Oaktree Operating Group and could have an anti-dilutive effect on earnings per unit to the extent that tax-related or other expenses were to be incurred by the Company as a result of the exchange. |
EQUITYBASED_COMPENSATION
EQUITY-BASED COMPENSATION | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||||||
EQUITY-BASED COMPENSATION | ' | ||||||||||||||||||||
EQUITY-BASED COMPENSATION | |||||||||||||||||||||
As a part of the May 2007 Restructuring, the OCGH unitholders exchanged their interests in the Predecessor Company for units in OCGH. As a result of the service requirement, the OCGH units subject to the risk of forfeiture, equal to $4,644.8 million based on the fair value of Class A units sold in the 2007 Private Offering, were charged to compensation expense over the service period from May 25, 2007 through January 2, 2012. These units vested 20% on each of January 2, 2008, 2009, 2010, 2011 and 2012. The Company expensed this equity-based compensation with a corresponding increase in capital. | |||||||||||||||||||||
Pursuant to the Company’s exchange agreement, as amended, the general partner of OCGH may elect at its discretion to declare an open period during which an OCGH unitholder may exchange its unrestricted vested OCGH units for, at the option of the Company’s board of directors, Class A units, an equivalent amount of cash based on then-prevailing market prices, other consideration of equal value, or any combination of the foregoing. The general partner determines the number of units eligible for exchange within a given open period and, if the OCGH unitholders request to exchange a number of units in excess of the amount eligible for exchange, the general partner determines which units to exchange taking into account appropriate factors. Upon approval by the Company’s board of directors, OCGH units selected for exchange in accordance with the foregoing will be exchanged, at the option of the board of directors, into Class A units, an equivalent amount of cash based on then-prevailing market prices, other consideration of equal value, or any combination of the foregoing pursuant to the terms of the exchange agreement. | |||||||||||||||||||||
The exchange agreement generally provides that (a) such OCGH units will be acquired by the Intermediate Holding Companies in exchange for, at the option of the Company’s board of directors, Class A units, an equivalent amount of cash based on then-prevailing market prices, other consideration of equal value, or any combination of the foregoing, (b) the OCGH units acquired by the Intermediate Holding Companies may then be redeemed by OCGH in exchange for Oaktree Operating Group units, (c) the Intermediate Holding Companies may exchange Oaktree Operating Group units with each other such that, immediately after such exchange, each Intermediate Holding Company holds Oaktree Operating Group units only in the Oaktree Operating Group entity for which such Intermediate Holding Company serves as the general partner and (d) the Company will cancel a corresponding number of Class B units. The partnership agreement of OCGH generally provides that, in the event an employee’s employment with the Oaktree Operating Group is terminated for any reason, the unvested portion of his or her OCGH units will be forfeited, unless the termination is due to his or her death or disability. | |||||||||||||||||||||
The Company utilizes a contemporaneous valuation report in determining fair value at the date of grant for OCGH unit awards. Each valuation report is based on the market price of Oaktree's Class A units, which were traded on the GSTrUE OTC market prior to listing on the NYSE. A discount is then applied to the Class A unit market price to reflect the lack of marketability for the OCGH units. The determination of an appropriate discount for lack of marketability is based on a review of discounts on the sale of restricted shares of publicly traded companies and multi-period put-based quantitative methods. Factors that influence the size of the discount for lack of marketability include (a) the estimated time it would take for an OCGH unitholder to exchange units into Class A units, (b) the volatility of the Company's business, (c) thin trading of the Class A units, and (d) prior to the initial public offering in April 2012, restrictive trading of the Class A units. Each of these factors is subject to significant judgment. | |||||||||||||||||||||
The estimated time-to-liquidity assumption has increased from approximately three years in the first quarter of 2011 to approximately five years in the most recent valuation in 2013. The estimated time to liquidity is influenced primarily by the need for (a) the general partner of OCGH to elect in its discretion to declare an open period during which an OCGH unitholder may exchange his or her unrestricted vested OCGH units for, at the option of the Company's board of directors, Class A units on a one-for-one basis, an equivalent amount of cash based on then-prevailing market prices, other consideration of equal value or any combination of the foregoing, and (b) the approval of the Company's board of directors to exchange such OCGH units into any of the foregoing. Board approval is based primarily on the objective of maintaining an orderly market for Oaktree's units, but may take into account any other factors that the board may deem appropriate in its sole discretion. Volatility is estimated from historical and implied volatilities of comparable public alternative asset management companies. Prior to the Company's initial public offering in April 2012, three comparable publicly-owned alternative asset managers were used in the volatility calculation. Subsequent to the Company's initial public offering in April 2012, three additional comparable companies, in addition to the Company, were included in the volatility calculations. | |||||||||||||||||||||
In valuing employee unit grants, the discount percentage applied to the Class A then-prevailing trading price was 30% for units granted in the three-year period ended December 31, 2013, except for those units granted in the first quarter of 2012 and after the first quarter of 2013, for which the discount was 25%. The decline in the discount percentage in the first quarter of 2012 was primarily attributable to declining volatility. The subsequent increase in the discount percentage in the third quarter of 2012 was primarily due to an increase in the estimated time to liquidity, while the decline in the discount rate after the first quarter of 2013 was primarily attributable to declining volatility. The calculation of compensation expense assumes a forfeiture rate of up to 1.5% annually, based on expected employee turnover. Compensation expense is revised annually or more frequently, as necessary, to adjust for actual forfeitures and to reflect expense only for those units that ultimately vest. In each period presented, forfeitures were not materially different from the assumed rate. | |||||||||||||||||||||
A total of 4,954,976 OCGH units were awarded and issued pursuant to the 2007 Oaktree Capital Group Equity Incentive Plan (the “2007 Plan”) before the Plan was discontinued on March 28, 2012. As of December 31, 2013, a maximum of 22,567,265 units have been authorized to be awarded pursuant to the 2011 Oaktree Capital Group, LLC Equity Incentive Plan (the “2011 Plan”), and 3,206,379 units (including 15,000 phantom units) have been awarded (of which 3,016,379 have been issued) under the 2011 Plan. Units under the 2011 Plan can be awarded in the form of options, unit appreciation rights, restricted unit awards, unit bonus awards, phantom equity awards or other unit-based awards. Each unit, when issued, represents an indirect interest in one Oaktree Operating Group unit. Total vested and unvested Class A and OCGH units issued and outstanding were 151,056,717 as of December 31, 2013. | |||||||||||||||||||||
In 2013, the Company granted 663,000 restricted OCGH units and 100,000 deferred OCGH units to certain of its employees and 8,508 Class A units to certain of its directors, subject to equal annual vesting generally over periods of five to ten years. As of December 31, 2013, the Company expected to recognize compensation expense on its unvested equity-based awards of $100.5 million over a weighted average period of 5.0 years. Please see note 17 for additional equity awards granted subsequent to December 31, 2013. | |||||||||||||||||||||
A summary of the status of the Company’s unvested equity-based awards as of December 31, 2013 and a summary of changes for the three years then ended are presented below (actual dollars per unit): | |||||||||||||||||||||
Class A Units | Class C Units | OCGH Units | |||||||||||||||||||
Number of Units | Weighted Average Grant Date Fair Value | Number of Units | Weighted Average Grant Date Fair Value | Number of Units | Weighted Average Grant Date Fair Value | ||||||||||||||||
Balance, December 31, 2010 | — | $ | — | 1,800 | $ | 24.75 | 44,867,807 | $ | 43.48 | ||||||||||||
Granted | — | — | — | — | 1,523,300 | 25.12 | |||||||||||||||
Vested | — | — | (600 | ) | 24.75 | (22,229,038 | ) | 43.29 | |||||||||||||
Forfeited | — | — | — | — | (31,500 | ) | 25.16 | ||||||||||||||
Balance, December 31, 2011 | — | — | 1,200 | 24.75 | 24,130,569 | 41.13 | |||||||||||||||
Granted | 14,969 | 43.14 | — | — | 2,457,502 | 32.55 | |||||||||||||||
Vested | (3,900 | ) | 44 | (600 | ) | 24.75 | (21,652,473 | ) | 43.11 | ||||||||||||
Exchanged | 600 | 24.75 | (600 | ) | 24.75 | — | — | ||||||||||||||
Forfeited | — | — | — | — | (33,250 | ) | 28.74 | ||||||||||||||
Balance, December 31, 2012 | 11,669 | 41.91 | — | — | 4,902,348 | 28.17 | |||||||||||||||
Granted | 8,508 | 47.83 | — | — | 763,000 | 34.6 | |||||||||||||||
Vested | (3,595 | ) | 40.07 | — | — | (1,152,026 | ) | 24.1 | |||||||||||||
Forfeited | — | — | — | — | (47,600 | ) | 29.54 | ||||||||||||||
Balance, December 31, 2013 | 16,582 | $ | 45.34 | — | $ | — | 4,465,722 | $ | 30.3 | ||||||||||||
As of December 31, 2013, unvested units were expected to vest as follows: | |||||||||||||||||||||
Number of | Weighted | ||||||||||||||||||||
Units | average | ||||||||||||||||||||
Remaining | |||||||||||||||||||||
Service Term | |||||||||||||||||||||
(Years) | |||||||||||||||||||||
Class A units | 16,582 | 3.5 | |||||||||||||||||||
OCGH units | 4,465,722 | 5 | |||||||||||||||||||
INCOME_TAXES_AND_RELATED_PAYME
INCOME TAXES AND RELATED PAYMENTS | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
INCOME TAXES AND RELATED PAYMENTS | ' | |||||||||||
INCOME TAXES AND RELATED PAYMENTS | ||||||||||||
Oaktree is a publicly traded partnership and Oaktree Holdings, Inc. and Oaktree AIF Holdings, Inc., two of its Intermediate Holding Companies, are wholly-owned corporate subsidiaries. Income earned by these corporate subsidiaries is subject to U.S. federal and state income taxation and taxed at prevailing rates. Income earned by non-corporate subsidiaries is not subject to U.S. federal corporate income tax and is allocated to the Oaktree Operating Group’s unitholders. For periods prior to January 1, 2012, Oaktree incurred income tax expense despite reporting losses before income taxes for financial reporting purposes because the non-cash equity-based compensation expense related to the 2007 Private Offering, which caused the reported losses, was generally not deductible for income tax purposes. The final portion of the non-cash equity-based compensation expense associated with the 2007 Private Offering was charged against pre-tax income in the first quarter of 2012 and did not result in a loss before taxes for financial reporting purposes for the year ended December 31, 2012. The Company’s effective tax rate is dependent on many factors, including the estimated nature of many amounts and the mix of revenues and expenses between the two corporate subsidiaries that are subject to income tax and the three other subsidiaries that are not; consequently, the effective tax rate is subject to significant variation from period to period. | ||||||||||||
Income tax expense from operations consisted of the following: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Current: | ||||||||||||
U.S. federal income tax | $ | 5,516 | $ | 11,232 | $ | 8,869 | ||||||
State and local income tax | 5,148 | 3,737 | 4,786 | |||||||||
Foreign income tax | 3,195 | 3,351 | 3,588 | |||||||||
$ | 13,859 | $ | 18,320 | $ | 17,243 | |||||||
Deferred: | ||||||||||||
U.S. federal income tax | $ | 11,253 | $ | 7,432 | $ | 3,285 | ||||||
State and local income tax | 1,120 | 5,106 | 560 | |||||||||
$ | 12,373 | $ | 12,538 | $ | 3,845 | |||||||
Total: | ||||||||||||
U.S. federal income tax | $ | 16,769 | $ | 18,664 | $ | 12,154 | ||||||
State and local income tax | 6,268 | 8,843 | 5,346 | |||||||||
Foreign income tax | 3,195 | 3,351 | 3,588 | |||||||||
Income tax expense | $ | 26,232 | $ | 30,858 | $ | 21,088 | ||||||
The Company’s income before income taxes consisted of the following: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Domestic income (loss) before income taxes | $ | 6,233,758 | $ | 6,710,286 | $ | (264,603 | ) | |||||
Foreign income (loss) before income taxes | 3,206 | (7,011 | ) | (22,954 | ) | |||||||
Total income (loss) before income taxes | $ | 6,236,964 | $ | 6,703,275 | $ | (287,557 | ) | |||||
The Company’s effective tax rate differed from the federal statutory rate for the following reasons: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Income tax expense at federal statutory rate | 35 | % | 35 | % | 35 | % | ||||||
Income passed through | (34.69 | ) | (34.78 | ) | (19.49 | ) | ||||||
State and local taxes, net of federal benefit | 0.09 | 0.07 | (1.75 | ) | ||||||||
Foreign taxes | 0.03 | 0.09 | (4.04 | ) | ||||||||
Equity-based compensation expense | — | — | (17.44 | ) | ||||||||
Other, net | (0.01 | ) | 0.08 | 0.39 | ||||||||
Total effective rate | 0.42 | % | 0.46 | % | (7.33 | )% | ||||||
The income tax effect of temporary differences that give rise to significant portions of deferred tax assets and liabilities was as follows: | ||||||||||||
As of December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Deferred tax assets: | ||||||||||||
Investment in partnerships | $ | 277,039 | $ | 157,999 | $ | 67,918 | ||||||
Equity-based compensation expense | 3,695 | 3,994 | 3,703 | |||||||||
Other, net | 1,822 | 1,697 | 1,365 | |||||||||
Total deferred tax assets | 282,556 | 163,690 | 72,986 | |||||||||
Total deferred tax liabilities | 3,671 | 4,519 | 4,548 | |||||||||
Net deferred tax assets before valuation allowance | 278,885 | 159,171 | 68,438 | |||||||||
Valuation allowance | — | — | — | |||||||||
Net deferred tax assets | $ | 278,885 | $ | 159,171 | $ | 68,438 | ||||||
In assessing the realizability of deferred tax assets, the Company considers whether it is probable that some or all of the deferred tax assets will not be realized. In determining whether the deferred tax assets are realizable, the Company considers the period of expiration of the tax asset, historical and projected taxable income, and tax liabilities for the tax jurisdiction in which the tax asset is located. Although the Company had recorded pre-tax losses for financial reporting purposes in years prior to 2012, the entities that generate taxable income have generated (and are expected to generate in subsequent years) substantial book and tax basis pre-tax income. The deferred tax asset recognized by the Company, as it relates to the higher tax basis in the carrying value of certain assets compared to the book basis of those assets, will be recognized in future years by these taxable entities. Deferred tax assets are based on the amount of the asset that the Company’s management has determined is more likely than not to be realized in future periods. In determining the realizability of this asset, management has considered numerous factors which will give rise to pre-tax income in future periods. Among these are the historical and expected future book and tax basis pre-tax income of the Company and unrealized gains in the Company’s assets at the determination date. Based on these and other factors, the Company has determined that, as of December 31, 2013, all deferred tax assets are more likely than not to be realized in future periods. | ||||||||||||
The Company recognizes tax benefits related to its tax positions only where the position is “more likely than not” to be sustained in the event of examination by tax authorities. As part of its assessment, the Company analyzes its tax filing positions in all of the federal, state and foreign tax jurisdictions where it is required to file income tax returns, and for all open tax years in these jurisdictions. As of December 31, 2013, the total reserve balance including interest and penalties was $14.8 million. | ||||||||||||
The following is a reconciliation of unrecognized tax benefits (excluding interest and penalties thereon): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Unrecognized tax benefits, January 1 | $ | 9,472 | $ | 8,594 | $ | 7,955 | ||||||
Additions for tax positions related to the current year | 1,633 | 72 | 822 | |||||||||
Additions for tax positions related to prior years | 1,029 | 806 | — | |||||||||
Reductions for tax positions related to prior years | (806 | ) | — | — | ||||||||
Settlement of tax positions | — | — | — | |||||||||
Lapse of statute of limitations | (938 | ) | — | (183 | ) | |||||||
Unrecognized tax benefits, December 31 | $ | 10,390 | $ | 9,472 | $ | 8,594 | ||||||
The Company accrues potential interest and penalties related to uncertain tax positions as income tax expense in the consolidated statements of operations. The Company accrued $0.5 million, $1.4 million and $1.1 million in such expense for the years ended December 31, 2013, 2012 and 2011, respectively, resulting in reserves for potential interest and penalties of $4.4 million, $3.9 million and $2.5 million as of December 31, 2013, 2012 and 2011, respectively. | ||||||||||||
The Company files its tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Company is subject to examination by federal, state, local and foreign tax regulators. With limited exceptions, the Company is no longer subject to income tax audits by taxing authorities for the years before 2009. Although the outcome of tax audits is always uncertain, the Company does not believe the outcome of any current audit will have a material adverse effect on the Company’s consolidated cash flows, financial position or results of operations. | ||||||||||||
U.S. and non-U.S. taxing authorities are currently examining certain income tax returns of Oaktree, with certain of these examinations at an advanced stage. The Company believes that it is reasonably possible that one outcome of these current examinations, combined with other items, may be to reduce in the next 12 months approximately $8 million to $10 million of previously accrued Operating Group income taxes. The other items are related to years with expiring statutes of limitation. 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 financial position or results of operations. However, there can be no assurances as to the ultimate outcomes. | ||||||||||||
Tax Receivable Agreement | ||||||||||||
Subject to certain restrictions, each holder of OCGH units has the right to exchange his or her vested units for, at the option of the Company’s board of directors, Class A units, an equivalent amount of cash based on then-prevailing market prices, other consideration of equal value, or any combination of the foregoing. Certain of the Oaktree Operating Group entities made an election under Section 754 of the U.S. Internal Revenue Code, as amended (the “Code”), which may result in an adjustment to the tax basis of the assets owned by Oaktree Operating Group at the time of an exchange. These exchanges may result in increases in tax deductions and tax basis that would reduce the amount of tax that Oaktree Holdings, Inc. and Oaktree AIF Holdings, Inc. would otherwise be required to pay in the future. | ||||||||||||
Oaktree Holdings, Inc. and Oaktree AIF Holdings, Inc. have entered into a tax receivable agreement with OCGH unitholders that, as amended, provides for the payment to an exchanging or selling OCGH unitholder of 85.0% of the amount of cash savings, if any, in U.S. federal, state, local and foreign income taxes that they actually realize (or are deemed to realize in the case of an early termination payment by Oaktree Holdings, Inc. or Oaktree AIF Holdings, Inc., or a change of control) as a result of an increase in the tax basis of the assets owned by the Oaktree Operating Group. | ||||||||||||
The May 2007 Restructuring involved Oaktree's purchase of Oaktree Operating Group units from the OCGH unitholders, resulting in an increase in the tax basis of the assets owned by the Oaktree Operating Group. As a result, the Company recorded a deferred tax asset and an associated liability for payments to OCGH unitholders under the tax receivable agreement. These payments are expected to occur over the period ending approximately in 2029. The establishment of a deferred tax asset increased additional paid-in capital because the transaction was between Oaktree and its unitholders. As a result of a change in state tax law that reduced the combined federal and state tax rate applicable to income from Oaktree Holdings, Inc. from 41% to 38%, the deferred tax asset under the tax receivable agreement associated with the May 2007 Restructuring was reduced from $64.4 million to $56.6 million in the second quarter of 2012, consequently reducing the related tax receivable agreement liability payable to OCGH unitholders by $6.3 million. The $6.3 million reduction in the tax receivable agreement payable was reflected in other income (expense), net in the consolidated statements of operations. The tax receivable agreement liability was further reduced by $3.3 million and $3.4 million as a result of payments made under the tax receivable agreement in November 2012 and November 2013, respectively, resulting in a tax receivable agreement liability related to the 2007 Private Offering payable to OCGH unitholders of $43.8 million as of December 31, 2013. | ||||||||||||
The exchange of OCGH units in connection with the Company’s initial public offering in April 2012 increased the tax basis of the tangible and intangible assets of the Oaktree Operating Group. As a result of this increase in tax basis, the Company recorded a deferred tax asset of $103.3 million and an associated liability of $87.8 million for payments to OCGH unitholders under the tax receivable agreement, which had the effect of increasing capital by $15.5 million. These payments are expected to occur over the period ending approximately in 2034. Upon the filing of the tax returns for the year ended December 31, 2012 for Oaktree Holdings, Inc. and Oaktree AIF Holdings, Inc., the Company finalized its calculation of the increased tax basis of the tangible and intangible assets of the Oaktree Operating Group resulting from the April 2012 initial public offering. As a result, the Company recorded a reduction to the deferred tax asset of $2.3 million and an associated reduction in liability of $2.0 million for payments to OCGH unitholders under the tax receivable agreement, which had the effect of decreasing capital by $0.3 million. The tax receivable agreement liability was further reduced by $2.9 million as a result of payments made under the tax receivable agreement in November 2013, resulting in a tax receivable agreement liability related to the initial public offering in April 2012 payable to OCGH unitholders of $82.9 million as of December 31, 2013. | ||||||||||||
The exchange of OCGH units in connection with the May 2013 Offering resulted in increases in the tax basis of the tangible and intangible assets of the Oaktree Operating Group. As a result, the Company recorded a deferred tax asset of $134.4 million and an associated liability of $114.2 million for payments to OCGH unitholders under the tax receivable agreement, which together increased capital by $20.2 million. These payments are expected to occur over the period ending approximately in 2035. |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended | |||
Dec. 31, 2013 | ||||
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 | ||||
Periodically, the Company is a party to legal actions arising in the ordinary course of business. The Company is currently not subject to any pending actions that either individually or in the aggregate are expected to have a material impact on its results of operations, cash flows or financial condition. | ||||
On June 8, 2011, Kaplan Industry, Inc. v. Oaktree Capital Management, L.P. was filed in the U.S. District Court for the Southern District of Florida. In Kaplan, the plaintiff alleges that Oaktree Capital Management, L.P. tortiously interfered with a business relationship and engaged in a civil conspiracy through the actions of Gulmar Offshore Middle East, LLC (“Gulmar”), a business acquired by subsidiaries of OCM European Principal Opportunities Fund II, L.P. (“EPOF II”). Oaktree Capital Management, L.P. serves as investment manager to EPOF II. The complaint alleges that Gulmar breached a consortium agreement between Gulmar and Kaplan Industry, Inc. relating to the consortium’s performance of services to Petróleos de Venezuela, S.A., the state-owned oil producer of Venezuela. The plaintiff alleges that Oaktree is responsible for these breaches by Gulmar. The complaint seeks damages in excess of $800 million. The substance of the claim relates almost exclusively to actions by Gulmar prior to EPOF II’s acquisition and the basis of the claim is currently subject to an ongoing arbitration in the United Kingdom between Kaplan and Gulmar. On August 18, 2011, the court granted Oaktree Capital Management, L.P.’s motion to stay pending the completion of a related arbitration proceeding in London. Oaktree Capital Management, L.P. believes the case is without merit and that any exposure to loss is remote. | ||||
Incentive Income | ||||
In addition to the incentive income recognized by the Company, certain of its funds have amounts recorded as potentially allocable to the Company as its share of potential future incentive income, based on each fund’s NAV. Inasmuch as this incentive income is contingent upon future investment activity and other factors, it is not recognized by the Company until it is fixed or determinable. As of December 31, 2013, 2012 and 2011, the aggregate of such amounts recorded at the fund level in excess of incentive income recognized by the Company was $2,211,979, $2,137,798 and $1,686,967, respectively, for which related direct incentive income compensation expense was estimated to be $994,879, $855,604 and $659,256, respectively. | ||||
Commitments to Funds | ||||
As of December 31, 2013 and 2012, the Company, generally in the capacity as general partner, had undrawn capital commitments of $327,254 and $265,401, respectively, including commitments to both non-consolidated and consolidated funds. | ||||
Operating Leases | ||||
Oaktree leases its main headquarters office in Los Angeles and offices in 15 other cities in the U.S., Asia and Europe, pursuant to current lease terms expiring through 2022. Occupancy costs, including non-lease expenses, for the years ended December 31, 2013, 2012 and 2011, were $17,878, $18,084 and $17,602, respectively. Additionally, Oaktree leases a corporate plane pursuant to an agreement with a scheduled termination in February 2015. | ||||
As of December 31, 2013, aggregate estimated minimum commitments under Oaktree’s operating leases were as follows: | ||||
2014 | $ | 15,591 | ||
2015 | 12,123 | |||
2016 | 10,585 | |||
2017 | 5,266 | |||
2018 | 4,096 | |||
Thereafter | 8,545 | |||
Total | $ | 56,206 | ||
Investment Commitments of Consolidated Funds | ||||
The consolidated funds are parties to certain credit agreements, providing for the issuance of letters of credit and revolving loans, which may require the consolidated funds to extend additional loans to investee companies. The consolidated funds use the same investment criteria in making these unrecorded commitments as they do for investments that are included in the consolidated statements of financial condition. The unfunded liability associated with these credit agreements is equal to the amount by which the contractual loan commitment exceeds the sum of the amount of funded debt and cash held in escrow, if any. As of December 31, 2013 and 2012, the consolidated funds had aggregate potential credit and investment commitments of $1,307,880 and $912,001, respectively. These commitments will be funded by the funds’ cash balances, asset sales proceeds or drawdowns against existing capital commitments. | ||||
A consolidated fund may agree to guarantee the repayment obligations of certain investee companies. On December 20, 2012, certain consolidated funds (“Funds”) entered into a £200.0 million revolving credit facility (the “RCF”) pursuant to which certain portfolio companies of the Funds (“the borrowers”) will be able to draw under the RCF during a three-year period. The RCF has an annual commitment fee on unused commitments of 1.0% and bears interest at an annual rate equal to Libor or Euribor, as applicable, plus 2.0%. The Funds guarantee the payment and other obligations of the borrowers under the RCF. The amounts borrowed, accrued interest and other costs of the RCF will be paid by the portfolio companies. As of December 31, 2013 and 2012, there were $317.0 million and zero borrowings outstanding, respectively. The Funds, as guarantors, must maintain compliance with certain financial covenants at all times. As of December 31, 2013, the Funds were in compliance with these financial covenants. | ||||
The aggregate amounts guaranteed in addition to those described for the RCF were not material to the consolidated financial statements as of December 31, 2013 and 2012. |
EMPLOYEE_BENEFITS
EMPLOYEE BENEFITS | 12 Months Ended |
Dec. 31, 2013 | |
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract] | ' |
EMPLOYEE BENEFITS | ' |
EMPLOYEE BENEFITS | |
Oaktree provides certain employee benefits, including a voluntary 401(k) savings plan for which the Company makes an annual profit sharing contribution equal to up to 4.5% of total compensation for employees below certain compensation levels and up to 13.4% of total compensation, subject to prescribed limits, for employees meeting certain eligibility requirements. For the years ended December 31, 2013, 2012 and 2011, the Company incurred expenses of $6.0 million, $6.4 million and $5.2 million, respectively, in connection with the plan. Oaktree also has a discretionary annual bonus program for all employees, which is based, in part, on annual adjusted net income. |
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Related Party Transactions [Abstract] | ' | |||||||
RELATED PARTY TRANSACTIONS | ' | |||||||
RELATED PARTY TRANSACTIONS | ||||||||
The Company considers its Principals, employees and non-consolidated Oaktree funds to be affiliates. Amounts due from and to affiliates were comprised of the following: | ||||||||
As of December 31, | ||||||||
2013 | 2012 | |||||||
Due from affiliates: | ||||||||
Loans | $ | 41,095 | $ | 38,091 | ||||
Amounts due from non-consolidated funds | 1,220 | 661 | ||||||
Payments made on behalf of non-consolidated entities | 3,272 | 3,444 | ||||||
Non-interest bearing advances made to certain non-controlling interest holders and employees | 2,187 | 2,393 | ||||||
Total due from affiliates | $ | 47,774 | $ | 44,589 | ||||
Due to affiliates: | ||||||||
Due to OCGH unitholders in connection with the tax receivable agreement (please see note 11) | $ | 240,911 | $ | 134,953 | ||||
Amounts due to Principals, certain non-controlling interest holders and employees | 2,075 | 1,212 | ||||||
Total due to affiliates | $ | 242,986 | $ | 136,165 | ||||
Loans | ||||||||
Loans primarily consist of interest-bearing advances made to certain non-controlling interest holders, primarily the Company’s employees, to meet tax obligations related to vesting of equity awards. The notes, which are generally recourse to the borrower or secured by vested equity and other collateral, bear interest at the Company’s cost of capital and generated interest income of $1,629, $1,396 and $939 for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||
Due From Oaktree Funds and Portfolio Companies | ||||||||
In the normal course of business, the Company pays certain expenses on behalf of the Oaktree funds, for which it is reimbursed. Amounts advanced on behalf of consolidated funds are eliminated in consolidation. Certain expenses initially paid by the Company, primarily employee travel and other costs associated with particular portfolio company holdings, are reimbursed by the portfolio companies. | ||||||||
Other Investment Transactions | ||||||||
The Company’s Principals, directors and senior professionals are permitted to invest their own capital (or the capital of family trusts or other estate planning vehicles they control) in Oaktree funds, for which they pay the particular fund’s full management fee but not its incentive allocation. To facilitate the funding of capital calls by funds in which employees are invested, the Company periodically advances on a short-term basis the capital calls on certain employees' behalf. These advances are generally reimbursed toward the end of the calendar quarter in which the capital calls occurred. Amounts temporarily advanced by the Company are included in non-interest bearing advances made to certain non-controlling interest holders and employees. | ||||||||
Aircraft Services | ||||||||
A subsidiary of the Company leases an airplane for business purposes. The Company’s Chairman may use this aircraft for personal travel and, pursuant to a policy adopted by such subsidiary relating to such personal use, the Company is reimbursed by the Company’s Chairman for the costs of using the aircraft for personal travel. Additionally, the Company occasionally makes use of an airplane owned by one of its Principals for business purposes at a price to the Company that is based on market rates. | ||||||||
Special Allocations | ||||||||
Certain Principals receive special allocations based on a percentage of profits of the Oaktree Operating Group. These special allocations, which are recorded as compensation expense, are made on a current basis only for so long as they remain Principals of the Company. | ||||||||
Transactions with Meyer Memorial Trust | ||||||||
One of the Company’s directors, Mr. Pierson, is the Chief Financial and Investment Officer of Meyer Memorial Trust. Meyer Memorial Trust invests in certain Oaktree funds on the same terms as the other investors in those funds. |
CAPITAL_REQUIREMENTS_OF_REGULA
CAPITAL REQUIREMENTS OF REGULATED ENTITIES | 12 Months Ended |
Dec. 31, 2013 | |
Regulatory Capital Requirements [Abstract] | ' |
CAPITAL REQUIREMENTS OF REGULATED ENTITIES | ' |
CAPITAL REQUIREMENTS OF REGULATED ENTITIES | |
One of the Company's indirect subsidiaries is a registered U.S. broker-dealer that is subject to the minimum net capital requirements of the U.S. Securities and Exchange Commission and the U.S. Financial Industry Regulatory Authority. Additionally, one of the Company's indirect subsidiaries based in London is subject to the capital requirements of the U.K. Financial Services Authority, and another based in Hong Kong is subject to the capital requirements of the Hong Kong Securities and Futures Ordinance. These entities operate in excess of their respective regulatory capital requirements. | |
The regulatory capital requirements referred to above may restrict the Company’s ability to withdraw capital from its entities for purposes such as paying cash distributions or advances to the Company. As of December 31, 2013 and 2012, there was approximately $16.0 million and $14.0 million, respectively, of such potentially restricted amounts. |
SEGMENT_REPORTING
SEGMENT REPORTING | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
SEGMENT REPORTING | ' | |||||||||||
SEGMENT REPORTING | ||||||||||||
The Company’s business is comprised of one segment, the investment management segment. As a global investment manager, the Company provides investment management services through funds and separate accounts. Management makes operating decisions and assesses business performance based on financial and operating metrics and data that are presented without the consolidation of any funds. | ||||||||||||
The Company conducts its investment management business primarily in the United States, where substantially all of its revenues are generated. | ||||||||||||
Adjusted Net Income | ||||||||||||
The Company’s chief operating decision maker uses adjusted net income (“ANI”) to help evaluate the financial performance of, and make resource allocations and other operating decisions for, the investment management segment. The components of revenues and expenses used in the determination of ANI do not give effect to the consolidation of the funds that the Company manages. In addition, ANI excludes the effect of (a) non-cash equity-based compensation charges related to unit grants made before the Company’s initial public offering, (b) income taxes, (c) expenses that Oaktree Capital Group, LLC or its Intermediate Holding Companies bear directly and (d) the adjustment for the OCGH non-controlling interest. Incentive income and incentive income compensation expense are included in ANI when the underlying fund distributions are known or knowable as of the respective quarter end, which may be later than the time at which the same revenue or expense is included in the GAAP-basis statements of operations, for which the revenue standard is fixed or determinable and the expense standard is probable and reasonably estimable. ANI is calculated at the Operating Group level. | ||||||||||||
ANI was as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Revenues: | ||||||||||||
Management fees | $ | 749,901 | $ | 747,440 | $ | 724,321 | ||||||
Incentive income | 1,030,195 | 461,116 | 303,963 | |||||||||
Investment income | 258,654 | 202,392 | 23,763 | |||||||||
Total revenues | 2,038,750 | 1,410,948 | 1,052,047 | |||||||||
Expenses: | ||||||||||||
Compensation and benefits | (365,306 | ) | (329,741 | ) | (308,115 | ) | ||||||
Equity-based compensation | (3,828 | ) | (318 | ) | — | |||||||
Incentive income compensation | (436,217 | ) | (222,594 | ) | (179,234 | ) | ||||||
General and administrative | (117,361 | ) | (102,685 | ) | (94,655 | ) | ||||||
Depreciation and amortization | (7,119 | ) | (7,397 | ) | (6,583 | ) | ||||||
Total expenses | (929,831 | ) | (662,735 | ) | (588,587 | ) | ||||||
Adjusted net income before interest and other income (expense) | 1,108,919 | 748,213 | 463,460 | |||||||||
Interest expense, net of interest income (1) | (28,621 | ) | (31,730 | ) | (33,867 | ) | ||||||
Other income (expense), net | 409 | 767 | (1,209 | ) | ||||||||
Adjusted net income | $ | 1,080,707 | $ | 717,250 | $ | 428,384 | ||||||
-1 | Interest income was $3.2 million, $2.6 million and $2.3 million for the years ended December 31, 2013, 2011 and 2010, respectively. | |||||||||||
A reconciliation of net income (loss) attributable to Oaktree Capital Group, LLC to adjusted net income of the investment management segment is presented below. | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Net income (loss) attributable to Oaktree Capital Group, LLC | $ | 221,998 | $ | 107,810 | $ | (95,972 | ) | |||||
Incentive income (1) | (64,460 | ) | — | — | ||||||||
Incentive income compensation (1) | 46,334 | — | — | |||||||||
Equity-based compensation (2) | 24,613 | 36,024 | 948,746 | |||||||||
Income taxes (3) | 26,232 | 30,858 | 21,088 | |||||||||
Non-Operating Group other income (4) | — | (6,260 | ) | — | ||||||||
Non-Operating Group expenses (4) | 1,195 | 553 | 768 | |||||||||
OCGH non-controlling interest (4) | 824,795 | 548,265 | (446,246 | ) | ||||||||
Adjusted net income | $ | 1,080,707 | $ | 717,250 | $ | 428,384 | ||||||
-1 | This adjustment adds back the effect of timing differences associated with the recognition of incentive income and incentive income compensation expense between adjusted net income and net income attributable to OCG. There were no adjustments attributable to timing differences for 2012 and 2011. | |||||||||||
-2 | This adjustment adds back the effect of equity-based compensation charges related to unit grants made before the Company’s initial public offering, which is excluded from adjusted net income because it is a non-cash charge that does not affect the Company's financial position. | |||||||||||
-3 | Because adjusted net income is a pre-tax measure, this adjustment eliminates the effect of income tax expense from adjusted net income. | |||||||||||
-4 | Because adjusted net income is calculated at the Operating Group level, this adjustment adds back the effect of items applicable to OCG, its Intermediate Holding Companies or the OCGH non-controlling interest. | |||||||||||
The following tables reconcile the Company’s segment information to the consolidated financial statements: | ||||||||||||
As of or for the Year Ended December 31, 2013 | ||||||||||||
Segment | Adjustments | Consolidated | ||||||||||
Management fees (1) | $ | 749,901 | $ | (557,296 | ) | $ | 192,605 | |||||
Incentive income (1) | 1,030,195 | (1,027,878 | ) | 2,317 | ||||||||
Investment income (1) | 258,654 | (202,627 | ) | 56,027 | ||||||||
Total expenses (2) | (929,831 | ) | (177,231 | ) | (1,107,062 | ) | ||||||
Interest expense, net (3) | (28,621 | ) | (32,539 | ) | (61,160 | ) | ||||||
Other income, net | 409 | — | 409 | |||||||||
Other income of consolidated funds (4) | — | 7,153,828 | 7,153,828 | |||||||||
Income taxes | — | (26,232 | ) | (26,232 | ) | |||||||
Net income attributable to non-controlling redeemable interests in consolidated funds | — | (5,163,939 | ) | (5,163,939 | ) | |||||||
Net income attributable to OCGH non-controlling interest in consolidated subsidiaries | — | (824,795 | ) | (824,795 | ) | |||||||
Adjusted net income/net income attributable to Oaktree Capital Group, LLC | $ | 1,080,707 | $ | (858,709 | ) | $ | 221,998 | |||||
Corporate investments (5) | $ | 1,197,173 | $ | (1,027,246 | ) | $ | 169,927 | |||||
Total assets(6) | $ | 2,817,127 | $ | 42,446,127 | $ | 45,263,254 | ||||||
-1 | The adjustment represents the elimination of amounts attributable to the consolidated funds. | |||||||||||
-2 | The expense adjustment consists of (a) equity-based compensation charges of $24,613 related to unit grants made before the Company’s initial public offering, (b) consolidated fund expenses of $105,089, (c) expenses incurred by the Intermediate Holding Companies of $1,195 and (d) the effect of timing differences in the recognition of incentive income compensation expense between adjusted net income and net income attributable to OCG of $46,334. | |||||||||||
-3 | The interest expense adjustment represents the inclusion of interest expense attributable to non-controlling interests of the consolidated funds and the exclusion of segment interest income. | |||||||||||
-4 | The adjustment to other income of consolidated funds primarily represents the inclusion of interest, dividend and other investment income attributable to non-controlling interests of the consolidated funds. | |||||||||||
-5 | The adjustment to corporate investments is to remove from segment assets the consolidated funds that are treated as equity method investments for segment reporting purposes. | |||||||||||
-6 | The total assets adjustment represents the inclusion of investments and other assets of the consolidated funds, net of segment assets eliminated in consolidation, which are primarily corporate investments in funds and incentive income receivable. | |||||||||||
As of or for the Year Ended December 31, 2012 | ||||||||||||
Segment | Adjustments | Consolidated | ||||||||||
Management fees (1) | $ | 747,440 | $ | (612,872 | ) | $ | 134,568 | |||||
Incentive income (1) | 461,116 | (450,701 | ) | 10,415 | ||||||||
Investment income (1) | 202,392 | (177,010 | ) | 25,382 | ||||||||
Total expenses (2) | (662,735 | ) | (127,868 | ) | (790,603 | ) | ||||||
Interest expense, net (3) | (31,730 | ) | (14,043 | ) | (45,773 | ) | ||||||
Other income, net (4) | 767 | 6,260 | 7,027 | |||||||||
Other income of consolidated funds (5) | — | 7,362,259 | 7,362,259 | |||||||||
Income taxes | — | (30,858 | ) | (30,858 | ) | |||||||
Net income attributable to non-controlling redeemable interests in consolidated funds | — | (6,016,342 | ) | (6,016,342 | ) | |||||||
Net loss attributable to OCGH non-controlling interest in consolidated subsidiaries | — | (548,265 | ) | (548,265 | ) | |||||||
Adjusted net income/net income attributable to Oaktree Capital Group, LLC | $ | 717,250 | $ | (609,440 | ) | $ | 107,810 | |||||
Corporate investments (6) | $ | 1,115,952 | $ | (1,017,002 | ) | $ | 98,950 | |||||
Total assets (7) | $ | 2,359,548 | $ | 41,510,450 | $ | 43,869,998 | ||||||
-1 | The adjustment represents the elimination of amounts attributable to the consolidated funds. | |||||||||||
-2 | The expense adjustment consists of (a) equity-based compensation charges of $36,024 related to unit grants made before the Company’s initial public offering, (b) consolidated fund expenses of $91,291 and (c) expenses incurred by the Intermediate Holding Companies of $553. | |||||||||||
-3 | The interest expense adjustment represents the inclusion of interest expense attributable to non-controlling interests of the consolidated funds and the exclusion of segment interest income. | |||||||||||
-4 | The other income, net adjustment represents other income or expenses of OCG or its Intermediate Holding Companies. This amount is attributable to a reduction in the amount of the deferred tax asset associated with the Company's tax receivable agreement, which reduced the tax receivable agreement liability payable to OCGH unitholders. | |||||||||||
-5 | The adjustment to other income of consolidated funds primarily represents the inclusion of interest, dividend and other investment income attributable to non-controlling interests of the consolidated funds. | |||||||||||
-6 | The adjustment to corporate investments is to remove from segment assets the consolidated funds that are treated as equity method investments for segment reporting purposes. | |||||||||||
-7 | The total assets adjustment represents the inclusion of investments and other assets of the consolidated funds, net of segment assets eliminated in consolidation, which are primarily corporate investments in funds and incentive income receivable. | |||||||||||
As of or for the Year Ended December 31, 2011 | ||||||||||||
Segment | Adjustments | Consolidated | ||||||||||
Management fees (1) | $ | 724,321 | $ | (583,606 | ) | $ | 140,715 | |||||
Incentive income (1) | 303,963 | (288,908 | ) | 15,055 | ||||||||
Investment income (1) | 23,763 | (15,163 | ) | 8,600 | ||||||||
Total expenses (2) | (588,587 | ) | (1,056,277 | ) | (1,644,864 | ) | ||||||
Interest expense, net (3) | (33,867 | ) | (17,076 | ) | (50,943 | ) | ||||||
Other income, net | (1,209 | ) | — | (1,209 | ) | |||||||
Other income of consolidated funds (4) | — | 1,245,089 | 1,245,089 | |||||||||
Income taxes | — | (21,088 | ) | (21,088 | ) | |||||||
Net income attributable to non-controlling redeemable interests in consolidated funds | — | (233,573 | ) | (233,573 | ) | |||||||
Net loss attributable to OCGH non-controlling interest in consolidated subsidiaries | — | 446,246 | 446,246 | |||||||||
Adjusted net income/net loss attributable to Oaktree Capital Group, LLC | $ | 428,384 | $ | (524,356 | ) | $ | (95,972 | ) | ||||
Corporate investments (5) | $ | 1,159,287 | $ | (1,037,462 | ) | $ | 121,825 | |||||
Total assets (6) | $ | 2,083,908 | $ | 42,210,248 | $ | 44,294,156 | ||||||
-1 | The adjustment represents the elimination of amounts attributable to the consolidated funds. | |||||||||||
-2 | The expense adjustment consists of (a) equity-based compensation charges of $948,746 related to unit grants made before the Company’s initial public offering, (b) consolidated fund expenses of $106,763 and (c) expenses incurred by the Intermediate Holding Companies of $768. | |||||||||||
-3 | The interest expense adjustment represents the inclusion of interest expense attributable to non-controlling interests of the consolidated funds and the exclusion of segment interest income. | |||||||||||
-4 | The adjustment to other income of consolidated funds primarily represents the inclusion of interest, dividend and other investment income attributable to non-controlling interests of the consolidated funds. | |||||||||||
-5 | The adjustment to corporate investments is to remove from segment assets the consolidated funds that are treated as equity method investments for segment reporting purposes. | |||||||||||
-6 | The total assets adjustment represents the inclusion of investments and other assets of the consolidated funds, net of segment assets eliminated in consolidation, which are primarily corporate investments in funds and incentive income receivable. |
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
SUBSEQUENT EVENTS | ' |
SUBSEQUENT EVENTS | |
In January 2014, the Company issued 1,667,300 restricted OCGH units and 7,164 Class A units to its employees and directors. These issuances are subject to annual vesting over a weighted average period of approximately five years and were not eligible to participate in the distribution paid on February 27, 2014, which was related to the fourth quarter of 2013. | |
On February 13, 2014, the Company declared a distribution attributable to the fourth quarter of 2013 of $1.00 per Class A unit, bringing the aggregate distributions for fiscal year 2013 to $4.66. The distribution of $1.00 was paid on February 27, 2014 to Class A unitholders of record at the close of business on February 24, 2014. |
QUARTERLY_FINANCIAL_DATA_UNAUD
QUARTERLY FINANCIAL DATA (UNAUDITED) (Notes) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Quarterly Financial Data [Abstract] | ' | |||||||||||||||
QUARTERLY FINANCIAL DATA (UNAUDITED) | ' | |||||||||||||||
QUARTERLY FINANCIAL DATA (UNAUDITED) | ||||||||||||||||
Three Months Ended | ||||||||||||||||
31-Mar-13 | 30-Jun-13 | 30-Sep-13 | 31-Dec-13 | |||||||||||||
Revenues | $ | 42,539 | $ | 52,414 | $ | 56,786 | $ | 43,183 | ||||||||
Expenses | (275,505 | ) | (285,540 | ) | (214,158 | ) | (331,859 | ) | ||||||||
Other income | 2,626,671 | 1,285,947 | 1,247,329 | 1,989,157 | ||||||||||||
Income before income taxes | $ | 2,393,705 | $ | 1,052,821 | $ | 1,089,957 | $ | 1,700,481 | ||||||||
Net income | $ | 2,383,548 | $ | 1,044,830 | $ | 1,089,231 | $ | 1,693,123 | ||||||||
Net income attributable to Oaktree Capital Group, LLC | $ | 57,566 | $ | 56,577 | $ | 42,948 | $ | 64,907 | ||||||||
Net income per unit (basic and diluted): | ||||||||||||||||
Net income per Class A unit | $ | 1.91 | $ | 1.71 | $ | 1.12 | $ | 1.69 | ||||||||
Distributions declared per Class A unit | $ | 1.05 | $ | 1.41 | $ | 1.51 | $ | 0.74 | ||||||||
Three Months Ended | ||||||||||||||||
31-Mar-12 | 30-Jun-12 | 30-Sep-12 | 31-Dec-12 | |||||||||||||
Revenues | $ | 37,068 | $ | 29,207 | $ | 31,906 | $ | 46,802 | ||||||||
Expenses | (167,567 | ) | (207,008 | ) | (168,020 | ) | (248,008 | ) | ||||||||
Other income | 2,416,536 | 1,015,349 | 2,356,217 | 1,560,793 | ||||||||||||
Income before income taxes | $ | 2,286,037 | $ | 837,548 | $ | 2,220,103 | $ | 1,359,587 | ||||||||
Net income | $ | 2,278,270 | $ | 823,623 | $ | 2,214,302 | $ | 1,356,222 | ||||||||
Net income attributable to Oaktree Capital Group, LLC | $ | 18,608 | $ | 24,719 | $ | 25,212 | $ | 39,271 | ||||||||
Net income per unit (basic and diluted): | ||||||||||||||||
Net income per Class A unit | $ | 0.82 | $ | 0.84 | $ | 0.84 | $ | 1.3 | ||||||||
Distributions declared per Class A unit | $ | 0.42 | $ | 0.55 | $ | 0.79 | $ | 0.55 | ||||||||
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended | |
Dec. 31, 2013 | ||
Accounting Policies [Abstract] | ' | |
Consolidation | ' | |
Consolidation | ||
The Company consolidates those entities where it has a direct or indirect controlling financial interest based on either a variable interest model or voting interest model. This includes two entities determined to be variable interest entities (“VIEs”), for which the Company is considered the primary beneficiary, and substantially all of Oaktree's closed-end, commingled open-end and evergreen funds for which the Company acts as the sole general partner and is deemed to control through a voting interest model. | ||
Variable Interest Model | ' | |
Variable Interest Model. The Company consolidates entities determined to be VIEs for which it is considered the primary beneficiary. An enterprise is determined 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 business 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 rules, which were revised effective January 1, 2010, require an analysis to (a) determine 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-related fees), would give it a controlling financial interest. The consolidation rules may be deferred for VIEs if the VIE and the reporting entity's interest in the VIE meet the deferral conditions set forth in Accounting Standards Codification (“ASC”) 810-10-65-2(aa). Where a VIE has qualified for the deferral of the consolidation rules, the analysis is based on consolidation rules prior to January 1, 2010. These rules require an analysis to (a) determine 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-related fees), would be expected to absorb a majority of the variability of the entity. Under either guideline, the Company determines whether it is the primary beneficiary of a VIE at the time it becomes involved with a VIE and reconsiders that conclusion at each reporting date. In evaluating whether the Company is the primary beneficiary, the Company evaluates its economic interests in the entity held either directly by the Company or indirectly through related parties. The consolidation analysis can generally be performed qualitatively; however, if it is not readily apparent that the Company is not the primary beneficiary, a quantitative analysis may also be performed. Investments and redemptions (either by the Company, affiliates of the Company or third parties) or amendments to the governing documents of the respective Oaktree funds could affect an entity's status as a VIE or the determination of the primary beneficiary. | ||
While the Company holds variable interests in the Oaktree funds, these funds do not meet the characteristics of a VIE. As of December 31, 2013, the Company consolidated two entities as VIEs for which it is the primary beneficiary, Oaktree AIF Holdings, Inc. (“AIF”) and South Grand MM CLO I, LLC (“MM CLO”), and there are no VIEs for which the Company was not the primary beneficiary. As of December 31, 2012, the Company’s only consolidated VIE was AIF. AIF was formed to hold certain assets for regulatory and other purposes and is immaterial to the Company. MM CLO was formed in December 2013 to launch a collateralized loan obligation product for which the Company will act as collateral manager and had net assets of less than $1.0 million as of December 31, 2013. | ||
Voting Interest Model. For entities that are not VIEs, the Company evaluates those entities that it controls through a majority voting interest, including those Oaktree funds in which the Company as the sole general partner is presumed to have control (together with MM CLO, the “consolidated funds”). Although as general partner the Company typically has only a small, single-digit equity interest in each fund, the funds' third-party limited partners do not have the right to dissolve the partnerships or have substantive kick-out or participating rights that would overcome the presumption of control by the Company. | ||
Accordingly, Oaktree's consolidated financial statements reflect the assets, liabilities, investment income, expenses and cash flows of the consolidated funds on a gross basis, and the majority of the economic interests in those funds, which are held by third-party investors, are attributed to non-controlling redeemable interests in consolidated funds in the accompanying consolidated financial statements. Substantially all of the management fees and incentive income earned by Oaktree from those funds are eliminated in consolidation. However, because the eliminated amounts are earned from and funded by non-controlling interests, Oaktree's attributable share of the net income from those funds is increased by the amounts eliminated. Thus, the elimination in consolidation of such amounts has no effect on net income or loss attributable to the Company. Potential incentive allocations at the consolidated fund level that have not yet been recognized by the Company are included in non-controlling redeemable interests in consolidated funds. | ||
The Company records non-controlling interests to reflect the economic interests of the unaffiliated limited partners. These interests are presented as non-controlling redeemable interests in consolidated funds within the consolidated statements of financial condition, outside of the permanent capital section. Limited partners in open-end and evergreen funds generally have the right to withdraw their capital, subject to the terms of the respective limited partnership agreements, over periods ranging from one month to three years. While limited partners in consolidated closed-end funds generally have not been granted redemption rights, they do have such 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. | ||
All intercompany transactions and balances have been eliminated in consolidation. | ||
Equity Method Investments | ' | |
Certain funds for which the Company shares general partner responsibilities or where the Company has no general partner responsibility but has the ability to exert significant influence through other means are accounted for under the equity method of accounting. | ||
Use of Estimates | ' | |
Use of Estimates | ||
The preparation of the consolidated financial statements in accordance with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated financial statements, as well as the reported amounts of income and expenses during the period then ended. Actual results could differ from these estimates. | ||
Fair Value of Financial Instruments | ' | |
Fair Value of Financial Instruments | ||
GAAP establishes a hierarchal 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, 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. The Company accounts for the transfer of assets into or out of each fair-value hierarchy level as of the beginning of the reporting period. | ||
In the absence of observable market prices, the Company values Level III investments 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 or valuation teams. The valuations are then reviewed and approved by the valuation team and the valuation committee of each investment strategy, which consists of senior members of the investment team. All Level III investment values are ultimately approved by the valuation committees and designated investment professionals, as well as the valuation officer, who is independent of the investment teams and reports directly to the Company's Managing Principal. 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 evaluates changes in fair-value measurements from period to period for reasonableness, considering items such as industry trends, general economic and market conditions, and factors specific to the investment. | ||
Certain Level III assets are valued using prices obtained from brokers or pricing vendors. The Company obtains an average of one to two broker quotes. The Company seeks to obtain at least one quote directly from a broker making a market for the asset and one price from a pricing vendor for the subject or similar securities. These investments 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. Generally, the Company does not adjust any of the prices received from these sources, and all prices are reviewed by the Company. 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 brokers and pricing vendors against actual prices received in transactions. In addition to on-going monitoring and back-testing, the Company performs due diligence procedures over pricing vendors to understand their methodology and controls to support their use in the valuation process. | ||
The Company has elected the fair value option for certain corporate investments that otherwise would not have reflected unrealized gains and losses in current-period earnings. Such election is irrevocable and is applied on an investment-by-investment basis at initial recognition. Unrealized gains and losses resulting from changes in fair value are reflected as a component of investment income in the consolidated statements of operations. Accounting for these investments at fair value is consistent with how the Company accounts for its other corporate investments. The valuation methods used to measure the fair value of such investments is consistent with the valuation methodologies applied to investments held by the consolidated funds. | ||
Cash and Cash-Equivalents | ' | |
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 Oaktree 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. | ||
Cash and Cash-equivalents | ||
Cash and cash-equivalents include demand deposit accounts, as well as money market funds and short-term investments with maturities of three months or less at the date of acquisition. | ||
U.S. Treasury and Government Agency Securities | ' | |
U.S. Treasury and Government-agency Securities | ||
Includes holdings of U.S. Treasury bills and other securities issued by U.S. government agencies with maturities greater than three months at the date of acquisition. These securities, classified as available-for-sale, are recorded at fair value with changes in fair value included in other comprehensive income (loss). Changes in fair value were not material for all years presented. | ||
Foreign Currency | ' | |
Foreign Currency | ||
Assets and liabilities of the foreign subsidiaries of Oaktree having non-U.S. dollar functional currencies are translated at exchange rates prevailing at the end of each reporting period. Results of foreign operations are translated at the weighted average exchange rate for each reporting period. Translation adjustments are included as a component of accumulated other comprehensive income (loss) until realized. Gains or losses resulting from foreign currency transactions are included in general and administrative expenses. | ||
Foreign Currency | ||
Investments denominated in non-U.S. currencies are recorded in the consolidated financial statements after translation into U.S. dollars utilizing rates of exchange on the last business day of the period. Interest and dividend income is recorded net of foreign withholding taxes and calculated using the exchange rate in effect when the income is recognized. The effect of changes in exchange rates on assets and liabilities, income and realized gains or losses is included as part of net realized gain (loss) on consolidated funds' investments and net change in unrealized appreciation (depreciation) on consolidated funds' investments in the consolidated statements of operations. | ||
Hedging and Other Derivatives | ' | |
Hedging and Other Derivatives | ||
The Company enters into derivative instruments as part of its overall risk management strategy or to facilitate its investment management activities. 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 derivative instruments to economically hedge or reduce these exposures. To mitigate the risk associated with fluctuations in interest rates, the Company may enter into interest-rate swaps to manage all or a portion of the interest-rate risk associated with its variable-rate borrowings. The Company's corporate investments in funds include investments denominated in currencies other than the U.S. dollar, which is the Company's functional currency and, consequently, are subject to fluctuations in foreign currency exchange rates. The Company also receives management fees from certain funds and pays expenses in currencies other than the U.S. dollar. To manage the risks associated with foreign currency exchange gains and losses generated by the remeasurement of the Company's corporate investments, management fees and expenses denominated in non-functional currencies, the Company may enter into currency option and forward contracts. 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 ratings. Counterparty credit risk is evaluated in determining the fair value of derivative instruments. | ||
The Company recognizes all derivatives as assets or liabilities in its consolidated statements of financial condition at fair value. In connection with its derivative activities, the Company generally enters into agreements subject to enforceable master netting arrangements that allow the Company to offset derivative assets and liabilities in the same currency by specific derivative type or, in the event of default by the counterparty, to offset derivative assets and liabilities with the same counterparty. While these derivative instruments are eligible to be offset in accordance with applicable accounting guidance, the Company has elected to present derivative assets and liabilities based on gross fair value in its consolidated statements of financial condition. | ||
When the Company enters into a derivative contract, the Company may 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. | ||
Derivatives that are designated as hedging instruments are classified as either a hedge of (a) a recognized asset or liability (“fair-value hedge”), (b) a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability (“cash-flow hedge”), or (c) a net investment in a foreign operation. For a fair-value hedge, the Company records changes in the fair value of the derivative and, to the extent that it is highly effective, changes in the fair value of the hedged asset or liability attributable to the hedged risk in current-period earnings in the same caption in the consolidated statements of operations as the hedged item. Changes in the fair value of a derivative that is highly effective and is designated and qualifies as a cash-flow hedge, to the extent that the hedge is effective, are recorded in other comprehensive income (loss) until earnings are affected by the variability of cash flows of the hedged transaction. Any hedge ineffectiveness is recorded in current-period earnings. Changes in the fair value of derivatives designated as hedging instruments that are caused by factors other than changes in the risk being hedged are excluded from the assessment of hedge effectiveness and recognized in current-period earnings. For a derivative that is not designated as a hedging instrument (“freestanding derivative”), the Company records changes in fair value in current-period earnings. | ||
The Company formally documents at inception the hedge relationship, including identification of the hedging instrument and the hedged item, as well as the risk management objectives, the strategy for undertaking the hedge transaction, and the evaluation of effectiveness of its hedged transaction. On a quarterly basis, the Company formally assesses whether the derivative it designated in each hedging relationship has been and is expected to remain highly effective in offsetting changes in the estimated fair value or cash flow of the hedged items. If it is determined that a derivative is not highly effective at hedging the designated exposure, hedge accounting is discontinued and the balance remaining in other comprehensive income is released to earnings. | ||
Depreciation and Amortization | ' | |
Depreciation and Amortization | ||
Depreciation and amortization expense includes costs associated with the purchase of furniture and equipment, capitalized software, and leasehold improvements. Furniture and equipment and capitalized software costs are depreciated using the straight-line method over the estimated useful life of the asset, generally three-to-five years beginning in the first full month after the asset is placed in service. Leasehold improvements are amortized using the straight-line method over the shorter of the respective estimated useful life or the lease term. | ||
Comprehensive Income (Loss) | ' | |
Comprehensive Income (Loss) | ||
Comprehensive income (loss) consists of net income (loss) and other gains and losses affecting unitholders' capital that, under GAAP, are excluded from net income (loss). Other gains and losses result from unrealized gains and losses on cash-flow hedges and foreign currency translation adjustments, net of tax. | ||
Management Fees | ' | |
Management Fees | ||
Management fees are recognized over the period in which the investment advisory services are performed. The contractual terms of management fees vary by fund structure. Management fees for closed-end funds are paid quarterly and typically calculated as a fixed percentage, in the range of 1.25% to 1.75% per year, of total committed capital or drawn capital during the investment period (up through the final close, these fees are generally earned on a retroactive basis to the fund’s first closing date). During the liquidation period, the management fee remains the same fixed percentage, applied against the lesser of the total funded capital and the cost basis of assets remaining in the fund. The Company's right to receive management fees typically ends after 10 or 11 years from the initial closing date or the start of the investment period even if certain assets remain to be liquidated. For open-end and evergreen funds, management fees are based on the net asset value (“NAV”) of the respective fund. Open-end funds pay management fees of approximately 0.50% of NAV per year, paid monthly or quarterly. Evergreen funds pay a management fee quarterly, ranging from 1.5% to 2.0% per year, based on a fixed percentage of the NAV of the relevant fund. In the case of certain open-end and evergreen fund accounts, in lieu of charging the regular management fee applicable to the relevant strategy, we have the potential to earn performance-based fees, typically in reference to a relevant benchmark index or hurdle rate. | ||
The Company does not recognize incremental income for transaction, advisory, director and other ancillary fees received in connection with providing services to portfolio companies or potential investees of the funds; rather, any such fees are offset against management fees earned from the applicable fund. These fees are typically recognized as revenue in the period in which they are offset against the quarterly management fees that would otherwise be paid by the applicable fund, which is generally the quarter following the period in which the fees are received. Inasmuch as these fees are not paid directly by the consolidated funds, such fees do not eliminate in consolidation and may impact the presentation of gross consolidated management fees; however, there is no impact to the Company's net income as the amounts are included in net income (loss) attributable to non-controlling redeemable interests in consolidated funds. | ||
Incentive Income | ' | |
The Company may receive tax distributions related to taxable income allocated by funds, which are treated as an advance of incentive income and subject to the same recognition criteria. Tax distributions are contractually not subject to clawback. | ||
Incentive Income | ||
Incentive income generally represents 20% of each closed-end fund's profits, subject to the return of contributed capital and a preferred return of typically 8% per annum, and 20% of certain evergreen fund's annual profits, subject to high-water marks. The Company has elected to adopt “Method 1” for revenue recognition based on a formula. Under this method, incentive income is recognized when fixed or determinable, all related contingencies have been removed and collection is reasonably assured, which generally occurs in the quarter of, or the quarter immediately prior to, the distribution of the income by the fund to Oaktree. The Method 1 criteria for 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. Incentives received by Oaktree before the above criteria are met are deferred and recorded as a deferred incentive income liability within accounts payable, other accrued expenses and other liabilities on the consolidated statements of financial condition. | ||
Incentive Income Compensation | ' | |
Incentive Income Compensation | ||
Incentive income compensation expense primarily includes compensation directly related to incentive income, which generally consists of percentage interests (sometimes referred to as “points”) that the Company grants to its investment professionals associated with the particular fund that generated the incentive income, and secondarily includes 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, including income from consolidated funds that is eliminated in consolidation, to specified investment professionals responsible for the management of the fund. 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. Incentive income compensation is expensed no later than 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 consolidated funds 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. Incentive income compensation also is expensed if the Company acquires an individual's participation interest in a fund's incentive income, thereby eliminating any contingency related to the Company's obligation to pay the compensation. In December 2011, the Company acquired a small portion of certain investment professionals' participation in the possible future incentive income from OCM Opportunities Fund VIIb, L.P. (“Opps Vllb”), in the aggregate amount of $55.5 million. The acquisition price was based on Opps VIIb's unpaid potential incentive income allocation to the Company as of September 30, 2011. The related incentive income was not recognized in 2011 because, as of December 31, 2011, its recognition criteria had not been satisfied. The Company did not acquire any incentive income participation interest in the years ended December 31, 2013 and 2012. | ||
Other Income (Expense) | ' | |
Other Income (Expense), Net | ||
In 2010, the Company received a portfolio of properties as part of an arbitration award related to a former principal and portfolio manager of the Company's real estate group who left the Company in 2005. Other income (expense), net primarily reflects the net results of operating the portfolio of properties. | ||
Equity-based Compensation | ' | |
Equity-based Compensation | ||
Equity-based compensation is calculated based on the fair value of a unit at the time of grant, adjusted annually or more frequently, as necessary, for actual forfeitures to reflect expense only for those units that ultimately vest. The Company utilizes a contemporaneous valuation report which incorporates both market comparables for restricted stock liquidity discounts and multi-period put-based quantitative methods in determining the fair value of OCGH units. Before the Company's initial public offering, fair value was typically determined using the latest available closing price of Class A units on the Goldman, Sachs & Co. for Tradable Unregistered Equity Securities (the “GSTrUE OTC market”), discounted for a lack of marketability. Subsequent to the Company's initial public offering, fair value is determined using the closing price of Class A units on the NYSE, discounted for a lack of marketability where applicable. Equity-based awards that do not require future service (i.e., awards vested at grant) are expensed immediately. Equity-based awards that require future service are recognized on a straight-line basis over the requisite service period. | ||
Income Taxes | ' | |
Income Taxes | ||
Oaktree Holdings, Inc. and Oaktree AIF Holdings, Inc., two of the Company's Intermediate Holding Companies which were established as wholly-owned corporate subsidiaries in connection with the May 2007 Restructuring, are subject to U.S. federal and state income taxes. The remainder of Oaktree's income is generally not subject to U.S. corporate-level taxation. | ||
Income taxes are accounted for using the liability method of accounting. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of differences between the carrying amount of assets and liabilities and their respective tax bases, using currently enacted tax rates. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period when the change is enacted. Deferred tax assets are reduced by a valuation allowance when it is more likely than not that some portion or all of the deferred tax assets will not be realized. | ||
Oaktree analyzes its tax filing positions for all open tax years in all of the U.S. federal, state, local and foreign tax jurisdictions where it is required to file income tax returns. If the Company determines that uncertainties in tax positions exist, a reserve is established. Oaktree recognizes accrued interest and penalties related to uncertain tax positions in income tax expense within the consolidated statements of operations. | ||
Tax laws are complex and subject to different interpretations by the taxpayer and respective governmental taxing authorities. Significant judgment is required in determining tax expense and in evaluating tax positions, including evaluating uncertainties under GAAP. Oaktree reviews its tax positions quarterly and adjusts its tax balances as new information becomes available. | ||
The Oaktree funds are generally not subject to U.S. federal and state income taxes and, consequently, no income tax provision has been made in the accompanying consolidated financial statements because individual partners are responsible for their proportionate share of the taxable income. | ||
Accounting Policies of Consolidated Funds | ' | |
Accounting Policies of Consolidated Funds | ||
Although as general partner the Company typically only has a small minority economic interest in the consolidated funds, the third-party limited partners neither have the right to dissolve the partnerships nor possess substantive kick-out or participating rights that would overcome the presumption of control by the Company. Accordingly, the Company consolidates the consolidated funds and records non-controlling interests to reflect the economic interests of the unaffiliated limited partners. | ||
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. | ||
Investments, at fair value | ' | |
Investments, at Fair Value | ||
The consolidated funds are primarily investment limited partnerships that reflect their investments (the “portfolio holdings”), including majority-owned and controlled investments, at fair value. The Company has retained the specialized investment company accounting guidance under GAAP for the consolidated funds with respect to consolidated investments. Thus, the consolidated investments are reflected on the consolidated statements of financial condition at fair value, with unrealized gains and losses resulting from changes in fair value reflected as a component of net change in unrealized appreciation (depreciation) on consolidated funds' investments in the consolidated statements of operations. Fair value is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). | ||
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 unobservalbe 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 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 analysis of market studies. Instances where the Company has applied discounts to quoted prices of restricted listed securities have been infrequent. The impact of such discounts is not material to the Company's consolidated statements of financial condition and results of operations for all periods presented. | ||
Credit-oriented Investments (including Real Estate Loan Portfolios) | ||
Investments in corporate and government debt which are not listed or admitted to trading on any securities exchange are valued at the mean of the last bid and ask prices on the valuation date based on quotations supplied by recognized quotation services or by reputable broker-dealers. | ||
The market-yield approach is considered in the valuation of non-publicly traded debt securities, utilizing expected future cash flows and discounted using estimated current market rates. Discounted cash flow calculations may be adjusted to reflect current market conditions and/or the perceived credit risk of the borrower. Consideration is also given to a borrower's ability to meet principal and interest obligations; this may include an evaluation of collateral and/or the underlying value of the borrower utilizing techniques described below under “—Non-publicly Traded Equity and Real Estate Investments.” | ||
Non-publicly Traded Equity and Real Estate Investments | ||
The fair value of equity and real estate investments is determined using a cost, market or income approach. The cost approach is based on the current cost of reproducing a real estate investment less deterioration and functional and economic obsolescence. The market approach utilizes valuations of comparable public companies and transactions, and generally seeks to establish the enterprise value of the portfolio company or investment property using a market-multiple methodology. This approach takes into account the financial measure (such as EBITDA, adjusted EBITDA, free cash flow, net operating income, net income, book value or net asset value) believed to be most relevant for the given company or investment property. Consideration may also 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 period of time elapsed 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 may eventually be realized from sales or other dispositions of investments. Fair values may differ from the values that would have been used had a ready market for the investment existed, and the differences could be material to the consolidated financial statements. | ||
Corporate Investments | ||
Corporate investments consist of investments in funds and companies that the Company does not control. Investments where the Company is deemed to exert significant influence are accounted for using the equity method of accounting and reflect Oaktree's ownership interest in each such fund or company. For investments where the Company is not deemed to exert significant influence or control, the fair value option of accounting has been elected. Investment income represents the Company's pro-rata share of income or loss from these funds or companies or the change in fair value of the investment, as applicable. Oaktree's general partnership interests are substantially illiquid. While investments in funds reflect the fund’s holdings at fair value, equity-method investments in DoubleLine Capital LP and other companies are not adjusted to reflect the fair value of the underlying company. The fair value of the underlying investments in 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. | ||
Securities Sold Short | ' | |
Securities Sold Short | ||
Securities sold short represent obligations of the consolidated funds to make a future delivery of a specific security and, correspondingly, create an obligation to purchase the security at prevailing market prices (or deliver the security, if owned by the consolidated funds) as of the delivery date. As a result, these short sales create the risk that the funds' obligations to satisfy the delivery requirement may exceed the amount recorded in the accompanying consolidated statements of financial condition. | ||
Securities sold short are recorded at fair value, with the resulting change in value reflected as a component of net change in unrealized appreciation (depreciation) on consolidated funds' investments. When the securities are delivered, any gain or loss is included in net realized gain (loss) on consolidated funds' investments. The funds maintain cash deposits with prime brokers in order to cover their obligations on short sales. These amounts are included in due from brokers in the consolidated statements of financial condition. | ||
Options | ' | |
Options | ||
The purchase price of a call option or a put option is recorded as an investment, which is carried at fair value. If a purchased option expires, a loss in the amount of the cost of the option is realized. When there is a closing sale transaction, a gain or loss is realized if the proceeds are greater or less than, respectively, the cost of the option. When a call option is exercised, the cost of the security purchased upon exercise is increased by the premium originally paid. | ||
When a consolidated fund writes an option, the premium received is recorded as a liability and is subsequently adjusted to the current fair value of the option written. If a written option expires, a gain is realized in the amount of the premium received. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain or loss. The writer of an option bears the market risk of an unfavorable change in the price of the security underlying the written option. Options written are included in accounts payable, accrued expenses and other liabilities in the consolidated statements of financial condition. | ||
Credit Default Swaps | ' | |
Credit Default Swaps | ||
A credit default swap (“CDS”) is a financial instrument used to transfer the credit risk of a reference entity from one party to another for a specified period of time. In a standard CDS contract, one party (the “protection buyer”) agrees to pay a premium (commonly based on a rate of a notional principal amount) to another party (the “protection seller”) in exchange for a contingent payment in the event of a pre-defined credit event that relates to an obligation of a reference entity. The reference entity of the swap can be a single issuer, a basket of issuers or an index. Types of underlying referenced obligations can be, but are not limited to, corporate bonds, bank loans, sovereign debt and asset-backed securities. When a credit event is triggered, the protection seller is obligated to pay the contingent payment to the buyer, which is typically the par value (full notional value) of the reference obligation, though the actual payment may be mitigated by terms of the International Swaps and Derivatives Association Master Agreement allowing for netting arrangements and collateral. The contingent payment may be a cash settlement or a physical delivery of the reference obligation in return for payment of the face amount of the obligation. These contingent amounts are partially offset by any recovery value of the respective referenced obligation, upfront payments received upon entering into the agreement, if any, or net amounts received from the settlement of buy protection agreements entered into by the consolidated funds for the same referenced entity or entities. If a consolidated fund is a protection buyer and no credit event occurs, the fund may lose its investment and recover nothing. However, if a credit event occurs, the protection buyer typically receives full notional value for a reference obligation that may have little or no value. Based on the complex nature of the settlement process and volatility of the market, the Company is generally unable to reasonably estimate the amount of potential future recovery values. | ||
In addition to general market risks, CDS contracts are subject to liquidity and counterparty risk. A CDS may entail greater risks than those of other instruments, including the risk of mispricing due to limited availability of pricing sources and the risk that changes in the value of the swap may not correlate with the underlying asset. A CDS may be highly illiquid because such instruments typically are traded over-the-counter and are not exchange traded. When a fund is a protection buyer, the fund is exposed to credit risk relating to whether the counterparty will meet its obligation upon the occurrence of a credit event. When a fund is a protection seller, it is exposed to off-balance sheet risk to the extent that its ultimate obligation to the counterparty upon the occurrence of a credit event may be significantly higher than the fair value reflected in the consolidated statements of financial condition. | ||
CDS contracts are valued by the Company based in part on quotations provided by an independent pricing service, with changes in value recorded as unrealized appreciation or depreciation. Upfront payments received or paid by the consolidated funds are reflected as an asset or liability in the consolidated statements of financial condition. For further information regarding CDS contracts, please see note 5. | ||
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 underlying value of the swaps 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, as well as cash collateral, on deposit with brokers and counterparties, and is 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 derivative instruments, 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. | ||
The consolidated funds may invest in real property and real estate-related investments, including commercial mortgage-backed securities (“CMBS”) and real estate loans, that entail substantial inherent risks. There can be no assurance that such investments will increase in value or that significant losses will not be incurred. CMBS are subject to a number of risks, including credit, interest rate, prepayment and market. These risks can be affected by a number of factors, including general economic conditions, particularly those in the area where the related mortgaged properties are located, the level of the borrowers' equity in the mortgaged properties, and the relative timing and rate of delinquencies and prepayments of mortgage loans bearing a higher rate of interest. Real estate loans include residential or commercial loans that are non-performing at the time of their acquisition or that become non-performing following their acquisition. Non-performing real estate loans may require a substantial amount of workout negotiations or restructuring, which may entail, among other things, a substantial reduction in the interest rate and/or write-down of the principal balance. Moreover, foreclosure on collateral securing one or more real estate loans held by the consolidated funds may be necessary, which may be lengthy and expensive. Residential loans are typically subject to risks associated with the value of the underlying properties, which may be affected by a number of factors including general economic conditions, mortgage qualification standards, local market conditions such as employment levels, the supply of homes, and the safety, convenience and attractiveness of the properties and neighborhoods. Commercial loans are typically subject to risks associated with the ability of the borrower to repay, which may be impacted by general economic conditions, as well as borrower-specific factors including the quality of management, the ability to generate sufficient income to make scheduled principal and interest payments, or the ability to obtain alternative financing to repay the loan. | ||
Certain consolidated funds hold over-the-counter derivatives that may allow counterparties to terminate derivative contracts prior to maturity under certain circumstances, thereby resulting in an accelerated payment of any net liability owed to the counterparty. | ||
Recent Accounting Developments | ' | |
Recent Accounting Developments | ||
In December 2011, the Financial Accounting Standards Board (“FASB”) issued amended guidance requiring enhanced disclosures that will enable users to evaluate the effect or potential effect of netting arrangements on an entity's financial position, including the effect or potential effect of rights of setoff associated with certain financial instruments and derivative instruments. In January 2013, the FASB issued additional guidance to clarify that ordinary receivables and payables are not in the scope of the amended guidance. The amendments were effective for the Company beginning January 1, 2013. The Company adopted this guidance in the first quarter of 2013 and determined that adoption did not have a material impact on its consolidated financial statements. Please see note 5 for required disclosures. | ||
In February 2013, the FASB issued guidance on reporting amounts reclassified out of accumulated other comprehensive income (“AOCI”), which requires entities to disclose additional information about reclassification adjustments, including changes in AOCI balances by component and significant items reclassified out of AOCI. The guidance was effective for the Company beginning January 1, 2013 and applied prospectively. The Company adopted this guidance in the first quarter of 2013 and determined that adoption did not have a material impact on its consolidated financial statements. | ||
In June 2013, the FASB issued guidance that amended the criteria by which an entity qualifies as an investment company for accounting purposes. The guidance also clarified the characteristics of an investment company and provided measurement and disclosure requirements for an investment company. The amendment is effective for the Company beginning January 1, 2014. The Company does not expect that adoption of this guidance will have a material impact on its consolidated financial statements. |
INVESTMENTS_AT_FAIR_VALUE_Tabl
INVESTMENTS, AT FAIR VALUE (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Investments [Abstract] | ' | |||||||||||||||||||||||
Investments, at Fair Value | ' | |||||||||||||||||||||||
Investments held and securities sold short in the consolidated funds are summarized below: | ||||||||||||||||||||||||
Fair Value as of December 31, | Fair value as a percentage of investments of consolidated funds as of December 31, | |||||||||||||||||||||||
Investments: | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
United States: | ||||||||||||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||
Consumer discretionary | $ | 3,017,755 | $ | 5,072,283 | 7.6 | % | 13.2 | % | ||||||||||||||||
Consumer staples | 801,959 | 697,300 | 2 | 1.8 | ||||||||||||||||||||
Energy | 650,336 | 565,151 | 1.6 | 1.5 | ||||||||||||||||||||
Financials | 554,115 | 1,013,230 | 1.4 | 2.6 | ||||||||||||||||||||
Health care | 600,570 | 658,932 | 1.5 | 1.7 | ||||||||||||||||||||
Industrials | 1,768,600 | 1,957,259 | 4.4 | 5.1 | ||||||||||||||||||||
Information technology | 1,130,614 | 908,662 | 2.8 | 2.4 | ||||||||||||||||||||
Materials | 1,094,476 | 826,008 | 2.7 | 2.2 | ||||||||||||||||||||
Telecommunication services | 289,046 | 282,101 | 0.7 | 0.7 | ||||||||||||||||||||
Utilities | 2,182,098 | 1,717,978 | 5.6 | 4.5 | ||||||||||||||||||||
Total fixed income securities (cost: $12,008,435 and $13,320,475 as of December 31, 2013 and 2012, respectively) | 12,089,569 | 13,698,904 | 30.3 | 35.7 | ||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||
Consumer discretionary | 3,164,000 | 3,289,347 | 7.9 | 8.6 | ||||||||||||||||||||
Consumer staples | 482,521 | 444,735 | 1.2 | 1.2 | ||||||||||||||||||||
Energy | 570,839 | 448,412 | 1.4 | 1.2 | ||||||||||||||||||||
Financials | 6,474,365 | 6,001,493 | 16.3 | 15.6 | ||||||||||||||||||||
Health care | 310,582 | 134,239 | 0.8 | 0.3 | ||||||||||||||||||||
Industrials | 1,840,900 | 1,201,156 | 4.6 | 3.1 | ||||||||||||||||||||
Information technology | 227,608 | 199,003 | 0.6 | 0.5 | ||||||||||||||||||||
Materials | 923,933 | 1,407,850 | 2.3 | 3.7 | ||||||||||||||||||||
Telecommunication services | 51,881 | 15,022 | 0.1 | 0 | ||||||||||||||||||||
Utilities | 193,984 | 140,037 | 0.5 | 0.4 | ||||||||||||||||||||
Total equity securities (cost: $11,104,484 and $11,637,988 as of December 31, 2013 and 2012, respectively) | 14,240,613 | 13,281,294 | 35.7 | 34.6 | ||||||||||||||||||||
Fair Value as of December 31, | Fair value as a percentage of investments of consolidated funds as of December 31, | |||||||||||||||||||||||
Investments: | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
Europe: | ||||||||||||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||
Consumer discretionary | $ | 1,519,530 | $ | 1,607,822 | 3.8 | % | 4.2 | % | ||||||||||||||||
Consumer staples | 159,489 | 486,037 | 0.4 | 1.3 | ||||||||||||||||||||
Energy | 295,942 | 272,079 | 0.7 | 0.7 | ||||||||||||||||||||
Financials | 612,123 | 627,161 | 1.5 | 1.6 | ||||||||||||||||||||
Health care | 39,189 | 19,585 | 0.1 | 0 | ||||||||||||||||||||
Industrials | 378,797 | 531,770 | 1 | 1.4 | ||||||||||||||||||||
Information technology | 22,216 | 5,397 | 0.1 | 0 | ||||||||||||||||||||
Materials | 663,984 | 717,294 | 1.7 | 1.9 | ||||||||||||||||||||
Telecommunication services | 175,231 | 190,369 | 0.4 | 0.5 | ||||||||||||||||||||
Utilities | 18,581 | 28,561 | 0 | 0.1 | ||||||||||||||||||||
Total fixed income securities (cost: $3,349,740 and $4,383,068 as of December 31, 2013 and 2012, respectively) | 3,885,082 | 4,486,075 | 9.7 | 11.7 | ||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||
Consumer discretionary | 198,045 | 117,485 | 0.5 | 0.3 | ||||||||||||||||||||
Consumer staples | 385,595 | 1,336,420 | 1 | 3.5 | ||||||||||||||||||||
Energy | 129,207 | 91,724 | 0.3 | 0.2 | ||||||||||||||||||||
Financials | 2,763,198 | 1,553,598 | 6.9 | 4.1 | ||||||||||||||||||||
Health care | 13,084 | — | 0 | — | ||||||||||||||||||||
Industrials | 784,524 | 1,388 | 2 | 0 | ||||||||||||||||||||
Information technology | 1,341 | 335 | 0 | 0 | ||||||||||||||||||||
Materials | 249,732 | 374,169 | 0.6 | 1 | ||||||||||||||||||||
Telecommunication services | 1,382 | — | 0 | — | ||||||||||||||||||||
Total equity securities (cost: $4,111,171 and $2,960,210 as of December 31, 2013 and 2012, respectively) | 4,526,108 | 3,475,119 | 11.3 | 9.1 | ||||||||||||||||||||
Asia and other: | ||||||||||||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||
Consumer discretionary | 93,087 | 680,273 | 0.2 | 1.8 | ||||||||||||||||||||
Consumer staples | 25,424 | 3,615 | 0.1 | 0 | ||||||||||||||||||||
Energy | 74,167 | 47,776 | 0.2 | 0.1 | ||||||||||||||||||||
Financials | 159,369 | 22,186 | 0.4 | 0.1 | ||||||||||||||||||||
Health care | 31,057 | 1,622 | 0.1 | 0 | ||||||||||||||||||||
Industrials | 1,247,793 | 290,639 | 3.1 | 0.8 | ||||||||||||||||||||
Information technology | 21,842 | 33,260 | 0.1 | 0.1 | ||||||||||||||||||||
Materials | 84,107 | 92,974 | 0.2 | 0.2 | ||||||||||||||||||||
Telecommunication services | 1,884 | 1,939 | 0 | 0 | ||||||||||||||||||||
Utilities | 6,808 | 129,474 | 0 | 0.3 | ||||||||||||||||||||
Total fixed income securities (cost: $1,639,694 and $1,298,868 as of December 31, 2013 and 2012, respectively) | 1,745,538 | 1,303,758 | 4.4 | 3.4 | ||||||||||||||||||||
Fair Value as of December 31, | Fair value as a percentage of investments of consolidated funds as of December 31, | |||||||||||||||||||||||
Investments: | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
Asia and other: | ||||||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||
Consumer discretionary | $ | 422,731 | $ | 99,527 | 1.1 | % | 0.3 | % | ||||||||||||||||
Consumer staples | 42,937 | 42,688 | 0.1 | 0.1 | ||||||||||||||||||||
Energy | 267,494 | 213,490 | 0.7 | 0.6 | ||||||||||||||||||||
Financials | 1,211,033 | 973,745 | 3 | 2.5 | ||||||||||||||||||||
Health care | 8,124 | 71 | 0 | 0 | ||||||||||||||||||||
Industrials | 1,136,934 | 613,020 | 2.9 | 1.6 | ||||||||||||||||||||
Information technology | 130,714 | 75,583 | 0.3 | 0.2 | ||||||||||||||||||||
Materials | 63,395 | 51,296 | 0.2 | 0.1 | ||||||||||||||||||||
Telecommunication services | 17,719 | 6,044 | 0 | 0 | ||||||||||||||||||||
Utilities | 123,897 | 52,012 | 0.3 | 0.1 | ||||||||||||||||||||
Total equity securities (cost: $2,734,160 and $1,726,145 as of December 31, 2013 and 2012, respectively) | 3,424,978 | 2,127,476 | 8.6 | 5.5 | ||||||||||||||||||||
Total fixed income securities | 17,720,189 | 19,488,737 | 44.4 | 50.8 | ||||||||||||||||||||
Total equity securities | 22,191,699 | 18,883,889 | 55.6 | 49.2 | ||||||||||||||||||||
Total investments, at fair value | $ | 39,911,888 | $ | 38,372,626 | 100 | % | 100 | % | ||||||||||||||||
Securities Sold Short: | ||||||||||||||||||||||||
Securities sold short – equities (proceeds: $137,092 and $123,575 as of December 31, 2013 and 2012, respectively) | $ | (140,251 | ) | $ | (126,530 | ) | ||||||||||||||||||
Net Gains (Losses) from Investment Activities of Consolidated Funds | ' | |||||||||||||||||||||||
The following table summarizes net gains (losses) from investment activities: | ||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Net Realized Gain (Loss) on Investments | Net Change in Unrealized Appreciation (Depreciation) on Investments | Net Realized Gain (Loss) on Investments | Net Change in Unrealized Appreciation (Depreciation) on Investments | Net Realized Gain (Loss) on Investments | Net Change in Unrealized Appreciation (Depreciation) on Investments | |||||||||||||||||||
Investments and other financial instruments | $ | 3,649,821 | $ | 2,152,662 | $ | 4,421,219 | $ | 952,478 | $ | 2,008,111 | $ | (3,233,102 | ) | |||||||||||
Total return, credit default and interest-rate swaps (1) | 89,333 | (22,619 | ) | 66,992 | 33,445 | 80,398 | (60,023 | ) | ||||||||||||||||
Foreign currency forward contracts (1) | (217,234 | ) | (286,336 | ) | 85,773 | (148,791 | ) | (307,681 | ) | 233,816 | ||||||||||||||
Options and futures (1) | (17,922 | ) | (238 | ) | (13,202 | ) | (1,972 | ) | (36,693 | ) | (5,367 | ) | ||||||||||||
Total | $ | 3,503,998 | $ | 1,843,469 | $ | 4,560,782 | $ | 835,160 | $ | 1,744,135 | $ | (3,064,676 | ) | |||||||||||
-1 | Please see note 5 for additional information. |
FAIR_VALUE_Tables
FAIR VALUE (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||||||||||||||
Valuation of Investments and Other Financial Instruments | ' | |||||||||||||||||||||||||||||||||||
The table below summarizes the valuation of investments and other financial instruments of the consolidated funds by fair-value hierarchy levels: | ||||||||||||||||||||||||||||||||||||
As of December 31, 2013: | Level I | Level II | Level III | Total | ||||||||||||||||||||||||||||||||
Corporate debt – bank debt | $ | — | $ | 7,352,129 | $ | 2,809,437 | $ | 10,161,566 | ||||||||||||||||||||||||||||
Corporate debt – all other | 798 | 5,125,646 | 2,432,179 | 7,558,623 | ||||||||||||||||||||||||||||||||
Equities – common stock | 4,804,068 | 1,109,270 | 6,700,015 | 12,613,353 | ||||||||||||||||||||||||||||||||
Equities – preferred stock | 4,101 | 8,483 | 919,771 | 932,355 | ||||||||||||||||||||||||||||||||
Real estate | — | 37,184 | 6,221,294 | 6,258,478 | ||||||||||||||||||||||||||||||||
Real estate loan portfolio | — | — | 2,369,441 | 2,369,441 | ||||||||||||||||||||||||||||||||
Other | 2,656 | 1,708 | 13,708 | 18,072 | ||||||||||||||||||||||||||||||||
Total investments | $ | 4,811,623 | $ | 13,634,420 | $ | 21,465,845 | $ | 39,911,888 | ||||||||||||||||||||||||||||
Securities sold short – equities | $ | (140,251 | ) | $ | — | $ | — | $ | (140,251 | ) | ||||||||||||||||||||||||||
Options written (net) | $ | (1,862 | ) | $ | 16,853 | $ | — | $ | 14,991 | |||||||||||||||||||||||||||
Swaps (net) | — | 11,222 | — | 11,222 | ||||||||||||||||||||||||||||||||
Swaptions (net) | — | 5,392 | — | 5,392 | ||||||||||||||||||||||||||||||||
Forward contracts (net) | — | (83,481 | ) | — | (83,481 | ) | ||||||||||||||||||||||||||||||
Futures (net) | (3,067 | ) | — | — | (3,067 | ) | ||||||||||||||||||||||||||||||
As of December 31, 2012: | Level I | Level II | Level III | Total | ||||||||||||||||||||||||||||||||
Corporate debt – bank debt | $ | — | $ | 7,412,691 | $ | 2,253,476 | $ | 9,666,167 | ||||||||||||||||||||||||||||
Corporate debt – all other | — | 6,663,519 | 3,159,051 | 9,822,570 | ||||||||||||||||||||||||||||||||
Equities – common stock | 3,362,742 | 1,055,465 | 8,101,051 | 12,519,258 | ||||||||||||||||||||||||||||||||
Equities – preferred stock | 2,520 | 2,133 | 650,096 | 654,749 | ||||||||||||||||||||||||||||||||
Real estate | — | — | 3,946,142 | 3,946,142 | ||||||||||||||||||||||||||||||||
Real estate loan portfolio | — | — | 1,737,822 | 1,737,822 | ||||||||||||||||||||||||||||||||
Other | 1,933 | 8,438 | 15,547 | 25,918 | ||||||||||||||||||||||||||||||||
Total investments | $ | 3,367,195 | $ | 15,142,246 | $ | 19,863,185 | $ | 38,372,626 | ||||||||||||||||||||||||||||
Securities sold short – equities | $ | (126,530 | ) | $ | — | $ | — | $ | (126,530 | ) | ||||||||||||||||||||||||||
Options written (net) | $ | — | $ | 5,520 | $ | — | $ | 5,520 | ||||||||||||||||||||||||||||
Swaps (net) | — | (5,539 | ) | 44,705 | 39,166 | |||||||||||||||||||||||||||||||
Forward contracts (net) | — | (93,863 | ) | — | (93,863 | ) | ||||||||||||||||||||||||||||||
Futures (net) | 90 | — | — | 90 | ||||||||||||||||||||||||||||||||
Summary of Changes in Fair Value of Level III Investments | ' | |||||||||||||||||||||||||||||||||||
The following tables set forth a summary of changes in the fair value of the Level III investments: | ||||||||||||||||||||||||||||||||||||
Corporate Debt – Bank Debt | Corporate Debt – All Other | Equities – Common Stock | Equities – Preferred Stock | Real Estate | Real Estate Loan Portfolio | Swaps | Other | Total | ||||||||||||||||||||||||||||
2013:00:00 | ||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 2,253,476 | $ | 3,159,051 | $ | 8,101,051 | $ | 650,096 | $ | 3,946,142 | $ | 1,737,822 | $ | 44,705 | $ | 15,547 | $ | 19,907,890 | ||||||||||||||||||
Transfers into Level III | 377,448 | 2,410 | 367,562 | 387,757 | 15,055 | — | — | — | 1,150,232 | |||||||||||||||||||||||||||
Transfers out of Level III | (656,354 | ) | (327,612 | ) | (1,222,610 | ) | (35,771 | ) | — | — | — | — | (2,242,347 | ) | ||||||||||||||||||||||
Purchases | 1,673,352 | 428,783 | 1,437,693 | 280,531 | 2,200,559 | 1,226,791 | — | — | 7,247,709 | |||||||||||||||||||||||||||
Sales | (1,120,160 | ) | (1,029,515 | ) | (2,590,023 | ) | (316,187 | ) | (978,064 | ) | (866,588 | ) | (91,101 | ) | — | (6,991,638 | ) | |||||||||||||||||||
Realized gains (losses), net | 33,427 | 120,610 | 956,094 | 41,553 | 194,681 | 39,755 | 91,070 | (27,386 | ) | 1,449,804 | ||||||||||||||||||||||||||
Unrealized appreciation (depreciation), net | 248,248 | 78,452 | (349,752 | ) | (88,208 | ) | 842,921 | 231,661 | (44,674 | ) | 25,547 | 944,195 | ||||||||||||||||||||||||
Ending balance | $ | 2,809,437 | $ | 2,432,179 | $ | 6,700,015 | $ | 919,771 | $ | 6,221,294 | $ | 2,369,441 | $ | — | $ | 13,708 | $ | 21,465,845 | ||||||||||||||||||
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period | $ | 198,469 | $ | 165,124 | $ | 246,039 | $ | (42,108 | ) | $ | 777,549 | $ | 231,662 | $ | — | $ | (1,783 | ) | $ | 1,574,952 | ||||||||||||||||
2012:00:00 | ||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 1,978,637 | $ | 3,155,241 | $ | 6,164,025 | $ | 1,090,107 | $ | 2,786,862 | $ | 479,690 | $ | — | $ | 18,824 | $ | 15,673,386 | ||||||||||||||||||
Transfers into Level III | 476,034 | 688,299 | 785,470 | 6,884 | 39,199 | — | 2,317 | — | 1,998,203 | |||||||||||||||||||||||||||
Transfers out of Level III | (547,130 | ) | (592,397 | ) | (306,648 | ) | (98,797 | ) | (5,353 | ) | — | — | — | (1,550,325 | ) | |||||||||||||||||||||
Purchases | 1,667,292 | 953,076 | 1,009,258 | 53,788 | 1,361,920 | 2,104,577 | — | 500 | 7,150,411 | |||||||||||||||||||||||||||
Sales | (1,329,534 | ) | (1,183,277 | ) | (564,217 | ) | (410,261 | ) | (914,108 | ) | (988,399 | ) | — | (7,835 | ) | (5,397,631 | ) | |||||||||||||||||||
Realized gains (losses), net | 50,938 | 112,396 | 178,115 | 318,498 | 249,933 | 35,650 | — | 5,404 | 950,934 | |||||||||||||||||||||||||||
Unrealized appreciation (depreciation), net | (42,761 | ) | 25,713 | 835,048 | (310,123 | ) | 427,689 | 106,304 | 42,388 | (1,346 | ) | 1,082,912 | ||||||||||||||||||||||||
Ending balance | $ | 2,253,476 | $ | 3,159,051 | $ | 8,101,051 | $ | 650,096 | $ | 3,946,142 | $ | 1,737,822 | $ | 44,705 | $ | 15,547 | $ | 19,907,890 | ||||||||||||||||||
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period | $ | (45,214 | ) | $ | 23,779 | $ | 847,098 | $ | 14,873 | $ | 531,768 | $ | 106,304 | $ | 42,388 | $ | (64 | ) | $ | 1,520,932 | ||||||||||||||||
Summary of Valuation Techniques and Quantitative Information | ' | |||||||||||||||||||||||||||||||||||
The following table sets forth a summary of the valuation technique and quantitative information utilized in determining the fair value of the consolidated funds' Level III investments as of December 31, 2013: | ||||||||||||||||||||||||||||||||||||
Investment Type | Fair Value | Valuation Technique | Significant Unobservable Inputs (9)(10)(11) | Range | Weighted Average (12) | |||||||||||||||||||||||||||||||
Credit-oriented investments: | ||||||||||||||||||||||||||||||||||||
Consumer | $ | 40,998 | Discounted cash flow (1) | Discount rate | 13% – 15% | 14% | ||||||||||||||||||||||||||||||
discretionary: | ||||||||||||||||||||||||||||||||||||
571,865 | Market approach | Earnings multiple (3) | 4x – 11x | 5x | ||||||||||||||||||||||||||||||||
(comparable companies) (2) | ||||||||||||||||||||||||||||||||||||
321,619 | Recent transaction price (5) | Not applicable | Not applicable | Not applicable | ||||||||||||||||||||||||||||||||
139,002 | Recent market information (6) | Quoted prices / discount | Not applicable | Not applicable | ||||||||||||||||||||||||||||||||
(discount not applicable) | ||||||||||||||||||||||||||||||||||||
Industrials: | 328,712 | Discounted cash flow (1) | Discount rate | 12% – 17% | 14% | |||||||||||||||||||||||||||||||
335,270 | Discounted cash flow (1) / | Discount rate / Market transactions | 11% – 20% | 14% | ||||||||||||||||||||||||||||||||
Sales approach (8) | ||||||||||||||||||||||||||||||||||||
59,349 | Market approach | Earnings multiple (3) | 4x – 6x | 6x | ||||||||||||||||||||||||||||||||
(comparable companies) (2) | ||||||||||||||||||||||||||||||||||||
77,550 | Market approach | Underlying asset multiple | 0.9x – 1.1x | 1x | ||||||||||||||||||||||||||||||||
(value of underlying assets) (2)(4) | ||||||||||||||||||||||||||||||||||||
208,436 | Recent transaction price (5) | Not applicable | Not applicable | Not applicable | ||||||||||||||||||||||||||||||||
840,871 | Recent market information (6) | Quoted prices / discount | Not applicable | Not applicable | ||||||||||||||||||||||||||||||||
(discount not applicable) | ||||||||||||||||||||||||||||||||||||
Materials: | 67,280 | Discounted cash flow (1) | Discount rate | 13% – 14% | 13% | |||||||||||||||||||||||||||||||
437,522 | Market approach | Earnings multiple (3) | 6x – 7x | 6x | ||||||||||||||||||||||||||||||||
(comparable companies) (2) | ||||||||||||||||||||||||||||||||||||
79,020 | Recent transaction price (5) | Not applicable | Not applicable | Not applicable | ||||||||||||||||||||||||||||||||
Other: | 704,430 | Discounted cash flow (1) | Discount rate | 8% – 15% | 11% | |||||||||||||||||||||||||||||||
337,406 | Market approach | Earnings multiple (3) | 6x – 7x | 7x | ||||||||||||||||||||||||||||||||
(comparable companies) (2) | ||||||||||||||||||||||||||||||||||||
291,925 | Recent transaction price (5) | Not applicable | Not applicable | Not applicable | ||||||||||||||||||||||||||||||||
400,361 | Recent market information (6) | Quoted prices / discount | Not applicable | Not applicable | ||||||||||||||||||||||||||||||||
(discount not applicable) | ||||||||||||||||||||||||||||||||||||
Equity investments: | ||||||||||||||||||||||||||||||||||||
Consumer | 57,560 | Discounted cash flow (1) | Discount rate | 12% – 14% | 13% | |||||||||||||||||||||||||||||||
discretionary: | ||||||||||||||||||||||||||||||||||||
504,550 | Market approach | Earnings multiple (3) | 4x – 11x | 9x | ||||||||||||||||||||||||||||||||
(comparable companies) (2) | ||||||||||||||||||||||||||||||||||||
97,834 | Recent transaction price (5) | Not applicable | Not applicable | Not applicable | ||||||||||||||||||||||||||||||||
140,705 | Recent market information (6) | Quoted prices / discount | Not applicable | Not applicable | ||||||||||||||||||||||||||||||||
(discount not applicable) | ||||||||||||||||||||||||||||||||||||
Financials: | 344,636 | Market approach | Earnings multiple (3) | 12x – 14x | 13x | |||||||||||||||||||||||||||||||
(comparable companies) (2) | ||||||||||||||||||||||||||||||||||||
407,823 | Market approach | Underlying asset multiple | 1x – 1.2x | 1.1x | ||||||||||||||||||||||||||||||||
(value of underlying assets) (2)(4) | ||||||||||||||||||||||||||||||||||||
185,140 | Recent transaction price (5) | Not applicable | Not applicable | Not applicable | ||||||||||||||||||||||||||||||||
Industrials: | 1,511,811 | Market approach | Earnings multiple (3) | 4x – 12x | 8x | |||||||||||||||||||||||||||||||
(comparable companies) (2) | ||||||||||||||||||||||||||||||||||||
1,064,686 | Market approach | Underlying asset multiple | 1x – 1.4x | 1.1x | ||||||||||||||||||||||||||||||||
(value of underlying assets) (2)(4) | ||||||||||||||||||||||||||||||||||||
745,519 | Recent transaction price (5) | Not applicable | Not applicable | Not applicable | ||||||||||||||||||||||||||||||||
Investment Type | Fair Value | Valuation Technique | Significant Unobservable Inputs (9)(10)(11) | Range | Weighted Average (12) | |||||||||||||||||||||||||||||||
Materials: | $ | 1,014,930 | Market approach | Earnings multiple (3) | 6x – 8x | 7x | ||||||||||||||||||||||||||||||
(comparable companies) (2) | ||||||||||||||||||||||||||||||||||||
1,604 | Recent market information (6) | Quoted prices / discount | Not applicable | Not applicable | ||||||||||||||||||||||||||||||||
(discount not applicable) | ||||||||||||||||||||||||||||||||||||
56,064 | Recent transaction price (5) | Not applicable | Not applicable | Not applicable | ||||||||||||||||||||||||||||||||
Other: | 60,451 | Discounted cash flow (1) | Discount rate | 10% – 12% | 11% | |||||||||||||||||||||||||||||||
1,052,158 | Market approach | Earnings multiple (3) | 5x – 11x | 9x | ||||||||||||||||||||||||||||||||
(comparable companies) (2) | ||||||||||||||||||||||||||||||||||||
21,790 | Recent transaction price (5) | Not applicable | Not applicable | Not applicable | ||||||||||||||||||||||||||||||||
107,361 | Recent market information (6) | Quoted prices / discount | Not applicable | Not applicable | ||||||||||||||||||||||||||||||||
(discount not applicable) | ||||||||||||||||||||||||||||||||||||
245,164 | Other | Not applicable | Not applicable | Not applicable | ||||||||||||||||||||||||||||||||
Real estate-oriented | ||||||||||||||||||||||||||||||||||||
investments: | ||||||||||||||||||||||||||||||||||||
1,997,927 | Discounted cash flow (1)(7) | Discount rate | 8% – 36% | 14% | ||||||||||||||||||||||||||||||||
Terminal capitalization rate | 6% – 15% | 8% | ||||||||||||||||||||||||||||||||||
Direct capitalization rate | 7% – 8% | 8% | ||||||||||||||||||||||||||||||||||
Net operating income growth rate | 1% – 30% | 9% | ||||||||||||||||||||||||||||||||||
Absorption rate | 16% – 44% | 32% | ||||||||||||||||||||||||||||||||||
1,230,234 | Market approach | Earnings multiple (3) | 6x – 12x | 12x | ||||||||||||||||||||||||||||||||
(comparable companies) (2) | ||||||||||||||||||||||||||||||||||||
427,452 | Market approach | Underlying asset multiple | 1.3x – 1.5x | 1.4x | ||||||||||||||||||||||||||||||||
(value of underlying assets) (2)(4) | ||||||||||||||||||||||||||||||||||||
710,888 | Recent transaction price (5) | Not applicable | Not applicable | Not applicable | ||||||||||||||||||||||||||||||||
684,802 | Sales approach (8) | Market transactions | Not applicable | Not applicable | ||||||||||||||||||||||||||||||||
1,169,991 | Recent market information (6) | Quoted prices / discount | 0% – 6% | 5% | ||||||||||||||||||||||||||||||||
Real estate loan | ||||||||||||||||||||||||||||||||||||
portfolios: | ||||||||||||||||||||||||||||||||||||
593,986 | Recent transaction price (5) | Not applicable | Not applicable | Not applicable | ||||||||||||||||||||||||||||||||
1,775,455 | Discounted cash flow (1)(7) | Discount rate | 10% – 24% | 15% | ||||||||||||||||||||||||||||||||
Other | 13,708 | |||||||||||||||||||||||||||||||||||
Total Level III | $ | 21,465,845 | ||||||||||||||||||||||||||||||||||
investments | ||||||||||||||||||||||||||||||||||||
The following table sets forth a summary of the valuation technique and quantitative information utilized in determining the fair value of the Company's Level III investments as of December 31, 2012: | ||||||||||||||||||||||||||||||||||||
Investment Type | Fair Value | Valuation Technique | Significant Unobservable Inputs (9)(10)(11) | Range | Weighted Average (12) | |||||||||||||||||||||||||||||||
Credit-oriented investments: | ||||||||||||||||||||||||||||||||||||
Consumer | $ | 163,978 | Discounted cash flow (1) | Discount rate | 7% – 15% | 13% | ||||||||||||||||||||||||||||||
discretionary: | ||||||||||||||||||||||||||||||||||||
233,160 | Market approach | Earnings multiple (3) | 5x – 12x | 8x | ||||||||||||||||||||||||||||||||
(comparable companies) (2) | ||||||||||||||||||||||||||||||||||||
673,870 | Recent transaction price (5) | Not applicable | Not applicable | Not applicable | ||||||||||||||||||||||||||||||||
202,878 | Recent market information (6) | Quoted prices / discount | Not applicable | Not applicable | ||||||||||||||||||||||||||||||||
(discount not applicable) | ||||||||||||||||||||||||||||||||||||
Consumer staples: | 317,589 | Discounted cash flow (1) | Discount rate | 12% – 14% | 12% | |||||||||||||||||||||||||||||||
283,020 | Market approach | Earnings multiple (3) | 9x – 10x | 9x | ||||||||||||||||||||||||||||||||
(comparable companies) (2) | ||||||||||||||||||||||||||||||||||||
104,956 | Recent transaction price (5) | Not applicable | Not applicable | Not applicable | ||||||||||||||||||||||||||||||||
7,424 | Recent market information (6) | Quoted prices / discount | Not applicable | Not applicable | ||||||||||||||||||||||||||||||||
(discount not applicable) | ||||||||||||||||||||||||||||||||||||
Financials: | 15,055 | Discounted cash flow (1) | Discount rate | 9% – 11% | 10% | |||||||||||||||||||||||||||||||
106,777 | Market approach | Earnings multiple (3) | 9x – 11x | 10x | ||||||||||||||||||||||||||||||||
(comparable companies) (2) | ||||||||||||||||||||||||||||||||||||
22,774 | Recent transaction price (5) | Not applicable | Not applicable | Not applicable | ||||||||||||||||||||||||||||||||
439,281 | Recent market information (6) | Quoted prices / discount | Not applicable | Not applicable | ||||||||||||||||||||||||||||||||
(discount not applicable) | ||||||||||||||||||||||||||||||||||||
Industrials: | 544,628 | Discounted cash flow (1) | Discount rate | 8% – 19% | 14% | |||||||||||||||||||||||||||||||
173,006 | Market approach | Earnings multiple (3) | 5x – 10x | 8x | ||||||||||||||||||||||||||||||||
(comparable companies) (2) | ||||||||||||||||||||||||||||||||||||
92,899 | Market approach | Underlying asset multiple | 0.9x – 1.1x | 1x | ||||||||||||||||||||||||||||||||
(value of underlying assets) (2)(4) | ||||||||||||||||||||||||||||||||||||
419,825 | Recent transaction price (5) | Not applicable | Not applicable | Not applicable | ||||||||||||||||||||||||||||||||
176,334 | Recent market information (6) | Quoted prices / discount | Not applicable | Not applicable | ||||||||||||||||||||||||||||||||
(discount not applicable) | ||||||||||||||||||||||||||||||||||||
Materials: | 63,132 | Discounted cash flow (1) | Discount rate | 13% – 15% | 14% | |||||||||||||||||||||||||||||||
464,236 | Market approach | Earnings multiple (3) | 6x – 8x | 7x | ||||||||||||||||||||||||||||||||
(comparable companies) (2) | ||||||||||||||||||||||||||||||||||||
173,248 | Recent transaction price (5) | Not applicable | Not applicable | Not applicable | ||||||||||||||||||||||||||||||||
Other: | 252,080 | Discounted cash flow (1) | Discount rate | 7% – 16% | 14% | |||||||||||||||||||||||||||||||
208,950 | Market approach | Earnings multiple (3) | 5x – 6x | 6x | ||||||||||||||||||||||||||||||||
(comparable companies) (2) | ||||||||||||||||||||||||||||||||||||
103,269 | Market approach | Underlying asset multiple | 0.9x – 1.1x | 1x | ||||||||||||||||||||||||||||||||
(value of underlying assets) (2)(4) | ||||||||||||||||||||||||||||||||||||
104,760 | Recent transaction price (5) | Not applicable | Not applicable | Not applicable | ||||||||||||||||||||||||||||||||
110,103 | Recent market information (6) | Quoted prices / discount | Not applicable | Not applicable | ||||||||||||||||||||||||||||||||
(discount not applicable) | ||||||||||||||||||||||||||||||||||||
Equity investments: | ||||||||||||||||||||||||||||||||||||
Consumer staples: | 1,591,730 | Market approach | Earnings multiple (3) | 5x – 9x | 8x | |||||||||||||||||||||||||||||||
(comparable companies) (2) | ||||||||||||||||||||||||||||||||||||
Financials: | 758,887 | Market approach | Earnings multiple (3) | 10x – 14x | 12x | |||||||||||||||||||||||||||||||
(comparable companies) (2) | ||||||||||||||||||||||||||||||||||||
306,977 | Market approach | Underlying asset multiple | 1x – 1.2x | 1.1x | ||||||||||||||||||||||||||||||||
(value of underlying assets) (2)(4) | ||||||||||||||||||||||||||||||||||||
1,412,616 | Recent transaction price (5) | Not applicable | Not applicable | Not applicable | ||||||||||||||||||||||||||||||||
9,630 | Recent market information (6) | Quoted prices / discount | Not applicable | Not applicable | ||||||||||||||||||||||||||||||||
(discount not applicable) | ||||||||||||||||||||||||||||||||||||
Investment Type | Fair Value | Valuation Technique | Significant Unobservable Inputs (9)(10)(11) | Range | Weighted Average (12) | |||||||||||||||||||||||||||||||
Industrials: | $ | 879,752 | Market approach | Earnings multiple (3) | 4x – 11x | 8x | ||||||||||||||||||||||||||||||
(comparable companies) (2) | ||||||||||||||||||||||||||||||||||||
1,388 | Market approach | Underlying asset multiple | 0.9x – 1.1x | 1x | ||||||||||||||||||||||||||||||||
(value of underlying assets) (2)(4) | ||||||||||||||||||||||||||||||||||||
658,463 | Recent transaction price (5) | Not applicable | Not applicable | Not applicable | ||||||||||||||||||||||||||||||||
Materials: | 1,685,758 | Market approach | Earnings multiple (3) | 6x – 8x | 7x | |||||||||||||||||||||||||||||||
(comparable companies) (2) | ||||||||||||||||||||||||||||||||||||
81,673 | Recent transaction price (5) | Not applicable | Not applicable | Not applicable | ||||||||||||||||||||||||||||||||
Other: | 57,560 | Discounted cash flow (1) | Discount rate | 13% – 15% | 14% | |||||||||||||||||||||||||||||||
1,031,830 | Market approach | Earnings multiple (3) | 5x – 12x | 8x | ||||||||||||||||||||||||||||||||
(comparable companies) (2) | ||||||||||||||||||||||||||||||||||||
82,131 | Market approach | Underlying asset multiple | 0.9x – 1.1x | 1x | ||||||||||||||||||||||||||||||||
(value of underlying assets) (2)(4) | ||||||||||||||||||||||||||||||||||||
32,955 | Recent transaction price (5) | Not applicable | Not applicable | Not applicable | ||||||||||||||||||||||||||||||||
86,828 | Recent market information (6) | Quoted prices / discount | Not applicable | Not applicable | ||||||||||||||||||||||||||||||||
(discount not applicable) | ||||||||||||||||||||||||||||||||||||
72,969 | Other | Not applicable | Not applicable | Not applicable | ||||||||||||||||||||||||||||||||
Real estate-oriented | ||||||||||||||||||||||||||||||||||||
investments: | ||||||||||||||||||||||||||||||||||||
1,306,815 | Discounted cash flow (1)(7) | Discount rate | 8% – 28% | 14% | ||||||||||||||||||||||||||||||||
Terminal capitalization rate | 6% – 11% | 8% | ||||||||||||||||||||||||||||||||||
Direct capitalization rate | 7% – 8% | 8% | ||||||||||||||||||||||||||||||||||
Net operating income growth rate | 1% – 29% | 11% | ||||||||||||||||||||||||||||||||||
Absorption rate | 14% – 33% | 27% | ||||||||||||||||||||||||||||||||||
844,610 | Market approach | Earnings multiple (3) | 6x – 13x | 12x | ||||||||||||||||||||||||||||||||
(comparable companies) (2) | ||||||||||||||||||||||||||||||||||||
737,011 | Market approach | Underlying asset multiple | 1.7x – 1.8x | 1.8x | ||||||||||||||||||||||||||||||||
(value of underlying assets) (2)(4) | ||||||||||||||||||||||||||||||||||||
674,292 | Recent transaction price (5) | Not applicable | Not applicable | Not applicable | ||||||||||||||||||||||||||||||||
243,791 | Sales approach (8) | Market transactions | Not applicable | Not applicable | ||||||||||||||||||||||||||||||||
139,623 | Recent market information (6) | Quoted prices / discount | Not applicable | Not applicable | ||||||||||||||||||||||||||||||||
(discount not applicable) | ||||||||||||||||||||||||||||||||||||
Real estate loan | ||||||||||||||||||||||||||||||||||||
portfolios: | ||||||||||||||||||||||||||||||||||||
1,245,538 | Recent transaction price (5) | Not applicable | Not applicable | Not applicable | ||||||||||||||||||||||||||||||||
102,153 | Recent market information (6) | Quoted prices / discount | Not applicable | Not applicable | ||||||||||||||||||||||||||||||||
(discount not applicable) | ||||||||||||||||||||||||||||||||||||
390,131 | Discounted cash flow (1)(7) | Discount rate | 14% – 20% | 15% | ||||||||||||||||||||||||||||||||
Other | 15,547 | |||||||||||||||||||||||||||||||||||
Total Level III | $ | 19,907,890 | ||||||||||||||||||||||||||||||||||
investments | ||||||||||||||||||||||||||||||||||||
-1 | 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. | |||||||||||||||||||||||||||||||||||
-2 | A market approach is generally used to value distressed investments and investments in which the consolidated funds have a controlling interest in the underlying issuer. | |||||||||||||||||||||||||||||||||||
-3 | 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. | |||||||||||||||||||||||||||||||||||
-4 | 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. | |||||||||||||||||||||||||||||||||||
-5 | 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. | |||||||||||||||||||||||||||||||||||
-6 | Certain investments are valued using quoted prices 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. | |||||||||||||||||||||||||||||||||||
-7 | The discounted cash flow model for certain real estate-oriented investments and certain real estate loan portfolios contains a sell-out analysis. In these cases, the discounted cash flow is based on the expected timing and prices of sales of the underlying properties. The Company's determination of the sales prices of these properties typically includes consideration of prices and other relevant information from market transactions involving comparable properties. | |||||||||||||||||||||||||||||||||||
-8 | The sales approach uses prices and other relevant information generated by market transactions involving comparable assets. The significant unobservable inputs used in the sales approach generally include adjustments to transactions involving comparable assets or properties, adjustments to external or internal appraised values, and the Company's assumptions regarding market trends or other relevant factors. | |||||||||||||||||||||||||||||||||||
-9 | 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. | |||||||||||||||||||||||||||||||||||
-10 | 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. | |||||||||||||||||||||||||||||||||||
-11 | The significant unobservable inputs used in the fair-value measurement of real estate investments utilizing a discounted cash flow analysis can include one or more of the following: discount rate, terminal capitalization rate, direct capitalization rate, net operating income growth rate or absorption rate. An increase (decrease) in a discount rate, terminal capitalization rate or direct capitalization rate would result in a lower (higher) fair-value measurement. An increase (decrease) in a net operating income growth rate or absorption rate would result in a higher (lower) fair-value measurement. Generally, a change in a net operating income growth rate or absorption rate would be accompanied by a directionally similar change in the discount rate. | |||||||||||||||||||||||||||||||||||
-12 | The weighted average is based on the fair value of the investments included in the range. |
HEDGES_AND_OTHER_DERIVATIVE_FI1
HEDGES AND OTHER DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||||||||
Summary of Net Forward Currency Sell Contracts Under Freestanding Derivatives | ' | |||||||||||||||||||||||
The fair value of forward currency sell contracts consisted of the following: | ||||||||||||||||||||||||
As of December 31, 2013: | Contract | Contract | Market | Net Unrealized | ||||||||||||||||||||
Amount in | Amount in | Value in | Appreciation | |||||||||||||||||||||
Local Currency | U.S. Dollars | U.S. Dollars | (Depreciation) | |||||||||||||||||||||
Euro, expiring 1/8/14-10/31/14 | 115,685 | $ | 153,959 | $ | 159,485 | $ | (5,526 | ) | ||||||||||||||||
USD (buy GBP), expiring 1/8/14-9/30/14 | 54,361 | 54,361 | 50,286 | 4,075 | ||||||||||||||||||||
GBP, expiring 4/30/14 | 3,000 | 4,643 | 4,966 | (323 | ) | |||||||||||||||||||
Japanese Yen, expiring 1/31/14-1/30/15 | 6,261,700 | 63,107 | 59,581 | 3,526 | ||||||||||||||||||||
Total | $ | 276,070 | $ | 274,318 | $ | 1,752 | ||||||||||||||||||
As of December 31, 2012: | ||||||||||||||||||||||||
Euro, expiring 1/7/13-10/31/13 | 93,500 | $ | 104,155 | $ | 105,997 | $ | (1,842 | ) | ||||||||||||||||
Japanese Yen, expiring 2/28/13-5/31/13 | 1,330,000 | 16,418 | 15,379 | 1,039 | ||||||||||||||||||||
Total | $ | 120,573 | $ | 121,376 | $ | (803 | ) | |||||||||||||||||
Schedule of Fair Values of Total Return Swaps | ' | |||||||||||||||||||||||
The fair value of the TRS contract, which is included in other assets in the consolidated statements of financial condition, consisted of the following: | ||||||||||||||||||||||||
As of December 31, 2013 | Notional | Fair Value | ||||||||||||||||||||||
Total-return swap | $ | 189,089 | $ | 4,515 | ||||||||||||||||||||
Summary of Impact of Freestanding Derivative Instruments on Condensed Consolidated Statement of Operations | ' | |||||||||||||||||||||||
Realized and unrealized gains and losses arising from freestanding derivative instruments were recorded on the consolidated statements of operations as follows: | ||||||||||||||||||||||||
For the Year Ended December 31, | ||||||||||||||||||||||||
Foreign Currency Forward Contracts: | 2013 | 2012 | 2011 | |||||||||||||||||||||
General and administrative expenses (1) | $ | 3,763 | $ | 1,545 | $ | (1,688 | ) | |||||||||||||||||
Total-return Swap: | ||||||||||||||||||||||||
Investment income | $ | 4,515 | $ | — | $ | — | ||||||||||||||||||
-1 | To the extent that the Company's freestanding derivatives are utilized to hedge its exposure to investment income and management fees earned from consolidated funds, the related hedged items are eliminated in consolidation, with the derivative impact (a positive number reflects a reduction of expenses) reflected in consolidated general and administrative expenses. | |||||||||||||||||||||||
Impact of Derivative Instruments Held by Consolidated Funds on Condensed Consolidated Statements of Operations | ' | |||||||||||||||||||||||
The impact of derivative instruments held by the consolidated funds on the consolidated statements of operations was as follows: | ||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Net Realized Gain (Loss) on Investments | Net Change in Unrealized Appreciation (Depreciation) on Investments | Net Realized Gain (Loss) on Investments | Net Change in Unrealized Appreciation (Depreciation) on Investments | Net Realized Gain (Loss) on Investments | Net Change in Unrealized Appreciation (Depreciation) on Investments | |||||||||||||||||||
Total-return, credit-default and interest-rate swaps | $ | 89,333 | $ | (22,619 | ) | $ | 66,992 | $ | 33,445 | $ | 80,398 | $ | (60,023 | ) | ||||||||||
Foreign currency forward contracts | (217,234 | ) | (286,336 | ) | 85,773 | (148,791 | ) | (307,681 | ) | 233,816 | ||||||||||||||
Options and futures | (17,922 | ) | (238 | ) | (13,202 | ) | (1,972 | ) | (36,693 | ) | (5,367 | ) | ||||||||||||
Total | $ | (145,823 | ) | $ | (309,193 | ) | $ | 139,563 | $ | (117,318 | ) | $ | (263,976 | ) | $ | 168,426 | ||||||||
Schedule of Notional Amounts of Outstanding Derivative Positions | ' | |||||||||||||||||||||||
Outstanding foreign currency contracts as of December 31, 2013 and 2012, which included $51.8 million and $53.3 million of gross unrealized appreciation, and $135.2 million and $147.2 million of gross unrealized depreciation, respectively, were as follows. | ||||||||||||||||||||||||
As of December 31, 2013: | Contract Amount in Local Currency | Contract Amount in U.S. Dollars | Market Value in U.S. Dollars | Net Unrealized Appreciation (Depreciation) | ||||||||||||||||||||
Euro, expiring 1/6/14-3/4/15 | (1,324,989 | ) | $ | 1,832,932 | $ | 1,878,449 | $ | (45,517 | ) | |||||||||||||||
Pound Sterling, expiring 1/6/14-12/12/14 | (905,090 | ) | 1,437,028 | 1,510,779 | (73,751 | ) | ||||||||||||||||||
Canadian Dollar, expiring 1/16/14-2/13/14 | (8,289 | ) | 7,864 | 7,706 | 158 | |||||||||||||||||||
Australian Dollar, expiring 1/16/14-6/12/14 | (404,642 | ) | 376,193 | 361,010 | 15,183 | |||||||||||||||||||
Hong Kong Dollar, expiring 1/23/14 | (37,208 | ) | 4,800 | 4,799 | 1 | |||||||||||||||||||
Japanese Yen, expiring 1/10/14-11/28/14 | (37,773,587 | ) | 383,383 | 359,072 | 24,311 | |||||||||||||||||||
Swiss Franc, expiring 1/23/14 | (2,355 | ) | 2,635 | 2,648 | (13 | ) | ||||||||||||||||||
Singapore Dollar, expiring 1/23/14 | (5,741 | ) | 2,717 | 2,633 | 84 | |||||||||||||||||||
South Korean Won, expiring 1/23/14 | (1,236,110 | ) | 1,161 | 1,177 | (16 | ) | ||||||||||||||||||
New Zealand Dollar, expiring 2/13/14-6/12/14 | (114,303 | ) | 94,065 | 92,984 | 1,081 | |||||||||||||||||||
Danish Krone, expiring 11/4/14 | (314,524 | ) | 57,007 | 58,047 | (1,040 | ) | ||||||||||||||||||
Indian Rupee, expiring 1/2/14-12/1/15 | 424,331 | (6,106 | ) | (6,502 | ) | 396 | ||||||||||||||||||
Korean Won, expiring 2/4/14-7/23/14 | (104,273,576 | ) | 93,775 | 98,133 | (4,358 | ) | ||||||||||||||||||
Total | $ | 4,287,454 | $ | 4,370,935 | $ | (83,481 | ) | |||||||||||||||||
As of December 31, 2012: | Contract Amount in Local Currency | Contract Amount in U.S. Dollars | Market Value in U.S. Dollars | Net Unrealized Appreciation (Depreciation) | ||||||||||||||||||||
Euro, expiring 1/7/13-6/27/14 | (1,612,565 | ) | $ | 2,030,641 | $ | 2,126,806 | $ | (96,165 | ) | |||||||||||||||
Pound Sterling, expiring 1/7/13-8/3/15 | (419,386 | ) | 666,362 | 680,600 | (14,238 | ) | ||||||||||||||||||
Canadian Dollar, expiring 1/10/13-3/14/13 | (14,743 | ) | 15,056 | 14,789 | 267 | |||||||||||||||||||
Australian Dollar, expiring 1/10/13-3/14/13 | (643,136 | ) | 654,139 | 665,263 | (11,124 | ) | ||||||||||||||||||
Hong Kong Dollar, expiring 1/17/13 | (31,301 | ) | 4,038 | 4,038 | — | |||||||||||||||||||
Japanese Yen, expiring 1/10/13-11/29/13 | (32,661,235 | ) | 413,138 | 377,884 | 35,254 | |||||||||||||||||||
Swiss Franc, expiring 1/7/13-1/17/13 | (10,041 | ) | 10,803 | 10,971 | (168 | ) | ||||||||||||||||||
Singapore Dollar, expiring 1/17/13 | (1,858 | ) | 1,520 | 1,521 | (1 | ) | ||||||||||||||||||
Chinese Yuan, expiring 3/7/13 | — | — | (55 | ) | (632 | ) | ||||||||||||||||||
New Zealand Dollar, expiring 1/10/13 | (68,079 | ) | 54,573 | 56,133 | (1,560 | ) | ||||||||||||||||||
Korean Won, expiring 2/4/13-6/19/14 | (85,515,234 | ) | 74,002 | 79,498 | (5,496 | ) | ||||||||||||||||||
Total | $ | 3,924,272 | $ | 4,017,448 | $ | (93,863 | ) | |||||||||||||||||
Disclosure of Credit Derivatives | ' | |||||||||||||||||||||||
The current credit spreads for each contract term period where the consolidated funds were protection sellers is summarized below: | ||||||||||||||||||||||||
Maximum Payout Amounts By Contract Term | ||||||||||||||||||||||||
Current Credit Spread (in Basis Points) | 0-1 Year | 1-3 Years | ||||||||||||||||||||||
0-1,000 | $ | 269,800 | $ | — | ||||||||||||||||||||
The table below summarizes the CDSs for which the consolidated funds were protection sellers as of December 31, 2012: | ||||||||||||||||||||||||
Single-name CDS | Bank Loan Swap Index | |||||||||||||||||||||||
Reference Asset Type | Bank Loan | Corporate Bond | ||||||||||||||||||||||
Fair value of sell protection | $ | 3,115 | $ | 164 | $ | 92 | ||||||||||||||||||
Maximum potential future payments | 221,700 | 5,600 | 42,500 | |||||||||||||||||||||
Collateral held at third party | (20,503 | ) | (196 | ) | (3,040 | ) | ||||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | ' | |||||||||||||||||||||||
The “gross amounts not offset in statements of financial condition” column in the table below relates to derivative instruments that are eligible to be offset in accordance with applicable accounting guidance, but for which management has elected not to offset in the consolidated statements of financial condition. | ||||||||||||||||||||||||
Gross Amounts of Assets (Liabilities) | Gross Amounts Offset in Assets (Liabilities) | Net Amounts of Assets (Liabilities) Presented | Gross Amounts Not Offset in Statements of Financial Condition | Net Amount | ||||||||||||||||||||
As of December 31, 2013 | Derivative Assets (Liabilities) | Cash Collateral Received (Pledged) | ||||||||||||||||||||||
Derivative Assets: | ||||||||||||||||||||||||
Foreign currency forward contracts | $ | 7,893 | $ | — | $ | 7,893 | $ | 5,951 | $ | — | $ | 1,942 | ||||||||||||
Total-return swaps | 4,515 | — | 4,515 | — | — | 4,515 | ||||||||||||||||||
Subtotal | 12,408 | — | 12,408 | 5,951 | — | 6,457 | ||||||||||||||||||
Derivative assets of consolidated funds: | ||||||||||||||||||||||||
Foreign currency forward contracts | 51,765 | — | 51,765 | 31,223 | — | 20,542 | ||||||||||||||||||
Total-return, credit-default and interest-rate swaps | 18,318 | — | 18,318 | 483 | — | 17,835 | ||||||||||||||||||
Options and futures | 18,138 | — | 18,138 | — | — | 18,138 | ||||||||||||||||||
Swaptions | 6,716 | — | 6,716 | 1,324 | — | 5,392 | ||||||||||||||||||
Subtotal | 94,937 | — | 94,937 | 33,030 | — | 61,907 | ||||||||||||||||||
Total | $ | 107,345 | $ | — | $ | 107,345 | $ | 38,981 | $ | — | $ | 68,364 | ||||||||||||
Derivative Liabilities: | ||||||||||||||||||||||||
Foreign currency forward contracts | $ | (6,141 | ) | $ | — | $ | (6,141 | ) | $ | (4,466 | ) | $ | — | $ | (1,675 | ) | ||||||||
Interest-rate swaps | (4,171 | ) | — | (4,171 | ) | (1,485 | ) | — | (2,686 | ) | ||||||||||||||
Subtotal | (10,312 | ) | — | (10,312 | ) | (5,951 | ) | — | (4,361 | ) | ||||||||||||||
Derivative liabilities of consolidated funds: | ||||||||||||||||||||||||
Foreign currency forward contracts | (135,246 | ) | — | (135,246 | ) | (31,223 | ) | (11,583 | ) | (92,440 | ) | |||||||||||||
Total-return, credit-default and interest-rate swaps | (7,096 | ) | — | (7,096 | ) | (483 | ) | (4,358 | ) | (2,255 | ) | |||||||||||||
Options and futures | (6,214 | ) | — | (6,214 | ) | — | (3,067 | ) | (3,147 | ) | ||||||||||||||
Swaptions | (1,324 | ) | — | (1,324 | ) | (1,324 | ) | — | — | |||||||||||||||
Subtotal | (149,880 | ) | — | (149,880 | ) | (33,030 | ) | (19,008 | ) | (97,842 | ) | |||||||||||||
Total | $ | (160,192 | ) | $ | — | $ | (160,192 | ) | $ | (38,981 | ) | $ | (19,008 | ) | $ | (102,203 | ) | |||||||
Gross Amounts of Assets (Liabilities) | Gross Amounts Offset in Assets (Liabilities) | Net Amounts of Assets (Liabilities) Presented | Gross Amounts Not Offset in Statements of Financial Condition | Net Amount | ||||||||||||||||||||
As of December 31, 2012 | Derivative Assets (Liabilities) | Cash Collateral Received (Pledged) | ||||||||||||||||||||||
Derivative Assets: | ||||||||||||||||||||||||
Foreign currency forward contracts | $ | 1,558 | $ | 1,558 | $ | — | $ | (549 | ) | $ | — | $ | 549 | |||||||||||
Derivative assets of consolidated funds: | ||||||||||||||||||||||||
Foreign currency forward contracts | 52,663 | — | 52,663 | 34,139 | — | 18,524 | ||||||||||||||||||
Total-return, credit-default and interest-rate swaps | 48,727 | — | 48,727 | 312 | 340 | 48,075 | ||||||||||||||||||
Options and futures | 6,170 | — | 6,170 | — | — | 6,170 | ||||||||||||||||||
Subtotal | 107,560 | — | 107,560 | 34,451 | 340 | 72,769 | ||||||||||||||||||
Total | $ | 109,118 | $ | 1,558 | $ | 107,560 | $ | 33,902 | $ | 340 | $ | 73,318 | ||||||||||||
Derivative Liabilities: | ||||||||||||||||||||||||
Foreign currency forward contracts | $ | (2,361 | ) | $ | (1,558 | ) | $ | (803 | ) | $ | 654 | $ | — | $ | (1,457 | ) | ||||||||
Interest-rate swaps | (7,900 | ) | — | (7,900 | ) | (105 | ) | — | (7,795 | ) | ||||||||||||||
Subtotal | (10,261 | ) | (1,558 | ) | (8,703 | ) | 549 | — | (9,252 | ) | ||||||||||||||
Derivative liabilities of consolidated funds: | ||||||||||||||||||||||||
Foreign currency forward contracts | (146,526 | ) | — | (146,526 | ) | (34,139 | ) | (632 | ) | (111,755 | ) | |||||||||||||
Total-return, credit-default and interest-rate swaps | (9,561 | ) | — | (9,561 | ) | (312 | ) | (1,828 | ) | (7,421 | ) | |||||||||||||
Options and futures | (560 | ) | — | (560 | ) | — | (47 | ) | (513 | ) | ||||||||||||||
Subtotal | (156,647 | ) | — | (156,647 | ) | (34,451 | ) | (2,507 | ) | (119,689 | ) | |||||||||||||
Total | $ | (166,908 | ) | $ | (1,558 | ) | $ | (165,350 | ) | $ | (33,902 | ) | $ | (2,507 | ) | $ | (128,941 | ) |
DEBT_OBLIGATIONS_AND_CREDIT_FA1
DEBT OBLIGATIONS AND CREDIT FACILITIES (Tables) | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||||||||
Debt Obligations | ' | ||||||||||||||||||||||
The Company had the following debt obligations: | |||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||
$75,000, 5.03%, issued in June 2004, payable in seven equal annual installments starting June 14, 2008 | $ | 10,714 | $ | 21,429 | |||||||||||||||||||
$50,000, 6.09%, issued in June 2006, payable on June 6, 2016 | 50,000 | 50,000 | |||||||||||||||||||||
$50,000, 5.82%, issued in November 2006, payable on November 8, 2016 | 50,000 | 50,000 | |||||||||||||||||||||
$250,000, 6.75%, issued in November 2009, payable on December 2, 2019 | 250,000 | 250,000 | |||||||||||||||||||||
$250,000, rate as described below, term loan issued in December 2012, payable 2.5% per quarter through September 2017, final $125,000 payment on December 21, 2017 | 218,750 | 243,750 | |||||||||||||||||||||
Total remaining principal | $ | 579,464 | $ | 615,179 | |||||||||||||||||||
Future Principal Payments of Debt Obligations | ' | ||||||||||||||||||||||
As of December 31, 2013, future principal payments of debt obligations were as follows: | |||||||||||||||||||||||
2014 | $ | 35,714 | |||||||||||||||||||||
2015 | 25,000 | ||||||||||||||||||||||
2016 | 125,000 | ||||||||||||||||||||||
2017 | 143,750 | ||||||||||||||||||||||
2018 | — | ||||||||||||||||||||||
Thereafter | 250,000 | ||||||||||||||||||||||
Total | $ | 579,464 | |||||||||||||||||||||
Revolving Bank Credit Facilities and Term Loans Outstanding of Consolidated Funds | ' | ||||||||||||||||||||||
The consolidated funds had the following revolving credit facilities and term loans outstanding: | |||||||||||||||||||||||
Credit Agreement | Outstanding Amount as of | Facility Capacity | LIBOR | Maturity | Commitment Fee Rate | L/C Fee (2) | |||||||||||||||||
December 31, | December 31, | Margin (1) | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||
Credit facility (3) | $ | 434,000 | $ | 63,000 | $ | 435,000 | 1.45 | % | 11/14/18 | N/A | N/A | ||||||||||||
Senior variable rate notes (3) | 249,500 | 249,500 | $ | 249,500 | 1.55 | % | 10/20/22 | N/A | N/A | ||||||||||||||
Senior variable rate notes (3) | 498,916 | — | $ | 500,000 | 1.2 | % | 4/20/23 | N/A | N/A | ||||||||||||||
Senior variable rate notes (3) | 402,375 | — | $ | 402,500 | 1.2 | % | 7/20/23 | N/A | N/A | ||||||||||||||
Senior variable rate notes (3) | 64,500 | — | $ | 64,500 | 1.65 | % | 7/20/23 | N/A | N/A | ||||||||||||||
Senior variable rate notes (3)(4) | — | — | $ | 126,000 | Variable | 12/23/18 | Variable | N/A | |||||||||||||||
Revolving credit facility | 400,000 | — | $ | 500,000 | 1.6 | % | 6/26/15 | 0.25 | % | N/A | |||||||||||||
Multi-currency term loan (5) | — | 49,158 | $ | 275,000 | 3 | % | N/A | N/A | N/A | ||||||||||||||
Revolving credit facility | 67,000 | 38,000 | $ | 150,000 | 1.75 | % | 12/15/14 | 0.35 | % | N/A | |||||||||||||
Revolving credit facility | — | 8,625 | $ | 125,000 | 1.75 | % | 5/20/14 | 0.35 | % | N/A | |||||||||||||
Revolving credit facility | — | 19,400 | $ | 55,000 | 2 | % | 12/15/15 | 0.35 | % | 2 | % | ||||||||||||
Revolving credit facility | — | — | $ | 40,000 | 1.5 | % | 12/5/14 | 0.3 | % | 1.5 | % | ||||||||||||
Euro-denominated revolving credit facility | 13,090 | 63,942 | € | 100,000 | 1.75 | % | 12/17/15 | 0.3 | % | 2 | % | ||||||||||||
Revolving credit facility | 2,800 | — | $ | 10,000 | 2.25 | % | 9/1/14 | 0.38 | % | N/A | |||||||||||||
Revolving credit facility | 165,000 | — | $ | 350,000 | 1.65 | % | 3/22/15 | 0.25 | % | N/A | |||||||||||||
Revolving credit facility | — | — | $ | 20,000 | 2 | % | 1/31/15 | 0.35 | % | N/A | |||||||||||||
Revolving credit facility | — | — | $ | 30,000 | 1.5 | % | 12/11/15 | 0.2 | % | N/A | |||||||||||||
$ | 2,297,181 | $ | 491,625 | ||||||||||||||||||||
-1 | The facilities bear interest, at the borrower's option, at (a) an annual rate of LIBOR plus the applicable margin or (b) an alternate base rate, as defined in the respective credit agreement. | ||||||||||||||||||||||
-2 | Certain facilities allow for the issuance of letters of credit at an applicable annual fee. As of December 31, 2013 and 2012, outstanding standby letters of credit totaled $55,954 and $76,975, respectively. | ||||||||||||||||||||||
-3 | The credit facility is collateralized by the portfolio investments and cash and cash-equivalents of the fund. | ||||||||||||||||||||||
-4 | The LIBOR margin is determined based on a formula defined in the borrowing agreement which incorporates different borrowing values based on the characteristics of collateral investments purchased. The unused commitment fee rate ranges from 0% to 2.0%. | ||||||||||||||||||||||
-5 | The loan was fully repaid and terminated on September 20, 2013. |
NONCONTROLLING_REDEEMABLE_INTE1
NON-CONTROLLING REDEEMABLE INTERESTS IN CONSOLIDATED FUNDS (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Non-Controlling Redeemable Interests in Consolidated Funds [Abstract] | ' | |||||||||||
Summary of Changes in 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: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Beginning balance | $ | 39,670,831 | $ | 41,048,607 | $ | 44,466,116 | ||||||
Contributions | 6,507,188 | 6,441,090 | 8,305,880 | |||||||||
Distributions | (12,783,673 | ) | (13,993,859 | ) | (11,668,028 | ) | ||||||
Net income | 5,163,939 | 6,016,342 | 233,573 | |||||||||
Change in distributions payable | 105,735 | 49,109 | (151,645 | ) | ||||||||
Change in accrued or deferred contributions | — | 41,000 | (41,000 | ) | ||||||||
Foreign currency translation and other | 170,811 | 68,542 | (96,289 | ) | ||||||||
Ending balance | $ | 38,834,831 | $ | 39,670,831 | $ | 41,048,607 | ||||||
UNITHOLDERS_CAPITAL_Tables
UNITHOLDERS' CAPITAL (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Unitholders' Capital [Abstract] | ' | |||||||||||
Schedule of Distributions Made | ' | |||||||||||
Set forth below are the distributions per Class A unit: | ||||||||||||
Payment Date | Record Date | Applicable to Quarterly Period Ended | Distribution Per Unit | |||||||||
November 15, 2013 | November 13, 2013 | September 30, 2013 | $ | 0.74 | ||||||||
August 20, 2013 | August 16, 2013 | June 30, 2013 | 1.51 | |||||||||
May 21, 2013 | May 17, 2013 | March 31, 2013 | 1.41 | |||||||||
March 1, 2013 | February 25, 2013 | December 31, 2012 | 1.05 | |||||||||
Total 2013 | $ | 4.71 | ||||||||||
20-Nov-12 | November 16, 2012 | September 30, 2012 | $ | 0.55 | ||||||||
21-Aug-12 | August 17, 2012 | June 30, 2012 | 0.79 | |||||||||
25-May-12 | May 21, 2012 | March 31, 2012 | 0.55 | |||||||||
7-Mar-12 | March 1, 2012 | December 31, 2011 | 0.42 | |||||||||
Total 2012 | $ | 2.31 | ||||||||||
28-Oct-11 | October 24, 2011 | September 30, 2011 | $ | 0.29 | ||||||||
29-Jul-11 | July 25, 2011 | June 30, 2011 | 0.51 | |||||||||
April 29, 2011 | April 25, 2011 | March 31, 2011 | 0.64 | |||||||||
January 31, 2011 | January 25, 2011 | December 31, 2010 | 0.9 | |||||||||
Total 2011 | $ | 2.34 | ||||||||||
Summary of Net Income (Loss) | ' | |||||||||||
The following table sets forth a summary of the net income (loss) attributable to the OCGH non-controlling interest and to the Class A unitholders: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Weighted average Oaktree Operating Group units outstanding | ||||||||||||
(in thousands): | ||||||||||||
OCGH non-controlling interest | 115,992 | 122,369 | 125,956 | |||||||||
Class A unitholders | 34,979 | 28,170 | 22,677 | |||||||||
Total weighted average units outstanding | 150,971 | 150,539 | 148,633 | |||||||||
Oaktree Operating Group net income (loss): | ||||||||||||
Net income (loss) attributable to OCGH non-controlling interest | $ | 824,795 | $ | 548,265 | $ | (446,246 | ) | |||||
Net income (loss) attributable to Class A unitholders | 243,250 | 126,826 | (80,391 | ) | ||||||||
Oaktree Operating Group net income (loss) | $ | 1,068,045 | $ | 675,091 | $ | (526,637 | ) | |||||
Net income (loss) attributable to Oaktree Capital Group, LLC: | ||||||||||||
Oaktree Operating Group net income (loss) attributable to Class A unitholders | $ | 243,250 | $ | 126,826 | $ | (80,391 | ) | |||||
Non-Operating Group other income | — | 6,260 | — | |||||||||
Non-Operating Group expenses | (1,195 | ) | (553 | ) | (768 | ) | ||||||
Income tax expense of Intermediate Holding Companies | (20,057 | ) | (24,723 | ) | (14,813 | ) | ||||||
Net income (loss) attributable to Oaktree Capital Group, LLC | $ | 221,998 | $ | 107,810 | $ | (95,972 | ) | |||||
Changes in Company Ownership Interest | ' | |||||||||||
Set forth below are the effects of changes in the Company’s ownership interest in the Oaktree Operating Group: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Net income (loss) attributable to Oaktree Capital Group, LLC | $ | 221,998 | $ | 107,810 | $ | (95,972 | ) | |||||
Equity reallocation between controlling and non-controlling interests | 79,052 | 69,097 | (6,413 | ) | ||||||||
Change from net income (loss) attributable to Oaktree Capital Group, LLC and transfers from (to) non-controlling interest | $ | 301,050 | $ | 176,907 | $ | (102,385 | ) | |||||
EARNINGS_PER_UNIT_Tables
EARNINGS PER UNIT (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Earnings Per Unit [Abstract] | ' | |||||||||||
Computations of Net Income (Loss) Per Unit | ' | |||||||||||
The computations of net income (loss) per Class A unit are set forth below: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Weighted average units outstanding: | (in thousands, except per unit amounts) | |||||||||||
Class A units outstanding | 34,979 | 28,170 | 22,677 | |||||||||
OCGH units exchangeable into Class A units (1) | — | — | — | |||||||||
Total weighted average units outstanding | 34,979 | 28,170 | 22,677 | |||||||||
Net income (loss) per Class A unit: | ||||||||||||
Net income (loss) | $ | 221,998 | $ | 107,810 | $ | (95,972 | ) | |||||
Weighted average units outstanding | 34,979 | 28,170 | 22,677 | |||||||||
Basic and diluted net income (loss) per Class A unit | $ | 6.35 | $ | 3.83 | $ | (4.23 | ) | |||||
-1 | Vested OCGH units are potentially exchangeable on a one-for-one basis into Class A units. As of December 31, 2013, there were 112,584,211 OCGH units outstanding, accordingly, the Company may cumulatively issue up to 112,584,211 additional Class A units through March 1, 2023 if all such units were exchanged. For all periods presented, OCGH units have been excluded from the calculation of diluted earnings per unit because the exchange of these units would proportionally increase Oaktree Capital Group, LLC’s interest in the Oaktree Operating Group and could have an anti-dilutive effect on earnings per unit to the extent that tax-related or other expenses were to be incurred by the Company as a result of the exchange. |
EQUITYBASED_COMPENSATION_Table
EQUITY-BASED COMPENSATION (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||||||
Summary of Unvested Equity-Based Awards and Changes | ' | ||||||||||||||||||||
A summary of the status of the Company’s unvested equity-based awards as of December 31, 2013 and a summary of changes for the three years then ended are presented below (actual dollars per unit): | |||||||||||||||||||||
Class A Units | Class C Units | OCGH Units | |||||||||||||||||||
Number of Units | Weighted Average Grant Date Fair Value | Number of Units | Weighted Average Grant Date Fair Value | Number of Units | Weighted Average Grant Date Fair Value | ||||||||||||||||
Balance, December 31, 2010 | — | $ | — | 1,800 | $ | 24.75 | 44,867,807 | $ | 43.48 | ||||||||||||
Granted | — | — | — | — | 1,523,300 | 25.12 | |||||||||||||||
Vested | — | — | (600 | ) | 24.75 | (22,229,038 | ) | 43.29 | |||||||||||||
Forfeited | — | — | — | — | (31,500 | ) | 25.16 | ||||||||||||||
Balance, December 31, 2011 | — | — | 1,200 | 24.75 | 24,130,569 | 41.13 | |||||||||||||||
Granted | 14,969 | 43.14 | — | — | 2,457,502 | 32.55 | |||||||||||||||
Vested | (3,900 | ) | 44 | (600 | ) | 24.75 | (21,652,473 | ) | 43.11 | ||||||||||||
Exchanged | 600 | 24.75 | (600 | ) | 24.75 | — | — | ||||||||||||||
Forfeited | — | — | — | — | (33,250 | ) | 28.74 | ||||||||||||||
Balance, December 31, 2012 | 11,669 | 41.91 | — | — | 4,902,348 | 28.17 | |||||||||||||||
Granted | 8,508 | 47.83 | — | — | 763,000 | 34.6 | |||||||||||||||
Vested | (3,595 | ) | 40.07 | — | — | (1,152,026 | ) | 24.1 | |||||||||||||
Forfeited | — | — | — | — | (47,600 | ) | 29.54 | ||||||||||||||
Balance, December 31, 2013 | 16,582 | $ | 45.34 | — | $ | — | 4,465,722 | $ | 30.3 | ||||||||||||
Schedule of Unvested Units Expected to Vest | ' | ||||||||||||||||||||
As of December 31, 2013, unvested units were expected to vest as follows: | |||||||||||||||||||||
Number of | Weighted | ||||||||||||||||||||
Units | average | ||||||||||||||||||||
Remaining | |||||||||||||||||||||
Service Term | |||||||||||||||||||||
(Years) | |||||||||||||||||||||
Class A units | 16,582 | 3.5 | |||||||||||||||||||
OCGH units | 4,465,722 | 5 | |||||||||||||||||||
INCOME_TAXES_AND_RELATED_PAYME1
INCOME TAXES AND RELATED PAYMENTS (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Schedule of Components of Income Tax Expense (Benefit) | ' | |||||||||||
Income tax expense from operations consisted of the following: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Current: | ||||||||||||
U.S. federal income tax | $ | 5,516 | $ | 11,232 | $ | 8,869 | ||||||
State and local income tax | 5,148 | 3,737 | 4,786 | |||||||||
Foreign income tax | 3,195 | 3,351 | 3,588 | |||||||||
$ | 13,859 | $ | 18,320 | $ | 17,243 | |||||||
Deferred: | ||||||||||||
U.S. federal income tax | $ | 11,253 | $ | 7,432 | $ | 3,285 | ||||||
State and local income tax | 1,120 | 5,106 | 560 | |||||||||
$ | 12,373 | $ | 12,538 | $ | 3,845 | |||||||
Total: | ||||||||||||
U.S. federal income tax | $ | 16,769 | $ | 18,664 | $ | 12,154 | ||||||
State and local income tax | 6,268 | 8,843 | 5,346 | |||||||||
Foreign income tax | 3,195 | 3,351 | 3,588 | |||||||||
Income tax expense | $ | 26,232 | $ | 30,858 | $ | 21,088 | ||||||
Schedule of Income before Income Tax, Domestic and Foreign | ' | |||||||||||
The Company’s income before income taxes consisted of the following: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Domestic income (loss) before income taxes | $ | 6,233,758 | $ | 6,710,286 | $ | (264,603 | ) | |||||
Foreign income (loss) before income taxes | 3,206 | (7,011 | ) | (22,954 | ) | |||||||
Total income (loss) before income taxes | $ | 6,236,964 | $ | 6,703,275 | $ | (287,557 | ) | |||||
Schedule of Effective Income Tax Rate Reconciliation | ' | |||||||||||
The Company’s effective tax rate differed from the federal statutory rate for the following reasons: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Income tax expense at federal statutory rate | 35 | % | 35 | % | 35 | % | ||||||
Income passed through | (34.69 | ) | (34.78 | ) | (19.49 | ) | ||||||
State and local taxes, net of federal benefit | 0.09 | 0.07 | (1.75 | ) | ||||||||
Foreign taxes | 0.03 | 0.09 | (4.04 | ) | ||||||||
Equity-based compensation expense | — | — | (17.44 | ) | ||||||||
Other, net | (0.01 | ) | 0.08 | 0.39 | ||||||||
Total effective rate | 0.42 | % | 0.46 | % | (7.33 | )% | ||||||
Schedule of Deferred Tax Assets and Liabilities | ' | |||||||||||
The income tax effect of temporary differences that give rise to significant portions of deferred tax assets and liabilities was as follows: | ||||||||||||
As of December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Deferred tax assets: | ||||||||||||
Investment in partnerships | $ | 277,039 | $ | 157,999 | $ | 67,918 | ||||||
Equity-based compensation expense | 3,695 | 3,994 | 3,703 | |||||||||
Other, net | 1,822 | 1,697 | 1,365 | |||||||||
Total deferred tax assets | 282,556 | 163,690 | 72,986 | |||||||||
Total deferred tax liabilities | 3,671 | 4,519 | 4,548 | |||||||||
Net deferred tax assets before valuation allowance | 278,885 | 159,171 | 68,438 | |||||||||
Valuation allowance | — | — | — | |||||||||
Net deferred tax assets | $ | 278,885 | $ | 159,171 | $ | 68,438 | ||||||
Schedule of Unrecognized Tax Benefits Roll Forward | ' | |||||||||||
The following is a reconciliation of unrecognized tax benefits (excluding interest and penalties thereon): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Unrecognized tax benefits, January 1 | $ | 9,472 | $ | 8,594 | $ | 7,955 | ||||||
Additions for tax positions related to the current year | 1,633 | 72 | 822 | |||||||||
Additions for tax positions related to prior years | 1,029 | 806 | — | |||||||||
Reductions for tax positions related to prior years | (806 | ) | — | — | ||||||||
Settlement of tax positions | — | — | — | |||||||||
Lapse of statute of limitations | (938 | ) | — | (183 | ) | |||||||
Unrecognized tax benefits, December 31 | $ | 10,390 | $ | 9,472 | $ | 8,594 | ||||||
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Schedule of Future Minimum Rental Payments for Operating Leases | ' | |||
As of December 31, 2013, aggregate estimated minimum commitments under Oaktree’s operating leases were as follows: | ||||
2014 | $ | 15,591 | ||
2015 | 12,123 | |||
2016 | 10,585 | |||
2017 | 5,266 | |||
2018 | 4,096 | |||
Thereafter | 8,545 | |||
Total | $ | 56,206 | ||
RELATED_PARTY_TRANSACTIONS_Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Related Party Transactions [Abstract] | ' | |||||||
Amounts Due from and Due to Affiliates | ' | |||||||
The Company considers its Principals, employees and non-consolidated Oaktree funds to be affiliates. Amounts due from and to affiliates were comprised of the following: | ||||||||
As of December 31, | ||||||||
2013 | 2012 | |||||||
Due from affiliates: | ||||||||
Loans | $ | 41,095 | $ | 38,091 | ||||
Amounts due from non-consolidated funds | 1,220 | 661 | ||||||
Payments made on behalf of non-consolidated entities | 3,272 | 3,444 | ||||||
Non-interest bearing advances made to certain non-controlling interest holders and employees | 2,187 | 2,393 | ||||||
Total due from affiliates | $ | 47,774 | $ | 44,589 | ||||
Due to affiliates: | ||||||||
Due to OCGH unitholders in connection with the tax receivable agreement (please see note 11) | $ | 240,911 | $ | 134,953 | ||||
Amounts due to Principals, certain non-controlling interest holders and employees | 2,075 | 1,212 | ||||||
Total due to affiliates | $ | 242,986 | $ | 136,165 | ||||
SEGMENT_REPORTING_Tables
SEGMENT REPORTING (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
Adjusted Net Income | ' | |||||||||||
ANI was as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Revenues: | ||||||||||||
Management fees | $ | 749,901 | $ | 747,440 | $ | 724,321 | ||||||
Incentive income | 1,030,195 | 461,116 | 303,963 | |||||||||
Investment income | 258,654 | 202,392 | 23,763 | |||||||||
Total revenues | 2,038,750 | 1,410,948 | 1,052,047 | |||||||||
Expenses: | ||||||||||||
Compensation and benefits | (365,306 | ) | (329,741 | ) | (308,115 | ) | ||||||
Equity-based compensation | (3,828 | ) | (318 | ) | — | |||||||
Incentive income compensation | (436,217 | ) | (222,594 | ) | (179,234 | ) | ||||||
General and administrative | (117,361 | ) | (102,685 | ) | (94,655 | ) | ||||||
Depreciation and amortization | (7,119 | ) | (7,397 | ) | (6,583 | ) | ||||||
Total expenses | (929,831 | ) | (662,735 | ) | (588,587 | ) | ||||||
Adjusted net income before interest and other income (expense) | 1,108,919 | 748,213 | 463,460 | |||||||||
Interest expense, net of interest income (1) | (28,621 | ) | (31,730 | ) | (33,867 | ) | ||||||
Other income (expense), net | 409 | 767 | (1,209 | ) | ||||||||
Adjusted net income | $ | 1,080,707 | $ | 717,250 | $ | 428,384 | ||||||
-1 | Interest income was $3.2 million, $2.6 million and $2.3 million for the years ended December 31, 2013, 2011 and 2010, respectively. | |||||||||||
Reconciliation of Net Income (Loss) Attributable to Oaktree Capital Group, LLC to Adjusted Net Income | ' | |||||||||||
A reconciliation of net income (loss) attributable to Oaktree Capital Group, LLC to adjusted net income of the investment management segment is presented below. | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Net income (loss) attributable to Oaktree Capital Group, LLC | $ | 221,998 | $ | 107,810 | $ | (95,972 | ) | |||||
Incentive income (1) | (64,460 | ) | — | — | ||||||||
Incentive income compensation (1) | 46,334 | — | — | |||||||||
Equity-based compensation (2) | 24,613 | 36,024 | 948,746 | |||||||||
Income taxes (3) | 26,232 | 30,858 | 21,088 | |||||||||
Non-Operating Group other income (4) | — | (6,260 | ) | — | ||||||||
Non-Operating Group expenses (4) | 1,195 | 553 | 768 | |||||||||
OCGH non-controlling interest (4) | 824,795 | 548,265 | (446,246 | ) | ||||||||
Adjusted net income | $ | 1,080,707 | $ | 717,250 | $ | 428,384 | ||||||
-1 | This adjustment adds back the effect of timing differences associated with the recognition of incentive income and incentive income compensation expense between adjusted net income and net income attributable to OCG. There were no adjustments attributable to timing differences for 2012 and 2011. | |||||||||||
-2 | This adjustment adds back the effect of equity-based compensation charges related to unit grants made before the Company’s initial public offering, which is excluded from adjusted net income because it is a non-cash charge that does not affect the Company's financial position. | |||||||||||
-3 | Because adjusted net income is a pre-tax measure, this adjustment eliminates the effect of income tax expense from adjusted net income. | |||||||||||
-4 | Because adjusted net income is calculated at the Operating Group level, this adjustment adds back the effect of items applicable to OCG, its Intermediate Holding Companies or the OCGH non-controlling interest. | |||||||||||
Schedule of Reconciliation of Total Segments to Income Loss Attributable to Oaktree Capital Group, LLC and Total Assets | ' | |||||||||||
The following tables reconcile the Company’s segment information to the consolidated financial statements: | ||||||||||||
As of or for the Year Ended December 31, 2013 | ||||||||||||
Segment | Adjustments | Consolidated | ||||||||||
Management fees (1) | $ | 749,901 | $ | (557,296 | ) | $ | 192,605 | |||||
Incentive income (1) | 1,030,195 | (1,027,878 | ) | 2,317 | ||||||||
Investment income (1) | 258,654 | (202,627 | ) | 56,027 | ||||||||
Total expenses (2) | (929,831 | ) | (177,231 | ) | (1,107,062 | ) | ||||||
Interest expense, net (3) | (28,621 | ) | (32,539 | ) | (61,160 | ) | ||||||
Other income, net | 409 | — | 409 | |||||||||
Other income of consolidated funds (4) | — | 7,153,828 | 7,153,828 | |||||||||
Income taxes | — | (26,232 | ) | (26,232 | ) | |||||||
Net income attributable to non-controlling redeemable interests in consolidated funds | — | (5,163,939 | ) | (5,163,939 | ) | |||||||
Net income attributable to OCGH non-controlling interest in consolidated subsidiaries | — | (824,795 | ) | (824,795 | ) | |||||||
Adjusted net income/net income attributable to Oaktree Capital Group, LLC | $ | 1,080,707 | $ | (858,709 | ) | $ | 221,998 | |||||
Corporate investments (5) | $ | 1,197,173 | $ | (1,027,246 | ) | $ | 169,927 | |||||
Total assets(6) | $ | 2,817,127 | $ | 42,446,127 | $ | 45,263,254 | ||||||
-1 | The adjustment represents the elimination of amounts attributable to the consolidated funds. | |||||||||||
-2 | The expense adjustment consists of (a) equity-based compensation charges of $24,613 related to unit grants made before the Company’s initial public offering, (b) consolidated fund expenses of $105,089, (c) expenses incurred by the Intermediate Holding Companies of $1,195 and (d) the effect of timing differences in the recognition of incentive income compensation expense between adjusted net income and net income attributable to OCG of $46,334. | |||||||||||
-3 | The interest expense adjustment represents the inclusion of interest expense attributable to non-controlling interests of the consolidated funds and the exclusion of segment interest income. | |||||||||||
-4 | The adjustment to other income of consolidated funds primarily represents the inclusion of interest, dividend and other investment income attributable to non-controlling interests of the consolidated funds. | |||||||||||
-5 | The adjustment to corporate investments is to remove from segment assets the consolidated funds that are treated as equity method investments for segment reporting purposes. | |||||||||||
-6 | The total assets adjustment represents the inclusion of investments and other assets of the consolidated funds, net of segment assets eliminated in consolidation, which are primarily corporate investments in funds and incentive income receivable. | |||||||||||
As of or for the Year Ended December 31, 2012 | ||||||||||||
Segment | Adjustments | Consolidated | ||||||||||
Management fees (1) | $ | 747,440 | $ | (612,872 | ) | $ | 134,568 | |||||
Incentive income (1) | 461,116 | (450,701 | ) | 10,415 | ||||||||
Investment income (1) | 202,392 | (177,010 | ) | 25,382 | ||||||||
Total expenses (2) | (662,735 | ) | (127,868 | ) | (790,603 | ) | ||||||
Interest expense, net (3) | (31,730 | ) | (14,043 | ) | (45,773 | ) | ||||||
Other income, net (4) | 767 | 6,260 | 7,027 | |||||||||
Other income of consolidated funds (5) | — | 7,362,259 | 7,362,259 | |||||||||
Income taxes | — | (30,858 | ) | (30,858 | ) | |||||||
Net income attributable to non-controlling redeemable interests in consolidated funds | — | (6,016,342 | ) | (6,016,342 | ) | |||||||
Net loss attributable to OCGH non-controlling interest in consolidated subsidiaries | — | (548,265 | ) | (548,265 | ) | |||||||
Adjusted net income/net income attributable to Oaktree Capital Group, LLC | $ | 717,250 | $ | (609,440 | ) | $ | 107,810 | |||||
Corporate investments (6) | $ | 1,115,952 | $ | (1,017,002 | ) | $ | 98,950 | |||||
Total assets (7) | $ | 2,359,548 | $ | 41,510,450 | $ | 43,869,998 | ||||||
-1 | The adjustment represents the elimination of amounts attributable to the consolidated funds. | |||||||||||
-2 | The expense adjustment consists of (a) equity-based compensation charges of $36,024 related to unit grants made before the Company’s initial public offering, (b) consolidated fund expenses of $91,291 and (c) expenses incurred by the Intermediate Holding Companies of $553. | |||||||||||
-3 | The interest expense adjustment represents the inclusion of interest expense attributable to non-controlling interests of the consolidated funds and the exclusion of segment interest income. | |||||||||||
-4 | The other income, net adjustment represents other income or expenses of OCG or its Intermediate Holding Companies. This amount is attributable to a reduction in the amount of the deferred tax asset associated with the Company's tax receivable agreement, which reduced the tax receivable agreement liability payable to OCGH unitholders. | |||||||||||
-5 | The adjustment to other income of consolidated funds primarily represents the inclusion of interest, dividend and other investment income attributable to non-controlling interests of the consolidated funds. | |||||||||||
-6 | The adjustment to corporate investments is to remove from segment assets the consolidated funds that are treated as equity method investments for segment reporting purposes. | |||||||||||
-7 | The total assets adjustment represents the inclusion of investments and other assets of the consolidated funds, net of segment assets eliminated in consolidation, which are primarily corporate investments in funds and incentive income receivable. | |||||||||||
As of or for the Year Ended December 31, 2011 | ||||||||||||
Segment | Adjustments | Consolidated | ||||||||||
Management fees (1) | $ | 724,321 | $ | (583,606 | ) | $ | 140,715 | |||||
Incentive income (1) | 303,963 | (288,908 | ) | 15,055 | ||||||||
Investment income (1) | 23,763 | (15,163 | ) | 8,600 | ||||||||
Total expenses (2) | (588,587 | ) | (1,056,277 | ) | (1,644,864 | ) | ||||||
Interest expense, net (3) | (33,867 | ) | (17,076 | ) | (50,943 | ) | ||||||
Other income, net | (1,209 | ) | — | (1,209 | ) | |||||||
Other income of consolidated funds (4) | — | 1,245,089 | 1,245,089 | |||||||||
Income taxes | — | (21,088 | ) | (21,088 | ) | |||||||
Net income attributable to non-controlling redeemable interests in consolidated funds | — | (233,573 | ) | (233,573 | ) | |||||||
Net loss attributable to OCGH non-controlling interest in consolidated subsidiaries | — | 446,246 | 446,246 | |||||||||
Adjusted net income/net loss attributable to Oaktree Capital Group, LLC | $ | 428,384 | $ | (524,356 | ) | $ | (95,972 | ) | ||||
Corporate investments (5) | $ | 1,159,287 | $ | (1,037,462 | ) | $ | 121,825 | |||||
Total assets (6) | $ | 2,083,908 | $ | 42,210,248 | $ | 44,294,156 | ||||||
-1 | The adjustment represents the elimination of amounts attributable to the consolidated funds. | |||||||||||
-2 | The expense adjustment consists of (a) equity-based compensation charges of $948,746 related to unit grants made before the Company’s initial public offering, (b) consolidated fund expenses of $106,763 and (c) expenses incurred by the Intermediate Holding Companies of $768. | |||||||||||
-3 | The interest expense adjustment represents the inclusion of interest expense attributable to non-controlling interests of the consolidated funds and the exclusion of segment interest income. | |||||||||||
-4 | The adjustment to other income of consolidated funds primarily represents the inclusion of interest, dividend and other investment income attributable to non-controlling interests of the consolidated funds. | |||||||||||
-5 | The adjustment to corporate investments is to remove from segment assets the consolidated funds that are treated as equity method investments for segment reporting purposes. | |||||||||||
-6 | The total assets adjustment represents the inclusion of investments and other assets of the consolidated funds, net of segment assets eliminated in consolidation, which are primarily corporate investments in funds and incentive income receivable. |
QUARTERLY_FINANCIAL_DATA_UNAUD1
QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Quarterly Financial Data [Abstract] | ' | |||||||||||||||
Schedule of Quarterly Financial Information | ' | |||||||||||||||
QUARTERLY FINANCIAL DATA (UNAUDITED) | ||||||||||||||||
Three Months Ended | ||||||||||||||||
31-Mar-13 | 30-Jun-13 | 30-Sep-13 | 31-Dec-13 | |||||||||||||
Revenues | $ | 42,539 | $ | 52,414 | $ | 56,786 | $ | 43,183 | ||||||||
Expenses | (275,505 | ) | (285,540 | ) | (214,158 | ) | (331,859 | ) | ||||||||
Other income | 2,626,671 | 1,285,947 | 1,247,329 | 1,989,157 | ||||||||||||
Income before income taxes | $ | 2,393,705 | $ | 1,052,821 | $ | 1,089,957 | $ | 1,700,481 | ||||||||
Net income | $ | 2,383,548 | $ | 1,044,830 | $ | 1,089,231 | $ | 1,693,123 | ||||||||
Net income attributable to Oaktree Capital Group, LLC | $ | 57,566 | $ | 56,577 | $ | 42,948 | $ | 64,907 | ||||||||
Net income per unit (basic and diluted): | ||||||||||||||||
Net income per Class A unit | $ | 1.91 | $ | 1.71 | $ | 1.12 | $ | 1.69 | ||||||||
Distributions declared per Class A unit | $ | 1.05 | $ | 1.41 | $ | 1.51 | $ | 0.74 | ||||||||
Three Months Ended | ||||||||||||||||
31-Mar-12 | 30-Jun-12 | 30-Sep-12 | 31-Dec-12 | |||||||||||||
Revenues | $ | 37,068 | $ | 29,207 | $ | 31,906 | $ | 46,802 | ||||||||
Expenses | (167,567 | ) | (207,008 | ) | (168,020 | ) | (248,008 | ) | ||||||||
Other income | 2,416,536 | 1,015,349 | 2,356,217 | 1,560,793 | ||||||||||||
Income before income taxes | $ | 2,286,037 | $ | 837,548 | $ | 2,220,103 | $ | 1,359,587 | ||||||||
Net income | $ | 2,278,270 | $ | 823,623 | $ | 2,214,302 | $ | 1,356,222 | ||||||||
Net income attributable to Oaktree Capital Group, LLC | $ | 18,608 | $ | 24,719 | $ | 25,212 | $ | 39,271 | ||||||||
Net income per unit (basic and diluted): | ||||||||||||||||
Net income per Class A unit | $ | 0.82 | $ | 0.84 | $ | 0.84 | $ | 1.3 | ||||||||
Distributions declared per Class A unit | $ | 0.42 | $ | 0.55 | $ | 0.79 | $ | 0.55 | ||||||||
ORGANIZATION_AND_BASIS_OF_PRES1
ORGANIZATION AND BASIS OF PRESENTATION - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 1 Months Ended | 0 Months Ended | |||||
31-May-07 | Dec. 31, 2013 | Dec. 31, 2012 | 29-May-13 | Apr. 12, 2012 | 31-May-07 | Apr. 12, 2012 | 31-May-07 | Apr. 12, 2012 | 31-May-07 | 21-May-07 | |
vote | Class A Units | Class A Units | Class B Units | Class A Unitholders | Class A Unitholders | Principals | OCGH | Private Placement | |||
Class A Units | |||||||||||
Common Equity [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stocks sold by Oaktree Capital Group, LLC (in shares) | ' | ' | ' | 8,050,000 | ' | ' | ' | ' | ' | ' | 23,000,000 |
Net proceeds of stock issued | ' | $419,908,000 | $322,260,000 | ' | ' | ' | ' | ' | ' | ' | $944,200,000 |
Primary proceeds | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $243,000,000 |
Voting interest in Oaktree Capital Group, LLC (as a percent) | ' | ' | ' | ' | ' | ' | 20.00% | 15.86% | ' | ' | ' |
Direct economic interest in Oaktree Operating Group (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 84.14% | ' |
Entitlement of voting rights - Class B units (in votes) | 10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Entitlement of voting rights - Class A units (in votes) | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Voting interest in Oaktree Capital Group, LLC (as a percent) | ' | ' | ' | ' | ' | 98.15% | ' | ' | ' | ' | ' |
Stocks sold by Oaktree Capital Group, LLC (in shares) | ' | ' | ' | ' | 7,888,864 | ' | ' | ' | ' | ' | ' |
Class A units sold by the selling unitholders (in shares) | ' | ' | ' | ' | 954,159 | ' | ' | ' | ' | ' | ' |
Percentage of voting power (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | 98.00% | ' | ' |
SUMMARY_OF_SIGNIFICANT_ACCOUNT2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Consolidation (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
entity | entity | |
Oaktree AIF Holdings, Inc | ' | ' |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ' | ' |
Number of variable interest entities that are consolidated (in number of entities) | 2 | 1 |
South Grand MM CLO I, LLC | ' | ' |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ' | ' |
Number of variable interest entities that are consolidated (in number of entities) | 1 | ' |
Collateralized loan obligation | 1 | ' |
SUMMARY_OF_SIGNIFICANT_ACCOUNT3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Depreciation and Amortization) (Details) (Furniture and Equipment and Capitalized Software) | 12 Months Ended |
Dec. 31, 2013 | |
Minimum | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life (in years) | '3 years |
Maximum | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life (in years) | '5 years |
SUMMARY_OF_SIGNIFICANT_ACCOUNT4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Management Fees) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Annual management fee rates for open-end funds (as a percent) | 0.50% | ' | ' |
Ancillary fees recognized | $62.90 | $25.90 | $35.30 |
Minimum | ' | ' | ' |
Management fees for closed-end funds (as a percent) | 1.25% | ' | ' |
Management fees, term (in years) | '10 years | ' | ' |
Annual management fee rates for evergreen funds ( as a percent) | 1.50% | ' | ' |
Maximum | ' | ' | ' |
Management fees for closed-end funds (as a percent) | 1.75% | ' | ' |
Management fees, term (in years) | '11 years | ' | ' |
Annual management fee rates for evergreen funds ( as a percent) | 2.00% | ' | ' |
SUMMARY_OF_SIGNIFICANT_ACCOUNT5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Incentive Income) (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Deferred Revenue Arrangement [Line Items] | ' |
Incentive income, closed-end funds (as a percent) | 20.00% |
Preferred return, closed-end funds (as a percent) | 8.00% |
Incentive income, evergreen funds (as a percent) | 20.00% |
SUMMARY_OF_SIGNIFICANT_ACCOUNT6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Incentive Income Compensation Expense) (Details) (USD $) | Dec. 31, 2011 | Dec. 31, 2013 |
In Millions, unless otherwise specified | OCM Opportunities Fund VIIb, L.P. | Incentive Income |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ' | ' |
Incentive income compensation expense, vesting period (in years) | ' | '5 years |
Cost to repurchase participation in possible future incentive income investment professionals | $55.50 | ' |
SUMMARY_OF_SIGNIFICANT_ACCOUNT7
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Other Income Expense) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 |
Accounting Policies [Abstract] | ' | ' |
Adjustment to the carrying value of one of the properties received | ($3.10) | $1.20 |
Write off of debt issuance cost | 0.8 | ' |
Write off of certain receivables related to the Company's corporate investments | $1.70 | ' |
SUMMARY_OF_SIGNIFICANT_ACCOUNT8
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Total Return Swaps) (Details) (Swaps (net), USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Long | ' | ' |
Derivative [Line Items] | ' | ' |
Notional amounts of total return swaps | $463,596 | $487,706 |
Short | ' | ' |
Derivative [Line Items] | ' | ' |
Notional amounts of total return swaps | $30,536 | $33,891 |
INVESTMENTS_AT_FAIR_VALUE_Inve
INVESTMENTS, AT FAIR VALUE - Investments, at Fair Value (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule Of Investments In Marketable Securities [Line Items] | ' | ' |
Fixed income securities, Fair Value | $17,720,189 | $19,488,737 |
Fixed income securities, Fair value as a percentage of investments of consolidated funds (as a percent) | 44.40% | 50.80% |
Equity Securities, Fair Value | 22,191,699 | 18,883,889 |
Equity Securities, Fair value as a percentage of investments of consolidated funds as of December 31, (as a percent) | 55.60% | 49.20% |
Securities Sold Short: | -140,251 | -126,530 |
Total investments, at fair value | 39,911,888 | 38,372,626 |
Total investments, Fair value as a percentage of investments of consolidated funds as of December 31, (as a percent) | 100.00% | 100.00% |
Proceeds from securities sold short | 137,092 | 123,575 |
Equity securities: | ' | ' |
Schedule Of Investments In Marketable Securities [Line Items] | ' | ' |
Securities Sold Short: | -140,251 | -126,530 |
United States: | Fixed income securities: | ' | ' |
Schedule Of Investments In Marketable Securities [Line Items] | ' | ' |
Fixed income securities cost | 12,008,435 | 13,320,475 |
Fixed income securities, Fair Value | 12,089,569 | 13,698,904 |
Fixed income securities, Fair value as a percentage of investments of consolidated funds (as a percent) | 30.30% | 35.70% |
United States: | Fixed income securities: | Consumer discretionary | ' | ' |
Schedule Of Investments In Marketable Securities [Line Items] | ' | ' |
Fixed income securities, Fair Value | 3,017,755 | 5,072,283 |
Fixed income securities, Fair value as a percentage of investments of consolidated funds (as a percent) | 7.60% | 13.20% |
United States: | Fixed income securities: | Consumer staples | ' | ' |
Schedule Of Investments In Marketable Securities [Line Items] | ' | ' |
Fixed income securities, Fair Value | 801,959 | 697,300 |
Fixed income securities, Fair value as a percentage of investments of consolidated funds (as a percent) | 2.00% | 1.80% |
United States: | Fixed income securities: | Energy | ' | ' |
Schedule Of Investments In Marketable Securities [Line Items] | ' | ' |
Fixed income securities, Fair Value | 650,336 | 565,151 |
Fixed income securities, Fair value as a percentage of investments of consolidated funds (as a percent) | 1.60% | 1.50% |
United States: | Fixed income securities: | Financials | ' | ' |
Schedule Of Investments In Marketable Securities [Line Items] | ' | ' |
Fixed income securities, Fair Value | 554,115 | 1,013,230 |
Fixed income securities, Fair value as a percentage of investments of consolidated funds (as a percent) | 1.40% | 2.60% |
United States: | Fixed income securities: | Health care | ' | ' |
Schedule Of Investments In Marketable Securities [Line Items] | ' | ' |
Fixed income securities, Fair Value | 600,570 | 658,932 |
Fixed income securities, Fair value as a percentage of investments of consolidated funds (as a percent) | 1.50% | 1.70% |
United States: | Fixed income securities: | Industrials | ' | ' |
Schedule Of Investments In Marketable Securities [Line Items] | ' | ' |
Fixed income securities, Fair Value | 1,768,600 | 1,957,259 |
Fixed income securities, Fair value as a percentage of investments of consolidated funds (as a percent) | 4.40% | 5.10% |
United States: | Fixed income securities: | Information technology | ' | ' |
Schedule Of Investments In Marketable Securities [Line Items] | ' | ' |
Fixed income securities, Fair Value | 1,130,614 | 908,662 |
Fixed income securities, Fair value as a percentage of investments of consolidated funds (as a percent) | 2.80% | 2.40% |
United States: | Fixed income securities: | Materials | ' | ' |
Schedule Of Investments In Marketable Securities [Line Items] | ' | ' |
Fixed income securities, Fair Value | 1,094,476 | 826,008 |
Fixed income securities, Fair value as a percentage of investments of consolidated funds (as a percent) | 2.70% | 2.20% |
United States: | Fixed income securities: | Telecommunication services | ' | ' |
Schedule Of Investments In Marketable Securities [Line Items] | ' | ' |
Fixed income securities, Fair Value | 289,046 | 282,101 |
Fixed income securities, Fair value as a percentage of investments of consolidated funds (as a percent) | 0.70% | 0.70% |
United States: | Fixed income securities: | Utilities | ' | ' |
Schedule Of Investments In Marketable Securities [Line Items] | ' | ' |
Fixed income securities, Fair Value | 2,182,098 | 1,717,978 |
Fixed income securities, Fair value as a percentage of investments of consolidated funds (as a percent) | 5.60% | 4.50% |
United States: | Equity securities: | ' | ' |
Schedule Of Investments In Marketable Securities [Line Items] | ' | ' |
Equity securities cost | 11,104,484 | 11,637,988 |
Equity Securities, Fair Value | 14,240,613 | 13,281,294 |
Equity Securities, Fair value as a percentage of investments of consolidated funds as of December 31, (as a percent) | 35.70% | 34.60% |
United States: | Equity securities: | Consumer discretionary | ' | ' |
Schedule Of Investments In Marketable Securities [Line Items] | ' | ' |
Equity Securities, Fair Value | 3,164,000 | 3,289,347 |
Equity Securities, Fair value as a percentage of investments of consolidated funds as of December 31, (as a percent) | 7.90% | 8.60% |
United States: | Equity securities: | Consumer staples | ' | ' |
Schedule Of Investments In Marketable Securities [Line Items] | ' | ' |
Equity Securities, Fair Value | 482,521 | 444,735 |
Equity Securities, Fair value as a percentage of investments of consolidated funds as of December 31, (as a percent) | 1.20% | 1.20% |
United States: | Equity securities: | Energy | ' | ' |
Schedule Of Investments In Marketable Securities [Line Items] | ' | ' |
Equity Securities, Fair Value | 570,839 | 448,412 |
Equity Securities, Fair value as a percentage of investments of consolidated funds as of December 31, (as a percent) | 1.40% | 1.20% |
United States: | Equity securities: | Financials | ' | ' |
Schedule Of Investments In Marketable Securities [Line Items] | ' | ' |
Equity Securities, Fair Value | 6,474,365 | 6,001,493 |
Equity Securities, Fair value as a percentage of investments of consolidated funds as of December 31, (as a percent) | 16.30% | 15.60% |
United States: | Equity securities: | Health care | ' | ' |
Schedule Of Investments In Marketable Securities [Line Items] | ' | ' |
Equity Securities, Fair Value | 310,582 | 134,239 |
Equity Securities, Fair value as a percentage of investments of consolidated funds as of December 31, (as a percent) | 0.80% | 0.30% |
United States: | Equity securities: | Industrials | ' | ' |
Schedule Of Investments In Marketable Securities [Line Items] | ' | ' |
Equity Securities, Fair Value | 1,840,900 | 1,201,156 |
Equity Securities, Fair value as a percentage of investments of consolidated funds as of December 31, (as a percent) | 4.60% | 3.10% |
United States: | Equity securities: | Information technology | ' | ' |
Schedule Of Investments In Marketable Securities [Line Items] | ' | ' |
Equity Securities, Fair Value | 227,608 | 199,003 |
Equity Securities, Fair value as a percentage of investments of consolidated funds as of December 31, (as a percent) | 0.60% | 0.50% |
United States: | Equity securities: | Materials | ' | ' |
Schedule Of Investments In Marketable Securities [Line Items] | ' | ' |
Equity Securities, Fair Value | 923,933 | 1,407,850 |
Equity Securities, Fair value as a percentage of investments of consolidated funds as of December 31, (as a percent) | 2.30% | 3.70% |
United States: | Equity securities: | Telecommunication services | ' | ' |
Schedule Of Investments In Marketable Securities [Line Items] | ' | ' |
Equity Securities, Fair Value | 51,881 | 15,022 |
Equity Securities, Fair value as a percentage of investments of consolidated funds as of December 31, (as a percent) | 0.10% | 0.00% |
United States: | Equity securities: | Utilities | ' | ' |
Schedule Of Investments In Marketable Securities [Line Items] | ' | ' |
Equity Securities, Fair Value | 193,984 | 140,037 |
Equity Securities, Fair value as a percentage of investments of consolidated funds as of December 31, (as a percent) | 0.50% | 0.40% |
Europe: | Fixed income securities: | ' | ' |
Schedule Of Investments In Marketable Securities [Line Items] | ' | ' |
Fixed income securities cost | 3,349,740 | 4,383,068 |
Fixed income securities, Fair Value | 3,885,082 | 4,486,075 |
Fixed income securities, Fair value as a percentage of investments of consolidated funds (as a percent) | 9.70% | 11.70% |
Europe: | Fixed income securities: | Consumer discretionary | ' | ' |
Schedule Of Investments In Marketable Securities [Line Items] | ' | ' |
Fixed income securities, Fair Value | 1,519,530 | 1,607,822 |
Fixed income securities, Fair value as a percentage of investments of consolidated funds (as a percent) | 3.80% | 4.20% |
Europe: | Fixed income securities: | Consumer staples | ' | ' |
Schedule Of Investments In Marketable Securities [Line Items] | ' | ' |
Fixed income securities, Fair Value | 159,489 | 486,037 |
Fixed income securities, Fair value as a percentage of investments of consolidated funds (as a percent) | 0.40% | 1.30% |
Europe: | Fixed income securities: | Energy | ' | ' |
Schedule Of Investments In Marketable Securities [Line Items] | ' | ' |
Fixed income securities, Fair Value | 295,942 | 272,079 |
Fixed income securities, Fair value as a percentage of investments of consolidated funds (as a percent) | 0.70% | 0.70% |
Europe: | Fixed income securities: | Financials | ' | ' |
Schedule Of Investments In Marketable Securities [Line Items] | ' | ' |
Fixed income securities, Fair Value | 612,123 | 627,161 |
Fixed income securities, Fair value as a percentage of investments of consolidated funds (as a percent) | 1.50% | 1.60% |
Europe: | Fixed income securities: | Health care | ' | ' |
Schedule Of Investments In Marketable Securities [Line Items] | ' | ' |
Fixed income securities, Fair Value | 39,189 | 19,585 |
Fixed income securities, Fair value as a percentage of investments of consolidated funds (as a percent) | 0.10% | 0.00% |
Europe: | Fixed income securities: | Industrials | ' | ' |
Schedule Of Investments In Marketable Securities [Line Items] | ' | ' |
Fixed income securities, Fair Value | 378,797 | 531,770 |
Fixed income securities, Fair value as a percentage of investments of consolidated funds (as a percent) | 1.00% | 1.40% |
Europe: | Fixed income securities: | Information technology | ' | ' |
Schedule Of Investments In Marketable Securities [Line Items] | ' | ' |
Fixed income securities, Fair Value | 22,216 | 5,397 |
Fixed income securities, Fair value as a percentage of investments of consolidated funds (as a percent) | 0.10% | 0.00% |
Europe: | Fixed income securities: | Materials | ' | ' |
Schedule Of Investments In Marketable Securities [Line Items] | ' | ' |
Fixed income securities, Fair Value | 663,984 | 717,294 |
Fixed income securities, Fair value as a percentage of investments of consolidated funds (as a percent) | 1.70% | 1.90% |
Europe: | Fixed income securities: | Telecommunication services | ' | ' |
Schedule Of Investments In Marketable Securities [Line Items] | ' | ' |
Fixed income securities, Fair Value | 175,231 | 190,369 |
Fixed income securities, Fair value as a percentage of investments of consolidated funds (as a percent) | 0.40% | 0.50% |
Europe: | Fixed income securities: | Utilities | ' | ' |
Schedule Of Investments In Marketable Securities [Line Items] | ' | ' |
Fixed income securities, Fair Value | 18,581 | 28,561 |
Fixed income securities, Fair value as a percentage of investments of consolidated funds (as a percent) | 0.00% | 0.10% |
Europe: | Equity securities: | ' | ' |
Schedule Of Investments In Marketable Securities [Line Items] | ' | ' |
Equity securities cost | 4,111,171 | 2,960,210 |
Equity Securities, Fair Value | 4,526,108 | 3,475,119 |
Equity Securities, Fair value as a percentage of investments of consolidated funds as of December 31, (as a percent) | 11.30% | 9.10% |
Europe: | Equity securities: | Consumer discretionary | ' | ' |
Schedule Of Investments In Marketable Securities [Line Items] | ' | ' |
Equity Securities, Fair Value | 198,045 | 117,485 |
Equity Securities, Fair value as a percentage of investments of consolidated funds as of December 31, (as a percent) | 0.50% | 0.30% |
Europe: | Equity securities: | Consumer staples | ' | ' |
Schedule Of Investments In Marketable Securities [Line Items] | ' | ' |
Equity Securities, Fair Value | 385,595 | 1,336,420 |
Equity Securities, Fair value as a percentage of investments of consolidated funds as of December 31, (as a percent) | 1.00% | 3.50% |
Europe: | Equity securities: | Energy | ' | ' |
Schedule Of Investments In Marketable Securities [Line Items] | ' | ' |
Equity Securities, Fair Value | 129,207 | 91,724 |
Equity Securities, Fair value as a percentage of investments of consolidated funds as of December 31, (as a percent) | 0.30% | 0.20% |
Europe: | Equity securities: | Financials | ' | ' |
Schedule Of Investments In Marketable Securities [Line Items] | ' | ' |
Equity Securities, Fair Value | 2,763,198 | 1,553,598 |
Equity Securities, Fair value as a percentage of investments of consolidated funds as of December 31, (as a percent) | 6.90% | 4.10% |
Europe: | Equity securities: | Health care | ' | ' |
Schedule Of Investments In Marketable Securities [Line Items] | ' | ' |
Equity Securities, Fair Value | 13,084 | 0 |
Equity Securities, Fair value as a percentage of investments of consolidated funds as of December 31, (as a percent) | 0.00% | 0.00% |
Europe: | Equity securities: | Industrials | ' | ' |
Schedule Of Investments In Marketable Securities [Line Items] | ' | ' |
Equity Securities, Fair Value | 784,524 | 1,388 |
Equity Securities, Fair value as a percentage of investments of consolidated funds as of December 31, (as a percent) | 2.00% | 0.00% |
Europe: | Equity securities: | Information technology | ' | ' |
Schedule Of Investments In Marketable Securities [Line Items] | ' | ' |
Equity Securities, Fair Value | 1,341 | 335 |
Equity Securities, Fair value as a percentage of investments of consolidated funds as of December 31, (as a percent) | 0.00% | 0.00% |
Europe: | Equity securities: | Materials | ' | ' |
Schedule Of Investments In Marketable Securities [Line Items] | ' | ' |
Equity Securities, Fair Value | 249,732 | 374,169 |
Equity Securities, Fair value as a percentage of investments of consolidated funds as of December 31, (as a percent) | 0.60% | 1.00% |
Europe: | Equity securities: | Telecommunication services | ' | ' |
Schedule Of Investments In Marketable Securities [Line Items] | ' | ' |
Equity Securities, Fair Value | 1,382 | 0 |
Equity Securities, Fair value as a percentage of investments of consolidated funds as of December 31, (as a percent) | 0.00% | 0.00% |
Asia and other: | Fixed income securities: | ' | ' |
Schedule Of Investments In Marketable Securities [Line Items] | ' | ' |
Fixed income securities cost | 1,639,694 | 1,298,868 |
Fixed income securities, Fair Value | 1,745,538 | 1,303,758 |
Fixed income securities, Fair value as a percentage of investments of consolidated funds (as a percent) | 4.40% | 3.40% |
Asia and other: | Fixed income securities: | Consumer discretionary | ' | ' |
Schedule Of Investments In Marketable Securities [Line Items] | ' | ' |
Fixed income securities, Fair Value | 93,087 | 680,273 |
Fixed income securities, Fair value as a percentage of investments of consolidated funds (as a percent) | 0.20% | 1.80% |
Asia and other: | Fixed income securities: | Consumer staples | ' | ' |
Schedule Of Investments In Marketable Securities [Line Items] | ' | ' |
Fixed income securities, Fair Value | 25,424 | 3,615 |
Fixed income securities, Fair value as a percentage of investments of consolidated funds (as a percent) | 0.10% | 0.00% |
Asia and other: | Fixed income securities: | Energy | ' | ' |
Schedule Of Investments In Marketable Securities [Line Items] | ' | ' |
Fixed income securities, Fair Value | 74,167 | 47,776 |
Fixed income securities, Fair value as a percentage of investments of consolidated funds (as a percent) | 0.20% | 0.10% |
Asia and other: | Fixed income securities: | Financials | ' | ' |
Schedule Of Investments In Marketable Securities [Line Items] | ' | ' |
Fixed income securities, Fair Value | 159,369 | 22,186 |
Fixed income securities, Fair value as a percentage of investments of consolidated funds (as a percent) | 0.40% | 0.10% |
Asia and other: | Fixed income securities: | Health care | ' | ' |
Schedule Of Investments In Marketable Securities [Line Items] | ' | ' |
Fixed income securities, Fair Value | 31,057 | 1,622 |
Fixed income securities, Fair value as a percentage of investments of consolidated funds (as a percent) | 0.10% | 0.00% |
Asia and other: | Fixed income securities: | Industrials | ' | ' |
Schedule Of Investments In Marketable Securities [Line Items] | ' | ' |
Fixed income securities, Fair Value | 1,247,793 | 290,639 |
Fixed income securities, Fair value as a percentage of investments of consolidated funds (as a percent) | 3.10% | 0.80% |
Asia and other: | Fixed income securities: | Information technology | ' | ' |
Schedule Of Investments In Marketable Securities [Line Items] | ' | ' |
Fixed income securities, Fair Value | 21,842 | 33,260 |
Fixed income securities, Fair value as a percentage of investments of consolidated funds (as a percent) | 0.10% | 0.10% |
Asia and other: | Fixed income securities: | Materials | ' | ' |
Schedule Of Investments In Marketable Securities [Line Items] | ' | ' |
Fixed income securities, Fair Value | 84,107 | 92,974 |
Fixed income securities, Fair value as a percentage of investments of consolidated funds (as a percent) | 0.20% | 0.20% |
Asia and other: | Fixed income securities: | Telecommunication services | ' | ' |
Schedule Of Investments In Marketable Securities [Line Items] | ' | ' |
Fixed income securities, Fair Value | 1,884 | 1,939 |
Fixed income securities, Fair value as a percentage of investments of consolidated funds (as a percent) | 0.00% | 0.00% |
Asia and other: | Fixed income securities: | Utilities | ' | ' |
Schedule Of Investments In Marketable Securities [Line Items] | ' | ' |
Fixed income securities, Fair Value | 6,808 | 129,474 |
Fixed income securities, Fair value as a percentage of investments of consolidated funds (as a percent) | 0.00% | 0.30% |
Asia and other: | Equity securities: | ' | ' |
Schedule Of Investments In Marketable Securities [Line Items] | ' | ' |
Equity securities cost | 2,734,160 | 1,726,145 |
Equity Securities, Fair Value | 3,424,978 | 2,127,476 |
Equity Securities, Fair value as a percentage of investments of consolidated funds as of December 31, (as a percent) | 8.60% | 5.50% |
Asia and other: | Equity securities: | Consumer discretionary | ' | ' |
Schedule Of Investments In Marketable Securities [Line Items] | ' | ' |
Equity Securities, Fair Value | 422,731 | 99,527 |
Equity Securities, Fair value as a percentage of investments of consolidated funds as of December 31, (as a percent) | 1.10% | 0.30% |
Asia and other: | Equity securities: | Consumer staples | ' | ' |
Schedule Of Investments In Marketable Securities [Line Items] | ' | ' |
Equity Securities, Fair Value | 42,937 | 42,688 |
Equity Securities, Fair value as a percentage of investments of consolidated funds as of December 31, (as a percent) | 0.10% | 0.10% |
Asia and other: | Equity securities: | Energy | ' | ' |
Schedule Of Investments In Marketable Securities [Line Items] | ' | ' |
Equity Securities, Fair Value | 267,494 | 213,490 |
Equity Securities, Fair value as a percentage of investments of consolidated funds as of December 31, (as a percent) | 0.70% | 0.60% |
Asia and other: | Equity securities: | Financials | ' | ' |
Schedule Of Investments In Marketable Securities [Line Items] | ' | ' |
Equity Securities, Fair Value | 1,211,033 | 973,745 |
Equity Securities, Fair value as a percentage of investments of consolidated funds as of December 31, (as a percent) | 3.00% | 2.50% |
Asia and other: | Equity securities: | Health care | ' | ' |
Schedule Of Investments In Marketable Securities [Line Items] | ' | ' |
Equity Securities, Fair Value | 8,124 | 71 |
Equity Securities, Fair value as a percentage of investments of consolidated funds as of December 31, (as a percent) | 0.00% | 0.00% |
Asia and other: | Equity securities: | Industrials | ' | ' |
Schedule Of Investments In Marketable Securities [Line Items] | ' | ' |
Equity Securities, Fair Value | 1,136,934 | 613,020 |
Equity Securities, Fair value as a percentage of investments of consolidated funds as of December 31, (as a percent) | 2.90% | 1.60% |
Asia and other: | Equity securities: | Information technology | ' | ' |
Schedule Of Investments In Marketable Securities [Line Items] | ' | ' |
Equity Securities, Fair Value | 130,714 | 75,583 |
Equity Securities, Fair value as a percentage of investments of consolidated funds as of December 31, (as a percent) | 0.30% | 0.20% |
Asia and other: | Equity securities: | Materials | ' | ' |
Schedule Of Investments In Marketable Securities [Line Items] | ' | ' |
Equity Securities, Fair Value | 63,395 | 51,296 |
Equity Securities, Fair value as a percentage of investments of consolidated funds as of December 31, (as a percent) | 0.20% | 0.10% |
Asia and other: | Equity securities: | Telecommunication services | ' | ' |
Schedule Of Investments In Marketable Securities [Line Items] | ' | ' |
Equity Securities, Fair Value | 17,719 | 6,044 |
Equity Securities, Fair value as a percentage of investments of consolidated funds as of December 31, (as a percent) | 0.00% | 0.00% |
Asia and other: | Equity securities: | Utilities | ' | ' |
Schedule Of Investments In Marketable Securities [Line Items] | ' | ' |
Equity Securities, Fair Value | $123,897 | $52,012 |
Equity Securities, Fair value as a percentage of investments of consolidated funds as of December 31, (as a percent) | 0.30% | 0.10% |
INVESTMENTS_AT_FAIR_VALUE_Addi
INVESTMENTS, AT FAIR VALUE - Additional Information (Detail) | Dec. 31, 2013 | Dec. 31, 2012 |
Investments [Abstract] | ' | ' |
Percentage exceeded consolidated net assets (as a percent) | 5.00% | 5.00% |
INVESTMENTS_AT_FAIR_VALUE_Net_
INVESTMENTS, AT FAIR VALUE - Net Gains (Losses) from Investment Activities of Consolidated Funds (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Gain (Loss) on Investments [Line Items] | ' | ' | ' |
Net Realized Gain (Loss) on Investments | $3,503,998 | $4,560,782 | $1,744,135 |
Net Change in Unrealized Appreciation (Depreciation) on Investments | 1,843,469 | 835,160 | -3,064,676 |
Investments and other financial instruments | ' | ' | ' |
Gain (Loss) on Investments [Line Items] | ' | ' | ' |
Net Realized Gain (Loss) on Investments | 3,649,821 | 4,421,219 | 2,008,111 |
Net Change in Unrealized Appreciation (Depreciation) on Investments | 2,152,662 | 952,478 | -3,233,102 |
Swaps | Consolidated funds | Net Investment Hedging | Not Designated as Hedging Instrument | ' | ' | ' |
Gain (Loss) on Investments [Line Items] | ' | ' | ' |
Net Realized Gain (Loss) on Investments | 89,333 | 66,992 | 80,398 |
Net Change in Unrealized Appreciation (Depreciation) on Investments | -22,619 | 33,445 | -60,023 |
Foreign currency forward contracts | Consolidated funds | Net Investment Hedging | Not Designated as Hedging Instrument | ' | ' | ' |
Gain (Loss) on Investments [Line Items] | ' | ' | ' |
Net Realized Gain (Loss) on Investments | -217,234 | 85,773 | -307,681 |
Net Change in Unrealized Appreciation (Depreciation) on Investments | -286,336 | -148,791 | 233,816 |
Options and futures | Consolidated funds | Net Investment Hedging | Not Designated as Hedging Instrument | ' | ' | ' |
Gain (Loss) on Investments [Line Items] | ' | ' | ' |
Net Realized Gain (Loss) on Investments | -17,922 | -13,202 | -36,693 |
Net Change in Unrealized Appreciation (Depreciation) on Investments | ($238) | ($1,972) | ($5,367) |
FAIR_VALUE_Additional_Informat
FAIR VALUE - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Investments, at fair value | $67,600,000 | ' |
Gain from changes in fair value included in earnings | 17,100,000 | ' |
Transfers from Level II to Level I | 1,295,400,000 | 11,500,000 |
Level II | Swaps (net) | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Accounts payable, other accrued expenses and other liabilities | 4,200,000 | 7,900,000 |
Level II | Foreign Exchange Contract | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fair value foreign currency exchange contracts, asset | 1,800,000 | ' |
Fair value foreign currency exchange contracts, liability | ' | 800,000 |
Level II | Total-return swap | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Total-return swap | 4,500,000 | ' |
Level III | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fair value of debt obligations | 611,100,000 | 652,900,000 |
Average borrowing rates (as a percent) | 3.20% | 3.10% |
Percentage increase in average borrowing rate assumption that would lower fair value of debt obligation | 10.00% | ' |
Fair value of debt obligation, decrease in value due to increase in average borrowing rate | 603,700,000 | ' |
Percentage decrease in average borrowing rate assumption that would increase fair value of debt obligation | 10.00% | ' |
Fair value of debt obligation, increase in value due to decrease in average borrowing rate | $618,700,000 | ' |
FAIR_VALUE_Valuation_of_Invest
FAIR VALUE - Valuation of Investments and Other Financial Instruments (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Total investments | $39,911,888 | $38,372,626 |
Securities sold short b equities | -140,251 | -126,530 |
Options written (net) | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Derivative assets, at fair value | 14,991 | 5,520 |
Swaps (net) | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Derivative assets, at fair value | 11,222 | 39,166 |
Swaptions (net) | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Derivative assets, at fair value | 5,392 | ' |
Forward contracts (net) | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Derivative liabilities, at fair value | -83,481 | -93,863 |
Futures (net) | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Derivative assets, at fair value | ' | 90 |
Derivative liabilities, at fair value | -3,067 | ' |
Corporate debt b bank debt | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Total investments | 10,161,566 | 9,666,167 |
Corporate debt b all other | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Total investments | 7,558,623 | 9,822,570 |
Equities b common stock | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Total investments | 12,613,353 | 12,519,258 |
Equities b Preferred Stock | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Total investments | 932,355 | 654,749 |
Equities b preferred stock | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Total investments | 6,258,478 | 3,946,142 |
Real estate loan portfolio | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Total investments | 2,369,441 | 1,737,822 |
Other | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Total investments | 18,072 | 25,918 |
Level I | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Total investments | 4,811,623 | 3,367,195 |
Securities sold short b equities | -140,251 | -126,530 |
Level I | Options written (net) | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Derivative liabilities, at fair value | -1,862 | 0 |
Level I | Swaps (net) | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Derivative assets, at fair value | 0 | ' |
Derivative liabilities, at fair value | ' | 0 |
Level I | Swaptions (net) | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Derivative assets, at fair value | 0 | ' |
Level I | Forward contracts (net) | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Derivative assets, at fair value | ' | 0 |
Derivative liabilities, at fair value | 0 | ' |
Level I | Futures (net) | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Derivative assets, at fair value | ' | 90 |
Derivative liabilities, at fair value | -3,067 | ' |
Level I | Corporate debt b bank debt | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Total investments | 0 | 0 |
Level I | Corporate debt b all other | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Total investments | 798 | 0 |
Level I | Equities b common stock | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Total investments | 4,804,068 | 3,362,742 |
Level I | Equities b Preferred Stock | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Total investments | 4,101 | 2,520 |
Level I | Equities b preferred stock | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Total investments | 0 | 0 |
Level I | Real estate loan portfolio | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Total investments | 0 | 0 |
Level I | Other | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Total investments | 2,656 | 1,933 |
Level II | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Total investments | 13,634,420 | 15,142,246 |
Securities sold short b equities | 0 | 0 |
Level II | Options written (net) | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Derivative assets, at fair value | 16,853 | 5,520 |
Level II | Swaps (net) | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Derivative assets, at fair value | 11,222 | ' |
Derivative liabilities, at fair value | ' | -5,539 |
Level II | Swaptions (net) | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Derivative assets, at fair value | 5,392 | ' |
Level II | Forward contracts (net) | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Derivative liabilities, at fair value | -83,481 | -93,863 |
Level II | Futures (net) | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Derivative assets, at fair value | 0 | ' |
Derivative liabilities, at fair value | ' | 0 |
Level II | Corporate debt b bank debt | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Total investments | 7,352,129 | 7,412,691 |
Level II | Corporate debt b all other | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Total investments | 5,125,646 | 6,663,519 |
Level II | Equities b common stock | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Total investments | 1,109,270 | 1,055,465 |
Level II | Equities b Preferred Stock | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Total investments | 8,483 | 2,133 |
Level II | Equities b preferred stock | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Total investments | 37,184 | 0 |
Level II | Real estate loan portfolio | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Total investments | 0 | 0 |
Level II | Other | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Total investments | 1,708 | 8,438 |
Level III | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Total investments | 21,465,845 | 19,863,185 |
Securities sold short b equities | 0 | 0 |
Level III | Options written (net) | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Derivative assets, at fair value | 0 | ' |
Derivative liabilities, at fair value | ' | 0 |
Level III | Swaps (net) | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Derivative assets, at fair value | 0 | 44,705 |
Level III | Swaptions (net) | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Derivative assets, at fair value | 0 | ' |
Level III | Forward contracts (net) | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Derivative assets, at fair value | ' | 0 |
Derivative liabilities, at fair value | 0 | ' |
Level III | Futures (net) | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Derivative assets, at fair value | 0 | ' |
Derivative liabilities, at fair value | ' | 0 |
Level III | Corporate debt b bank debt | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Total investments | 2,809,437 | 2,253,476 |
Level III | Corporate debt b all other | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Total investments | 2,432,179 | 3,159,051 |
Level III | Equities b common stock | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Total investments | 6,700,015 | 8,101,051 |
Level III | Equities b Preferred Stock | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Total investments | 919,771 | 650,096 |
Level III | Equities b preferred stock | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Total investments | 6,221,294 | 3,946,142 |
Level III | Real estate loan portfolio | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Total investments | 2,369,441 | 1,737,822 |
Level III | Other | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Total investments | $13,708 | $15,547 |
FAIR_VALUE_Summary_of_Changes_
FAIR VALUE - Summary of Changes in Fair Value of Level III Investments (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' |
Beginning balance | $19,907,890 | $15,673,386 |
Transfers into Level III | 1,150,232 | 1,998,203 |
Transfers out of Level III | -2,242,347 | -1,550,325 |
Purchases | 7,247,709 | 7,150,411 |
Sales | -6,991,638 | -5,397,631 |
Realized gains (losses), net | 1,449,804 | 950,934 |
Unrealized appreciation (depreciation), net | -944,195 | -1,082,912 |
Ending balance | 21,465,845 | 19,907,890 |
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period | 1,574,952 | 1,520,932 |
Corporate debt b bank debt | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' |
Beginning balance | 2,253,476 | 1,978,637 |
Transfers into Level III | 377,448 | 476,034 |
Transfers out of Level III | -656,354 | -547,130 |
Purchases | 1,673,352 | 1,667,292 |
Sales | -1,120,160 | -1,329,534 |
Realized gains (losses), net | 33,427 | 50,938 |
Unrealized appreciation (depreciation), net | -248,248 | 42,761 |
Ending balance | 2,809,437 | 2,253,476 |
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period | 198,469 | -45,214 |
Corporate debt b all other | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' |
Beginning balance | 3,159,051 | 3,155,241 |
Transfers into Level III | 2,410 | 688,299 |
Transfers out of Level III | -327,612 | -592,397 |
Purchases | 428,783 | 953,076 |
Sales | -1,029,515 | -1,183,277 |
Realized gains (losses), net | 120,610 | 112,396 |
Unrealized appreciation (depreciation), net | -78,452 | -25,713 |
Ending balance | 2,432,179 | 3,159,051 |
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period | 165,124 | 23,779 |
Equities b common stock | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' |
Beginning balance | 8,101,051 | 6,164,025 |
Transfers into Level III | 367,562 | 785,470 |
Transfers out of Level III | -1,222,610 | -306,648 |
Purchases | 1,437,693 | 1,009,258 |
Sales | -2,590,023 | -564,217 |
Realized gains (losses), net | 956,094 | 178,115 |
Unrealized appreciation (depreciation), net | 349,752 | -835,048 |
Ending balance | 6,700,015 | 8,101,051 |
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period | 246,039 | 847,098 |
Equities b Preferred Stock | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' |
Beginning balance | 650,096 | 1,090,107 |
Transfers into Level III | 387,757 | 6,884 |
Transfers out of Level III | -35,771 | -98,797 |
Purchases | 280,531 | 53,788 |
Sales | -316,187 | -410,261 |
Realized gains (losses), net | 41,553 | 318,498 |
Unrealized appreciation (depreciation), net | 88,208 | 310,123 |
Ending balance | 919,771 | 650,096 |
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period | -42,108 | 14,873 |
Equities b preferred stock | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' |
Beginning balance | 3,946,142 | 2,786,862 |
Transfers into Level III | 15,055 | 39,199 |
Transfers out of Level III | 0 | -5,353 |
Purchases | 2,200,559 | 1,361,920 |
Sales | -978,064 | -914,108 |
Realized gains (losses), net | 194,681 | 249,933 |
Unrealized appreciation (depreciation), net | -842,921 | -427,689 |
Ending balance | 6,221,294 | 3,946,142 |
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period | 777,549 | 531,768 |
Real estate loan portfolio | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' |
Beginning balance | 1,737,822 | 479,690 |
Transfers into Level III | 0 | 0 |
Transfers out of Level III | 0 | 0 |
Purchases | 1,226,791 | 2,104,577 |
Sales | -866,588 | -988,399 |
Realized gains (losses), net | 39,755 | 35,650 |
Unrealized appreciation (depreciation), net | -231,661 | -106,304 |
Ending balance | 2,369,441 | 1,737,822 |
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period | 231,662 | 106,304 |
Swaps | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' |
Beginning balance | 44,705 | 0 |
Transfers into Level III | 0 | 2,317 |
Transfers out of Level III | 0 | 0 |
Purchases | 0 | 0 |
Sales | -91,101 | 0 |
Realized gains (losses), net | 91,070 | 0 |
Unrealized appreciation (depreciation), net | 44,674 | -42,388 |
Ending balance | 0 | 44,705 |
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period | 0 | 42,388 |
Other | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' |
Beginning balance | 15,547 | 18,824 |
Transfers into Level III | 0 | 0 |
Transfers out of Level III | 0 | 0 |
Purchases | 0 | 500 |
Sales | 0 | -7,835 |
Realized gains (losses), net | -27,386 | 5,404 |
Unrealized appreciation (depreciation), net | -25,547 | 1,346 |
Ending balance | 13,708 | 15,547 |
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period | ($1,783) | ($64) |
FAIR_VALUE_Summary_of_Valuatio
FAIR VALUE - Summary of Valuation Techniques and Quantitative Information (Detail) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Investments, at fair value | 39,911,888 | 38,372,626 | ||
Minimum | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Terminal capitalization rate (as a percent) | ' | 0.06 | ||
Direct capitalization rate (as a percent) | ' | 0.07 | ||
Net operating income growth rate (as a percent) | ' | 1.00% | ||
Absorption rate (as a percent) | ' | 14.00% | ||
Maximum | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Terminal capitalization rate (as a percent) | ' | 0.11 | ||
Direct capitalization rate (as a percent) | ' | 0.08 | ||
Net operating income growth rate (as a percent) | ' | 29.00% | ||
Absorption rate (as a percent) | ' | 33.00% | ||
Weighted average | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Terminal capitalization rate (as a percent) | ' | 0.08 | [1] | |
Direct capitalization rate (as a percent) | ' | 0.08 | [1] | |
Net operating income growth rate (as a percent) | ' | 11.00% | [1] | |
Absorption rate (as a percent) | ' | 27.00% | [1] | |
Real estate-oriented investments: | Market approach (value of underlying assets) 1 | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Number of investments that changed valuation technique | 1 | ' | ||
Real estate-oriented investments: | Discounted Cash Flow and Sales Approach | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Number of investments that changed valuation technique | ' | 2 | ||
Real estate loan portfolio | Market approach (comparable companies) | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Number of investments that changed valuation technique | 1 | ' | ||
Level III | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Investments, at fair value | 21,465,845 | 19,907,890 | [2],[3],[4] | |
Level III | Credit-oriented investments: | Consumer discretionary | Discounted cash flow 1 | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Investments, at fair value | 40,998 | 163,978 | [2],[3],[4],[5] | |
Level III | Credit-oriented investments: | Consumer discretionary | Discounted cash flow 1 | Minimum | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Discount rate (as a percent) | 13.00% | 7.00% | ||
Level III | Credit-oriented investments: | Consumer discretionary | Discounted cash flow 1 | Maximum | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Discount rate (as a percent) | 15.00% | 15.00% | ||
Level III | Credit-oriented investments: | Consumer discretionary | Discounted cash flow 1 | Weighted average | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Discount rate (as a percent) | 14.00% | [1] | 13.00% | |
Level III | Credit-oriented investments: | Consumer discretionary | Market approach (comparable companies) | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Investments, at fair value | 571,865 | 233,160 | [2],[3],[4],[6],[7] | |
Level III | Credit-oriented investments: | Consumer discretionary | Market approach (comparable companies) | Minimum | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Earnings multiple | 4 | 5 | ||
Level III | Credit-oriented investments: | Consumer discretionary | Market approach (comparable companies) | Maximum | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Earnings multiple | 11 | 12 | ||
Level III | Credit-oriented investments: | Consumer discretionary | Market approach (comparable companies) | Weighted average | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Earnings multiple | 5 | [1] | 8 | |
Level III | Credit-oriented investments: | Consumer discretionary | Recent transaction price | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Investments, at fair value | 321,619 | 673,870 | [2],[3],[4],[8] | |
Level III | Credit-oriented investments: | Consumer discretionary | Recent market information | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Investments, at fair value | 139,002 | 202,878 | [2],[3],[4],[9] | |
Level III | Credit-oriented investments: | Industrials | Discounted cash flow 1 | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Investments, at fair value | 328,712 | ' | ||
Level III | Credit-oriented investments: | Industrials | Discounted cash flow 1 | Minimum | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Discount rate (as a percent) | 12.00% | ' | ||
Level III | Credit-oriented investments: | Industrials | Discounted cash flow 1 | Maximum | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Discount rate (as a percent) | 17.00% | ' | ||
Level III | Credit-oriented investments: | Industrials | Discounted cash flow 1 | Weighted average | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Discount rate (as a percent) | 14.00% | [1] | ' | |
Level III | Credit-oriented investments: | Industrials | Discounted cash flow 2 | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Investments, at fair value | ' | 544,628 | [2],[3],[4],[5] | |
Level III | Credit-oriented investments: | Industrials | Market approach (comparable companies) | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Investments, at fair value | 59,349 | ' | ||
Level III | Credit-oriented investments: | Industrials | Market approach (comparable companies) | Minimum | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Earnings multiple | 4 | ' | ||
Level III | Credit-oriented investments: | Industrials | Market approach (comparable companies) | Maximum | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Earnings multiple | 6 | ' | ||
Level III | Credit-oriented investments: | Industrials | Market approach (comparable companies) | Weighted average | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Earnings multiple | 6 | [1] | ' | |
Level III | Credit-oriented investments: | Industrials | Market approach (comparable companies 1) | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Investments, at fair value | ' | 173,006 | [2],[3],[4],[6],[7] | |
Level III | Credit-oriented investments: | Industrials | Market approach (comparable companies 1) | Minimum | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Earnings multiple | ' | 5 | ||
Level III | Credit-oriented investments: | Industrials | Market approach (comparable companies 1) | Maximum | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Earnings multiple | ' | 10 | ||
Level III | Credit-oriented investments: | Industrials | Market approach (comparable companies 1) | Weighted average | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Earnings multiple | ' | 8 | ||
Level III | Credit-oriented investments: | Industrials | Recent transaction price | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Investments, at fair value | 208,436 | ' | ||
Level III | Credit-oriented investments: | Industrials | Recent transaction price 1 | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Investments, at fair value | ' | 419,825 | [2],[3],[4],[8] | |
Level III | Credit-oriented investments: | Industrials | Recent market information | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Investments, at fair value | 840,871 | ' | ||
Level III | Credit-oriented investments: | Industrials | Recent market information 1 | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Investments, at fair value | ' | 176,334 | [2],[3],[4],[9] | |
Level III | Credit-oriented investments: | Industrials | Market approach (value of underlying assets) 1 | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Investments, at fair value | 77,550 | 92,899 | [10],[2],[3],[4],[6] | |
Level III | Credit-oriented investments: | Industrials | Market approach (value of underlying assets) 1 | Minimum | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Earnings multiple | 0.9 | ' | ||
Underlying asset multiple | ' | 0.9 | ||
Level III | Credit-oriented investments: | Industrials | Market approach (value of underlying assets) 1 | Maximum | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Earnings multiple | 1.1 | ' | ||
Underlying asset multiple | ' | 1.1 | ||
Level III | Credit-oriented investments: | Industrials | Market approach (value of underlying assets) 1 | Weighted average | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Earnings multiple | 1 | ' | ||
Underlying asset multiple | ' | 1 | ||
Level III | Credit-oriented investments: | Industrials | Discounted Cash Flow and Sales Approach | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Investments, at fair value | 335,270 | ' | ||
Level III | Credit-oriented investments: | Industrials | Discounted Cash Flow and Sales Approach | Minimum | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Discount rate (as a percent) | ' | 8.00% | ||
Discount rate / Market transactions (as a percent) | 11.00% | ' | ||
Level III | Credit-oriented investments: | Industrials | Discounted Cash Flow and Sales Approach | Maximum | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Discount rate (as a percent) | ' | 19.00% | ||
Discount rate / Market transactions (as a percent) | 20.00% | ' | ||
Level III | Credit-oriented investments: | Industrials | Discounted Cash Flow and Sales Approach | Weighted average | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Discount rate (as a percent) | ' | 14.00% | ||
Discount rate / Market transactions (as a percent) | 14.00% | [1] | ' | |
Level III | Credit-oriented investments: | Materials | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Investments, at fair value | ' | 173,248 | [2],[3],[4],[8] | |
Level III | Credit-oriented investments: | Materials | Discounted cash flow 1 | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Investments, at fair value | 67,280 | 63,132 | [2],[3],[4],[5] | |
Level III | Credit-oriented investments: | Materials | Discounted cash flow 1 | Minimum | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Discount rate (as a percent) | 13.00% | 13.00% | ||
Level III | Credit-oriented investments: | Materials | Discounted cash flow 1 | Maximum | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Discount rate (as a percent) | 14.00% | 15.00% | ||
Level III | Credit-oriented investments: | Materials | Discounted cash flow 1 | Weighted average | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Discount rate (as a percent) | 13.00% | [1] | 14.00% | |
Level III | Credit-oriented investments: | Materials | Market approach (comparable companies) | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Investments, at fair value | 437,522 | 464,236 | [2],[3],[4],[6],[7] | |
Level III | Credit-oriented investments: | Materials | Market approach (comparable companies) | Minimum | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Earnings multiple | 6 | 6 | ||
Level III | Credit-oriented investments: | Materials | Market approach (comparable companies) | Maximum | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Earnings multiple | 7 | 8 | ||
Level III | Credit-oriented investments: | Materials | Market approach (comparable companies) | Weighted average | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Earnings multiple | 6 | [1] | 7 | |
Level III | Credit-oriented investments: | Materials | Recent transaction price | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Investments, at fair value | 79,020 | ' | ||
Level III | Credit-oriented investments: | Other | Discounted cash flow 1 | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Investments, at fair value | 704,430 | 252,080 | [2],[3],[4],[5] | |
Level III | Credit-oriented investments: | Other | Discounted cash flow 1 | Minimum | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Discount rate (as a percent) | 8.00% | 7.00% | ||
Level III | Credit-oriented investments: | Other | Discounted cash flow 1 | Maximum | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Discount rate (as a percent) | 15.00% | 16.00% | ||
Level III | Credit-oriented investments: | Other | Discounted cash flow 1 | Weighted average | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Discount rate (as a percent) | 11.00% | [1] | 14.00% | |
Level III | Credit-oriented investments: | Other | Market approach (comparable companies) | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Investments, at fair value | 337,406 | 208,950 | [2],[3],[4],[6],[7] | |
Level III | Credit-oriented investments: | Other | Market approach (comparable companies) | Minimum | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Earnings multiple | 6 | 5 | ||
Level III | Credit-oriented investments: | Other | Market approach (comparable companies) | Maximum | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Earnings multiple | 7 | 6 | ||
Level III | Credit-oriented investments: | Other | Market approach (comparable companies) | Weighted average | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Earnings multiple | 7 | [1] | 6 | |
Level III | Credit-oriented investments: | Other | Recent transaction price | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Investments, at fair value | 291,925 | 104,760 | [2],[3],[4],[8] | |
Level III | Credit-oriented investments: | Other | Recent market information | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Investments, at fair value | 400,361 | 110,103 | [2],[3],[4],[9] | |
Level III | Credit-oriented investments: | Other | Market approach (value of underlying assets) 1 | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Investments, at fair value | ' | 103,269 | [10],[2],[3],[4],[6] | |
Level III | Credit-oriented investments: | Other | Market approach (value of underlying assets) 1 | Minimum | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Underlying asset multiple | ' | 0.9 | ||
Level III | Credit-oriented investments: | Other | Market approach (value of underlying assets) 1 | Maximum | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Underlying asset multiple | ' | 1.1 | ||
Level III | Credit-oriented investments: | Other | Market approach (value of underlying assets) 1 | Weighted average | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Underlying asset multiple | ' | 1 | ||
Level III | Credit-oriented investments: | Financials | Discounted cash flow 1 | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Investments, at fair value | ' | 15,055 | [2],[3],[4],[5] | |
Level III | Credit-oriented investments: | Financials | Discounted cash flow 1 | Minimum | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Discount rate (as a percent) | ' | 9.00% | ||
Level III | Credit-oriented investments: | Financials | Discounted cash flow 1 | Maximum | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Discount rate (as a percent) | ' | 11.00% | ||
Level III | Credit-oriented investments: | Financials | Discounted cash flow 1 | Weighted average | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Discount rate (as a percent) | ' | 10.00% | ||
Level III | Credit-oriented investments: | Financials | Market approach (comparable companies) | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Investments, at fair value | ' | 106,777 | [2],[3],[4],[6] | |
Level III | Credit-oriented investments: | Financials | Market approach (comparable companies) | Minimum | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Earnings multiple | ' | 9 | ||
Level III | Credit-oriented investments: | Financials | Market approach (comparable companies) | Maximum | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Earnings multiple | ' | 11 | ||
Level III | Credit-oriented investments: | Financials | Market approach (comparable companies) | Weighted average | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Earnings multiple | ' | 10 | ||
Level III | Credit-oriented investments: | Financials | Recent transaction price | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Investments, at fair value | ' | 22,774 | [2],[3],[4],[8] | |
Level III | Credit-oriented investments: | Financials | Recent market information | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Investments, at fair value | ' | 439,281 | [2],[3],[4],[9] | |
Level III | Credit-oriented investments: | Consumer staples | Discounted cash flow 1 | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Investments, at fair value | ' | 317,589 | [2],[3],[4],[5] | |
Level III | Credit-oriented investments: | Consumer staples | Discounted cash flow 1 | Minimum | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Discount rate (as a percent) | ' | 12.00% | ||
Level III | Credit-oriented investments: | Consumer staples | Discounted cash flow 1 | Maximum | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Discount rate (as a percent) | ' | 14.00% | ||
Level III | Credit-oriented investments: | Consumer staples | Discounted cash flow 1 | Weighted average | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Discount rate (as a percent) | ' | 12.00% | ||
Level III | Credit-oriented investments: | Consumer staples | Market approach (comparable companies) | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Investments, at fair value | ' | 283,020 | [2],[3],[4],[6] | |
Level III | Credit-oriented investments: | Consumer staples | Market approach (comparable companies) | Minimum | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Earnings multiple | ' | 9 | ||
Level III | Credit-oriented investments: | Consumer staples | Market approach (comparable companies) | Maximum | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Earnings multiple | ' | 10 | ||
Level III | Credit-oriented investments: | Consumer staples | Market approach (comparable companies) | Weighted average | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Earnings multiple | ' | 9 | ||
Level III | Credit-oriented investments: | Consumer staples | Recent transaction price | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Investments, at fair value | ' | 104,956 | [2],[3],[4],[8] | |
Level III | Credit-oriented investments: | Consumer staples | Recent market information | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Investments, at fair value | ' | 7,424 | [2],[3],[4],[9] | |
Level III | Equity investments: | Consumer discretionary | Discounted cash flow 1 | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Investments, at fair value | 57,560 | ' | ||
Level III | Equity investments: | Consumer discretionary | Discounted cash flow 1 | Minimum | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Discount rate (as a percent) | 12.00% | ' | ||
Level III | Equity investments: | Consumer discretionary | Discounted cash flow 1 | Maximum | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Discount rate (as a percent) | 14.00% | ' | ||
Level III | Equity investments: | Consumer discretionary | Discounted cash flow 1 | Weighted average | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Discount rate (as a percent) | 13.00% | [1] | ' | |
Level III | Equity investments: | Consumer discretionary | Market approach (comparable companies) | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Investments, at fair value | 504,550 | ' | ||
Level III | Equity investments: | Consumer discretionary | Market approach (comparable companies) | Minimum | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Earnings multiple | 4 | ' | ||
Level III | Equity investments: | Consumer discretionary | Market approach (comparable companies) | Maximum | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Earnings multiple | 11 | ' | ||
Level III | Equity investments: | Consumer discretionary | Market approach (comparable companies) | Weighted average | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Earnings multiple | 9 | [1] | ' | |
Level III | Equity investments: | Consumer discretionary | Recent transaction price | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Investments, at fair value | 97,834 | ' | ||
Level III | Equity investments: | Consumer discretionary | Recent market information | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Investments, at fair value | 140,705 | ' | ||
Level III | Equity investments: | Industrials | Market approach (comparable companies) | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Investments, at fair value | 1,511,811 | 879,752 | [2],[3],[4],[6],[7] | |
Level III | Equity investments: | Industrials | Market approach (comparable companies) | Minimum | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Earnings multiple | 4 | 4 | ||
Level III | Equity investments: | Industrials | Market approach (comparable companies) | Maximum | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Earnings multiple | 12 | 11 | ||
Level III | Equity investments: | Industrials | Market approach (comparable companies) | Weighted average | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Earnings multiple | 8 | [1] | 8 | [1] |
Level III | Equity investments: | Industrials | Recent transaction price | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Investments, at fair value | 745,519 | 658,463 | [2],[3],[4],[8] | |
Level III | Equity investments: | Industrials | Market approach (value of underlying assets) 1 | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Investments, at fair value | 1,064,686 | 1,388 | [10],[2],[3],[4],[6] | |
Level III | Equity investments: | Industrials | Market approach (value of underlying assets) 1 | Minimum | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Underlying asset multiple | 1 | 0.9 | ||
Level III | Equity investments: | Industrials | Market approach (value of underlying assets) 1 | Maximum | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Underlying asset multiple | 1.4 | 1.1 | ||
Level III | Equity investments: | Industrials | Market approach (value of underlying assets) 1 | Weighted average | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Underlying asset multiple | 8 | [1] | 1 | [1] |
Level III | Equity investments: | Materials | Market approach (comparable companies) | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Investments, at fair value | 1,014,930 | [2],[3],[4],[6],[7] | 1,685,758 | [2],[3],[4],[6],[7] |
Level III | Equity investments: | Materials | Market approach (comparable companies) | Minimum | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Earnings multiple | 6 | 6 | ||
Level III | Equity investments: | Materials | Market approach (comparable companies) | Maximum | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Earnings multiple | 8 | 8 | ||
Level III | Equity investments: | Materials | Market approach (comparable companies) | Weighted average | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Earnings multiple | 7 | [1] | 7 | [1] |
Level III | Equity investments: | Materials | Recent transaction price | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Investments, at fair value | 56,064 | [2],[3],[4],[8] | 81,673 | [2],[3],[4],[8] |
Level III | Equity investments: | Materials | Recent market information | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Investments, at fair value | 1,604 | [2],[3],[4],[9] | ' | |
Level III | Equity investments: | Other | Discounted cash flow 1 | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Investments, at fair value | 60,451 | [2],[3],[4],[5] | 57,560 | [2],[3],[4],[5] |
Level III | Equity investments: | Other | Discounted cash flow 1 | Minimum | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Discount rate (as a percent) | 11.00% | 13.00% | ||
Level III | Equity investments: | Other | Discounted cash flow 1 | Maximum | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Discount rate (as a percent) | 12.00% | 15.00% | ||
Level III | Equity investments: | Other | Discounted cash flow 1 | Weighted average | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Discount rate (as a percent) | 11.00% | [1] | 14.00% | [1] |
Level III | Equity investments: | Other | Market approach (comparable companies) | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Investments, at fair value | 1,052,158 | [2],[3],[4],[6],[7] | 1,031,830 | [2],[3],[4],[6],[7] |
Level III | Equity investments: | Other | Market approach (comparable companies) | Minimum | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Earnings multiple | 5 | 5 | ||
Level III | Equity investments: | Other | Market approach (comparable companies) | Maximum | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Earnings multiple | 11 | 12 | ||
Level III | Equity investments: | Other | Market approach (comparable companies) | Weighted average | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Earnings multiple | 11 | [1] | 8 | [1] |
Level III | Equity investments: | Other | Recent transaction price | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Investments, at fair value | 21,790 | [2],[3],[4],[8] | 32,955 | [2],[3],[4],[8] |
Level III | Equity investments: | Other | Recent market information | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Investments, at fair value | 107,361 | [2],[3],[4],[9] | 86,828 | [2],[3],[4],[9] |
Level III | Equity investments: | Other | Market approach (value of underlying assets) 1 | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Investments, at fair value | ' | 82,131 | [10],[2],[3],[4],[6] | |
Level III | Equity investments: | Other | Market approach (value of underlying assets) 1 | Minimum | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Underlying asset multiple | ' | 0.9 | ||
Level III | Equity investments: | Other | Market approach (value of underlying assets) 1 | Maximum | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Underlying asset multiple | ' | 1.1 | ||
Level III | Equity investments: | Other | Market approach (value of underlying assets) 1 | Weighted average | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Underlying asset multiple | ' | 1 | [1] | |
Level III | Equity investments: | Other | Other | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Investments, at fair value | 245,164 | [2],[3],[4] | 72,969 | [2],[3],[4] |
Level III | Equity investments: | Financials | Market approach (comparable companies) | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Investments, at fair value | 344,636 | ' | ||
Level III | Equity investments: | Financials | Market approach (comparable companies) | Minimum | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Earnings multiple | 12 | ' | ||
Level III | Equity investments: | Financials | Market approach (comparable companies) | Maximum | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Earnings multiple | 14 | ' | ||
Level III | Equity investments: | Financials | Market approach (comparable companies) | Weighted average | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Earnings multiple | 13 | [1] | ' | |
Level III | Equity investments: | Financials | Market approach (comparable companies 1) | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Investments, at fair value | ' | 758,887 | [10],[2],[3],[4],[6] | |
Level III | Equity investments: | Financials | Market approach (comparable companies 1) | Minimum | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Underlying asset multiple | ' | 10 | ||
Level III | Equity investments: | Financials | Market approach (comparable companies 1) | Maximum | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Underlying asset multiple | ' | 14 | ||
Level III | Equity investments: | Financials | Market approach (comparable companies 1) | Weighted average | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Underlying asset multiple | ' | 12 | ||
Level III | Equity investments: | Financials | Recent transaction price | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Investments, at fair value | 185,140 | 1,412,616 | [2],[3],[4],[8] | |
Level III | Equity investments: | Financials | Recent market information | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Investments, at fair value | ' | 9,630 | [2],[3],[4],[9] | |
Level III | Equity investments: | Financials | Market approach (value of underlying assets) 1 | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Investments, at fair value | 407,823 | 306,977 | [10],[2],[3],[4],[6] | |
Level III | Equity investments: | Financials | Market approach (value of underlying assets) 1 | Minimum | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Underlying asset multiple | 1 | 1 | ||
Level III | Equity investments: | Financials | Market approach (value of underlying assets) 1 | Maximum | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Underlying asset multiple | 1.2 | 1.2 | ||
Level III | Equity investments: | Financials | Market approach (value of underlying assets) 1 | Weighted average | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Underlying asset multiple | 1.1 | [1] | 1.1 | |
Level III | Equity investments: | Consumer staples | Market approach (comparable companies) | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Investments, at fair value | ' | 1,591,730 | [2],[3],[4],[6],[7] | |
Level III | Equity investments: | Consumer staples | Market approach (comparable companies) | Minimum | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Earnings multiple | ' | 5 | ||
Level III | Equity investments: | Consumer staples | Market approach (comparable companies) | Maximum | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Earnings multiple | ' | 9 | ||
Level III | Equity investments: | Consumer staples | Market approach (comparable companies) | Weighted average | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Earnings multiple | ' | 8 | ||
Level III | Real estate-oriented investments: | Discounted cash flow 1 | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Investments, at fair value | 1,997,927 | 1,306,815 | [11],[2],[3],[4],[5] | |
Level III | Real estate-oriented investments: | Discounted cash flow 1 | Minimum | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Discount rate (as a percent) | 8.00% | 8.00% | ||
Terminal capitalization rate (as a percent) | 0.06 | ' | ||
Direct capitalization rate (as a percent) | 0.07 | ' | ||
Net operating income growth rate (as a percent) | 1.00% | ' | ||
Absorption rate (as a percent) | 16.00% | ' | ||
Level III | Real estate-oriented investments: | Discounted cash flow 1 | Maximum | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Discount rate (as a percent) | 36.00% | 28.00% | ||
Terminal capitalization rate (as a percent) | 0.15 | ' | ||
Direct capitalization rate (as a percent) | 0.08 | ' | ||
Net operating income growth rate (as a percent) | 30.00% | ' | ||
Absorption rate (as a percent) | 44.00% | ' | ||
Level III | Real estate-oriented investments: | Discounted cash flow 1 | Weighted average | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Discount rate (as a percent) | 14.00% | [1] | 14.00% | [1] |
Terminal capitalization rate (as a percent) | 0.08 | [1] | ' | |
Direct capitalization rate (as a percent) | 0.08 | [1] | ' | |
Net operating income growth rate (as a percent) | 9.00% | [1] | ' | |
Absorption rate (as a percent) | 32.00% | [1] | ' | |
Level III | Real estate-oriented investments: | Market approach (comparable companies) | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Investments, at fair value | 1,230,234 | [2],[3],[4],[6],[7] | 844,610 | [2],[3],[4],[6],[7] |
Level III | Real estate-oriented investments: | Market approach (comparable companies) | Minimum | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Earnings multiple | 6 | 6 | ||
Level III | Real estate-oriented investments: | Market approach (comparable companies) | Maximum | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Earnings multiple | 12 | 13 | ||
Level III | Real estate-oriented investments: | Market approach (comparable companies) | Weighted average | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Earnings multiple | 12 | [1] | 12 | [1] |
Level III | Real estate-oriented investments: | Recent transaction price | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Investments, at fair value | 710,888 | [2],[3],[4],[8] | 674,292 | [2],[3],[4],[8] |
Level III | Real estate-oriented investments: | Sales approach | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Investments, at fair value | 684,802 | [12],[2],[3],[4] | 243,791 | [12],[2],[3],[4] |
Level III | Real estate-oriented investments: | Recent market information | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Investments, at fair value | 1,169,991 | [2],[3],[4] | 139,623 | [2],[3],[4],[9] |
Level III | Real estate-oriented investments: | Recent market information | Minimum | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Quoted prices / discount (as a percent) | 0.00% | ' | ||
Level III | Real estate-oriented investments: | Recent market information | Maximum | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Quoted prices / discount (as a percent) | 6.00% | ' | ||
Level III | Real estate-oriented investments: | Recent market information | Weighted average | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Quoted prices / discount (as a percent) | 5.00% | [1] | ' | |
Level III | Real estate-oriented investments: | Market approach (value of underlying assets) 1 | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Investments, at fair value | 427,452 | [10],[2],[3],[4],[6] | 737,011 | [10],[2],[3],[4],[6] |
Level III | Real estate-oriented investments: | Market approach (value of underlying assets) 1 | Minimum | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Underlying asset multiple | 1.3 | 1.7 | ||
Level III | Real estate-oriented investments: | Market approach (value of underlying assets) 1 | Maximum | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Underlying asset multiple | 1.5 | 1.8 | ||
Level III | Real estate-oriented investments: | Market approach (value of underlying assets) 1 | Weighted average | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Underlying asset multiple | 1.4 | [1] | 1.8 | [1] |
Level III | Real estate loan portfolio | Discounted cash flow 1 | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Investments, at fair value | 1,775,455 | [11],[2],[3],[4],[5] | 390,131 | [11],[2],[3],[4],[5] |
Level III | Real estate loan portfolio | Discounted cash flow 1 | Minimum | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Discount rate (as a percent) | 10.00% | 14.00% | ||
Level III | Real estate loan portfolio | Discounted cash flow 1 | Maximum | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Discount rate (as a percent) | 24.00% | 20.00% | ||
Level III | Real estate loan portfolio | Discounted cash flow 1 | Weighted average | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Discount rate (as a percent) | 15.00% | [1] | 15.00% | [1] |
Level III | Real estate loan portfolio | Recent transaction price | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Investments, at fair value | 593,986 | [2],[3],[4],[8] | 1,245,538 | [2],[3],[4],[8] |
Level III | Real estate loan portfolio | Recent market information | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Investments, at fair value | ' | 102,153 | [2],[3],[4],[9] | |
Level III | Other | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Investments, at fair value | 13,708 | 15,547 | [2],[3],[4] | |
[1] | The weighted average is based on the fair value of the investments included in the range. | |||
[2] | 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. | |||
[3] | 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. | |||
[4] | The significant unobservable inputs used in the fair-value measurement of real estate investments utilizing a discounted cash flow analysis can include one or more of the following: discount rate, terminal capitalization rate, direct capitalization rate, net operating income growth rate or absorption rate. An increase (decrease) in a discount rate, terminal capitalization rate or direct capitalization rate would result in a lower (higher) fair-value measurement. An increase (decrease) in a net operating income growth rate or absorption rate would result in a higher (lower) fair-value measurement. Generally, a change in a net operating income growth rate or absorption rate would be accompanied by a directionally similar change in the discount rate. | |||
[5] | 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. | |||
[6] | A market approach is generally used to value distressed investments and investments in which the consolidated funds have a controlling interest in the underlying issuer. | |||
[7] | 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. | |||
[8] | 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. | |||
[9] | Certain investments are valued using quoted prices 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. | |||
[10] | 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. | |||
[11] | The discounted cash flow model for certain real estate-oriented investments and certain real estate loan portfolios contains a sell-out analysis. In these cases, the discounted cash flow is based on the expected timing and prices of sales of the underlying properties. The Company's determination of the sales prices of these properties typically includes consideration of prices and other relevant information from market transactions involving comparable properties. | |||
[12] | The sales approach uses prices and other relevant information generated by market transactions involving comparable assets. The significant unobservable inputs used in the sales approach generally include adjustments to transactions involving comparable assets or properties, adjustments to external or internal appraised values, and the Company's assumptions regarding market trends or other relevant factors. |
HEDGES_AND_OTHER_DERIVATIVE_FI2
HEDGES AND OTHER DERIVATIVE FINANCIAL INSTRUMENTS - Cash Flow Hedges (Details) (Foreign Currency Forward Contracts:, Not Designated as Hedging Instrument) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
USD ($) | USD ($) | GBP | Euro | Euro | Euro | Euro | USD (buy GBP) | USD | GBP | GBP | Japanese Yen | Japanese Yen | Japanese Yen | Japanese Yen | Minimum | Minimum | Minimum | Minimum | Minimum | Maximum | Maximum | Maximum | Maximum | Maximum | |
USD ($) | USD ($) | USD ($) | EUR (€) | EUR (€) | USD | USD ($) | USD ($) | GBP (£) | USD ($) | USD ($) | JPY (¥) | JPY (¥) | Euro | Euro | USD (buy GBP) | Japanese Yen | Japanese Yen | Euro | Euro | USD (buy GBP) | Japanese Yen | Japanese Yen | |||
USD ($) | USD | USD | |||||||||||||||||||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expiration date | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30-Apr-14 | ' | ' | ' | ' | ' | 8-Jan-14 | 7-Jan-13 | 8-Jan-14 | 31-Jan-14 | 28-Feb-13 | 31-Oct-14 | 31-Oct-13 | 30-Sep-14 | 30-Jan-15 | 31-May-13 |
Contract Amount | $276,070,000 | $120,573,000 | $4,643,000 | $153,959,000 | $104,155,000 | € 115,685,000 | € 93,500,000 | $54,361,000 | $54,361,000 | ' | £ 3,000,000 | $63,107,000 | $16,418,000 | ¥ 6,261,700,000 | ¥ 1,330,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Market Value in U.S. Dollars | 274,318,000 | 121,376,000 | ' | 159,485,000 | 105,997,000 | ' | ' | 50,286,000 | ' | 4,966,000 | ' | 59,581,000 | 15,379,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Unrealized Appreciation (Depreciation) | $1,752,000 | ($803,000) | ' | ($5,526,000) | ($1,842,000) | ' | ' | $4,075,000 | ' | ($323,000) | ' | $3,526,000 | $1,039,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
HEDGES_AND_OTHER_DERIVATIVE_FI3
HEDGES AND OTHER DERIVATIVE FINANCIAL INSTRUMENTS - Total return swaps (Details) (Not Designated as Hedging Instrument, Fair Value Hedging, Total-return swap, USD $) | Dec. 31, 2013 |
Not Designated as Hedging Instrument | Fair Value Hedging | Total-return swap | ' |
Derivative [Line Items] | ' |
Notional | $189,089,000 |
Fair Value | $4,515,000 |
HEDGES_AND_OTHER_DERIVATIVE_FI4
HEDGES AND OTHER DERIVATIVE FINANCIAL INSTRUMENTS - Freestanding Derivatives (Details) (Not Designated as Hedging Instrument, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Foreign Currency Forward Contracts: | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Realized and unrealized gains (losses) | $3,763 | $1,545 | ($1,688) |
Total-return swap | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Realized and unrealized gains (losses) | $4,515 | $0 | $0 |
HEDGES_AND_OTHER_DERIVATIVE_FI5
HEDGES AND OTHER DERIVATIVE FINANCIAL INSTRUMENTS - Consolidated Funds (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Net Realized Gain (Loss) on Investments | $3,503,998 | $4,560,782 | $1,744,135 |
Net Change in Unrealized Appreciation (Depreciation) on Investments | 1,843,469 | 835,160 | -3,064,676 |
Consolidated funds | Net Investment Hedging | Not Designated as Hedging Instrument | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Total Net Realized Gain (Loss) on Investments | -145,823 | 139,563 | -263,976 |
Total Net Change in Unrealized Appreciation (Depreciation) on Investments | -309,193 | -117,318 | 168,426 |
Consolidated funds | Net Investment Hedging | Foreign currency forward contracts | Not Designated as Hedging Instrument | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Net Realized Gain (Loss) on Investments | -217,234 | 85,773 | -307,681 |
Net Change in Unrealized Appreciation (Depreciation) on Investments | -286,336 | -148,791 | 233,816 |
Consolidated funds | Net Investment Hedging | Options and futures | Not Designated as Hedging Instrument | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Net Realized Gain (Loss) on Investments | -17,922 | -13,202 | -36,693 |
Net Change in Unrealized Appreciation (Depreciation) on Investments | ($238) | ($1,972) | ($5,367) |
HEDGES_AND_OTHER_DERIVATIVE_FI6
HEDGES AND OTHER DERIVATIVE FINANCIAL INSTRUMENTS - Foreign Currency Contracts (Details) (Foreign Currency Contracts) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
USD ($) | USD ($) | Euro | Euro | Euro | Euro | Euro | Euro | Euro | Euro | Pound Sterling | Pound Sterling | Pound Sterling | Pound Sterling | Pound Sterling | Pound Sterling | Pound Sterling | Pound Sterling | Canadian Dollar | Canadian Dollar | Canadian Dollar | Canadian Dollar | Canadian Dollar | Canadian Dollar | Canadian Dollar | Canadian Dollar | Australian Dollar | Australian Dollar | Australian Dollar | Australian Dollar | Australian Dollar | Australian Dollar | Australian Dollar | Australian Dollar | Hong Kong Dollar | Hong Kong Dollar | Hong Kong Dollar | Hong Kong Dollar | Hong Kong Dollar | Hong Kong Dollar | Japanese Yen | Japanese Yen | Japanese Yen | Japanese Yen | Japanese Yen | Japanese Yen | Japanese Yen | Japanese Yen | Swiss Franc | Swiss Franc | Swiss Franc | Swiss Franc | Swiss Franc | Swiss Franc | Swiss Franc | Singapore Dollar | Singapore Dollar | Singapore Dollar | Singapore Dollar | Singapore Dollar | Singapore Dollar | Chinese Yuan | Chinese Yuan | Chinese Yuan | South Korean Won | South Korean Won | South Korean Won | New Zealand Dollar | New Zealand Dollar | New Zealand Dollar | New Zealand Dollar | New Zealand Dollar | New Zealand Dollar | New Zealand Dollar | Danish Krone | Danish Krone | Danish Krone | Indian Rupee | Indian Rupee | Indian Rupee | Indian Rupee | Korean Won | Korean Won | Korean Won | Korean Won | Korean Won | Korean Won | Korean Won | Korean Won | |
USD ($) | USD ($) | EUR (€) | EUR (€) | Minimum | Minimum | Maximum | Maximum | USD ($) | USD ($) | GBP (£) | GBP (£) | Minimum | Minimum | Maximum | Maximum | USD ($) | USD ($) | CAD | CAD | Minimum | Minimum | Maximum | Maximum | USD ($) | USD ($) | AUD | AUD | Minimum | Minimum | Maximum | Maximum | USD ($) | USD ($) | HKD | HKD | Maximum | Maximum | USD ($) | USD ($) | JPY (¥) | JPY (¥) | Minimum | Minimum | Maximum | Maximum | USD ($) | USD ($) | CHF | CHF | Minimum | Maximum | Maximum | USD ($) | USD ($) | SGD | SGD | Maximum | Maximum | USD ($) | CNY | Maximum | USD ($) | CNY | Maximum | USD ($) | USD ($) | NZD | NZD | Minimum | Maximum | Maximum | USD ($) | DKK | Maximum | USD ($) | INR | Minimum | Maximum | USD ($) | USD ($) | KRW | KRW | Minimum | Minimum | Maximum | Maximum | |||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contract Amount in Local Currency | ' | ' | ' | ' | -€ 1,324,989,000 | -€ 1,612,565,000 | ' | ' | ' | ' | ' | ' | £ (905,090,000) | £ (419,386,000) | ' | ' | ' | ' | ' | ' | -8,289,000 | -14,743,000 | ' | ' | ' | ' | ' | ' | -404,642,000 | -643,136,000 | ' | ' | ' | ' | ' | ' | -37,208,000 | -31,301,000 | ' | ' | ' | ' | ¥ (37,773,587,000) | ¥ (32,661,235,000) | ' | ' | ' | ' | ' | ' | -2,355,000 | -10,041,000 | ' | ' | ' | ' | ' | -5,741,000 | -1,858,000 | ' | ' | ' | 0 | ' | ' | -1,236,110,000 | ' | ' | ' | -114,303,000 | -68,079,000 | ' | ' | ' | ' | -314,524,000 | ' | ' | 424,331,000 | ' | ' | ' | ' | -104,273,576,000 | -85,515,234,000 | ' | ' | ' | ' |
Contract Amount in U.S. Dollars | 4,287,454,000 | 3,924,272,000 | 1,832,932,000 | 2,030,641,000 | ' | ' | ' | ' | ' | ' | 1,437,028,000 | 666,362,000 | ' | ' | ' | ' | ' | ' | 7,864,000 | 15,056,000 | ' | ' | ' | ' | ' | ' | 376,193,000 | 654,139,000 | ' | ' | ' | ' | ' | ' | 4,800,000 | 4,038,000 | ' | ' | ' | ' | 383,383,000 | 413,138,000 | ' | ' | ' | ' | ' | ' | 2,635,000 | 10,803,000 | ' | ' | ' | ' | ' | 2,717,000 | 1,520,000 | ' | ' | ' | ' | 0 | ' | ' | 1,161,000 | ' | ' | 94,065,000 | 54,573,000 | ' | ' | ' | ' | ' | 57,007,000 | ' | ' | -6,106,000 | ' | ' | ' | 93,775,000 | 74,002,000 | ' | ' | ' | ' | ' | ' |
Market Value in U.S. Dollars | 4,370,935,000 | 4,017,448,000 | 1,878,449,000 | 2,126,806,000 | ' | ' | ' | ' | ' | ' | 1,510,779,000 | 680,600,000 | ' | ' | ' | ' | ' | ' | 7,706,000 | 14,789,000 | ' | ' | ' | ' | ' | ' | 361,010,000 | 665,263,000 | ' | ' | ' | ' | ' | ' | 4,799,000 | 4,038,000 | ' | ' | ' | ' | 359,072,000 | 377,884,000 | ' | ' | ' | ' | ' | ' | 2,648,000 | 10,971,000 | ' | ' | ' | ' | ' | 2,633,000 | 1,521,000 | ' | ' | ' | ' | -55,000 | ' | ' | 1,177,000 | ' | ' | 92,984,000 | 56,133,000 | ' | ' | ' | ' | ' | 58,047,000 | ' | ' | -6,502,000 | ' | ' | ' | 98,133,000 | 79,498,000 | ' | ' | ' | ' | ' | ' |
Net Unrealized Appreciation (Depreciation) | ($83,481,000) | ($93,863,000) | ($45,517,000) | ($96,165,000) | ' | ' | ' | ' | ' | ' | ($73,751,000) | ($14,238,000) | ' | ' | ' | ' | ' | ' | $158,000 | $267,000 | ' | ' | ' | ' | ' | ' | $15,183,000 | ($11,124,000) | ' | ' | ' | ' | ' | ' | $1,000 | $0 | ' | ' | ' | ' | $24,311,000 | $35,254,000 | ' | ' | ' | ' | ' | ' | ($13,000) | ($168,000) | ' | ' | ' | ' | ' | $84,000 | ($1,000) | ' | ' | ' | ' | ($632,000) | ' | ' | ($16,000) | ' | ' | $1,081,000 | ($1,560,000) | ' | ' | ' | ' | ' | ($1,040,000) | ' | ' | $396,000 | ' | ' | ' | ($4,358,000) | ($5,496,000) | ' | ' | ' | ' | ' | ' |
Expiration date | ' | ' | ' | ' | ' | ' | 6-Jan-14 | 7-Jan-13 | 4-Mar-15 | 27-Jun-14 | ' | ' | ' | ' | 6-Jan-14 | 7-Jan-13 | 12-Dec-14 | 3-Aug-15 | ' | ' | ' | ' | 16-Jan-14 | 10-Jan-13 | 13-Feb-14 | 14-Mar-13 | ' | ' | ' | ' | 16-Jan-14 | 10-Jan-13 | 12-Jun-14 | 14-Mar-13 | ' | ' | ' | ' | 23-Jan-14 | 17-Jan-13 | ' | ' | ' | ' | 10-Jan-14 | 10-Jan-13 | 28-Nov-14 | 29-Nov-13 | ' | ' | ' | ' | 7-Jan-13 | 23-Jan-14 | 17-Jan-13 | ' | ' | ' | ' | 23-Jan-14 | 17-Jan-13 | ' | ' | 7-Mar-13 | ' | ' | 23-Jan-14 | ' | ' | ' | ' | 13-Feb-14 | 12-Jun-14 | 10-Jan-13 | ' | ' | 4-Nov-14 | ' | ' | 2-Jan-14 | 1-Dec-15 | ' | ' | ' | ' | 4-Feb-14 | 4-Feb-13 | 23-Jul-14 | 19-Jun-14 |
HEDGES_AND_OTHER_DERIVATIVE_FI7
HEDGES AND OTHER DERIVATIVE FINANCIAL INSTRUMENTS - Credit Default Swaps (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2012 |
Credit Default Swap, Selling Protection | ' |
Derivatives, Fair Value [Line Items] | ' |
Maximum Payout Amounts By Contract Term | $269,800 |
Credit Default Swap, Selling Protection | 0-1 Year | ' |
Derivatives, Fair Value [Line Items] | ' |
Maximum Payout Amounts By Contract Term | 269,800 |
Credit Default Swap, Selling Protection | 1-3 Years | ' |
Derivatives, Fair Value [Line Items] | ' |
Maximum Payout Amounts By Contract Term | 0 |
Fair value of sell protection | Bank Loan | Credit Default Swap | ' |
Derivatives, Fair Value [Line Items] | ' |
Credit Default Swaps | 3,115 |
Fair value of sell protection | Corporate Bond | Credit Default Swap | ' |
Derivatives, Fair Value [Line Items] | ' |
Credit Default Swaps | 164 |
Fair value of sell protection | Bank Loan Swap Index | Credit Default Swap | ' |
Derivatives, Fair Value [Line Items] | ' |
Credit Default Swaps | 92 |
Maximum potential future payments | Bank Loan | Credit Default Swap | ' |
Derivatives, Fair Value [Line Items] | ' |
Credit Default Swaps | 221,700 |
Maximum potential future payments | Corporate Bond | Credit Default Swap | ' |
Derivatives, Fair Value [Line Items] | ' |
Credit Default Swaps | 5,600 |
Maximum potential future payments | Bank Loan Swap Index | Credit Default Swap | ' |
Derivatives, Fair Value [Line Items] | ' |
Credit Default Swaps | 42,500 |
Collateral held at third party | Bank Loan | Credit Default Swap | ' |
Derivatives, Fair Value [Line Items] | ' |
Credit Default Swaps | -20,503 |
Collateral held at third party | Corporate Bond | Credit Default Swap | ' |
Derivatives, Fair Value [Line Items] | ' |
Credit Default Swaps | -196 |
Collateral held at third party | Bank Loan Swap Index | Credit Default Swap | ' |
Derivatives, Fair Value [Line Items] | ' |
Credit Default Swaps | ($3,040) |
HEDGES_AND_OTHER_DERIVATIVE_FI8
HEDGES AND OTHER DERIVATIVE FINANCIAL INSTRUMENTS - Balance Sheet Offsetting (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Derivative [Line Items] | ' | ' |
Gross Amounts of Assets | $107,345 | $109,118 |
Gross Amounts Offset in Assets | 0 | 1,558 |
Gross Amounts Not Offset in Statements of Financial Condition, Assets | 0 | 340 |
Net Amount, Derivative Assets | 68,364 | 73,318 |
Gross Amounts of (Liabilities) | -160,192 | -166,908 |
Gross Amounts Offset in (Liabilities) | 0 | -1,558 |
Gross Amounts Not Offset in Statements of Financial Condition, Liabilities | -19,008 | -2,507 |
Net Amount, Derivative Liabilities | -102,203 | -128,941 |
Foreign Currency Forward Contracts: | ' | ' |
Derivative [Line Items] | ' | ' |
Gross Amounts of Assets | 7,893 | 1,558 |
Gross Amounts Offset in Assets | 0 | 1,558 |
Gross Amounts Not Offset in Statements of Financial Condition, Assets | 0 | 0 |
Net Amount, Derivative Assets | 1,942 | 549 |
Gross Amounts of (Liabilities) | -6,141 | -2,361 |
Gross Amounts Offset in (Liabilities) | 0 | -1,558 |
Gross Amounts Not Offset in Statements of Financial Condition, Liabilities | 0 | 0 |
Net Amount, Derivative Liabilities | -1,675 | -1,457 |
Total-return swap | ' | ' |
Derivative [Line Items] | ' | ' |
Gross Amounts of Assets | 4,515 | ' |
Gross Amounts Offset in Assets | 0 | ' |
Gross Amounts Not Offset in Statements of Financial Condition, Assets | 0 | ' |
Net Amount, Derivative Assets | 4,515 | ' |
Interest-rate swaps | ' | ' |
Derivative [Line Items] | ' | ' |
Gross Amounts of (Liabilities) | -4,171 | -7,900 |
Gross Amounts Offset in (Liabilities) | 0 | 0 |
Gross Amounts Not Offset in Statements of Financial Condition, Liabilities | 0 | 0 |
Net Amount, Derivative Liabilities | -2,686 | -7,795 |
Foreign currency forward contracts and Interest-rate swaps | ' | ' |
Derivative [Line Items] | ' | ' |
Gross Amounts of (Liabilities) | -10,312 | -10,261 |
Gross Amounts Offset in (Liabilities) | 0 | -1,558 |
Gross Amounts Not Offset in Statements of Financial Condition, Liabilities | 0 | 0 |
Net Amount, Derivative Liabilities | -4,361 | -9,252 |
Derivative Financial Instruments, Assets | ' | ' |
Derivative [Line Items] | ' | ' |
Net Amounts of Assets (Liabilities) Presented | 107,345 | 107,560 |
Gross Amounts Not Offset in Statements of Financial Condition, Assets | 38,981 | 33,902 |
Derivative Financial Instruments, Assets | Foreign Currency Forward Contracts: | ' | ' |
Derivative [Line Items] | ' | ' |
Net Amounts of Assets (Liabilities) Presented | 7,893 | 0 |
Gross Amounts Not Offset in Statements of Financial Condition, Assets | 5,951 | -549 |
Derivative Financial Instruments, Assets | Total-return swap | ' | ' |
Derivative [Line Items] | ' | ' |
Net Amounts of Assets (Liabilities) Presented | 4,515 | ' |
Gross Amounts Not Offset in Statements of Financial Condition, Assets | 0 | ' |
Derivative Financial Instruments, Liabilities | ' | ' |
Derivative [Line Items] | ' | ' |
Net Amounts of Assets (Liabilities) Presented | -160,192 | -165,350 |
Gross Amounts Not Offset in Statements of Financial Condition, Liabilities | -38,981 | -33,902 |
Derivative Financial Instruments, Liabilities | Foreign Currency Forward Contracts: | ' | ' |
Derivative [Line Items] | ' | ' |
Net Amounts of Assets (Liabilities) Presented | -6,141 | -803 |
Gross Amounts Not Offset in Statements of Financial Condition, Liabilities | -4,466 | 654 |
Derivative Financial Instruments, Liabilities | Interest-rate swaps | ' | ' |
Derivative [Line Items] | ' | ' |
Net Amounts of Assets (Liabilities) Presented | -4,171 | -7,900 |
Gross Amounts Not Offset in Statements of Financial Condition, Liabilities | -1,485 | -105 |
Derivative Financial Instruments, Liabilities | Foreign currency forward contracts and Interest-rate swaps | ' | ' |
Derivative [Line Items] | ' | ' |
Net Amounts of Assets (Liabilities) Presented | -10,312 | -8,703 |
Gross Amounts Not Offset in Statements of Financial Condition, Liabilities | -5,951 | 549 |
Oaktree Capital Group, LLC | ' | ' |
Derivative [Line Items] | ' | ' |
Gross Amounts of Assets | 12,408 | ' |
Gross Amounts Offset in Assets | 0 | ' |
Gross Amounts Not Offset in Statements of Financial Condition, Assets | 0 | ' |
Net Amount, Derivative Assets | 6,457 | ' |
Oaktree Capital Group, LLC | Derivative Financial Instruments, Assets | ' | ' |
Derivative [Line Items] | ' | ' |
Net Amounts of Assets (Liabilities) Presented | 12,408 | ' |
Gross Amounts Not Offset in Statements of Financial Condition, Assets | 5,951 | ' |
Consolidated Funds | ' | ' |
Derivative [Line Items] | ' | ' |
Gross Amounts of Assets | 94,937 | 107,560 |
Gross Amounts Offset in Assets | 0 | 0 |
Gross Amounts Not Offset in Statements of Financial Condition, Assets | 0 | 340 |
Net Amount, Derivative Assets | 61,907 | 72,769 |
Gross Amounts of (Liabilities) | -149,880 | -156,647 |
Gross Amounts Offset in (Liabilities) | 0 | 0 |
Gross Amounts Not Offset in Statements of Financial Condition, Liabilities | -19,008 | -2,507 |
Net Amount, Derivative Liabilities | -97,842 | -119,689 |
Consolidated Funds | Foreign Currency Forward Contracts: | ' | ' |
Derivative [Line Items] | ' | ' |
Gross Amounts of Assets | 51,765 | 52,663 |
Gross Amounts Offset in Assets | 0 | 0 |
Gross Amounts Not Offset in Statements of Financial Condition, Assets | 0 | 0 |
Net Amount, Derivative Assets | 20,542 | 18,524 |
Gross Amounts of (Liabilities) | -135,246 | -146,526 |
Gross Amounts Offset in (Liabilities) | 0 | 0 |
Gross Amounts Not Offset in Statements of Financial Condition, Liabilities | -11,583 | -632 |
Net Amount, Derivative Liabilities | -92,440 | -111,755 |
Consolidated Funds | Total-return, credit-default and interest-rate swaps | ' | ' |
Derivative [Line Items] | ' | ' |
Gross Amounts of Assets | 18,318 | 48,727 |
Gross Amounts Offset in Assets | 0 | 0 |
Gross Amounts Not Offset in Statements of Financial Condition, Assets | 0 | 340 |
Net Amount, Derivative Assets | 17,835 | 48,075 |
Gross Amounts of (Liabilities) | -7,096 | -9,561 |
Gross Amounts Offset in (Liabilities) | 0 | 0 |
Gross Amounts Not Offset in Statements of Financial Condition, Liabilities | -4,358 | -1,828 |
Net Amount, Derivative Liabilities | -2,255 | -7,421 |
Consolidated Funds | Options and futures | ' | ' |
Derivative [Line Items] | ' | ' |
Gross Amounts of Assets | 18,138 | 6,170 |
Gross Amounts Offset in Assets | 0 | 0 |
Gross Amounts Not Offset in Statements of Financial Condition, Assets | 0 | 0 |
Net Amount, Derivative Assets | 18,138 | 6,170 |
Gross Amounts of (Liabilities) | -6,214 | -560 |
Gross Amounts Offset in (Liabilities) | 0 | 0 |
Gross Amounts Not Offset in Statements of Financial Condition, Liabilities | -3,067 | -47 |
Net Amount, Derivative Liabilities | -3,147 | -513 |
Consolidated Funds | Swaptions | ' | ' |
Derivative [Line Items] | ' | ' |
Gross Amounts of Assets | 6,716 | ' |
Gross Amounts Offset in Assets | 0 | ' |
Gross Amounts Not Offset in Statements of Financial Condition, Assets | 0 | ' |
Net Amount, Derivative Assets | 5,392 | ' |
Gross Amounts of (Liabilities) | -1,324 | ' |
Gross Amounts Offset in (Liabilities) | 0 | ' |
Gross Amounts Not Offset in Statements of Financial Condition, Liabilities | 0 | ' |
Net Amount, Derivative Liabilities | 0 | ' |
Consolidated Funds | Derivative Financial Instruments, Assets | ' | ' |
Derivative [Line Items] | ' | ' |
Net Amounts of Assets (Liabilities) Presented | 94,937 | 107,560 |
Gross Amounts Not Offset in Statements of Financial Condition, Assets | 33,030 | 34,451 |
Consolidated Funds | Derivative Financial Instruments, Assets | Foreign Currency Forward Contracts: | ' | ' |
Derivative [Line Items] | ' | ' |
Net Amounts of Assets (Liabilities) Presented | 51,765 | 52,663 |
Gross Amounts Not Offset in Statements of Financial Condition, Assets | 31,223 | 34,139 |
Consolidated Funds | Derivative Financial Instruments, Assets | Total-return, credit-default and interest-rate swaps | ' | ' |
Derivative [Line Items] | ' | ' |
Net Amounts of Assets (Liabilities) Presented | 18,318 | 48,727 |
Gross Amounts Not Offset in Statements of Financial Condition, Assets | 483 | 312 |
Consolidated Funds | Derivative Financial Instruments, Assets | Options and futures | ' | ' |
Derivative [Line Items] | ' | ' |
Net Amounts of Assets (Liabilities) Presented | 18,138 | 6,170 |
Gross Amounts Not Offset in Statements of Financial Condition, Assets | 0 | 0 |
Consolidated Funds | Derivative Financial Instruments, Assets | Swaptions | ' | ' |
Derivative [Line Items] | ' | ' |
Net Amounts of Assets (Liabilities) Presented | 6,716 | ' |
Gross Amounts Not Offset in Statements of Financial Condition, Assets | 1,324 | ' |
Consolidated Funds | Derivative Financial Instruments, Liabilities | ' | ' |
Derivative [Line Items] | ' | ' |
Net Amounts of Assets (Liabilities) Presented | -149,880 | -156,647 |
Gross Amounts Not Offset in Statements of Financial Condition, Liabilities | -33,030 | -34,451 |
Consolidated Funds | Derivative Financial Instruments, Liabilities | Foreign Currency Forward Contracts: | ' | ' |
Derivative [Line Items] | ' | ' |
Net Amounts of Assets (Liabilities) Presented | -135,246 | -146,526 |
Gross Amounts Not Offset in Statements of Financial Condition, Liabilities | -31,223 | -34,139 |
Consolidated Funds | Derivative Financial Instruments, Liabilities | Total-return, credit-default and interest-rate swaps | ' | ' |
Derivative [Line Items] | ' | ' |
Net Amounts of Assets (Liabilities) Presented | -7,096 | -9,561 |
Gross Amounts Not Offset in Statements of Financial Condition, Liabilities | -483 | -312 |
Consolidated Funds | Derivative Financial Instruments, Liabilities | Options and futures | ' | ' |
Derivative [Line Items] | ' | ' |
Net Amounts of Assets (Liabilities) Presented | -6,214 | -560 |
Gross Amounts Not Offset in Statements of Financial Condition, Liabilities | 0 | 0 |
Consolidated Funds | Derivative Financial Instruments, Liabilities | Swaptions | ' | ' |
Derivative [Line Items] | ' | ' |
Net Amounts of Assets (Liabilities) Presented | -1,324 | ' |
Gross Amounts Not Offset in Statements of Financial Condition, Liabilities | ($1,324) | ' |
HEDGES_AND_OTHER_DERIVATIVE_FI9
HEDGES AND OTHER DERIVATIVE FINANCIAL INSTRUMENTS - Additional Information (Details) (USD $) | 12 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | ||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Foreign Currency Contracts | Foreign Currency Contracts | Credit Default Swap | Credit Default Swap | Credit Default Swap, Selling Protection | Credit Default Swap, Buying Protection | Credit Default Swap, Buying Protection | Swaps (net) | Foreign Currency Contracts - Long | Foreign Currency Contracts - Long | Foreign Currency Contracts - Short | Foreign Currency Contracts - Short | Designated as Hedging Instrument | Designated as Hedging Instrument | Designated as Hedging Instrument | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | Maximum | |
Cash Flow Hedging | Swaps (net) | Swaps (net) | Swaps (net) | Fair Value Hedging | Fair Value Hedging | Not Designated as Hedging Instrument | ||||||||||||
Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | Total-return swap | Total-return swap | Fair Value Hedging | |||||||||||||
agreement | agreement | Total-return swap | ||||||||||||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional amount of cash flow hedge instruments | ' | ' | ' | ' | ' | ' | ' | $175,000,000 | ' | ' | ' | ' | $168,800,000 | $378,800,000 | $240,000,000 | ' | ' | ' |
Annual interest rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.60% | ' | ' | ' | ' | ' |
Remaining maturity (in years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '4 years | ' | ' | ' | ' | ' |
Number of interest-rate swap agreements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | 1 | ' | ' | ' |
Remaining maturity (in years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years | ' | ' |
Collateral, Right to reclaim cash | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | ' |
Notional | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 189,089,000 | 200,000,000 |
Average notional amount | ' | ' | ' | ' | ' | ' | ' | ' | 4,500,000,000 | 3,800,000,000 | 243,600,000 | 205,200,000 | ' | ' | ' | ' | ' | ' |
Gross unrealized appreciation | 51,800,000 | 53,300,000 | ' | 7,692,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross unrealized depreciation | 135,200,000 | 147,200,000 | 4,335,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net payments received or paid upfront | ' | ' | 3,506,000 | 4,350,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum payout amounts by contract term | ' | ' | ' | ' | $269,800,000 | $50,000,000 | $10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum term of credit risk derivatives (in years) | ' | ' | '5 years | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
DEBT_OBLIGATIONS_AND_CREDIT_FA2
DEBT OBLIGATIONS AND CREDIT FACILITIES - Debt Obligations (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Debt Instrument [Line Items] | ' | ' |
Debt obligations | $579,464,000 | $615,179,000 |
5.03% | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt obligations | 10,714,000 | 21,429,000 |
Face Amount | 75,000,000 | ' |
Debt Instrument, Interest Rate, Stated Percentage | 5.03% | ' |
Debt Instrument, Offering Date | 30-Jun-04 | ' |
Debt Instrument, Date of First Required Payment | 14-Jun-08 | ' |
6.09% | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt obligations | 50,000,000 | 50,000,000 |
Face Amount | 50,000,000 | ' |
Debt Instrument, Interest Rate, Stated Percentage | 6.09% | ' |
Debt Instrument, Maturity Date | 6-Jun-16 | ' |
Debt Instrument, Offering Date | 30-Jun-06 | ' |
5.82% | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt obligations | 50,000,000 | 50,000,000 |
Face Amount | 50,000,000 | ' |
Debt Instrument, Interest Rate, Stated Percentage | 5.82% | ' |
Debt Instrument, Maturity Date | 8-Nov-16 | ' |
Debt Instrument, Offering Date | 30-Nov-06 | ' |
6.75% | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt obligations | 250,000,000 | 250,000,000 |
Face Amount | 250,000,000 | ' |
Debt Instrument, Interest Rate, Stated Percentage | 6.75% | ' |
Debt Instrument, Maturity Date | 2-Dec-19 | ' |
Debt Instrument, Offering Date | 30-Nov-09 | ' |
Term Loan | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt obligations | 218,750,000 | 243,750,000 |
Face Amount | 250,000,000 | 250,000,000 |
Loan amortization rate (as a percent) | 2.50% | 2.50% |
Final principal payment | $125,000,000 | ' |
Debt Instrument, Maturity Date | 21-Dec-17 | ' |
Debt Instrument, Offering Date | 31-Dec-12 | ' |
DEBT_OBLIGATIONS_AND_CREDIT_FA3
DEBT OBLIGATIONS AND CREDIT FACILITIES - Future Principal Payments of Debt Obligations (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ' | ' |
2014 | $35,714 | ' |
2015 | 25,000 | ' |
2016 | 125,000 | ' |
2017 | 143,750 | ' |
2018 | 0 | ' |
Thereafter | 250,000 | ' |
Total | $579,464 | $615,179 |
DEBT_OBLIGATIONS_AND_CREDIT_FA4
DEBT OBLIGATIONS AND CREDIT FACILITIES - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Mar. 31, 2013 | Jan. 31, 2011 | Dec. 31, 2012 | Jan. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Term Loan | Term Loan | Old Line of Credit Facility | Term Loan | Term Loan | Senior Unsecured Credit Facilities | Senior Unsecured Credit Facilities | Senior Unsecured Credit Facilities | Numerator | Denominator | Consolidated Funds | Consolidated Funds | ||||
Revolving credit facility | Revolving credit facility | Revolving credit facility | Revolving credit facility | Senior variable notes | |||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Face Amount | ' | ' | $250,000,000 | $250,000,000 | ' | ' | $300,000,000 | ' | ' | ' | ' | ' | ' | ' | |
Old term loan, Contractual term (in years) | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | |
Credit agreement | ' | ' | ' | ' | ' | ' | ' | 500,000,000 | 250,000,000 | ' | ' | ' | 150,000,000 | ' | |
Credit facility, Contractual term (in years) | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | |
Quarterly principal payments | ' | ' | ' | ' | ' | ' | 7,500,000 | ' | ' | ' | ' | ' | ' | ' | |
Final principal payment | ' | ' | 125,000,000 | ' | ' | 150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | |
Senior notes, term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | |
Eurodollar margin (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | 1.75% | [1] | ' |
Fixed interest rate as a result of interest rate swap (as a percent) | ' | ' | 2.60% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Maximum leverage ratio for credit facilitiess | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | 1 | ' | ' | |
Minimum fixed charge coverage ratio for credit facilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.5 | 1 | ' | ' | |
Loan amortization rate (as a percent) | ' | ' | 2.50% | 2.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Commitment fee payable on unused funds (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.13% | ' | ' | ' | ' | |
Minimum required levels of assets under management | 50,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Minimum required levels of assets under net worth | 600,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Line of credit facility term (in years) | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | |
Debt obligations | $579,464,000 | $615,179,000 | $218,750,000 | $243,750,000 | $247,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
[1] | The facilities bear interest, at the borrower's option, at (a)B an annual rate of LIBOR plus the applicable margin or (b)B an alternate base rate, as defined in the respective credit agreement. |
DEBT_OBLIGATIONS_AND_CREDIT_FA5
DEBT OBLIGATIONS AND CREDIT FACILITIES - Revolving Bank Credit Facilities and Term Loans Outstanding of Consolidated Funds (Detail) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |||||||||||||||||||||||||
Standby Letter of Credit | Standby Letter of Credit | Consolidated Funds | Consolidated Funds | Consolidated Funds | Consolidated Funds | Consolidated Funds | Consolidated Funds | Consolidated Funds | Consolidated Funds | Consolidated Funds | Consolidated Funds | Consolidated Funds | Consolidated Funds | Consolidated Funds | Consolidated Funds | Consolidated Funds | Consolidated Funds | Consolidated Funds | Consolidated Funds | Consolidated Funds | Consolidated Funds | Consolidated Funds | Consolidated Funds | Consolidated Funds | Consolidated Funds | Consolidated Funds | Consolidated Funds | Consolidated Funds | Consolidated Funds | Consolidated Funds | Consolidated Funds | Consolidated Funds | Consolidated Funds | Consolidated Funds | Consolidated Funds | Consolidated Funds | Consolidated Funds | Consolidated Funds | Consolidated Funds | South Grand MM CLO I, LLC | Minimum | Maximum | ||||||||||||||||||||||||||
USD ($) | USD ($) | USD ($) | USD ($) | Senior variable notes | Credit facility | Credit facility | Senior variable rate notes 1 | Senior variable rate notes 1 | Senior variable rate notes 2 | Senior variable rate notes 2 | Senior variable rate notes 3 | Senior variable rate notes 3 | Senior variable rate notes 4 | Senior variable rate notes 4 | Senior variable rate notes 5 | Senior variable rate notes 5 | Revolving credit facility 1 | Revolving credit facility 1 | Multi-currency term loan | Multi-currency term loan | Revolving credit facility 2 | Revolving credit facility 2 | Revolving credit facility 3 | Revolving credit facility 3 | Revolving credit facility 4 | Revolving credit facility 4 | Revolving credit facility 5 | Revolving credit facility 5 | Euro-denominated revolving credit facility | Euro-denominated revolving credit facility | Euro-denominated revolving credit facility | Revolving credit facility 6 | Revolving credit facility 6 | Revolving credit facility 7 | Revolving credit facility 7 | Revolving Credit Facility 8 | Revolving Credit Facility 8 | Revolving Credit Facility 9 | Revolving Credit Facility 9 | entity | Consolidated Funds | Consolidated Funds | ||||||||||||||||||||||||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Senior variable rate notes 5 | Senior variable rate notes 5 | ||||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||
Senior notes, term | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||
Number of variable interest entities that are consolidated (in number of entities) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | |||||||||||||||||||||||||
Outstanding Amount | ' | ' | $2,297,181,000 | $491,625,000 | ' | $434,000,000 | [1] | $63,000,000 | [1] | $249,500,000 | [1] | $249,500,000 | [1] | $402,375,000 | [1] | $0 | [1] | $498,916,000 | [1] | $0 | [1] | $64,500,000 | [1] | $0 | [1] | $0 | [1],[2] | $0 | [1],[2] | $400,000,000 | $0 | $0 | [3] | $49,158,000 | [3] | $67,000,000 | $38,000,000 | $0 | $8,625,000 | $0 | $19,400,000 | $0 | $0 | $13,090,000 | ' | $63,942,000 | $2,800,000 | $0 | $165,000,000 | $0 | $0 | $0 | $0 | $0 | ' | ' | ' | |||||||||||
Facility Capacity | ' | ' | ' | ' | ' | 435,000,000 | [1] | ' | 249,500,000 | [1] | ' | 402,500,000 | [1] | ' | 500,000,000 | [1] | ' | 64,500,000 | [1] | ' | 126,000,000 | [1],[2] | ' | 500,000,000 | ' | 275,000,000 | [3] | ' | 150,000,000 | ' | 125,000,000 | ' | 55,000,000 | ' | 40,000,000 | ' | ' | 100,000,000 | ' | 10,000,000 | ' | 350,000,000 | ' | 20,000,000 | ' | 30,000,000 | ' | ' | ' | ' | ||||||||||||||||||
LIBOR margin (as percent) | ' | ' | ' | ' | ' | 1.45% | [1],[4] | ' | 1.55% | [1],[4] | ' | 1.20% | [1],[4] | ' | 1.20% | [1],[4] | ' | 1.65% | [1],[4] | ' | ' | ' | 1.60% | [4] | ' | 3.00% | [3],[4] | ' | 1.75% | [4] | ' | 1.75% | [4] | ' | 2.00% | [4] | ' | 1.50% | [4] | ' | 1.75% | [4] | 1.75% | [4] | ' | 2.25% | [4] | ' | 1.65% | [4] | ' | 2.00% | [4] | ' | 1.50% | [4] | ' | ' | ' | ' | ||||||||
Maturity | ' | ' | ' | ' | ' | 14-Nov-18 | [1] | ' | 20-Oct-22 | [1] | ' | 20-Jul-23 | [1] | ' | 20-Apr-23 | [1] | ' | 20-Jul-23 | [1] | ' | 23-Dec-18 | [1],[2] | ' | 26-Jun-15 | ' | ' | ' | 15-Dec-14 | ' | 20-May-14 | ' | 15-Dec-15 | ' | 5-Dec-14 | ' | 17-Dec-15 | 17-Dec-15 | ' | 1-Sep-14 | ' | 22-Mar-15 | ' | 31-Jan-15 | ' | 11-Dec-15 | ' | ' | ' | ' | |||||||||||||||||||
Commitment Fee Rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.25% | ' | ' | ' | 0.35% | ' | 0.35% | ' | 0.35% | ' | 0.30% | ' | 0.30% | 0.30% | ' | 0.38% | ' | 0.25% | ' | 0.35% | ' | 0.20% | ' | ' | ' | ' | |||||||||||||||||||||||||
L/C fee (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | [5] | ' | 1.50% | [5] | ' | 2.00% | [5] | 2.00% | [5] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||
Outstanding amounts | $55,954,000 | $76,975,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||
Commitment fee payable on unused funds (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | 2.00% | |||||||||||||||||||||||||
[1] | The credit facility is collateralized by the portfolio investments and cash and cash-equivalents of the fund. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | The LIBOR margin is determined based on a formula defined in the borrowing agreement which incorporates different borrowing values based on the characteristics of collateral investments purchased. The unused commitment fee rate ranges from 0% to 2.0%. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | The loan was fully repaid and terminated on September 20, 2013. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[4] | The facilities bear interest, at the borrower's option, at (a)B an annual rate of LIBOR plus the applicable margin or (b)B an alternate base rate, as defined in the respective credit agreement. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[5] | Certain facilities allow for the issuance of letters of credit at an applicable annual fee. As of December 31, 2013 and 2012, outstanding standby letters of credit totaled $55,954 and $76,975, respectively. |
NONCONTROLLING_REDEEMABLE_INTE2
NON-CONTROLLING REDEEMABLE INTERESTS IN CONSOLIDATED FUNDS - Summary of Changes in Non-controlling Redeemable Interests in Consolidated Funds (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Non-Controlling Redeemable Interests in Consolidated Funds [Roll Forward] | ' | ' | ' |
Beginning balance | $39,670,831 | $41,048,607 | $44,466,116 |
Contributions | 6,507,188 | 6,441,090 | 8,305,880 |
Distributions | -12,783,673 | -13,993,859 | -11,668,028 |
Net income | 5,163,939 | 6,016,342 | 233,573 |
Change in distributions payable | 105,735 | 49,109 | -151,645 |
Change in accrued or deferred contributions | 0 | 41,000 | -41,000 |
Foreign currency translation and other | 170,811 | 68,542 | -96,289 |
Ending balance | $38,834,831 | $39,670,831 | $41,048,607 |
UNITHOLDERS_CAPITAL_Additional
UNITHOLDERS' CAPITAL - Additional Information (Detail) (USD $) | 0 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||
Feb. 13, 2014 | 29-May-13 | Jun. 30, 2012 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
OCGH non-controlling interest in consolidated subsidiaries | ' | ' | ' | $1,234,169,000 | ' | ' | ' | $1,087,491,000 | ' | ' | ' | ' | ' | ' | ' | $1,234,169,000 | $1,087,491,000 | ' |
Proceeds from issuance of Class A units, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 419,908,000 | 322,260,000 | 0 |
Class A Units | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Distribution Per Unit (in dollars per share) | $4.66 | ' | ' | $0.74 | $1.51 | $1.41 | $1.05 | $0.55 | $0.79 | $0.55 | $0.42 | $0.29 | $0.51 | $0.64 | $0.90 | $4.71 | $2.31 | $2.34 |
Stocks sold by Oaktree Capital Group, LLC (in shares) | ' | 8,050,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share price (in dollars per share) | ' | $53.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of Class A units, net | ' | 419,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cancellation of units (in shares) | ' | ' | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 |
Stock repurchased and canceled during period value | ' | ' | 14,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Treasury stock acquired (in dollars per share) | ' | ' | $35.30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
OCGH | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unitholders' capital (in shares) | ' | ' | ' | 112,584,211 | ' | ' | ' | 120,267,503 | ' | ' | ' | ' | ' | ' | ' | 112,584,211 | 120,267,503 | ' |
OCGH non-controlling interest in consolidated subsidiaries | ' | ' | ' | 1,234,169,000 | ' | ' | ' | 1,087,491,000 | ' | ' | ' | ' | ' | ' | ' | 1,234,169,000 | 1,087,491,000 | ' |
Oaktree Operating Group | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Oaktree Operating Group units (in shares) | ' | ' | ' | 151,056,717 | ' | ' | ' | 150,448,436 | ' | ' | ' | ' | ' | ' | ' | 151,056,717 | 150,448,436 | ' |
OCGH non-controlling interest in consolidated subsidiaries | ' | ' | ' | $1,655,911,000 | ' | ' | ' | $1,360,331,000 | ' | ' | ' | ' | ' | ' | ' | $1,655,911,000 | $1,360,331,000 | ' |
UNITHOLDERS_CAPITAL_Summary_of
UNITHOLDERS' CAPITAL - Summary of Net Income (Loss) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Weighted average Oaktree Operating Group units outstanding (in thousands): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Class A units outstanding (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 34,979 | 28,170 | 22,677 | |||
Oaktree Operating Group net income (loss): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Oaktree Operating Group net income (loss): | $1,693,123 | $1,089,231 | $1,044,830 | $2,383,548 | $1,356,222 | $2,214,302 | $823,623 | $2,278,270 | $6,210,732 | $6,672,417 | ($308,645) | |||
Net income (loss) attributable to Oaktree Capital Group, LLC: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Income tax expense of Intermediate Holding Companies | ' | ' | ' | ' | ' | ' | ' | ' | -26,232 | [1] | -30,858 | [1] | -21,088 | [1] |
Net income (loss) attributable to Oaktree Capital Group, LLC | 64,907 | 42,948 | 56,577 | 57,566 | 39,271 | 25,212 | 24,719 | 18,608 | 221,998 | 107,810 | -95,972 | |||
OCGH non-controlling interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Weighted average Oaktree Operating Group units outstanding (in thousands): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Class A units outstanding (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 115,992 | 122,369 | 125,956 | |||
Oaktree Operating Group net income (loss): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Oaktree Operating Group net income (loss): | ' | ' | ' | ' | ' | ' | ' | ' | 824,795 | 548,265 | -446,246 | |||
Class A Units | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Weighted average Oaktree Operating Group units outstanding (in thousands): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Class A units outstanding (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 34,979 | 28,170 | 22,677 | |||
Oaktree Operating Group net income (loss): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Oaktree Operating Group net income (loss): | ' | ' | ' | ' | ' | ' | ' | ' | 243,250 | 126,826 | -80,391 | |||
Oaktree Operating Group | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Weighted average Oaktree Operating Group units outstanding (in thousands): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Class A units outstanding (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 150,971 | 150,539 | 148,633 | |||
Oaktree Operating Group net income (loss): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Oaktree Operating Group net income (loss): | ' | ' | ' | ' | ' | ' | ' | ' | 1,068,045 | 675,091 | -526,637 | |||
Oaktree Capital Group, LLC | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net income (loss) attributable to Oaktree Capital Group, LLC: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Oaktree Operating Group net income (loss) attributable to Class A unitholders | ' | ' | ' | ' | ' | ' | ' | ' | 243,250 | 126,826 | -80,391 | |||
Non-Operating Group other income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 6,260 | 0 | |||
Non-Operating Group expenses | ' | ' | ' | ' | ' | ' | ' | ' | -1,195 | -553 | -768 | |||
Income tax expense of Intermediate Holding Companies | ' | ' | ' | ' | ' | ' | ' | ' | -20,057 | -24,723 | -14,813 | |||
Net income (loss) attributable to Oaktree Capital Group, LLC | ' | ' | ' | ' | ' | ' | ' | ' | $221,998 | $107,810 | ($95,972) | |||
[1] | Because adjusted net income is a pre-tax measure, this adjustment eliminates the effect of income tax expense from adjusted net income. |
UNITHOLDERS_CAPITAL_Changes_in
UNITHOLDERS' CAPITAL - Changes in Company Ownership Interest (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Unitholders' Capital [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) attributable to Oaktree Capital Group, LLC | $64,907 | $42,948 | $56,577 | $57,566 | $39,271 | $25,212 | $24,719 | $18,608 | $221,998 | $107,810 | ($95,972) |
Equity reallocation between controlling and non-controlling interests | ' | ' | ' | ' | ' | ' | ' | ' | 79,052 | 69,097 | -6,413 |
Change from net income (loss) attributable to Oaktree Capital Group, LLC and transfers from (to) non-controlling interest | ' | ' | ' | ' | ' | ' | ' | ' | $301,050 | $176,907 | ($102,385) |
EARNINGS_PER_UNIT_Computations
EARNINGS PER UNIT - Computations of Net Income (Loss) Per Unit (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Weighted average units outstanding: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Class A units outstanding (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 34,979 | 28,170 | 22,677 | |||
OCGH units exchangeable into Class A units (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [1] | 0 | [1] | 0 | [1] |
Total weighted average units outstanding (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 34,979 | 28,170 | 22,677 | |||
Net income (loss) per Class A unit: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net income (loss) | $64,907 | $42,948 | $56,577 | $57,566 | $39,271 | $25,212 | $24,719 | $18,608 | $221,998 | $107,810 | ($95,972) | |||
Class A units outstanding (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 34,979 | 28,170 | 22,677 | |||
Net income (loss) per Class A unit (in dollars per share) | $1.69 | $1.12 | $1.71 | $1.91 | $1.30 | $0.84 | $0.84 | $0.82 | $6.35 | [2] | $3.83 | [2] | ($4.23) | [2] |
[1] | Vested OCGH units are potentially exchangeable on a one-for-one basis into ClassB A units. As of December 31, 2013, there were 112,584,211 OCGH units outstanding, accordingly, the Company may cumulatively issue up to 112,584,211 additional ClassB A units through March 1, 2023 if all such units were exchanged. For all periods presented, OCGH units have been excluded from the calculation of diluted earnings per unit because the exchange of these units would proportionally increase Oaktree Capital Group, LLCbs interest in the Oaktree Operating Group and could have an anti-dilutive effect on earnings per unit to the extent that tax-related or other expenses were to be incurred by the Company as a result of the exchange. | |||||||||||||
[2] | All references to ClassB A units in these financial statements give effect to the conversion of previously outstanding 13 Class C units into ClassB A units on a one-for-one basis in April 2012. |
EARNINGS_PER_UNIT_Computations1
EARNINGS PER UNIT - Computations of Net Income (Loss) Per Unit (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Earnings Per Share [Line Items] | ' |
OCGH Issued (in shares) | 112,584,211 |
Class A Units | ' |
Earnings Per Share [Line Items] | ' |
OCGH Issued (in shares) | 112,584,211 |
EQUITYBASED_COMPENSATION_Addit
EQUITY-BASED COMPENSATION - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||
In Millions, except Share data, unless otherwise specified | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2011 | Mar. 28, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 |
company | 2011 Plan | OCGH Units | OCGH Units | OCGH Units | OCGH Units | OCGH Units | OCGH Units | OCGH Units | OCGH Units | OCGH Units | OCGH Units | OCGH Units | Class A Units | Deferred OCGH Units | Phantom Equity | Restricted OCGH Units | Class A Units | Class A Units | Class A Units | Restricted Unit Awards | Restricted Unit Awards | ||
2007 Private Offering | 2007 Plan | 2007 Plan | 2007 Plan | 2007 Plan | 2007 Plan | 2011 Plan | Minimum | Maximum | |||||||||||||||
OCGH Units | OCGH Units | ||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation expense over the service period | ' | ' | ' | ' | ' | ' | ' | ' | $4,644.80 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Award vesting (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated time-to-liquidity (in years) | '3 years | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unit exchange rate (in shares) | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | 1 | ' | ' | ' | ' |
Number of comparable companies used in volatility calculation | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discount rate (as a percent) | ' | ' | ' | 25.00% | 25.00% | ' | ' | ' | ' | 30.00% | 30.00% | ' | 30.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assumed forfeiture rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares awarded and issued (in shares) | ' | ' | 3,206,379 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,954,976 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Units authorized for issuance (in shares) | ' | ' | 22,567,265 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Units issued (in shares) | ' | ' | 3,016,379 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,000 | ' | ' | ' | ' | ' | ' |
Number of units granted (in shares) | ' | ' | ' | ' | ' | 763,000 | 2,457,502 | 1,523,300 | ' | ' | ' | ' | ' | ' | 8,508 | 100,000 | ' | 663,000 | 8,508 | 14,969 | 0 | ' | ' |
Total vested and unvested outstanding units (in shares) | ' | 151,056,717 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation expense on non-vested equity-based awards | ' | $100.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Units vesting periods (in years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | '10 years |
Weighted average period of recognition non-vested equity-based awards (in years) | ' | '5 years 0 months 0 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
EQUITYBASED_COMPENSATION_Summa
EQUITY-BASED COMPENSATION - Summary of Unvested Equity-Based Awards and Changes (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Class A Units | ' | ' | ' |
Number of Units (in shares) | ' | ' | ' |
Beginning balance | 11,669 | 0 | 0 |
Granted | 8,508 | 14,969 | 0 |
Vested | -3,595 | -3,900 | 0 |
Exchanged | ' | 600 | ' |
Forfeited | 0 | 0 | 0 |
Ending balance | 16,582 | 11,669 | 0 |
Weighted Average Grant Date Fair Value (in dollars per share) | ' | ' | ' |
Beginning balance | $41.91 | $0 | $0 |
Granted | $47.83 | $43.14 | $0 |
Vested | $40.07 | $44 | $0 |
Exchanged | ' | $24.75 | ' |
Forfeited | $0 | $0 | $0 |
Ending balance | $45.34 | $41.91 | $0 |
Class C Units | ' | ' | ' |
Number of Units (in shares) | ' | ' | ' |
Beginning balance | 0 | 1,200 | 1,800 |
Granted | 0 | 0 | 0 |
Vested | 0 | -600 | -600 |
Exchanged | ' | 600 | ' |
Forfeited | 0 | 0 | 0 |
Ending balance | 0 | 0 | 1,200 |
Weighted Average Grant Date Fair Value (in dollars per share) | ' | ' | ' |
Beginning balance | $0 | $24.75 | $24.75 |
Granted | $0 | $0 | $0 |
Vested | $0 | $24.75 | $24.75 |
Exchanged | ' | $24.75 | ' |
Forfeited | $0 | $0 | $0 |
Ending balance | $0 | $0 | $24.75 |
OCGH Units | ' | ' | ' |
Number of Units (in shares) | ' | ' | ' |
Beginning balance | 4,902,348 | 24,130,569 | 44,867,807 |
Granted | 763,000 | 2,457,502 | 1,523,300 |
Vested | -1,152,026 | -21,652,473 | -22,229,038 |
Exchanged | ' | 0 | ' |
Forfeited | -47,600 | -33,250 | -31,500 |
Ending balance | 4,465,722 | 4,902,348 | 24,130,569 |
Weighted Average Grant Date Fair Value (in dollars per share) | ' | ' | ' |
Beginning balance | $28.17 | $41.13 | $43.48 |
Granted | $34.60 | $32.55 | $25.12 |
Vested | $24.10 | $43.11 | $43.29 |
Exchanged | ' | $0 | ' |
Forfeited | $29.54 | $28.74 | $25.16 |
Ending balance | $30.30 | $28.17 | $41.13 |
EQUITYBASED_COMPENSATION_Sched
EQUITY-BASED COMPENSATION - Schedule of Unvested Units Expected to Vest (Detail) | Dec. 31, 2013 |
Class A Units | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of Units (in shares) | 16,582 |
Weighted average remaining service term (years) | '3 years 6 months 0 days |
OCGH Units | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of Units (in shares) | 4,465,722 |
Weighted average remaining service term (years) | '5 years 0 months 0 days |
INCOME_TAXES_AND_RELATED_PAYME2
INCOME TAXES AND RELATED PAYMENTS - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Examination [Line Items] | ' | ' | ' |
Liability for Uncertain Tax Positions, Noncurrent | $14,800,000 | ' | ' |
Income tax penalties and interest expense | 500,000 | 1,400,000 | 1,100,000 |
Income tax penalties and interest accrued | 4,400,000 | 3,900,000 | 2,500,000 |
Settlement of tax positions | 0 | 0 | 0 |
Minimum | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Settlement of tax positions | -8,000,000 | ' | ' |
Maximum | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Settlement of tax positions | ($10,000,000) | ' | ' |
INCOME_TAXES_AND_RELATED_PAYME3
INCOME TAXES AND RELATED PAYMENTS - Components of Income Tax Expense (Benefit) (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Current: | ' | ' | ' | |||
U.S. federal income tax | $5,516 | $11,232 | $8,869 | |||
State and local income tax | 5,148 | 3,737 | 4,786 | |||
Foreign income tax | 3,195 | 3,351 | 3,588 | |||
Current Income Tax Expense (Benefit) | 13,859 | 18,320 | 17,243 | |||
Deferred: | ' | ' | ' | |||
U.S. federal income tax | 11,253 | 7,432 | 3,285 | |||
State and local income tax | 1,120 | 5,106 | 560 | |||
Deferred Income Tax Expense (Benefit) | 12,373 | 12,538 | 3,845 | |||
Total: | ' | ' | ' | |||
U.S. federal income tax | 16,769 | 18,664 | 12,154 | |||
State and local income tax | 6,268 | 8,843 | 5,346 | |||
Foreign income tax | 3,195 | 3,351 | 3,588 | |||
Income tax expense | $26,232 | [1] | $30,858 | [1] | $21,088 | [1] |
[1] | Because adjusted net income is a pre-tax measure, this adjustment eliminates the effect of income tax expense from adjusted net income. |
INCOME_TAXES_AND_RELATED_PAYME4
INCOME TAXES AND RELATED PAYMENTS - Income Before Income Taxes (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Domestic income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | $6,233,758 | $6,710,286 | ($264,603) |
Foreign income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 3,206 | -7,011 | -22,954 |
Income (loss) before income taxes | $1,700,481 | $1,089,957 | $1,052,821 | $2,393,705 | $1,359,587 | $2,220,103 | $837,548 | $2,286,037 | $6,236,964 | $6,703,275 | ($287,557) |
INCOME_TAXES_AND_RELATED_PAYME5
INCOME TAXES AND RELATED PAYMENTS - Effective Tax Rate Reconciliation (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Income tax expense at federal statutory rate | 35.00% | 35.00% | 35.00% |
Income passed through | -34.69% | -34.78% | -19.49% |
State and local taxes, net of federal benefit | 0.09% | 0.07% | -1.75% |
Foreign taxes | 0.03% | 0.09% | -4.04% |
Equity-based compensation expense | 0.00% | 0.00% | -17.44% |
Other, net | -0.01% | 0.08% | 0.39% |
Total effective rate | 0.42% | 0.46% | -7.33% |
INCOME_TAXES_AND_RELATED_PAYME6
INCOME TAXES AND RELATED PAYMENTS - Income Tax Effects of Temporary Differences (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Income Tax Disclosure [Abstract] | ' | ' | ' |
Investment in partnerships | $277,039 | $157,999 | $67,918 |
Equity-based compensation expense | 3,695 | 3,994 | 3,703 |
Other, net | 1,822 | 1,697 | 1,365 |
Total deferred tax assets | 282,556 | 163,690 | 72,986 |
Total deferred tax liabilities | 3,671 | 4,519 | 4,548 |
Net deferred tax assets before valuation allowance | 278,885 | 159,171 | 68,438 |
Valuation allowance | 0 | 0 | 0 |
Net deferred tax assets | $278,885 | $159,171 | $68,438 |
INCOME_TAXES_AND_RELATED_PAYME7
INCOME TAXES AND RELATED PAYMENTS - Reconciliation of Unrecognized Tax Benefits (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ' | ' | ' |
Balance at beginning of period | $9,472 | $8,594 | $7,955 |
Additions for tax positions related to the current year | 1,633 | 72 | 822 |
Additions for tax positions related to prior years | 1,029 | 806 | 0 |
Reductions for tax positions related to prior years | -806 | 0 | 0 |
Settlement of tax positions | 0 | 0 | 0 |
Lapse of statute of limitations | -938 | 0 | -183 |
Balance at end of period | $10,390 | $9,472 | $8,594 |
INCOME_TAXES_AND_RELATED_PAYME8
INCOME TAXES AND RELATED PAYMENTS - Tax Receivable Agreement (Details) (USD $) | 12 Months Ended | ||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Nov. 30, 2012 | Apr. 30, 2012 | 22-May-13 | Nov. 30, 2012 | Dec. 31, 2013 | Nov. 30, 2013 | Apr. 30, 2012 |
May 2007 Restructuring | May 2007 Restructuring | April 2012 Offering | May 2013 Offering | Oaktree Operating Group | Oaktree Operating Group | Oaktree Operating Group | Oaktree Operating Group | ||
May 2007 Restructuring | April 2012 Offering | April 2012 Offering | April 2012 Offering | ||||||
Tax Receivable Agreement [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of cash savings (as a percent) | 85.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Effective income tax rate reconciliation at previous federal and state income tax rate (as a percent) | ' | 41.00% | ' | ' | ' | ' | ' | ' | ' |
Effective income tax rate reconciliation at federal and state income tax rate (as a percent) | ' | 38.00% | ' | ' | ' | ' | ' | ' | ' |
Deferred tax assets under tax receivable agreement associated with two thousand and seven private offering before remeasurement | ' | $64.40 | ' | ' | ' | ' | ' | ' | ' |
Deferred tax assets under tax receivable agreement associated with two thousand and seven private offering after remeasurement | ' | 56.6 | ' | ' | ' | ' | ' | ' | ' |
Reduction of TRA | ' | 3.4 | 3.3 | ' | ' | 2 | ' | ' | ' |
Tax receivable agreement liability | ' | 43.8 | ' | 87.8 | 114.2 | ' | 82.9 | ' | ' |
Change In capital due to TRA and related liability associated with IPO | ' | ' | ' | 15.5 | 20.2 | ' | ' | ' | 0.3 |
Deferred tax asset | ' | ' | ' | 103.3 | ' | ' | ' | 2.9 | 2.3 |
Payments to unitholders under TRA | ' | ' | ' | ' | 134.4 | ' | ' | ' | ' |
Liability payments under TRA | ' | $6.30 | ' | ' | ' | ' | ' | ' | ' |
COMMITMENTS_AND_CONTINGENCIES_1
COMMITMENTS AND CONTINGENCIES - Additional Information (Detail) | 12 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 20, 2012 | Dec. 31, 2013 | |
USD ($) | USD ($) | USD ($) | Consolidated funds | Consolidated funds | Revolving credit facility | Revolving credit facility | Revolving credit facility | Libor or Euribor | |
USD ($) | USD ($) | Line of Credit | Line of Credit | Line of Credit | Consolidated funds | ||||
Consolidated funds | Consolidated funds | Consolidated funds | |||||||
USD ($) | USD ($) | GBP (£) | |||||||
Contingencies And Commitments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Claims for damages | $800,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued incentives (fund level) | 2,211,979,000 | 2,137,798,000 | 1,686,967,000 | ' | ' | ' | ' | ' | ' |
Compensation expense related to accrued incentives (fund level) | 994,879,000 | 855,604,000 | 659,256,000 | ' | ' | ' | ' | ' | ' |
Capital commitments | 327,254,000 | 265,401,000 | ' | ' | ' | ' | ' | ' | ' |
Commitments | ' | ' | ' | 1,307,880,000 | 912,001,000 | ' | ' | ' | ' |
Credit agreement | ' | ' | ' | ' | ' | ' | ' | 200,000,000 | ' |
Line of Credit Facility, Contractual Term (in years) | ' | ' | ' | ' | ' | '3 years | ' | ' | ' |
Commitment fee payable on unused funds (as a percent) | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' |
LIBOR margin (as percent) | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% |
Outstanding amount | ' | ' | ' | $2,297,181,000 | $491,625,000 | $317,000,000 | $0 | ' | ' |
COMMITMENTS_AND_CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Operating Leases) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Commitments and Contingencies Disclosure [Abstract] | ' | ' | ' |
Occupancy, Net | $17,878 | $18,084 | $17,602 |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ' | ' | ' |
2014 | 15,591 | ' | ' |
2015 | 12,123 | ' | ' |
2016 | 10,585 | ' | ' |
2017 | 5,266 | ' | ' |
2018 | 4,096 | ' | ' |
Thereafter | 8,545 | ' | ' |
Total | $56,206 | ' | ' |
EMPLOYEE_BENEFITS_Details
EMPLOYEE BENEFITS (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Contribution Benefit Plans Disclosure [Line Items] | ' | ' | ' |
Contribution expenses | $6 | $6.40 | $5.20 |
Grade Level 1 | Maximum | ' | ' | ' |
Defined Contribution Benefit Plans Disclosure [Line Items] | ' | ' | ' |
Annual profit sharing contribution (as a percent) | 4.50% | ' | ' |
Grade Level 2 | Maximum | ' | ' | ' |
Defined Contribution Benefit Plans Disclosure [Line Items] | ' | ' | ' |
Annual profit sharing contribution (as a percent) | 13.40% | ' | ' |
RELATED_PARTY_TRANSACTIONS_Amo
RELATED PARTY TRANSACTIONS - Amounts Due from and Due to Affiliates (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Due from affiliates: | ' | ' |
Loans | $41,095 | $38,091 |
Amounts due from non-consolidated funds | 1,220 | 661 |
Payments made on behalf of non-consolidated entities | 3,272 | 3,444 |
Non-interest bearing advances made to certain non-controlling interest holders and employees | 2,187 | 2,393 |
Total due from affiliates | 47,774 | 44,589 |
Due to affiliates: | ' | ' |
Due to OCGH unitholders in connection with the tax receivable agreement (please see note 11) | 240,911 | 134,953 |
Amounts due to Principals, certain non-controlling interest holders and employees | 2,075 | 1,212 |
Total due to affiliates | $242,986 | $136,165 |
RELATED_PARTY_TRANSACTIONS_Add
RELATED PARTY TRANSACTIONS - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Related Party Transactions [Abstract] | ' | ' | ' |
Interest income | $1,629 | $1,396 | $939 |
CAPITAL_REQUIREMENTS_OF_REGULA1
CAPITAL REQUIREMENTS OF REGULATED ENTITIES (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Regulatory Capital Requirements [Abstract] | ' | ' |
Potential restricted amounts | $16 | $14 |
SEGMENT_REPORTING_Adjusted_Net
SEGMENT REPORTING - Adjusted Net Income (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Management fees | ' | ' | ' | ' | ' | ' | ' | ' | $192,605 | [1] | $134,568 | [1] | $140,715 | [1] |
Incentive income | ' | ' | ' | ' | ' | ' | ' | ' | 2,317 | [1] | 10,415 | [1] | 15,055 | [1] |
Investment income | ' | ' | ' | ' | ' | ' | ' | ' | 56,027 | [1] | 25,382 | [1] | 8,600 | [1] |
Total revenues | 43,183 | 56,786 | 52,414 | 42,539 | 46,802 | 31,906 | 29,207 | 37,068 | 194,922 | 144,983 | 155,770 | |||
Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Compensation and benefits | ' | ' | ' | ' | ' | ' | ' | ' | -365,696 | -330,018 | -308,194 | |||
Equity-based compensation | ' | ' | ' | ' | ' | ' | ' | ' | -28,441 | -36,342 | -948,746 | |||
Incentive income compensation | ' | ' | ' | ' | ' | ' | ' | ' | -482,551 | -222,594 | -179,234 | |||
Depreciation and amortization expense | ' | ' | ' | ' | ' | ' | ' | ' | -7,119 | -7,397 | -6,583 | |||
Total expenses | -331,859 | -214,158 | -285,540 | -275,505 | -248,008 | -168,020 | -207,008 | -167,567 | -1,107,062 | [2] | -790,603 | [3] | -1,644,864 | [4] |
Other income (expense), net | ' | ' | ' | ' | ' | ' | ' | ' | 409 | 7,027 | [5] | -1,209 | ||
Adjusted net income | ' | ' | ' | ' | ' | ' | ' | ' | 1,080,707 | 717,250 | 428,384 | |||
Investment Management | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Management fees | ' | ' | ' | ' | ' | ' | ' | ' | 749,901 | [1] | 747,440 | [1] | 724,321 | [1] |
Incentive income | ' | ' | ' | ' | ' | ' | ' | ' | 1,030,195 | [1] | 461,116 | [1] | 303,963 | [1] |
Investment income | ' | ' | ' | ' | ' | ' | ' | ' | 258,654 | [1] | 202,392 | [1] | 23,763 | [1] |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 2,038,750 | 1,410,948 | 1,052,047 | |||
Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Compensation and benefits | ' | ' | ' | ' | ' | ' | ' | ' | -365,306 | -329,741 | -308,115 | |||
Equity-based compensation | ' | ' | ' | ' | ' | ' | ' | ' | -3,828 | -318 | 0 | |||
Incentive income compensation | ' | ' | ' | ' | ' | ' | ' | ' | -436,217 | -222,594 | -179,234 | |||
General and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | -117,361 | -102,685 | -94,655 | |||
Depreciation and amortization expense | ' | ' | ' | ' | ' | ' | ' | ' | -7,119 | -7,397 | -6,583 | |||
Total expenses | ' | ' | ' | ' | ' | ' | ' | ' | -929,831 | [2] | -662,735 | [3] | -588,587 | [4] |
Adjusted net income before interest and other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | 1,108,919 | 748,213 | 463,460 | |||
Interest Expense Net Of Interest Income | ' | ' | ' | ' | ' | ' | ' | ' | -28,621 | [6] | -31,730 | [6] | -33,867 | [6] |
Other income (expense), net | ' | ' | ' | ' | ' | ' | ' | ' | 409 | 767 | [5] | -1,209 | ||
Adjusted net income | ' | ' | ' | ' | ' | ' | ' | ' | $1,080,707 | $717,250 | $428,384 | |||
[1] | The adjustment represents the elimination of amounts attributable to the consolidated funds. | |||||||||||||
[2] | The expense adjustment consists of (a)B equity-based compensation charges of $24,613 related to unit grants made before the Companybs initial public offering, (b)B consolidated fund expenses of $105,089, (c)B expenses incurred by the Intermediate Holding Companies of $1,195 and (d) the effect of timing differences in the recognition of incentive income compensation expense between adjusted net income and net income attributable to OCG of $46,334. | |||||||||||||
[3] | The expense adjustment consists of (a)B equity-based compensation charges of $36,024 related to unit grants made before the Companybs initial public offering, (b)B consolidated fund expenses of $91,291 and (c)B expenses incurred by the Intermediate Holding Companies of $553. | |||||||||||||
[4] | The expense adjustment consists of (a)B equity-based compensation charges of $948,746 related to unit grants made before the Companybs initial public offering, (b)B consolidated fund expenses of $106,763 and (c)B expenses incurred by the Intermediate Holding Companies of $768. | |||||||||||||
[5] | The other income, net adjustment represents other income or expenses of OCG or its Intermediate Holding Companies. This amount is attributable to a reduction in the amount of the deferred tax asset associated with the Company's tax receivable agreement, which reduced the tax receivable agreement liability payable to OCGH unitholders. | |||||||||||||
[6] | nterest income was $3.2 million, $2.6 million and $2.3 million for the years ended December 31, 2013, 2011 and 2010, respectively. |
SEGMENT_REPORTING_Adjusted_Net1
SEGMENT REPORTING - Adjusted Net Income (Parenthetical) (Detail) (Investment Management, USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Investment Management | ' | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ' |
Interest income | $3.20 | $2.60 | $2.30 |
SEGMENT_REPORTING_Reconciliati
SEGMENT REPORTING - Reconciliation of Net Income (Loss) Attributable to Oaktree Capital Group, LLC to Adjusted Net Income (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||
Net income (loss) attributable to Oaktree Capital Group, LLC | $64,907 | $42,948 | $56,577 | $57,566 | $39,271 | $25,212 | $24,719 | $18,608 | $221,998 | $107,810 | ($95,972) | |||||
Management fees | ' | ' | ' | ' | ' | ' | ' | ' | 192,605 | [1] | 134,568 | [1] | 140,715 | [1] | ||
Incentive income revenue | ' | ' | ' | ' | ' | ' | ' | ' | -64,460 | [2] | 0 | [2] | 0 | [2] | ||
Incentive income compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | 46,334 | [2] | 0 | [2] | 0 | [2] | ||
Equity-based compensation | ' | ' | ' | ' | ' | ' | ' | ' | 28,441 | 36,342 | 948,746 | |||||
Income tax expense of Intermediate Holding Companies | ' | ' | ' | ' | ' | ' | ' | ' | 26,232 | [3] | 30,858 | [3] | 21,088 | [3] | ||
Non-Operating Group other income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [4] | -6,260 | [4] | 0 | [4] | ||
Non-Operating Group expenses | ' | ' | ' | ' | ' | ' | ' | ' | 1,195 | [4] | 553 | [4] | 768 | [4] | ||
OCGH non-controlling interest | ' | ' | ' | ' | ' | ' | ' | ' | 824,795 | [4] | 548,265 | [4] | -446,246 | [4] | ||
Adjusted net income | ' | ' | ' | ' | ' | ' | ' | ' | 1,080,707 | 717,250 | 428,384 | |||||
Corporate investments (includes $67,596 and $0 measured at fair value as of December 31, 2013 and 2012, respectively) | 169,927 | [5] | ' | ' | ' | 98,950 | [5] | ' | ' | ' | 169,927 | [5] | 98,950 | [5] | 121,825 | [5] |
OCGH Units Prior to Initial Public Offering in April 2012 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Equity-based compensation | ' | ' | ' | ' | ' | ' | ' | ' | $24,613 | [6] | $36,024 | [6] | $948,746 | [6] | ||
[1] | The adjustment represents the elimination of amounts attributable to the consolidated funds. | |||||||||||||||
[2] | nterest income was $3.2 million, $2.6 million and $2.3 million for the years ended December 31, 2013, 2011 and 2010, respectively. | |||||||||||||||
[3] | Because adjusted net income is a pre-tax measure, this adjustment eliminates the effect of income tax expense from adjusted net income. | |||||||||||||||
[4] | Because adjusted net income is calculated at the Operating Group level, this adjustment adds back the effect of items applicable to OCG, its Intermediate Holding Companies or the OCGH non-controlling interest. | |||||||||||||||
[5] | The adjustment to corporate investments is to remove from segment assets the consolidated funds that are treated as equity method investments for segment reporting purposes. | |||||||||||||||
[6] | This adjustment adds back the effect of timing differences associated with the recognition of incentive income and incentive income compensation expense between adjusted net income and net income attributable to OCG. There were no adjustments attributable to timing differences for 2012 and 2011. |
SEGMENT_REPORTING_Schedule_of_
SEGMENT REPORTING - Schedule of Reconciliation of Total Segments to Income Loss Attributable to Oaktree Capital Group, LLC and Total Assets (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Management fees | ' | ' | ' | ' | ' | ' | ' | ' | $192,605 | [1] | $134,568 | [1] | $140,715 | [1] | ||
Incentive income | ' | ' | ' | ' | ' | ' | ' | ' | 2,317 | [1] | 10,415 | [1] | 15,055 | [1] | ||
Investment income | ' | ' | ' | ' | ' | ' | ' | ' | 56,027 | [1] | 25,382 | [1] | 8,600 | [1] | ||
Total expenses | -331,859 | -214,158 | -285,540 | -275,505 | -248,008 | -168,020 | -207,008 | -167,567 | -1,107,062 | [2] | -790,603 | [3] | -1,644,864 | [4] | ||
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | -61,160 | [5] | -45,773 | [5] | -50,943 | [5] | ||
Other income (expense), net | ' | ' | ' | ' | ' | ' | ' | ' | 409 | 7,027 | [6] | -1,209 | ||||
Other income (loss) of consolidated funds | ' | ' | ' | ' | ' | ' | ' | ' | 7,153,828 | [7] | 7,362,259 | [7] | 1,245,089 | [7] | ||
Income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -26,232 | [8] | -30,858 | [8] | -21,088 | [8] | ||
Net income attributable to non-controlling redeemable interests in consolidated funds | ' | ' | ' | ' | ' | ' | ' | ' | -5,163,939 | -6,016,342 | -233,573 | |||||
Net (income) loss attributable to OCGH non-controlling interest in consolidated subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -824,795 | [9] | -548,265 | [9] | 446,246 | [9] | ||
Net income (loss) attributable to Oaktree Capital Group, LLC | 64,907 | 42,948 | 56,577 | 57,566 | 39,271 | 25,212 | 24,719 | 18,608 | 221,998 | 107,810 | -95,972 | |||||
Corporate investments (includes $67,596 and $0 measured at fair value as of December 31, 2013 and 2012, respectively) | 169,927 | [10] | ' | ' | ' | 98,950 | [10] | ' | ' | ' | 169,927 | [10] | 98,950 | [10] | 121,825 | [10] |
Total assets | 45,263,254 | [11] | ' | ' | ' | 43,869,998 | [11] | ' | ' | ' | 45,263,254 | [11] | 43,869,998 | [11] | 44,294,156 | [11] |
Investment Management | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Management fees | ' | ' | ' | ' | ' | ' | ' | ' | 749,901 | [1] | 747,440 | [1] | 724,321 | [1] | ||
Incentive income | ' | ' | ' | ' | ' | ' | ' | ' | 1,030,195 | [1] | 461,116 | [1] | 303,963 | [1] | ||
Investment income | ' | ' | ' | ' | ' | ' | ' | ' | 258,654 | [1] | 202,392 | [1] | 23,763 | [1] | ||
Total expenses | ' | ' | ' | ' | ' | ' | ' | ' | -929,831 | [2] | -662,735 | [3] | -588,587 | [4] | ||
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | -28,621 | [5] | -31,730 | [5] | -33,867 | [5] | ||
Other income (expense), net | ' | ' | ' | ' | ' | ' | ' | ' | 409 | 767 | [6] | -1,209 | ||||
Other income (loss) of consolidated funds | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [7] | 0 | [7] | 0 | [7] | ||
Income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||||
Net income attributable to non-controlling redeemable interests in consolidated funds | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||||
Net (income) loss attributable to OCGH non-controlling interest in consolidated subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||||
Net income (loss) attributable to Oaktree Capital Group, LLC | ' | ' | ' | ' | ' | ' | ' | ' | 1,080,707 | 717,250 | 428,384 | |||||
Corporate investments (includes $67,596 and $0 measured at fair value as of December 31, 2013 and 2012, respectively) | 1,197,173 | [10] | ' | ' | ' | 1,115,952 | [10] | ' | ' | ' | 1,197,173 | [10] | 1,115,952 | [10] | 1,159,287 | [10] |
Total assets | 2,817,127 | [11] | ' | ' | ' | 2,359,548 | [11] | ' | ' | ' | 2,817,127 | [11] | 2,359,548 | [11] | 2,083,908 | [11] |
Adjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Management fees | ' | ' | ' | ' | ' | ' | ' | ' | -557,296 | [1] | -612,872 | [1] | -583,606 | [1] | ||
Incentive income | ' | ' | ' | ' | ' | ' | ' | ' | -1,027,878 | [1] | -450,701 | [1] | -288,908 | [1] | ||
Investment income | ' | ' | ' | ' | ' | ' | ' | ' | -202,627 | [1] | -177,010 | [1] | -15,163 | [1] | ||
Total expenses | ' | ' | ' | ' | ' | ' | ' | ' | -177,231 | [2] | -127,868 | [3] | -1,056,277 | [4] | ||
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | -32,539 | [5] | -14,043 | [5] | -17,076 | [5] | ||
Other income (expense), net | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 6,260 | [6] | 0 | ||||
Other income (loss) of consolidated funds | ' | ' | ' | ' | ' | ' | ' | ' | 7,153,828 | [7] | 7,362,259 | [7] | 1,245,089 | [7] | ||
Income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -26,232 | -30,858 | -21,088 | |||||
Net income attributable to non-controlling redeemable interests in consolidated funds | ' | ' | ' | ' | ' | ' | ' | ' | -5,163,939 | -6,016,342 | -233,573 | |||||
Net (income) loss attributable to OCGH non-controlling interest in consolidated subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -824,795 | -548,265 | 446,246 | |||||
Net income (loss) attributable to Oaktree Capital Group, LLC | ' | ' | ' | ' | ' | ' | ' | ' | -858,709 | -609,440 | -524,356 | |||||
Corporate investments (includes $67,596 and $0 measured at fair value as of December 31, 2013 and 2012, respectively) | -1,027,246 | [10] | ' | ' | ' | -1,017,002 | [10] | ' | ' | ' | -1,027,246 | [10] | -1,017,002 | [10] | -1,037,462 | [10] |
Total assets | $42,446,127 | [11] | ' | ' | ' | $41,510,450 | [11] | ' | ' | ' | $42,446,127 | [11] | $41,510,450 | [11] | $42,210,248 | [11] |
[1] | The adjustment represents the elimination of amounts attributable to the consolidated funds. | |||||||||||||||
[2] | The expense adjustment consists of (a)B equity-based compensation charges of $24,613 related to unit grants made before the Companybs initial public offering, (b)B consolidated fund expenses of $105,089, (c)B expenses incurred by the Intermediate Holding Companies of $1,195 and (d) the effect of timing differences in the recognition of incentive income compensation expense between adjusted net income and net income attributable to OCG of $46,334. | |||||||||||||||
[3] | The expense adjustment consists of (a)B equity-based compensation charges of $36,024 related to unit grants made before the Companybs initial public offering, (b)B consolidated fund expenses of $91,291 and (c)B expenses incurred by the Intermediate Holding Companies of $553. | |||||||||||||||
[4] | The expense adjustment consists of (a)B equity-based compensation charges of $948,746 related to unit grants made before the Companybs initial public offering, (b)B consolidated fund expenses of $106,763 and (c)B expenses incurred by the Intermediate Holding Companies of $768. | |||||||||||||||
[5] | The interest expense adjustment represents the inclusion of interest expense attributable to non-controlling interests of the consolidated funds and the exclusion of segment interest income. | |||||||||||||||
[6] | The other income, net adjustment represents other income or expenses of OCG or its Intermediate Holding Companies. This amount is attributable to a reduction in the amount of the deferred tax asset associated with the Company's tax receivable agreement, which reduced the tax receivable agreement liability payable to OCGH unitholders. | |||||||||||||||
[7] | The adjustment to other income of consolidated funds primarily represents the inclusion of interest, dividend and other investment income attributable to non-controlling interests of the consolidated funds. | |||||||||||||||
[8] | Because adjusted net income is a pre-tax measure, this adjustment eliminates the effect of income tax expense from adjusted net income. | |||||||||||||||
[9] | Because adjusted net income is calculated at the Operating Group level, this adjustment adds back the effect of items applicable to OCG, its Intermediate Holding Companies or the OCGH non-controlling interest. | |||||||||||||||
[10] | The adjustment to corporate investments is to remove from segment assets the consolidated funds that are treated as equity method investments for segment reporting purposes. | |||||||||||||||
[11] | The total assets adjustment represents the inclusion of investments and other assets of the consolidated funds, net of segment assets eliminated in consolidation, which are primarily corporate investments in funds and incentive income receivable. |
SEGMENT_REPORTING_Schedule_of_1
SEGMENT REPORTING - Schedule of Reconciliation of Total Segments to Income Loss Attributable to Oaktree Capital Group, LLC and Total Assets (Parenthetical) (Detail) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ' | |||
Equity-based compensation | $28,441 | $36,342 | $948,746 | |||
Consolidated fund expenses | 105,089 | 91,291 | 106,763 | |||
Expenses incurred by the Intermediate Holding Companies | 1,195 | 553 | 768 | |||
Incentive compensation, timing differences | 46,334 | ' | ' | |||
OCGH Units Prior to Initial Public Offering in April 2012 | ' | ' | ' | |||
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ' | |||
Equity-based compensation | $24,613 | [1] | $36,024 | [1] | $948,746 | [1] |
[1] | This adjustment adds back the effect of timing differences associated with the recognition of incentive income and incentive income compensation expense between adjusted net income and net income attributable to OCG. There were no adjustments attributable to timing differences for 2012 and 2011. |
SUBSEQUENT_EVENTS_Details
SUBSEQUENT EVENTS - (Details) (USD $) | 12 Months Ended | 1 Months Ended | 0 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | |||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 31, 2014 | Feb. 13, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Feb. 13, 2014 | Jan. 31, 2014 | |
OCGH Units | OCGH Units | OCGH Units | OCGH Units | Class A Units | Class A Units | Class A Units | Class A Units | Class A Units | Class A Units | Class A Units | Class A Units | Class A Units | Class A Units | Class A Units | Class A Units | Class A Units | Class A Units | Class A Units | Class A Units | Class A Units | Class A Units | |
Subsequent Event | Subsequent Event | Subsequent Event | ||||||||||||||||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of units granted (in shares) | 763,000 | 2,457,502 | 1,523,300 | 1,667,300 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,508 | 14,969 | 0 | ' | 7,164 |
Units vesting periods (in years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years |
Distribution Made to Member or Limited Partner, Distributions Paid (in dollars per share) | ' | ' | ' | ' | $4.66 | $0.74 | $1.51 | $1.41 | $1.05 | $0.55 | $0.79 | $0.55 | $0.42 | $0.29 | $0.51 | $0.64 | $0.90 | $4.71 | $2.31 | $2.34 | $1 | ' |
QUARTERLY_FINANCIAL_DATA_UNAUD2
QUARTERLY FINANCIAL DATA (UNAUDITED) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||||||||
Quarterly Financial Data [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Revenues | $43,183 | $56,786 | $52,414 | $42,539 | $46,802 | $31,906 | $29,207 | $37,068 | $194,922 | $144,983 | $155,770 | |||||||||||
Expenses | -331,859 | -214,158 | -285,540 | -275,505 | -248,008 | -168,020 | -207,008 | -167,567 | -1,107,062 | [1] | -790,603 | [2] | -1,644,864 | [3] | ||||||||
Other income | 1,989,157 | 1,247,329 | 1,285,947 | 2,626,671 | 1,560,793 | 2,356,217 | 1,015,349 | 2,416,536 | 7,149,104 | 7,348,895 | 1,201,537 | |||||||||||
Income before income taxes | 1,700,481 | 1,089,957 | 1,052,821 | 2,393,705 | 1,359,587 | 2,220,103 | 837,548 | 2,286,037 | 6,236,964 | 6,703,275 | -287,557 | |||||||||||
Net income (loss) | 1,693,123 | 1,089,231 | 1,044,830 | 2,383,548 | 1,356,222 | 2,214,302 | 823,623 | 2,278,270 | 6,210,732 | 6,672,417 | -308,645 | |||||||||||
Net income (loss) attributable to Oaktree Capital Group, LLC | $64,907 | $42,948 | $56,577 | $57,566 | $39,271 | $25,212 | $24,719 | $18,608 | $221,998 | $107,810 | ($95,972) | |||||||||||
Basic and diluted net income (loss) per Class A unit (in dollars per share) | $1.69 | $1.12 | $1.71 | $1.91 | $1.30 | $0.84 | $0.84 | $0.82 | $6.35 | [4] | $3.83 | [4] | ($4.23) | [4] | ||||||||
Distributions declared per Class A unit (in dollars per share) | $0.74 | [4] | $1.51 | [4] | $1.41 | [4] | $1.05 | [4] | $0.55 | [4] | $0.79 | [4] | $0.55 | [4] | $0.42 | [4] | ' | ' | ' | |||
[1] | The expense adjustment consists of (a)B equity-based compensation charges of $24,613 related to unit grants made before the Companybs initial public offering, (b)B consolidated fund expenses of $105,089, (c)B expenses incurred by the Intermediate Holding Companies of $1,195 and (d) the effect of timing differences in the recognition of incentive income compensation expense between adjusted net income and net income attributable to OCG of $46,334. | |||||||||||||||||||||
[2] | The expense adjustment consists of (a)B equity-based compensation charges of $36,024 related to unit grants made before the Companybs initial public offering, (b)B consolidated fund expenses of $91,291 and (c)B expenses incurred by the Intermediate Holding Companies of $553. | |||||||||||||||||||||
[3] | The expense adjustment consists of (a)B equity-based compensation charges of $948,746 related to unit grants made before the Companybs initial public offering, (b)B consolidated fund expenses of $106,763 and (c)B expenses incurred by the Intermediate Holding Companies of $768. | |||||||||||||||||||||
[4] | All references to ClassB A units in these financial statements give effect to the conversion of previously outstanding 13 Class C units into ClassB A units on a one-for-one basis in April 2012. |